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

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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 1,563 9,222 SH   SOLE N/A 9,222 0 0
ALTRIA GROUP INC COM 02209S103 4,441 93,800 SH   SOLE N/A 93,800 0 0
BANCO MACRO SA SPON ADR B 05961W105 4,174 57,300 SH   SOLE N/A 57,300 0 0
DBX ETF TR XTRACK HRVST CSI 233051879 10,757 382,000 SH   SOLE N/A 382,000 0 0
ELECTRONIC ARTS INC COM 285512109 1,094 10,800 SH   SOLE N/A 10,800 0 0
GERDAU S A SPON ADR REP PFD 373737105 7,328 1,883,932 SH   SOLE N/A 1,883,932 0 0
GRUPO FINANCIERO GALICIA S A SPONSORED ADR 399909100 3,231 91,000 SH   SOLE N/A 91,000 0 0
ISHARES TR MSCI CHINA ETF 46429B671 46,686 785,300 SH   SOLE N/A 785,300 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 10,019 233,500 SH   SOLE N/A 233,500 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 3,512 372,801 SH   SOLE N/A 372,801 0 0
KRAFT HEINZ CO COM 500754106 5,497 177,100 SH Call SOLE N/A 177,100 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 1,217 104,000 SH   SOLE N/A 104,000 0 0
MERCADOLIBRE INC COM 58733R102 12,235 20,000 SH   SOLE N/A 20,000 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 3,398 98,000 SH   SOLE N/A 98,000 0 0
PROSHARES TR II ULTRA VIX SHORT 74347W148 5,353 170,000 SH   SOLE N/A 170,000 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 1,279 72,400 SH   SOLE N/A 72,400 0 0
VALE S A SPONSORED ADS 91912E105 16,215 1,206,487 SH   SOLE N/A 1,206,487 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 2,495 137,000 SH   SOLE N/A 137,000 0 0