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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 147,662 1,047,991 SH   DFND 1 0 1,047,991 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 607 81,458 SH   DFND 1 0 81,458 0
BAIDU INC SPON ADR REP A 056752108 23,286 130,193 SH   DFND 1 0 130,193 0
BAOZUN INC SPONSORED ADR 06684L103 7,405 334,003 SH   DFND 1 0 334,003 0
BITAUTO HLDGS LTD SPONSORED ADS 091727107 173 6,030 SH   DFND 1 0 6,030 0
BRIGHT SCHOLAR ED HLDGS LTD SPONSORED ADS 109199109 19,861 1,669,016 SH   DFND 1 0 1,669,016 0
CARS COM INC COM 14575E105 3,976 149,324 SH   DFND 1 0 149,324 0
CHINA BIOLOGIC PRODS INC COM 16938C106 31,488 278,407 SH   DFND 1 0 278,407 0
CHINA LODGING GROUP LTD SPONSORED ADR 16949N109 312 3,863 SH   DFND 1 0 3,863 0
CHINA ONLINE ED GROUP SPONSORED ADR 16954L105 430 26,837 SH   DFND 1 0 26,837 0
CHINA RAPID FIN LTD SPONSORED ADR 16953Q105 241 42,130 SH   DFND 1 0 42,130 0
COACH INC COM 189754104 73,709 1,557,006 SH   DFND 1 0 1,557,006 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 46,493 700,197 SH   DFND 1 0 700,197 0
COSAN LTD SHS A G25343107 7,283 1,136,134 SH   DFND 1 0 1,136,134 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 9,762 181,250 SH   DFND 1 0 181,250 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 969 18,000 SH Put DFND 1 0 18,000 0
GERDAU S A SPON ADR REP PFD 373737105 16,209 5,314,263 SH   DFND 1 0 5,314,263 0
HERBALIFE LTD COM USD SHS G4412G101 64,130 899,061 SH   DFND 1 0 899,061 0
HERBALIFE LTD COM USD SHS G4412G101 9,073 127,200 SH Call DFND 1 0 127,200 0
HUTCHISON CHINA MEDITECH LTD SPONSORED ADR 44842L103 520 22,300 SH   DFND 1 0 22,300 0
ICICI BK LTD ADR 45104G104 28,164 3,139,807 SH   DFND 1 0 3,139,807 0
INFOSYS LTD SPONSORED ADR 456788108 17,314 1,152,722 SH   DFND 1 0 1,152,722 0
JAMBA INC COM NEW 47023A309 11,146 1,430,860 SH   DFND 1 0 1,430,860 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 8,260 500,000 SH   DFND 1 0 500,000 0
ISHARES TR MSCI EMG MKT ETF 464287234 13,535 327,000 SH Put DFND 1 0 327,000 0
NETEASE INC SPONSORED ADR 64110W102 26,276 87,402 SH   DFND 1 0 87,402 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 9,869 140,000 SH   DFND 1 0 140,000 0
NVIDIA CORP COM 67066G104 10,119 70,000 SH   DFND 1 0 70,000 0
NVIDIA CORP COM 67066G104 20,238 140,000 SH Put DFND 1 0 140,000 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 18,877 2,362,571 SH   DFND 1 0 2,362,571 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 203,789 842,800 SH Put DFND 1 0 842,800 0
SPDR GOLD TRUST GOLD SHS 78463V107 2,596 22,000 SH Call DFND 1 0 22,000 0
SVB FINL GROUP COM 78486Q101 1,406 8,000 SH Put DFND 1 0 8,000 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 778 22,240 SH   DFND 1 0 22,240 0
TATA MTRS LTD SPONSORED ADR 876568502 27,403 785,425 SH   DFND 1 0 785,425 0
VALE S A ADR 91912E105 7,245 828,025 SH   DFND 1 0 828,025 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 2,102 121,500 SH   DFND 1 0 121,500 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 13,818 1,309,803 SH   DFND 1 0 1,309,803 0
WEIGHT WATCHERS INTL INC NEW COM 948626106 9,486 283,829 SH   DFND 1 0 283,829 0
WORLD ACCEP CORP DEL COM 981419104 15,915 212,452 SH   DFND 1 0 212,452 0