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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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADECOAGRO S A COM L00849106   13,439,701 1,149,675 SH   SOLE   1,149,675 0 0
BURFORD CAP LTD ORD SHS G17977110   22,147,006 1,581,929 SH   SOLE   1,581,929 0 0
CENTERRA GOLD INC COM 152006102   41,278,428 8,424,169 SH   SOLE   8,424,169 0 0
CORPORACION AMER ARPTS S A COM L1995B107   106,031,229 7,948,368 SH   SOLE   7,948,368 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106   3,319,652 496,211 SH   SOLE   496,211 0 0
ELDORADO GOLD CORP NEW COM 284902509   262,296,839 29,438,478 SH   SOLE   29,438,478 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102   3,260,868 271,739 SH   SOLE   271,739 0 0
ENEL CHILE S.A. SPONSORED ADR 29278D105   5,207,954 1,759,444 SH   SOLE   1,759,444 0 0
INTERCORP FINL SVCS INC SHS P5626F128   2,294,518 101,888 SH   SOLE   101,888 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204   7,068,994 1,206,313 SH   SOLE   1,206,313 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207   17,617,706 471,566 SH   SOLE   471,566 0 0
SEADRILL 2021 LTD COM G7997W102   7,202,859 160,814 SH   SOLE   160,814 0 0
VEON LTD SPONSORED ADS 91822M502   20,105,807 1,031,067 SH   SOLE   1,031,067 0 0
VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS 92837L109   163,204,329 5,370,330 SH   SOLE   5,370,330 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100   144,837,042 11,823,432 SH   SOLE   11,823,432 0 0