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
ADECOAGRO S A COM L00849106 27,148 2,350,484 SH   DFND 1 2,350,484 0 0
CME GROUP INC COM 12572Q105 9,850 102,553 SH   DFND 1 102,553 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 24,317 2,089,056 SH   DFND 1 2,089,056 0 0
ECO STIM ENERGY SOLUTIONS IN COM 27888D101 1,611 631,578 SH   DFND 1 631,578 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 742 44,418 SH   DFND 1 44,418 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 3,087 206,371 SH   DFND 1 206,371 0 0
ISHARES MSCI JAPAN ETF 464286848 25,355 2,222,200 SH Call DFND 1 2,222,200 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 17,981 525,000 SH   DFND 1 525,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 10,207 298,000 SH   DFND   298,000 0 0
OCWEN FINL CORP COM NEW 675746309 294 118,915 SH   DFND   118,915 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 23,242 1,084,063 SH   DFND 1 1,084,063 0 0
PETROBRAS ARGENTINA S A SPONS ADR 71646J109 6,750 1,030,552 SH   DFND 1 1,030,552 0 0
RADIAN GROUP INC COM 750236101 2,417 194,890 SH   DFND   194,890 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 822,080 4,000,000 SH Call DFND   4,000,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 205,520 1,000,000 SH Put DFND   1,000,000 0 0
TRANSPORTADORA DE GAS SUR SPON ADR B 893870204 265 45,424 SH   DFND 1 45,424 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 79,753 4,460,473 SH   DFND 1 4,460,473 0 0