EMERGING SOVEREIGN GROUP LLC Activity Q4 2009-Q3 2018

Q3 2018

			Value		Shares		↓ Weighting
	New	Nonenone	$0	–	0	–	0.00%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-53,467	–	-2.14%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-269,000	–	-4.16%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-189,459	–	-5.21%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-548,076	–	-7.86%	–
HDB	Exit	HDFC BANK LTD	$0	–	-226,316	–	-9.43%	–
YNDX	Exit	YANDEX N V	$0	–	-956,241	–	-13.62%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-214,750	–	-15.80%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-1,087,759	–	-20.55%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-565,517	–	-21.24%	–

Q2 2018

			Value		Shares		↓ Weighting
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$53,532,000	–	565,517	–	21.24%	–
CTRP	New	CTRIP COM INTL LTD	$51,810,000	–	1,087,759	–	20.55%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$39,843,000	–	214,750	–	15.80%	–
YNDX	New	YANDEX N V	$34,329,000	–	956,241	–	13.62%	–
HDB	New	HDFC BANK LTD	$23,768,000	–	226,316	–	9.43%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$19,813,000	–	548,076	–	7.86%	–
WUBA	New	58 COM INCspon adr rep a	$13,137,000	–	189,459	–	5.21%	–
JD	New	JD COM INCspon adr cl a	$10,478,000	–	269,000	–	4.16%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$5,387,000	–	53,467	–	2.14%	–

Q4 2017

			Value		Shares		↓ Weighting
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-138,350	–	-2.58%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-88,630	–	-2.86%	–
BAP	Exit	CREDICORP LTD	$0	–	-108,749	–	-9.29%	–
BTI	Exit	BRITISH AMERN TOB PLCsponsored adr	$0	–	-384,835	–	-10.01%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-154,485	–	-11.11%	–
VEON	Exit	VEON LTDsponsored adr	$0	–	-7,284,897	–	-12.68%	–
HDB	Exit	HDFC BANK LTD	$0	–	-336,651	–	-13.51%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-296,687	–	-14.74%	–
YNDX	Exit	YANDEX N V	$0	–	-1,691,636	–	-23.21%	–

Q3 2017

			Value		Shares		↓ Weighting
YNDX	Sell	YANDEX N V	$55,739,000	+3.8%	1,691,636	-17.3%	23.21%	+69.1%
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$35,395,000	-25.6%	296,687	-31.1%	14.74%	+21.3%
HDB	Sell	HDFC BANK LTD	$32,443,000	-9.8%	336,651	-18.6%	13.51%	+46.9%
VEON	Buy	VEON LTDsponsored adr	$30,451,000	+24.8%	7,284,897	+16.7%	12.68%	+103.3%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$26,681,000	-43.0%	154,485	-53.5%	11.11%	-7.2%
BTI	Buy	BRITISH AMERN TOB PLCsponsored adr	$24,033,000	+1.9%	384,835	+11.8%	10.01%	+66.0%
BAP	Sell	CREDICORP LTD	$22,296,000	-43.6%	108,749	-50.7%	9.29%	-8.1%
KHC	Sell	KRAFT HEINZ CO	$6,873,000	-38.3%	88,630	-31.9%	2.86%	+0.5%
EEM	Buy	ISHARES TRmsci emg mkt etf	$6,199,000	+10.7%	138,350	+2.3%	2.58%	+80.4%
YUMC	Exit	YUM CHINA HLDGS INC	$0	–	-321,494	–	-3.24%	–
WIX	Exit	WIX COM LTD	$0	–	-247,964	–	-4.41%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-734,183	–	-6.20%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-1,240,971	–	-12.44%	–

Q2 2017

			Value		Shares		↓ Weighting
YNDX	New	YANDEX N V	$53,695,000	–	2,046,306	–	13.73%	–
JD	New	JD COM INCspon adr cl a	$48,671,000	–	1,240,971	–	12.44%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$47,549,000	–	430,857	–	12.16%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$46,823,000	–	332,315	–	11.97%	–
BAP	New	CREDICORP LTD	$39,536,000	–	220,391	–	10.11%	–
HDB	New	HDFC BANK LTD	$35,976,000	–	413,661	–	9.20%	–
VEON	New	VEON LTDsponsored adr	$24,405,000	–	6,241,622	–	6.24%	–
TTM	New	TATA MTRS LTDsponsored adr	$24,235,000	–	734,183	–	6.20%	–
BTI	New	BRITISH AMERN TOB PLCsponsored adr	$23,583,000	–	344,075	–	6.03%	–
WIX	New	WIX COM LTD	$17,258,000	–	247,964	–	4.41%	–
YUMC	New	YUM CHINA HLDGS INC	$12,677,000	–	321,494	–	3.24%	–
KHC	New	KRAFT HEINZ CO	$11,143,000	–	130,110	–	2.85%	–
EEM	New	ISHARES TRmsci emg mkt etf	$5,598,000	–	135,250	–	1.43%	–

Q4 2016

			Value		Shares		↓ Weighting
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-1,065,070	–	-1.98%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-231,980	–	-2.00%	–
DNKN	Exit	DUNKIN BRANDS GROUP INC	$0	–	-666,811	–	-2.34%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-856,564	–	-2.36%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-770,600	–	-2.42%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-405,748	–	-2.44%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-1,652,337	–	-2.90%	–
BAX	Exit	BAXTER INTL INC	$0	–	-938,505	–	-3.01%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-57,573	–	-3.01%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,707,654	–	-3.22%	–
WWAV	Exit	WHITEWAVE FOODS CO	$0	–	-992,223	–	-3.64%	–
V	Exit	VISA INC	$0	–	-722,681	–	-4.02%	–
BAP	Exit	CREDICORP LTD	$0	–	-451,497	–	-4.63%	–
HDB	Exit	HDFC BANK LTD	$0	–	-1,008,917	–	-4.88%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-2,077,329	–	-5.59%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-663,614	–	-5.87%	–
STZ	Exit	CONSTELLATION BRANDS INCcl a	$0	–	-544,081	–	-6.10%	–
TAP	Exit	MOLSON COORS BREWING COcl b	$0	–	-1,028,867	–	-7.60%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-1,361,080	–	-9.69%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-3,160,410	–	-10.14%	–
YUM	Exit	YUM BRANDS INC	$0	–	-1,988,121	–	-12.15%	–

Q3 2016

			Value		Shares		↓ Weighting
YUM	Buy	YUM BRANDS INC	$180,541,000	+35.2%	1,988,121	+23.4%	12.15%	+32.4%
WUBA	Buy	58 COM INCspon adr rep a	$150,625,000	+54.8%	3,160,410	+49.1%	10.14%	+51.6%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$143,989,000	+27.5%	1,361,080	-4.2%	9.69%	+24.8%
TAP	Sell	MOLSON COORS BREWING COcl b	$112,970,000	-12.0%	1,028,867	-19.0%	7.60%	-13.8%
STZ	Sell	CONSTELLATION BRANDS INCcl a	$90,584,000	-9.7%	544,081	-10.3%	6.10%	-11.6%
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$87,206,000	+8.3%	663,614	+8.6%	5.87%	+6.1%
TTM	New	TATA MTRS LTDsponsored adr	$83,052,000	–	2,077,329	–	5.59%	–
HDB	Buy	HDFC BANK LTD	$72,531,000	+21.3%	1,008,917	+11.9%	4.88%	+18.8%
BAP	Buy	CREDICORP LTD	$68,727,000	+8.3%	451,497	+9.8%	4.63%	+6.1%
V	Buy	VISA INC	$59,766,000	+85.5%	722,681	+66.4%	4.02%	+81.6%
WWAV	Sell	WHITEWAVE FOODS CO	$54,007,000	-3.5%	992,223	-16.8%	3.64%	-5.5%
LILAK	Buy	LIBERTY GLOBAL PLC	$47,900,000	+344.5%	1,707,654	+414.8%	3.22%	+335.1%
GOOG	Sell	ALPHABET INCcap stk cl c	$44,751,000	-8.1%	57,573	-18.2%	3.01%	-10.0%
BAX	Sell	BAXTER INTL INC	$44,673,000	-22.0%	938,505	-25.9%	3.01%	-23.6%
JD	Buy	JD COM INCspon adr cl a	$43,109,000	+79.6%	1,652,337	+46.1%	2.90%	+75.9%
KHC	Sell	KRAFT HEINZ CO	$36,319,000	-30.4%	405,748	-31.2%	2.44%	-31.8%
CTRP	Buy	CTRIP COM INTL LTD	$35,887,000	+50.3%	770,600	+33.0%	2.42%	+47.2%
PYPL	Sell	PAYPAL HLDGS INC	$35,093,000	-22.5%	856,564	-30.9%	2.36%	-24.1%
DNKN	New	DUNKIN BRANDS GROUP INC	$34,728,000	–	666,811	–	2.34%	–
FB	Sell	FACEBOOK INCcl a	$29,756,000	-8.3%	231,980	-18.3%	2.00%	-10.2%
LILA	Buy	LIBERTY GLOBAL PLC	$29,385,000	+171.9%	1,065,070	+218.0%	1.98%	+166.2%
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-1,337,200	–	-4.18%	–
AGN	Exit	ALLERGAN PLC	$0	–	-398,320	–	-6.33%	–
MJN	Exit	MEAD JOHNSON NUTRITION CO	$0	–	-1,456,700	–	-9.09%	–

Q2 2016

			Value		Shares		↓ Weighting
YUM	New	YUM BRANDS INC	$133,549,000	–	1,610,571	–	9.18%	–
MJN	New	MEAD JOHNSON NUTRITION CO	$132,196,000	–	1,456,700	–	9.09%	–
TAP	New	MOLSON COORS BREWING COcl b	$128,402,000	–	1,269,677	–	8.82%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$112,941,000	–	1,420,110	–	7.76%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$100,370,000	–	606,831	–	6.90%	–
WUBA	New	58 COM INCspon adr rep a	$97,281,000	–	2,119,879	–	6.69%	–
AGN	New	ALLERGAN PLC	$92,048,000	–	398,320	–	6.33%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$80,497,000	–	611,304	–	5.53%	–
BAP	New	CREDICORP LTD	$63,466,000	–	411,238	–	4.36%	–
MDLZ	New	MONDELEZ INTL INCcl a	$60,856,000	–	1,337,200	–	4.18%	–
HDB	New	HDFC BANK LTD	$59,818,000	–	901,552	–	4.11%	–
BAX	New	BAXTER INTL INC	$57,267,000	–	1,266,405	–	3.94%	–
WWAV	New	WHITEWAVE FOODS CO	$55,968,000	–	1,192,323	–	3.85%	–
KHC	New	KRAFT HEINZ CO	$52,163,000	–	589,548	–	3.58%	–
GOOG	New	ALPHABET INCcap stk cl c	$48,705,000	–	70,373	–	3.35%	–
PYPL	New	PAYPAL HLDGS INC	$45,275,000	–	1,240,064	–	3.11%	–
FB	New	FACEBOOK INCcl a	$32,453,000	–	283,980	–	2.23%	–
V	New	VISA INC	$32,222,000	–	434,431	–	2.22%	–
JD	New	JD COM INCspon adr cl a	$24,003,000	–	1,130,637	–	1.65%	–
CTRP	New	CTRIP COM INTL LTD	$23,871,000	–	579,400	–	1.64%	–
LILA	New	LIBERTY GLOBAL PLC	$10,806,000	–	334,970	–	0.74%	–
LILAK	New	LIBERTY GLOBAL PLC	$10,777,000	–	331,710	–	0.74%	–

Q4 2015

			Value		Shares		↓ Weighting
HDB	Exit	HDFC BANK LTD	$0	–	-85,836	–	-0.24%	–
EWW	Exit	ISHARESmsci mex cap etf	$0	–	-204,100	–	-0.48%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-604,000	–	-0.72%	–
QUNR	Exit	QUNAR CAYMAN IS LTDspns adr cl b	$0	–	-533,800	–	-0.73%	–
EWZ	Exit	ISHARESmsci brz cap etf	$0	–	-760,900	–	-0.76%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-101,980	–	-0.89%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-623,900	–	-0.94%	–
MON	Exit	MONSANTO CO NEW	$0	–	-287,100	–	-1.11%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-735,090	–	-1.57%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,210,164	–	-1.71%	–
V	Exit	VISA INC	$0	–	-540,568	–	-1.71%	–
BAP	Exit	CREDICORP LTD	$0	–	-374,332	–	-1.81%	–
WWAV	Exit	WHITEWAVE FOODS CO	$0	–	-998,548	–	-1.82%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-443,029	–	-1.83%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-250,000	–	-2.18%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-232,745	–	-2.25%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-733,031	–	-2.31%	–
STZ	Exit	CONSTELLATION BRANDS INCcl a	$0	–	-497,800	–	-2.84%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-391,367	–	-3.18%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-3,012,600	–	-4.49%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-1,680,461	–	-5.10%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-1,202,324	–	-5.81%	–
TAP	Exit	MOLSON COORS BREWING COcl b	$0	–	-1,557,037	–	-5.88%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-1,875,581	–	-6.02%	–
AGN	Exit	ALLERGAN PLC	$0	–	-539,700	–	-6.67%	–
YUM	Exit	YUM BRANDS INC	$0	–	-1,951,161	–	-7.10%	–
FXI	Exit	ISHARES TRput	$0	–	-7,881,700	–	-12.72%	–
EEM	Exit	ISHARES TRcall	$0	–	-11,497,800	–	-17.14%	–

Q3 2015

			Value		Shares		↓ Weighting
EEM	Buy	ISHARES TRcall	$376,898,000	+1384.7%	11,497,800	+1694.6%	17.14%	+1763.4%
FXI	New	ISHARES TRput	$279,564,000	–	7,881,700	–	12.72%	–
YUM	Buy	YUM BRANDS INC	$155,995,000	+268.2%	1,951,161	+314.8%	7.10%	+361.9%
AGN	Sell	ALLERGAN PLC	$146,696,000	-20.4%	539,700	-11.1%	6.67%	-0.1%
KHC	New	KRAFT HEINZ CO	$132,379,000	–	1,875,581	–	6.02%	–
TAP	New	MOLSON COORS BREWING COcl b	$129,265,000	–	1,557,037	–	5.88%	–
BUD	Sell	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$127,831,000	-42.2%	1,202,324	-34.4%	5.81%	-27.5%
DLTR	Sell	DOLLAR TREE INC	$112,020,000	-38.1%	1,680,461	-26.6%	5.10%	-22.3%
EEM	New	ISHARES TRmsci emg mkt etf	$98,753,000	–	3,012,600	–	4.49%	–
VRX	Sell	VALEANT PHARMACEUTICALS INTL	$69,812,000	-56.5%	391,367	-45.8%	3.18%	-45.4%
STZ	New	CONSTELLATION BRANDS INCcl a	$62,330,000	–	497,800	–	2.84%	–
CTXS	New	CITRIX SYS INC	$50,784,000	–	733,031	–	2.31%	–
TDG	Sell	TRANSDIGM GROUP INC	$49,437,000	-40.6%	232,745	-37.2%	2.25%	-25.5%
SPY	New	SPDR S&P 500 ETF TRput	$47,908,000	–	250,000	–	2.18%	–
KSU	New	KANSAS CITY SOUTHERN	$40,262,000	–	443,029	–	1.83%	–
WWAV	Sell	WHITEWAVE FOODS CO	$40,092,000	-34.4%	998,548	-20.1%	1.82%	-17.6%
BAP	Sell	CREDICORP LTD	$39,814,000	-67.7%	374,332	-57.8%	1.81%	-59.4%
V	Sell	VISA INC	$37,656,000	-38.3%	540,568	-40.6%	1.71%	-22.6%
PYPL	New	PAYPAL HLDGS INC	$37,563,000	–	1,210,164	–	1.71%	–
WUBA	Sell	58 COM INCspon adr rep a	$34,586,000	-81.6%	735,090	-75.0%	1.57%	-76.9%
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$20,645,000	–	623,900	–	0.94%	–
EWZ	New	ISHARESmsci brz cap etf	$16,702,000	–	760,900	–	0.76%	–
QUNR	Sell	QUNAR CAYMAN IS LTDspns adr cl b	$16,051,000	-88.5%	533,800	-83.6%	0.73%	-85.5%
JD	Sell	JD COM INCspon adr cl a	$15,740,000	-96.4%	604,000	-95.2%	0.72%	-95.4%
EWW	New	ISHARESmsci mex cap etf	$10,523,000	–	204,100	–	0.48%	–
HDB	New	HDFC BANK LTD	$5,244,000	–	85,836	–	0.24%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-242,074	–	-0.34%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-2,048,400	–	-0.77%	–
IFF	Exit	INTERNATIONAL FLAVORS&FRAGRA	$0	–	-340,500	–	-1.35%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-200,000	–	-1.49%	–
EBAY	Exit	EBAY INC	$0	–	-2,297,564	–	-5.02%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-6,726,837	–	-5.42%	–
SUNEQ	Exit	SUNEDISON INC	$0	–	-6,097,949	–	-6.61%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-2,652,300	–	-8.18%	–

Q2 2015

			Value		Shares		↓ Weighting
JD	New	JD COM INCspon adr cl a	$431,632,000	–	12,657,818	–	15.64%	–
KRFT	New	KRAFT FOODS GROUP INC	$225,817,000	–	2,652,300	–	8.18%	–
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$221,291,000	–	1,833,853	–	8.02%	–
WUBA	New	58 COM INCspon adr rep a	$188,142,000	–	2,936,964	–	6.82%	–
AGN	New	ALLERGAN PLC	$184,279,000	–	607,260	–	6.68%	–
SUNEQ	New	SUNEDISON INC	$182,390,000	–	6,097,949	–	6.61%	–
DLTR	New	DOLLAR TREE INC	$180,860,000	–	2,289,661	–	6.56%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$160,407,000	–	722,067	–	5.81%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$149,672,000	–	6,726,837	–	5.42%	–
QUNR	New	QUNAR CAYMAN IS LTDspns adr cl b	$139,128,000	–	3,246,871	–	5.04%	–
EBAY	New	EBAY INC	$138,405,000	–	2,297,564	–	5.02%	–
BAP	New	CREDICORP LTD	$123,166,000	–	886,597	–	4.46%	–
TDG	New	TRANSDIGM GROUP INC	$83,229,000	–	370,450	–	3.02%	–
WWAV	New	WHITEWAVE FOODS CO	$61,093,000	–	1,249,848	–	2.21%	–
V	New	VISA INC	$61,064,000	–	909,368	–	2.21%	–
YUM	New	YUM BRANDS INC	$42,370,000	–	470,356	–	1.54%	–
SPY	New	SPDR S&P 500 ETF TRcall	$41,170,000	–	200,000	–	1.49%	–
IFF	New	INTERNATIONAL FLAVORS&FRAGRA	$37,213,000	–	340,500	–	1.35%	–
MON	New	MONSANTO CO NEW	$30,602,000	–	287,100	–	1.11%	–
EEM	New	ISHARES TRcall	$25,385,000	–	640,700	–	0.92%	–
IBN	New	ICICI BK LTDadr	$21,344,000	–	2,048,400	–	0.77%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$20,993,000	–	101,980	–	0.76%	–
QSR	New	RESTAURANT BRANDS INTL INC	$9,250,000	–	242,074	–	0.34%	–

Q4 2014

			Value		Shares		↓ Weighting
MBI	Exit	MBIA INC	$0	–	-493,000	–	-0.18%	–
MBI	Exit	MBIA INCcall	$0	–	-1,525,000	–	-0.55%	–
YUM	Exit	YUM BRANDS INC	$0	–	-294,530	–	-0.83%	–
NBG	Exit	NATIONAL BK GREECE S Aspn adr rep 1 sh	$0	–	-7,320,115	–	-0.86%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-1,112,771	–	-1.62%	–
DISCA	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-1,112,771	–	-1.64%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-227,500	–	-1.75%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-245,300	–	-1.88%	–
MON	Exit	MONSANTO CO NEW	$0	–	-436,300	–	-1.92%	–
FXI	Exit	ISHARES TRput	$0	–	-1,800,000	–	-2.69%	–
CBD	Exit	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$0	–	-1,680,619	–	-2.86%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-1,832,754	–	-3.20%	–
WWAV	Exit	WHITEWAVE FOODS CO	$0	–	-2,291,861	–	-3.25%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-484,750	–	-3.48%	–
BAP	Exit	CREDICORP LTD	$0	–	-609,579	–	-3.65%	–
FOX	Exit	TWENTY FIRST CENTY FOX INCcl b	$0	–	-3,250,800	–	-4.22%	–
MJN	Exit	MEAD JOHNSON NUTRITION CO	$0	–	-1,136,361	–	-4.26%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-3,405,900	–	-4.56%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-2,177,754	–	-5.19%	–
FDX	Exit	FEDEX CORP	$0	–	-825,074	–	-5.20%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-1,099,400	–	-5.63%	–
CFX	Exit	COLFAX CORP	$0	–	-2,535,889	–	-5.64%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-794,867	–	-5.86%	–
C	Exit	CITIGROUP INC	$0	–	-3,135,000	–	-6.34%	–
QIHU	Exit	QIHOO 360 TECHNOLOGY CO LTDads	$0	–	-3,170,337	–	-8.34%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-3,335,070	–	-14.42%	–

Q3 2014

			Value		Shares		↓ Weighting
BUD	Buy	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$369,693,000	+11.1%	3,335,070	+15.2%	14.42%	+33.4%
QIHU	Buy	QIHOO 360 TECHNOLOGY CO LTDads	$213,903,000	+0.5%	3,170,337	+37.1%	8.34%	+20.7%
C	Buy	CITIGROUP INC	$162,456,000	+11.3%	3,135,000	+1.1%	6.34%	+33.7%
VIPS	Buy	VIPSHOP HLDGS LTDsponsored adr	$150,238,000	+14.6%	794,867	+13.9%	5.86%	+37.7%
CFX	Buy	COLFAX CORP	$144,470,000	+6.2%	2,535,889	+38.9%	5.64%	+27.5%
VRX	Sell	VALEANT PHARMACEUTICALS INTL	$144,241,000	+2.3%	1,099,400	-1.6%	5.63%	+22.9%
DG	Buy	DOLLAR GEN CORP NEW	$133,083,000	+39.3%	2,177,754	+30.8%	5.19%	+67.3%
MJN	Sell	MEAD JOHNSON NUTRITION CO	$109,341,000	-7.9%	1,136,361	-10.8%	4.26%	+10.7%
BAP	Sell	CREDICORP LTD	$93,503,000	-17.2%	609,579	-16.1%	3.65%	-0.6%
WWAV	New	WHITEWAVE FOODS CO	$83,263,000	–	2,291,861	–	3.25%	–
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$82,052,000	+13.8%	1,832,754	+24.3%	3.20%	+36.7%
CBD	Buy	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$73,292,000	+89.8%	1,680,619	+101.6%	2.86%	+128.0%
FXI	Sell	ISHARES TRput	$68,904,000	-54.6%	1,800,000	-56.1%	2.69%	-45.5%
MON	New	MONSANTO CO NEW	$49,088,000	–	436,300	–	1.92%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$48,329,000	–	245,300	–	1.88%	–
SPY	Sell	SPDR S&P 500 ETF TRcall	$44,822,000	-81.1%	227,500	-81.2%	1.75%	-77.3%
DISCK	New	DISCOVERY COMMUNICATNS NEW	$41,484,000	–	1,112,771	–	1.62%	–
NBG	Buy	NATIONAL BK GREECE S Aspn adr rep 1 sh	$22,034,000	-9.2%	7,320,115	+11.0%	0.86%	+9.0%
YUM	Sell	YUM BRANDS INC	$21,200,000	-69.1%	294,530	-65.2%	0.83%	-62.9%
MBI	New	MBIA INCcall	$14,000,000	–	1,525,000	–	0.55%	–
MBI	New	MBIA INC	$4,526,000	–	493,000	–	0.18%	–
VXX	Exit	BARCLAYS BK PLCput	$0	–	-850,000	–	-0.79%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-725,515	–	-1.18%	–
ALLE	Exit	ALLEGION PUB LTD CO	$0	–	-710,966	–	-1.31%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-966,520	–	-1.70%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-62,542	–	-2.44%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-640,000	–	-4.07%	–
NUS	Exit	NU SKIN ENTERPRISES INCcl a	$0	–	-2,520,399	–	-6.05%	–

Q2 2014

			Value		Shares		↓ Weighting
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$332,817,000	–	2,895,570	–	10.81%	–
SPY	New	SPDR S&P 500 ETF TRcall	$237,213,000	–	1,212,000	–	7.70%	–
QIHU	New	QIHOO 360 TECHNOLOGY CO LTDads	$212,796,000	–	2,311,997	–	6.91%	–
NUS	New	NU SKIN ENTERPRISES INCcl a	$186,409,000	–	2,520,399	–	6.05%	–
FXI	New	ISHARESput	$151,864,000	–	4,100,000	–	4.93%	–
C	New	CITIGROUP INC	$145,986,000	–	3,099,500	–	4.74%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$140,977,000	–	1,117,800	–	4.58%	–
CFX	New	COLFAX CORP	$136,087,000	–	1,825,689	–	4.42%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$131,058,000	–	698,080	–	4.26%	–
SPY	New	SPDR S&P 500 ETF TRput	$125,261,000	–	640,000	–	4.07%	–
FDX	New	FEDEX CORP	$124,900,000	–	825,074	–	4.06%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$119,717,000	–	3,405,900	–	3.89%	–
MJN	New	MEAD JOHNSON NUTRITION CO	$118,658,000	–	1,273,561	–	3.85%	–
BAP	New	CREDICORP LTD	$112,978,000	–	726,686	–	3.67%	–
FOX	New	TWENTY FIRST CENTY FOX INCcl b	$111,275,000	–	3,250,800	–	3.61%	–
DG	New	DOLLAR GEN CORP NEW	$95,504,000	–	1,665,000	–	3.10%	–
DISCA	New	DISCOVERY COMMUNICATNS NEW	$82,657,000	–	1,112,771	–	2.68%	–
TDG	New	TRANSDIGM GROUP INC	$81,079,000	–	484,750	–	2.63%	–
PCLN	New	PRICELINE GRP INC	$75,238,000	–	62,542	–	2.44%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$72,130,000	–	1,474,754	–	2.34%	–
YUM	New	YUM BRANDS INC	$68,678,000	–	845,792	–	2.23%	–
WUBA	New	58 COM INCspon adr rep a	$52,250,000	–	966,520	–	1.70%	–
ALLE	New	ALLEGION PUB LTD CO	$40,298,000	–	710,966	–	1.31%	–
CBD	New	COMPANHIA BRASILEIRA DE DISTspn adr pfd cl a	$38,622,000	–	833,634	–	1.25%	–
IBN	New	ICICI BK LTDadr	$36,203,000	–	725,515	–	1.18%	–
VXX	New	BARCLAYS BK PLCput	$24,310,000	–	850,000	–	0.79%	–
NBG	New	NATIONAL BK GREECE S Aspn adr rep 1 sh	$24,274,000	–	6,596,115	–	0.79%	–

Q4 2013

			Value		Shares		↓ Weighting
DXJ	Exit	WISDOMTREE TRjapn hedge eqt	$0	–	-30,000	–	-0.06%	–
EWW	Exit	ISHAREScall	$0	–	-25,900	–	-0.06%	–
DXJ	Exit	WISDOMTREE TRput	$0	–	-50,000	–	-0.09%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-39,597	–	-0.19%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRput	$0	–	-25,000	–	-0.22%	–
ITB	Exit	ISHAREScall	$0	–	-400,000	–	-0.34%	–
PACT	Exit	PACTERA TECHNOLOGY INTL LTDsponsored adr	$0	–	-3,092,422	–	-0.70%	–
EEM	Exit	ISHARESput	$0	–	-485,000	–	-0.76%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-178,914	–	-1.15%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-1,018,200	–	-1.19%	–
PEP	Exit	PEPSICO INC	$0	–	-449,100	–	-1.37%	–
EEM	Exit	ISHAREScall	$0	–	-955,400	–	-1.49%	–
FXI	Exit	ISHARESput	$0	–	-1,285,000	–	-1.82%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-800,000	–	-2.03%	–
G	Exit	GENPACT LIMITED	$0	–	-3,011,957	–	-2.18%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-340,000	–	-2.19%	–
PCLN	Exit	PRICELINE COM INC	$0	–	-64,496	–	-2.50%	–
ZNGA	Exit	ZYNGA INCcl a	$0	–	-19,408,894	–	-2.73%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-943,650	–	-2.73%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-2,292,134	–	-2.76%	–
V	Exit	VISA INC	$0	–	-393,245	–	-2.88%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-894,315	–	-3.32%	–
MJN	Exit	MEAD JOHNSON NUTRITION CO	$0	–	-1,422,980	–	-4.04%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-3,598,904	–	-4.29%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-3,380,700	–	-4.34%	–
YUM	Exit	YUM BRANDS INC	$0	–	-1,646,422	–	-4.50%	–
CFX	Exit	COLFAX CORP	$0	–	-2,180,001	–	-4.71%	–
BAP	Exit	CREDICORP LTD	$0	–	-1,119,071	–	-5.50%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-1,663,540	–	-5.51%	–
NLSN	Exit	NIELSEN HOLDINGS N V	$0	–	-4,275,723	–	-5.97%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-985,000	–	-6.34%	–
SINA	Exit	SINA CORPord	$0	–	-2,188,186	–	-6.80%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-2,314,230	–	-7.28%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-2,103,600	–	-7.99%	–

Q3 2013

			Value		Shares		↓ Weighting
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$208,677,000	–	2,103,600	–	7.99%	–
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$190,045,000	+4.7%	2,314,230	-20.1%	7.28%	-4.1%
SINA	Buy	SINA CORPord	$177,615,000	+63.2%	2,188,186	+12.0%	6.80%	+49.5%
SPY	Buy	SPDR S&P 500 ETF TRcall	$165,490,000	+72.1%	985,000	+64.3%	6.34%	+57.6%
NLSN	Sell	NIELSEN HOLDINGS N V	$155,850,000	+1.1%	4,275,723	-6.9%	5.97%	-7.4%
PM	Buy	PHILIP MORRIS INTL INC	$144,046,000	+2.4%	1,663,540	+2.4%	5.51%	-6.2%
BAP	New	CREDICORP LTD	$143,756,000	–	1,119,071	–	5.50%	–
CFX	Sell	COLFAX CORP	$123,148,000	+1.6%	2,180,001	-6.3%	4.71%	-6.9%
YUM	Sell	YUM BRANDS INC	$117,538,000	-24.2%	1,646,422	-26.4%	4.50%	-30.6%
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$113,287,000	–	3,380,700	–	4.34%	–
ZTS	Buy	ZOETIS INCcl a	$111,998,000	+102.3%	3,598,904	+100.8%	4.29%	+85.3%
MJN	Buy	MEAD JOHNSON NUTRITION CO	$105,670,000	+50.0%	1,422,980	+60.1%	4.04%	+37.4%
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$86,829,000	–	894,315	–	3.32%	–
V	Buy	VISA INC	$75,149,000	+17.1%	393,245	+12.0%	2.88%	+7.3%
MDLZ	Sell	MONDELEZ INTL INCcl a	$72,021,000	-45.7%	2,292,134	-50.7%	2.76%	-50.2%
PG	New	PROCTER & GAMBLE CO	$71,331,000	–	943,650	–	2.73%	–
ZNGA	New	ZYNGA INCcl a	$71,250,000	–	19,408,894	–	2.73%	–
PCLN	Sell	PRICELINE COM INC	$65,202,000	-45.8%	64,496	-55.7%	2.50%	-50.4%
SPY	Sell	SPDR S&P 500 ETF TRput	$57,125,000	-87.4%	340,000	-88.0%	2.19%	-88.5%
LVS	Sell	LAS VEGAS SANDS CORP	$53,136,000	-29.7%	800,000	-43.9%	2.03%	-35.6%
FXI	New	ISHARESput	$47,648,000	–	1,285,000	–	1.82%	–
EEM	Buy	ISHAREScall	$38,937,000	+273.1%	955,400	+252.4%	1.49%	+241.7%
PEP	New	PEPSICO INC	$35,703,000	–	449,100	–	1.37%	–
IBN	New	ICICI BK LTDadr	$31,035,000	–	1,018,200	–	1.19%	–
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$30,059,000	-52.1%	178,914	-54.3%	1.15%	-56.1%
EEM	Buy	ISHARESput	$19,766,000	+168.8%	485,000	+153.9%	0.76%	+146.6%
ITB	New	ISHAREScall	$8,936,000	–	400,000	–	0.34%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRput	$5,658,000	–	25,000	–	0.22%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$4,988,000	–	39,597	–	0.19%	–
DXJ	New	WISDOMTREE TRput	$2,397,000	–	50,000	–	0.09%	–
EWW	New	ISHAREScall	$1,655,000	–	25,900	–	0.06%	–
DXJ	New	WISDOMTREE TRjapn hedge eqt	$1,438,000	–	30,000	–	0.06%	–
IWM	Exit	ISHARES TRcall	$0	–	-5,000	–	-0.02%	–
CETV	Exit	CENTRAL EUROPEAN MEDIA ENTRPcl a new	$0	–	-876,433	–	-0.12%	–
EWZ	Exit	ISHARES INCcall	$0	–	-75,000	–	-0.14%	–
FXI	Exit	ISHARES TRcall	$0	–	-130,500	–	-0.18%	–
DXJ	Exit	WISDOMTREE TRUSTcall	$0	–	-275,000	–	-0.52%	–
WWAV	Exit	WHITEWAVE FOODS CO	$0	–	-1,345,521	–	-0.91%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-54,659	–	-1.31%	–
MLCO	Exit	MELCO CROWN ENTMT LTDadr	$0	–	-1,690,322	–	-1.58%	–
BKW	Exit	BURGER KING WORLDWIDE INC	$0	–	-2,419,783	–	-1.97%	–
EQIX	Exit	EQUINIX INC	$0	–	-335,652	–	-2.59%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-89,031	–	-3.28%	–

Q2 2013

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$455,064,000	–	2,836,700	–	19.02%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$181,476,000	–	2,897,130	–	7.58%	–
YUM	New	YUM BRANDS INC	$155,122,000	–	2,237,122	–	6.48%	–
NLSN	New	NIELSEN HOLDINGS N V	$154,207,000	–	4,590,860	–	6.44%	–
PM	New	PHILIP MORRIS INTL INC	$140,709,000	–	1,624,440	–	5.88%	–
MDLZ	New	MONDELEZ INTL INCcl a	$132,543,000	–	4,645,732	–	5.54%	–
CFX	New	COLFAX CORP	$121,221,000	–	2,326,256	–	5.07%	–
PCLN	New	PRICELINE COM INC	$120,395,000	–	145,638	–	5.03%	–
SINA	New	SINA CORPord	$108,848,000	–	1,953,123	–	4.55%	–
SPY	New	SPDR S&P 500 ETF TRcall	$96,173,000	–	599,500	–	4.02%	–
GOOGL	New	GOOGLE INCcl a	$78,380,000	–	89,031	–	3.28%	–
LVS	New	LAS VEGAS SANDS CORP	$75,531,000	–	1,427,000	–	3.16%	–
MJN	New	MEAD JOHNSON NUTRITION CO	$70,425,000	–	888,873	–	2.94%	–
V	New	VISA INC	$64,170,000	–	351,135	–	2.68%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$62,745,000	–	391,130	–	2.62%	–
EQIX	New	EQUINIX INC	$62,002,000	–	335,652	–	2.59%	–
G	New	GENPACT LIMITED	$57,950,000	–	3,011,957	–	2.42%	–
ZTS	New	ZOETIS INCcl a	$55,370,000	–	1,792,504	–	2.31%	–
BKW	New	BURGER KING WORLDWIDE INC	$47,210,000	–	2,419,783	–	1.97%	–
MLCO	New	MELCO CROWN ENTMT LTDadr	$37,796,000	–	1,690,322	–	1.58%	–
MA	New	MASTERCARD INCcl a	$31,402,000	–	54,659	–	1.31%	–
WWAV	New	WHITEWAVE FOODS CO	$21,865,000	–	1,345,521	–	0.91%	–
PACT	New	PACTERA TECHNOLOGY INTL LTDsponsored adr	$20,874,000	–	3,092,422	–	0.87%	–
DXJ	New	WISDOMTREE TRUSTcall	$12,543,000	–	275,000	–	0.52%	–
EEM	New	ISHARES TRcall	$10,437,000	–	271,100	–	0.44%	–
EEM	New	ISHARES TRput	$7,354,000	–	191,000	–	0.31%	–
FXI	New	ISHARES TRcall	$4,244,000	–	130,500	–	0.18%	–
EWZ	New	ISHARES INCcall	$3,290,000	–	75,000	–	0.14%	–
CETV	New	CENTRAL EUROPEAN MEDIA ENTRPcl a new	$2,901,000	–	876,433	–	0.12%	–
IWM	New	ISHARES TRcall	$485,000	–	5,000	–	0.02%	–

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