The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACM RESEARCH INC COM CL A 00108J109 36,376 1,228,490 SH   DFND   0 1,228,490 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 78,986 406,138 SH   DFND   0 406,138 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 52,471 269,800 SH Call DFND   0 269,800 0
AMBEV SA SPONSORED ADR 02319V103 4,940 2,147,900 SH   DFND   0 2,147,900 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 1,024 306,578 SH   DFND   0 306,578 0
ARGENX SE SPONSORED ADR 04016X101 24,157 183,384 SH   DFND   0 183,384 0
BAIDU INC SPON ADR REP A 056752108 6,497 64,463 SH   DFND   0 64,463 0
BEIGENE LTD SPONSORED ADR 07725L102 12,321 100,085 SH   DFND   0 100,085 0
BRIGHT SCHOLAR ED HLDGS LTD SPONSORED ADS 109199109 31,837 4,730,641 SH   DFND   0 4,730,641 0
CEMEX SAB DE CV SPON ADR NEW 151290889 4,975 2,346,800 SH   DFND   0 2,346,800 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 1,100 29,200 SH   DFND   0 29,200 0
CHINA ONLINE ED GROUP SPONSORED ADR 16954L105 6,782 233,861 SH   DFND   0 233,861 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 18,475 397,568 SH   DFND   0 397,568 0
CREDICORP LTD COM G2519Y108 2,133 14,912 SH   DFND   0 14,912 0
EMBRAER SA SPONSORED ADS 29082A107 430 58,100 SH Call DFND   0 58,100 0
GDS HLDGS LTD SPONSORED ADS 36165L108 20,755 358,031 SH   DFND   0 358,031 0
GERDAU SA SPON ADR REP PFD 373737105 2,820 1,476,268 SH   DFND   0 1,476,268 0
GILEAD SCIENCES INC COM 375558103 3,813 51,000 SH Call DFND   0 51,000 0
GRAFTECH INTL LTD COM 384313508 22,242 2,739,104 SH   DFND   0 2,739,104 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 4,443 766,097 SH   DFND   0 766,097 0
HDFC BANK LTD SPONSORED ADS 40415F101 43,298 1,125,791 SH   DFND   0 1,125,791 0
ICICI BANK LIMITED ADR 45104G104 5,041 593,100 SH   DFND   0 593,100 0
INFOSYS LTD SPONSORED ADR 456788108 5,723 697,100 SH   DFND   0 697,100 0
IPG PHOTONICS CORP COM 44980X109 12,279 111,346 SH   DFND   0 111,346 0
ISHARES TR CHINA LG-CAP ETF 464287184 3,176 84,600 SH   DFND   0 84,600 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 5,718 1,273,429 SH   DFND   0 1,273,429 0
MEDTRONIC PLC SHS G5960L103 7,575 84,000 SH Call DFND   0 84,000 0
MODERNA INC COM 60770K107 6,821 227,756 SH   DFND   0 227,756 0
NEXTCURE INC COM 65343E108 3,510 94,699 SH   DFND   0 94,699 0
ONESMART INTL ED GROUP LTD SPONSORED ADS 68276W103 14,480 2,839,241 SH   DFND   0 2,839,241 0
QUDIAN INC ADR 747798106 2,474 1,374,298 SH   DFND   0 1,374,298 0
SEA LTD SPONSORED ADS 81141R100 14,985 338,176 SH   DFND   0 338,176 0
SECOO HLDG LTD ADR 81367P101 12,943 3,442,370 SH   DFND   0 3,442,370 0
SPDR S&P 500 ETF TRUST TR UNIT 78462F103 30,930 120,000 SH Call DFND   0 120,000 0
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109 1,240 123,300 SH   DFND   0 123,300 0
TRIP COM GROUP LTD ADS 89677Q107 9,697 413,500 SH   DFND   0 413,500 0
VALE S A SPONSORED ADS 91912E105 4,929 594,600 SH   DFND   0 594,600 0
VIPSHOP HLDGS LTD SPONSORED ADS A 92763W103 15,163 973,262 SH   DFND   0 973,262 0
VIR BIOTECHNOLOGY INC COM 92764N102 3,003 87,638 SH   DFND   0 87,638 0
YUM CHINA HLDGS INC COM 98850P109 10,035 235,407 SH   DFND   0 235,407 0
ZAI LAB LTD ADR 98887Q104 40,960 795,640 SH   DFND   0 795,640 0