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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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AT HOME GROUP INC COM 04650Y100 1,727 116,213 SH   SOLE   116,213 0 0
BRASKEM S A SP ADR PFD A 105532105 23,091 3,091,118 SH   SOLE 2,3 3,091,118 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 5,137 5,137,175 SH   SOLE 1 5,137,175 0 0
GERDAU SA SPON ADR REP PFD 373737105 76,460 20,664,747 SH   SOLE 2,3 20,664,747 0 0
GOL LINHAS AEREAS INTELIGENT SPON ADR PFD NEW 38045R206 5,791 949,274 SH   SOLE 2,3 949,274 0 0
IHEARTMEDIA INC COM CL A 45174J509 13,159 1,620,526 SH   SOLE 1 1,620,526 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 357 50,676 SH   SOLE   50,676 0 0
TERNIUM SA SPONSORED ADS 880890108 18,791 997,928 SH   SOLE 2,3 997,928 0 0
VALE S A SPONSORED ADS 91912E105 90,114 8,517,422 SH   SOLE 2,3 8,517,422 0 0