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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
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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
ADECOAGRO S A COM L00849106 1,586 230,225 SH   SOLE   230,225 0 0
BANCO MACRO SA SPON ADR B 05961W105 2,090 45,665 SH   SOLE   45,665 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 731 76,834 SH   SOLE   76,834 0 0
CENTRAL PUERTO S A SPONSORED ADR 155038201 276 30,000 SH   SOLE   30,000 0 0
CORPORACION AMER ARPTS S A COM L1995B107 1,485 179,546 SH   SOLE   179,546 0 0
GRUPO FINANCIERO GALICIA S A SPONSORED ADR 399909100 10,693 419,002 SH   SOLE   419,002 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 31,800 2,917,393 SH   SOLE   2,917,393 0 0
IRSA PROPIEDADES COMERCIALES SPONSORED ADR 463588103 1,630 79,507 SH   SOLE   79,507 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 139,366 3,400,000 SH Call SOLE   3,400,000 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 12,891 314,500 SH   SOLE   314,500 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 9,013 210,000 SH Put SOLE   210,000 0 0
ISHARES TR JPMORGAN USD EMG 464288281 35,638 323,809 SH   SOLE   323,809 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 585,101 2,071,300 SH Put SOLE   2,071,300 0 0