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
LOMA NEGRA CORP SPONSORED ADS 54150E104 6,233 532,743 SH   SOLE 0 532,743 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 68,626 1,933,119 SH   SOLE 0 1,933,119 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 83,946 8,911,500 SH   SOLE 0 8,911,500 0 0
BRF SA SPONSORED ADR 10552T107 54,401 7,158,000 SH   SOLE 0 7,158,000 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 37,403 5,137,760 SH   SOLE 0 5,137,760 0 0
BANCO BRADESCO S.A. SP ADR PFD NEW 059460303 42,737 4,352,000 SH   SOLE 0 4,352,000 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 36,959 1,235,254 SH   SOLE 0 1,235,254 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 9,583 187,756 SH   SOLE 0 187,756 0 0
CONTROLADORA VUELA CIA DE AV SPON ADR RP 10 21240E105 57,539 6,134,271 SH   SOLE 0 6,134,271 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 45,085 725,534 SH   SOLE   725,534 0 0
COPA HOLDINGS SA CL A P31076105 78,934 809,000 SH   SOLE 0 809,000 0 0
CREDICORP LTD COM G2519Y108 44,935 196,300 SH   SOLE 0 196,300 0 0