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
AMBEV SA SPONSORED ADR 02319V103 2,785 375,900 SH   SOLE   375,900 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 937 8,900 SH   SOLE   8,900 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 8,447 495,400 SH   SOLE   495,400 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 2,780 203,400 SH   SOLE   203,400 0 0
BANCO MACRO SA SPON ADR B 05961W105 9,571 340,017 SH   SOLE   340,017 0 0
BRASKEM S A SP ADR PFD A 105532105 226 14,500 SH   SOLE   14,500 0 0
CEMENTOS PACASMAYO S A A SPON ADR REP 5 15126Q109 1,695 193,278 SH   SOLE   193,278 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 22,257 1,762,260 SH   SOLE   1,762,260 0 0
COPA HOLDINGS SA CL A P31076105 63,119 434,736 SH   SOLE   434,736 0 0
CREDICORP LTD COM G2519Y108 3,117 22,600 SH   SOLE   22,600 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 604 65,000 SH   SOLE   65,000 0 0
D R HORTON INC COM 23331A109 1,578 72,900 SH   SOLE   72,900 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 170 4,800 SH   SOLE   4,800 0 0
F5 NETWORKS INC COM 315616102 1,312 12,300 SH   SOLE   12,300 0 0
FIREEYE INC COM 31816Q101 2,808 45,600 SH   SOLE   45,600 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 19,501 1,584,182 SH   SOLE   1,584,182 0 0
GT ADVANCED TECHNOLOGIES INC COM 36191U106 26,325 1,544,000 SH   SOLE   1,544,000 0 0
HOME INNS & HOTELS MGMT INC SPON ADR 43713W107 6,265 194,016 SH   SOLE   194,016 0 0
IMPERVA INC COM 45321L100 1,225 22,000 SH   SOLE   22,000 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 330 31,200 SH   SOLE   31,200 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 2,950 198,500 SH   SOLE   198,500 0 0
LENNAR CORP CL A 526057104 1,684 42,500 SH   SOLE   42,500 0 0
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 2,473 114,000 SH   SOLE   114,000 0 0
NVR INC COM 62944T105 1,606 1,400 SH   SOLE   1,400 0 0
PALO ALTO NETWORKS INC COM 697435105 1,297 18,900 SH   SOLE   18,900 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 834 143,100 SH   SOLE   143,100 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 1,433 109,000 SH   SOLE   109,000 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 25,058 1,010,000 SH   SOLE   1,010,000 0 0
PRICESMART INC COM 741511109 16,315 161,644 SH   SOLE   161,644 0 0
PROOFPOINT INC COM 743424103 1,164 31,400 SH   SOLE   31,400 0 0
PULTE GROUP INC COM 745867101 1,846 96,200 SH   SOLE   96,200 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 46,244 464,394 SH   SOLE   464,394 0 0
RYLAND GROUP INC COM 783764103 1,617 40,500 SH   SOLE   40,500 0 0
SOUTHERN COPPER CORP COM 84265V105 1,554 53,400 SH   SOLE   53,400 0 0
SUNEDISON INC COM 86732Y109 26,514 1,407,300 SH   SOLE   1,407,300 0 0
SUNPOWER CORP COM 867652406 12,565 389,500 SH   SOLE   389,500 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 3,122 163,707 SH   SOLE   163,707 0 0
TOLL BROTHERS INC COM 889478103 1,630 45,400 SH   SOLE   45,400 0 0
VEECO INSTRS INC DEL COM 922417100 12,558 299,500 SH   SOLE   299,500 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 57,660 386,200 SH   SOLE   386,200 0 0
XPO LOGISTICS INC COM 983793100 11,364 386,400 SH   SOLE   386,400 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 14,975 480,600 SH   SOLE   480,600 0 0