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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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 2,118 15,451 SH   SOLE N/A 15,451 0 0
BANCO MACRO SA SPON ADR B 05961W105 2,534 57,300 SH   SOLE N/A 57,300 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 5,389 243,500 SH   SOLE N/A 243,500 0 0
GERDAU S A SPON ADR REP PFD 373737105 4,817 1,281,200 SH   SOLE N/A 1,281,200 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,509 91,000 SH   SOLE N/A 91,000 0 0
ISHARES TR CORE S&P500 ETF 464287200 45,944 182,600 SH   SOLE N/A 182,600 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 5,392 589,938 SH   SOLE N/A 589,938 0 0
KRAFT HEINZ CO COM 500754106 7,622 177,100 SH Call SOLE N/A 177,100 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 1,158 104,000 SH   SOLE N/A 104,000 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 3,117 98,000 SH   SOLE N/A 98,000 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 8,873 765,600 SH   SOLE N/A 765,600 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 4,155 319,400 SH   SOLE N/A 319,400 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 4,998 20,000 SH   SOLE N/A 20,000 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 1,127 72,400 SH   SOLE N/A 72,400 0 0
VALE S A ADR 91912E105 8,465 641,800 SH   SOLE N/A 641,800 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 1,834 137,000 SH   SOLE N/A 137,000 0 0