<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 <FILENAME>primary_doc.xml <TEXT> <XML> <?xml version="1.0" encoding="UTF-8"?> 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<cusip>143658300</cusip> <value>20250</value> <shrsOrPrnAmt> <sshPrnamt>762994</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>762994</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CARRIER GLOB</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>14448C104</cusip> <value>37224</value> <shrsOrPrnAmt> <sshPrnamt>881651</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>881651</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CARRIER GLOB</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>14448C104</cusip> <value>42283</value> <shrsOrPrnAmt> <sshPrnamt>1001492</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>1001492</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CBOE GLOBAL MARK</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>12503M108</cusip> <value>4990</value> <shrsOrPrnAmt> <sshPrnamt>50559</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>50559</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CBOE GLOBAL MARK</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>12503M108</cusip> <value>40941</value> <shrsOrPrnAmt> <sshPrnamt>414842</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>414842</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CEMEX SAB-SP ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>151290889</cusip> <value>1600</value> <shrsOrPrnAmt> <sshPrnamt>229535</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>229535</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CHINA LIFE-ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>16939P106</cusip> <value>3934</value> <shrsOrPrnAmt> <sshPrnamt>377913</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>377913</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CHINA PETRO-ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>16941R108</cusip> <value>6815</value> <shrsOrPrnAmt> <sshPrnamt>129240</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>129240</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CHINA YUCHAI</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>G21082105</cusip> <value>194</value> <shrsOrPrnAmt> <sshPrnamt>12536</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>12536</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CHINA YUNGHONG-A</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>G98882106</cusip> <value>107</value> <shrsOrPrnAmt> <sshPrnamt>10646</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>10646</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CHIPOTLE MEXICAN</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>169656105</cusip> <value>20063</value> <shrsOrPrnAmt> <sshPrnamt>14121</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>14121</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CHIPOTLE MEXICAN</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>169656105</cusip> <value>17740</value> <shrsOrPrnAmt> <sshPrnamt>12486</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>12486</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CITIC CAPITAL-A</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>G21513109</cusip> <value>2693</value> <shrsOrPrnAmt> <sshPrnamt>269262</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>269262</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CITIZENS FINANCI</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>174610105</cusip> <value>87678</value> <shrsOrPrnAmt> <sshPrnamt>1985914</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>1985914</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CITIZENS FINANCI</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>174610105</cusip> <value>10713</value> <shrsOrPrnAmt> <sshPrnamt>242654</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>242654</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>COCA-COLA CO/THE</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>191216100</cusip> <value>797</value> <shrsOrPrnAmt> <sshPrnamt>15113</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>15113</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>COPA HOLDIN-CL A</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>P31076105</cusip> <value>43085</value> <shrsOrPrnAmt> <sshPrnamt>533291</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>533291</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>COPA HOLDIN-CL A</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>P31076105</cusip> <value>37952</value> <shrsOrPrnAmt> <sshPrnamt>469765</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>469765</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CREE INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>225447101</cusip> <value>28735</value> <shrsOrPrnAmt> <sshPrnamt>265741</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>265741</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>CREE INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>225447101</cusip> <value>32550</value> <shrsOrPrnAmt> <sshPrnamt>301026</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>301026</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DAQO NEW ENE-ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>23703Q203</cusip> <value>16525</value> <shrsOrPrnAmt> <sshPrnamt>218881</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>218881</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DAQO NEW ENE-ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>23703Q203</cusip> <value>18701</value> <shrsOrPrnAmt> <sshPrnamt>247690</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>247690</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DARLING INGREDIE</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>237266101</cusip> <value>45704</value> <shrsOrPrnAmt> <sshPrnamt>621146</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>621146</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DARLING INGREDIE</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>237266101</cusip> <value>40344</value> <shrsOrPrnAmt> <sshPrnamt>548313</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>548313</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DELL TECHN-C</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>24703L202</cusip> <value>10727</value> <shrsOrPrnAmt> <sshPrnamt>121689</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>121689</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DELL TECHN-C</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>24703L202</cusip> <value>12157</value> <shrsOrPrnAmt> <sshPrnamt>137909</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> 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<titleOfClass>COMMON STOCK</titleOfClass> <cusip>254709108</cusip> <value>13944</value> <shrsOrPrnAmt> <sshPrnamt>146796</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>146796</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>DISCOVER FINANCI</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>254709108</cusip> <value>1699</value> <shrsOrPrnAmt> <sshPrnamt>17891</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>17891</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ENTEGRIS INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>29362U104</cusip> <value>33107</value> <shrsOrPrnAmt> <sshPrnamt>296124</sshPrnamt> 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<votingAuthority> <Sole>0</Sole> <Shared>144038</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>EURONET WORLDWID</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>298736109</cusip> <value>2428</value> <shrsOrPrnAmt> <sshPrnamt>17555</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>17555</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FOMENTO ECON-ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>344419106</cusip> <value>668</value> <shrsOrPrnAmt> <sshPrnamt>8869</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>8869</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>FUTU HOLDING-ADR</nameOfIssuer> 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STOCK</titleOfClass> <cusip>617446448</cusip> <value>22737</value> <shrsOrPrnAmt> <sshPrnamt>292785</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>292785</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NEWMONT CORP</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>651639106</cusip> <value>1013</value> <shrsOrPrnAmt> <sshPrnamt>16802</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>16802</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NIO INC - ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>62914V106</cusip> <value>3505</value> <shrsOrPrnAmt> <sshPrnamt>89925</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>89925</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NORFOLK SOUTHERN</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>655844108</cusip> <value>62731</value> <shrsOrPrnAmt> <sshPrnamt>233617</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>233617</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NORFOLK SOUTHERN</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>655844108</cusip> <value>55442</value> <shrsOrPrnAmt> <sshPrnamt>206474</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>206474</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>NVIDIA CORP</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>67066G104</cusip> <value>24228</value> <shrsOrPrnAmt> <sshPrnamt>45376</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>45376</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>OTIS WORLDWI</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>68902V107</cusip> <value>31545</value> <shrsOrPrnAmt> <sshPrnamt>460853</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>460853</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>OTIS WORLDWI</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>68902V107</cusip> <value>27589</value> <shrsOrPrnAmt> <sshPrnamt>403053</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>403053</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PAYPAL HOLDINGS</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>70450Y103</cusip> <value>70491</value> <shrsOrPrnAmt> <sshPrnamt>290277</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>290277</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PAYPAL HOLDINGS</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>70450Y103</cusip> <value>8591</value> <shrsOrPrnAmt> <sshPrnamt>35377</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>35377</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PETROCHINA -ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>71646E100</cusip> <value>6218</value> <shrsOrPrnAmt> <sshPrnamt>172018</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>172018</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PFIZER INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>717081103</cusip> <value>2194</value> <shrsOrPrnAmt> <sshPrnamt>60570</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>60570</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PRIMAVERA CAP-A</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>G7255E109</cusip> <value>224</value> <shrsOrPrnAmt> <sshPrnamt>22850</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>22850</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PRIMAVERA CAPITA</nameOfIssuer> <titleOfClass>UNIT</titleOfClass> <cusip>G7255E125</cusip> <value>617</value> <shrsOrPrnAmt> <sshPrnamt>60225</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>60225</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PRIMAVERA CAPITA</nameOfIssuer> <titleOfClass>UNIT</titleOfClass> <cusip>G7255E125</cusip> <value>82</value> <shrsOrPrnAmt> <sshPrnamt>7957</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>7957</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PROG HOLDINGS IN</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>74319R101</cusip> <value>18715</value> <shrsOrPrnAmt> <sshPrnamt>432311</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>432311</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PROG HOLDINGS IN</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>74319R101</cusip> <value>20707</value> <shrsOrPrnAmt> <sshPrnamt>478340</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>478340</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PROGRESSIVE CORP</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>743315103</cusip> <value>17084</value> <shrsOrPrnAmt> <sshPrnamt>178688</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>178688</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PROGRESSIVE CORP</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>743315103</cusip> <value>19339</value> <shrsOrPrnAmt> <sshPrnamt>202265</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>202265</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PROVIDENT ACQU-A</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>G7282L100</cusip> <value>638</value> <shrsOrPrnAmt> <sshPrnamt>65301</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>65301</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PROVIDENT ACQU-A</nameOfIssuer> <titleOfClass>EQUITY WRT</titleOfClass> <cusip>G7282L126</cusip> <value>122</value> <shrsOrPrnAmt> <sshPrnamt>12474</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <putCall>Call</putCall> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>12474</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>PURE STORAGE-A</nameOfIssuer> <titleOfClass>COMMON 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<Shared>0</Shared> <None>137009</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>QUIMICA Y-SP ADR</nameOfIssuer> <titleOfClass>RIGHT</titleOfClass> <cusip>833636111</cusip> <value>6116</value> <shrsOrPrnAmt> <sshPrnamt>115247</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <putCall>Call</putCall> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>0</Shared> <None>115247</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>RAYMOND JAMES</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>754730109</cusip> <value>8829</value> <shrsOrPrnAmt> <sshPrnamt>72037</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>72037</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>RAYMOND JAMES</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>754730109</cusip> <value>1147</value> <shrsOrPrnAmt> <sshPrnamt>9362</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>9362</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>RLX TECHNOLO-ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>74969N103</cusip> <value>9463</value> <shrsOrPrnAmt> <sshPrnamt>913453</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>913453</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>RLX TECHNOLO-ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>74969N103</cusip> <value>8364</value> <shrsOrPrnAmt> <sshPrnamt>807357</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> 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<None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SEA LTD-ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>81141R100</cusip> <value>2438</value> <shrsOrPrnAmt> <sshPrnamt>10919</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>10919</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SERVICENOW INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>81762P102</cusip> <value>2243</value> <shrsOrPrnAmt> <sshPrnamt>4486</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>4486</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SIGNATURE BANK</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>82669G104</cusip> <value>28037</value> <shrsOrPrnAmt> <sshPrnamt>124002</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>124002</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SIGNATURE BANK</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>82669G104</cusip> <value>3504</value> <shrsOrPrnAmt> <sshPrnamt>15498</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>15498</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SILVER CREST ACQ</nameOfIssuer> <titleOfClass>UNIT</titleOfClass> <cusip>G81355110</cusip> <value>1143</value> <shrsOrPrnAmt> <sshPrnamt>115126</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> 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<None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SKECHERS USA-A</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>830566105</cusip> <value>62577</value> <shrsOrPrnAmt> <sshPrnamt>1500296</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>1500296</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SKECHERS USA-A</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>830566105</cusip> <value>70758</value> <shrsOrPrnAmt> <sshPrnamt>1696436</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>1696436</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SOUTHWEST AIR</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>844741108</cusip> <value>34917</value> <shrsOrPrnAmt> <sshPrnamt>571843</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>571843</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SOUTHWEST AIR</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>844741108</cusip> <value>30852</value> <shrsOrPrnAmt> <sshPrnamt>505274</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>505274</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SPDR-CONS STAPLE</nameOfIssuer> <titleOfClass>ETP</titleOfClass> <cusip>81369Y308</cusip> <value>16722</value> <shrsOrPrnAmt> <sshPrnamt>244790</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>244790</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SPDR-UTIL SELECT</nameOfIssuer> <titleOfClass>ETP</titleOfClass> <cusip>81369Y886</cusip> <value>10043</value> <shrsOrPrnAmt> <sshPrnamt>156825</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>156825</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>SYNCHRONY FINANC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>87165B103</cusip> <value>154713</value> <shrsOrPrnAmt> <sshPrnamt>3805034</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>3805034</Shared> 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<cusip>880890108</cusip> <value>815</value> <shrsOrPrnAmt> <sshPrnamt>20974</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>20974</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>THERMO FISHER</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>883556102</cusip> <value>10982</value> <shrsOrPrnAmt> <sshPrnamt>24064</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>24064</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>THERMO FISHER</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>883556102</cusip> <value>9705</value> <shrsOrPrnAmt> <sshPrnamt>21264</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>21264</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TJX COS INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>872540109</cusip> <value>46290</value> <shrsOrPrnAmt> <sshPrnamt>699773</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>699773</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TJX COS INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>872540109</cusip> <value>43103</value> <shrsOrPrnAmt> <sshPrnamt>651607</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>651607</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>T-MOBILE US INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>872590104</cusip> <value>36050</value> <shrsOrPrnAmt> <sshPrnamt>287734</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>287734</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>T-MOBILE US INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>872590104</cusip> <value>31858</value> <shrsOrPrnAmt> <sshPrnamt>254277</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>254277</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TRANSUNION</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>89400J107</cusip> <value>90539</value> <shrsOrPrnAmt> <sshPrnamt>1005989</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>1005989</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TRANSUNION</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>89400J107</cusip> <value>11034</value> <shrsOrPrnAmt> <sshPrnamt>122605</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>122605</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TRIP.COM GRO-ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>89677Q107</cusip> <value>47299</value> <shrsOrPrnAmt> <sshPrnamt>1193525</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>1193525</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TRIP.COM GRO-ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>89677Q107</cusip> <value>41731</value> <shrsOrPrnAmt> <sshPrnamt>1053011</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>1053011</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>TWITTER INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>90184L102</cusip> <value>2210</value> <shrsOrPrnAmt> <sshPrnamt>34727</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>34727</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UBER TECHNOLOGIE</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>90353T100</cusip> <value>15399</value> <shrsOrPrnAmt> <sshPrnamt>282499</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>282499</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UBS GROUP AG</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>H42097107</cusip> <value>22764</value> <shrsOrPrnAmt> <sshPrnamt>1464889</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>1464889</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UBS GROUP AG</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>H42097107</cusip> <value>2789</value> <shrsOrPrnAmt> <sshPrnamt>179450</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>179450</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UNITED AIRLINES</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>910047109</cusip> <value>35240</value> <shrsOrPrnAmt> <sshPrnamt>612436</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>612436</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UNITED AIRLINES</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>910047109</cusip> <value>31139</value> <shrsOrPrnAmt> <sshPrnamt>541166</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>541166</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UNITED RENTALS</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>911363109</cusip> <value>52231</value> <shrsOrPrnAmt> <sshPrnamt>158606</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>158606</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>UNITED RENTALS</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>911363109</cusip> <value>45919</value> <shrsOrPrnAmt> <sshPrnamt>139442</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>139442</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VALE SA-SP ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>91912E105</cusip> <value>1505</value> <shrsOrPrnAmt> <sshPrnamt>86615</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>86615</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VARONIS SYSTEMS</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>922280102</cusip> <value>11275</value> <shrsOrPrnAmt> <sshPrnamt>219616</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>219616</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VARONIS SYSTEMS</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>922280102</cusip> <value>10100</value> <shrsOrPrnAmt> <sshPrnamt>196718</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>196718</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VIPSHOP HOLD-ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>92763W103</cusip> <value>7714</value> <shrsOrPrnAmt> <sshPrnamt>258326</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>258326</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VMWARE INC-CL A</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>928563402</cusip> <value>14664</value> <shrsOrPrnAmt> <sshPrnamt>97469</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>97469</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>VMWARE INC-CL A</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>928563402</cusip> <value>12964</value> <shrsOrPrnAmt> <sshPrnamt>86172</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>86172</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WALT DISNEY CO</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>254687106</cusip> <value>2175</value> <shrsOrPrnAmt> <sshPrnamt>11790</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>11790</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WELLS FARGO & CO</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>949746101</cusip> <value>90512</value> <shrsOrPrnAmt> <sshPrnamt>2316660</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>2316660</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WELLS FARGO & CO</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>949746101</cusip> <value>11031</value> <shrsOrPrnAmt> <sshPrnamt>282336</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>282336</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WINGSTOP INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>974155103</cusip> <value>9938</value> <shrsOrPrnAmt> <sshPrnamt>78151</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>78151</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>WINGSTOP INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>974155103</cusip> <value>11247</value> <shrsOrPrnAmt> <sshPrnamt>88437</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>88437</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>XILINX INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>983919101</cusip> <value>2253</value> <shrsOrPrnAmt> <sshPrnamt>18183</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>18183</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>XINYUAN REAL-ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>98417P105</cusip> <value>40</value> <shrsOrPrnAmt> <sshPrnamt>14168</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>14168</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>XPENG INC-ADR</nameOfIssuer> <titleOfClass>ADR</titleOfClass> <cusip>98422D105</cusip> <value>10180</value> <shrsOrPrnAmt> <sshPrnamt>278816</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>278816</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>YUM CHINA HO</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>98850P109</cusip> <value>18079</value> <shrsOrPrnAmt> <sshPrnamt>305337</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>305337</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>YUM CHINA HOLDIN</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>98850P109</cusip> <value>4652</value> <shrsOrPrnAmt> <sshPrnamt>79650</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>79650</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ZSCALER INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>98980G102</cusip> <value>9505</value> <shrsOrPrnAmt> <sshPrnamt>55369</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>SOLE</investmentDiscretion> <otherManager>0</otherManager> <votingAuthority> <Sole>55369</Sole> <Shared>0</Shared> <None>0</None> </votingAuthority> </infoTable> <infoTable> <nameOfIssuer>ZSCALER INC</nameOfIssuer> <titleOfClass>COMMON STOCK</titleOfClass> <cusip>98980G102</cusip> <value>10758</value> <shrsOrPrnAmt> <sshPrnamt>62669</sshPrnamt> <sshPrnamtType>SH</sshPrnamtType> </shrsOrPrnAmt> <investmentDiscretion>OTR</investmentDiscretion> <otherManager>2811304</otherManager> <votingAuthority> <Sole>0</Sole> <Shared>62669</Shared> <None>0</None> </votingAuthority> </infoTable> </informationTable> </XML> </TEXT> </DOCUMENT> </SEC-DOCUMENT>