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Ashmore Equities Investment Management (US) LLC
> GFA
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 03/31/2012 | Gafisa S.A. | GFA | 0 | -58,100 | 0 | -267,000 | |
| 12/31/2011 | Gafisa S.A. | GFA | 58,100 | -298,400 | 267,000 | -1,790,000 | $4.60 |
| 09/30/2011 | Gafisa S.A. | GFA | 356,500 | 356,500 | 2,057,000 | 2,057,000 | $5.77 |
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