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
51JOB INC SPONSORED ADS 316827104 11,064 141,868 SH   DFND 1 141,868 0 0
AFYA LTD CL A COM G01125106 338 12,418 SH   DFND 1 12,418 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 363,707 1,237,183 SH   DFND 1 1,237,183 0 0
ALPHABET INC CAP STK CL A 02079K305 47,504 32,413 SH   DFND 1 32,413 0 0
AMAZON COM INC COM 023135106 18,335 5,823 SH   DFND 1 5,823 0 0
AMERICAN EXPRESS CO COM 025816109 4,495 44,837 SH   DFND 1 44,837 0 0
ANTHEM INC COM 036752103 18,969 70,626 SH   DFND 1 70,626 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 236 1,693 SH   DFND 1 1,693 0 0
BAOZUN INC SPONSORED ADR 06684L103 751 23,116 SH   DFND 1 23,116 0 0
BARRICK GOLD CORP COM 067901108 817 29,068 SH   DFND 1 29,068 0 0
CANADIAN PAC RY LTD COM 13645T100 16,835 55,299 SH   DFND 1 55,299 0 0
CAPRI HOLDINGS LIMITED SHS G1890L107 9,794 544,086 SH   DFND 1 544,086 0 0
CARLYLE GROUP INC COM 14316J108 1,549 62,800 SH   DFND 1 62,800 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 47,888 76,701 SH   DFND 1 76,701 0 0
CITIGROUP INC COM NEW 172967424 438 10,154 SH   DFND 1 10,154 0 0
CME GROUP INC COM 12572Q105 226 1,350 SH   DFND 1 1,350 0 0
COMCAST CORP NEW CL A 20030N101 3,601 77,846 SH   DFND 1 77,846 0 0
COMPANHIA BRASILEIRA DE DIST SPONSORED ADR 20440T300 103,566 8,392,714 SH   DFND 1 8,392,714 0 0
CONSTELLATION BRANDS INC CL A 21036P108 835 4,407 SH   DFND 1 4,407 0 0
FACEBOOK INC CL A 30303M102 28,425 108,535 SH   DFND 1 108,535 0 0
FISERV INC COM 337738108 19,872 192,836 SH   DFND 1 192,836 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 130,143 2,316,122 SH   DFND 1 2,316,122 0 0
HDFC BANK LTD SPONSORED ADS 40415F101 116,780 2,337,473 SH   DFND 1 2,337,473 0 0
INFOSYS LTD SPONSORED ADR 456788108 78,566 5,689,032 SH   DFND 1 5,689,032 0 0
JD.COM INC SPON ADR CL A 47215P106 270,312 3,482,959 SH   DFND 1 3,482,959 0 0
JOHNSON & JOHNSON COM 478160104 219 1,469 SH   DFND 1 1,469 0 0
LAUDER ESTEE COS INC CL A 518439104 1,947 8,921 SH   DFND 1 8,921 0 0
LIBERTY MEDIA CORP DEL COM SER C FRMLA 531229854 12,701 350,178 SH   DFND 1 350,178 0 0
LINDE PLC SHS G5494J103 215 904 SH   DFND 1 904 0 0
LOWES COS INC COM 548661107 2,148 12,952 SH   DFND 1 12,952 0 0
MAKEMYTRIP LIMITED MAURITIUS SHS V5633W109 36,686 2,388,421 SH   DFND 1 2,388,421 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100 88,222 5,298,599 SH   DFND 1 5,298,599 0 0
MERCADOLIBRE INC COM 58733R102 88,322 81,592 SH   DFND 1 81,592 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 2,538 90,725 SH   DFND 1 90,725 0 0
MICROSOFT CORP COM 594918104 16,196 77,002 SH   DFND 1 77,002 0 0
MONDELEZ INTL INC CL A 609207105 7,135 124,189 SH   DFND 1 124,189 0 0
MOODYS CORP COM 615369105 8,289 28,598 SH   DFND 1 28,598 0 0
NETEASE INC SPONSORED ADS 64110W102 154,187 339,118 SH   DFND 1 339,118 0 0
NETFLIX INC COM 64110L106 5,717 11,434 SH   DFND 1 11,434 0 0
NEW ORIENTAL ED & TECHNOLOGY SPON ADR 647581107 103,805 694,348 SH   DFND 1 694,348 0 0
NOAH HLDGS LTD SPON ADS CL A 65487X102 21,843 837,849 SH   DFND 1 837,849 0 0
PAGSEGURO DIGITAL LTD COM CL A G68707101 37,074 983,123 SH   DFND 1 983,123 0 0
PHILIP MORRIS INTL INC COM 718172109 149,386 1,992,075 SH   DFND 1 1,992,075 0 0
PINTEREST INC CL A 72352L106 2,898 69,822 SH   DFND 1 69,822 0 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203 23,460 286,936 SH   DFND 1 286,936 0 0
SALESFORCE COM INC COM 79466L302 27,244 108,405 SH   DFND 1 108,405 0 0
SCHWAB CHARLES CORP COM 808513105 23,458 647,487 SH   DFND 1 647,487 0 0
SEA LTD SPONSORD ADS 81141R100 2,197 14,263 SH   DFND 1 14,263 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,948 30,123 SH   DFND 1 30,123 0 0
SLACK TECHNOLOGIES INC COM CL A 83088V102 2,013 74,928 SH   DFND 1 74,928 0 0
SPOTIFY TECHNOLOGY S A SHS L8681T102 17,801 73,383 SH   DFND 1 73,383 0 0
STONECO LTD COM CL A G85158106 61,062 1,154,509 SH   DFND 1 1,154,509 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 135,772 1,674,748 SH   DFND 1 1,674,748 0 0
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109 104,208 7,055,367 SH   DFND 1 7,055,367 0 0
TRIP COM GROUP LTD ADS 89677Q107 81,978 2,632,555 SH   DFND 1 2,632,555 0 0
UNION PAC CORP COM 907818108 16,536 83,997 SH   DFND 1 83,997 0 0
UNITEDHEALTH GROUP INC COM 91324P102 26,054 83,567 SH   DFND 1 83,567 0 0
UNIVAR SOLUTIONS USA INC COM 91336L107 2,682 158,890 SH   DFND 1 158,890 0 0
VALE S A SPONSORED ADS 91912E105 301 28,466 SH   DFND 1 28,466 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 512 6,181 SH   DFND 1 6,181 0 0
VISA INC COM CL A 92826C839 22,769 113,861 SH   DFND 1 113,861 0 0
WORLD WRESTLING ENTMT INC CL A 98156Q108 2,874 71,013 SH   DFND 1 71,013 0 0
YANDEX N V SHS CLASS A N97284108 105,537 1,617,425 SH   DFND 1 1,617,425 0 0
YOUDAO INC SPONSORED ADS 98741T104 3,055 118,216 SH   DFND 1 118,216 0 0
YUM BRANDS INC COM 988498101 4,008 43,896 SH   DFND 1 43,896 0 0
YUM CHINA HLDGS INC COM 98850P109 57,612 1,088,051 SH   DFND 1 1,088,051 0 0