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
AMBEV SA SPONSORED ADR 02319V103 332 45,000 SH   SOLE   45,000 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 947 8,900 SH   SOLE   8,900 0 0
APPLE INC COM 037833100 14,362 25,600 SH   SOLE   25,600 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 2,788 180,600 SH   SOLE   180,600 0 0
BANCO MACRO SA SPON ADR B 05961W105 4,580 188,715 SH   SOLE   188,715 0 0
BRASKEM S A SP ADR PFD A 105532105 259 14,500 SH   SOLE   14,500 0 0
CEMENTOS PACASMAYO S A A SPON ADR REP 5 15126Q109 1,748 148,600 SH   SOLE   148,600 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 50,052 4,230,936 SH   SOLE   4,230,936 0 0
CITIGROUP INC COM NEW 172967424 10,177 195,300 SH   SOLE   195,300 0 0
COPA HOLDINGS SA CL A P31076105 54,091 337,836 SH   SOLE   337,836 0 0
CREDICORP LTD COM G2519Y108 3,000 22,600 SH   SOLE   22,600 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 657 65,000 SH   SOLE   65,000 0 0
D R HORTON INC COM 23331A109 1,627 72,900 SH   SOLE   72,900 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 154 4,800 SH   SOLE   4,800 0 0
GENERAL MTRS CO COM 37045V100 18,048 441,600 SH   SOLE   441,600 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 8,920 853,550 SH   SOLE   853,550 0 0
HOME INNS & HOTELS MGMT INC SPON ADR 43713W107 19,717 451,816 SH   SOLE   451,816 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 378 31,200 SH   SOLE   31,200 0 0
ISHARES MSCI EMG MKT ETF 464287234 38,552 922,400 SH   SOLE   922,400 0 0
ISHARES MSCI EMG MKT ETF 464287234 133,744 3,200,000 SH Put SOLE   3,200,000 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 1,479 109,000 SH   SOLE   109,000 0 0
LENNAR CORP CL A 526057104 1,681 42,500 SH   SOLE   42,500 0 0
MARKET VECTORS ETF TR EM LC CURR DBT 57060U522 2,591 110,000 SH   SOLE   110,000 0 0
MERCADOLIBRE INC COM 58733R102 803 7,450 SH   SOLE   7,450 0 0
NVR INC COM 62944T105 1,436 1,400 SH   SOLE   1,400 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 750 143,100 SH   SOLE   143,100 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 12,360 896,930 SH   SOLE   896,930 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 25,129 1,010,000 SH   SOLE   1,010,000 0 0
PRICESMART INC COM 741511109 28,574 247,311 SH   SOLE   247,311 0 0
PULTE GROUP INC COM 745867101 1,960 96,200 SH   SOLE   96,200 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 28,155 343,144 SH   SOLE   343,144 0 0
RYLAND GROUP INC COM 783764103 1,758 40,500 SH   SOLE   40,500 0 0
SINA CORP ORD G81477104 1,533 18,200 SH   SOLE   18,200 0 0
SOUTHERN COPPER CORP COM 84265V105 1,533 53,400 SH   SOLE   53,400 0 0
STRATASYS LTD SHS M85548101 7,826 58,100 SH   SOLE   58,100 0 0
SUNEDISON INC COM 86732Y109 15,441 1,183,200 SH   SOLE   1,183,200 0 0
T-MOBILE US INC COM 872590104 11,633 345,800 SH   SOLE   345,800 0 0
TOLL BROTHERS INC COM 889478103 1,680 45,400 SH   SOLE   45,400 0 0
TURQUOISE HILL RES LTD COM 900435108 1,177 356,600 SH   SOLE   356,600 0 0
TURQUOISE HILL RES LTD RIGHT 01/07/2014 900435116 342 356,600 SH   SOLE   356,600 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 43,748 522,800 SH   SOLE   522,800 0 0
WEATHERFORD INTERNATIONAL LT REG SHS H27013103 22,539 1,455,100 SH   SOLE   1,455,100 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 12,149 368,600 SH   SOLE   368,600 0 0