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
Copa Holdings SA NOTE 4.500% 4/1 21720AAB8 24,839 14,000,000 SH   SOLE   14,000,000 0 0
MELI 2 08/15/28 NOTE 2.000% 8/1 58733RAD4 13,870 5,000,000 SH   SOLE   5,000,000 0 0
Petroleo Brasileiro SA SP ADR NON VTG 71654V101 23,559 1,685,200 SH   SOLE   1,685,200 0 0
Petroleo Brasileiro SA PUT 71654V958 994 2,548 SH Put SOLE   2,548 0 0
Petroleo Brasileiro SA PUT 71654V958 1,329 8,830 SH Put SOLE   8,830 0 0
Petroleo Brasileiro SA PUT 71654V958 5,093 22,000 SH Put SOLE   22,000 0 0
Vale SA SPONSORED ADS 91912E105 4,758 238,000 SH   SOLE   238,000 0 0
Vale SA PUT 91912E955 2,486 3,465 SH Put SOLE   3,465 0 0
SPDR Gold Shares PUT 78463V957 380 300 SH Put SOLE   300 0 0
SPDR Gold Shares PUT 78463V957 191 300 SH Put SOLE   300 0 0
Banco Bradesco SA SP ADR PFD NEW 059460303 13,920 3,000,000 SH   SOLE   3,000,000 0 0
Vasta Platform Ltd CL A G9440A109 1,830 319,852 SH   SOLE   319,852 0 0
Enel Americas SA SPONSORED ADR 29274F104 5,866 982,565 SH   SOLE   982,565 0 0
iShares MSCI Chile ETF MSCI CHILE ETF 464286640 2,191 75,354 SH   SOLE   75,354 0 0
Largo Inc COM 517097101 154 15,116 SH   SOLE   15,116 0 0
Geopark Ltd USD SHS G38327105 10,476 701,198 SH   SOLE   701,198 0 0
Ternium SA SPONSORED ADS 880890108 15,923 348,812 SH   SOLE   348,812 0 0
iShares Russell 2000 ETF PUT 464287955 229 200 SH Put SOLE   200 0 0
iShares MSCI Mexico ETF PUT 464286952 138 1,000 SH Put SOLE   1,000 0 0
iShares MSCI Mexico ETF PUT 464286952 272 1,671 SH Put SOLE   1,671 0 0