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
3-D SYS CORP DEL COM NEW 88554D205 2,452 76,050 SH   SOLE   76,050 0 0
BANCO MACRO SA SPON ADR B 05961W105 2,024 137,500 SH   SOLE   137,500 0 0
BANK OF AMERICA CORPORATION COM 060505104 18,825 1,545,600 SH   SOLE   1,545,600 0 0
CEMENTOS PACASMAYO S A A SPON ADR REP 5 15126Q109 2,726 183,600 SH   SOLE   183,600 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 173,586 14,216,705 SH   SOLE   14,216,705 0 0
CITIGROUP INC COM NEW 172967424 51,849 1,172,000 SH   SOLE   1,172,000 0 0
COBALT INTL ENERGY INC COM 19075F106 4,526 160,500 SH   SOLE   160,500 0 0
COPA HOLDINGS SA CL A P31076105 41,687 348,528 SH   SOLE   348,528 0 0
CREDICORP LTD COM G2519Y108 5,870 35,350 SH   SOLE   35,350 0 0
D R HORTON INC COM 23331A109 5,020 206,600 SH   SOLE   206,600 0 0
GENWORTH FINL INC COM CL A 37247D106 13,643 1,364,300 SH   SOLE   1,364,300 0 0
GERDAU S A SPON ADR REP PFD 373737105 1,085 140,700 SH   SOLE   140,700 0 0
GOOGLE INC CL A 38259P508 33,356 42,000 SH   SOLE   42,000 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,127 386,674 SH   SOLE   386,674 0 0
HOME INNS & HOTELS MGMT INC SPON ADR 43713W107 5,164 173,358 SH   SOLE   173,358 0 0
ISHARES INC MSCI MEXICO CAP 464286822 111,885 1,500,000 SH Call SOLE   1,500,000 0 0
ISHARES TR MSCI EMERG MKT 464287234 71,443 1,670,000 SH Call SOLE   1,670,000 0 0
ISHARES TR MSCI EMERG MKT 464287234 50,480 1,180,000 SH Put SOLE   1,180,000 0 0
LENNAR CORP CL A 526057104 5,260 126,800 SH   SOLE   126,800 0 0
NVR INC COM 62944T105 4,536 4,200 SH   SOLE   4,200 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 2,498 150,730 SH   SOLE   150,730 0 0
PRICESMART INC COM 741511109 30,342 389,848 SH   SOLE   389,848 0 0
PULTE GROUP INC COM 745867101 7,596 375,300 SH   SOLE   375,300 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 69,689 1,670,000 SH Call SOLE   1,670,000 0 0
SINA CORP ORD G81477104 8,309 171,000 SH   SOLE   171,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 8,554 54,600 SH   SOLE   54,600 0 0
STRATASYS LTD SHS M85548101 2,212 29,800 SH   SOLE   29,800 0 0
TOLL BROTHERS INC COM 889478103 4,362 127,400 SH   SOLE   127,400 0 0
UNITED RENTALS INC COM 911363109 4,815 87,600 SH   SOLE   87,600 0 0
VALE S A ADR 91912E105 1,822 105,400 SH   SOLE   105,400 0 0
WEATHERFORD INTERNATIONAL LT REG SHS H27013103 3,156 260,000 SH   SOLE   260,000 0 0
YAHOO INC COM 984332106 18,336 779,300 SH   SOLE   779,300 0 0
YOUKU TUDOU INC SPONSORED ADR 98742U100 1,865 111,200 SH   SOLE   111,200 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 2,123 148,600 SH   SOLE   148,600 0 0