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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 3,102 17,000 SH   SOLE N/A 17,000 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 9,065 830,911 SH   SOLE N/A 830,911 0 0
BANCO MACRO SA SPON ADR B 05961W105 2,622 57,300 SH   SOLE N/A 57,300 0 0
BAOZUN INC SPONSORED ADR 06684L103 2,745 66,070 SH   SOLE N/A 66,070 0 0
DBX ETF TR XTRACK HRVST CSI 233051879 10,173 354,100 SH   SOLE N/A 354,100 0 0
ELECTRONIC ARTS INC COM 285512109 1,098 10,800 SH   SOLE N/A 10,800 0 0
GERDAU S A SPON ADR REP PFD 373737105 10,804 2,784,648 SH   SOLE N/A 2,784,648 0 0
GRUPO FINANCIERO GALICIA S A SPONSORED ADR 399909100 2,322 91,000 SH   SOLE N/A 91,000 0 0
ISHARES TR CORE S&P500 ETF 464287200 51,961 182,600 SH   SOLE N/A 182,600 0 0
ISHARES TR MSCI CHINA ETF 46429B671 44,154 707,250 SH   SOLE N/A 707,250 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 10,022 233,500 SH   SOLE N/A 233,500 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 3,080 349,590 SH   SOLE N/A 349,590 0 0
KRAFT HEINZ CO COM 500754106 5,782 177,100 SH Call SOLE N/A 177,100 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 1,139 104,000 SH   SOLE N/A 104,000 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 2,702 98,000 SH   SOLE N/A 98,000 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 7,446 520,708 SH   SOLE N/A 520,708 0 0
PROSHARES TR II ULTRA VIX SHORT 74347W148 970 24,934 SH   SOLE N/A 24,934 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 22,316 79,000 SH   SOLE N/A 79,000 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 1,057 72,400 SH   SOLE N/A 72,400 0 0
VALE S A SPONSORED ADS 91912E105 14,873 1,138,829 SH   SOLE N/A 1,138,829 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 1,919 137,000 SH   SOLE N/A 137,000 0 0