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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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
ADECOAGRO S A COM L00849106 4,476 431,207 SH   SOLE   431,207 0 0
ATENTO S A SHS L0427L105 5,263 533,245 SH   DFND   533,245 0 0
BRF SA SPONSORED ADR 10552T107 179 12,105 SH   SOLE   12,105 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 1,422 167,678 SH   SOLE   167,678 0 0
CREDICORP LTD COM G2519Y108 1,611 10,200 SH Call SOLE   10,200 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 10,404 512,908 SH   DFND   512,908 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 5,313 336,915 SH   SOLE   336,915 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 8,522 230,426 SH   DFND   230,426 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 188 22,855 SH   SOLE   22,855 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 573 7,519 SH   SOLE   7,519 0 0
GLOBANT S A COM L44385109 3,191 73,683 SH   DFND   73,683 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,272 84,412 SH   SOLE   84,412 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 8,774 667,749 SH   SOLE   667,749 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 6,665 384,397 SH   DFND   384,397 0 0
IRSA PROPIEDADES COMERCIALES SPONSORED ADR 463588103 2,477 52,287 SH   SOLE   52,287 0 0
ISHARES MSCI BRZ CAP ETF 464286400 39,261 1,177,600 SH Put SOLE   1,177,600 0 0
ISHARES MSCI BRZ CAP ETF 464286400 2,403 72,100 SH Call SOLE   72,100 0 0
ISHARES MSCI MEX CAP ETF 464286822 2,638 60,000 SH Put SOLE   60,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 1,541 17,800 SH Put SOLE   17,800 0 0
ITAU CORPBANCA SPONSORED ADR 45033E105 294 23,662 SH   SOLE   23,662 0 0
LIBERTY GLOBAL PLC LILAC SHS CL C G5480U153 3,396 124,093 SH   DFND   124,093 0 0
LIBERTY GLOBAL PLC LILAC SHS CL C G5480U153 2,148 101,477 SH   SOLE   101,477 0 0
MERCADOLIBRE INC COM 58733R102 797 5,100 SH   SOLE   5,100 0 0
MERCADOLIBRE INC COM 58733R102 1,187 7,600 SH Call SOLE   7,600 0 0
PAN AMERICAN SILVER CORP COM 697900108 1,070 71,000 SH   SOLE   71,000 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 544 61,800 SH   SOLE   61,800 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 517 10,000 SH Put SOLE   10,000 0 0
SPDR SERIES TRUST S&P RETAIL ETF 78464A714 855 19,400 SH Put SOLE   19,400 0 0
TRANSPORTADORA DE GAS SUR SPON ADR B 893870204 1,349 149,515 SH   SOLE   149,515 0 0
TRANSPORTADORA DE GAS SUR SPON ADR B 893870204 1,829 157,628 SH   DFND   157,628 0 0