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 7,154 162,950 SH   SOLE   162,950 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 803 8,900 SH   SOLE   8,900 0 0
BANCO MACRO SA SPON ADR B 05961W105 1,973 137,500 SH   SOLE   137,500 0 0
BANK OF AMERICA CORPORATION COM 060505104 13,053 1,015,000 SH   SOLE   1,015,000 0 0
CEMENTOS PACASMAYO S A A SPON ADR REP 5 15126Q109 2,337 183,600 SH   SOLE   183,600 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 124,214 11,740,428 SH   SOLE   11,740,428 0 0
CITIGROUP INC COM NEW 172967424 21,399 446,100 SH   SOLE   446,100 0 0
COBALT INTL ENERGY INC COM 19075F106 1,522 57,300 SH   SOLE   57,300 0 0
CON-WAY INC COM 205944101 865 22,200 SH   SOLE   22,200 0 0
COPA HOLDINGS SA CL A P31076105 38,852 296,310 SH   SOLE   296,310 0 0
CREDICORP LTD COM G2519Y108 1,049 8,200 SH   SOLE   8,200 0 0
D R HORTON INC COM 23331A109 1,236 58,100 SH   SOLE   58,100 0 0
GENWORTH FINL INC COM CL A 37247D106 5,868 514,300 SH   SOLE   514,300 0 0
GOOGLE INC CL A 38259P508 30,373 34,500 SH   SOLE   34,500 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,317 451,650 SH   SOLE   451,650 0 0
HOME INNS & HOTELS MGMT INC SPON ADR 43713W107 3,413 127,793 SH   SOLE   127,793 0 0
ISHARES TR MSCI EMERG MKT 464287234 314,076 8,143,000 SH Call SOLE   8,143,000 0 0
KNIGHT TRANSN INC COM 499064103 865 51,400 SH   SOLE   51,400 0 0
LANDSTAR SYS INC COM 515098101 829 16,100 SH   SOLE   16,100 0 0
LENNAR CORP CL A 526057104 1,287 35,700 SH   SOLE   35,700 0 0
NVR INC COM 62944T105 1,106 1,200 SH   SOLE   1,200 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 2,320 173,030 SH   SOLE   173,030 0 0
POWERSHS DB MULTI SECT COMM PS DB AGRICUL FD 73936B408 23,914 960,000 SH Call SOLE   960,000 0 0
PRICESMART INC COM 741511109 27,089 309,126 SH   SOLE   309,126 0 0
PULTE GROUP INC COM 745867101 2,005 105,700 SH   SOLE   105,700 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 16,626 360,100 SH   SOLE   360,100 0 0
RYLAND GROUP INC COM 783764103 822 20,500 SH   SOLE   20,500 0 0
SINA CORP ORD G81477104 4,631 83,100 SH   SOLE   83,100 0 0
STRATASYS LTD SHS M85548101 4,865 58,100 SH   SOLE   58,100 0 0
SWIFT TRANSN CO CL A 87074U101 839 50,700 SH   SOLE   50,700 0 0
TOLL BROTHERS INC COM 889478103 1,171 35,900 SH   SOLE   35,900 0 0
VALE S A ADR 91912E105 1,080 82,100 SH   SOLE   82,100 0 0
WEATHERFORD INTERNATIONAL LT REG SHS H27013103 10,064 734,600 SH   SOLE   734,600 0 0
WERNER ENTERPRISES INC COM 950755108 846 35,000 SH   SOLE   35,000 0 0
YAHOO INC COM 984332106 3,486 138,700 SH   SOLE   138,700 0 0
YOUKU TUDOU INC SPONSORED ADR 98742U100 1,856 96,700 SH   SOLE   96,700 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 2,167 146,800 SH   SOLE   146,800 0 0