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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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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
VALE S A SPONSORED ADS 91912E105 20,080 1,198,100 SH   SOLE   1,198,100 0 0
BANCO MACRO SA SPON ADR B 05961W105 934 60,000 SH   SOLE   60,000 0 0
GEOPARK LTD USD SHS G38327105 12,635 972,641 SH   SOLE   972,641 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 1,009 73,196 SH   SOLE   73,196 0 0
TECHNIPFMC PLC COM G87110105 2,003 213,100 SH   SOLE   213,100 0 0
TIDEWATER INC NEW COM 88642R109 1,612 186,576 SH   SOLE   186,576 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 2,381 162,000 SH   SOLE   162,000 0 0
TRANSOCEAN LTD REG SHS H8817H100 1,403 607,175 SH   SOLE   607,175 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 3,300 702,168 SH   SOLE   702,168 0 0
TRANSPORTADORA DE GAS SUR SPONSORED ADS B 893870204 948 182,257 SH   SOLE   182,257 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 4,121 366,977 SH   SOLE   366,977 0 0
GERDAU SA SPON ADR REP PFD 373737105 7,556 1,617,967 SH   SOLE   1,617,967 0 0
ISHARES TR IBOXX HI YD ETF 464288513 43,650 500,000 SH Put SOLE   500,000 0 0
SPDR SER TR S&P OILGAS EXP 78468R556 58,500 1,000,000 SH Put SOLE   1,000,000 0 0
ISHARES TR JPMORGAN USD EMG 464288281 266,593 2,300,000 SH Put SOLE   2,300,000 0 0