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 55,566 534,600 SH   SOLE   534,600 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 4,884 416,350 SH   SOLE   416,350 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 819 69,800 SH   OTR 1 69,800 0 0
BAIDU INC SPON ADR REP A 056752108 13,405 58,800 SH   SOLE   58,800 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 3,606 269,700 SH   SOLE   269,700 0 0
BANCO MACRO SA SPON ADR B 05961W105 30,221 691,081 SH   SOLE   691,081 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 10,874 227,100 SH   SOLE   227,100 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,197 25,000 SH   OTR 1 25,000 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 36,237 1,150,000 SH Call SOLE   1,150,000 0 0
BRASKEM S A SP ADR PFD A 105532105 163 12,600 SH   SOLE   12,600 0 0
BRINKER INTL INC COM 109641100 4,637 79,000 SH   SOLE   79,000 0 0
CATERPILLAR INC DEL COM 149123101 58,579 640,000 SH Put SOLE   640,000 0 0
CEMENTOS PACASMAYO S A A SPON ADR REP 5 15126Q109 1,434 164,478 SH   SOLE   164,478 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 17,962 1,762,732 SH   SOLE   1,762,732 0 0
COPA HOLDINGS SA CL A P31076105 3,005 28,991 SH   SOLE   28,991 0 0
COPA HOLDINGS SA CL A P31076105 767 7,400 SH   OTR 1 7,400 0 0
CREDICORP LTD COM G2519Y108 2,851 17,800 SH   SOLE   17,800 0 0
CREDICORP LTD COM G2519Y108 1,009 6,300 SH   OTR 1 6,300 0 0
D R HORTON INC COM 23331A109 4,236 167,500 SH   SOLE   167,500 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 177 4,800 SH   SOLE   4,800 0 0
F5 NETWORKS INC COM 315616102 8,611 66,000 SH   SOLE   66,000 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 1,012 11,500 SH   SOLE   11,500 0 0
GNC HLDGS INC COM CL A 36191G107 8,875 189,000 SH   SOLE   189,000 0 0
GOL LINHAS AEREAS INTLG S A SP ADR REP PFD 38045R107 1,108 192,700 SH   SOLE   192,700 0 0
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101 1,865 179,500 SH   SOLE   179,500 0 0
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101 364 35,000 SH   OTR 1 35,000 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 38,730 2,437,355 SH   SOLE   2,437,355 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 938 59,000 SH   OTR 1 59,000 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 412 26,800 SH   SOLE   26,800 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 135,551 3,450,000 SH Call SOLE   3,450,000 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 1,488 114,350 SH   SOLE   114,350 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 15,540 530,200 SH   SOLE   530,200 0 0
KB HOME COM 48666K109 4,015 242,600 SH   SOLE   242,600 0 0
LENNAR CORP CL A 526057104 4,051 90,400 SH   SOLE   90,400 0 0
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 4,592 156,100 SH   SOLE   156,100 0 0
LIONS GATE ENTMNT CORP COM NEW 535919203 12,168 380,000 SH   SOLE   380,000 0 0
NXP SEMICONDUCTORS N V COM N6596X109 21,594 282,643 SH   SOLE   282,643 0 0
PALO ALTO NETWORKS INC COM 697435105 11,693 95,400 SH   SOLE   95,400 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 1,434 143,100 SH   SOLE   143,100 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 14,078 1,928,500 SH   SOLE   1,928,500 0 0
PRICESMART INC COM 741511109 6,922 75,886 SH   SOLE   75,886 0 0
PRICESMART INC COM 741511109 611 6,700 SH   OTR 1 6,700 0 0
PULTE GROUP INC COM 745867101 4,256 198,300 SH   SOLE   198,300 0 0
ROSS STORES INC COM 778296103 4,553 48,300 SH   SOLE   48,300 0 0
SOUTHERN COPPER CORP COM 84265V105 823 29,200 SH   SOLE   29,200 0 0
SOUTHERN COPPER CORP COM 84265V105 465 16,500 SH   OTR 1 16,500 0 0
SUNEDISON INC COM 86732Y109 25,096 1,286,300 SH   SOLE   1,286,300 0 0
SUNPOWER CORP COM 867652406 23,547 911,600 SH   SOLE   911,600 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 5,127 264,969 SH   SOLE   264,969 0 0
TEXAS ROADHOUSE INC COM 882681109 4,618 136,800 SH   SOLE   136,800 0 0
TJX COS INC NEW COM 872540109 4,609 67,200 SH   SOLE   67,200 0 0
TOLL BROTHERS INC COM 889478103 4,130 120,500 SH   SOLE   120,500 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 24,198 914,165 SH   SOLE   914,165 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 686 25,900 SH   OTR 1 25,900 0 0