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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   14,344,197 1,292,270 SH   SOLE   1,292,270 0 0
BURFORD CAP LTD ORD SHS G17977110   780,000 50,000 SH   SOLE   50,000 0 0
CENTERRA GOLD INC COM 152006102   33,956,036 5,670,404 SH   SOLE   5,670,404 0 0
CORPORACION AMER ARPTS S A COM L1995B107   127,261,431 7,924,124 SH   SOLE   7,924,124 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106   5,323,124 561,511 SH   SOLE   561,511 0 0
ELDORADO GOLD CORP NEW COM 284902509   365,012,969 28,142,733 SH   SOLE   28,142,733 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102   5,797,770 299,317 SH   SOLE   299,317 0 0
ENEL CHILE S.A. SPONSORED ADR 29278D105   5,700,599 1,759,444 SH   SOLE   1,759,444 0 0
IAMGOLD CORP COM 450913108   23,722,219 9,376,371 SH   SOLE   9,376,371 0 0
INTERCORP FINL SVCS INC SHS P5626F128   6,612,372 301,247 SH   SOLE   301,247 0 0
IRSA INVERSIONES Y REP S A SPON GDS ECH 10 450047303   10,525,144 1,223,854 SH   SOLE   1,223,854 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207   30,829,468 622,566 SH   SOLE   622,566 0 0
VEON LTD SPONSORED ADS 91822M502   38,257,696 1,942,015 SH   SOLE   1,942,015 0 0
VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS 92837L109   174,979,988 5,929,515 SH   SOLE   5,929,515 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100   178,409,561 10,378,683 SH   SOLE   10,378,683 0 0