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
AK STL HLDG CORP COM 001547108 2 100,000 SH Put SOLE   100,000 0 0
AK STL HLDG CORP COM 001547108 125 500,000 SH Call SOLE   500,000 0 0
ALERE INC COM 01449J105 4,999 99,600 SH   SOLE   99,600 0 0
ALLETE INC COM NEW 018522300 1,971 27,500 SH   SOLE   27,500 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 76,747 695,420 SH   SOLE   695,420 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 1,130 49,700 SH   SOLE   49,700 0 0
ARI NETWORK SVCS INC COM NEW 001930205 3,032 430,000 SH   SOLE   430,000 0 0
ATWOOD OCEANICS INC COM 050095108 2,812 345,000 SH   SOLE   345,000 0 0
BANCO DE CHILE SPONSORED ADR 059520106 382 4,900 SH   SOLE   4,900 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 369 14,506 SH   SOLE   14,506 0 0
BARD C R INC COM 067383109 7,271 23,000 SH   SOLE   23,000 0 0
BROCADE COMMUNICATIONS SYS I COM NEW 111621306 2,006 159,100 SH   SOLE   159,100 0 0
CF INDS HLDGS INC COM 125269100 14 50,000 SH Call SOLE   50,000 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 428 1,270 SH   SOLE   1,270 0 0
CME GROUP INC COM 12572Q105 3,757 30,000 SH   SOLE   30,000 0 0
COMCAST CORP NEW CL A 20030N101 268 6,880 SH   SOLE   6,880 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 2,917 149,200 SH   SOLE   149,200 0 0
CONSOLIDATED EDISON INC COM 209115104 4,421 54,700 SH   SOLE   54,700 0 0
CONTROLADORA VUELA CIA DE AV SPON ADR RP 10 21240E105 1,064 73,156 SH   SOLE   73,156 0 0
CREDICORP LTD COM G2519Y108 628 3,500 SH   SOLE   3,500 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 4,041 221,695 SH   SOLE   221,695 0 0
EVERSOURCE ENERGY COM 30040W108 4,614 76,000 SH   SOLE   76,000 0 0
EXXON MOBIL CORP COM 30231G102 1,502 18,600 SH   SOLE   18,600 0 0
FIBRIA CELULOSE S A SP ADR REP COM 31573A109 27,875 2,743,613 SH   SOLE   2,743,613 0 0
FREEPORT-MCMORAN INC CL B 35671D857 4 200,000 SH Call SOLE   200,000 0 0
GERDAU S A SPON ADR REP PFD 373737105 17,567 5,759,631 SH   SOLE   5,759,631 0 0
GREAT PLAINS ENERGY INC COM 391164100 7,379 252,000 SH   SOLE   252,000 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 1,731 179,612 SH   SOLE   179,612 0 0
ISHARES MSCI BRZ CAP ETF 464286400 184 535,600 SH Call SOLE   535,600 0 0
ISHARES TR 20 YR TR BD ETF 464287432 34 20,000 SH Call SOLE   20,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 154 20,000 SH Put SOLE   20,000 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 398 106,000 SH Call SOLE   106,000 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 289 357,100 SH Put SOLE   357,100 0 0
ITAU CORPBANCA SPONSORED ADR 45033E105 567 42,577 SH   SOLE   42,577 0 0
LATTICE SEMICONDUCTOR CORP COM 518415104 10 199,900 SH Call SOLE   199,900 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 9,746 164,353 SH   SOLE   164,353 0 0
MONEYGRAM INTL INC COM NEW 60935Y208 6,665 386,356 SH   SOLE   386,356 0 0
MOSAIC CO NEW COM 61945C103 489 21,400 SH   SOLE   21,400 0 0
NEUSTAR INC CL A 64126X201 7,554 226,505 SH   SOLE   226,505 0 0
NUCOR CORP COM 670346105 995 17,200 SH   SOLE   17,200 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 15,422 262,051 SH   SOLE   262,051 0 0
PG&E CORP COM 69331C108 2,456 37,000 SH   SOLE   37,000 0 0
POTASH CORP SASK INC COM 73755L107 489 30,000 SH   SOLE   30,000 0 0
RICE ENERGY INC COM 762760106 7,563 284,000 SH   SOLE   284,000 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 523 15,825 SH   SOLE   15,825 0 0
SOUTHERN CO COM 842587107 479 10,000 SH   SOLE   10,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 13 100,000 SH Call SOLE   100,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 119 48,500 SH Put SOLE   48,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2 150,000 SH Call SOLE   150,000 0 0
STAPLES INC COM 855030102 10,050 998,000 SH   SOLE   998,000 0 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 7,088 525,400 SH   SOLE   525,400 0 0
TEMPUR SEALY INTL INC COM 88023U101 534 10,000 SH   SOLE   10,000 0 0
TERRAFORM GLOBAL INC CL A 88104M101 8,136 1,611,106 SH   SOLE   1,611,106 0 0
TIME WARNER INC COM NEW 887317303 7,120 70,905 SH   SOLE   70,905 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 193 393,200 SH Call SOLE   393,200 0 0
VCA INC COM 918194101 11,935 289,508 SH   SOLE   289,508 0 0
VECTREN CORP COM 92240G101 964 16,500 SH   SOLE   16,500 0 0
WHOLE FOODS MKT INC COM 966837106 4,160 98,783 SH   SOLE   98,783 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 346 120,000 SH Call SOLE   120,000 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 240 120,000 SH Put SOLE   120,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 3,329 152,000 SH   SOLE   152,000 0 0