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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
ARCOS DORADOS HOLDINGS INC SHS CLASS -A- G0457F107 2,255 335,551 SH   SOLE   29,386 0 306,165
CEMENTOS PACASMAYO S A A SPONSORED ADR 15126Q208 1,501 169,576 SH   SOLE   15,199 0 154,377
CRESUD S A C I F Y A SPONSORED ADR 226406106 5,769 976,102 SH   SOLE   976,102 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 2,434 140,180 SH   SOLE   140,180 0 0
GRANA Y MONTERO S A A SPONSORED ADS 38500P208 976 406,579 SH   SOLE   406,579 0 0
IRSA PROPIEDADES COMERCIALES SPONSORED ADR 463588103 8,042 618,615 SH   SOLE   618,615 0 0