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
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
3M CO COM 88579Y101 333 2,000 SH   DFND   0 0 2,000
ABBVIE INC COM 00287Y109 371 6,500 SH   DFND   0 0 6,500
ADECOAGRO S A COM L00849106 4,622 400,160 SH   DFND   0 0 400,160
ADECOAGRO S A COM L00849106 39,205 3,394,409 SH   SOLE   3,394,409 0 0
AFLAC INC COM 001055102 410 6,489 SH   DFND   0 0 6,489
Albemarle Corp COM 012653101 257 4,000 SH   DFND   0 0 4,000
ALLERGAN PLC SHS G0177J108 333 1,241 SH   DFND   0 0 1,241
ALTRIA GROUP INC COM 02209S103 348 5,508 SH   DFND   0 0 5,508
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 252 2,020 SH   DFND   0 0 2,020
Apple Inc COM 037833100 1,278 11,727 SH   DFND   0 0 11,727
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 2,438 650,120 SH   SOLE   650,120 0 0
BANCO MACRO SA SPON ADR B 05961W105 2 33 SH   DFND   0 0 33
BANCO MACRO SA SPON ADR B 05961W105 14,068 218,209 SH   SOLE   218,209 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 9,090 455,205 SH   SOLE   455,205 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 752 5,300 SH   DFND   0 0 5,300
BROADCOM LTD SHS Y09827109 230 1,489 SH   DFND   0 0 1,489
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 313 9,000 SH   DFND   0 0 9,000
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 218 122,286 SH   SOLE   122,286 0 0
COCA COLA CO COM 191216100 383 8,200 SH   DFND   0 0 8,200
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 127 56,400 SH   SOLE   56,400 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 214 26,960 SH   SOLE   26,960 0 0
CPFL ENERGIA S A SPONSORED ADR 126153105 113 10,365 SH   SOLE   10,365 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 6,773 581,847 SH   SOLE   581,847 0 0
DANAHER CORP DEL COM 235851102 238 2,500 SH   DFND   0 0 2,500
DISNEY WALT CO COM DISNEY 254687106 497 5,000 SH   DFND   0 0 5,000
ECO STIM ENERGY SOLUTIONS IN COM 27888D101 6,113 2,397,388 SH   SOLE   2,397,388 0 0
EMERSON ELEC CO COM 291011104 333 6,115 SH   DFND   0 0 6,115
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 2 107 SH   DFND   0 0 107
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 5,319 318,517 SH   SOLE   318,517 0 0
EXTREME NETWORKS INC COM 30226D106 31 10,000 SH   DFND   0 0 10,000
GENERAL MLS INC COM 370334104 274 4,330 SH   DFND   0 0 4,330
GEOPARK LTD USD SHS G38327105 2,627 896,594 SH   SOLE   896,594 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 300 7,168 SH   DFND   0 0 7,168
GLOBALSTAR INC COM 378973408 70 47,468 SH   DFND   0 0 47,468
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,569 90,776 SH   DFND   0 0 90,776
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 23,808 841,281 SH   SOLE   841,281 0 0
HOME DEPOT INC COM 437076102 334 2,500 SH   DFND   0 0 2,500
ILLINOIS TOOL WKS INC COM 452308109 206 2,000 SH   DFND   0 0 2,000
INTEL CORP COM 458140100 372 11,500 SH   DFND   0 0 11,500
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 129 8,650 SH   DFND   0 0 8,650
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 8,819 589,480 SH   SOLE   589,480 0 0
ISHARES MSCI BRZ CAP ETF 464286400 6,489 246,740 SH   DFND   0 0 246,740
ISHARES GOLD TRUST ISHARES 464285105 257 21,598 SH   DFND   0 0 21,598
ISHARES TR RUS 1000 GRW ETF 464287614 1,740 17,434 SH   DFND   0 0 17,434
JOHNSON & JOHNSON COM 478160104 436 4,025 SH   DFND   0 0 4,025
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 584 11,041 SH   DFND   0 0 11,041
LOCKHEED MARTIN CORP COM 539830109 354 1,600 SH   DFND   0 0 1,600
MARKET VECTORS ETF TR AGRIBUS ETF 57060U605 210 4,500 SH   DFND   0 0 4,500
MARKET VECTORS ETF TR VIETNAM ETF 57060U761 178 12,700 SH   SOLE   12,700 0 0
MCDONALDS CORP COM 580135101 377 3,000 SH   DFND   0 0 3,000
MID-AMER APT CMNTYS INC COM 59522J103 575 5,623 SH   DFND   0 0 5,623
NIKE INC CL B 654106103 247 4,000 SH   DFND   0 0 4,000
NORFOLK SOUTHERN CORP COM 655844108 755 9,075 SH   DFND   0 0 9,075
NUCOR CORP COM 670346105 258 5,446 SH   DFND   0 0 5,446
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 5,581 260,307 SH   DFND   0 0 260,307
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 37,204 1,735,256 SH   SOLE   1,735,256 0 0
PAN AMERICAN SILVER CORP COM 697900108 1,631 150,000 SH   SOLE   150,000 0 0
PETROBRAS ARGENTINA S A SPONS ADR 71646J109 2,441 372,717 SH   DFND   0 0 372,717
PETROBRAS ARGENTINA S A SPONS ADR 71646J109 18,006 2,749,069 SH   SOLE   2,749,069 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 336 57,500 SH Call SOLE   57,500 0 0
PHILIP MORRIS INTL INC COM 718172109 307 3,095 SH   DFND   0 0 3,095
POWERSHARES ETF TRUST INTL DIV ACHV 73935X716 307 22,160 SH   DFND   0 0 22,160
PROCTER & GAMBLE CO COM 742718109 634 7,700 SH   DFND   0 0 7,700
PROSHARES TR PSHS LC COR PLUS 74347R248 294 5,800 SH   DFND   0 0 5,800
QUANTUM CORP COM DSSG 747906204 20 32,460 SH   DFND   0 0 32,460
QUINSTREET INC COM 74874Q100 46 13,525 SH   DFND   0 0 13,525
RAYTHEON CO COM NEW 755111507 245 2,000 SH   DFND   0 0 2,000
REGIONS FINL CORP NEW COM 7591EP100 173 22,002 SH   DFND   0 0 22,002
SCHLUMBERGER LTD COM 806857108 223 3,000 SH   DFND   0 0 3,000
SOUTHERN CO COM 842587107 338 6,524 SH   DFND   0 0 6,524
SPDR SERIES TRUST DJ REIT ETF 78464A607 275 2,893 SH   DFND   0 0 2,893
STERICYCLE INC COM 858912108 252 2,000 SH   DFND   0 0 2,000
TELECOM ARGENTINA S A SPON ADR REP B 879273209 1,838 102,762 SH   DFND   0 0 102,762
TELECOM ARGENTINA S A SPON ADR REP B 879273209 21,922 1,225,363 SH   SOLE   1,225,363 0 0
TERNIUM SA SPON ADR 880890108 1,308 72,765 SH   DFND   0 0 72,765
TERNIUM SA SPON ADR 880890108 12,205 678,787 SH   SOLE   678,787 0 0
TESLA MTRS INC COM 88160R101 754 3,283 SH   DFND   0 0 3,283
TORCHMARK CORP COM 891027104 5,577 102,708 SH   DFND   0 0 102,708
TRANSPORTADORA DE GAS SUR SPON ADR B 893870204 67 11,426 SH   DFND   0 0 11,426
TRANSPORTADORA DE GAS SUR SPON ADR B 893870204 23,922 4,096,273 SH   SOLE   4,096,273 0 0
UNITEDHEALTH GROUP INC COM 91324P102 321 2,492 SH   DFND   0 0 2,492
VANGUARD SPECIALIZED PORTFOL DIV APP ETF 921908844 514 6,330 SH   DFND   0 0 6,330
VULCAN MATLS CO COM 929160109 211 2,000 SH   DFND   0 0 2,000
WALGREENS BOOTS ALLIANCE INC COM 931427108 337 4,000 SH   DFND   0 0 4,000
WASTE MGMT INC DEL COM 94106L109 295 5,000 SH   DFND   0 0 5,000
WISDOMTREE TR JP SMALLCP DIV 97717W836 440 7,994 SH   DFND   0 0 7,994
WISDOMTREE TR INDIA ERNGS FD 97717W422 254 13,000 SH   SOLE   13,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 4,065 227,373 SH   DFND   0 0 227,373
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 2,235 125,000 SH Call SOLE   125,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 13,349 746,593 SH   SOLE   746,593 0 0