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
ADECOAGRO S A COM L00849106 3,590 332,432 SH   SOLE 332,432 0 0
CARRIZO OIL & GAS INC COM 144577103 1,199 70,000 SH   SOLE 70,000 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 11,039 591,295 SH   SOLE 591,295 0 0
DIAMONDBACK ENERGY INC COM 25278X109 1,371 14,000 SH   SOLE 14,000 0 0
GEOPARK LTD USD SHS G38327105 7,104 810,952 SH   SOLE 810,952 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 37,207 1,515,567 SH   SOLE 1,515,567 0 0
OASIS PETE INC NEW COM 674215108 1,459 160,000 SH   SOLE 160,000 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 58,765 902,688 SH   SOLE 902,688 0 0
PANGAEA LOGISTICS SOLUTION L SHS G6891L105 5,467 2,222,222 SH   SOLE 2,222,222 0 0
PETROBRAS ARGENTINA S A SPONS ADR 71646J109 441 34,918 SH   SOLE 34,918 0 0
POLYMET MINING CORP COM 731916102 66 107,550 SH   SOLE 107,550 0 0
PROPETRO HLDG CORP COM 74347M108 2,153 150,000 SH   SOLE 150,000 0 0
RESOLUTE ENERGY CORP COM NEW 76116A306 17,309 583,000 SH   SOLE 583,000 0 0
SM ENERGY CO COM 78454L100 10,201 575,000 SH   SOLE 575,000 0 0
SMART SAND INC COM 83191H107 1,646 242,800 SH   SOLE 242,800 0 0
TRANSPORTADORA DE GAS SUR SPON ADR B 893870204 4,200 206,788 SH   SOLE 206,788 0 0
U S SILICA HLDGS INC COM 90346E103 6,094 196,143 SH   SOLE 196,143 0 0