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
BANCO MACRO SA SPON ADR B 05961W105 1,585 27,726 SH   SOLE   27,726 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 1,079 52,823 SH   SOLE   52,823 0 0
BHP BILLITON LTD SPONSORED ADR 05545E209 1,485 31,996 SH   SOLE   31,996 0 0
BLACKHAWK NETWORK HLDGS INC CL B 09238E104 3,302 92,876 SH   SOLE   92,876 0 0
CARNIVAL CORP PAIRED CTF 143658300 16,137 338,063 SH   SOLE   338,063 0 0
CREDICORP LTD COM G2519Y108 1,863 13,250 SH   SOLE   13,250 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 553 40,181 SH   SOLE   40,181 0 0
DIRECTV COM 25490A309 6,714 78,900 SH   SOLE   78,900 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 18,096 613,955 SH   SOLE   613,955 0 0
DRESSER-RAND GROUP INC COM 261608103 8,019 99,800 SH   SOLE   99,800 0 0
FAMILY DLR STORES INC COM 307000109 8,392 105,900 SH   SOLE   105,900 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 5,133 153,889 SH   SOLE   153,889 0 0
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101 10,026 1,117,766 SH   SOLE   1,117,766 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 1,069 46,167 SH   SOLE   46,167 0 0
HEICO CORP NEW CL A 422806208 2,057 41,518 SH   SOLE   41,518 0 0
HUDSON CITY BANCORP COM 443683107 7,231 690,000 SH   SOLE   690,000 0 0
INTERNATIONAL GAME TECHNOLOG COM 459902102 11,580 666,654 SH   SOLE   666,654 0 0
LENNAR CORP CL B 526057302 1,300 31,638 SH   SOLE   31,638 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 12,160 244,134 SH   SOLE   244,134 0 0
LORILLARD INC COM 544147101 1,785 27,308 SH   SOLE   27,308 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 177 10,000 SH   SOLE   10,000 0 0
PRICESMART INC COM 741511109 9,180 108,030 SH   SOLE   108,030 0 0
SHANDA GAMES LTD SP ADR REPTG A 81941U105 2,304 360,000 SH   SOLE   360,000 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 1,174 51,696 SH   SOLE   51,696 0 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 3,146 30,000 SH   SOLE   30,000 0 0
VIACOM INC NEW CL A 92553P102 2,985 43,433 SH   SOLE   43,433 0 0
VISTEON CORP COM NEW 92839U206 5,803 60,200 SH   SOLE   60,200 0 0
WHITING PETE CORP NEW PUT 966387952 309 10,000 SH Put SOLE   10,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 5,880 214,219 SH   SOLE   214,219 0 0