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
ADECOAGRO S A COM L00849106 1,387 138,837 SH   SOLE   138,837 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 957 128,443 SH   SOLE   128,443 0 0
ATENTO S A SHS L0427L105 18,837 1,689,408 SH   DFND   1,689,408 0 0
AZUL S A SPONSR ADR PFD 05501U106 5,080 240,963 SH   SOLE   240,963 0 0
BANCO MACRO SA SPON ADR B 05961W105 2,183 23,684 SH   SOLE   23,684 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 3,498 359,857 SH   SOLE   359,857 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 3,773 1,559,000 SH   SOLE   1,559,000 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 3,146 273,545 SH   SOLE   273,545 0 0
CREDICORP LTD COM G2519Y108 5,166 28,800 SH Put SOLE   28,800 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 31,115 1,599,722 SH   DFND   1,599,722 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 7,610 391,248 SH   SOLE   391,248 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 26,922 843,960 SH   DFND   843,960 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 6,086 190,790 SH   SOLE   190,790 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 2,239 237,474 SH   SOLE   237,474 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 1,701 176,432 SH   SOLE   176,432 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 15,824 875,249 SH   DFND   875,249 0 0
ISHARES MSCI BRZ CAP ETF 464286400 57,168 1,674,500 SH Put SOLE   1,674,500 0 0
ISHARES MSCI MEX CAP ETF 464286822 15,012 278,300 SH Put SOLE   278,300 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 3,972 100,000 SH Put SOLE   100,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 15,639 377,800 SH Put SOLE   377,800 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 3,241 23,000 SH Put SOLE   23,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 894 11,200 SH Put SOLE   11,200 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 857 77,400 SH   SOLE   77,400 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 1,766 30,000 SH   SOLE   30,000 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 2,965 371,107 SH   SOLE   371,107 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,234 50,000 SH Put SOLE   50,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 12,090 50,000 SH Put SOLE   50,000 0 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 594 43,475 SH   SOLE   43,475 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 539 24,625 SH   SOLE   24,625 0 0