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 51,160 575,800 SH   SOLE   575,800 0 0
AMBEV SA SPONSORED ADR 02319V103 2,167 330,900 SH   SOLE   330,900 0 0
AMC NETWORKS INC CL A 00164V103 6,835 117,000 SH   SOLE   117,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 12,893 363,400 SH   SOLE   363,400 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 8,487 618,550 SH   SOLE   618,550 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 17,992 1,262,600 SH   SOLE   1,262,600 0 0
BANCO MACRO SA SPON ADR B 05961W105 24,577 620,481 SH   SOLE   620,481 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 13,159 232,000 SH   SOLE   232,000 0 0
BRASKEM S A SP ADR PFD A 105532105 166 12,600 SH   SOLE   12,600 0 0
CEMENTOS PACASMAYO S A A SPON ADR REP 5 15126Q109 1,622 181,278 SH   SOLE   181,278 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 23,899 1,832,749 SH   SOLE   1,832,749 0 0
COPA HOLDINGS SA CL A P31076105 9,684 90,261 SH   SOLE   90,261 0 0
CREDICORP LTD COM G2519Y108 8,528 55,600 SH   SOLE   55,600 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 709 65,000 SH   SOLE   65,000 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 188 4,800 SH   SOLE   4,800 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 1,740 18,900 SH   SOLE   18,900 0 0
GAMESTOP CORP NEW CL A 36467W109 8,215 199,400 SH   SOLE   199,400 0 0
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101 3,495 257,900 SH   SOLE   257,900 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 33,681 2,370,255 SH   SOLE   2,370,255 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 429 31,200 SH   SOLE   31,200 0 0
ISHARES MSCI BRZ CAP ETF 464286400 166,414 3,830,000 SH Put SOLE   3,830,000 0 0
ISHARES MSCI BRZ CAP ETF 464286400 115,338 2,654,500 SH   SOLE   2,654,500 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 7,428 535,150 SH   SOLE   535,150 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 11,048 395,000 SH   SOLE   395,000 0 0
NXP SEMICONDUCTORS N V COM N6596X109 20,614 301,243 SH   SOLE   301,243 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 1,538 143,100 SH   SOLE   143,100 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 13,310 938,000 SH   SOLE   938,000 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 35,060 1,444,000 SH   SOLE   1,444,000 0 0
PRICESMART INC COM 741511109 17,684 206,488 SH   SOLE   206,488 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 22,110 327,694 SH   SOLE   327,694 0 0
SOUTHERN COPPER CORP COM 84265V105 1,399 47,200 SH   SOLE   47,200 0 0
SUNEDISON INC COM 86732Y109 12,804 678,200 SH   SOLE   678,200 0 0
SUNPOWER CORP COM 867652406 23,269 686,800 SH   SOLE   686,800 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 6,307 310,669 SH   SOLE   310,669 0 0
XPO LOGISTICS INC COM 983793100 11,233 298,200 SH   SOLE   298,200 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 61,746 1,669,261 SH   SOLE   1,669,261 0 0