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
3M CO COM 88579Y101 9,190 500,000 SH   SOLE   500,000 0 0
AMERICAN EXPRESS CO COM 025816109 605 1,150 SH   SOLE   1,150 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 11,476 105,428 SH   SOLE   105,428 0 0
APPLE INC COM 037833100 757 5,500 SH   SOLE   5,500 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 612 7,100 SH   SOLE   7,100 0 0
BANCO MACRO SA SPON ADR B 05961W105 3,180 68,521 SH   SOLE   68,521 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 16,767 1,826,947 SH   SOLE   1,826,947 0 0
BLACKROCK INC COM 09247X101 997 9,500 SH   SOLE   9,500 0 0
CARTER INC COM 146229109 8,384 92,790 SH   SOLE   92,790 0 0
CUMMINS INC COM 231021106 669 6,400 SH   SOLE   6,400 0 0
DISCOVER FINL SVCS COM 254709108 739 4,500 SH   SOLE   4,500 0 0
DISNEY WALT CO COM DISNEY 254687106 836 18,000 SH   SOLE   18,000 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 472 10,752 SH   SOLE   10,752 0 0
EOG RES INC COM 26875P101 684 600 SH   SOLE   600 0 0
GENERAL DYNAMICS CORP COM 369550108 763 3,300 SH   SOLE   3,300 0 0
GOOGLE INC CL C 38259P706 744 3,500 SH   SOLE   3,500 0 0
HOME DEPOT INC COM 437076102 626 6,200 SH   SOLE   6,200 0 0
HONEYWELL INTL INC COM 438516106 769 9,000 SH   SOLE   9,000 0 0
ISHARES MSCI BRZ CAP ETF 464286400 14,737 403,000 SH Put SOLE   403,000 0 0
JOHNSON & JOHNSON COM 478160104 764 10,200 SH   SOLE   10,200 0 0
MASTERCARD INC CL A 57636Q104 2,037 33,498 SH   SOLE   33,498 0 0
MICROSOFT CORP COM 594918104 1,141 23,000 SH   SOLE   23,000 0 0
MOODYS CORP COM 615369105 740 13,500 SH   SOLE   13,500 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 10,440 98,132 SH   SOLE   98,132 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 521 6,800 SH   SOLE   6,800 0 0
PPG INDS INC COM 693506107 1,005 8,947 SH   SOLE   8,947 0 0
RIO TINTO PLC SPONSORED ADR 767204100 18,409 212,290 SH   SOLE   212,290 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 9,639 135,580 SH   SOLE   135,580 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 1,163 16,500 SH   SOLE   16,500 0 0
SHIRE PLC SPONSORED ADR 82481R106 1,855 21,246 SH   SOLE   21,246 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,192 23,343 SH   SOLE   23,343 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,011,338 4,920,400 SH Call SOLE   4,920,400 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 157 16,719 SH   SOLE   16,719 0 0
TERNIUM SA SPON ADR 880890108 213 4,386 SH   SOLE   4,386 0 0
V F CORP COM 918204108 15,429 557,479 SH   SOLE   557,479 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 14,583 1,911,450 SH   SOLE   1,911,450 0 0