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
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 175 12,000 SH   SOLE   12,000 0 0
ATENTO S A SHS L0427L105 495 198,726 SH   SOLE   198,726 0 0
AVON PRODS INC COM 054303102 917 236,285 SH   SOLE   236,285 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 128 13,000 SH Call SOLE   13,000 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 2,208 195,000 SH Call SOLE   195,000 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 119 10,500 SH Put SOLE   10,500 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 347 14,172 SH   SOLE   14,172 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 2,000 140,448 SH   SOLE   140,448 0 0
CREDICORP LTD COM G2519Y108 801 3,500 SH   SOLE   3,500 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 29,254 2,791,402 SH   DFND 1 2,791,402 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 28,415 2,711,402 SH   SOLE   2,711,402 0 0
DESPEGAR COM CORP ORD SHS G27358103 207 14,900 SH Call SOLE   14,900 0 0
DESPEGAR COM CORP ORD SHS G27358103 128 9,200 SH Put SOLE   9,200 0 0
DESPEGAR COM CORP ORD SHS G27358103 5,281 380,198 SH   SOLE   380,198 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 11,549 635,947 SH   SOLE   635,947 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 36,318 1,999,888 SH   DFND 1 1,999,888 0 0
ENEL CHILE S A SPONSORED ADR 29278D105 52 10,800 SH   SOLE   10,800 0 0
ESTRE AMBIENTAL INC SHS G3206V100 88 93,329 SH   SOLE   93,329 0 0
FORTUNA SILVER MINES INC COM 349915108 29 10,200 SH   SOLE   10,200 0 0
GRANA Y MONTERO S A A SPONSORED ADS 38500P208 2,207 700,739 SH   DFND 1 700,739 0 0
GRANA Y MONTERO S A A SPONSORED ADS 38500P208 800 254,036 SH   SOLE   254,036 0 0
GRUPO AVAL ACCIONES Y VALORE SPONSORED ADS 40053W101 5,766 720,651 SH   SOLE   720,651 0 0
GRUPO FINANCIERO GALICIA S A SPONSORED ADR 399909100 4,172 117,500 SH Put SOLE   117,500 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 1,925 244,280 SH   SOLE   244,280 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 2,532 300,000 SH Call SOLE   300,000 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 10,119 1,198,940 SH   SOLE   1,198,940 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 1,357 138,803 SH   SOLE   138,803 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 51,451 1,176,800 SH Call SOLE   1,176,800 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 10,830 247,700 SH Put SOLE   247,700 0 0
ISHARES INC MSCI MEXICO ETF 464286822 3,254 75,000 SH Call SOLE   75,000 0 0
ISHARES INC MSCI MEXICO ETF 464286822 131,937 3,041,400 SH Put SOLE   3,041,400 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 1,283 30,000 SH Call SOLE   30,000 0 0
ISHARES TR IBOXX INV CP ETF 464287242 821 6,600 SH Put SOLE   660 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 6,437 150,000 SH Call SOLE   150,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 1,339 31,200 SH Put SOLE   31,200 0 0
ISHARES TR U.S. REAL ES ETF 464287739 3,929 45,000 SH Put SOLE   45,000 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 989 105,000 SH Call SOLE   105,000 0 0
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 328 35,000 SH   SOLE   35,000 0 0
LINX S A SPONSORED ADS 53619W101 1,047 114,812 SH   SOLE   114,812 0 0
NEXA RES S A COM L67359106 1,016 105,992 SH   SOLE   105,992 0 0
PAGSEGURO DIGITAL LTD COM CL A G68707101 1,734 44,500 SH Call SOLE   44,500 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 856 24,700 SH Call SOLE   24,700 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 15,539 448,200 SH Put SOLE   448,200 0 0
PAN AMERICAN SILVER CORP COM 697900108 1,789 138,583 SH   SOLE   138,583 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 1,464 88,707 SH   SOLE   88,707 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 5,658 205,000 SH Call SOLE   205,000 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 634 20,364 SH   SOLE   20,364 0 0
SOUTHERN COPPER CORP COM 84265V105 470 12,100 SH   SOLE   12,100 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 3,923 222,000 SH Put SOLE   222,000 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 3,640 243,140 SH   SOLE   243,140 0 0
TRANSPORTADORA DE GAS SUR SPONSORED ADS B 893870204 636 44,003 SH   SOLE   44,003 0 0
TRANSPORTADORA DE GAS SUR SPONSORED ADS B 893870204 651 45,000 SH Put SOLE   45,000 0 0
VALE S A SPONSORED ADS 91912E105 3,260 242,589 SH   SOLE   242,589 0 0