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
AMBAC FINL GROUP INC COM NEW 023139884 26,555 1,835,150 SH   SOLE   1,835,150 0 0
ANADARKO PETE CORP COM 032511107 7,084 117,300 SH   SOLE   117,300 0 0
APACHE CORP COM 037411105 7,358 187,900 SH   SOLE   187,900 0 0
BANCO MACRO SA SPON ADR B 05961W105 5,648 147,073 SH   SOLE   147,073 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 6,205 400,070 SH   SOLE   400,070 0 0
CONCHO RES INC COM 20605P101 7,677 78,100 SH   SOLE   78,100 0 0
CONTINENTAL RESOURCES INC COM 212015101 7,828 270,200 SH   SOLE   270,200 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 349 35,658 SH   SOLE   35,658 0 0
DEVON ENERGY CORP NEW COM 25179M103 7,448 200,800 SH   SOLE   200,800 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 4,716 272,575 SH   SOLE   272,575 0 0
DIAMONDBACK ENERGY INC COM 25278X109 7,713 119,400 SH   SOLE   119,400 0 0
EOG RES INC COM 26875P101 7,782 106,900 SH   SOLE   106,900 0 0
GENCO SHIPPING & TRADING LTD SHS NEW Y2685T115 19,725 5,044,672 SH   SOLE   5,044,672 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 6,794 381,264 SH   SOLE   381,264 0 0
HESS CORP COM 42809H107 7,389 147,600 SH   SOLE   147,600 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 235 16,129 SH   SOLE   16,129 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 2,105 319,419 SH   SOLE   319,419 0 0
MARATHON OIL CORP COM 565849106 7,805 506,800 SH   SOLE   506,800 0 0
NOBLE ENERGY INC COM 655044105 7,110 235,600 SH   SOLE   235,600 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 2,142 140,300 SH   SOLE   140,300 0 0
PARKERVISION INC COM 701354102 124 663,157 SH   SOLE   663,157 0 0
SCORPIO BULKERS INC SHS Y7546A106 146 100,000 SH   SOLE   100,000 0 0
TRANSPORTADORA DE GAS SUR SPON ADR B 893870204 916 232,581 SH   SOLE   232,581 0 0