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
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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
Copa Holdings SA NOTE 4.500% 4/1 21720AAB8 20,209 14,000,000 SH   SOLE   14,000,000 0 0
MELI 2 08/15/28 NOTE 2.000% 8/1 58733RAD4 9,905 5,000,000 SH   SOLE   5,000,000 0 0
Petroleo Brasileiro SA SP ADR NON VTG 71654V101 12,578 1,135,200 SH   SOLE   1,135,200 0 0
Petroleo Brasileiro SA SPONSORED ADR 71654V408 2,221 180,000 SH   SOLE   180,000 0 0
Petroleo Brasileiro SA PUT 71654V958 707 7,069 SH Put SOLE   7,069 0 0
Petroleo Brasileiro SA PUT 71654V958 4,147 20,736 SH Put SOLE   20,736 0 0
Vale SA SPONSORED ADS 91912E105 4,615 346,500 SH   SOLE   346,500 0 0
Vale SA PUT 91912E955 4,253 3,465 SH Put SOLE   3,465 0 0
Banco de Chile SPONSORED ADS 059520106 2,426 137,281 SH   SOLE   137,281 0 0
iShares Gold Trust ISHARES NEW 464285204 18,918 600,000 SH   SOLE   600,000 0 0
SPDR Gold Shares GOLD SHS 78463V107 4,640 30,000 SH   SOLE   30,000 0 0
iShares Silver Trust ISHARES 46428Q109 10,312 589,282 SH   SOLE   589,282 0 0
Embraer SA SPONSORED ADS 29082A107 1,538 178,808 SH   SOLE   178,808 0 0
Geopark Ltd USD SHS G38327105 8,790 749,385 SH   SOLE   749,385 0 0
Bancolombia SA SPON ADR PREF 05968L102 7,775 319,044 SH   SOLE   319,044 0 0
Cementos Pacasmayo SAA SPONSORED ADR 15126Q208 319 68,401 SH   SOLE   68,401 0 0
Ternium SA SPONSORED ADS 880890108 3,363 122,797 SH   SOLE   122,797 0 0