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
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 390 34,900 SH   SOLE   34,900 0 0
ENSCO PLC SHS CLASS A G3157S106 50,973 917,279 SH   SOLE   68,958 5,500 842,821
AMERICAN INTL GROUP INC COM NEW 026874784 2,499 45,800 SH   SOLE   45,800 0 0
APACHE CORP COM 037411105 2,496 24,800 SH   SOLE   24,800 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 870 58,200 SH   SOLE   31,300 0 26,900
BP PLC SPONSORED ADR 055622104 35,745 677,667 SH   SOLE   25,911 4,216 647,540
BANCO SANTANDER SA ADR 05964H105 185 17,768 SH   SOLE   17,768 0 0
BANK NEW YORK MELLON CORP COM 064058100 1,731 46,201 SH   SOLE   46,201 0 0
BARCLAYS PLC ADR 06738E204 377 25,780 SH   SOLE   20,630 0 5,150
C H ROBINSON WORLDWIDE INC COM NEW 12541W209 842 13,200 SH   SOLE   13,200 0 0
CTC MEDIA INC COM 12642X106 506 46,000 SH   SOLE   46,000 0 0
CACI INTL INC CL A 127190304 2,892 41,200 SH   SOLE   41,200 0 0
CITIGROUP INC COM NEW 172967424 3,861 81,981 SH   SOLE   81,981 0 0
COACH INC COM 189754104 6,398 187,150 SH   SOLE   187,150 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 220 20,588 SH   SOLE   20,588 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 1,869 65,869 SH   SOLE   49,660 0 16,209
DOLLAR GEN CORP NEW COM 256677105 1,721 30,000 SH   SOLE   30,000 0 0
EXPRESS INC COM 30219E103 3,195 187,600 SH   SOLE   187,600 0 0
FAMILY DLR STORES INC COM 307000109 2,354 35,600 SH   SOLE   35,600 0 0
GNC HLDGS INC COM CL A 36191G107 4,317 126,600 SH   SOLE   126,600 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 4,933 29,467 SH   SOLE   29,467 0 0
GUESS INC COM 401617105 1,530 56,651 SH   SOLE   56,651 0 0
INFOSYS LTD SPONSORED ADR 456788108 49,383 918,443 SH   SOLE   98,828 5,265 814,350
INTUITIVE SURGICAL INC COM NEW 46120E602 3,625 8,800 SH   SOLE   8,800 0 0
JABIL CIRCUIT INC COM 466313103 3,572 170,900 SH   SOLE   170,900 0 0
KBR INC COM 48242W106 1,608 67,400 SH   SOLE   67,400 0 0
KOHLS CORP COM 500255104 4,612 87,543 SH   SOLE   87,543 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 15,808 1,010,764 SH   SOLE   27,464 0 983,300
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 7,689 525,492 SH   SOLE   142,178 9,300 374,014
QIWI PLC SPON ADR REP B 74735M108 460 11,400 SH   SOLE   11,400 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 20 ORD 780097689 666 58,900 SH   SOLE   58,900 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 3,062 157,500 SH   SOLE   157,500 0 0
SYMANTEC CORP COM 871503108 3,364 146,900 SH   SOLE   146,900 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 218 10,193 SH   SOLE   10,193 0 0
ULTRA PETROLEUM CORP COM 903914109 35,683 1,201,834 SH   SOLE   109,441 7,100 1,085,293
VALE S A ADR 91912E105 430 32,459 SH   SOLE   32,459 0 0
VIMPELCOM LTD SPONSORED ADR 92719A106 420 50,000 SH   SOLE   50,000 0 0