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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

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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 565 130,225 SH   SOLE   130,225 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 8,088 2,669,319 SH   SOLE   2,669,319 0 0
IRSA PROPIEDADES COMERCIALES SPONSORED ADR 463588103 1,712 269,254 SH   SOLE   269,254 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 273,220 9,500,000 SH Call SOLE   9,500,000 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 74,632 2,595,000 SH   SOLE   2,595,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 6,942 300,000 SH Put SOLE   300,000 0 0
SPDR SER TR S&P OILGAS EXP 78468R556 26,090 500,000 SH Put SOLE   500,000 0 0