TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B COM 893870204 10216 502249 SH SOLE 502249 0 0 UNION PACIFIC CORP COM STK COM 907818108 9540 70965 SH SOLE 70965 0 0 COMPANHIA SIDERURGICA NACIONAL ADR ADR 20440W105 1051 399767 SH SOLE 399767 0 0 GRUPO TELEVISA SA ADR ADR 40049J206 1883 118000 SH SOLE 118000 0 0 PEPSICO INC COM STK COM 713448108 21240 194598 SH SOLE 194598 0 0 BANCO MACRO BANSUD S A SPON ADR B SPON ADR B 05961W105 11625 107672 SH SOLE 107672 0 0 CEMEX SAB DE CV ADR ADR 151290889 1658 250500 SH SOLE 250500 0 0 BANCO BRADESCO SA BRAD ADR ADR 059460303 9766 822055 SH SOLE 822055 0 0 BANCO SANTANDER ADS REP 1 UNIT 05967A107 1693 140825 SH SOLE 140825 0 0 ITAU UNIBANCO HLDNG SA ADR 465562106 5006 320877 SH SOLE 320877 0 0 PETROLEO BRASIL ADR 71654V408 6923 489625 SH SOLE 489625 0 0 COPA HOLDINGS SA COM STK COM P31076105 1029 8000 SH SOLE 8000 0 0 CENTRAL PUERTO SPONSORED ADR 155038201 7776 457432 SH SOLE 457432 0 0 COMPANHIA DE BEBIDAS DAS AMERICAS AMBEV SPONSORED ADR 02319V103 2431 334386 SH SOLE 334386 0 0 ADR TIM PARTICIPACOES SA COM STK COM 88706P205 2059 95000 SH SOLE 95000 0 0 CIA ENERGETICA DE MINAS GERAIS ADR ADR 204409601 4092 1586014 SH SOLE 1586014 0 0 FIBRIA CELULOSE SASPON ADR ADR 31573A109 12656 649042 SH SOLE 649042 0 0 GERDAU SA COSG ADR ADR 373737105 6338 1360000 SH SOLE 1360000 0 0 ISHARES MSCI BRAZIL ETF ETF 464286400 9710 216356 SH SOLE 216356 0 0 IRSA PROPIEDADES COMERCIALES S ADR ADR 463588103 7876 177000 SH SOLE 177000 0 0 VALE SA ADR ADR 91912E105 15243 1198323 SH SOLE 1198323 0 0 CIA SANEAMENTO BASICO DO ESTAD ADR ADR 20441A102 5674 535746 SH SOLE 535746 0 0 ROYAL DUTCH SHELL PLC ADR ADR 780259206 6955 109000 SH SOLE 109000 0 0 LOMA NGR ARG SCD SPONSORED ADS 54150E104 15039 705390 SH SOLE 705390 0 0 PUT EEM 100 @ 47 EXP 04202018 PUT 99OXHFF64 1963 30000 SH SOLE 30000 0 0 NORFOLK SOUTHN CORP COM STK COM 655844108 5486 40400 SH SOLE 40400 0 0