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

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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
CENTRAL EUROPEAN MEDIA ENTRP CL A NEW G20045202 13,676 6,481,360 SH   SOLE 6,481,360 0 0
COPA HOLDINGS SA CL A P31076105 17,169 328,532 SH   SOLE 328,532 0 0
DESWELL INDS INC COM 250639101 1,088 688,790 SH   SOLE 688,790 0 0
GRAVITY CO LTD SPONSORED ADR NE 38911N206 335 71,375 SH   SOLE 71,375 0 0
NIKE INC CL B 654106103 947 330,000 SH Put SOLE 330,000 0 0
PETROBRAS ARGENTINA S A SPONS ADR 71646J109 12,109 1,928,200 SH   SOLE 1,928,200 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 8,205 447,608 SH   SOLE 447,608 0 0
UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 2,674 1,343,500 SH   SOLE 1,343,500 0 0