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
GRUPO TELEVISA SA ADR ADR 40049J206 2,004,620,000 113,000 SH   SOLE   113,000 0 0
ARCELORMITTAL ADR ADR 03938L203 2,893,125,000 93,750 SH   SOLE   93,750 0 0
KEYCORP NY COM STK COM 493267108 6,961,500,000 350,000 SH   SOLE   350,000 0 0
CEMEX SAB DE CV ADR ADR 151290889 1,126,400,000 160,000 SH   SOLE   160,000 0 0
GAP INC COM 364760108 20,206,136,100 700,386 SH   SOLE   700,386 0 0
GRUPO FINANCIERO SANTANDER MEX ADR ADR 05969B103 2,328,000,000 300,000 SH   SOLE   300,000 0 0
PAMPA ENERGIA SA GDR REG S SPONS ADR LVL I 697660207 124,200,000 4,000 SH   SOLE   4,000 0 0
DEUTSCHE BANK AG COM COM D18190898 3,158,818,400 278,065 SH   SOLE   278,065 0 0
BANK OF AMERICA CORP COM STK COM 060505104 4,838,834,460 164,251 SH   SOLE   164,251 0 0
MURPHY USA INC COM 626755102 10,542,003,760 123,356 SH   SOLE   123,356 0 0
EBAY INC COM STK COM 278642103 41,479,690,980 1,256,199 SH   SOLE   1,256,199 0 0
CROWN HOLDINGS INC COM STK COM 228368106 8,868,816,000 184,767 SH   SOLE   184,767 0 0
CITIGROUP INC COM STK COM 172967424 5,150,860,260 71,799 SH   SOLE   71,799 0 0
IRSA PROPIEDADES COMERCIALES S ADR ADR 463588103 2,729,724,250 114,334 SH   SOLE   114,334 0 0
BANCO BRADESCO SA BRAD ADR ADR 059460303 13,696,167,960 1,934,487 SH   SOLE   1,934,487 0 0
ROYAL DUTCH SHELL PLC ADR ADR 780259206 7,999,499,720 117,398 SH   SOLE   117,398 0 0
CITIZENS FINANCIAL GROUP INC COM STK COM 174610105 14,373,920,470 372,671 SH   SOLE   372,671 0 0
ITAU UNIBANCO HLDNG SA ADR 465562106 860,304,960 78,352 SH   SOLE   78,352 0 0
RIO TINTO PLC ADR ADR 767204100 7,791,621,340 152,717 SH   SOLE   152,717 0 0
ARAMARK COM STK COM 03852U106 10,354,914,000 240,700 SH   SOLE   240,700 0 0
CENTRAL PUERTO SPONSORED ADR 155038201 2,369,000,000 230,000 SH   SOLE   230,000 0 0
CALL PBR 100 @ 13 EXP 12212018 CALL 99OY56LB7 1,145,620,300 10,650 SH   SOLE   10,650 0 0
PETROLEO BRASIL ADR 71654V408 28,337,076,960 2,347,728 SH   SOLE   2,347,728 0 0
COMPANHIA BRASILEIRA DE DISTRIBUIACAO ADR 20440T201 2,368,685,520 110,274 SH   SOLE   110,274 0 0
COPA HOLDINGS SA COM STK COM P31076105 1,197,600,000 15,000 SH   SOLE   15,000 0 0
BHP BILLITON LTD ADR ADR 088606108 1,407,132,720 28,233 SH   SOLE   28,233 0 0
ENEL CHILE SA SPONSORED ADR 29278D105 889,750,950 177,595 SH   SOLE   177,595 0 0
TERNIUM SA ADR ADR 880890108 4,080,608,220 134,718 SH   SOLE   134,718 0 0
COMPNHIA ENRG C SPONSORED ADR 204409882 936,000 600 SH   SOLE   600 0 0
FIBRIA CELULOSE SASPON ADR ADR 31573A109 11,095,782,530 598,801 SH   SOLE   598,801 0 0
GERDAU SA COSG ADR ADR 373737105 5,467,299,660 1,298,646 SH   SOLE   1,298,646 0 0
VALE SA ADR ADR 91912E105 2,381,641,920 160,488 SH   SOLE   160,488 0 0
PUT ERJ 100@22 12EXP 01182019 PUT 99OYLQQP9 11,550,000 35 SH   SOLE   35 0 0
PUT ERJ 100 @ 25 EXP 10192018 PUT 99OXVHTP7 767,679,000 1,419 SH   SOLE   1,419 0 0
PUT ERJ 100 @ 20 EXP 01182019 PUT 99OYLQQN4 20,002,700 120 SH   SOLE   120 0 0
LOMA NGR ARG SCD SPONSORED ADS 54150E104 3,536,000,000 400,000 SH   SOLE   400,000 0 0
EMBRAER S A ADR ADR 29082A107 3,314,216,610 169,179 SH   SOLE   169,179 0 0
PUT ERJ 100 @ 25 EXP 01182019 PUT 99OYLQQQ7 91,611,400 169 SH   SOLE   169 0 0
ISHARES MSCI BRAZIL ETF ETF 464286400 7,213,565,260 213,862 SH   SOLE   213,862 0 0
PETROLEO BRASILEIRO SA PETROBR ADR ADR 71654V101 14,336,821,180 1,370,633 SH   SOLE   1,370,633 0 0
CIA SANEAMENTO BASICO DO ESTAD ADR ADR 20441A102 924,406,100 156,679 SH   SOLE   156,679 0 0
CALL PBR 100 @ 15 EXP 12212018 CALL 99OY10ZP8 103,100 2 SH   SOLE   2 0 0
PUT ERJ 100 @ 20 EXP 10192018 PUT 99OXVHTM4 205,600 3 SH   SOLE   3 0 0
ULTRAPAR PARTICIPACOES SA ADR ADR 90400P101 156,132,860 16,861 SH   SOLE   16,861 0 0
PUT ERJ 100@22 12EXP 10192018 PUT 99OXVHTN2 26,190,000 90 SH   SOLE   90 0 0