Prince Street Capital Management LLC Activity Q4 2012-Q3 2022

Q3 2022

			Value		Shares		↓ Weighting
GDYN	Sell	GRID DYNAMICS HLDGS INCcl a	$10,357,000	+9.6%	553,000	-1.5%	25.72%	+17.7%
	Buy	NU HLDGS LTD	$9,152,000	+88.2%	2,080,000	+60.0%	22.72%	+102.0%
MELI	Buy	MERCADOLIBRE INC	$4,718,000	+185.1%	5,700	+119.2%	11.72%	+206.0%
TS	New	TENARIS S Asponsored ads	$2,584,000	–	100,000	–	6.42%	–
ZLAB	New	ZAI LAB LTDadr	$2,547,000	–	74,500	–	6.32%	–
SEDG	New	SOLAREDGE TECHNOLOGIES INC	$2,546,000	–	11,000	–	6.32%	–
AMX	New	AMERICA MOVIL SAB DE CV	$2,486,000	–	151,000	–	6.17%	–
BIOX	Buy	BIOCERES CROP SOLUTIONS CORP	$2,343,000	+16.3%	180,000	+22.4%	5.82%	+24.8%
ADN	Buy	ADVENT TECHNOLOGIES HOLDNG I	$2,141,000	+157.6%	700,000	+112.1%	5.32%	+176.6%
STNE	New	STONECO LTD	$1,400,000	–	147,000	–	3.48%	–
HEPS	Exit	D MARKET ELECTR SVCS & TRADIsponsored ads	$0	–	-14,827	–	-0.02%	–
CGAU	Exit	CENTERRA GOLD INC	$0	–	-21,400	–	-0.34%	–
AGRO	Exit	ADECOAGRO S A	$0	–	-204,400	–	-4.00%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-39,800	–	-6.16%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-10,000	–	-6.48%	–
PSQ	Exit	PROSHARES TRshort qqq new	$0	–	-272,900	–	-9.09%	–
SH	Exit	PROSHARES TRshort s&p 500 ne	$0	–	-239,300	–	-9.13%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-80,900	–	-21.27%	–

Q2 2022

			Value		Shares		↓ Weighting
GDYN	New	GRID DYNAMICS HLDGS INCcl a	$9,446,000	–	561,600	–	21.85%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$9,196,000	–	80,900	–	21.27%	–
	New	NU HLDGS LTD	$4,862,000	–	1,300,000	–	11.25%	–
SH	New	PROSHARES TRshort s&p 500 ne	$3,948,000	–	239,300	–	9.13%	–
PSQ	New	PROSHARES TRshort qqq new	$3,929,000	–	272,900	–	9.09%	–
QQQ	New	INVESCO QQQ TRput	$2,802,000	–	10,000	–	6.48%	–
SE	New	SEA LTDsponsord ads	$2,661,000	–	39,800	–	6.16%	–
BIOX	New	BIOCERES CROP SOLUTIONS CORP	$2,015,000	–	147,000	–	4.66%	–
AGRO	New	ADECOAGRO S A	$1,729,000	–	204,400	–	4.00%	–
MELI	New	MERCADOLIBRE INC	$1,655,000	–	2,600	–	3.83%	–
ADN	New	ADVENT TECHNOLOGIES HOLDNG I	$831,000	–	330,000	–	1.92%	–
CGAU	New	CENTERRA GOLD INC	$145,000	–	21,400	–	0.34%	–
HEPS	New	D MARKET ELECTR SVCS & TRADIsponsored ads	$9,000	–	14,827	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
VEON	Exit	VEON LTDsponsored adr	$0	–	-108,300	–	-0.14%	–
GDYN	Exit	GRID DYNAMICS HLDGS INCcl a	$0	–	-28,100	–	-0.51%	–
BIOX	Exit	BIOCERES CROP SOLUTIONS CORP	$0	–	-127,000	–	-1.07%	–
ADN	Exit	ADVENT TECHNOLOGIES HOLDNG I	$0	–	-336,100	–	-1.82%	–
BNR	Exit	BURNING ROCK BIOTECH LTDsponsored ads	$0	–	-184,000	–	-2.05%	–
COIN	Exit	COINBASE GLOBAL INC	$0	–	-21,800	–	-3.08%	–
DESP	Exit	DESPEGAR COM CORP	$0	–	-560,000	–	-4.19%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-275,000	–	-5.56%	–
AFYA	Exit	AFYA LTD	$0	–	-472,000	–	-5.80%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-1,472,000	–	-6.56%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-695,000	–	-7.64%	–
OZON	Exit	OZON HLDGS PLCsponsored ads	$0	–	-314,900	–	-9.88%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-51,600	–	-10.23%	–
YNDX	Exit	YANDEX N V	$0	–	-250,600	–	-12.42%	–
EEM	Exit	ISHARES TRput	$0	–	-400,000	–	-12.54%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-15,800	–	-16.51%	–

Q3 2021

			Value		Shares		↓ Weighting
EEM	Buy	ISHARES TRput	$20,152,000	+21.8%	400,000	+33.3%	12.54%	+27.0%
YNDX	Buy	YANDEX N V	$19,970,000	+5341.4%	250,600	+4719.2%	12.42%	+5572.6%
SE	Buy	SEA LTDsponsord ads	$16,446,000	+46.4%	51,600	+26.2%	10.23%	+52.7%
OZON	Sell	OZON HLDGS PLCsponsored ads	$15,886,000	-32.6%	314,900	-21.7%	9.88%	-29.7%
AMX	Buy	AMERICA MOVIL SAB DE CV	$12,280,000	+50.2%	695,000	+27.5%	7.64%	+56.7%
AFYA	Buy	AFYA LTD	$9,317,000	-6.2%	472,000	+22.4%	5.80%	-2.2%
FCX	Sell	FREEPORT-MCMORAN INCcl b	$8,945,000	-48.3%	275,000	-41.1%	5.56%	-46.1%
COIN	New	COINBASE GLOBAL INC	$4,959,000	–	21,800	–	3.08%	–
BNR	Buy	BURNING ROCK BIOTECH LTDsponsored ads	$3,289,000	-32.3%	184,000	+11.5%	2.05%	-29.4%
GDYN	Buy	GRID DYNAMICS HLDGS INCcl a	$821,000	+136.6%	28,100	+21.6%	0.51%	+146.9%
VEON	New	VEON LTDsponsored adr	$225,000	–	108,300	–	0.14%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-56,400	–	-2.53%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-30,000	–	-6.34%	–
LX	Exit	LEXINFINTECH HLDGS LTDadr	$0	–	-900,000	–	-6.58%	–

Q2 2021

			Value		Shares		↓ Weighting
MELI	New	MERCADOLIBRE INC	$24,613,000	–	15,800	–	14.68%	–
OZON	New	OZON HLDGS PLCsponsored ads	$23,571,000	–	402,100	–	14.06%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$17,311,000	–	466,500	–	10.33%	–
EEM	New	ISHARES TRput	$16,545,000	–	300,000	–	9.87%	–
CX	New	CEMEX SAB DE CVspon adr new	$12,364,000	–	1,472,000	–	7.38%	–
SE	New	SEA LTDsponsord ads	$11,231,000	–	40,900	–	6.70%	–
LX	New	LEXINFINTECH HLDGS LTDadr	$11,025,000	–	900,000	–	6.58%	–
QQQ	New	INVESCO QQQ TRput	$10,632,000	–	30,000	–	6.34%	–
AFYA	New	AFYA LTD	$9,938,000	–	385,500	–	5.93%	–
AMX	New	AMERICA MOVIL SAB DE CV	$8,175,000	–	545,000	–	4.88%	–
DESP	New	DESPEGAR COM CORP	$7,397,000	–	560,000	–	4.41%	–
BNR	New	BURNING ROCK BIOTECH LTDsponsored ads	$4,860,000	–	165,000	–	2.90%	–
CPA	New	COPA HOLDINGS SAcl a	$4,248,000	–	56,400	–	2.53%	–
ADN	New	ADVENT TECHNOLOGIES HOLDNG I	$3,240,000	–	336,100	–	1.93%	–
BIOX	New	BIOCERES CROP SOLUTIONS CORP	$1,784,000	–	127,000	–	1.06%	–
YNDX	New	YANDEX N V	$367,000	–	5,200	–	0.22%	–
GDYN	New	GRID DYNAMICS HLDGS INCcl a	$347,000	–	23,100	–	0.21%	–

Q4 2020

			Value		Shares		↓ Weighting
MBT	Exit	MOBILE TELESYSTEMS PJSCsponsored adr	$0	–	-11,800	–	-0.08%	–
QIWI	Exit	QIWI PLCspon adr rep b	$0	–	-10,000	–	-0.14%	–
OCFT	Exit	ONECONNECT FINL TECHNOLOGY Csponsored ads	$0	–	-181,700	–	-3.01%	–
HYG	Exit	ISHARES TRput	$0	–	-50,000	–	-3.23%	–
BTG	Exit	B2GOLD CORP	$0	–	-665,700	–	-3.36%	–
ZLAB	Exit	ZAI LAB LTDadr	$0	–	-79,900	–	-5.16%	–
PAAS	Exit	PAN AMERN SILVER CORP	$0	–	-239,000	–	-5.97%	–
YNDX	Exit	YANDEX N V	$0	–	-132,700	–	-6.73%	–
SE	Exit	SEA LTDsponsord ads	$0	–	-59,700	–	-7.14%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-619,600	–	-7.53%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-932,700	–	-7.67%	–
STNE	Exit	STONECO LTD	$0	–	-221,200	–	-9.09%	–
GLD	Exit	SPDR GOLD TR	$0	–	-73,600	–	-10.13%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-13,500	–	-11.35%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-90,000	–	-19.43%	–

Q3 2020

			Value		Shares		↓ Weighting
QQQ	Buy	INVESCO QQQ TRput	$25,006,000	+359.1%	90,000	+309.1%	19.43%	+324.2%
MELI	Sell	MERCADOLIBRE INC	$14,613,000	-18.5%	13,500	-25.8%	11.35%	-24.7%
GLD	Buy	SPDR GOLD TR	$13,036,000	+47.0%	73,600	+38.9%	10.13%	+35.8%
STNE	Sell	STONECO LTD	$11,699,000	-8.3%	221,200	-32.8%	9.09%	-15.2%
VALE	New	VALE S Asponsored ads	$9,868,000	–	932,700	–	7.67%	–
FCX	Sell	FREEPORT-MCMORAN INCcl b	$9,690,000	+28.6%	619,600	-5.0%	7.53%	+18.8%
SE	Sell	SEA LTDsponsord ads	$9,196,000	-48.8%	59,700	-64.3%	7.14%	-52.7%
YNDX	Buy	YANDEX N V	$8,659,000	+81.8%	132,700	+39.4%	6.73%	+68.0%
PAAS	Buy	PAN AMERN SILVER CORP	$7,684,000	+127.8%	239,000	+115.3%	5.97%	+110.5%
ZLAB	Sell	ZAI LAB LTDadr	$6,645,000	-39.7%	79,900	-40.5%	5.16%	-44.3%
HYG	New	ISHARES TRput	$4,159,000	–	50,000	–	3.23%	–
OCFT	Sell	ONECONNECT FINL TECHNOLOGY Csponsored ads	$3,870,000	-13.5%	181,700	-25.8%	3.01%	-20.1%
LX	Exit	LEXINFINTECH HLDGS LTDadr	$0	–	-551,000	–	-4.93%	–
SLV	Exit	ISHARES SILVER TRishares	$0	–	-350,000	–	-5.00%	–
IAU	Exit	ISHARES GOLD TRUSTishares	$0	–	-526,000	–	-7.51%	–

Q2 2020

			Value		Shares		↓ Weighting
SE	New	SEA LTDsponsored ads	$17,952,000	–	167,400	–	15.09%	–
MELI	New	MERCADOLIBRE INC	$17,941,000	–	18,200	–	15.08%	–
STNE	New	STONECO LTD	$12,752,000	–	329,000	–	10.72%	–
ZLAB	New	ZAI LAB LTDadr	$11,022,000	–	134,200	–	9.27%	–
IAU	New	ISHARES GOLD TRUSTishares	$8,937,000	–	526,000	–	7.51%	–
GLD	New	SPDR GOLD TR	$8,871,000	–	53,000	–	7.46%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$7,537,000	–	652,000	–	6.34%	–
SLV	New	ISHARES SILVER TRishares	$5,954,000	–	350,000	–	5.00%	–
LX	New	LEXINFINTECH HLDGS LTDadr	$5,863,000	–	551,000	–	4.93%	–
QQQ	New	INVESCO QQQ TRput	$5,447,000	–	22,000	–	4.58%	–
YNDX	New	YANDEX N V	$4,762,000	–	95,200	–	4.00%	–
OCFT	New	ONECONNECT FINL TECHNOLOGY Csponsored ads	$4,474,000	–	245,000	–	3.76%	–
BTG	New	B2GOLD CORP	$3,788,000	–	665,700	–	3.18%	–
PAAS	New	PAN AMERN SILVER CORP	$3,373,000	–	111,000	–	2.84%	–
QIWI	New	QIWI PLCspon adr rep b	$173,000	–	10,000	–	0.14%	–
MBT	New	MOBILE TELESYSTEMS PJSCsponsored adr	$108,000	–	11,800	–	0.09%	–

Q4 2019

			Value		Shares		↓ Weighting
PAAS	Exit	PAN AMERICAN SILVER CORP	$0	–	-65,000	–	-0.65%	–
OPRA	Exit	OPERA LTDsponsored ads	$0	–	-156,100	–	-1.01%	–
QIWI	Exit	QIWI PLCspon adr rep b	$0	–	-103,600	–	-1.46%	–
GRAM	Exit	GRANA Y MONTERO S A Asponsored ads	$0	–	-1,015,000	–	-1.57%	–
IFS	Exit	INTERCORP FINL SVCS INC	$0	–	-62,700	–	-1.66%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROcall	$0	–	-200,000	–	-1.86%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-82,000	–	-5.20%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-14,700	–	-5.21%	–
EEM	Exit	ISHARES TRput	$0	–	-300,000	–	-7.88%	–
FMX	Exit	FOMENTO ECONOMICO MEXICANO Sspon adr units	$0	–	-135,000	–	-7.95%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$0	–	-1,063,000	–	-8.98%	–
STNE	Exit	STONECO LTD	$0	–	-407,000	–	-9.10%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-2,068,000	–	-10.33%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-5,475,000	–	-11.19%	–
HDB	Exit	HDFC BANK LTDsponsored ads	$0	–	-352,000	–	-12.91%	–
YNDX	Exit	YANDEX N V	$0	–	-580,300	–	-13.06%	–

Q3 2019

			Value		Shares		↓ Weighting
YNDX	Buy	YANDEX N V	$20,315,000	-0.8%	580,300	+7.6%	13.06%	+34.8%
HDB	Buy	HDFC BANK LTDsponsored ads	$20,080,000	+21.0%	352,000	+175.9%	12.91%	+64.5%
AUY	New	YAMANA GOLD INC	$17,409,000	–	5,475,000	–	11.19%	–
EGO	New	ELDORADO GOLD CORP NEW	$16,067,000	–	2,068,000	–	10.33%	–
STNE	New	STONECO LTD	$14,154,000	–	407,000	–	9.10%	–
PBRA	Sell	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$13,966,000	-43.2%	1,063,000	-38.7%	8.98%	-22.9%
FMX	Buy	FOMENTO ECONOMICO MEXICANO Sspon adr units	$12,362,000	+14.1%	135,000	+20.5%	7.95%	+55.0%
EEM	Sell	ISHARES TRput	$12,261,000	-78.0%	300,000	-76.9%	7.88%	-70.1%
MELI	Sell	MERCADOLIBRE INC	$8,102,000	-67.5%	14,700	-64.0%	5.21%	-55.9%
CPA	Sell	COPA HOLDINGS SAcl a	$8,096,000	-19.7%	82,000	-20.6%	5.20%	+9.2%
PBR	New	PETROLEO BRASILEIRO SA PETROcall	$2,894,000	–	200,000	–	1.86%	–
IFS	New	INTERCORP FINL SVCS INC	$2,584,000	–	62,700	–	1.66%	–
GRAM	Buy	GRANA Y MONTERO S A Asponsored ads	$2,436,000	-14.6%	1,015,000	+12.0%	1.57%	+16.1%
QIWI	New	QIWI PLCspon adr rep b	$2,273,000	–	103,600	–	1.46%	–
OPRA	New	OPERA LTDsponsored ads	$1,567,000	–	156,100	–	1.01%	–
PAAS	New	PAN AMERICAN SILVER CORP	$1,018,000	–	65,000	–	0.65%	–
HCM	Exit	HUTCHISON CHINA MEDITECH LTDsponsored adr	$0	–	-81,400	–	-0.85%	–
ATNX	Exit	ATHENEX INC	$0	–	-149,000	–	-1.40%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-370,000	–	-2.92%	–
EEM	Exit	ISHARES TRcall	$0	–	-800,000	–	-16.24%	–

Q2 2019

			Value		Shares		↓ Weighting
EEM	New	ISHARES TRput	$55,783,000	–	1,300,000	–	26.38%	–
EEM	New	ISHARES TRcall	$34,328,000	–	800,000	–	16.24%	–
MELI	New	MERCADOLIBRE INC	$24,959,000	–	40,800	–	11.80%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$24,608,000	–	1,733,000	–	11.64%	–
YNDX	New	YANDEX N V	$20,485,000	–	539,100	–	9.69%	–
HDB	New	HDFC BANK LTDsponsored ads	$16,591,000	–	127,600	–	7.85%	–
FMX	New	FOMENTO ECONOMICO MEXICANO Sspon adr units	$10,835,000	–	112,000	–	5.12%	–
CPA	New	COPA HOLDINGS SAcl a	$10,077,000	–	103,300	–	4.77%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$6,166,000	–	370,000	–	2.92%	–
ATNX	New	ATHENEX INC	$2,949,000	–	149,000	–	1.40%	–
GRAM	New	GRANA Y MONTERO S A Asponsored ads	$2,853,000	–	906,000	–	1.35%	–
HCM	New	HUTCHISON CHINA MEDITECH LTDsponsored adr	$1,790,000	–	81,400	–	0.85%	–

Q4 2018

			Value		Shares		↓ Weighting
ASML	Exit	ASML HOLDING N V	$0	–	-1,300	–	-0.05%	–
YY	Exit	YY INC	$0	–	-7,800	–	-0.12%	–
CEPU	Exit	CENTRAL PUERTO S Asponsored adr	$0	–	-73,000	–	-0.16%	–
AVHOQ	Exit	AVIANCA HLDGS SAspon adr rep pfd	$0	–	-180,685	–	-0.21%	–
GRAM	Exit	GRANA Y MONTERO S A Asponsored ads	$0	–	-600,000	–	-0.34%	–
AGRO	Exit	ADECOAGRO S A	$0	–	-246,000	–	-0.38%	–
ZLAB	Exit	ZAI LAB LTDadr	$0	–	-108,700	–	-0.45%	–
HCM	Exit	HUTCHISON CHINA MEDITECH LTDsponsored adr	$0	–	-81,400	–	-0.55%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-128,800	–	-0.57%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-225,000	–	-0.66%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-124,000	–	-0.68%	–
LAUR	Exit	LAUREATE EDUCATION INCcl a	$0	–	-227,000	–	-0.74%	–
TX	Exit	TERNIUM SAspon adr	$0	–	-116,000	–	-0.74%	–
BTG	Exit	B2GOLD CORP	$0	–	-1,580,000	–	-0.76%	–
LX	Exit	LEXINFINTECH HLDGS LTDadr	$0	–	-379,400	–	-0.80%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-593,000	–	-0.89%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-210,000	–	-0.92%	–
LOMA	Exit	LOMA NEGRA CORPsponsored ads	$0	–	-542,000	–	-1.01%	–
BSMX	Exit	BANCO SANTANDER S Asponsored adr b	$0	–	-677,000	–	-1.11%	–
BPOP	Exit	POPULAR INC	$0	–	-103,000	–	-1.12%	–
GGB	Exit	GERDAU S Aspon adr rep pfd	$0	–	-1,300,000	–	-1.16%	–
ASLN	Exit	ASLAN PHARMACEUTICALS LTDads	$0	–	-711,237	–	-1.20%	–
GTE	Exit	GRAN TIERRA ENERGY INC	$0	–	-1,500,000	–	-1.21%	–
HIMX	Exit	HIMAX TECHNOLOGIES INCsponsored adr	$0	–	-1,221,400	–	-1.52%	–
	Exit	GRUPO AVAL ACCIONES Y VALOREsponsored ads	$0	–	-986,500	–	-1.62%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-3,215,000	–	-1.69%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-515,459	–	-1.75%	–
ATHM	Exit	AUTOHOME INCsp adr rp cl a	$0	–	-122,300	–	-2.00%	–
ATNX	Exit	ATHENEX INC	$0	–	-622,000	–	-2.04%	–
YNDX	Exit	YANDEX N V	$0	–	-300,000	–	-2.08%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-43,900	–	-2.12%	–
HDB	Exit	HDFC BANK LTD	$0	–	-108,400	–	-2.16%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-62,800	–	-2.29%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-1,113,000	–	-3.15%	–
GGAL	Exit	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$0	–	-606,600	–	-3.26%	–
HUYA	Exit	HUYA INC	$0	–	-933,000	–	-4.65%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-3,981,100	–	-5.92%	–
VALE	Exit	VALE S Aadr	$0	–	-2,014,700	–	-6.32%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROcall	$0	–	-2,650,000	–	-6.76%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-107,500	–	-7.73%	–
AAPL	Exit	APPLE INCput	$0	–	-188,000	–	-8.97%	–
EEM	Exit	ISHARES TRput	$0	–	-2,000,000	–	-18.14%	–

Q3 2018

			Value		Shares		↓ Weighting
EEM	Sell	ISHARES TRput	$85,840,000	-41.2%	2,000,000	-40.7%	18.14%	-39.5%
AAPL	New	APPLE INCput	$42,439,000	–	188,000	–	8.97%	–
MELI	Buy	MERCADOLIBRE INC	$36,601,000	+326.6%	107,500	+274.6%	7.73%	+339.2%
PBR	New	PETROLEO BRASILEIRO SA PETROcall	$31,986,000	–	2,650,000	–	6.76%	–
VALE	Buy	VALE S Aadr	$29,898,000	+100.2%	2,014,700	+72.9%	6.32%	+106.1%
CX	Buy	CEMEX SAB DE CVspon adr new	$28,027,000	+88.5%	3,981,100	+75.6%	5.92%	+94.0%
HUYA	Buy	HUYA INC	$22,001,000	+28.6%	933,000	+79.3%	4.65%	+32.3%
GGAL	New	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$15,426,000	–	606,600	–	3.26%	–
BVN	Sell	COMPANIA DE MINAS BUENAVENTUsponsored adr	$14,925,000	-22.5%	1,113,000	-21.2%	3.15%	-20.2%
BGNE	Buy	BEIGENE LTDsponsored adr	$10,816,000	+39.9%	62,800	+24.9%	2.29%	+44.0%
HDB	Sell	HDFC BANK LTD	$10,200,000	-44.5%	108,400	-38.1%	2.16%	-42.9%
BIDU	Sell	BAIDU INCspon adr rep a	$10,039,000	-42.2%	43,900	-38.6%	2.12%	-40.5%
YNDX	Sell	YANDEX N V	$9,867,000	-71.8%	300,000	-69.2%	2.08%	-71.0%
ATHM	New	AUTOHOME INCsp adr rp cl a	$9,467,000	–	122,300	–	2.00%	–
AMX	Buy	AMERICA MOVIL SAB DE CV	$8,278,000	+87.5%	515,459	+94.5%	1.75%	+93.0%
AUY	Buy	YAMANA GOLD INC	$8,005,000	+221.7%	3,215,000	+274.7%	1.69%	+231.1%
	Buy	GRUPO AVAL ACCIONES Y VALOREsponsored ads	$7,655,000	+42.9%	986,500	+52.7%	1.62%	+47.1%
HIMX	Sell	HIMAX TECHNOLOGIES INCsponsored adr	$7,182,000	-31.2%	1,221,400	-12.7%	1.52%	-29.1%
GTE	Buy	GRAN TIERRA ENERGY INC	$5,712,000	+19.5%	1,500,000	+8.7%	1.21%	+23.0%
GGB	New	GERDAU S Aspon adr rep pfd	$5,473,000	–	1,300,000	–	1.16%	–
BPOP	New	POPULAR INC	$5,279,000	–	103,000	–	1.12%	–
BSMX	New	BANCO SANTANDER S Asponsored adr b	$5,254,000	–	677,000	–	1.11%	–
LOMA	New	LOMA NEGRA CORPsponsored ads	$4,791,000	–	542,000	–	1.01%	–
LILAK	Sell	LIBERTY LATIN AMERICA LTD	$4,332,000	-52.3%	210,000	-55.2%	0.92%	-50.9%
BBD	New	BANCO BRADESCO S Asp adr pfd new	$4,198,000	–	593,000	–	0.89%	–
LX	New	LEXINFINTECH HLDGS LTDadr	$3,768,000	–	379,400	–	0.80%	–
BTG	New	B2GOLD CORP	$3,595,000	–	1,580,000	–	0.76%	–
TX	Sell	TERNIUM SAspon adr	$3,514,000	-37.3%	116,000	-28.0%	0.74%	-35.4%
LAUR	New	LAUREATE EDUCATION INCcl a	$3,505,000	–	227,000	–	0.74%	–
JD	New	JD COM INCspon adr cl a	$3,235,000	–	124,000	–	0.68%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$3,132,000	–	225,000	–	0.66%	–
LILA	Sell	LIBERTY LATIN AMERICA LTD	$2,684,000	+6.6%	128,800	-2.2%	0.57%	+9.7%
ZLAB	Sell	ZAI LAB LTDadr	$2,117,000	-22.3%	108,700	-7.3%	0.45%	-20.0%
AGRO	New	ADECOAGRO S A	$1,808,000	–	246,000	–	0.38%	–
GRAM	New	GRANA Y MONTERO S A Asponsored ads	$1,620,000	–	600,000	–	0.34%	–
CEPU	New	CENTRAL PUERTO S Asponsored adr	$752,000	–	73,000	–	0.16%	–
YY	Buy	YY INC	$584,000	+23.7%	7,800	+66.0%	0.12%	+26.8%
ASML	Buy	ASML HOLDING N V	$244,000	0.0%	1,300	+5.7%	0.05%	+4.0%
STM	Exit	STMICROELECTRONICS N Vny registry	$0	–	-10,400	–	-0.05%	–
SBS	Exit	COMPANHIA DE SANEAMENTO BASIsponsored adr	$0	–	-280,000	–	-0.34%	–
ERJ	Exit	EMBRAER S A	$0	–	-69,000	–	-0.35%	–
GLOB	Exit	GLOBANT S A	$0	–	-39,500	–	-0.46%	–
IRS	Exit	IRSA INVERSIONES Y REP S Aglobl dep rcpt	$0	–	-200,000	–	-0.71%	–
GPRK	Exit	GEOPARK LTD	$0	–	-196,701	–	-0.83%	–
PAAS	Exit	PAN AMERICAN SILVER CORP	$0	–	-239,000	–	-0.88%	–
SQM	Exit	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$0	–	-108,000	–	-1.06%	–
BBD	Exit	BANCO BRADESCO S Acall	$0	–	-4,200,000	–	-5.92%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES Ncall	$0	–	-285,000	–	-6.43%	–
IWM	Exit	ISHARES TRput	$0	–	-215,000	–	-7.23%	–

Q2 2018

			Value		Shares		↓ Weighting
EEM	New	ISHARES TRput	$146,022,000	–	3,370,000	–	29.98%	–
IWM	New	ISHARES TRput	$35,211,000	–	215,000	–	7.23%	–
YNDX	New	YANDEX N V	$35,009,000	–	975,200	–	7.19%	–
LYB	New	LYONDELLBASELL INDUSTRIES Ncall	$31,307,000	–	285,000	–	6.43%	–
BBD	New	BANCO BRADESCO S Acall	$28,812,000	–	4,200,000	–	5.92%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$19,246,000	–	1,412,000	–	3.95%	–
HDB	New	HDFC BANK LTD	$18,379,000	–	175,000	–	3.77%	–
BIDU	New	BAIDU INCspon adr rep a	$17,375,000	–	71,500	–	3.57%	–
HUYA	New	HUYA INC	$17,113,000	–	520,300	–	3.51%	–
VALE	New	VALE S Aadr	$14,935,000	–	1,165,000	–	3.07%	–
CX	New	CEMEX SAB DE CVspon adr new	$14,872,000	–	2,267,000	–	3.05%	–
ATNX	New	ATHENEX INC	$11,607,000	–	622,000	–	2.38%	–
HIMX	New	HIMAX TECHNOLOGIES INCsponsored adr	$10,435,000	–	1,398,722	–	2.14%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$9,085,000	–	468,800	–	1.86%	–
MELI	New	MERCADOLIBRE INC	$8,579,000	–	28,700	–	1.76%	–
BGNE	New	BEIGENE LTDsponsored adr	$7,732,000	–	50,300	–	1.59%	–
ASLN	New	ASLAN PHARMACEUTICALS LTDads	$6,330,000	–	711,237	–	1.30%	–
TX	New	TERNIUM SAspon adr	$5,606,000	–	161,000	–	1.15%	–
	New	GRUPO AVAL ACCIONES Y VALOREsponsored ads	$5,356,000	–	646,029	–	1.10%	–
SQM	New	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$5,189,000	–	108,000	–	1.06%	–
GTE	New	GRAN TIERRA ENERGY INC	$4,778,000	–	1,380,000	–	0.98%	–
AMX	New	AMERICA MOVIL SAB DE CV	$4,415,000	–	265,000	–	0.91%	–
PAAS	New	PAN AMERICAN SILVER CORP	$4,278,000	–	239,000	–	0.88%	–
GPRK	New	GEOPARK LTD	$4,060,000	–	196,701	–	0.83%	–
IRS	New	IRSA INVERSIONES Y REP S Aglobl dep rcpt	$3,458,000	–	200,000	–	0.71%	–
ZLAB	New	ZAI LAB LTDadr	$2,725,000	–	117,200	–	0.56%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$2,518,000	–	131,700	–	0.52%	–
AUY	New	YAMANA GOLD INC	$2,488,000	–	858,000	–	0.51%	–
HCM	New	HUTCHISON CHINA MEDITECH LTDsponsored adr	$2,453,000	–	81,400	–	0.50%	–
GLOB	New	GLOBANT S A	$2,243,000	–	39,500	–	0.46%	–
ERJ	New	EMBRAER S A	$1,718,000	–	69,000	–	0.35%	–
SBS	New	COMPANHIA DE SANEAMENTO BASIsponsored adr	$1,683,000	–	280,000	–	0.34%	–
AVHOQ	New	AVIANCA HLDGS SAspon adr rep pfd	$1,167,000	–	180,685	–	0.24%	–
YY	New	YY INC	$472,000	–	4,700	–	0.10%	–
ASML	New	ASML HOLDING N V	$244,000	–	1,230	–	0.05%	–
STM	New	STMICROELECTRONICS N Vny registry	$230,000	–	10,400	–	0.05%	–

Q4 2017

			Value		Shares		↓ Weighting
EDN	Exit	EMPRESA DIST Y COMERCIAL NORspon adr	$0	–	-31,162	–	-0.21%	–
HCM	Exit	HUTCHISON CHINA MEDITECH LTDsponsored adr	$0	–	-69,300	–	-0.31%	–
ZLAB	Exit	ZAI LAB LTDadr	$0	–	-118,300	–	-0.53%	–
AY	Exit	ATLANTICA YIELD PLC	$0	–	-165,364	–	-0.54%	–
BRFS	Exit	BRF SAsponsored adr	$0	–	-231,000	–	-0.55%	–
TEO	Exit	TELECOM ARGENTINA S Aspon adr rep b	$0	–	-110,000	–	-0.56%	–
BMA	Exit	BANCO MACRO SAspon adr b	$0	–	-29,300	–	-0.57%	–
GTE	Exit	GRAN TIERRA ENERGY INC	$0	–	-1,664,000	–	-0.63%	–
GGB	Exit	GERDAU S Aspon adr rep pfd	$0	–	-1,325,000	–	-0.76%	–
VIV	Exit	TELEFONICA BRASIL SAsponsored adr	$0	–	-324,000	–	-0.85%	–
ABEV	Exit	AMBEV SAsponsored adr	$0	–	-800,000	–	-0.88%	–
TGS	Exit	TRANSPORTADORA DE GAS SURspon adr b	$0	–	-260,000	–	-0.88%	–
SIMO	Exit	SILICON MOTION TECHNOLOGY COsponsored adr	$0	–	-112,400	–	-0.90%	–
SQM	Exit	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$0	–	-103,500	–	-0.96%	–
NVDA	Exit	NVIDIA CORP	$0	–	-32,630	–	-0.97%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-48,400	–	-1.00%	–
TX	Exit	TERNIUM SAspon adr	$0	–	-212,000	–	-1.09%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-518,000	–	-1.18%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-537,500	–	-1.26%	–
ARCO	Exit	ARCOS DORADOS HOLDINGS INC	$0	–	-775,800	–	-1.30%	–
GRAM	Exit	GRANA Y MONTERO S A Asponsored adr	$0	–	-1,755,000	–	-1.40%	–
AMBA	Exit	AMBARELLA INC	$0	–	-190,900	–	-1.56%	–
BTG	Exit	B2GOLD CORP	$0	–	-3,480,000	–	-1.60%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-609,000	–	-2.36%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-82,800	–	-2.38%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-1,350,400	–	-2.87%	–
HIMX	Exit	HIMAX TECHNOLOGIES INCsponsored adr	$0	–	-1,595,100	–	-2.90%	–
PAM	Exit	PAMPA ENERGIA S Aspons adr lvl i	$0	–	-282,573	–	-3.06%	–
ASML	Exit	ASML HOLDING N V	$0	–	-113,560	–	-3.24%	–
BAP	Exit	CREDICORP LTD	$0	–	-98,750	–	-3.37%	–
YNDX	Exit	YANDEX N V	$0	–	-639,000	–	-3.50%	–
BG	Exit	BUNGE LIMITEDcall	$0	–	-333,000	–	-3.85%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-2,126,200	–	-3.92%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-253,500	–	-4.12%	–
GGAL	Exit	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$0	–	-482,700	–	-4.14%	–
HDB	Exit	HDFC BANK LTD	$0	–	-263,000	–	-4.22%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-3,386,000	–	-5.66%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-345,800	–	-5.95%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-194,700	–	-8.02%	–
EEM	Exit	ISHARES TRput	$0	–	-2,140,000	–	-15.96%	–

Q3 2017

			Value		Shares		↓ Weighting
EEM	Buy	ISHARES TRput	$95,893,000	+49.5%	2,140,000	+38.1%	15.96%	+53.1%
BIDU	Buy	BAIDU INCspon adr rep a	$48,225,000	+181.7%	194,700	+103.4%	8.02%	+188.6%
BGNE	Buy	BEIGENE LTDsponsored adr	$35,777,000	+222.0%	345,800	+40.1%	5.95%	+229.8%
PBR	Buy	PETROLEO BRASILEIRO SA PETROsponsored adr	$33,995,000	+525.7%	3,386,000	+397.9%	5.66%	+541.3%
HDB	New	HDFC BANK LTD	$25,345,000	–	263,000	–	4.22%	–
GGAL	New	GRUPO FINANCIERO GALICIA S Asp adr 10 sh b	$24,878,000	–	482,700	–	4.14%	–
GOLD	Sell	RANDGOLD RES LTDadr	$24,756,000	-1.9%	253,500	-11.1%	4.12%	+0.5%
BBD	Sell	BANCO BRADESCO S Asp adr pfd new	$23,537,000	-34.7%	2,126,200	-49.9%	3.92%	-33.1%
YNDX	Buy	YANDEX N V	$21,055,000	+124.8%	639,000	+79.0%	3.50%	+130.3%
BAP	Sell	CREDICORP LTD	$20,246,000	+0.7%	98,750	-11.9%	3.37%	+3.2%
ASML	New	ASML HOLDING N V	$19,441,000	–	113,560	–	3.24%	–
PAM	Buy	PAMPA ENERGIA S Aspons adr lvl i	$18,396,000	+247.3%	282,573	+214.0%	3.06%	+255.9%
HIMX	Sell	HIMAX TECHNOLOGIES INCsponsored adr	$17,434,000	-9.5%	1,595,100	-32.1%	2.90%	-7.3%
BVN	Buy	COMPANIA DE MINAS BUENAVENTUsponsored adr	$17,272,000	+39.3%	1,350,400	+25.2%	2.87%	+42.7%
BABA	Sell	ALIBABA GROUP HLDG LTDsponsored ads	$14,301,000	-80.3%	82,800	-83.9%	2.38%	-79.8%
LILAK	Buy	LIBERTY GLOBAL PLC	$14,190,000	+37.2%	609,000	+26.1%	2.36%	+40.5%
BTG	Buy	B2GOLD CORP	$9,595,000	+124.4%	3,480,000	+129.1%	1.60%	+129.6%
AMBA	Buy	AMBARELLA INC	$9,356,000	+31.4%	190,900	+30.1%	1.56%	+34.6%
ARCO	New	ARCOS DORADOS HOLDINGS INC	$7,797,000	–	775,800	–	1.30%	–
FCX	Sell	FREEPORT-MCMORAN INCcl b	$7,546,000	-76.7%	537,500	-80.0%	1.26%	-76.1%
ITUB	Sell	ITAU UNIBANCO HLDG SAspon adr rep pfd	$7,097,000	-53.8%	518,000	-62.7%	1.18%	-52.6%
TX	New	TERNIUM SAspon adr	$6,557,000	–	212,000	–	1.09%	–
CPA	New	COPA HOLDINGS SAcl a	$6,027,000	–	48,400	–	1.00%	–
NVDA	New	NVIDIA CORP	$5,833,000	–	32,630	–	0.97%	–
SQM	Sell	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$5,760,000	-35.8%	103,500	-61.9%	0.96%	-34.3%
SIMO	New	SILICON MOTION TECHNOLOGY COsponsored adr	$5,398,000	–	112,400	–	0.90%	–
TGS	Sell	TRANSPORTADORA DE GAS SURspon adr b	$5,281,000	-34.3%	260,000	-46.3%	0.88%	-32.7%
ABEV	New	AMBEV SAsponsored adr	$5,272,000	–	800,000	–	0.88%	–
VIV	Buy	TELEFONICA BRASIL SAsponsored adr	$5,132,000	+2275.9%	324,000	+1925.0%	0.85%	+2340.0%
GGB	Buy	GERDAU S Aspon adr rep pfd	$4,545,000	+17.2%	1,325,000	+4.2%	0.76%	+20.0%
BMA	Sell	BANCO MACRO SAspon adr b	$3,438,000	-65.4%	29,300	-72.8%	0.57%	-64.6%
TEO	New	TELECOM ARGENTINA S Aspon adr rep b	$3,392,000	–	110,000	–	0.56%	–
BRFS	Sell	BRF SAsponsored adr	$3,329,000	-81.2%	231,000	-84.6%	0.55%	-80.8%
AY	Sell	ATLANTICA YIELD PLC	$3,258,000	-35.5%	165,364	-30.1%	0.54%	-34.0%
ZLAB	New	ZAI LAB LTDadr	$3,194,000	–	118,300	–	0.53%	–
HCM	New	HUTCHISON CHINA MEDITECH LTDsponsored adr	$1,890,000	–	69,300	–	0.31%	–
EDN	New	EMPRESA DIST Y COMERCIAL NORspon adr	$1,239,000	–	31,162	–	0.21%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-20,000	–	-0.08%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-32,600	–	-0.18%	–
IRS	Exit	IRSA INVERSIONES Y REP S Aglobl dep rcpt	$0	–	-118,944	–	-0.47%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-133,700	–	-0.73%	–
AGRO	Exit	ADECOAGRO S A	$0	–	-539,000	–	-0.88%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-30,400	–	-1.48%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-625,000	–	-1.62%	–
QQQ	Exit	POWERSHARES QQQ TRUSTput	$0	–	-75,000	–	-1.68%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$0	–	-349,000	–	-1.88%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-1,665,284	–	-2.43%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-2,728,220	–	-4.17%	–
VALE	Exit	VALE S Aadr	$0	–	-3,611,000	–	-5.13%	–
IWM	Exit	ISHARES TRput	$0	–	-230,000	–	-5.26%	–

Q2 2017

			Value		Shares		↓ Weighting
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$72,634,000	–	515,500	–	11.80%	–
EEM	New	ISHARES TRput	$64,155,000	–	1,550,000	–	10.42%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$36,049,000	–	4,241,000	–	5.86%	–
IWM	New	ISHARES TRput	$32,412,000	–	230,000	–	5.26%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$32,355,000	–	2,694,000	–	5.26%	–
VALE	New	VALE S Aadr	$31,597,000	–	3,611,000	–	5.13%	–
CX	New	CEMEX SAB DE CVspon adr new	$25,700,000	–	2,728,220	–	4.17%	–
GOLD	New	RANDGOLD RES LTDadr	$25,229,000	–	285,200	–	4.10%	–
BG	New	BUNGE LIMITEDcall	$24,842,000	–	333,000	–	4.04%	–
BAP	New	CREDICORP LTD	$20,110,000	–	112,100	–	3.27%	–
HIMX	New	HIMAX TECHNOLOGIES INCsponsored adr	$19,270,000	–	2,350,000	–	3.13%	–
BRFS	New	BRF SAsponsored adr	$17,739,000	–	1,504,598	–	2.88%	–
BIDU	New	BAIDU INCspon adr rep a	$17,117,000	–	95,700	–	2.78%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$15,348,000	–	1,389,000	–	2.49%	–
IBN	New	ICICI BK LTDadr	$14,937,000	–	1,665,284	–	2.43%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$12,399,000	–	1,078,200	–	2.01%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored adr	$11,594,000	–	349,000	–	1.88%	–
BGNE	New	BEIGENE LTDsponsored adr	$11,111,000	–	246,900	–	1.80%	–
LILAK	New	LIBERTY GLOBAL PLC	$10,341,000	–	483,000	–	1.68%	–
QQQ	New	POWERSHARES QQQ TRUSTput	$10,323,000	–	75,000	–	1.68%	–
AMX	New	AMERICA MOVIL SAB DE CV	$9,950,000	–	625,000	–	1.62%	–
BMA	New	BANCO MACRO SAspon adr b	$9,938,000	–	107,800	–	1.61%	–
YNDX	New	YANDEX N V	$9,367,000	–	357,000	–	1.52%	–
NTES	New	NETEASE INCsponsored adr	$9,139,000	–	30,400	–	1.48%	–
SQM	New	SOCIEDAD QUIMICA MINERA DE Cspon adr ser b	$8,975,000	–	271,800	–	1.46%	–
TGS	New	TRANSPORTADORA DE GAS SURspon adr b	$8,039,000	–	484,000	–	1.31%	–
AMBA	New	AMBARELLA INC	$7,122,000	–	146,700	–	1.16%	–
GRAM	New	GRANA Y MONTERO S A Asponsored adr	$5,721,000	–	1,755,000	–	0.93%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$5,433,000	–	680,000	–	0.88%	–
AGRO	New	ADECOAGRO S A	$5,385,000	–	539,000	–	0.88%	–
PAM	New	PAMPA ENERGIA S Aspons adr lvl i	$5,297,000	–	90,000	–	0.86%	–
AY	New	ATLANTICA YIELD PLC	$5,055,000	–	236,662	–	0.82%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$4,486,000	–	133,700	–	0.73%	–
BTG	New	B2GOLD CORP	$4,276,000	–	1,518,800	–	0.70%	–
GGB	New	GERDAU S Aspon adr rep pfd	$3,877,000	–	1,271,000	–	0.63%	–
GTE	New	GRAN TIERRA ENERGY INC	$3,697,000	–	1,664,000	–	0.60%	–
IRS	New	IRSA INVERSIONES Y REP S Aglobl dep rcpt	$2,869,000	–	118,944	–	0.47%	–
TTM	New	TATA MTRS LTDsponsored adr	$1,076,000	–	32,600	–	0.18%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$508,000	–	20,000	–	0.08%	–
VIV	New	TELEFONICA BRASIL SAsponsored adr	$216,000	–	16,000	–	0.04%	–

Q4 2016

			Value		Shares		↓ Weighting
EOCA	Exit	ENDESA AMERS SAspon adr	$0	–	-22,340	–	-0.06%	–
HCM	Exit	HUTCHISON CHINA MEDITECH LTDsponsored adr	$0	–	-87,700	–	-0.19%	–
NIHD	Exit	NII HLDGS INC	$0	–	-422,472	–	-0.26%	–
ERJ	Exit	EMBRAER S A	$0	–	-117,000	–	-0.37%	–
TSU	Exit	TIM PARTICIPACOES S Asponsored adr	$0	–	-233,000	–	-0.53%	–
GTE	Exit	GRAN TIERRA ENERGY INC	$0	–	-955,000	–	-0.53%	–
BMA	Exit	BANCO MACRO SAspon adr b	$0	–	-38,000	–	-0.55%	–
TGS	Exit	TRANSPORTADORA DE GAS SURspon adr b	$0	–	-462,000	–	-0.58%	–
EDN	Exit	EMPRESA DIST Y COMERCIAL NORspon adr	$0	–	-164,300	–	-0.60%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-489,000	–	-0.75%	–
LN	Exit	LINE CORPsponsored adr	$0	–	-86,000	–	-0.77%	–
BGNE	Exit	BEIGENE LTDsponsored adr	$0	–	-135,400	–	-0.77%	–
KOF	Exit	COCA COLA FEMSA S A B DE C Vspon adr rep l	$0	–	-56,200	–	-0.78%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-48,000	–	-0.78%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-391,000	–	-0.79%	–
AY	Exit	ATLANTICA YIELD PLC	$0	–	-226,000	–	-0.79%	–
TV	Exit	GRUPO TELEVISA SAspon adr rep ord	$0	–	-168,942	–	-0.80%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-481,900	–	-0.83%	–
BIDU	Exit	BAIDU INCcall	$0	–	-25,000	–	-0.84%	–
EIDO	Exit	ISHARES TRmsci indonia etf	$0	–	-185,044	–	-0.90%	–
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-204,500	–	-1.04%	–
AGRO	Exit	ADECOAGRO S A	$0	–	-557,000	–	-1.17%	–
TEO	Exit	TELECOM ARGENTINA S Aspon adr rep b	$0	–	-362,695	–	-1.22%	–
FCFS	Exit	FIRSTCASH INC	$0	–	-202,900	–	-1.76%	–
HDB	Exit	HDFC BANK LTD	$0	–	-139,300	–	-1.85%	–
PAAS	Exit	PAN AMERICAN SILVER CORP	$0	–	-579,000	–	-1.88%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-116,200	–	-2.14%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-1,040,700	–	-2.66%	–
SEDG	Exit	SOLAREDGE TECHNOLOGIES INC	$0	–	-965,400	–	-3.07%	–
NVDA	Exit	NVIDIA CORP	$0	–	-261,300	–	-3.30%	–
YNDX	Exit	YANDEX N V	$0	–	-856,200	–	-3.32%	–
BBD	Exit	BANCO BRADESCO S Asp adr pfd new	$0	–	-2,403,000	–	-4.02%	–
VIV	Exit	TELEFONICA BRASIL SAsponsored adr	$0	–	-1,642,000	–	-4.38%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-231,400	–	-4.51%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-3,091,000	–	-4.53%	–
BAP	Exit	CREDICORP LTD	$0	–	-209,900	–	-5.89%	–
HIMX	Exit	HIMAX TECHNOLOGIES INCsponsored adr	$0	–	-5,753,800	–	-9.11%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-347,100	–	-11.65%	–
EEM	Exit	ISHARES TRput	$0	–	-2,900,000	–	-20.03%	–

Q3 2016

			Value		Shares		↓ Weighting
EEM	New	ISHARES TRput	$108,605,000	–	2,900,000	–	20.03%	–
BIDU	Buy	BAIDU INCspon adr rep a	$63,197,000	+3198.4%	347,100	+2892.2%	11.65%	+2189.4%
HIMX	Buy	HIMAX TECHNOLOGIES INCsponsored adr	$49,425,000	+98.9%	5,753,800	+91.3%	9.11%	+38.1%
BAP	Buy	CREDICORP LTD	$31,951,000	+16.1%	209,900	+17.7%	5.89%	-19.4%
CX	Buy	CEMEX SAB DE CVspon adr new	$24,543,000	+454.5%	3,091,000	+331.0%	4.53%	+284.9%
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$24,480,000	–	231,400	–	4.51%	–
VIV	New	TELEFONICA BRASIL SAsponsored adr	$23,760,000	–	1,642,000	–	4.38%	–
BBD	New	BANCO BRADESCO S Asp adr pfd new	$21,795,000	–	2,403,000	–	4.02%	–
YNDX	Buy	YANDEX N V	$18,023,000	+7.0%	856,200	+11.1%	3.32%	-25.7%
NVDA	New	NVIDIA CORP	$17,904,000	–	261,300	–	3.30%	–
SEDG	Buy	SOLAREDGE TECHNOLOGIES INC	$16,633,000	-1.1%	965,400	+12.6%	3.07%	-31.3%
BVN	Buy	COMPANIA DE MINAS BUENAVENTUsponsored adr	$14,403,000	+57.0%	1,040,700	+35.5%	2.66%	+8.9%
GOLD	Sell	RANDGOLD RES LTDadr	$11,628,000	-70.2%	116,200	-66.6%	2.14%	-79.3%
PAAS	New	PAN AMERICAN SILVER CORP	$10,202,000	–	579,000	–	1.88%	–
FCFS	New	FIRSTCASH INC	$9,553,000	–	202,900	–	1.76%	–
TEO	Buy	TELECOM ARGENTINA S Aspon adr rep b	$6,637,000	-0.0%	362,695	+0.1%	1.22%	-30.6%
AGRO	Sell	ADECOAGRO S A	$6,355,000	-16.3%	557,000	-19.5%	1.17%	-41.9%
LILA	Sell	LIBERTY GLOBAL PLC	$5,642,000	-15.6%	204,500	-1.3%	1.04%	-41.4%
EIDO	New	ISHARES TRmsci indonia etf	$4,893,000	–	185,044	–	0.90%	–
BIDU	New	BAIDU INCcall	$4,552,000	–	25,000	–	0.84%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$4,496,000	–	481,900	–	0.83%	–
TV	Sell	GRUPO TELEVISA SAspon adr rep ord	$4,340,000	-73.8%	168,942	-73.4%	0.80%	-81.8%
AY	New	ATLANTICA YIELD PLC	$4,296,000	–	226,000	–	0.79%	–
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$4,278,000	–	391,000	–	0.79%	–
CPA	New	COPA HOLDINGS SAcl a	$4,221,000	–	48,000	–	0.78%	–
KOF	New	COCA COLA FEMSA S A B DE C Vspon adr rep l	$4,215,000	–	56,200	–	0.78%	–
LN	New	LINE CORPsponsored adr	$4,162,000	–	86,000	–	0.77%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$4,078,000	–	489,000	–	0.75%	–
EDN	Buy	EMPRESA DIST Y COMERCIAL NORspon adr	$3,253,000	+23.6%	164,300	+9.3%	0.60%	-14.2%
TGS	New	TRANSPORTADORA DE GAS SURspon adr b	$3,155,000	–	462,000	–	0.58%	–
BMA	New	BANCO MACRO SAspon adr b	$2,974,000	–	38,000	–	0.55%	–
GTE	Buy	GRAN TIERRA ENERGY INC	$2,860,000	+121.4%	955,000	+148.2%	0.53%	+53.6%
TSU	New	TIM PARTICIPACOES S Asponsored adr	$2,852,000	–	233,000	–	0.53%	–
ERJ	New	EMBRAER S A	$2,019,000	–	117,000	–	0.37%	–
NIHD	New	NII HLDGS INC	$1,407,000	–	422,472	–	0.26%	–
EOCA	Sell	ENDESA AMERS SAspon adr	$306,000	-32.6%	22,340	-32.3%	0.06%	-53.7%
VALE	Exit	VALE S Aadr	$0	–	-242,500	–	-0.33%	–
SUPV	Exit	GRUPO SUPERVIELLE S Asponsored adr	$0	–	-101,400	–	-0.34%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$0	–	-553,000	–	-0.85%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-161,900	–	-1.13%	–
FCFS	Exit	FIRST CASH FINL SVCS INC	$0	–	-113,000	–	-1.54%	–
TAHO	Exit	TAHOE RES INC	$0	–	-551,800	–	-2.20%	–
EPAM	Exit	EPAM SYS INC	$0	–	-178,400	–	-3.05%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-839,110	–	-4.28%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-1,386,600	–	-7.05%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-1,088,700	–	-8.02%	–
GDXJ	Exit	VANECK VECTORS ETF TRjr gold miners e	$0	–	-740,200	–	-8.38%	–
IWM	Exit	ISHARES TRput	$0	–	-345,000	–	-10.54%	–

Q2 2016

			Value		Shares		↓ Weighting
IWM	New	ISHARES TRput	$39,668,000	–	345,000	–	10.54%	–
GOLD	New	RANDGOLD RES LTDadr	$39,035,000	–	348,400	–	10.37%	–
GDXJ	New	VANECK VECTORS ETF TRjr gold miners e	$31,533,000	–	740,200	–	8.38%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$30,168,000	–	1,088,700	–	8.02%	–
BAP	New	CREDICORP LTD	$27,517,000	–	178,300	–	7.31%	–
GG	New	GOLDCORP INC NEW	$26,526,000	–	1,386,600	–	7.05%	–
HIMX	New	HIMAX TECHNOLOGIES INCsponsored adr	$24,843,000	–	3,007,600	–	6.60%	–
YNDX	New	YANDEX N V	$16,838,000	–	770,600	–	4.47%	–
SEDG	New	SOLAREDGE TECHNOLOGIES INC	$16,811,000	–	857,700	–	4.47%	–
TV	New	GRUPO TELEVISA SAspon adr rep ord	$16,559,000	–	635,900	–	4.40%	–
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$16,111,000	–	839,110	–	4.28%	–
EPAM	New	EPAM SYS INC	$11,472,000	–	178,400	–	3.05%	–
HDB	New	HDFC BANK LTD	$9,242,000	–	139,300	–	2.46%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$9,175,000	–	767,800	–	2.44%	–
TAHO	New	TAHOE RES INC	$8,261,000	–	551,800	–	2.20%	–
AGRO	New	ADECOAGRO S A	$7,591,000	–	692,000	–	2.02%	–
LILA	New	LIBERTY GLOBAL PLC	$6,681,000	–	207,100	–	1.78%	–
TEO	New	TELECOM ARGENTINA S Aspon adr rep b	$6,639,000	–	362,200	–	1.76%	–
FCFS	New	FIRST CASH FINL SVCS INC	$5,800,000	–	113,000	–	1.54%	–
CX	New	CEMEX SAB DE CVspon adr new	$4,426,000	–	717,200	–	1.18%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$4,247,000	–	161,900	–	1.13%	–
BGNE	New	BEIGENE LTDsponsored adr	$4,035,000	–	135,400	–	1.07%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$3,213,000	–	553,000	–	0.85%	–
EDN	New	EMPRESA DIST Y COMERCIAL NORspon adr	$2,632,000	–	150,300	–	0.70%	–
BIDU	New	BAIDU INCspon adr rep a	$1,916,000	–	11,600	–	0.51%	–
SUPV	New	GRUPO SUPERVIELLE S Asponsored adr	$1,297,000	–	101,400	–	0.34%	–
GTE	New	GRAN TIERRA ENERGY INC	$1,292,000	–	384,700	–	0.34%	–
VALE	New	VALE S Aadr	$1,227,000	–	242,500	–	0.33%	–
HCM	New	HUTCHISON CHINA MEDITECH LTDsponsored adr	$1,153,000	–	87,700	–	0.31%	–
EOCA	New	ENDESA AMERS SAspon adr	$454,000	–	33,000	–	0.12%	–

Q4 2015

			Value		Shares		↓ Weighting
CPAC	Exit	CEMENTOS PACASMAYO S A Aspon adr rep 5	$0	–	-51,200	–	-0.19%	–
SBS	Exit	COMPANHIA DE SANEAMENTO BASIsponsored adr	$0	–	-112,000	–	-0.27%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-18,800	–	-0.48%	–
GRAM	Exit	GRANA Y MONTERO S A Asponsored adr	$0	–	-248,000	–	-0.62%	–
GTE	Exit	GRAN TIERRA ENERGY INC	$0	–	-546,600	–	-0.73%	–
CZZ	Exit	COSAN LTD	$0	–	-506,700	–	-0.91%	–
ABY	Exit	ABENGOA YIELD PLC	$0	–	-88,870	–	-0.97%	–
BSMX	Exit	GRUPO FINANCIERO SANTANDER M	$0	–	-229,800	–	-1.06%	–
LILA	Exit	LIBERTY GLOBAL PLC	$0	–	-58,300	–	-1.23%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-58,200	–	-1.25%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-62,700	–	-1.26%	–
HDB	Exit	HDFC BANK LTD	$0	–	-46,600	–	-1.78%	–
VNM	Exit	MARKET VECTORS ETF TRvietnam etf	$0	–	-224,000	–	-2.17%	–
LXFT	Exit	LUXOFT HLDG INC	$0	–	-67,500	–	-2.68%	–
EPAM	Exit	EPAM SYS INC	$0	–	-69,100	–	-3.22%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-30,000	–	-3.60%	–
SFUN	Exit	SOUFUN HLDGS LTDadr	$0	–	-1,061,700	–	-3.71%	–
RSX	Exit	MARKET VECTORS ETF TRrussia etf	$0	–	-414,900	–	-4.06%	–
EPI	Exit	WISDOMTREE TRindia erngs fd	$0	–	-334,300	–	-4.06%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-55,700	–	-4.14%	–
FXI	Exit	ISHARES TRchina lg-cap etf	$0	–	-186,000	–	-4.14%	–
FCFS	Exit	FIRST CASH FINL SVCS INC	$0	–	-198,000	–	-4.97%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-213,300	–	-7.89%	–
BAP	Exit	CREDICORP LTD	$0	–	-139,300	–	-9.28%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-1,402,000	–	-17.23%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-1,109,000	–	-18.10%	–

Q3 2015

			Value		Shares		↓ Weighting
JD	New	JD COM INCspon adr cl a	$28,901,000	–	1,109,000	–	18.10%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$27,522,000	–	1,402,000	–	17.23%	–
BAP	Buy	CREDICORP LTD	$14,816,000	+8.0%	139,300	+41.1%	9.28%	+88.9%
GOLD	New	RANDGOLD RES LTDadr	$12,604,000	–	213,300	–	7.89%	–
FCFS	Buy	FIRST CASH FINL SVCS INC	$7,932,000	+153.7%	198,000	+188.6%	4.97%	+343.5%
FXI	New	ISHARES TRchina lg-cap etf	$6,616,000	–	186,000	–	4.14%	–
NTES	New	NETEASE INCsponsored adr	$6,605,000	–	55,700	–	4.14%	–
RSX	New	MARKET VECTORS ETF TRrussia etf	$6,483,000	–	414,900	–	4.06%	–
EPI	New	WISDOMTREE TRindia erngs fd	$6,482,000	–	334,300	–	4.06%	–
SFUN	New	SOUFUN HLDGS LTDadr	$5,925,000	–	1,061,700	–	3.71%	–
SPY	New	SPDR S&P 500 ETF TRput	$5,748,000	–	30,000	–	3.60%	–
EPAM	Sell	EPAM SYS INC	$5,146,000	-43.9%	69,100	-46.4%	3.22%	-1.9%
LXFT	New	LUXOFT HLDG INC	$4,272,000	–	67,500	–	2.68%	–
HDB	Sell	HDFC BANK LTD	$2,848,000	+0.1%	46,600	-0.9%	1.78%	+75.0%
CIB	Sell	BANCOLOMBIA S Aspon adr pref	$2,021,000	-29.9%	62,700	-6.4%	1.26%	+22.6%
LILAK	New	LIBERTY GLOBAL PLC	$1,993,000	–	58,200	–	1.25%	–
LILA	New	LIBERTY GLOBAL PLC	$1,964,000	–	58,300	–	1.23%	–
BSMX	New	GRUPO FINANCIERO SANTANDER M	$1,688,000	–	229,800	–	1.06%	–
ABY	New	ABENGOA YIELD PLC	$1,550,000	–	88,870	–	0.97%	–
CZZ	Sell	COSAN LTD	$1,459,000	-78.4%	506,700	-53.8%	0.91%	-62.2%
GTE	Sell	GRAN TIERRA ENERGY INC	$1,172,000	-56.0%	546,600	-38.5%	0.73%	-23.0%
GRAM	New	GRANA Y MONTERO S A Asponsored adr	$987,000	–	248,000	–	0.62%	–
CPA	New	COPA HOLDINGS SAcl a	$760,000	–	18,800	–	0.48%	–
SBS	Buy	COMPANHIA DE SANEAMENTO BASIsponsored adr	$435,000	-20.2%	112,000	+6.5%	0.27%	+39.5%
CPAC	New	CEMENTOS PACASMAYO S A Aspon adr rep 5	$306,000	–	51,200	–	0.19%	–
RDY	Exit	DR REDDYS LABS LTDadr	$0	–	-8,600	–	-0.17%	–
PHI	Exit	PHILIPPINE LONG DISTANCE TELsponsored adr	$0	–	-9,400	–	-0.21%	–
TLK	Exit	P T TELEKOMUNIKASI INDONESIAsponsored adr	$0	–	-13,500	–	-0.21%	–
IWM	Exit	ISHARES TRput	$0	–	-6,400	–	-0.29%	–
ATTO	Exit	ATENTO S A	$0	–	-99,500	–	-0.51%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-50,720	–	-0.63%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-117,000	–	-0.89%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-38,900	–	-0.89%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-170,400	–	-1.20%	–
YNDX	Exit	YANDEX N V	$0	–	-339,000	–	-1.85%	–
QIWI	Exit	QIWI PLCspon adr rep b	$0	–	-302,292	–	-3.04%	–
PBRA	Exit	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$0	–	-1,116,075	–	-3.26%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-491,500	–	-3.92%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-3,736,400	–	-12.26%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-1,973,000	–	-54.25%	–

Q2 2015

			Value		Shares		↓ Weighting
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$151,466,000	–	1,973,000	–	54.25%	–
CX	New	CEMEX SAB DE CVspon adr new	$34,225,000	–	3,736,400	–	12.26%	–
BAP	New	CREDICORP LTD	$13,715,000	–	98,700	–	4.91%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$10,935,000	–	491,500	–	3.92%	–
EPAM	New	EPAM SYS INC	$9,174,000	–	128,800	–	3.29%	–
PBRA	New	PETROLEO BRASILEIRO SA PETROsp adr non vtg	$9,107,000	–	1,116,075	–	3.26%	–
QIWI	New	QIWI PLCspon adr rep b	$8,479,000	–	302,292	–	3.04%	–
CZZ	New	COSAN LTD	$6,751,000	–	1,096,100	–	2.42%	–
YNDX	New	YANDEX N V	$5,160,000	–	339,000	–	1.85%	–
VNM	New	MARKET VECTORS ETF TRvietnam etf	$4,175,000	–	224,000	–	1.50%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$3,353,000	–	170,400	–	1.20%	–
FCFS	New	FIRST CASH FINL SVCS INC	$3,127,000	–	68,600	–	1.12%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$2,881,000	–	67,000	–	1.03%	–
HDB	New	HDFC BANK LTD	$2,844,000	–	47,000	–	1.02%	–
GTE	New	GRAN TIERRA ENERGY INC	$2,662,000	–	889,100	–	0.95%	–
AMX	New	AMERICA MOVIL SAB DE CV	$2,493,000	–	117,000	–	0.89%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$2,493,000	–	38,900	–	0.89%	–
TTM	New	TATA MTRS LTDsponsored adr	$1,748,000	–	50,720	–	0.63%	–
ATTO	New	ATENTO S A	$1,430,000	–	99,500	–	0.51%	–
IWM	New	ISHARES TRput	$799,000	–	6,400	–	0.29%	–
TLK	New	P T TELEKOMUNIKASI INDONESIAsponsored adr	$586,000	–	13,500	–	0.21%	–
PHI	New	PHILIPPINE LONG DISTANCE TELsponsored adr	$585,000	–	9,400	–	0.21%	–
SBS	New	COMPANHIA DE SANEAMENTO BASIsponsored adr	$545,000	–	105,200	–	0.20%	–
RDY	New	DR REDDYS LABS LTDadr	$475,000	–	8,600	–	0.17%	–

Q4 2013

			Value		Shares		↓ Weighting
CIB	Exit	Ban Colombia (ADR)adr	$0	–	-11,000	–	-0.82%	–
PHI	Exit	Philippine Long Distance (ADR)adr	$0	–	-9,500	–	-0.85%	–
TSM	Exit	Taiwan Semiconductor (ADR)adr	$0	–	-69,000	–	-1.67%	–
CHL	Exit	China Mobile (ADR)adr	$0	–	-24,500	–	-1.67%	–
CEO	Exit	CNOOC (ADR)adr	$0	–	-7,600	–	-1.68%	–
BAP	Exit	Credicorp Ltd (ADR)	$0	–	-10,000	–	-1.69%	–
TLK	Exit	Telekomunikasi Indonesia (ADR)adr	$0	–	-30,000	–	-1.69%	–
AMX	Exit	America Moviladr	$0	–	-59,000	–	-1.69%	–
CX	Exit	Cemex (ADR)adr	$0	–	-190,000	–	-2.65%	–
QIWI	Exit	QIWI plc (ADR)adr	$0	–	-155,000	–	-4.74%	–
ITUB	Exit	Itau Unibanco Hldng (ADR)adr	$0	–	-283,000	–	-4.82%	–
BPZRQ	Exit	BPZ Resources Inc	$0	–	-2,043,380	–	-4.82%	–
VNM	Exit	Market Vectors Vietnam ETFetp	$0	–	-232,000	–	-5.69%	–
	Exit	Yandex NV	$0	–	-187,400	–	-6.83%	–
FXI	Exit	iShares FTSE/Xinhua China 25 Iput	$0	–	-600,000	–	-25.72%	–
EEM	Exit	Ishares MSCI EMput	$0	–	-650,000	–	-32.98%	–

Q2 2013

			Value		Shares		↓ Weighting
EEM	New	Ishares MSCI EMput	$25,025,000	–	650,000	–	32.98%	–
FXI	New	iShares FTSE/Xinhua China 25 Iput	$19,512,000	–	600,000	–	25.72%	–
	New	Yandex NV	$5,182,000	–	187,400	–	6.83%	–
VNM	New	Market Vectors Vietnam ETFetp	$4,315,000	–	232,000	–	5.69%	–
BPZRQ	New	BPZ Resources Inc	$3,658,000	–	2,043,380	–	4.82%	–
ITUB	New	Itau Unibanco Hldng (ADR)adr	$3,656,000	–	283,000	–	4.82%	–
QIWI	New	QIWI plc (ADR)adr	$3,596,000	–	155,000	–	4.74%	–
CX	New	Cemex (ADR)adr	$2,010,000	–	190,000	–	2.65%	–
AMX	New	America Moviladr	$1,283,000	–	59,000	–	1.69%	–
TLK	New	Telekomunikasi Indonesia (ADR)adr	$1,282,000	–	30,000	–	1.69%	–
BAP	New	Credicorp Ltd (ADR)	$1,280,000	–	10,000	–	1.69%	–
CEO	New	CNOOC (ADR)adr	$1,273,000	–	7,600	–	1.68%	–
CHL	New	China Mobile (ADR)adr	$1,268,000	–	24,500	–	1.67%	–
TSM	New	Taiwan Semiconductor (ADR)adr	$1,264,000	–	69,000	–	1.67%	–
PHI	New	Philippine Long Distance (ADR)adr	$645,000	–	9,500	–	0.85%	–
CIB	New	Ban Colombia (ADR)adr	$621,000	–	11,000	–	0.82%	–

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