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
ALPHABET INC CAP STK CL C 02079K107 207 170 SH   SOLE   170 0 0
AMAZON COM INC COM 023135106 451 260 SH   SOLE   260 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 3,938 265,008 SH   SOLE   265,008 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 3,714 39,036 SH   SOLE   39,036 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 1,106 164,517 SH   SOLE   164,517 0 0
AVON PRODS INC COM 054303102 4,095 930,607 SH   SOLE   930,607 0 0
AZUL S A SPONSR ADR PFD 05501U106 9,539 266,314 SH   SOLE   266,314 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 4,824 592,636 SH   SOLE   592,636 0 0
BRF SA SPONSORED ADR 10552T107 210 22,960 SH   SOLE   22,960 0 0
CENTRAIS ELETRICAS BRASILEIR SPON ADR PFD B 15234Q108 287 28,574 SH   SOLE   28,574 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 1,150 120,072 SH   SOLE   120,072 0 0
CENTRAL PUERTO S A SPONSORED ADR 155038201 901 305,406 SH   SOLE   305,406 0 0
CHEVRON CORP NEW COM 166764100 1,187 10,009 SH   SOLE   10,009 0 0
CHEVRON CORP NEW COM 166764100 24 200 SH Call SOLE   200 0 0
COCA COLA CO COM 191216100 1,175 21,590 SH   SOLE   21,590 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 2,775 233,603 SH   SOLE   233,603 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 562 165,771 SH   SOLE   165,771 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 6,877 2,176,250 SH   SOLE   2,176,250 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 3,815 171,943 SH   SOLE   171,943 0 0
COPA HOLDINGS SA CL A P31076105 339 3,437 SH   SOLE   3,437 0 0
COSAN LTD SHS A G25343107 175 11,775 SH   SOLE   11,775 0 0
CREDICORP LTD COM G2519Y108 1,783 8,552 SH   SOLE   8,552 0 0
DESPEGAR COM CORP ORD SHS G27358103 926 81,816 SH   SOLE   81,816 0 0
ECOPETROL S A SPONSORED ADS 279158109 353 20,700 SH   SOLE   20,700 0 0
EMBRAER S A SPONSORED ADS 29082A107 1,645 95,354 SH   SOLE   95,354 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 1,858 203,973 SH   SOLE   203,973 0 0
EXXON MOBIL CORP COM 30231G102 7 100 SH Call SOLE   100 0 0
EXXON MOBIL CORP COM 30231G102 432 6,113 SH   SOLE   6,113 0 0
GERDAU S A SPON ADR REP PFD 373737105 73 23,166 SH   SOLE   23,166 0 0
GOL LINHAS AEREAS INTLG S A SPON ADR PFD NEW 38045R206 7,341 474,513 SH   SOLE   474,513 0 0
HOME DEPOT INC COM 437076102 882 3,800 SH   SOLE   3,800 0 0
INTEL CORP COM 458140100 718 13,929 SH   SOLE   13,929 0 0
INTEL CORP COM 458140100 15 300 SH Call SOLE   300 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 1,133 6,000 SH Put SOLE   6,000 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 2,334 443,680 SH   SOLE   443,680 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 3,918 93,000 SH Call SOLE   93,000 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 93 2,200 SH Put SOLE   2,200 0 0
ISHARES INC MSCI STH KOR ETF 464286772 327 5,800 SH Put SOLE   5,800 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 1,401 88,000 SH Call SOLE   88,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 796 50,000 SH Put SOLE   50,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 5,695 39,800 SH Call SOLE   39,800 0 0
ISHARES TR 20 YR TR BD ETF 464287432 7,154 50,000 SH Put SOLE   50,000 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 24,843 624,200 SH Put SOLE   624,200 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 20 500 SH Call SOLE   500 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 1,745 42,700 SH Put SOLE   42,700 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 456 54,267 SH   SOLE   54,267 0 0
JD COM INC SPON ADR CL A 47215P106 381 13,490 SH   SOLE   13,490 0 0
KRAFT HEINZ CO COM 500754106 701 25,097 SH   SOLE   25,097 0 0
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 333 30,005 SH   SOLE   30,005 0 0
MASTERCARD INC CL A 57636Q104 27 100 SH Call SOLE   100 0 0
MASTERCARD INC CL A 57636Q104 687 2,531 SH   SOLE   2,531 0 0
MERCADOLIBRE INC COM 58733R102 8,365 15,175 SH   SOLE   15,175 0 0
MICROSOFT CORP COM 594918104 1,223 8,800 SH   SOLE   8,800 0 0
MORGAN STANLEY COM NEW 617446448 1,975 46,279 SH   SOLE   46,279 0 0
NETFLIX INC COM 64110L106 503 1,879 SH   SOLE   1,879 0 0
NETFLIX INC COM 64110L106 27 100 SH Call SOLE   100 0 0
PAGSEGURO DIGITAL LTD COM CL A G68707101 11,969 258,450 SH   SOLE   258,450 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 173 13,147 SH   SOLE   13,147 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 564 38,989 SH   SOLE   38,989 0 0
SEA LTD SPONSORED ADS 81141R100 371 12,000 SH   SOLE   12,000 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 58,266 900,000 SH Put SOLE   900,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 15,165 51,100 SH Put SOLE   51,100 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 23,702 1,060,000 SH Call SOLE   1,060,000 0 0
STONECO LTD COM CL A G85158106 4,309 123,905 SH   SOLE   123,905 0 0
SUZANO SA SPON ADS 86959K105 5,480 679,091 SH   SOLE   679,091 0 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 867 65,839 SH   SOLE   65,839 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 171 11,924 SH   SOLE   11,924 0 0
VALE S A SPONSORED ADS 91912E105 5,714 496,867 SH   SOLE   496,867 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 6,421 240,400 SH Call SOLE   240,400 0 0