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 244 24,200 SH   SOLE   24,200 0 0
ENSCO PLC SHS CLASS A G3157S106 22,091 418,558 SH   SOLE   33,258 2,600 382,700
RENAISSANCERE HOLDINGS LTD COM G7496G103 17,740 181,768 SH   SOLE   9,068 1,200 171,500
WEATHERFORD INTERNATIONAL LT REG SHS H27013103 99,996 5,760,213 SH   SOLE   374,013 36,000 5,350,200
ABERCROMBIE & FITCH CO CL A 002896207 3,296 85,600 SH   SOLE   85,600 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 2,290 45,800 SH   SOLE   45,800 0 0
APACHE CORP COM 037411105 2,754 33,200 SH   SOLE   33,200 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 939 58,200 SH   SOLE   31,300 0 26,900
BP PLC SPONSORED ADR 055622104 35,480 737,647 SH   SOLE   30,740 4,750 702,157
BANCO SANTANDER SA ADR 05964H105 209 21,893 SH   SOLE   17,399 0 4,494
BANK NEW YORK MELLON CORP COM 064058100 2,393 67,801 SH   SOLE   67,801 0 0
BARCLAYS PLC ADR 06738E204 529 33,645 SH   SOLE   20,547 0 13,098
C H ROBINSON WORLDWIDE INC COM NEW 12541W209 1,336 25,500 SH   SOLE   25,500 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,558 20,191 SH   SOLE   20,191 0 0
CITIGROUP INC COM NEW 172967424 2,898 60,881 SH   SOLE   60,881 0 0
COACH INC COM 189754104 5,430 109,350 SH   SOLE   109,350 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 133 14,388 SH   SOLE   14,388 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 2,256 69,669 SH   SOLE   49,660 0 20,009
DOLLAR GEN CORP NEW COM 256677105 1,664 30,000 SH   SOLE   30,000 0 0
EXPRESS INC COM 30219E103 2,979 187,600 SH   SOLE   187,600 0 0
GNC HLDGS INC COM CL A 36191G107 2,060 46,800 SH   SOLE   46,800 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 3,730 22,767 SH   SOLE   22,767 0 0
GUESS INC COM 401617105 1,564 56,651 SH   SOLE   56,651 0 0
INFOSYS LTD SPONSORED ADR 456788108 40,549 748,393 SH   SOLE   65,728 4,565 678,100
KOHLS CORP COM 500255104 4,972 87,543 SH   SOLE   87,543 0 0
ORACLE CORP COM 68389X105 2,430 59,401 SH   SOLE   59,401 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 13,903 1,002,364 SH   SOLE   19,064 0 983,300
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 13,277 1,009,678 SH   SOLE   167,778 13,500 828,400
QUALCOMM INC COM 747525103 1,680 21,300 SH   SOLE   21,300 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 20 ORD 780097689 612 58,900 SH   SOLE   58,900 0 0
SOUTHWESTERN ENERGY CO COM 845467109 1,798 39,074 SH   SOLE   39,074 0 0
SYMANTEC CORP COM 871503108 2,934 146,900 SH   SOLE   146,900 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 330 16,493 SH   SOLE   16,493 0 0
ULTRA PETROLEUM CORP COM 903914109 35,154 1,307,346 SH   SOLE   103,841 8,000 1,195,505