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
PUT BAP 100 @ 220 EXP 07202018 PUT 99OYLD4X5 9,076,800 41 SH   SOLE   41 0 0
AZUL SA ADR 05501U106 1,305,707,960 79,811 SH   SOLE   79,811 0 0
GRUPO TELEVISA SA ADR ADR 40049J206 1,326,500,000 70,000 SH   SOLE   70,000 0 0
BANCO MACRO BANSUD S A SPON ADR B ADR 05961W105 4,731,360,410 80,479 SH   SOLE   80,479 0 0
CEMEX SAB DE CV ADR ADR 151290889 984,000,000 150,000 SH   SOLE   150,000 0 0
BANK OF AMERICA CORP COM STK COM 060505104 32,664,993,360 1,158,744 SH   SOLE   1,158,744 0 0
PUT AAPL 100 @ 180EXP 07062018 PUT 99OYMZKL3 266,039,900 6,000 SH   SOLE   6,000 0 0
CIA CERVECERIAS UNIDAS SA CERV ADR ADR 204429104 748,200,000 30,000 SH   SOLE   30,000 0 0
EBAY INC COM STK COM 278642103 29,747,667,740 820,399 SH   SOLE   820,399 0 0
COPA HOLDINGS SA COM STK COM P31076105 842,118,000 8,900 SH   SOLE   8,900 0 0
GRUPO FINANCIERO SANTANDER MEX ADR ADR 05969B103 669,000,000 100,000 SH   SOLE   100,000 0 0
COMPANHIA DE BEBIDAS DAS AMERICAS AMBEV SPONSORED ADR 02319V103 411,722,750 88,925 SH   SOLE   88,925 0 0
CENTRAL PUERTO SPONSORED ADR 155038201 2,277,000,000 230,000 SH   SOLE   230,000 0 0
IRSA PROPIEDADES COMERCIALES S ADR ADR 463588103 3,558,550,710 114,829 SH   SOLE   114,829 0 0
BANCO BRADESCO SA BRAD ADR ADR 059460303 8,376,855,760 1,221,116 SH   SOLE   1,221,116 0 0
YPF ADR CL D ADR 984245100 543,200,000 40,000 SH   SOLE   40,000 0 0
BRF BRASIL FOODS SA ADR ADR 10552T107 1,828,892,520 390,789 SH   SOLE   390,789 0 0
COMPNHIA ENRG C SPONSORED ADR 204409882 1,032,000 600 SH   SOLE   600 0 0
ENEL CHILE SA SPONSORED ADR 29278D105 866,663,600 177,595 SH   SOLE   177,595 0 0
CALL YPF 100 @ 16 EXP 07202018 CALL 99V7B9MH1 379,100 98 SH   SOLE   98 0 0
TERNIUM SA ADR ADR 880890108 6,964,000 200 SH   SOLE   200 0 0
GERDAU SA COSG ADR ADR 373737105 1,593,000,000 450,000 SH   SOLE   450,000 0 0
FIBRIA CELULOSE SASPON ADR SPONSORED ADR 31573A109 10,805,753,530 581,267 SH   SOLE   581,267 0 0
PUT TEO 100 @ 20 EXP 07202018 PUT 99V7B8756 177,387,400 625 SH   SOLE   625 0 0
CALL TEO 100 @ 20 EXP 07202018 CALL 99V79ZR65 7,603,600 380 SH   SOLE   380 0 0
TELECOM ARGENTINA SA ADR ADR 879273209 1,112,333,480 62,702 SH   SOLE   62,702 0 0
PUT ERJ 100 @ 25 EXP 10192018 PUT 99OXVHTP7 380,093,300 1,419 SH   SOLE   1,419 0 0
PUT ERJ 100@22 12EXP 01182019 PUT 99OYLQQP9 76,108,100 391 SH   SOLE   391 0 0
PUT ERJ 100@22 12EXP 07202018 PUT 99V78JPN7 550,000 11 SH   SOLE   11 0 0
PUT GGAL 100 @ 50 EXP 07202018 PUT 99V79JLN0 258,704,000 152 SH   SOLE   152 0 0
PUT ERJ 100@22 12EXP 10192018 PUT 99OXVHTN2 28,829,100 184 SH   SOLE   184 0 0
CALL GGAL 100 @ 50 EXP 07202018 CALL 99OX4KNV3 228,000 114 SH   SOLE   114 0 0
PUT ERJ 100 @ 25 EXP 01182019 PUT 99OYLQQQ7 50,211,300 169 SH   SOLE   169 0 0
VALE SA ADR ADR 91912E105 24,618,079,340 1,920,287 SH   SOLE   1,920,287 0 0
CALL GGAL 100 @ 55 EXP 07202018 CALL 99V78NB60 97,900 280 SH   SOLE   280 0 0
PUT ERJ 100 @ 20 EXP 01182019 PUT 99OYLQQN4 12,485,900 120 SH   SOLE   120 0 0
LOMA NGR ARG SCD SPONSORED ADS 54150E104 4,617,000,000 450,000 SH   SOLE   450,000 0 0
CIA SANEAMENTO BASICO DO ESTAD ADR ADR 20441A102 2,824,700,000 470,000 SH   SOLE   470,000 0 0
BRASKEM SA ADR ADR 105532105 140,322,000 5,397 SH   SOLE   5,397 0 0
PETROLEO BRASILEIRO SA PETROBR ADR ADR 71654V101 1,318,441,800 149,145 SH   SOLE   149,145 0 0
CALL YPF 100@16 12EXP 07202018 CALL 99VBMMWZ0 20,900 11 SH   SOLE   11 0 0
PUT ERJ 100 @ 20 EXP 10192018 PUT 99OXVHTM4 338,300 3 SH   SOLE   3 0 0
CIA ENERGETICA DE MINAS GERAIS ADR ADR 204409601 736,000,000 400,000 SH   SOLE   400,000 0 0
ROYAL DUTCH SHELL PLC ADR ADR 780259206 6,713,440,790 96,973 SH   SOLE   96,973 0 0
CALL TEO 100@22 12EXP 07202018 CALL 99V78SQH9 326,700 21 SH   SOLE   21 0 0
CALL TEO 100@22 12EXP 08172018 CALL 99VBNFMP7 2,532,500 125 SH   SOLE   125 0 0