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 82,160 500,000 SH   SOLE   500,000 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 11,842 105,428 SH   SOLE   105,428 0 0
APPLE INC COM 037833100 607 5,500 SH   SOLE   5,500 0 0
BANCO MACRO SA SPON ADR B 05961W105 2,997 68,521 SH   SOLE   68,521 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 25,194 1,826,947 SH   SOLE   1,826,947 0 0
BLACKROCK INC COM 09247X101 3,397 9,500 SH   SOLE   9,500 0 0
CARTER INC COM 146229109 8,101 92,790 SH   SOLE   92,790 0 0
CUMMINS INC COM 231021106 923 6,400 SH   SOLE   6,400 0 0
DISCOVER FINL SVCS COM 254709108 295 4,500 SH   SOLE   4,500 0 0
DISNEY WALT CO COM DISNEY 254687106 1,695 18,000 SH   SOLE   18,000 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 101 10,752 SH   SOLE   10,752 0 0
GENERAL DYNAMICS CORP COM 369550108 454 3,300 SH   SOLE   3,300 0 0
GOOGLE INC CL C 38259P706 1,842 3,500 SH   SOLE   3,500 0 0
HOME DEPOT INC COM 437076102 651 6,200 SH   SOLE   6,200 0 0
HONEYWELL INTL INC COM 438516106 899 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 1,067 10,200 SH   SOLE   10,200 0 0
MASTERCARD INC CL A 57636Q104 2,886 33,498 SH   SOLE   33,498 0 0
MICROSOFT CORP COM 594918104 1,069 23,000 SH   SOLE   23,000 0 0
MOODYS CORP COM 615369105 1,293 13,500 SH   SOLE   13,500 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 744 98,132 SH   SOLE   98,132 0 0
PPG INDS INC COM 693506107 2,068 8,947 SH   SOLE   8,947 0 0
RIO TINTO PLC SPONSORED ADR 767204100 9,779 212,290 SH   SOLE   212,290 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 6,574 135,580 SH   SOLE   135,580 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 1,190 16,500 SH   SOLE   16,500 0 0
SHIRE PLC SPONSORED ADR 82481R106 4,516 21,246 SH   SOLE   21,246 0 0
SMUCKER J M CO COM NEW 832696405 251 2,489 SH   SOLE   2,489 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 4,797 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 324 16,719 SH   SOLE   16,719 0 0
V F CORP COM 918204108 41,755 557,479 SH   SOLE   557,479 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 50,596 1,911,450 SH   SOLE   1,911,450 0 0