The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
RENAISSANCERE HOLDINGS LTD COM G7496G103 43,823 431,700 SH   SOLE   40,600 0 391,100
WEATHERFORD INTL PLC ORD SHS G48833100 69,505 5,664,600 SH   SOLE   517,200 0 5,147,400
COSAN LTD SHS A G25343107 3,026 491,200 SH   SOLE   491,200 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 616 117,100 SH   SOLE   117,100 0 0
AFLAC INC COM 001055102 2,781 44,700 SH   SOLE   44,700 0 0
AGCO CORP COM 001084102 2,254 39,700 SH   SOLE   39,700 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 4,440 71,824 SH   SOLE   71,824 0 0
APACHE CORP COM 037411105 4,122 71,529 SH   SOLE   71,529 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 565 58,200 SH   SOLE   31,300 0 26,900
BP PLC SPONSORED ADR 055622104 67,649 1,692,930 SH   SOLE   163,152 0 1,529,778
BANCO SANTANDER SA ADR 05964H105 136 19,354 SH   SOLE   19,354 0 0
BARCLAYS PLC ADR 06738E204 3,369 204,902 SH   SOLE   199,617 0 5,285
BED BATH & BEYOND INC COM 075896100 787 11,397 SH   SOLE   11,397 0 0
CTC MEDIA INC COM 12642X106 436 191,800 SH   SOLE   191,800 0 0
CITIGROUP INC COM NEW 172967424 3,082 55,802 SH   SOLE   55,802 0 0
COACH INC COM 189754104 5,707 164,891 SH   SOLE   164,891 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 3,591 45,200 SH   SOLE   45,200 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 3,173 612,688 SH   SOLE   612,688 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 2,832 102,617 SH   SOLE   83,615 0 19,002
EXXON MOBIL CORP COM 30231G102 2,296 27,600 SH   SOLE   27,600 0 0
GENWORTH FINL INC COM CL A 37247D106 2,660 351,400 SH   SOLE   351,400 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,834 8,784 SH   SOLE   8,784 0 0
GOOGLE INC CL A 38259P508 3,618 6,700 SH   SOLE   6,700 0 0
GUESS INC COM 401617105 1,810 94,400 SH   SOLE   94,400 0 0
ICICI BK LTD ADR 45104G104 1,847 177,100 SH   SOLE   177,100 0 0
ICONIX BRAND GROUP INC COM 451055107 3,456 138,400 SH   SOLE   138,400 0 0
INFOSYS LTD SPONSORED ADR 456788108 2,533 159,800 SH   SOLE   159,800 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 1,640 149,800 SH   SOLE   149,800 0 0
KBR INC COM 48242W106 1,617 82,976 SH   SOLE   82,976 0 0
METLIFE INC COM 59156R108 2,005 35,800 SH   SOLE   35,800 0 0
MICROSOFT CORP COM 594918104 3,161 71,600 SH   SOLE   71,600 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 46,093 5,648,564 SH   SOLE   699,664 0 4,948,900
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 4,223 466,649 SH   SOLE   423,849 0 42,800
QIWI PLC SPON ADR REP B 74735M108 3,071 109,500 SH   SOLE   109,500 0 0
RALPH LAUREN CORP CL A 751212101 3,534 26,700 SH   SOLE   26,700 0 0
SANDISK CORP COM 80004C101 2,452 42,100 SH   SOLE   42,100 0 0
SOUTHWESTERN ENERGY CO COM 845467109 3,011 132,500 SH   SOLE   132,500 0 0
TERADATA CORP DEL COM 88076W103 3,496 94,463 SH   SOLE   94,463 0 0
ULTRA PETROLEUM CORP COM 903914109 49,744 3,973,292 SH   SOLE   294,243 0 3,679,049
VALE S A ADR 91912E105 4,467 758,459 SH   SOLE   758,459 0 0