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
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 1,993 126,300 SH Call SOLE   126,300 0 0
ATENTO S A SHS L0427L105 2,785 694,457 SH   SOLE   694,457 0 0
AVON PRODS INC COM 054303102 54 35,200 SH   SOLE   35,200 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 4,553 451,700 SH   SOLE   451,700 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 351 9,200 SH   SOLE   9,200 0 0
BRASKEM S A SP ADR PFD A 105532105 4,277 174,840 SH   SOLE   174,840 0 0
BRASKEM S A SP ADR PFD A 105532105 180 6,300 SH Call SOLE   6,300 0 0
BUNGE LIMITED COM G16962105 2,832 52,997 SH   SOLE   52,997 0 0
BUNGE LIMITED COM G16962105 3,418 65,200 SH Call SOLE   65,200 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 335 69,400 SH   SOLE   69,400 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 242 50,000 SH Call SOLE   50,000 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 4,320 207,987 SH   SOLE   207,987 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 3,707 150,000 SH Put SOLE   150,000 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 246 30,500 SH   SOLE   30,500 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 2,013 79,352 SH   SOLE   79,352 0 0
COPA HOLDINGS SA CL A P31076105 1,982 25,182 SH   SOLE   25,182 0 0
CREDICORP LTD COM G2519Y108 2,217 10,000 SH   SOLE   10,000 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 39,318 3,236,075 SH   DFND 1 3,236,075 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 26,743 2,201,037 SH   SOLE   2,201,037 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 40,886 1,510,946 SH   DFND 1 1,510,946 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 8,598 317,727 SH   SOLE   317,727 0 0
ESTRE AMBIENTAL INC SHS G3206V100 133 93,329 SH   SOLE   93,329 0 0
FIBRIA CELULOSE S A SP ADR REP COM 31573A109 829 48,156 SH   SOLE   48,156 0 0
FIRSTCASH INC COM 33767D105 535 7,400 SH   SOLE   7,400 0 0
GRANA Y MONTERO S A A SPONSORED ADS 38500P208 424 136,214 SH   SOLE   136,214 0 0
GRANA Y MONTERO S A A SPONSORED ADS 38500P208 3,110 1,000,000 SH   DFND 1 1,000,000 0 0
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101 3,328 561,861 SH   SOLE   561,861 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 146 16,785 SH   SOLE   16,785 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 2,956 234,955 SH   SOLE   234,955 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 1,513 115,819 SH   SOLE   115,819 0 0
IRSA PROPIEDADES COMERCIALES SPONSORED ADR 463588103 3,703 205,395 SH   SOLE   205,395 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 2,708 70,900 SH   SOLE   70,900 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 5,313 125,000 SH Call SOLE   125,000 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 880 20,000 SH Put SOLE   20,000 0 0
ISHARES INC MSCI MEXICO ETF 464286822 1,429 32,500 SH Call SOLE   32,500 0 0
ISHARES INC MSCI MEXICO ETF 464286822 13,199 300,000 SH Put SOLE   300,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 5,885 140,000 SH Call SOLE   140,000 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 206 22,500 SH   SOLE   22,500 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 390 40,000 SH Call SOLE   40,000 0 0
LAUREATE EDUCATION INC CL A 518613203 467 30,658 SH   SOLE   30,658 0 0
MERCADOLIBRE INC COM 58733R102 7,265 20,600 SH Call SOLE   20,600 0 0
NETSHOES CAYMAN LTD COM G6455X107 202 135,640 SH   SOLE   135,640 0 0
NEXA RES S A COM L67359106 1,980 166,345 SH   SOLE   166,345 0 0
PAGSEGURO DIGITAL LTD COM CL A G68707101 5,535 295,500 SH   SOLE   295,500 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 17,928 1,374,881 SH   SOLE   1,374,881 0 0
PILGRIMS PRIDE CORP NEW COM 72147K108 763 49,200 SH   SOLE   49,200 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 4,752 124,064 SH   SOLE   124,064 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 15,741 1,011,662 SH   SOLE   1,011,662 0 0
TRANSPORTADORA DE GAS SUR SPON ADR B 893870204 8,352 556,789 SH   SOLE   556,789 0 0
TYSON FOODS INC CL A 902494103 534 10,000 SH   SOLE   10,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 691 45,000 SH Put SOLE   45,000 0 0