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
iShares Silver Trust ISHARES 46428Q109 15,138 1,160,000 SH   SOLE   1,160,000 0 0
Vista Oil & Gas SAB de CV SPONSORED ADS 92837L109 354 177,195 SH   SOLE   177,195 0 0
Vale SA SPONSORED ADS 91912E105 14,864 1,793,000 SH   SOLE   1,793,000 0 0
Vale SA PUT 91912E955 8,400 12,000 SH Put SOLE   12,000 0 0
Vale SA PUT 91912E955 3,560 4,000 SH Put SOLE   4,000 0 0
Petroleo Brasileiro SA SPONSORED ADR 71654V408 451 82,000 SH   SOLE   82,000 0 0
Petroleo Brasileiro SA PUT 71654V951 5,850 4,000 SH Put SOLE   4,000 0 0
MELI 2 08/15/28 NOTE 2.000% 8/1 58733RAD4 6,429 5,000,000 SH   SOLE   5,000,000 0 0
iShares MSCI Emerging Markets MSCI EMG MKT ETF 464287234 17,065 500,000 SH   SOLE   500,000 0 0
iShares MSCI Emerging Markets PUT 464287954 4,650 5,000 SH Put SOLE   5,000 0 0
iShares MSCI Mexico ETF MSCI MEXICO ETF 464286822 8,505 300,000 SH   SOLE   300,000 0 0
iShares MSCI Mexico ETF PUT 464286952 6,075 3,000 SH Put SOLE   3,000 0 0
Banco BBVA Argentina SA SPONSORED ADS 058934100 4,443 1,695,958 SH   SOLE   1,695,958 0 0
Banco Santander Brasil SA ADS REP 1 UNIT 05967A107 1,551 300,000 SH   SOLE   300,000 0 0
Banco Bradesco SA SP ADR PFD NEW 059460303 13,683 3,370,200 SH   SOLE   3,370,200 0 0
Pagseguro Digital Ltd COM CL A G68707101 2,290 118,482 SH   SOLE   118,482 0 0
GOLLBZ 3 3/4 07/15/24 DEBT 3.750% 7/1 L4441GAA8 3,809 10,000,000 SH   SOLE   10,000,000 0 0
Adecoagro SA COM L00849106 5,237 1,346,184 SH   SOLE   1,346,184 0 0
IRSA Propiedades Comerciales S SPONSORED ADR 463588103 487 67,223 SH   SOLE   67,223 0 0
Grupo Aval Acciones y Valores SPONSORED ADS 40053W101 2,874 656,278 SH   SOLE   656,278 0 0
Bancolombia SA SPON ADR PREF 05968L102 87 3,500 SH   SOLE   3,500 0 0
Intercorp Financial Services I SHS P5626F128 5,077 183,155 SH   SOLE   183,155 0 0
Nexa Resources SA COM L67359106 540 155,162 SH   SOLE   155,162 0 0
Ternium SA SPONSORED ADS 880890108 6,113 513,700 SH   SOLE   513,700 0 0
Industrias Bachoco SAB de CV SPON ADR B 456463108 1,188 34,934 SH   SOLE   34,934 0 0
iShares MSCI Mexico ETF PUT 464286952 4,819 2,500 SH Put SOLE   2,500 0 0
iShares MSCI Mexico ETF PUT 464286952 6,920 4,000 SH Put SOLE   4,000 0 0