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
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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
BANCO MACRO SA SPON ADR B 05961W105 1,019 60,000 SH   SOLE   60,000 0 0
BAUSCH HEALTH COS INC COM 071734107 581 37,500 SH   SOLE   37,500 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 2,168 162,000 SH   SOLE   162,000 0 0
GEOPARK LTD USD SHS G38327105 6,877 972,640 SH   SOLE   972,640 0 0
GERDAU SA SPON ADR REP PFD 373737105 3,863 2,022,467 SH   SOLE   2,022,467 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 168,005 4,922,500 SH Put SOLE   4,922,500 0 0
ISHARES TR JPMORGAN USD EMG 464288281 174,024 1,800,000 SH Put SOLE   1,800,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 100,114 1,299,000 SH Put SOLE   1,299,000 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 827 73,196 SH   SOLE   73,196 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 2,766 502,977 SH   SOLE   502,977 0 0
TECHNIPFMC PLC COM G87110105 1,436 213,100 SH   SOLE   213,100 0 0
TIDEWATER INC NEW COM 88642R109 1,321 186,576 SH   SOLE   186,576 0 0
TRANSOCEAN LTD REG SHS H8817H100 704 607,175 SH   SOLE   607,175 0 0
TRANSPORTADORA DE GAS SUR SPONSORED ADS B 893870204 838 182,257 SH   SOLE   182,257 0 0
VALARIS PLC SHS CLASS A G9402V109 86 190,186 SH   SOLE   190,186 0 0
VALE S A SPONSORED ADS 91912E105 12,415 1,497,630 SH   SOLE   1,497,630 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 2,928 702,168 SH   SOLE   702,168 0 0