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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
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
AZUL SA ADR 05501U106 1,306 79,811 SH   SOLE   79,811 0 0
GRUPO TELEVISA SA ADR ADR 40049J206 1,326 70,000 SH   SOLE   70,000 0 0
BANCO MACRO BANSUD S A SPON ADR B ADR 05961W105 4,731 80,479 SH   SOLE   80,479 0 0
BANK OF AMERICA CORP COM STK COM 060505104 32,665 1,158,744 SH   SOLE   1,158,744 0 0
EBAY INC COM STK COM 278642103 29,748 820,399 SH   SOLE   820,399 0 0
CENTRAL PUERTO SPONSORED ADR 155038201 2,277 230,000 SH   SOLE   230,000 0 0
IRSA PROPIEDADES COMERCIALES S ADR ADR 463588103 3,559 114,829 SH   SOLE   114,829 0 0
BANCO BRADESCO SA BRAD ADR ADR 059460303 8,377 1,221,116 SH   SOLE   1,221,116 0 0
BRF BRASIL FOODS SA ADR ADR 10552T107 1,829 390,789 SH   SOLE   390,789 0 0
GERDAU SA COSG ADR ADR 373737105 1,593 450,000 SH   SOLE   450,000 0 0
FIBRIA CELULOSE SASPON ADR SPONSORED ADR 31573A109 10,806 581,267 SH   SOLE   581,267 0 0
TELECOM ARGENTINA SA ADR ADR 879273209 1,112 62,702 SH   SOLE   62,702 0 0
VALE SA ADR ADR 91912E105 24,618 1,920,287 SH   SOLE   1,920,287 0 0
LOMA NGR ARG SCD SPONSORED ADS 54150E104 4,617 450,000 SH   SOLE   450,000 0 0
CIA SANEAMENTO BASICO DO ESTAD ADR ADR 20441A102 2,825 470,000 SH   SOLE   470,000 0 0
PETROLEO BRASILEIRO SA PETROBR ADR ADR 71654V101 1,318 149,145 SH   SOLE   149,145 0 0
ROYAL DUTCH SHELL PLC ADR ADR 780259206 6,713 96,973 SH   SOLE   96,973 0 0