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
ALPHABET INC CAP STK CL C 02079K107 6,745 6,240 SH   SOLE   6,240 0 0
AMAZON COM INC COM 023135106 360 190 SH   SOLE   190 0 0
AMBEV SA SPONSORED ADR 02319V103 4,990 1,068,474 SH   SOLE   1,068,474 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 78,901 5,419,007 SH   SOLE   5,419,007 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 2,678 30,256 SH   SOLE   30,256 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 1,695 232,844 SH   SOLE   232,844 0 0
AVON PRODS INC COM 054303102 2,981 768,213 SH   SOLE   768,213 0 0
AZUL S A SPONSR ADR PFD 05501U106 24,737 739,738 SH   SOLE   739,738 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 718 73,128 SH   SOLE   73,128 0 0
BANCO MACRO SA SPON ADR B 05961W105 1,457 20,000 SH   SOLE   20,000 0 0
BANCO SANTANDER MEXICO S A SPONSORED ADS B 05969B103 4,409 576,349 SH   SOLE   576,349 0 0
BRF SA SPONSORED ADR 10552T107 4,307 566,756 SH   SOLE   566,756 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 1,000 108,344 SH   SOLE   108,344 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 738 80,873 SH   SOLE   80,873 0 0
CENTRAL PUERTO S A SPONSORED ADR 155038201 1,717 185,206 SH   SOLE   185,206 0 0
COCA COLA CO COM 191216100 1,099 21,576 SH   SOLE   21,576 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 2,108 173,208 SH   SOLE   173,208 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 467 122,600 SH   SOLE   122,600 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 65 15,190 SH   SOLE   15,190 0 0
DESPEGAR COM CORP ORD SHS G27358103 556 40,000 SH   SOLE   40,000 0 0
ECOPETROL S A SPONSORED ADS 279158109 901 49,276 SH   SOLE   49,276 0 0
EMBRAER S A SPONSORED ADS 29082A107 594 29,507 SH   SOLE   29,507 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 2,286 257,727 SH   SOLE   257,727 0 0
EXXON MOBIL CORP COM 30231G102 2,529 33,000 SH   SOLE   33,000 0 0
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101 371 46,595 SH   SOLE   46,595 0 0
GRUPO FINANCIERO GALICIA S A SPONSORED ADR 399909100 3,195 90,000 SH   SOLE   90,000 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 158 20,000 SH   SOLE   20,000 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 12,996 1,539,771 SH   SOLE   1,539,771 0 0
HARLEY DAVIDSON INC COM 412822108 490 13,666 SH   SOLE   13,666 0 0
HOME DEPOT INC COM 437076102 790 3,800 SH   SOLE   3,800 0 0
INTEL CORP COM 458140100 665 13,900 SH   SOLE   13,900 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 916 93,680 SH   SOLE   93,680 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 726 16,600 SH Put SOLE   16,600 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 1,261 88,000 SH Call SOLE   88,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 717 50,000 SH Put SOLE   50,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 11,953 90,000 SH Put SOLE   90,000 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 911 21,300 SH Put SOLE   21,300 0 0
JD COM INC SPON ADR CL A 47215P106 460 15,183 SH   SOLE   15,183 0 0
JPMORGAN CHASE & CO COM 46625H100 303 2,713 SH   SOLE   2,713 0 0
KRAFT HEINZ CO COM 500754106 663 21,354 SH   SOLE   21,354 0 0
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 2,808 299,718 SH   SOLE   299,718 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 234 20,000 SH   SOLE   20,000 0 0
MASTERCARD INC CL A 57636Q104 290 1,095 SH   SOLE   1,095 0 0
MERCADOLIBRE INC COM 58733R102 2,119 3,463 SH   SOLE   3,463 0 0
MICROSOFT CORP COM 594918104 1,181 8,814 SH   SOLE   8,814 0 0
MORGAN STANLEY COM NEW 617446448 2,025 46,214 SH   SOLE   46,214 0 0
NETFLIX INC COM 64110L106 550 1,497 SH   SOLE   1,497 0 0
OI S A SPONSORED ADR NE 670851500 297 147,623 SH   SOLE   147,623 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 3,467 100,000 SH   SOLE   100,000 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 812 57,155 SH   SOLE   57,155 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 740 47,504 SH   SOLE   47,504 0 0
PILGRIMS PRIDE CORP NEW COM 72147K108 2,555 100,618 SH   SOLE   100,618 0 0
SOCIAL CAP HEDOSOPHIA HLDGS CL A G8250R103 329 31,500 SH   SOLE   31,500 0 0
SOUTHERN COPPER CORP COM 84265V105 2,603 67,000 SH   SOLE   67,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,332 10,000 SH Call SOLE   10,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 12,218 41,700 SH Put SOLE   41,700 0 0
SUZANO SA SPON ADS 86959K105 535 31,426 SH   SOLE   31,426 0 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 563 43,267 SH   SOLE   43,267 0 0
TESLA INC COM 88160R101 212 950 SH   SOLE   950 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 1,487 99,308 SH   SOLE   99,308 0 0
UNITED STATES NATL GAS FUND UNIT PAR 912318300 617 31,000 SH Call SOLE   31,000 0 0
VALE S A SPONSORED ADS 91912E105 6,082 452,555 SH   SOLE   452,555 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 1,821 100,000 SH   SOLE   100,000 0 0