<SEC-DOCUMENT>0001325091-21-000008.txt : 20210517
<SEC-HEADER>0001325091-21-000008.hdr.sgml : 20210517
<ACCEPTANCE-DATETIME>20210517152344
ACCESSION NUMBER:		0001325091-21-000008
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210517
DATE AS OF CHANGE:		20210517
EFFECTIVENESS DATE:		20210517

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARSHALL WACE ASIA Ltd
		CENTRAL INDEX KEY:			0001519964
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			K3
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-14472
		FILM NUMBER:		21929828

	BUSINESS ADDRESS:	
		STREET 1:		23RD FLOOR, LHT TOWER, 31 QUEENS ROAD
		CITY:			CENTRAL
		STATE:			K3
		ZIP:			HONG KONG
		BUSINESS PHONE:		852 3761 5000

	MAIL ADDRESS:	
		STREET 1:		23RD FLOOR, LHT TOWER, 31 QUEENS ROAD
		CITY:			CENTRAL
		STATE:			K3
		ZIP:			HONG KONG
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
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          <cik>0001519964</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>03-31-2021</periodOfReport>
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      <reportCalendarOrQuarter>03-31-2021</reportCalendarOrQuarter>
      <filingManager>
        <name>MARSHALL WACE ASIA Ltd</name>
        <address>
          <com:street1>23RD FLOOR, LHT TOWER, 31 QUEENS ROAD</com:street1>
          <com:city>CENTRAL</com:city>
          <com:stateOrCountry>K3</com:stateOrCountry>
          <com:zipCode>HONG KONG</com:zipCode>
        </address>
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      <form13FFileNumber>028-14472</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
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    <signatureBlock>
      <name>Patrick Lawenda</name>
      <title>Operations Manager</title>
      <phone>2122352841</phone>
      <signature>Patrick Lawenda</signature>
      <city>New York</city>
      <stateOrCountry>NY</stateOrCountry>
      <signatureDate>05-17-2021</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>2</otherIncludedManagersCount>
      <tableEntryTotal>239</tableEntryTotal>
      <tableValueTotal>449116</tableValueTotal>
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    <nameOfIssuer>BRIDGETOWN 2 H-A</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>G1355V103</cusip>
    <value>262</value>
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      <sshPrnamt>25573</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>25573</Shared>
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    <nameOfIssuer>BRIDGETOWN HOL-A</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>G1355U113</cusip>
    <value>2322</value>
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      <sshPrnamt>213968</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>213968</Shared>
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    <nameOfIssuer>BRIDGETOWN HOLDI</nameOfIssuer>
    <titleOfClass>UNIT</titleOfClass>
    <cusip>G1355U105</cusip>
    <value>788</value>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Shared>67097</Shared>
      <None>0</None>
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    <nameOfIssuer>BROADCOM INC</nameOfIssuer>
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    <cusip>11135F101</cusip>
    <value>14442</value>
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      <sshPrnamt>31148</sshPrnamt>
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    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>11135F101</cusip>
    <value>16115</value>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>34757</Shared>
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    <nameOfIssuer>CAN IMPL BK COMM</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>136069101</cusip>
    <value>32561</value>
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      <sshPrnamt>332593</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>332593</Shared>
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    <nameOfIssuer>CAN IMPL BK COMM</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>136069101</cusip>
    <value>3968</value>
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      <sshPrnamt>40533</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>40533</Sole>
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      <None>0</None>
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    <nameOfIssuer>CAPITAL ONE FINA</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>14040H105</cusip>
    <value>94607</value>
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      <sshPrnamt>743594</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>743594</Shared>
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    <nameOfIssuer>CAPITAL ONE FINA</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>14040H105</cusip>
    <value>11530</value>
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      <sshPrnamt>90623</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>90623</Sole>
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      <None>0</None>
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    <nameOfIssuer>CARNIVAL CORP</nameOfIssuer>
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    <cusip>143658300</cusip>
    <value>22893</value>
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      <sshPrnamt>862593</sshPrnamt>
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    <nameOfIssuer>CARNIVAL CORP</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>143658300</cusip>
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      <Sole>762994</Sole>
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    <nameOfIssuer>CARRIER GLOB</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>14448C104</cusip>
    <value>37224</value>
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      <Sole>881651</Sole>
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      <None>0</None>
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    <nameOfIssuer>CARRIER GLOB</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>14448C104</cusip>
    <value>42283</value>
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      <Sole>0</Sole>
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    <nameOfIssuer>CBOE GLOBAL MARK</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>12503M108</cusip>
    <value>4990</value>
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      <sshPrnamt>50559</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>50559</Sole>
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      <None>0</None>
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    <nameOfIssuer>CBOE GLOBAL MARK</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>12503M108</cusip>
    <value>40941</value>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>CEMEX SAB-SP ADR</nameOfIssuer>
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    <cusip>151290889</cusip>
    <value>1600</value>
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      <sshPrnamt>229535</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>CHINA LIFE-ADR</nameOfIssuer>
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    <cusip>16939P106</cusip>
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    <investmentDiscretion>OTR</investmentDiscretion>
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    <nameOfIssuer>CHINA PETRO-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>16941R108</cusip>
    <value>6815</value>
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    <investmentDiscretion>OTR</investmentDiscretion>
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    <nameOfIssuer>CHINA YUCHAI</nameOfIssuer>
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    <cusip>G21082105</cusip>
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    <nameOfIssuer>CHINA YUNGHONG-A</nameOfIssuer>
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    <cusip>G98882106</cusip>
    <value>107</value>
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    <nameOfIssuer>CHIPOTLE MEXICAN</nameOfIssuer>
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    <cusip>169656105</cusip>
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    <nameOfIssuer>CITIC CAPITAL-A</nameOfIssuer>
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    <cusip>G21513109</cusip>
    <value>2693</value>
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    <investmentDiscretion>OTR</investmentDiscretion>
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    <nameOfIssuer>CITIZENS FINANCI</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>174610105</cusip>
    <value>87678</value>
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    <nameOfIssuer>CITIZENS FINANCI</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>174610105</cusip>
    <value>10713</value>
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    <nameOfIssuer>COCA-COLA CO/THE</nameOfIssuer>
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    <cusip>191216100</cusip>
    <value>797</value>
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    <nameOfIssuer>COPA HOLDIN-CL A</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>P31076105</cusip>
    <value>43085</value>
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    <cusip>P31076105</cusip>
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    <nameOfIssuer>CREE INC</nameOfIssuer>
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    <cusip>225447101</cusip>
    <value>28735</value>
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    <investmentDiscretion>OTR</investmentDiscretion>
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    <nameOfIssuer>DAQO NEW ENE-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>23703Q203</cusip>
    <value>16525</value>
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    <nameOfIssuer>DAQO NEW ENE-ADR</nameOfIssuer>
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    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>237266101</cusip>
    <value>45704</value>
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    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>237266101</cusip>
    <value>40344</value>
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    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>24703L202</cusip>
    <value>10727</value>
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    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>24703L202</cusip>
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    <cusip>D18190898</cusip>
    <value>21700</value>
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    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>53815P108</cusip>
    <value>10363</value>
    <shrsOrPrnAmt>
      <sshPrnamt>199746</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <None>0</None>
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    <nameOfIssuer>LIVERAMP HOLDING</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>53815P108</cusip>
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      <Shared>226414</Shared>
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    <nameOfIssuer>LPL FINANCIAL HO</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>50212V100</cusip>
    <value>44408</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Shared>312379</Shared>
      <None>0</None>
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    <nameOfIssuer>LPL FINANCIAL HO</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>50212V100</cusip>
    <value>5412</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>38070</Sole>
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      <None>0</None>
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    <nameOfIssuer>LUFAX HOLDIN-ADR</nameOfIssuer>
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    <cusip>54975P102</cusip>
    <value>441</value>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Shared>30359</Shared>
      <None>0</None>
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    <nameOfIssuer>MADISON SQUARE G</nameOfIssuer>
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    <cusip>55825T103</cusip>
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      <Shared>254516</Shared>
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    <nameOfIssuer>MADISON SQUARE G</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>55825T103</cusip>
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      <sshPrnamt>223503</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>223503</Sole>
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      <None>0</None>
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    <nameOfIssuer>MADISON SQUARE G</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>55826T102</cusip>
    <value>4213</value>
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      <sshPrnamt>51499</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
    <votingAuthority>
      <Sole>51499</Sole>
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      <None>0</None>
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    <nameOfIssuer>MADISON SQUARE G</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>55826T102</cusip>
    <value>4349</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53169</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>53169</Shared>
      <None>0</None>
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    <nameOfIssuer>MAKEMYTRIP LTD</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>V5633W109</cusip>
    <value>20882</value>
    <shrsOrPrnAmt>
      <sshPrnamt>661237</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>661237</Shared>
      <None>0</None>
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    <nameOfIssuer>MAKEMYTRIP LTD</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>V5633W109</cusip>
    <value>18403</value>
    <shrsOrPrnAmt>
      <sshPrnamt>582739</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>582739</Sole>
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      <None>0</None>
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    <nameOfIssuer>MALACCA STRAIT-A</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>G5859B117</cusip>
    <value>976</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>98932</Shared>
      <None>0</None>
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    <nameOfIssuer>MALACCA STRAITS</nameOfIssuer>
    <titleOfClass>UNIT</titleOfClass>
    <cusip>G5859B125</cusip>
    <value>121</value>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Shared>11839</Shared>
      <None>0</None>
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    <nameOfIssuer>MANULIFE FIN</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>56501R106</cusip>
    <value>2284</value>
    <shrsOrPrnAmt>
      <sshPrnamt>106800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>106800</Shared>
      <None>0</None>
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    <nameOfIssuer>MARATHON DIGITAL</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>565788106</cusip>
    <value>1395</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29044</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
    <votingAuthority>
      <Sole>29044</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>MARATHON DIGITAL</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>565788106</cusip>
    <value>11444</value>
    <shrsOrPrnAmt>
      <sshPrnamt>238307</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>238307</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MERCADOLIBRE INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>58733R102</cusip>
    <value>455</value>
    <shrsOrPrnAmt>
      <sshPrnamt>309</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Shared>309</Shared>
      <None>0</None>
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    <nameOfIssuer>MICRON TECH</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>595112103</cusip>
    <value>22406</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Shared>254002</Shared>
      <None>0</None>
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    <nameOfIssuer>MICRON TECH</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>595112103</cusip>
    <value>16965</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>192320</Sole>
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      <None>0</None>
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    <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>617446448</cusip>
    <value>185754</value>
    <shrsOrPrnAmt>
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    <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>617446448</cusip>
    <value>22737</value>
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      <None>0</None>
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    <nameOfIssuer>NEWMONT CORP</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>651639106</cusip>
    <value>1013</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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    <nameOfIssuer>NIO INC - ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>62914V106</cusip>
    <value>3505</value>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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    <nameOfIssuer>NORFOLK SOUTHERN</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>655844108</cusip>
    <value>62731</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Shared>233617</Shared>
      <None>0</None>
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    <nameOfIssuer>NORFOLK SOUTHERN</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>655844108</cusip>
    <value>55442</value>
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      <None>0</None>
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    <nameOfIssuer>NVIDIA CORP</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>67066G104</cusip>
    <value>24228</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>45376</Shared>
      <None>0</None>
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    <nameOfIssuer>OTIS WORLDWI</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>68902V107</cusip>
    <value>31545</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Shared>460853</Shared>
      <None>0</None>
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    <nameOfIssuer>OTIS WORLDWI</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>68902V107</cusip>
    <value>27589</value>
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    <nameOfIssuer>PAYPAL HOLDINGS</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>70450Y103</cusip>
    <value>70491</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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    <nameOfIssuer>PAYPAL HOLDINGS</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>70450Y103</cusip>
    <value>8591</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <None>0</None>
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    <nameOfIssuer>PETROCHINA  -ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>71646E100</cusip>
    <value>6218</value>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Shared>172018</Shared>
      <None>0</None>
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    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>717081103</cusip>
    <value>2194</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>60570</Sole>
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      <None>0</None>
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    <nameOfIssuer>PRIMAVERA CAP-A</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>G7255E109</cusip>
    <value>224</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>22850</Shared>
      <None>0</None>
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    <nameOfIssuer>PRIMAVERA CAPITA</nameOfIssuer>
    <titleOfClass>UNIT</titleOfClass>
    <cusip>G7255E125</cusip>
    <value>617</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60225</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Shared>60225</Shared>
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  <infoTable>
    <nameOfIssuer>PRIMAVERA CAPITA</nameOfIssuer>
    <titleOfClass>UNIT</titleOfClass>
    <cusip>G7255E125</cusip>
    <value>82</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7957</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>7957</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PROG HOLDINGS IN</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>74319R101</cusip>
    <value>18715</value>
    <shrsOrPrnAmt>
      <sshPrnamt>432311</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>432311</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PROG HOLDINGS IN</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>74319R101</cusip>
    <value>20707</value>
    <shrsOrPrnAmt>
      <sshPrnamt>478340</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>478340</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PROGRESSIVE CORP</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>743315103</cusip>
    <value>17084</value>
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      <sshPrnamt>178688</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>178688</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>PROGRESSIVE CORP</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>743315103</cusip>
    <value>19339</value>
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      <sshPrnamt>202265</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>202265</Shared>
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    <nameOfIssuer>PROVIDENT ACQU-A</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>G7282L100</cusip>
    <value>638</value>
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      <sshPrnamt>65301</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>65301</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>PROVIDENT ACQU-A</nameOfIssuer>
    <titleOfClass>EQUITY WRT</titleOfClass>
    <cusip>G7282L126</cusip>
    <value>122</value>
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      <sshPrnamt>12474</sshPrnamt>
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    <putCall>Call</putCall>
    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>12474</None>
    </votingAuthority>
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    <nameOfIssuer>PURE STORAGE-A</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>74624M102</cusip>
    <value>13225</value>
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      <sshPrnamt>613984</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>613984</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>QUDIAN INC-SPON</nameOfIssuer>
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    <cusip>747798106</cusip>
    <value>259</value>
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      <sshPrnamt>113731</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>113731</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>QUIMICA Y-SP ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>833635105</cusip>
    <value>38261</value>
    <shrsOrPrnAmt>
      <sshPrnamt>720960</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>720960</Shared>
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    <nameOfIssuer>QUIMICA Y-SP ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>833635105</cusip>
    <value>33821</value>
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      <sshPrnamt>637301</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>637301</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>QUIMICA Y-SP ADR</nameOfIssuer>
    <titleOfClass>RIGHT</titleOfClass>
    <cusip>833636111</cusip>
    <value>7271</value>
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      <sshPrnamt>137009</sshPrnamt>
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    <putCall>Call</putCall>
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      <Sole>0</Sole>
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      <None>137009</None>
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    <nameOfIssuer>QUIMICA Y-SP ADR</nameOfIssuer>
    <titleOfClass>RIGHT</titleOfClass>
    <cusip>833636111</cusip>
    <value>6116</value>
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    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>115247</None>
    </votingAuthority>
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    <nameOfIssuer>RAYMOND JAMES</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>754730109</cusip>
    <value>8829</value>
    <shrsOrPrnAmt>
      <sshPrnamt>72037</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>72037</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>RAYMOND JAMES</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>754730109</cusip>
    <value>1147</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>9362</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RLX TECHNOLO-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>74969N103</cusip>
    <value>9463</value>
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      <sshPrnamt>913453</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>913453</Shared>
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    <nameOfIssuer>RLX TECHNOLO-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>74969N103</cusip>
    <value>8364</value>
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      <sshPrnamt>807357</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>807357</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ROKU INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>77543R102</cusip>
    <value>17048</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52332</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>52332</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ROKU INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>77543R102</cusip>
    <value>15045</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46184</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
    <votingAuthority>
      <Sole>46184</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SEA LTD-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>81141R100</cusip>
    <value>2438</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10919</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>10919</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SERVICENOW INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>81762P102</cusip>
    <value>2243</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4486</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>4486</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SIGNATURE BANK</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>82669G104</cusip>
    <value>28037</value>
    <shrsOrPrnAmt>
      <sshPrnamt>124002</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>124002</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SIGNATURE BANK</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>82669G104</cusip>
    <value>3504</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>15498</Sole>
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      <None>0</None>
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    <nameOfIssuer>SILVER CREST ACQ</nameOfIssuer>
    <titleOfClass>UNIT</titleOfClass>
    <cusip>G81355110</cusip>
    <value>1143</value>
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    <investmentDiscretion>OTR</investmentDiscretion>
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    <nameOfIssuer>SILVERGATE CAP-A</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>82837P408</cusip>
    <value>4755</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SILVERGATE CAP-A</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>82837P408</cusip>
    <value>39017</value>
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    <nameOfIssuer>SKECHERS USA-A</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>830566105</cusip>
    <value>62577</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SKECHERS USA-A</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>830566105</cusip>
    <value>70758</value>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Shared>1696436</Shared>
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    <nameOfIssuer>SOUTHWEST AIR</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>844741108</cusip>
    <value>34917</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>571843</Shared>
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    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>844741108</cusip>
    <value>30852</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <Sole>505274</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SPDR-CONS STAPLE</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>81369Y308</cusip>
    <value>16722</value>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>244790</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SPDR-UTIL SELECT</nameOfIssuer>
    <titleOfClass>ETP</titleOfClass>
    <cusip>81369Y886</cusip>
    <value>10043</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Shared>156825</Shared>
      <None>0</None>
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    <nameOfIssuer>SYNCHRONY FINANC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>87165B103</cusip>
    <value>154713</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3805034</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>3805034</Shared>
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  <infoTable>
    <nameOfIssuer>SYNCHRONY FINANC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>87165B103</cusip>
    <value>18856</value>
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      <sshPrnamt>463737</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>0</otherManager>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TENCENT MUSI-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>88034P109</cusip>
    <value>32793</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
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    <nameOfIssuer>TERNIUM SA-ADR</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>880890108</cusip>
    <value>815</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20974</sshPrnamt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>20974</Shared>
      <None>0</None>
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    <nameOfIssuer>THERMO FISHER</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>883556102</cusip>
    <value>10982</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>OTR</investmentDiscretion>
    <otherManager>2811304</otherManager>
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      <Sole>0</Sole>
      <Shared>24064</Shared>
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    <nameOfIssuer>THERMO FISHER</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>883556102</cusip>
    <value>9705</value>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TJX COS INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>872540109</cusip>
    <value>46290</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>OTR</investmentDiscretion>
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      <Shared>699773</Shared>
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    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>872540109</cusip>
    <value>43103</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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  <infoTable>
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