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
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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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 224 1,230 SH   SOLE   1,230 0 0
ALPHABET INC CAP STK CL C 02079K107 645 550 SH   SOLE   550 0 0
AMAZON COM INC COM 023135106 267 150 SH   SOLE   150 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 57,545 4,029,756 SH   SOLE   4,029,756 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 885 10,542 SH   SOLE   10,542 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 2,548 125,000 SH   SOLE   125,000 0 0
AZUL S A SPONSR ADR PFD 05501U106 10,410 356,371 SH   SOLE   356,371 0 0
BANCO SANTANDER MEXICO S A SPONSORED ADS B 05969B103 14,041 2,074,020 SH   SOLE   2,074,020 0 0
BANK AMER CORP COM 060505104 639 23,154 SH   SOLE   23,154 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,973 9,820 SH   SOLE   9,820 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 38,087 8,208,480 SH   SOLE   8,208,480 0 0
CENTRAL PUERTO S A SPONSORED ADR 155038201 1,702 185,206 SH   SOLE   185,206 0 0
COCA COLA CO COM 191216100 1,009 21,540 SH   SOLE   21,540 0 0
DIREXION SHS ETF TR DLY GOLD INDX 3X 25460E844 1,536 77,600 SH Put SOLE   77,600 0 0
DISNEY WALT CO COM DISNEY 254687106 1,583 14,253 SH   SOLE   14,253 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 2,302 257,727 SH   SOLE   257,727 0 0
ESTRE AMBIENTAL INC SHS G3206V100 15,999 9,875,718 SH   SOLE   9,875,718 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 15,105 163,683 SH   SOLE   163,683 0 0
FREEPORT-MCMORAN INC CL B 35671D857 1,031 80,000 SH   SOLE   80,000 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 967 5,980 SH   SOLE   5,980 0 0
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101 248 31,895 SH   SOLE   31,895 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 11,868 1,073,090 SH   SOLE   1,073,090 0 0
HARLEY DAVIDSON INC COM 412822108 300 8,426 SH   SOLE   8,426 0 0
HOME DEPOT INC COM 437076102 729 3,800 SH   SOLE   3,800 0 0
INTEL CORP COM 458140100 746 13,900 SH   SOLE   13,900 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 368 2,608 SH   SOLE   2,608 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 1,022 93,780 SH   SOLE   93,780 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 32,792 800,000 SH Call SOLE   800,000 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 7,276 177,500 SH Put SOLE   177,500 0 0
ISHARES INC MSCI MEXICO ETF 464286822 697 16,000 SH Put SOLE   16,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 1,248 88,000 SH Call SOLE   88,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 709 50,000 SH Put SOLE   50,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 25,180 200,000 SH Call SOLE   200,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 6,295 50,000 SH Put SOLE   50,000 0 0
ISHARES TR MSCI EAFE ETF 464287465 22,701 350,000 SH Put SOLE   350,000 0 0
JD COM INC SPON ADR CL A 47215P106 310 10,283 SH   SOLE   10,283 0 0
KRAFT HEINZ CO COM 500754106 495 15,150 SH   SOLE   15,150 0 0
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 147 13,900 SH   SOLE   13,900 0 0
LAUREATE EDUCATION INC CL A 518613203 310 20,675 SH   SOLE   20,675 0 0
MASTERCARD INC CL A 57636Q104 391 1,661 SH   SOLE   1,661 0 0
MERCADOLIBRE INC COM 58733R102 1,635 3,221 SH   SOLE   3,221 0 0
MICROSOFT CORP COM 594918104 1,038 8,800 SH   SOLE   8,800 0 0
MORGAN STANLEY COM NEW 617446448 1,950 46,200 SH   SOLE   46,200 0 0
NETFLIX INC COM 64110L106 890 2,497 SH   SOLE   2,497 0 0
NETSHOES CAYMAN LTD COM G6455X107 268 160,461 SH   SOLE   160,461 0 0
OI S A SPONSORED ADR NE 670851500 278 147,623 SH   SOLE   147,623 0 0
PAGSEGURO DIGITAL LTD COM CL A G68707101 4,907 164,402 SH   SOLE   164,402 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 827 30,000 SH   SOLE   30,000 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 569 35,770 SH   SOLE   35,770 0 0
PILGRIMS PRIDE CORP NEW COM 72147K108 1,896 85,047 SH   SOLE   85,047 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 11,634 200,000 SH Put SOLE   200,000 0 0
SOUTHERN COPPER CORP COM 84265V105 794 20,000 SH   SOLE   20,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 15,239 124,900 SH Call SOLE   124,900 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 6,320 51,800 SH Put SOLE   51,800 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 14,689 52,000 SH Put SOLE   52,000 0 0
SUZANO PAPEL E CELULOSE S A SPON ADS 86959K105 1,432 60,445 SH   SOLE   60,445 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 252 16,719 SH   SOLE   16,719 0 0
UNITED STATES NATL GAS FUND UNIT PAR 912318300 728 31,000 SH Call SOLE   31,000 0 0