INDUS CAPITAL PARTNERS, LLC Activity Q4 2005-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
TAL	New	TAL EDUCATION GROUPsponsored ads	$40,501,967	–	4,445,880	–	27.44%	–
SE	New	SEA LTDsponsord ads	$40,199,659	–	914,668	–	27.23%	–
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$28,455,068	+2671.1%	420,063	+2570.5%	19.28%	+833.1%
BEKE	Sell	KE HLDGS INCsponsored ads	$28,031,324	-15.6%	1,806,142	-19.3%	18.99%	-71.6%
	Sell	TDCX INCads	$9,342,971	-27.5%	1,580,875	-3.0%	6.33%	-75.6%
	Buy	BRIGHT SCHOLAR ED HLDGS LTDspon ads new	$1,082,142	+2.6%	940,993	+0.8%	0.73%	-65.4%
ZLAB	Exit	ZAI LAB LTDadr	$0	–	-25,256	–	-1.41%	–
GOOS	Exit	CANADA GOOSE HLDGS INC	$0	–	-46,097	–	-1.65%	–

Q2 2023

			Value		Shares		↓ Weighting
BEKE	New	KE HLDGS INCsponsored ads	$33,221,514	–	2,237,139	–	66.83%	–
	New	TDCX INCads	$12,887,905	–	1,629,318	–	25.92%	–
	New	BRIGHT SCHOLAR ED HLDGS LTDspon ads new	$1,054,419	–	933,114	–	2.12%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$1,026,854	–	15,730	–	2.07%	–
GOOS	New	CANADA GOOSE HLDGS INC	$820,527	–	46,097	–	1.65%	–
ZLAB	New	ZAI LAB LTDadr	$700,349	–	25,256	–	1.41%	–

Q4 2022

			Value		Shares		↓ Weighting
API	Exit	AGORA INCads	$0	–	-87,267	–	-0.23%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-125,730	–	-1.13%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-26,051	–	-1.19%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-591,635	–	-1.47%	–
GGB	Exit	GERDAU SAspon adr rep pfd	$0	–	-473,619	–	-1.55%	–
TV	Exit	GRUPO TELEVISA S A Bspon adr rep ord	$0	–	-413,804	–	-1.62%	–
	Exit	BRIGHT SCHOLAR ED HLDGS LTDspon ads new	$0	–	-755,871	–	-1.62%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-840,369	–	-1.73%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-2,910	–	-1.75%	–
XP	Exit	XP INCcl a	$0	–	-127,309	–	-1.76%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-22,942	–	-1.96%	–
YMM	Exit	FULL TRUCK ALLIANCE CO LTDsponsored ads	$0	–	-466,582	–	-2.22%	–
PDD	Exit	PINDUODUO INCsponsored ads	$0	–	-85,448	–	-3.88%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-82,862	–	-4.12%	–
EAF	Exit	GRAFTECH INTL LTD	$0	–	-1,536,971	–	-4.81%	–
	Exit	TDCX INCads	$0	–	-1,256,327	–	-8.54%	–
ZLAB	Exit	ZAI LAB LTDadr	$0	–	-430,127	–	-10.68%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-259,903	–	-15.09%	–
BEKE	Exit	KE HLDGS INCsponsored ads	$0	–	-1,347,446	–	-17.13%	–
ACMR	Exit	ACM RESH INC	$0	–	-1,940,586	–	-17.55%	–

Q3 2022

			Value		Shares		↓ Weighting
ACMR	Buy	ACM RESH INC	$24,180,000	-16.4%	1,940,586	+12.9%	17.55%	+3.9%
BEKE	Buy	KE HLDGS INCsponsored ads	$23,607,000	+15.3%	1,347,446	+18.1%	17.13%	+43.3%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$20,790,000	+44.4%	259,903	+105.3%	15.09%	+79.5%
ZLAB	Buy	ZAI LAB LTDadr	$14,710,000	+25.3%	430,127	+27.0%	10.68%	+55.7%
	Buy	TDCX INCads	$11,772,000	+40.3%	1,256,327	+38.5%	8.54%	+74.3%
EAF	Sell	GRAFTECH INTL LTD	$6,624,000	-62.2%	1,536,971	-37.9%	4.81%	-53.0%
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$5,681,000	–	82,862	–	4.12%	–
PDD	New	PINDUODUO INCsponsored ads	$5,347,000	–	85,448	–	3.88%	–
YMM	Sell	FULL TRUCK ALLIANCE CO LTDsponsored ads	$3,056,000	-67.9%	466,582	-55.6%	2.22%	-60.1%
BIDU	Sell	BAIDU INCspon adr rep a	$2,695,000	-21.2%	22,942	-0.2%	1.96%	-2.0%
XP	New	XP INCcl a	$2,420,000	–	127,309	–	1.76%	–
MELI	Sell	MERCADOLIBRE INC	$2,409,000	-11.8%	2,910	-32.1%	1.75%	+9.7%
ABEV	Sell	AMBEV SAsponsored adr	$2,378,000	-3.6%	840,369	-14.5%	1.73%	+19.8%
	New	BRIGHT SCHOLAR ED HLDGS LTDspon ads new	$2,230,000	–	755,871	–	1.62%	–
TV	Buy	GRUPO TELEVISA S A Bspon adr rep ord	$2,226,000	-24.1%	413,804	+15.4%	1.62%	-5.7%
GGB	New	GERDAU SAspon adr rep pfd	$2,141,000	–	473,619	–	1.55%	–
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$1,635,000	+7.9%	26,051	+16.0%	1.19%	+34.1%
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$1,552,000	–	125,730	–	1.13%	–
API	New	AGORA INCads	$317,000	–	87,267	–	0.23%	–
TX	Exit	TERNIUM SAsponsored ads	$0	–	-35,180	–	-0.74%	–
STNE	Exit	STONECO LTD	$0	–	-214,175	–	-0.96%	–
CD	Exit	CHINDATA GROUP HLDGS LTDads	$0	–	-227,944	–	-1.03%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-30,836	–	-1.20%	–
NTCO	Exit	NATURA &CO HLDG S Aads	$0	–	-402,014	–	-1.22%	–
BEDU	Exit	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$0	–	-3,023,486	–	-1.29%	–
MNSO	Exit	MINISO GROUP HLDG LTDsponsored ads	$0	–	-396,550	–	-1.82%	–
INDA	Exit	ISHARES TRput	$0	–	-121,500	–	-2.79%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-77,319	–	-2.90%	–
PLUG	Exit	PLUG POWER INC	$0	–	-1,266,679	–	-12.26%	–

Q2 2022

			Value		Shares		↓ Weighting
ACMR	New	ACM RESH INC	$28,933,000	–	1,719,133	–	16.90%	–
PLUG	New	PLUG POWER INC	$20,989,000	–	1,266,679	–	12.26%	–
BEKE	New	KE HLDGS INCsponsored ads	$20,476,000	–	1,140,738	–	11.96%	–
EAF	New	GRAFTECH INTL LTD	$17,510,000	–	2,476,648	–	10.22%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$14,393,000	–	126,610	–	8.40%	–
ZLAB	New	ZAI LAB LTDadr	$11,743,000	–	338,598	–	6.86%	–
YMM	New	FULL TRUCK ALLIANCE CO LTDsponsored ads	$9,523,000	–	1,051,123	–	5.56%	–
	New	TDCX INCads	$8,392,000	–	907,283	–	4.90%	–
JD	New	JD.COM INCspon adr cl a	$4,965,000	–	77,319	–	2.90%	–
INDA	New	ISHARES TRput	$4,783,000	–	121,500	–	2.79%	–
BIDU	New	BAIDU INCspon adr rep a	$3,419,000	–	22,988	–	2.00%	–
MNSO	New	MINISO GROUP HLDG LTDsponsored ads	$3,113,000	–	396,550	–	1.82%	–
TV	New	GRUPO TELEVISA S A Bspon adr rep ord	$2,934,000	–	358,704	–	1.71%	–
MELI	New	MERCADOLIBRE INC	$2,730,000	–	4,287	–	1.59%	–
ABEV	New	AMBEV SAsponsored adr	$2,468,000	–	983,273	–	1.44%	–
CX	New	CEMEX SAB DE CVspon adr new	$2,319,000	–	591,635	–	1.35%	–
BEDU	New	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$2,207,000	–	3,023,486	–	1.29%	–
NTCO	New	NATURA &CO HLDG S Aads	$2,094,000	–	402,014	–	1.22%	–
SE	New	SEA LTDsponsord ads	$2,062,000	–	30,836	–	1.20%	–
CD	New	CHINDATA GROUP HLDGS LTDads	$1,769,000	–	227,944	–	1.03%	–
STNE	New	STONECO LTD	$1,649,000	–	214,175	–	0.96%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$1,515,000	–	22,454	–	0.88%	–
TX	New	TERNIUM SAsponsored ads	$1,270,000	–	35,180	–	0.74%	–

Q4 2021

			Value		Shares		↓ Weighting
GTH	Exit	GENETRON HLDGS LTDads	$0	–	-48,600	–	-0.12%	–
DESP	Exit	DESPEGAR COM CORP	$0	–	-65,016	–	-0.14%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-288,753	–	-0.26%	–
FUTU	Exit	FUTU HLDGS LTDspon ads cl a	$0	–	-29,226	–	-0.46%	–
TX	Exit	TERNIUM SAsponsored ads	$0	–	-103,269	–	-0.75%	–
LU	Exit	LUFAX HOLDING LTD	$0	–	-682,156	–	-0.82%	–
TV	Exit	GRUPO TELEVISA S A Bspon adr rep ord	$0	–	-500,212	–	-0.95%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-16,010	–	-1.00%	–
DIDI	Exit	DIDI GLOBAL INCsponsored ads	$0	–	-757,418	–	-1.02%	–
TCOM	Exit	TRIP COM GROUP LTDads	$0	–	-211,169	–	-1.12%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-84,609	–	-1.26%	–
ASAI	Exit	SENDAS DISTRIBUIDORA S Aspon ads	$0	–	-449,407	–	-1.35%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-461,767	–	-1.41%	–
ARGX	Exit	ARGENX SEsponsored adr	$0	–	-29,383	–	-1.53%	–
IBN	Exit	ICICI BANK LIMITEDadr	$0	–	-476,621	–	-1.55%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-62,783	–	-1.66%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-957,416	–	-1.71%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-2,704,297	–	-1.79%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-153,310	–	-1.91%	–
LITE	Exit	LUMENTUM HLDGS INC	$0	–	-160,501	–	-2.31%	–
BEDU	Exit	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$0	–	-4,979,147	–	-2.46%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-212,371	–	-2.68%	–
RLX	Exit	RLX TECHNOLOGY INCsponsored ads	$0	–	-3,493,116	–	-2.72%	–
IMAB	Exit	I MABsponsored ads	$0	–	-246,256	–	-3.08%	–
ZLAB	Exit	ZAI LAB LTDadr	$0	–	-208,051	–	-3.78%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-378,498	–	-3.79%	–
VNET	Exit	21VIANET GROUP INCsponsored ads a	$0	–	-1,366,247	–	-4.08%	–
EAF	Exit	GRAFTECH INTL LTD	$0	–	-2,572,366	–	-4.58%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-192,117	–	-4.90%	–
GDS	Exit	GDS HLDGS LTDsponsored ads	$0	–	-820,182	–	-8.01%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-154,413	–	-8.49%	–
BEKE	Exit	KE HLDGS INCsponsored ads	$0	–	-2,822,662	–	-8.89%	–
JOBS	Exit	51JOB INCsponsored ads	$0	–	-784,873	–	-9.41%	–
ACMR	Exit	ACM RESH INC	$0	–	-528,059	–	-10.02%	–

Q3 2021

			Value		Shares		↓ Weighting
ACMR	Sell	ACM RESH INC	$58,086,000	-3.3%	528,059	-10.1%	10.02%	-1.6%
JOBS	Buy	51JOB INCsponsored ads	$54,572,000	+188.1%	784,873	+222.3%	9.41%	+193.1%
BEKE	Buy	KE HLDGS INCsponsored ads	$51,542,000	+255.0%	2,822,662	+826.9%	8.89%	+261.0%
SE	Buy	SEA LTDsponsord ads	$49,216,000	+114.4%	154,413	+84.7%	8.49%	+118.0%
GDS	Buy	GDS HLDGS LTDsponsored ads	$46,431,000	+140.2%	820,182	+233.0%	8.01%	+144.3%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$28,443,000	-48.6%	192,117	-21.2%	4.90%	-47.7%
EAF	Sell	GRAFTECH INTL LTD	$26,547,000	-12.2%	2,572,366	-1.2%	4.58%	-10.7%
VNET	New	21VIANET GROUP INCsponsored ads a	$23,650,000	–	1,366,247	–	4.08%	–
YUMC	Buy	YUM CHINA HLDGS INC	$21,995,000	+34.2%	378,498	+53.0%	3.79%	+36.5%
ZLAB	Sell	ZAI LAB LTDadr	$21,926,000	-52.7%	208,051	-20.6%	3.78%	-51.9%
IMAB	Sell	I MABsponsored ads	$17,851,000	-31.2%	246,256	-20.4%	3.08%	-30.1%
RLX	Buy	RLX TECHNOLOGY INCsponsored ads	$15,789,000	+5.2%	3,493,116	+103.2%	2.72%	+7.0%
BEDU	Buy	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$14,290,000	-30.8%	4,979,147	+2.3%	2.46%	-29.6%
JD	Buy	JD.COM INCspon adr cl a	$11,075,000	+4.5%	153,310	+15.4%	1.91%	+6.2%
BBD	Buy	BANCO BRADESCO S Asp adr pfd new	$10,357,000	-24.4%	2,704,297	+1.3%	1.79%	-23.1%
PBR	Sell	PETROLEO BRASILEIRO SA PETROsponsored adr	$9,900,000	-20.6%	957,416	-6.1%	1.71%	-19.2%
BIDU	Buy	BAIDU INCspon adr rep a	$9,653,000	-13.9%	62,783	+14.2%	1.66%	-12.4%
IBN	New	ICICI BANK LIMITEDadr	$8,994,000	–	476,621	–	1.55%	–
ASAI	Buy	SENDAS DISTRIBUIDORA S Aspon ads	$7,833,000	+8.5%	449,407	+6.4%	1.35%	+10.4%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$7,337,000	+33.5%	84,609	+30.2%	1.26%	+35.7%
TCOM	Sell	TRIP COM GROUP LTDads	$6,493,000	-14.5%	211,169	-1.4%	1.12%	-13.0%
DIDI	Sell	DIDI GLOBAL INCsponsored ads	$5,900,000	-72.6%	757,418	-50.3%	1.02%	-72.2%
BGNE	Sell	BEIGENE LTDsponsored adr	$5,812,000	-61.1%	16,010	-63.3%	1.00%	-60.5%
TV	New	GRUPO TELEVISA S A Bspon adr rep ord	$5,492,000	–	500,212	–	0.95%	–
LU	New	LUFAX HOLDING LTD	$4,761,000	–	682,156	–	0.82%	–
TX	Sell	TERNIUM SAsponsored ads	$4,368,000	-49.7%	103,269	-54.3%	0.75%	-48.9%
FUTU	Sell	FUTU HLDGS LTDspon ads cl a	$2,660,000	-75.8%	29,226	-52.4%	0.46%	-75.4%
ARCO	Buy	ARCOS DORADOS HOLDINGS INC	$1,478,000	-13.1%	288,753	+1.4%	0.26%	-11.5%
GTH	Sell	GENETRON HLDGS LTDads	$673,000	-89.8%	48,600	-85.1%	0.12%	-89.6%
HUYA	Exit	HUYA INC	$0	–	-103,371	–	-0.31%	–
BNR	Exit	BURNING ROCK BIOTECH LTDsponsored ads	$0	–	-82,105	–	-0.41%	–
BILI	Exit	BILIBILI INCspons ads rep z	$0	–	-24,847	–	-0.51%	–
LEGN	Exit	LEGEND BIOTECH CORPsponsored ads	$0	–	-94,678	–	-0.66%	–
EDU	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-703,426	–	-0.98%	–
YSG	Exit	YATSEN HLDG LTDads	$0	–	-637,144	–	-1.01%	–
VIV	Exit	TELEFONICA BRASIL SAnew adr	$0	–	-800,046	–	-1.15%	–
DADA	Exit	DADA NEXUS LTDads	$0	–	-273,908	–	-1.35%	–
CAN	Exit	CANAAN INCsponsored ads	$0	–	-990,561	–	-1.37%	–
CPNG	Exit	COUPANG INCcl a	$0	–	-227,498	–	-1.61%	–
YALA	Exit	YALLA GROUP LTDads	$0	–	-536,780	–	-1.82%	–

Q2 2021

			Value		Shares		↓ Weighting
ACMR	New	ACM RESH INC	$60,066,000	–	587,615	–	10.18%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$55,291,000	–	243,811	–	9.38%	–
ZLAB	New	ZAI LAB LTDadr	$46,381,000	–	262,053	–	7.86%	–
EAF	New	GRAFTECH INTL LTD	$30,248,000	–	2,603,083	–	5.13%	–
IMAB	New	I MABsponsored ads	$25,957,000	–	309,195	–	4.40%	–
SE	New	SEA LTDsponsord ads	$22,959,000	–	83,609	–	3.89%	–
DIDI	New	DIDI GLOBAL INCsponsored ads	$21,562,000	–	1,524,915	–	3.66%	–
BEDU	New	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$20,641,000	–	4,868,227	–	3.50%	–
GDS	New	GDS HLDGS LTDsponsored ads	$19,332,000	–	246,303	–	3.28%	–
JOBS	New	51JOB INCsponsored ads	$18,939,000	–	243,531	–	3.21%	–
YUMC	New	YUM CHINA HLDGS INC	$16,389,000	–	247,376	–	2.78%	–
HDB	New	HDFC BANK LTDsponsored ads	$15,529,000	–	212,371	–	2.63%	–
RLX	New	RLX TECHNOLOGY INCsponsored ads	$15,006,000	–	1,718,915	–	2.54%	–
BGNE	New	BEIGENE LTDsponsored adr	$14,956,000	–	43,578	–	2.54%	–
BEKE	New	KE HLDGS INCsponsored ads	$14,520,000	–	304,527	–	2.46%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$13,698,000	–	2,670,150	–	2.32%	–
LITE	New	LUMENTUM HLDGS INC	$13,166,000	–	160,501	–	2.23%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$12,465,000	–	1,019,177	–	2.11%	–
BIDU	New	BAIDU INCspon adr rep a	$11,211,000	–	54,983	–	1.90%	–
FUTU	New	FUTU HLDGS LTDspon ads cl a	$11,006,000	–	61,454	–	1.87%	–
YALA	New	YALLA GROUP LTDads	$10,730,000	–	536,780	–	1.82%	–
JD	New	JD.COM INCspon adr cl a	$10,603,000	–	132,858	–	1.80%	–
CPNG	New	COUPANG INCcl a	$9,514,000	–	227,498	–	1.61%	–
ARGX	New	ARGENX SEsponsored adr	$8,846,000	–	29,383	–	1.50%	–
TX	New	TERNIUM SAsponsored ads	$8,692,000	–	226,004	–	1.47%	–
CAN	New	CANAAN INCsponsored ads	$8,073,000	–	990,561	–	1.37%	–
DADA	New	DADA NEXUS LTDads	$7,946,000	–	273,908	–	1.35%	–
TCOM	New	TRIP COM GROUP LTDads	$7,596,000	–	214,220	–	1.29%	–
ASAI	New	SENDAS DISTRIBUIDORA S Aspon ads	$7,220,000	–	422,240	–	1.22%	–
AMX	New	AMERICA MOVIL SAB DE CV	$6,927,000	–	461,767	–	1.17%	–
VIV	New	TELEFONICA BRASIL SAnew adr	$6,800,000	–	800,046	–	1.15%	–
GTH	New	GENETRON HLDGS LTDads	$6,577,000	–	326,575	–	1.12%	–
YSG	New	YATSEN HLDG LTDads	$5,970,000	–	637,144	–	1.01%	–
EDU	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$5,761,000	–	703,426	–	0.98%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$5,494,000	–	65,005	–	0.93%	–
LEGN	New	LEGEND BIOTECH CORPsponsored ads	$3,887,000	–	94,678	–	0.66%	–
BILI	New	BILIBILI INCspons ads rep z	$3,027,000	–	24,847	–	0.51%	–
BNR	New	BURNING ROCK BIOTECH LTDsponsored ads	$2,419,000	–	82,105	–	0.41%	–
HUYA	New	HUYA INC	$1,824,000	–	103,371	–	0.31%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$1,700,000	–	284,687	–	0.29%	–
DESP	New	DESPEGAR COM CORP	$859,000	–	65,016	–	0.15%	–

Q4 2020

			Value		Shares		↓ Weighting
EAF	Exit	GRAFTECH INTL LTDcall	$0	–	-73,000	–	-0.07%	–
API	Exit	AGORA INCads	$0	–	-12,303	–	-0.08%	–
FUTU	Exit	FUTU HLDGS LTDspon ads cl a	$0	–	-19,700	–	-0.08%	–
GTH	Exit	GENETRON HLDGS LTDads	$0	–	-48,090	–	-0.08%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-223,376	–	-0.14%	–
U	Exit	UNITY SOFTWARE INC	$0	–	-14,293	–	-0.18%	–
NTES	Exit	NETEASE INCsponsored ads	$0	–	-5,925	–	-0.40%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-66,678	–	-0.55%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-432,160	–	-0.68%	–
IMAB	Exit	I MABsponsored ads	$0	–	-101,353	–	-0.70%	–
COE	Exit	CHINA ONLINE ED GROUPsponsored adr	$0	–	-250,101	–	-0.70%	–
EDU	Exit	NEW ORIENTAL ED & TECHNOLOGYspon adr	$0	–	-33,542	–	-0.74%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-794,157	–	-0.84%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-2,589,696	–	-0.86%	–
VIV	Exit	TELEFONICA BRASIL SAsponsored adr	$0	–	-780,437	–	-0.88%	–
DADA	Exit	DADA NEXUS LTDads	$0	–	-258,494	–	-1.01%	–
TCOM	Exit	TRIP COM GROUP LTDads	$0	–	-222,600	–	-1.02%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-246,681	–	-1.18%	–
LI	Exit	LI AUTO INCsponsored ads	$0	–	-491,550	–	-1.26%	–
JD	Exit	JD.COM INCspon adr cl a	$0	–	-110,446	–	-1.27%	–
SECO	Exit	SECOO HLDG LTDadr	$0	–	-3,217,483	–	-1.27%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-1,418,749	–	-1.30%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-127,108	–	-1.30%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-70,177	–	-1.31%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-2,872,192	–	-1.46%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-60,206	–	-1.51%	–
IBN	Exit	ICICI BANK LIMITEDadr	$0	–	-1,158,089	–	-1.68%	–
HUYA	Exit	HUYA INC	$0	–	-482,917	–	-1.71%	–
ARGX	Exit	ARGENX SEsponsored adr	$0	–	-44,550	–	-1.73%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-246,976	–	-1.82%	–
ONE	Exit	ONESMART INTL ED GROUP LTDsponsored ads	$0	–	-3,249,002	–	-2.16%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-103,996	–	-2.37%	–
VIPS	Exit	VIPSHOP HOLDINGS LIMITEDsponsored ads a	$0	–	-1,160,662	–	-2.68%	–
EAF	Exit	GRAFTECH INTL LTD	$0	–	-3,669,934	–	-3.71%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-94,321	–	-3.99%	–
BEDU	Exit	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$0	–	-4,696,558	–	-4.44%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-112,500	–	-4.62%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-702,080	–	-5.50%	–
GDS	Exit	GDS HLDGS LTDsponsored ads	$0	–	-458,464	–	-5.55%	–
ZLAB	Exit	ZAI LAB LTDadr	$0	–	-578,692	–	-7.12%	–
BEKE	Exit	KE HLDGS INCsponsored ads	$0	–	-865,135	–	-7.84%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-244,497	–	-10.62%	–
ACMR	Exit	ACM RESEARCH INC	$0	–	-1,131,216	–	-11.56%	–

Q3 2020

			Value		Shares		↓ Weighting
ACMR	Buy	ACM RESEARCH INC	$78,167,000	+18.5%	1,131,216	+6.9%	11.56%	+7.0%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$71,877,000	+31.2%	244,497	-3.8%	10.62%	+18.4%
BEKE	New	KE HLDGS INCsponsored ads	$53,033,000	–	865,135	–	7.84%	–
ZLAB	Sell	ZAI LAB LTDadr	$48,130,000	-4.2%	578,692	-5.4%	7.12%	-13.5%
GDS	Sell	GDS HLDGS LTDsponsored ads	$37,516,000	-38.3%	458,464	-39.9%	5.55%	-44.3%
YUMC	Buy	YUM CHINA HLDGS INC	$37,175,000	+92.1%	702,080	+74.4%	5.50%	+73.4%
QQQ	New	INVESCO QQQ TRput	$31,258,000	–	112,500	–	4.62%	–
BEDU	Sell	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$30,011,000	-20.4%	4,696,558	-2.1%	4.44%	-28.1%
BGNE	Sell	BEIGENE LTDsponsored adr	$27,017,000	+33.6%	94,321	-12.1%	3.99%	+20.6%
EAF	Buy	GRAFTECH INTL LTD	$25,102,000	-7.2%	3,669,934	+8.3%	3.71%	-16.2%
VIPS	Buy	VIPSHOP HOLDINGS LIMITEDsponsored ads a	$18,153,000	+6.8%	1,160,662	+35.9%	2.68%	-3.6%
SE	Sell	SEA LTDsponsord ads	$16,020,000	-18.4%	103,996	-43.2%	2.37%	-26.3%
ONE	Buy	ONESMART INTL ED GROUP LTDsponsored ads	$14,588,000	+21.7%	3,249,002	+6.6%	2.16%	+9.9%
HDB	Sell	HDFC BANK LTDsponsored ads	$12,339,000	-54.5%	246,976	-58.6%	1.82%	-58.9%
ARGX	Sell	ARGENX SEsponsored adr	$11,695,000	-54.8%	44,550	-61.2%	1.73%	-59.2%
HUYA	Sell	HUYA INC	$11,566,000	-54.4%	482,917	-64.4%	1.71%	-58.8%
IBN	New	ICICI BANK LIMITEDadr	$11,384,000	–	1,158,089	–	1.68%	–
IPGP	Sell	IPG PHOTONICS CORP	$10,233,000	-33.2%	60,206	-36.9%	1.51%	-39.6%
BBD	Buy	BANCO BRADESCO S Asp adr pfd new	$9,852,000	+87.3%	2,872,192	+108.0%	1.46%	+69.1%
BIDU	Buy	BAIDU INCspon adr rep a	$8,884,000	+10.9%	70,177	+5.0%	1.31%	+0.1%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$8,824,000	+4.8%	127,108	-14.2%	1.30%	-5.4%
TV	Buy	GRUPO TELEVISA SAspon adr rep ord	$8,768,000	+33.2%	1,418,749	+12.9%	1.30%	+20.2%
SECO	Sell	SECOO HLDG LTDadr	$8,591,000	-19.4%	3,217,483	-2.5%	1.27%	-27.2%
JD	Sell	JD.COM INCspon adr cl a	$8,572,000	+6.2%	110,446	-17.6%	1.27%	-4.1%
LI	New	LI AUTO INCsponsored ads	$8,548,000	–	491,550	–	1.26%	–
TCOM	Sell	TRIP COM GROUP LTDads	$6,932,000	-12.2%	222,600	-26.9%	1.02%	-20.7%
DADA	Buy	DADA NEXUS LTDads	$6,842,000	+813.5%	258,494	+670.0%	1.01%	+722.0%
VIV	Buy	TELEFONICA BRASIL SAsponsored adr	$5,986,000	-6.3%	780,437	+8.3%	0.88%	-15.4%
ABEV	Buy	AMBEV SAsponsored adr	$5,853,000	-7.4%	2,589,696	+8.2%	0.86%	-16.4%
PBR	Buy	PETROLEO BRASILEIRO SA PETROsponsored adr	$5,654,000	+107.9%	794,157	+141.5%	0.84%	+87.9%
EDU	Buy	NEW ORIENTAL ED & TECHNOLOGYspon adr	$5,015,000	+48.5%	33,542	+29.3%	0.74%	+34.0%
IMAB	New	I MABsponsored ads	$4,767,000	–	101,353	–	0.70%	–
VALE	New	VALE S Asponsored ads	$4,572,000	–	432,160	–	0.68%	–
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$3,747,000	-36.7%	66,678	-30.1%	0.55%	-42.8%
NTES	New	NETEASE INCsponsored ads	$2,694,000	–	5,925	–	0.40%	–
U	New	UNITY SOFTWARE INC	$1,247,000	–	14,293	–	0.18%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$916,000	–	223,376	–	0.14%	–
GTH	New	GENETRON HLDGS LTDads	$574,000	–	48,090	–	0.08%	–
FUTU	New	FUTU HLDGS LTDspon ads cl a	$564,000	–	19,700	–	0.08%	–
API	Sell	AGORA INCads	$529,000	-84.6%	12,303	-84.1%	0.08%	-86.1%
EAF	New	GRAFTECH INTL LTDcall	$499,000	–	73,000	–	0.07%	–
ITUB	Exit	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$0	–	-527,790	–	-0.40%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-3,457	–	-0.56%	–
RPRX	Exit	ROYALTY PHARMA PLC	$0	–	-71,400	–	-0.57%	–
LEGN	Exit	LEGEND BIOTECH CORPsponsored ads	$0	–	-124,100	–	-0.86%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTsponsored adr	$0	–	-445,806	–	-0.95%	–
VIPS	Exit	VIPSHOP HOLDINGS LIMITEDcall	$0	–	-295,700	–	-0.96%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-661,157	–	-1.05%	–

Q2 2020

			Value		Shares		↓ Weighting
ACMR	New	ACM RESEARCH INC	$65,968,000	–	1,057,854	–	10.80%	–
GDS	New	GDS HLDGS LTDsponsored ads	$60,759,000	–	762,728	–	9.95%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$54,796,000	–	254,038	–	8.97%	–
ZLAB	New	ZAI LAB LTDadr	$50,239,000	–	611,704	–	8.23%	–
BEDU	New	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$37,688,000	–	4,794,898	–	6.17%	–
HDB	New	HDFC BANK LTDsponsored ads	$27,099,000	–	596,111	–	4.44%	–
EAF	New	GRAFTECH INTL LTD	$27,042,000	–	3,388,704	–	4.43%	–
ARGX	New	ARGENX SEsponsored adr	$25,878,000	–	114,896	–	4.24%	–
HUYA	New	HUYA INC	$25,350,000	–	1,357,768	–	4.15%	–
BGNE	New	BEIGENE LTDsponsored adr	$20,227,000	–	107,361	–	3.31%	–
SE	New	SEA LTDsponsored ads	$19,624,000	–	182,989	–	3.21%	–
YUMC	New	YUM CHINA HLDGS INC	$19,355,000	–	402,643	–	3.17%	–
VIPS	New	VIPSHOP HOLDINGS LIMITEDsponsored ads a	$16,999,000	–	853,774	–	2.78%	–
IPGP	New	IPG PHOTONICS CORP	$15,311,000	–	95,459	–	2.51%	–
ONE	New	ONESMART INTL ED GROUP LTDsponsored ads	$11,982,000	–	3,048,905	–	1.96%	–
SECO	New	SECOO HLDG LTDadr	$10,660,000	–	3,300,390	–	1.74%	–
BZUN	New	BAOZUN INCsponsored adr	$9,485,000	–	246,681	–	1.55%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$8,422,000	–	148,217	–	1.38%	–
JD	New	JD.COM INCspon adr cl a	$8,070,000	–	134,100	–	1.32%	–
BIDU	New	BAIDU INCspon adr rep a	$8,011,000	–	66,818	–	1.31%	–
TCOM	New	TRIP COM GROUP LTDads	$7,898,000	–	304,700	–	1.29%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$6,583,000	–	1,256,285	–	1.08%	–
COE	New	CHINA ONLINE ED GROUPsponsored adr	$6,423,000	–	250,101	–	1.05%	–
VIV	New	TELEFONICA BRASIL SAsponsored adr	$6,387,000	–	720,900	–	1.05%	–
INFY	New	INFOSYS LTDsponsored adr	$6,387,000	–	661,157	–	1.05%	–
ABEV	New	AMBEV SAsponsored adr	$6,319,000	–	2,393,700	–	1.04%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$5,916,000	–	95,400	–	0.97%	–
VIPS	New	VIPSHOP HOLDINGS LIMITEDcall	$5,887,000	–	295,700	–	0.96%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTsponsored adr	$5,827,000	–	445,806	–	0.95%	–
LEGN	New	LEGEND BIOTECH CORPsponsored ads	$5,282,000	–	124,100	–	0.86%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$5,261,000	–	1,380,926	–	0.86%	–
RPRX	New	ROYALTY PHARMA PLC	$3,466,000	–	71,400	–	0.57%	–
API	New	AGORA INCads	$3,428,000	–	77,600	–	0.56%	–
MELI	New	MERCADOLIBRE INC	$3,408,000	–	3,457	–	0.56%	–
EDU	New	NEW ORIENTAL ED & TECHNOLOGYspon adr	$3,378,000	–	25,942	–	0.55%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$2,720,000	–	328,900	–	0.44%	–
ITUB	New	ITAU UNIBANCO HLDG S Aspon adr rep pfd	$2,475,000	–	527,790	–	0.40%	–
DADA	New	DADA NEXUS LTDads	$749,000	–	33,569	–	0.12%	–

Q4 2019

			Value		Shares		↓ Weighting
GGB	Exit	GERDAU S Aspon adr rep pfd	$0	–	-382,300	–	-0.20%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-184,094	–	-0.21%	–
NXTC	Exit	NEXTCURE INC	$0	–	-54,401	–	-0.28%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-51,371	–	-0.28%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$0	–	-37,100	–	-0.29%	–
COE	Exit	CHINA ONLINE ED GROUPsponsored adr	$0	–	-253,771	–	-0.32%	–
GDS	Exit	GDS HLDGS LTDsponsored ads	$0	–	-70,000	–	-0.47%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-260,100	–	-0.64%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-351,066	–	-0.67%	–
PDD	Exit	PINDUODUO INCsponsored ads	$0	–	-127,440	–	-0.68%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-474,742	–	-0.77%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-284,887	–	-0.91%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-51,761	–	-0.96%	–
INDA	Exit	ISHARES TRput	$0	–	-183,000	–	-1.02%	–
QD	Exit	QUDIAN INCadr	$0	–	-1,067,133	–	-1.22%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-84,900	–	-1.30%	–
NVDA	Exit	NVIDIA CORP	$0	–	-45,000	–	-1.30%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-936,218	–	-1.31%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-86,399	–	-1.48%	–
NET	Exit	CLOUDFLARE INC	$0	–	-490,000	–	-1.52%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-681,150	–	-1.64%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-831,957	–	-1.69%	–
CTRP	Exit	CTRIP COM INTL LTDsponsored ads	$0	–	-370,200	–	-1.81%	–
ONE	Exit	ONESMART INTL ED GROUP LTDsponsored ads	$0	–	-1,496,908	–	-1.84%	–
SECO	Exit	SECOO HLDG LTDadr	$0	–	-1,913,053	–	-2.14%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-365,492	–	-2.60%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored ads a	$0	–	-1,923,462	–	-2.86%	–
EAF	Exit	GRAFTECH INTL LTD	$0	–	-1,585,350	–	-3.38%	–
ZLAB	Exit	ZAI LAB LTDadr	$0	–	-701,803	–	-3.78%	–
MLCO	Exit	MELCO RESORTS AND ENTMT LTDadr	$0	–	-1,439,857	–	-4.66%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-472,914	–	-4.75%	–
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-685,695	–	-5.19%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-266,510	–	-5.44%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-784,684	–	-7.46%	–
BEDU	Exit	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$0	–	-5,237,814	–	-8.44%	–
HUYA	Exit	HUYA INC	$0	–	-2,274,703	–	-8.96%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-628,871	–	-17.52%	–

Q3 2019

			Value		Shares		↓ Weighting
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$105,166,000	+37.8%	628,871	+39.6%	17.52%	+40.5%
HUYA	New	HUYA INC	$53,774,000	–	2,274,703	–	8.96%	–
BEDU	Buy	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$50,650,000	+10.0%	5,237,814	+3.1%	8.44%	+12.2%
HDB	Buy	HDFC BANK LTDsponsored ads	$44,766,000	-37.3%	784,684	+43.0%	7.46%	-36.0%
BGNE	New	BEIGENE LTDsponsored adr	$32,637,000	–	266,510	–	5.44%	–
YUMC	Buy	YUM CHINA HLDGS INC	$31,151,000	+275.8%	685,695	+282.1%	5.19%	+283.4%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$28,500,000	-16.5%	472,914	-12.1%	4.75%	-14.8%
MLCO	Sell	MELCO RESORTS AND ENTMT LTDadr	$27,948,000	-41.8%	1,439,857	-34.8%	4.66%	-40.6%
ZLAB	Buy	ZAI LAB LTDadr	$22,703,000	+108.5%	701,803	+124.7%	3.78%	+112.6%
EAF	Buy	GRAFTECH INTL LTD	$20,292,000	+13.1%	1,585,350	+1.6%	3.38%	+15.4%
VIPS	Sell	VIPSHOP HLDGS LTDsponsored ads a	$17,157,000	-20.0%	1,923,462	-22.6%	2.86%	-18.4%
BZUN	Sell	BAOZUN INCsponsored adr	$15,607,000	-44.4%	365,492	-35.1%	2.60%	-43.3%
SECO	Buy	SECOO HLDG LTDadr	$12,817,000	+19.9%	1,913,053	+36.0%	2.14%	+22.3%
ONE	Buy	ONESMART INTL ED GROUP LTDsponsored ads	$11,062,000	-5.8%	1,496,908	+1.5%	1.84%	-3.9%
CTRP	Buy	CTRIP COM INTL LTDsponsored ads	$10,843,000	+28.5%	370,200	+61.9%	1.81%	+31.0%
IBN	Sell	ICICI BK LTDadr	$10,133,000	-84.1%	831,957	-83.5%	1.69%	-83.8%
PBR	Buy	PETROLEO BRASILEIRO SA PETROsponsored adr	$9,856,000	+64.9%	681,150	+77.5%	1.64%	+68.2%
NET	New	CLOUDFLARE INC	$9,099,000	–	490,000	–	1.52%	–
BIDU	Buy	BAIDU INCspon adr rep a	$8,878,000	+13.4%	86,399	+29.5%	1.48%	+15.6%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$7,874,000	+36.6%	936,218	+53.0%	1.31%	+39.4%
NVDA	Sell	NVIDIA CORP	$7,833,000	-20.5%	45,000	-25.0%	1.30%	-18.9%
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$7,775,000	–	84,900	–	1.30%	–
QD	Sell	QUDIAN INCadr	$7,353,000	-78.3%	1,067,133	-76.4%	1.22%	-77.9%
INDA	New	ISHARES TRput	$6,143,000	–	183,000	–	1.02%	–
EDU	Sell	NEW ORIENTAL ED & TECH GRP Ispon adr	$5,733,000	-25.3%	51,761	-34.8%	0.96%	-23.8%
CBD	Sell	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$5,478,000	-27.2%	284,887	-7.3%	0.91%	-25.7%
TV	New	GRUPO TELEVISA SAspon adr rep ord	$4,643,000	–	474,742	–	0.77%	–
PDD	Buy	PINDUODUO INCsponsored ads	$4,106,000	+341.5%	127,440	+182.6%	0.68%	+350.0%
VALE	New	VALE S Asponsored ads	$4,037,000	–	351,066	–	0.67%	–
GDS	New	GDS HLDGS LTDsponsored ads	$2,806,000	–	70,000	–	0.47%	–
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$1,724,000	-25.5%	37,100	-37.2%	0.29%	-24.1%
HTHT	Sell	HUAZHU GROUP LTDsponsored ads	$1,696,000	-42.6%	51,371	-36.9%	0.28%	-41.3%
NXTC	Sell	NEXTCURE INC	$1,678,000	+19.3%	54,401	-42.1%	0.28%	+21.7%
ARCO	New	ARCOS DORADOS HOLDINGS INC	$1,237,000	–	184,094	–	0.21%	–
GGB	Buy	GERDAU S Aspon adr rep pfd	$1,204,000	-6.5%	382,300	+15.4%	0.20%	-4.3%
MEIP	Exit	MEI PHARMA INC	$0	–	-54,638	–	-0.02%	–
PKX	Exit	POSCOsponsored adr	$0	–	-13,900	–	-0.12%	–
YTRA	Exit	YATRA ONLINE INC	$0	–	-227,133	–	-0.14%	–
HCM	Exit	HUTCHISON CHINA MEDITECH LTDsponsored adr	$0	–	-70,000	–	-0.25%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-816,949	–	-0.57%	–
BEST	Exit	BEST INCsponsored ads	$0	–	-1,375,483	–	-1.24%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-60,900	–	-2.92%	–
TSG	Exit	STARS GROUP INC	$0	–	-1,755,723	–	-4.90%	–

Q2 2019

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$76,336,000	–	450,492	–	12.47%	–
HDB	New	HDFC BANK LTDsponsored ads	$71,359,000	–	548,744	–	11.66%	–
IBN	New	ICICI BK LTDadr	$63,620,000	–	5,053,241	–	10.39%	–
MLCO	New	MELCO RESORTS AND ENTMT LTDadr	$47,981,000	–	2,209,092	–	7.84%	–
BEDU	New	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$46,047,000	–	5,082,402	–	7.52%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$34,115,000	–	538,175	–	5.57%	–
QD	New	QUDIAN INCadr	$33,933,000	–	4,524,405	–	5.54%	–
TSG	New	STARS GROUP INC	$29,970,000	–	1,755,723	–	4.90%	–
BZUN	New	BAOZUN INCsponsored adr	$28,073,000	–	563,038	–	4.58%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored ads a	$21,445,000	–	2,484,885	–	3.50%	–
EAF	New	GRAFTECH INTL LTD	$17,937,000	–	1,559,745	–	2.93%	–
SPY	New	SPDR S&P 500 ETF TRcall	$17,844,000	–	60,900	–	2.92%	–
ONE	New	ONESMART INTL ED GROUP LTDsponsored ads	$11,738,000	–	1,474,575	–	1.92%	–
ZLAB	New	ZAI LAB LTDadr	$10,891,000	–	312,345	–	1.78%	–
SECO	New	SECOO HLDG LTDadr	$10,693,000	–	1,406,910	–	1.75%	–
NVDA	New	NVIDIA CORP	$9,854,000	–	60,000	–	1.61%	–
CTRP	New	CTRIP COM INTL LTDsponsored ads	$8,441,000	–	228,700	–	1.38%	–
YUMC	New	YUM CHINA HLDGS INC	$8,290,000	–	179,434	–	1.35%	–
BIDU	New	BAIDU INCspon adr rep a	$7,828,000	–	66,699	–	1.28%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$7,673,000	–	79,444	–	1.25%	–
BEST	New	BEST INCsponsored ads	$7,579,000	–	1,375,483	–	1.24%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$7,527,000	–	307,487	–	1.23%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$5,977,000	–	383,850	–	0.98%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$5,763,000	–	611,763	–	0.94%	–
AMX	New	AMERICA MOVIL SAB DE CV	$3,787,000	–	260,100	–	0.62%	–
CX	New	CEMEX SAB DE CVspon adr new	$3,464,000	–	816,949	–	0.57%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$2,953,000	–	81,471	–	0.48%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored ads	$2,315,000	–	59,096	–	0.38%	–
COE	New	CHINA ONLINE ED GROUPsponsored adr	$1,913,000	–	253,771	–	0.31%	–
HCM	New	HUTCHISON CHINA MEDITECH LTDsponsored adr	$1,540,000	–	70,000	–	0.25%	–
NXTC	New	NEXTCURE INC	$1,407,000	–	93,946	–	0.23%	–
GGB	New	GERDAU S Aspon adr rep pfd	$1,288,000	–	331,200	–	0.21%	–
PDD	New	PINDUODUO INCsponsored ads	$930,000	–	45,100	–	0.15%	–
YTRA	New	YATRA ONLINE INC	$849,000	–	227,133	–	0.14%	–
PKX	New	POSCOsponsored adr	$738,000	–	13,900	–	0.12%	–
MEIP	New	MEI PHARMA INC	$137,000	–	54,638	–	0.02%	–

Q4 2018

			Value		Shares		↓ Weighting
GGB	Exit	GERDAU S Aspon adr rep pfd	$0	–	-179,900	–	-0.10%	–
ERJ	Exit	EMBRAER S Acall	$0	–	-40,000	–	-0.10%	–
SOGO	Exit	SOGOU INCadr repstg a	$0	–	-110,522	–	-0.10%	–
HTHT	Exit	HUAZHU GROUP LTDsponsored ads	$0	–	-26,852	–	-0.11%	–
EAF	Exit	GRAFTECH INTL LTDcall	$0	–	-45,000	–	-0.11%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-158,103	–	-0.13%	–
COE	Exit	CHINA ONLINE ED GROUPsponsored adr	$0	–	-139,039	–	-0.16%	–
YTRA	Exit	YATRA ONLINE INC	$0	–	-227,270	–	-0.16%	–
JOBS	Exit	51JOB INC	$0	–	-20,900	–	-0.20%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-48,100	–	-0.27%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-168,097	–	-0.38%	–
VALE	Exit	VALE S Aadr	$0	–	-234,700	–	-0.44%	–
PKX	Exit	POSCOsponsored adr	$0	–	-65,746	–	-0.55%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-655,716	–	-0.59%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-54,709	–	-0.69%	–
BEST	Exit	BEST INCsponsored ads	$0	–	-1,078,907	–	-0.81%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-624,300	–	-0.87%	–
ONE	Exit	ONESMART INTL ED GROUP LTDsponsored ads	$0	–	-819,825	–	-0.93%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-32,600	–	-0.95%	–
REDU	Exit	RISE ED CAYMAN LTDsponsored adr	$0	–	-708,000	–	-1.07%	–
FXI	Exit	ISHARES TRput	$0	–	-200,000	–	-1.09%	–
EEM	Exit	ISHARES TRput	$0	–	-200,000	–	-1.09%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-726,182	–	-1.12%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-1,455,731	–	-1.16%	–
SECO	Exit	SECOO HLDG LTDadr	$0	–	-762,773	–	-1.23%	–
NVDA	Exit	NVIDIA CORP	$0	–	-35,000	–	-1.25%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-60,000	–	-1.42%	–
HYG	Exit	ISHARES TRput	$0	–	-130,000	–	-1.43%	–
AA	Exit	ALCOA CORP	$0	–	-309,251	–	-1.59%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-60,102	–	-1.75%	–
MLCO	Exit	MELCO RESORT ENTERTAINMENT Ladr	$0	–	-800,000	–	-2.15%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-480,000	–	-2.36%	–
HDB	Exit	HDFC BANK LTD	$0	–	-326,660	–	-3.91%	–
XRX	Exit	XEROX CORP	$0	–	-1,152,575	–	-3.96%	–
BKR	Exit	BAKER HUGHES A GE COcl a	$0	–	-932,305	–	-4.02%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-206,524	–	-4.53%	–
BEDU	Exit	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$0	–	-3,143,931	–	-4.96%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-4,897,912	–	-5.29%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-918,589	–	-5.68%	–
TLRY	Exit	TILRAY INC	$0	–	-350,203	–	-6.40%	–
TSG	Exit	STARS GROUP INC	$0	–	-3,345,939	–	-10.60%	–
EAF	Exit	GRAFTECH INTL LTD	$0	–	-4,743,581	–	-11.78%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-595,953	–	-12.50%	–

Q3 2018

			Value		Shares		↓ Weighting
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$98,189,000	-16.9%	595,953	-6.4%	12.50%	+5.1%
EAF	Buy	GRAFTECH INTL LTD	$92,547,000	+127.2%	4,743,581	+109.5%	11.78%	+187.2%
TSG	Buy	STARS GROUP INC	$83,314,000	+50.0%	3,345,939	+118.7%	10.60%	+89.6%
TLRY	New	TILRAY INC	$50,296,000	–	350,203	–	6.40%	–
BZUN	Buy	BAOZUN INCsponsored adr	$44,625,000	-6.7%	918,589	+5.0%	5.68%	+17.9%
IBN	Buy	ICICI BK LTDadr	$41,583,000	+298.5%	4,897,912	+276.9%	5.29%	+403.6%
BEDU	Buy	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$38,953,000	-9.4%	3,143,931	+21.6%	4.96%	+14.5%
BGNE	Sell	BEIGENE LTDsponsored adr	$35,568,000	-19.2%	206,524	-27.9%	4.53%	+2.1%
BKR	Buy	BAKER HUGHES A GE COcl a	$31,540,000	+9.9%	932,305	+7.3%	4.02%	+38.9%
XRX	Sell	XEROX CORP	$31,096,000	-52.1%	1,152,575	-57.4%	3.96%	-39.5%
HDB	Buy	HDFC BANK LTD	$30,739,000	+524.1%	326,660	+596.5%	3.91%	+688.9%
AMAT	Buy	APPLIED MATLS INC	$18,552,000	+67.3%	480,000	+100.0%	2.36%	+111.6%
MLCO	New	MELCO RESORT ENTERTAINMENT Ladr	$16,920,000	–	800,000	–	2.15%	–
BIDU	Buy	BAIDU INCspon adr rep a	$13,744,000	+2.3%	60,102	+8.7%	1.75%	+29.2%
AA	Buy	ALCOA CORP	$12,494,000	-13.0%	309,251	+0.9%	1.59%	+9.9%
HYG	Sell	ISHARES TRput	$11,237,000	-88.3%	130,000	-88.5%	1.43%	-85.2%
QQQ	New	INVESCO QQQ TRput	$11,147,000	–	60,000	–	1.42%	–
NVDA	Sell	NVIDIA CORP	$9,836,000	-17.0%	35,000	-30.0%	1.25%	+4.9%
SECO	Buy	SECOO HLDG LTDadr	$9,687,000	+215.0%	762,773	+100.4%	1.23%	+297.7%
VIPS	Buy	VIPSHOP HLDGS LTDsponsored adr	$9,084,000	-11.2%	1,455,731	+54.3%	1.16%	+12.1%
PBR	Sell	PETROLEO BRASILEIRO SA PETROsponsored adr	$8,765,000	-16.1%	726,182	-30.2%	1.12%	+6.2%
EEM	New	ISHARES TRput	$8,584,000	–	200,000	–	1.09%	–
FXI	New	ISHARES TRput	$8,564,000	–	200,000	–	1.09%	–
REDU	Buy	RISE ED CAYMAN LTDsponsored adr	$8,376,000	-5.5%	708,000	+12.7%	1.07%	+19.4%
NTES	Buy	NETEASE INCsponsored adr	$7,441,000	-8.6%	32,600	+1.2%	0.95%	+15.5%
ONE	Buy	ONESMART INTL ED GROUP LTDsponsored ads	$7,313,000	+196.9%	819,825	+269.4%	0.93%	+275.4%
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$6,855,000	–	624,300	–	0.87%	–
BEST	Buy	BEST INCsponsored ads	$6,387,000	-15.2%	1,078,907	+75.1%	0.81%	+7.3%
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$5,415,000	–	54,709	–	0.69%	–
CX	Sell	CEMEX SAB DE CVspon adr new	$4,616,000	-35.8%	655,716	-40.1%	0.59%	-18.8%
PKX	Sell	POSCOsponsored adr	$4,339,000	-42.5%	65,746	-35.4%	0.55%	-27.3%
VALE	New	VALE S Aadr	$3,483,000	–	234,700	–	0.44%	–
TV	Sell	GRUPO TELEVISA SAspon adr rep ord	$2,982,000	-62.2%	168,097	-59.6%	0.38%	-52.2%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$2,124,000	+78.3%	48,100	+47.6%	0.27%	+125.0%
JOBS	New	51JOB INC	$1,609,000	–	20,900	–	0.20%	–
COE	Buy	CHINA ONLINE ED GROUPsponsored adr	$1,251,000	+46.8%	139,039	+76.2%	0.16%	+84.9%
ARCO	New	ARCOS DORADOS HOLDINGS INC	$988,000	–	158,103	–	0.13%	–
EAF	New	GRAFTECH INTL LTDcall	$878,000	–	45,000	–	0.11%	–
SOGO	New	SOGOU INCadr repstg a	$821,000	–	110,522	–	0.10%	–
ERJ	New	EMBRAER S Acall	$784,000	–	40,000	–	0.10%	–
GGB	Sell	GERDAU S Aspon adr rep pfd	$757,000	-59.3%	179,900	-65.8%	0.10%	-48.9%
YY	Exit	YY INC	$0	–	-4,600	–	-0.05%	–
HCM	Exit	HUTCHISON CHINA MEDITECH LTDsponsored adr	$0	–	-24,800	–	-0.08%	–
GSUM	Exit	GRIDSUM HLDG INCsponsored adr	$0	–	-130,927	–	-0.09%	–
SUPV	Exit	GRUPO SUPERVIELLE S Asponsored adr	$0	–	-91,100	–	-0.10%	–
DESP	Exit	DESPEGAR COM CORP	$0	–	-56,400	–	-0.12%	–
LFC	Exit	CHINA LIFE INS CO LTDcall	$0	–	-140,000	–	-0.18%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-35,000	–	-0.20%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-509,400	–	-0.24%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-149,700	–	-0.72%	–
HLF	Exit	HERBALIFE NUTRITION LTD	$0	–	-248,934	–	-1.35%	–
GDS	Exit	GDS HLDGS LTDsponsored adr	$0	–	-344,521	–	-1.39%	–
WW	Exit	WEIGHT WATCHERS INTL INC NEW	$0	–	-138,499	–	-1.41%	–
TPR	Exit	TAPESTRY INC	$0	–	-320,000	–	-1.50%	–
JMBA	Exit	JAMBA INC	$0	–	-1,430,860	–	-1.54%	–
WRLD	Exit	WORLD ACCEP CORP DEL	$0	–	-141,289	–	-1.58%	–
CGC	Exit	CANOPY GROWTH CORP	$0	–	-658,130	–	-1.94%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-680,000	–	-18.58%	–

Q2 2018

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$184,470,000	–	680,000	–	18.58%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$118,095,000	–	636,526	–	11.89%	–
HYG	New	ISHARES TRput	$96,140,000	–	1,130,000	–	9.68%	–
XRX	New	XEROX CORP	$64,974,000	–	2,707,245	–	6.54%	–
TSG	New	STARS GROUP INC	$55,526,000	–	1,529,649	–	5.59%	–
BZUN	New	BAOZUN INCsponsored adr	$47,836,000	–	874,508	–	4.82%	–
BGNE	New	BEIGENE LTDsponsored adr	$44,015,000	–	286,315	–	4.43%	–
BEDU	New	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$42,995,000	–	2,585,370	–	4.33%	–
EAF	New	GRAFTECH INTL LTD	$40,731,000	–	2,264,096	–	4.10%	–
BKR	New	BAKER HUGHES A GE COcl a	$28,695,000	–	868,750	–	2.89%	–
CGC	New	CANOPY GROWTH CORP	$19,226,000	–	658,130	–	1.94%	–
WRLD	New	WORLD ACCEP CORP DEL	$15,684,000	–	141,289	–	1.58%	–
JMBA	New	JAMBA INC	$15,239,000	–	1,430,860	–	1.54%	–
TPR	New	TAPESTRY INC	$14,947,000	–	320,000	–	1.50%	–
AA	New	ALCOA CORP	$14,366,000	–	306,450	–	1.45%	–
WW	New	WEIGHT WATCHERS INTL INC NEW	$14,002,000	–	138,499	–	1.41%	–
GDS	New	GDS HLDGS LTDsponsored adr	$13,812,000	–	344,521	–	1.39%	–
BIDU	New	BAIDU INCspon adr rep a	$13,441,000	–	55,313	–	1.35%	–
HLF	New	HERBALIFE NUTRITION LTD	$13,373,000	–	248,934	–	1.35%	–
NVDA	New	NVIDIA CORP	$11,845,000	–	50,000	–	1.19%	–
AMAT	New	APPLIED MATLS INC	$11,086,000	–	240,000	–	1.12%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$10,441,000	–	1,040,948	–	1.05%	–
IBN	New	ICICI BK LTDadr	$10,435,000	–	1,299,557	–	1.05%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$10,235,000	–	943,291	–	1.03%	–
REDU	New	RISE ED CAYMAN LTDsponsored adr	$8,867,000	–	628,000	–	0.89%	–
NTES	New	NETEASE INCsponsored adr	$8,139,000	–	32,211	–	0.82%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$7,891,000	–	416,427	–	0.80%	–
PKX	New	POSCOsponsored adr	$7,541,000	–	101,746	–	0.76%	–
BEST	New	BEST INCsponsored ads	$7,528,000	–	616,001	–	0.76%	–
CX	New	CEMEX SAB DE CVspon adr new	$7,185,000	–	1,095,200	–	0.72%	–
CTRP	New	CTRIP COM INTL LTD	$7,130,000	–	149,700	–	0.72%	–
HDB	New	HDFC BANK LTD	$4,925,000	–	46,900	–	0.50%	–
SECO	New	SECOO HLDG LTDadr	$3,075,000	–	380,545	–	0.31%	–
ONE	New	ONESMART INTL ED GROUP LTDsponsored ads	$2,463,000	–	221,908	–	0.25%	–
ABEV	New	AMBEV SAsponsored adr	$2,359,000	–	509,400	–	0.24%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$1,975,000	–	35,000	–	0.20%	–
GGB	New	GERDAU S Aspon adr rep pfd	$1,862,000	–	526,000	–	0.19%	–
LFC	New	CHINA LIFE INS CO LTDcall	$1,789,000	–	140,000	–	0.18%	–
YTRA	New	YATRA ONLINE INC	$1,218,000	–	227,270	–	0.12%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$1,191,000	–	32,590	–	0.12%	–
DESP	New	DESPEGAR COM CORP	$1,183,000	–	56,400	–	0.12%	–
HTHT	New	HUAZHU GROUP LTDsponsored ads	$1,128,000	–	26,852	–	0.11%	–
SUPV	New	GRUPO SUPERVIELLE S Asponsored adr	$964,000	–	91,100	–	0.10%	–
GSUM	New	GRIDSUM HLDG INCsponsored adr	$911,000	–	130,927	–	0.09%	–
COE	New	CHINA ONLINE ED GROUPsponsored adr	$852,000	–	78,914	–	0.09%	–
HCM	New	HUTCHISON CHINA MEDITECH LTDsponsored adr	$747,000	–	24,800	–	0.08%	–
YY	New	YY INC	$462,000	–	4,600	–	0.05%	–

Q4 2017

			Value		Shares		↓ Weighting
YRD	Exit	YIRENDAI LTDput	$0	–	-7,000	–	-0.03%	–
HTHT	Exit	CHINA LODGING GROUP LTDsponsored adr	$0	–	-4,363	–	-0.05%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-16,140	–	-0.06%	–
HCM	Exit	HUTCHISON CHINA MEDITECH LTDsponsored adr	$0	–	-22,300	–	-0.06%	–
COE	Exit	CHINA ONLINE ED GROUPsponsored adr	$0	–	-45,537	–	-0.07%	–
TOUR	Exit	TUNIU CORPcall	$0	–	-85,000	–	-0.07%	–
LPL	Exit	LG DISPLAY CO LTDcall	$0	–	-65,000	–	-0.09%	–
TKC	Exit	TURKCELL ILETISIM HIZMETLERIspon adr new	$0	–	-105,600	–	-0.09%	–
XRF	Exit	CHINA RAPID FIN LTDsponsored adr	$0	–	-176,580	–	-0.12%	–
GDS	Exit	GDS HLDGS LTDsponsored adr	$0	–	-116,853	–	-0.13%	–
SIVB	Exit	SVB FINL GROUPput	$0	–	-8,000	–	-0.15%	–
EWY	Exit	ISHARES INCput	$0	–	-25,000	–	-0.18%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-121,500	–	-0.18%	–
DESP	Exit	DESPEGAR COM CORP	$0	–	-55,000	–	-0.18%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-176,711	–	-0.18%	–
VEON	Exit	VEON LTDsponsored adr	$0	–	-480,000	–	-0.20%	–
GGB	Exit	GERDAU S Aspon adr rep pfd	$0	–	-647,779	–	-0.22%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-249,400	–	-0.60%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-724,488	–	-0.64%	–
RYB	Exit	RYB ED INCadr	$0	–	-252,041	–	-0.73%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-30,850	–	-0.82%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-829,048	–	-0.84%	–
BABA	Exit	ALIBABA GROUP HLDG LTDput	$0	–	-50,000	–	-0.87%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-167,399	–	-0.89%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-1,367,700	–	-0.91%	–
HLF	Exit	HERBALIFE LTDcall	$0	–	-156,600	–	-1.08%	–
EEM	Exit	ISHARES TRput	$0	–	-260,000	–	-1.18%	–
COH	Exit	COACH INCcall	$0	–	-300,000	–	-1.22%	–
JMBA	Exit	JAMBA INC	$0	–	-1,430,860	–	-1.25%	–
NVDA	Exit	NVIDIA CORP	$0	–	-70,000	–	-1.27%	–
INFY	Exit	INFOSYS LTDsponsored adr	$0	–	-871,485	–	-1.29%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-751,238	–	-1.49%	–
WW	Exit	WEIGHT WATCHERS INTL INC NEW	$0	–	-421,123	–	-1.86%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-622,149	–	-1.97%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-93,116	–	-2.33%	–
WRLD	Exit	WORLD ACCEP CORP DEL	$0	–	-281,972	–	-2.36%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-316,835	–	-3.32%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-1,024,722	–	-3.40%	–
TSG	Exit	STARS GROUP INC	$0	–	-1,683,049	–	-3.49%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-409,900	–	-3.66%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-4,233,095	–	-3.67%	–
BEDU	Exit	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$0	–	-1,662,474	–	-3.91%	–
BITA	Exit	BITAUTO HLDGS LTDsponsored ads	$0	–	-1,130,510	–	-5.11%	–
HLF	Exit	HERBALIFE LTD	$0	–	-806,735	–	-5.54%	–
COH	Exit	COACH INC	$0	–	-1,757,148	–	-7.16%	–
GLD	Exit	SPDR GOLD TRUSTcall	$0	–	-640,000	–	-7.87%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-752,290	–	-13.14%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-554,000	–	-14.08%	–

Q3 2017

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRput	$139,181,000	-31.7%	554,000	-34.3%	14.08%	-37.0%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$129,928,000	-12.0%	752,290	-28.2%	13.14%	-18.8%
GLD	Buy	SPDR GOLD TRUSTcall	$77,811,000	+2897.3%	640,000	+2809.1%	7.87%	+2662.1%
COH	Buy	COACH INC	$70,778,000	-4.0%	1,757,148	+12.9%	7.16%	-11.4%
HLF	Sell	HERBALIFE LTD	$54,721,000	-14.7%	806,735	-10.3%	5.54%	-21.3%
BITA	Buy	BITAUTO HLDGS LTDsponsored ads	$50,511,000	+29097.1%	1,130,510	+18648.1%	5.11%	+26794.7%
BEDU	Sell	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$38,619,000	+94.4%	1,662,474	-0.4%	3.91%	+79.4%
IBN	Buy	ICICI BK LTDadr	$36,235,000	+28.7%	4,233,095	+34.8%	3.67%	+18.7%
EDU	Buy	NEW ORIENTAL ED & TECH GRP Ispon adr	$36,178,000	+266.6%	409,900	+192.8%	3.66%	+238.3%
TSG	New	STARS GROUP INC	$34,503,000	–	1,683,049	–	3.49%	–
BZUN	Buy	BAOZUN INCsponsored adr	$33,570,000	+353.3%	1,024,722	+206.8%	3.40%	+318.2%
BGNE	New	BEIGENE LTDsponsored adr	$32,780,000	–	316,835	–	3.32%	–
WRLD	Buy	WORLD ACCEP CORP DEL	$23,373,000	+46.9%	281,972	+32.7%	2.36%	+35.5%
BIDU	Sell	BAIDU INCspon adr rep a	$23,064,000	-1.0%	93,116	-28.5%	2.33%	-8.6%
TTM	Sell	TATA MTRS LTDsponsored adr	$19,455,000	-29.0%	622,149	-20.8%	1.97%	-34.5%
WW	Buy	WEIGHT WATCHERS INTL INC NEW	$18,340,000	+93.3%	421,123	+48.4%	1.86%	+78.4%
NYT	New	NEW YORK TIMES COcl a	$14,724,000	–	751,238	–	1.49%	–
INFY	Sell	INFOSYS LTDsponsored adr	$12,715,000	-26.6%	871,485	-24.4%	1.29%	-32.3%
COH	New	COACH INCcall	$12,084,000	–	300,000	–	1.22%	–
EEM	Sell	ISHARES TRput	$11,651,000	-13.9%	260,000	-20.5%	1.18%	-20.6%
HLF	Buy	HERBALIFE LTDcall	$10,622,000	+17.1%	156,600	+23.1%	1.08%	+8.0%
ABEV	New	AMBEV SAsponsored adr	$9,013,000	–	1,367,700	–	0.91%	–
CTRP	Sell	CTRIP COM INTL LTD	$8,829,000	-9.6%	167,399	-7.6%	0.89%	-16.5%
BABA	New	ALIBABA GROUP HLDG LTDput	$8,636,000	–	50,000	–	0.87%	–
PBR	Sell	PETROLEO BRASILEIRO SA PETROsponsored adr	$8,324,000	-55.9%	829,048	-64.9%	0.84%	-59.3%
NTES	Sell	NETEASE INCsponsored adr	$8,139,000	-69.0%	30,850	-64.7%	0.82%	-71.4%
RYB	New	RYB ED INCadr	$7,183,000	–	252,041	–	0.73%	–
VIPS	Sell	VIPSHOP HLDGS LTDsponsored adr	$6,368,000	-53.9%	724,488	-44.7%	0.64%	-57.5%
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$5,903,000	–	249,400	–	0.60%	–
GGB	Sell	GERDAU S Aspon adr rep pfd	$2,222,000	-86.3%	647,779	-87.8%	0.22%	-87.3%
VEON	New	VEON LTDsponsored adr	$2,006,000	–	480,000	–	0.20%	–
ARCO	Buy	ARCOS DORADOS HOLDINGS INC	$1,776,000	+192.6%	176,711	+116.9%	0.18%	+168.7%
DESP	New	DESPEGAR COM CORP	$1,760,000	–	55,000	–	0.18%	–
EWY	New	ISHARES INCput	$1,727,000	–	25,000	–	0.18%	–
GDS	New	GDS HLDGS LTDsponsored adr	$1,316,000	–	116,853	–	0.13%	–
XRF	Buy	CHINA RAPID FIN LTDsponsored adr	$1,164,000	+383.0%	176,580	+319.1%	0.12%	+353.8%
TKC	New	TURKCELL ILETISIM HIZMETLERIspon adr new	$931,000	–	105,600	–	0.09%	–
LPL	New	LG DISPLAY CO LTDcall	$872,000	–	65,000	–	0.09%	–
TOUR	New	TUNIU CORPcall	$665,000	–	85,000	–	0.07%	–
COE	Buy	CHINA ONLINE ED GROUPsponsored adr	$651,000	+51.4%	45,537	+69.7%	0.07%	+40.4%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$606,000	-22.1%	16,140	-27.4%	0.06%	-28.2%
HTHT	Buy	CHINA LODGING GROUP LTDsponsored adr	$518,000	+66.0%	4,363	+12.9%	0.05%	+52.9%
YRD	New	YIRENDAI LTDput	$294,000	–	7,000	–	0.03%	–
CTRP	Exit	CTRIP COM INTL LTDput	$0	–	-18,000	–	-0.11%	–
CARS	Exit	CARS COM INC	$0	–	-149,324	–	-0.44%	–
VALE	Exit	VALE S Aadr	$0	–	-828,025	–	-0.79%	–
CZZ	Exit	COSAN LTD	$0	–	-1,136,134	–	-0.80%	–
MRVL	Exit	MARVELL TECHNOLOGY GROUP LTDord	$0	–	-500,000	–	-0.91%	–
NVDA	Exit	NVIDIA CORPput	$0	–	-140,000	–	-2.22%	–
CBPO	Exit	CHINA BIOLOGIC PRODS INC	$0	–	-278,407	–	-3.45%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-700,197	–	-5.10%	–

Q2 2017

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$203,789,000	–	842,800	–	22.35%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$147,662,000	–	1,047,991	–	16.19%	–
COH	New	COACH INC	$73,709,000	–	1,557,006	–	8.08%	–
HLF	New	HERBALIFE LTD	$64,130,000	–	899,061	–	7.03%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$46,493,000	–	700,197	–	5.10%	–
CBPO	New	CHINA BIOLOGIC PRODS INC	$31,488,000	–	278,407	–	3.45%	–
IBN	New	ICICI BK LTDadr	$28,164,000	–	3,139,807	–	3.09%	–
TTM	New	TATA MTRS LTDsponsored adr	$27,403,000	–	785,425	–	3.00%	–
NTES	New	NETEASE INCsponsored adr	$26,276,000	–	87,402	–	2.88%	–
BIDU	New	BAIDU INCspon adr rep a	$23,286,000	–	130,193	–	2.55%	–
NVDA	New	NVIDIA CORPput	$20,238,000	–	140,000	–	2.22%	–
BEDU	New	BRIGHT SCHOLAR ED HLDGS LTDsponsored ads	$19,861,000	–	1,669,016	–	2.18%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$18,877,000	–	2,362,571	–	2.07%	–
INFY	New	INFOSYS LTDsponsored adr	$17,314,000	–	1,152,722	–	1.90%	–
GGB	New	GERDAU S Aspon adr rep pfd	$16,209,000	–	5,314,263	–	1.78%	–
WRLD	New	WORLD ACCEP CORP DEL	$15,915,000	–	212,452	–	1.74%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$13,818,000	–	1,309,803	–	1.52%	–
EEM	New	ISHARES TRput	$13,535,000	–	327,000	–	1.48%	–
JMBA	New	JAMBA INC	$11,146,000	–	1,430,860	–	1.22%	–
NVDA	New	NVIDIA CORP	$10,119,000	–	70,000	–	1.11%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$9,869,000	–	140,000	–	1.08%	–
CTRP	New	CTRIP COM INTL LTD	$9,762,000	–	181,250	–	1.07%	–
WW	New	WEIGHT WATCHERS INTL INC NEW	$9,486,000	–	283,829	–	1.04%	–
HLF	New	HERBALIFE LTDcall	$9,073,000	–	127,200	–	1.00%	–
MRVL	New	MARVELL TECHNOLOGY GROUP LTDord	$8,260,000	–	500,000	–	0.91%	–
BZUN	New	BAOZUN INCsponsored adr	$7,405,000	–	334,003	–	0.81%	–
CZZ	New	COSAN LTD	$7,283,000	–	1,136,134	–	0.80%	–
VALE	New	VALE S Aadr	$7,245,000	–	828,025	–	0.79%	–
CARS	New	CARS COM INC	$3,976,000	–	149,324	–	0.44%	–
GLD	New	SPDR GOLD TRUSTcall	$2,596,000	–	22,000	–	0.28%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$2,102,000	–	121,500	–	0.23%	–
SIVB	New	SVB FINL GROUPput	$1,406,000	–	8,000	–	0.15%	–
CTRP	New	CTRIP COM INTL LTDput	$969,000	–	18,000	–	0.11%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$778,000	–	22,240	–	0.08%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$607,000	–	81,458	–	0.07%	–
HCM	New	HUTCHISON CHINA MEDITECH LTDsponsored adr	$520,000	–	22,300	–	0.06%	–
COE	New	CHINA ONLINE ED GROUPsponsored adr	$430,000	–	26,837	–	0.05%	–
HTHT	New	CHINA LODGING GROUP LTDsponsored adr	$312,000	–	3,863	–	0.03%	–
XRF	New	CHINA RAPID FIN LTDsponsored adr	$241,000	–	42,130	–	0.03%	–
BITA	New	BITAUTO HLDGS LTDsponsored ads	$173,000	–	6,030	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
COE	Exit	CHINA ONLINE ED GROUPsponsored adr	$0	–	-1,612	–	-0.00%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-9,929	–	-0.02%	–
ERJ	Exit	EMBRAER S A	$0	–	-22,142	–	-0.04%	–
HTHT	Exit	CHINA LODGING GROUP LTDsponsored adr	$0	–	-8,809	–	-0.04%	–
SUPV	Exit	GRUPO SUPERVIELLE S Asponsored adr	$0	–	-46,000	–	-0.06%	–
FENG	Exit	PHOENIX NEW MEDIA LTDsponsored ads	$0	–	-175,769	–	-0.06%	–
HTM	Exit	U S GEOTHERMAL INC	$0	–	-1,096,187	–	-0.08%	–
HIMX	Exit	HIMAX TECHNOLOGIES INCsponsored adr	$0	–	-140,000	–	-0.11%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-42,000	–	-0.15%	–
ATTO	Exit	ATENTO S A	$0	–	-243,854	–	-0.20%	–
BZUN	Exit	BAOZUN INCsponsored adr	$0	–	-208,147	–	-0.30%	–
MACK	Exit	MERRIMACK PHARMACEUTICALS IN	$0	–	-500,000	–	-0.30%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-213,079	–	-0.62%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-790,573	–	-0.62%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-657,293	–	-0.68%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-282,586	–	-0.69%	–
KEP	Exit	KOREA ELECTRIC PWRsponsored adr	$0	–	-323,474	–	-0.75%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-1,070,965	–	-0.76%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-19,755	–	-0.79%	–
VIV	Exit	TELEFONICA BRASIL SAsponsored adr	$0	–	-614,028	–	-0.84%	–
PKX	Exit	POSCOsponsored adr	$0	–	-177,238	–	-0.86%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-140,000	–	-0.88%	–
VALE	Exit	VALE S Aadr	$0	–	-1,850,337	–	-0.96%	–
BABA	Exit	ALIBABA GROUP HLDG LTDput	$0	–	-100,000	–	-1.00%	–
NVDA	Exit	NVIDIA CORP	$0	–	-160,000	–	-1.04%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-733,684	–	-1.14%	–
JMBA	Exit	JAMBA INC	$0	–	-1,300,500	–	-1.34%	–
HCM	Exit	HUTCHISON CHINA MEDITECH LTDsponsored adr	$0	–	-1,304,603	–	-1.47%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-350,000	–	-1.54%	–
CZZ	Exit	COSAN LTD	$0	–	-2,534,407	–	-1.71%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-455,388	–	-1.72%	–
HDB	Exit	HDFC BANK LTD	$0	–	-286,522	–	-1.95%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-130,352	–	-2.24%	–
CBPO	Exit	CHINA BIOLOGIC PRODS INC	$0	–	-245,237	–	-2.89%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-771,252	–	-4.49%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-1,859,541	–	-8.19%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-460,000	–	-9.41%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,406,269	–	-14.07%	–
HLF	Exit	HERBALIFE LTD	$0	–	-2,768,741	–	-16.23%	–
HLF	Exit	HERBALIFE LTDcall	$0	–	-3,371,100	–	-19.77%	–

Q3 2016

			Value		Shares		↓ Weighting
HLF	Sell	HERBALIFE LTDcall	$208,974,000	-24.1%	3,371,100	-28.3%	19.77%	-25.8%
HLF	Buy	HERBALIFE LTD	$171,634,000	+11.4%	2,768,741	+5.2%	16.23%	+8.8%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$148,769,000	+31.0%	1,406,269	-1.5%	14.07%	+28.0%
SPY	Buy	SPDR S&P 500 ETF TRput	$99,498,000	+61.0%	460,000	+55.9%	9.41%	+57.3%
CTRP	Buy	CTRIP COM INTL LTD	$86,599,000	+410.6%	1,859,541	+351.7%	8.19%	+398.8%
CHL	Sell	CHINA MOBILE LIMITEDsponsored adr	$47,447,000	+1.0%	771,252	-4.9%	4.49%	-1.3%
CBPO	Sell	CHINA BIOLOGIC PRODS INC	$30,527,000	-17.8%	245,237	-29.8%	2.89%	-19.7%
BIDU	Sell	BAIDU INCspon adr rep a	$23,733,000	-48.4%	130,352	-53.2%	2.24%	-49.6%
HDB	Sell	HDFC BANK LTD	$20,598,000	-2.4%	286,522	-9.9%	1.95%	-4.7%
TTM	Sell	TATA MTRS LTDsponsored adr	$18,206,000	-66.5%	455,388	-71.0%	1.72%	-67.3%
CZZ	Sell	COSAN LTD	$18,121,000	-9.8%	2,534,407	-17.9%	1.71%	-11.9%
HCM	Sell	HUTCHISON CHINA MEDITECH LTDsponsored adr	$15,525,000	-14.7%	1,304,603	-5.7%	1.47%	-16.7%
CBD	Sell	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$12,025,000	-3.4%	733,684	-14.2%	1.14%	-5.6%
NVDA	Sell	NVIDIA CORP	$10,963,000	+16.6%	160,000	-20.0%	1.04%	+14.0%
BABA	New	ALIBABA GROUP HLDG LTDput	$10,579,000	–	100,000	–	1.00%	–
VALE	Buy	VALE S Aadr	$10,177,000	+40.3%	1,850,337	+29.0%	0.96%	+37.0%
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$9,251,000	–	140,000	–	0.88%	–
PKX	New	POSCOsponsored adr	$9,053,000	–	177,238	–	0.86%	–
VIV	Sell	TELEFONICA BRASIL SAsponsored adr	$8,885,000	-4.4%	614,028	-10.1%	0.84%	-6.7%
CMG	New	CHIPOTLE MEXICAN GRILL INC	$8,366,000	–	19,755	–	0.79%	–
IBN	Buy	ICICI BK LTDadr	$8,000,000	+5782.4%	1,070,965	+5566.5%	0.76%	+5723.1%
KEP	Sell	KOREA ELECTRIC PWRsponsored adr	$7,886,000	-32.8%	323,474	-28.5%	0.75%	-34.3%
TV	Sell	GRUPO TELEVISA SAspon adr rep ord	$7,260,000	-24.9%	282,586	-23.9%	0.69%	-26.6%
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$7,191,000	+27.2%	657,293	+9.8%	0.68%	+24.3%
MX	Sell	MAGNACHIP SEMICONDUCTOR CORP	$6,593,000	+32.5%	790,573	-10.1%	0.62%	+29.5%
TSM	Sell	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$6,518,000	+16.6%	213,079	-0.0%	0.62%	+14.0%
MACK	New	MERRIMACK PHARMACEUTICALS IN	$3,175,000	–	500,000	–	0.30%	–
BZUN	Sell	BAOZUN INCsponsored adr	$3,141,000	+19.6%	208,147	-47.3%	0.30%	+16.9%
ATTO	Sell	ATENTO S A	$2,068,000	-50.9%	243,854	-48.4%	0.20%	-52.0%
FXI	New	ISHARES TRchina lg-cap etf	$1,596,000	–	42,000	–	0.15%	–
HIMX	New	HIMAX TECHNOLOGIES INCsponsored adr	$1,203,000	–	140,000	–	0.11%	–
FENG	Buy	PHOENIX NEW MEDIA LTDsponsored ads	$686,000	+37.8%	175,769	+29.8%	0.06%	+35.4%
SUPV	Sell	GRUPO SUPERVIELLE S Asponsored adr	$681,000	-20.1%	46,000	-30.9%	0.06%	-22.0%
ERJ	New	EMBRAER S A	$382,000	–	22,142	–	0.04%	–
COE	Buy	CHINA ONLINE ED GROUPsponsored adr	$34,000	+70.0%	1,612	+61.2%	0.00%	+50.0%
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-10,010	–	-0.04%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-31,000	–	-0.04%	–
LFC	Exit	CHINA LIFE INS CO LTDspon adr rep h	$0	–	-45,400	–	-0.05%	–
TSU	Exit	TIM PARTICIPACOES S Asponsored adr	$0	–	-50,000	–	-0.05%	–
JMBA	Exit	JAMBA INCcall	$0	–	-89,000	–	-0.09%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-104,599	–	-0.30%	–
NVDA	Exit	NVIDIA CORPput	$0	–	-100,000	–	-0.46%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-906,395	–	-0.54%	–
CST	Exit	CST BRANDS INC	$0	–	-147,570	–	-0.62%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-874,600	–	-0.95%	–
CST	Exit	CST BRANDS INCcall	$0	–	-230,000	–	-0.96%	–
CEO	Exit	CNOOC LTDsponsored adr	$0	–	-90,000	–	-1.09%	–

Q2 2016

			Value		Shares		↓ Weighting
HLF	New	HERBALIFE LTDcall	$275,167,000	–	4,701,300	–	26.64%	–
HLF	New	HERBALIFE LTD	$154,113,000	–	2,633,064	–	14.92%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$113,556,000	–	1,427,842	–	11.00%	–
SPY	New	SPDR S&P 500 ETF TRput	$61,795,000	–	295,000	–	5.98%	–
TTM	New	TATA MTRS LTDsponsored adr	$54,415,000	–	1,569,524	–	5.27%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$46,974,000	–	811,303	–	4.55%	–
BIDU	New	BAIDU INCspon adr rep a	$46,013,000	–	278,544	–	4.46%	–
CBPO	New	CHINA BIOLOGIC PRODS INC	$37,128,000	–	349,210	–	3.60%	–
HDB	New	HDFC BANK LTD	$21,098,000	–	317,987	–	2.04%	–
CZZ	New	COSAN LTD	$20,087,000	–	3,085,549	–	1.94%	–
HCM	New	HUTCHISON CHINA MEDITECH LTDsponsored adr	$18,198,000	–	1,383,893	–	1.76%	–
CTRP	New	CTRIP COM INTL LTD	$16,960,000	–	411,649	–	1.64%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$14,658,000	–	350,000	–	1.42%	–
JMBA	New	JAMBA INC	$13,382,000	–	1,300,500	–	1.30%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$12,443,000	–	855,183	–	1.20%	–
KEP	New	KOREA ELECTRIC PWRsponsored adr	$11,733,000	–	452,469	–	1.14%	–
CEO	New	CNOOC LTDsponsored adr	$11,219,000	–	90,000	–	1.09%	–
CST	New	CST BRANDS INCcall	$9,908,000	–	230,000	–	0.96%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$9,769,000	–	874,600	–	0.95%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$9,666,000	–	371,200	–	0.94%	–
NVDA	New	NVIDIA CORP	$9,402,000	–	200,000	–	0.91%	–
VIV	New	TELEFONICA BRASIL SAsponsored adr	$9,292,000	–	683,223	–	0.90%	–
VALE	New	VALE S Aadr	$7,256,000	–	1,433,896	–	0.70%	–
CST	New	CST BRANDS INC	$6,357,000	–	147,570	–	0.62%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$5,652,000	–	598,749	–	0.55%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$5,589,000	–	213,093	–	0.54%	–
CX	New	CEMEX SAB DE CVspon adr new	$5,592,000	–	906,395	–	0.54%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$4,977,000	–	879,348	–	0.48%	–
NVDA	New	NVIDIA CORPput	$4,701,000	–	100,000	–	0.46%	–
ATTO	New	ATENTO S A	$4,210,000	–	472,506	–	0.41%	–
BGNE	New	BEIGENE LTDsponsored adr	$3,117,000	–	104,599	–	0.30%	–
BZUN	New	BAOZUN INCsponsored adr	$2,627,000	–	395,110	–	0.25%	–
JMBA	New	JAMBA INCcall	$916,000	–	89,000	–	0.09%	–
HTM	New	U S GEOTHERMAL INC	$897,000	–	1,096,187	–	0.09%	–
SUPV	New	GRUPO SUPERVIELLE S Asponsored adr	$852,000	–	66,600	–	0.08%	–
TSU	New	TIM PARTICIPACOES S Asponsored adr	$528,000	–	50,000	–	0.05%	–
FENG	New	PHOENIX NEW MEDIA LTDsponsored ads	$498,000	–	135,449	–	0.05%	–
LFC	New	CHINA LIFE INS CO LTDspon adr rep h	$489,000	–	45,400	–	0.05%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$461,000	–	31,000	–	0.04%	–
WUBA	New	58 COM INCspon adr rep a	$459,000	–	10,010	–	0.04%	–
HTHT	New	CHINA LODGING GROUP LTDsponsored adr	$321,000	–	8,809	–	0.03%	–
JD	New	JD COM INCspon adr cl a	$211,000	–	9,929	–	0.02%	–
IBN	New	ICICI BK LTDadr	$136,000	–	18,900	–	0.01%	–
COE	New	CHINA ONLINE ED GROUPsponsored adr	$20,000	–	1,000	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-5,292	–	-0.01%	–
LF	Exit	LEAPFROG ENTERPRISES INCcl a	$0	–	-751,520	–	-0.07%	–
YY	Exit	YY INC	$0	–	-11,758	–	-0.09%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-90,700	–	-0.10%	–
CIG	Exit	COMPANHIA ENERGETICA DE MINAsp adr n-v pfd	$0	–	-432,200	–	-0.10%	–
HOLI	Exit	HOLLYSYS AUTOMATION TECHNOLO	$0	–	-51,500	–	-0.12%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-17,666	–	-0.15%	–
	Exit	TARENA INTL INCadr	$0	–	-121,500	–	-0.15%	–
TAL	Exit	TAL ED GROUP	$0	–	-81,300	–	-0.35%	–
SEMI	Exit	SUNEDISON SEMICONDUCTOR LTD	$0	–	-354,652	–	-0.50%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-593,288	–	-0.52%	–
CBPO	Exit	CHINA BIOLOGIC PRODS INC	$0	–	-50,000	–	-0.60%	–
KEP	Exit	KOREA ELECTRIC PWRsponsored adr	$0	–	-241,381	–	-0.66%	–
ATTO	Exit	ATENTO S A	$0	–	-509,541	–	-0.72%	–
VALE	Exit	VALE S Aadr	$0	–	-1,682,724	–	-0.94%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-343,588	–	-0.95%	–
JMBA	Exit	JAMBA INCcall	$0	–	-550,000	–	-1.05%	–
CZZ	Exit	COSAN LTD	$0	–	-3,429,587	–	-1.32%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-441,600	–	-1.33%	–
SUNEQ	Exit	SUNEDISON INC	$0	–	-1,427,775	–	-1.37%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-626,401	–	-1.39%	–
BSMX	Exit	GRUPO FINANCIERO SANTANDER M	$0	–	-1,443,802	–	-1.42%	–
SFUN	Exit	SOUFUN HLDGS LTDadr	$0	–	-1,843,688	–	-1.63%	–
NOAH	Exit	NOAH HLDGS LTDsponsored ads	$0	–	-532,800	–	-1.67%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-2,188,698	–	-1.94%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-2,104,900	–	-1.97%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-176,333	–	-2.10%	–
TERP	Exit	TERRAFORM PWR INC	$0	–	-1,134,787	–	-2.16%	–
JMBA	Exit	JAMBA INC	$0	–	-1,300,500	–	-2.48%	–
HDB	Exit	HDFC BANK LTD	$0	–	-307,187	–	-2.51%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-194,248	–	-3.57%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-157,000	–	-4.02%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,205,159	–	-9.64%	–
HLF	Exit	HERBALIFE LTDcall	$0	–	-1,675,000	–	-12.20%	–
HLF	Exit	HERBALIFE LTD	$0	–	-2,208,975	–	-16.09%	–
EEM	Exit	ISHARES TRcall	$0	–	-5,502,500	–	-24.11%	–

Q3 2015

			Value		Shares		↓ Weighting
EEM	New	ISHARES TRcall	$180,372,000	–	5,502,500	–	24.11%	–
HLF	Buy	HERBALIFE LTD	$120,389,000	+19.2%	2,208,975	+20.4%	16.09%	+50.6%
HLF	Buy	HERBALIFE LTDcall	$91,288,000	+3.2%	1,675,000	+4.4%	12.20%	+30.5%
BABA	Buy	ALIBABA GROUP HLDG LTDsponsored ads	$72,153,000	-13.1%	1,205,159	+19.4%	9.64%	+9.9%
SPY	Sell	SPDR S&P 500 ETF TRput	$30,086,000	-71.7%	157,000	-69.6%	4.02%	-64.2%
BIDU	Buy	BAIDU INCspon adr rep a	$26,692,000	+79.9%	194,248	+160.6%	3.57%	+127.4%
HDB	Buy	HDFC BANK LTD	$18,766,000	+83.6%	307,187	+81.9%	2.51%	+132.0%
TERP	New	TERRAFORM PWR INC	$16,137,000	–	1,134,787	–	2.16%	–
FMX	Sell	FOMENTO ECONOMICO MEXICANO Sspon adr units	$15,738,000	-15.9%	176,333	-16.1%	2.10%	+6.3%
CX	Buy	CEMEX SAB DE CVspon adr new	$14,713,000	-6.4%	2,104,900	+22.6%	1.97%	+18.4%
ITUB	Sell	ITAU UNIBANCO HLDG SAspon adr rep pfd	$14,489,000	-42.7%	2,188,698	-5.1%	1.94%	-27.5%
NOAH	Sell	NOAH HLDGS LTDsponsored ads	$12,515,000	-26.5%	532,800	-5.4%	1.67%	-7.1%
SFUN	Buy	SOUFUN HLDGS LTDadr	$12,168,000	+127.2%	1,843,688	+189.5%	1.63%	+187.3%
BSMX	Buy	GRUPO FINANCIERO SANTANDER M	$10,598,000	-16.3%	1,443,802	+4.3%	1.42%	+5.8%
AMX	Sell	AMERICA MOVIL SAB DE CV	$10,367,000	-25.0%	626,401	-3.4%	1.39%	-5.1%
SUNEQ	Sell	SUNEDISON INC	$10,251,000	-92.3%	1,427,775	-67.8%	1.37%	-90.2%
TTM	New	TATA MTRS LTDsponsored adr	$9,936,000	–	441,600	–	1.33%	–
CZZ	Buy	COSAN LTD	$9,912,000	-41.2%	3,429,587	+25.3%	1.32%	-25.7%
VALE	Buy	VALE S Aadr	$7,067,000	-24.1%	1,682,724	+6.4%	0.94%	-4.1%
ATTO	Sell	ATENTO S A	$5,376,000	-54.2%	509,541	-37.6%	0.72%	-42.1%
KEP	Sell	KOREA ELECTRIC PWRsponsored adr	$4,946,000	-65.8%	241,381	-66.0%	0.66%	-56.7%
CBPO	New	CHINA BIOLOGIC PRODS INC	$4,491,000	–	50,000	–	0.60%	–
MX	Buy	MAGNACHIP SEMICONDUCTOR CORP	$3,910,000	-13.6%	593,288	+1.1%	0.52%	+9.2%
SEMI	Sell	SUNEDISON SEMICONDUCTOR LTD	$3,738,000	-90.5%	354,652	-84.5%	0.50%	-88.0%
TAL	Sell	TAL ED GROUP	$2,614,000	-50.7%	81,300	-45.9%	0.35%	-37.8%
	Buy	TARENA INTL INCadr	$1,152,000	+35.2%	121,500	+80.5%	0.15%	+71.1%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$1,106,000	-36.6%	17,666	-38.2%	0.15%	-20.0%
HOLI	New	HOLLYSYS AUTOMATION TECHNOLO	$900,000	–	51,500	–	0.12%	–
CIG	Buy	COMPANHIA ENERGETICA DE MINAsp adr n-v pfd	$769,000	+76.8%	432,200	+278.5%	0.10%	+123.9%
IBN	New	ICICI BK LTDadr	$760,000	–	90,700	–	0.10%	–
YY	Sell	YY INC	$641,000	-95.3%	11,758	-94.0%	0.09%	-94.0%
LF	New	LEAPFROG ENTERPRISES INCcl a	$536,000	–	751,520	–	0.07%	–
MMYT	Sell	MAKEMYTRIP LIMITED MAURITIUS	$73,000	-97.5%	5,292	-96.5%	0.01%	-96.8%
WX	Exit	WUXI PHARMATECH CAYMAN INCcall	$0	–	-11,000	–	-0.05%	–
JD	Exit	JD COM INCput	$0	–	-17,000	–	-0.06%	–
LFC	Exit	CHINA LIFE INS CO LTDspon adr rep h	$0	–	-32,100	–	-0.07%	–
RAD	Exit	RITE AID CORPput	$0	–	-140,000	–	-0.12%	–
VIV	Exit	TELEFONICA BRASIL SAsponsored adr	$0	–	-168,200	–	-0.25%	–
PPS	Exit	POST PPTYS INC	$0	–	-56,998	–	-0.33%	–
IWM	Exit	ISHARES TRput	$0	–	-27,000	–	-0.36%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-105,000	–	-0.38%	–
DG	Exit	DOLLAR GEN CORP NEWput	$0	–	-50,000	–	-0.41%	–
DOW	Exit	DOW CHEM COput	$0	–	-150,000	–	-0.81%	–
FXI	Exit	ISHARES TRput	$0	–	-220,000	–	-1.07%	–
NUS	Exit	NU SKIN ENTERPRISES INCcl a	$0	–	-294,545	–	-1.47%	–
QQQ	Exit	POWERSHARES QQQ TRUSTput	$0	–	-860,000	–	-9.74%	–

Q2 2015

			Value		Shares		↓ Weighting
SUNEQ	New	SUNEDISON INC	$132,669,000	–	4,435,603	–	14.03%	–
SPY	New	SPDR S&P 500 ETF TRput	$106,219,000	–	516,000	–	11.23%	–
HLF	New	HERBALIFE LTD	$101,033,000	–	1,833,963	–	10.68%	–
QQQ	New	POWERSHARES QQQ TRUSTput	$92,080,000	–	860,000	–	9.74%	–
HLF	New	HERBALIFE LTDcall	$88,419,000	–	1,605,000	–	9.35%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$83,011,000	–	1,009,003	–	8.78%	–
SEMI	New	SUNEDISON SEMICONDUCTOR LTD	$39,455,000	–	2,284,616	–	4.17%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$25,265,000	–	2,307,321	–	2.67%	–
JMBA	New	JAMBA INC	$20,145,000	–	1,300,500	–	2.13%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$18,722,000	–	210,151	–	1.98%	–
NOAH	New	NOAH HLDGS LTDsponsored ads	$17,035,000	–	563,500	–	1.80%	–
CZZ	New	COSAN LTD	$16,860,000	–	2,737,072	–	1.78%	–
CX	New	CEMEX SAB DE CVspon adr new	$15,723,000	–	1,716,500	–	1.66%	–
BIDU	New	BAIDU INCspon adr rep a	$14,841,000	–	74,548	–	1.57%	–
KEP	New	KOREA ELECTRIC PWRsponsored adr	$14,451,000	–	709,768	–	1.53%	–
NUS	New	NU SKIN ENTERPRISES INCcl a	$13,882,000	–	294,545	–	1.47%	–
AMX	New	AMERICA MOVIL SAB DE CV	$13,820,000	–	648,501	–	1.46%	–
YY	New	YY INC	$13,663,000	–	196,530	–	1.44%	–
BSMX	New	GRUPO FINANCIERO SANTANDER M	$12,668,000	–	1,384,492	–	1.34%	–
ATTO	New	ATENTO S A	$11,743,000	–	816,617	–	1.24%	–
HDB	New	HDFC BANK LTD	$10,223,000	–	168,887	–	1.08%	–
FXI	New	ISHARES TRput	$10,142,000	–	220,000	–	1.07%	–
VALE	New	VALE S Aadr	$9,311,000	–	1,580,824	–	0.98%	–
JMBA	New	JAMBA INCcall	$8,520,000	–	550,000	–	0.90%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$7,803,000	–	343,588	–	0.82%	–
DOW	New	DOW CHEM COput	$7,676,000	–	150,000	–	0.81%	–
SFUN	New	SOUFUN HLDGS LTDadr	$5,356,000	–	636,888	–	0.57%	–
TAL	New	TAL ED GROUP	$5,306,000	–	150,300	–	0.56%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$4,528,000	–	586,588	–	0.48%	–
DG	New	DOLLAR GEN CORP NEWput	$3,887,000	–	50,000	–	0.41%	–
JD	New	JD COM INCspon adr cl a	$3,581,000	–	105,000	–	0.38%	–
IWM	New	ISHARES TRput	$3,371,000	–	27,000	–	0.36%	–
PPS	New	POST PPTYS INC	$3,099,000	–	56,998	–	0.33%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$2,962,000	–	150,492	–	0.31%	–
VIV	New	TELEFONICA BRASIL SAsponsored adr	$2,343,000	–	168,200	–	0.25%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$1,745,000	–	28,566	–	0.18%	–
RAD	New	RITE AID CORPput	$1,169,000	–	140,000	–	0.12%	–
	New	TARENA INTL INCadr	$852,000	–	67,300	–	0.09%	–
LFC	New	CHINA LIFE INS CO LTDspon adr rep h	$699,000	–	32,100	–	0.07%	–
JD	New	JD COM INCput	$580,000	–	17,000	–	0.06%	–
WX	New	WUXI PHARMATECH CAYMAN INCcall	$465,000	–	11,000	–	0.05%	–
CIG	New	COMPANHIA ENERGETICA DE MINAsp adr n-v pfd	$435,000	–	114,200	–	0.05%	–

Q4 2014

			Value		Shares		↓ Weighting
EJ	Exit	E HOUSE CHINA HLDGS LTDadr	$0	–	-30,694	–	-0.03%	–
YOKU	Exit	YOUKU TUDOU INCsponsored adr	$0	–	-29,600	–	-0.05%	–
LFC	Exit	CHINA LIFE INS CO LTDspon adr rep h	$0	–	-15,500	–	-0.06%	–
FXI	Exit	ISHARES TRcall	$0	–	-37,000	–	-0.14%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-123,147	–	-0.14%	–
KB	Exit	KB FINANCIAL GROUP INCcall	$0	–	-42,000	–	-0.15%	–
S	Exit	SPRINT CORP	$0	–	-433,315	–	-0.27%	–
NFG	Exit	NATIONAL FUEL GAS CO N J	$0	–	-55,000	–	-0.38%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-184,300	–	-0.47%	–
TAL	Exit	TAL ED GROUP	$0	–	-169,168	–	-0.58%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-244,024	–	-0.67%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-236,695	–	-0.79%	–
PKX	Exit	POSCOsponsored adr	$0	–	-114,351	–	-0.85%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-672,263	–	-0.86%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-95,605	–	-0.86%	–
SINA	Exit	SINA CORPord	$0	–	-228,606	–	-0.92%	–
BSMX	Exit	GRUPO FINANCIERO SANTANDER M	$0	–	-707,108	–	-0.94%	–
CZZ	Exit	COSAN LTD	$0	–	-894,088	–	-0.94%	–
RMD	Exit	RESMED INC	$0	–	-200,000	–	-0.97%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-50,000	–	-0.97%	–
VIV	Exit	TELEFONICA BRASIL SAsponsored adr	$0	–	-527,023	–	-1.01%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-775,801	–	-1.06%	–
AMRE	Exit	AMREIT INC NEWcl b	$0	–	-490,012	–	-1.10%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-846,438	–	-1.18%	–
IPGP	Exit	IPG PHOTONICS CORP	$0	–	-200,000	–	-1.35%	–
MLCO	Exit	MELCO CROWN ENTMT LTDcall	$0	–	-525,000	–	-1.35%	–
HOLI	Exit	HOLLYSYS AUTOMATION TECHNOLO	$0	–	-633,200	–	-1.40%	–
NUS	Exit	NU SKIN ENTERPRISES INCcl a	$0	–	-331,466	–	-1.46%	–
YUM	Exit	YUM BRANDS INC	$0	–	-250,000	–	-1.77%	–
NS	Exit	NUSTAR ENERGY LPcall	$0	–	-275,000	–	-1.78%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-5,068,294	–	-1.86%	–
GLD	Exit	SPDR GOLD TRUSTcall	$0	–	-200,000	–	-2.28%	–
PTRY	Exit	PANTRY INC	$0	–	-1,177,004	–	-2.33%	–
HDB	Exit	HDFC BANK LTD	$0	–	-537,900	–	-2.46%	–
C	Exit	CITIGROUP INCcall	$0	–	-650,000	–	-3.30%	–
SFUN	Exit	SOUFUN HLDGS LTDadr	$0	–	-4,956,600	–	-4.84%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-243,748	–	-5.22%	–
EEM	Exit	ISHARES TRcall	$0	–	-3,300,000	–	-13.45%	–
SUNEQ	Exit	SUNEDISON INC	$0	–	-10,417,768	–	-19.28%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-2,354,410	–	-20.51%	–

Q3 2014

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$209,189,000	–	2,354,410	–	20.51%	–
SUNEQ	Sell	SUNEDISON INC	$196,687,000	-17.8%	10,417,768	-1.6%	19.28%	-45.0%
EEM	New	ISHARES TRcall	$137,148,000	–	3,300,000	–	13.45%	–
BIDU	Buy	BAIDU INCspon adr rep a	$53,193,000	+576.3%	243,748	+479.0%	5.22%	+352.3%
SFUN	Buy	SOUFUN HLDGS LTDadr	$49,318,000	+21.4%	4,956,600	+19.4%	4.84%	-18.8%
C	New	CITIGROUP INCcall	$33,683,000	–	650,000	–	3.30%	–
HDB	Sell	HDFC BANK LTD	$25,055,000	-33.1%	537,900	-32.8%	2.46%	-55.3%
PTRY	Buy	PANTRY INC	$23,811,000	+41.2%	1,177,004	+13.1%	2.33%	-5.6%
GLD	New	SPDR GOLD TRUSTcall	$23,242,000	–	200,000	–	2.28%	–
TRQ	Sell	TURQUOISE HILL RES LTD	$18,955,000	-7.7%	5,068,294	-17.6%	1.86%	-38.3%
NS	Sell	NUSTAR ENERGY LPcall	$18,134,000	-10.0%	275,000	-15.4%	1.78%	-39.8%
YUM	New	YUM BRANDS INC	$18,055,000	–	250,000	–	1.77%	–
NUS	New	NU SKIN ENTERPRISES INCcl a	$14,926,000	–	331,466	–	1.46%	–
HOLI	Sell	HOLLYSYS AUTOMATION TECHNOLO	$14,241,000	-16.9%	633,200	-9.5%	1.40%	-44.4%
MLCO	Buy	MELCO CROWN ENTMT LTDcall	$13,802,000	-7.9%	525,000	+25.0%	1.35%	-38.4%
IPGP	New	IPG PHOTONICS CORP	$13,750,000	–	200,000	–	1.35%	–
PBR	Buy	PETROLEO BRASILEIRO SA PETROsponsored adr	$12,011,000	+12.8%	846,438	+16.3%	1.18%	-24.6%
AMRE	New	AMREIT INC NEWcl b	$11,256,000	–	490,012	–	1.10%	–
ITUB	Buy	ITAU UNIBANCO HLDG SAspon adr rep pfd	$10,763,000	+54.1%	775,801	+59.8%	1.06%	+3.0%
VIV	New	TELEFONICA BRASIL SAsponsored adr	$10,321,000	–	527,023	–	1.01%	–
RMD	Sell	RESMED INC	$9,854,000	-44.4%	200,000	-42.9%	0.97%	-62.8%
SPY	Sell	SPDR S&P 500 ETF TRput	$9,851,000	-49.7%	50,000	-50.0%	0.97%	-66.3%
CZZ	Buy	COSAN LTD	$9,620,000	+33.7%	894,088	+68.5%	0.94%	-10.6%
BSMX	Buy	GRUPO FINANCIERO SANTANDER M	$9,567,000	+9.4%	707,108	+7.4%	0.94%	-26.8%
SINA	Buy	SINA CORPord	$9,405,000	+7.7%	228,606	+30.3%	0.92%	-28.0%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$8,800,000	+11.2%	95,605	+13.1%	0.86%	-25.6%
CX	Buy	CEMEX SAB DE CVspon adr new	$8,766,000	+11.3%	672,263	+12.9%	0.86%	-25.6%
PKX	Buy	POSCOsponsored adr	$8,679,000	+41.1%	114,351	+38.4%	0.85%	-5.7%
TV	Buy	GRUPO TELEVISA SAspon adr rep ord	$8,019,000	+36.3%	236,695	+38.0%	0.79%	-8.9%
MMYT	Sell	MAKEMYTRIP LIMITED MAURITIUS	$6,791,000	-62.1%	244,024	-52.2%	0.67%	-74.6%
TAL	New	TAL ED GROUP	$5,911,000	–	169,168	–	0.58%	–
JD	Sell	JD COM INCspon adr cl a	$4,759,000	-78.4%	184,300	-76.1%	0.47%	-85.5%
NFG	New	NATIONAL FUEL GAS CO N J	$3,849,000	–	55,000	–	0.38%	–
S	Sell	SPRINT CORP	$2,747,000	-85.6%	433,315	-80.6%	0.27%	-90.4%
KB	New	KB FINANCIAL GROUP INCcall	$1,521,000	–	42,000	–	0.15%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$1,441,000	–	123,147	–	0.14%	–
FXI	New	ISHARES TRcall	$1,416,000	–	37,000	–	0.14%	–
LFC	Buy	CHINA LIFE INS CO LTDspon adr rep h	$646,000	+223.0%	15,500	+203.9%	0.06%	+117.2%
YOKU	New	YOUKU TUDOU INCsponsored adr	$530,000	–	29,600	–	0.05%	–
EJ	Sell	E HOUSE CHINA HLDGS LTDadr	$292,000	-40.2%	30,694	-45.6%	0.03%	-59.7%
SCTY	Exit	SOLARCITY CORP	$0	–	-2,000	–	-0.02%	–
GFA	Exit	GAFISA S Aspons adr	$0	–	-60,500	–	-0.03%	–
U104PS	Exit	PERFECT WORLD CO LTDspon adr rep b	$0	–	-11,900	–	-0.03%	–
XLE	Exit	SELECT SECTOR SPDR TRcall	$0	–	-10,000	–	-0.15%	–
PTRY	Exit	PANTRY INCcall	$0	–	-150,000	–	-0.36%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-130,100	–	-0.93%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-154,934	–	-1.05%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-711,103	–	-1.17%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-406,100	–	-1.24%	–
CIG	Exit	COMPANHIA ENERGETICA DE MINAsp adr n-v pfd	$0	–	-1,142,004	–	-1.24%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-271,400	–	-2.47%	–
VNET	Exit	21VIANET GROUP INCsponsored adr	$0	–	-611,313	–	-2.69%	–
GLOG	Exit	GASLOG LTD	$0	–	-707,000	–	-3.31%	–

Q2 2014

			Value		Shares		↓ Weighting
SUNEQ	New	SUNEDISON INC	$239,256,000	–	10,586,535	–	35.08%	–
SFUN	New	SOUFUN HLDGS LTDadr	$40,630,000	–	4,150,200	–	5.96%	–
HDB	New	HDFC BANK LTD	$37,456,000	–	800,000	–	5.49%	–
GLOG	New	GASLOG LTD	$22,546,000	–	707,000	–	3.31%	–
JD	New	JD COM INCspon adr cl a	$22,028,000	–	772,633	–	3.23%	–
TRQ	New	TURQUOISE HILL RES LTD	$20,541,000	–	6,149,987	–	3.01%	–
NS	New	NUSTAR ENERGY LPcall	$20,153,000	–	325,000	–	2.96%	–
SPY	New	SPDR S&P 500 ETF TRput	$19,572,000	–	100,000	–	2.87%	–
S	New	SPRINT CORP	$19,031,000	–	2,231,021	–	2.79%	–
VNET	New	21VIANET GROUP INCsponsored adr	$18,321,000	–	611,313	–	2.69%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$17,917,000	–	510,032	–	2.63%	–
RMD	New	RESMED INC	$17,721,000	–	350,000	–	2.60%	–
HOLI	New	HOLLYSYS AUTOMATION TECHNOLO	$17,143,000	–	700,000	–	2.51%	–
PTRY	New	PANTRY INC	$16,858,000	–	1,040,591	–	2.47%	–
NS	New	NUSTAR ENERGY LP	$16,830,000	–	271,400	–	2.47%	–
MLCO	New	MELCO CROWN ENTMT LTDcall	$14,988,000	–	420,000	–	2.20%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$10,651,000	–	728,000	–	1.56%	–
BSMX	New	GRUPO FINANCIERO SANTANDER M	$8,743,000	–	658,382	–	1.28%	–
SINA	New	SINA CORPord	$8,730,000	–	175,411	–	1.28%	–
CIG	New	COMPANHIA ENERGETICA DE MINAsp adr n-v pfd	$8,451,000	–	1,142,004	–	1.24%	–
AMX	New	AMERICA MOVIL SAB DE CV	$8,427,000	–	406,100	–	1.24%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$7,964,000	–	711,103	–	1.17%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$7,913,000	–	84,500	–	1.16%	–
CX	New	CEMEX SAB DE CVspon adr new	$7,875,000	–	595,271	–	1.16%	–
BIDU	New	BAIDU INCspon adr rep a	$7,865,000	–	42,100	–	1.15%	–
CZZ	New	COSAN LTD	$7,197,000	–	530,754	–	1.06%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$7,178,000	–	154,934	–	1.05%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$6,983,000	–	485,574	–	1.02%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$6,363,000	–	130,100	–	0.93%	–
PKX	New	POSCOsponsored adr	$6,149,000	–	82,600	–	0.90%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$5,884,000	–	171,502	–	0.86%	–
PTRY	New	PANTRY INCcall	$2,430,000	–	150,000	–	0.36%	–
XLE	New	SELECT SECTOR SPDR TRcall	$1,001,000	–	10,000	–	0.15%	–
EJ	New	E HOUSE CHINA HLDGS LTDadr	$488,000	–	56,430	–	0.07%	–
U104PS	New	PERFECT WORLD CO LTDspon adr rep b	$234,000	–	11,900	–	0.03%	–
LFC	New	CHINA LIFE INS CO LTDspon adr rep h	$200,000	–	5,100	–	0.03%	–
GFA	New	GAFISA S Aspons adr	$185,000	–	60,500	–	0.03%	–
SCTY	New	SOLARCITY CORP	$141,000	–	2,000	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
TX	Exit	TERNIUM SAspon adr	$0	–	-9,400	–	-0.04%	–
EWW	Exit	ISHARESput	$0	–	-9,000	–	-0.11%	–
TTM	Exit	TATA MTRS LTDcall	$0	–	-33,000	–	-0.17%	–
NS	Exit	NUSTAR ENERGY LPcall	$0	–	-34,000	–	-0.26%	–
ARCO	Exit	ARCOS DORADADOS HOLDINGS INC	$0	–	-214,110	–	-0.49%	–
VALE	Exit	VALE S Aadr	$0	–	-233,900	–	-0.71%	–
TKC	Exit	TURKCELL ILETISIM HIZMETLERIspon adr new	$0	–	-300,363	–	-0.86%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-168,000	–	-1.18%	–
GGB	Exit	GERDAU S Aspon adr rep pfd	$0	–	-838,300	–	-1.21%	–
XLI	Exit	SLSECT SECTOR SPDR TRput	$0	–	-140,000	–	-1.26%	–
SNP	Exit	CHINA PETE & CHEM CORP	$0	–	-85,161	–	-1.29%	–
ETFC	Exit	E TRADE FINANCIAL CORPcall	$0	–	-430,000	–	-1.37%	–
WPO	Exit	WASHINGTON POST COcl b	$0	–	-12,083	–	-1.43%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-496,700	–	-1.49%	–
ERJ	Exit	EMBRAER S A	$0	–	-249,934	–	-1.57%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-297,600	–	-1.61%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-621,771	–	-1.70%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-196,900	–	-1.75%	–
ETFC	Exit	E TRADE FINANCIAL CORP	$0	–	-560,000	–	-1.79%	–
INTC	Exit	INTEL CORP	$0	–	-420,100	–	-1.86%	–
BSMX	Exit	GRUPO FINANCIERO SANTANDER M	$0	–	-711,777	–	-1.90%	–
CZZ	Exit	COSAN LTD	$0	–	-643,200	–	-1.91%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-250,000	–	-1.94%	–
CEO	Exit	CNOOC LTDsponsored adr	$0	–	-49,900	–	-1.95%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-659,000	–	-2.16%	–
SKM	Exit	SK TELECOM LTDsponsored adr	$0	–	-770,045	–	-3.38%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-133,000	–	-3.99%	–
CEO	Exit	CNOOC LTDcall	$0	–	-108,000	–	-4.22%	–
GLD	Exit	SPDR GOLD TRUSTcall	$0	–	-200,000	–	-4.96%	–
S	Exit	SPRINT CORP	$0	–	-4,400,300	–	-5.30%	–
HES	Exit	HESS CORP	$0	–	-386,200	–	-5.78%	–
DXJ	Exit	WISDOMTREE TRcall	$0	–	-840,000	–	-7.79%	–
INTC	Exit	INTEL CORPcall	$0	–	-2,175,000	–	-9.65%	–
IWM	Exit	ISHARESput	$0	–	-1,110,000	–	-22.90%	–

Q3 2013

			Value		Shares		↓ Weighting
IWM	New	ISHARESput	$118,337,000	–	1,110,000	–	22.90%	–
INTC	New	INTEL CORPcall	$49,853,000	–	2,175,000	–	9.65%	–
DXJ	New	WISDOMTREE TRcall	$40,261,000	–	840,000	–	7.79%	–
S	New	SPRINT CORP	$27,365,000	–	4,400,300	–	5.30%	–
GLD	New	SPDR GOLD TRUSTcall	$25,636,000	–	200,000	–	4.96%	–
CEO	New	CNOOC LTDcall	$21,794,000	–	108,000	–	4.22%	–
BIDU	New	BAIDU INCspon adr rep a	$20,639,000	–	133,000	–	3.99%	–
SKM	Sell	SK TELECOM LTDsponsored adr	$17,480,000	-0.8%	770,045	-11.2%	3.38%	-14.1%
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$11,177,000	+38.6%	659,000	+49.7%	2.16%	+20.1%
CEO	New	CNOOC LTDsponsored adr	$10,070,000	–	49,900	–	1.95%	–
NS	Buy	NUSTAR ENERGY LP	$10,028,000	+778.9%	250,000	+900.0%	1.94%	+661.2%
CZZ	Buy	COSAN LTD	$9,886,000	+14.6%	643,200	+20.5%	1.91%	-0.7%
BSMX	Buy	GRUPO FINANCIERO SANTANDER M	$9,837,000	-0.7%	711,777	+2.1%	1.90%	-13.9%
INTC	New	INTEL CORP	$9,629,000	–	420,100	–	1.86%	–
ETFC	Buy	E TRADE FINANCIAL CORP	$9,240,000	+342.3%	560,000	+239.4%	1.79%	+283.7%
CBD	Sell	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$9,061,000	-2.3%	196,900	-3.5%	1.75%	-15.3%
ITUB	Sell	ITAU UNIBANCO HLDG SAspon adr rep pfd	$8,779,000	-38.6%	621,771	-43.9%	1.70%	-46.8%
TV	Sell	GRUPO TELEVISA SAspon adr rep ord	$8,318,000	-3.2%	297,600	-14.0%	1.61%	-16.1%
ERJ	Buy	EMBRAER S A	$8,115,000	+11.6%	249,934	+26.8%	1.57%	-3.3%
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$7,694,000	–	496,700	–	1.49%	–
WPO	Buy	WASHINGTON POST COcl b	$7,387,000	+62.8%	12,083	+28.8%	1.43%	+41.2%
ETFC	New	E TRADE FINANCIAL CORPcall	$7,095,000	–	430,000	–	1.37%	–
SNP	Buy	CHINA PETE & CHEM CORP	$6,667,000	+44.6%	85,161	+30.0%	1.29%	+25.2%
XLI	Buy	SLSECT SECTOR SPDR TRput	$6,497,000	+154.0%	140,000	+133.3%	1.26%	+120.1%
GGB	New	GERDAU S Aspon adr rep pfd	$6,254,000	–	838,300	–	1.21%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$6,100,000	–	168,000	–	1.18%	–
TKC	Sell	TURKCELL ILETISIM HIZMETLERIspon adr new	$4,430,000	-39.7%	300,363	-41.3%	0.86%	-47.8%
VALE	New	VALE S Aadr	$3,651,000	–	233,900	–	0.71%	–
ARCO	Sell	ARCOS DORADADOS HOLDINGS INC	$2,537,000	-23.7%	214,110	-25.4%	0.49%	-33.9%
TTM	New	TATA MTRS LTDcall	$878,000	–	33,000	–	0.17%	–
EWW	New	ISHARESput	$575,000	–	9,000	–	0.11%	–
TX	New	TERNIUM SAspon adr	$226,000	–	9,400	–	0.04%	–
YUM	Exit	YUM BRANDS INC	$0	–	-400	–	-0.01%	–
HSBC	Exit	HSBC HLDGS PLCspon adr new	$0	–	-900	–	-0.01%	–
TM	Exit	TOYOTA MOTOR CORP	$0	–	-500	–	-0.01%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-1,800	–	-0.02%	–
CO	Exit	CHINA CORD BLOOD CORP	$0	–	-104,245	–	-0.06%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-35,400	–	-0.21%	–
S	Exit	SPRINT NEXTEL CORP	$0	–	-149,800	–	-0.24%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-242,308	–	-0.32%	–
KB	Exit	KB FINANCIAL GROUP INCsponsored adr	$0	–	-69,900	–	-0.46%	–
PHI	Exit	PHILIPPINE LONG DISTANCE TELsponsored adr	$0	–	-84,310	–	-1.28%	–
VIPS	Exit	VIPSHOP HLDGS LTDput	$0	–	-200,000	–	-1.30%	–
KEP	Exit	MEAD JOHNSON NUTRITION COsponsored adr	$0	–	-138,650	–	-2.41%	–
SINA	Exit	SINA CORPord	$0	–	-412,229	–	-5.13%	–
HES	Exit	HESS CORPcall	$0	–	-375,000	–	-5.57%	–
HSBC	Exit	HSBC HLDGS PLCcall	$0	–	-865,000	–	-10.02%	–
EEM	Exit	ISHARES TRcall	$0	–	-1,871,000	–	-16.09%	–
XLF	Exit	SELECT SECTOR SPDR TRcall	$0	–	-6,075,000	–	-26.38%	–

Q2 2013

			Value		Shares		↓ Weighting
XLF	New	SELECT SECTOR SPDR TRcall	$118,128,000	–	6,075,000	–	26.38%	–
EEM	New	ISHARES TRcall	$72,033,000	–	1,871,000	–	16.09%	–
HSBC	New	HSBC HLDGS PLCcall	$44,893,000	–	865,000	–	10.02%	–
HES	New	HESS CORP	$25,678,000	–	386,200	–	5.73%	–
HES	New	HESS CORPcall	$24,934,000	–	375,000	–	5.57%	–
SINA	New	SINA CORPord	$22,973,000	–	412,229	–	5.13%	–
SKM	New	SK TELECOM LTDsponsored adr	$17,629,000	–	867,145	–	3.94%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$14,308,000	–	1,107,471	–	3.20%	–
KEP	New	MEAD JOHNSON NUTRITION COsponsored adr	$10,781,000	–	138,650	–	2.41%	–
BSMX	New	GRUPO FINANCIERO SANTANDER M	$9,905,000	–	697,077	–	2.21%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$9,278,000	–	204,100	–	2.07%	–
CZZ	New	COSAN LTD	$8,623,000	–	533,600	–	1.93%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$8,592,000	–	345,900	–	1.92%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$8,063,000	–	440,100	–	1.80%	–
TKC	New	TURKCELL ILETISIM HIZMETLERIspon adr new	$7,350,000	–	511,455	–	1.64%	–
ERJ	New	EMBRAER S A	$7,271,000	–	197,109	–	1.62%	–
VIPS	New	VIPSHOP HLDGS LTDput	$5,832,000	–	200,000	–	1.30%	–
PHI	New	PHILIPPINE LONG DISTANCE TELsponsored adr	$5,721,000	–	84,310	–	1.28%	–
SNP	New	CHINA PETE & CHEM CORP	$4,611,000	–	65,509	–	1.03%	–
WPO	New	WASHINGTON POST COcl b	$4,538,000	–	9,380	–	1.01%	–
ARCO	New	ARCOS DORADOS HOLDINGS INC	$3,327,000	–	286,834	–	0.74%	–
XLI	New	SELECT SECTOR SPDR TRput	$2,558,000	–	60,000	–	0.57%	–
ETFC	New	E TRADE FINANCIAL CORP	$2,089,000	–	165,000	–	0.47%	–
KB	New	KB FINANCIAL GROUP INCsponsored adr	$2,071,000	–	69,900	–	0.46%	–
NS	New	NUSTAR ENERGY LPcall	$1,552,000	–	34,000	–	0.35%	–
TRQ	New	TURQUOISE HILL RES LTD	$1,437,000	–	242,308	–	0.32%	–
NS	New	NUSTAR ENERGY LP	$1,141,000	–	25,000	–	0.26%	–
S	New	SPRINT NEXTEL CORP	$1,051,000	–	149,800	–	0.24%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$946,000	–	35,400	–	0.21%	–
CO	New	CHINA CORD BLOOD CORP	$293,000	–	104,245	–	0.06%	–
IBN	New	ICICI BK LTDadr	$69,000	–	1,800	–	0.02%	–
TM	New	TOYOTA MOTOR CORP	$60,000	–	500	–	0.01%	–
HSBC	New	HSBC HLDGS PLCspon adr new	$47,000	–	900	–	0.01%	–
YUM	New	YUM BRANDS INC	$28,000	–	400	–	0.01%	–

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