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
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 47,046 10,478,000 SH   SOLE 0 10,478,000 0 0
BRF SA SPONSORED ADR 10552T107 26,958 9,296,000 SH   SOLE 0 9,296,000 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 18,365 5,498,500 SH   SOLE 0 5,498,500 0 0
BANCO BRADESCO S.A. SP ADR PFD NEW 059460303 36,814 9,067,500 SH   SOLE 0 9,067,500 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 57,211 3,781,300 SH   SOLE 0 3,781,300 0 0
BANCO DE CHILE SPONSORED ADS 059520106 2,647 164,300 SH   SOLE 0 164,300 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 4,331 173,500 SH   SOLE 0 173,500 0 0
CONTROLADORA VUELA CIA DE AV SPON ADR RP 10 21240E105 16,467 4,800,998 SH   SOLE 0 4,800,998 0 0
TERNIUM SA SPONSORED ADS 880890108 9,828 825,861 SH   SOLE 0 825,861 0 0
COPA HOLDINGS SA CL A P31076105 32,832 724,931 SH   SOLE 0 724,931 0 0
CREDICORP LTD COM G2519Y108 34,686 242,444 SH   SOLE 0 242,444 0 0