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
TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B COM 893870204 38,175 1,879,633 SH   SOLE   1,879,633 0 0
COSAN LIMITED CMN CLASS A COM G25343107 1,138 139,989 SH   SOLE   139,989 0 0
CITIGROUP INC COM STK COM NEW 172967424 7,969 109,557 SH   SOLE   109,557 0 0
SOUTHWEST AIRLINES CO COM STK COM 844741108 11,600 207,221 SH   SOLE   207,221 0 0
PUT EWJ 100 @ 52 EXP 12152017 PUT 99OVJ76W7 1,075 50,000 SH   SOLE   50,000 0 0
PETROLEO BRASIL SPONSORED ADR 71654V408 1,036 103,212 SH   SOLE   103,212 0 0
PETROLEO BRASILEIRO SA PETROBR ADR ADR 71654V101 3,667 379,597 SH   SOLE   379,597 0 0
ISHARES MSCI BRAZIL ETF ETF 464286400 1,132 27,152 SH   SOLE   27,152 0 0
COMPANHIA DE BEBIDAS DAS AMERICAS AMBEV SPONSORED ADR 02319V103 14,854 2,254,003 SH   SOLE   2,254,003 0 0
GERDAU SA COSG ADR ADR 373737105 1,968 573,901 SH   SOLE   573,901 0 0
ANTHEM INC COM STK COM 036752103 4,515 23,777 SH   SOLE   23,777 0 0
SPDR SP 500 ETF TRUST ETF 78462F103 109,273 434,954 SH   SOLE   434,954 0 0
ITAU UNIBANCO HLDNG SA SPON ADR REP PFD 465562106 12,451 908,868 SH   SOLE   908,868 0 0
DELTA AIRLINES INC COM NEW 247361702 8,789 182,275 SH   SOLE   182,275 0 0
AZUL SA SPONSR ADR PFD 05501U106 15,219 554,440 SH   SOLE   554,440 0 0
ENERGY SELECT SECTOR SPDR ETF 81369Y506 24,324 355,195 SH   SOLE   355,195 0 0
VALE SA ADR ADR 91912E105 60,009 5,959,224 SH   SOLE   5,959,224 0 0
HUMANA INC COM STK COM 444859102 2,095 8,600 SH   SOLE   8,600 0 0
BANK OF AMERICA CORP COM STK COM 060505104 32,490 1,282,172 SH   SOLE   1,282,172 0 0
BRF BRASIL FOODS SA ADR ADR 10552T107 1,083 75,122 SH   SOLE   75,122 0 0
JPMORGAN CHASE CO COM 46625H100 37,591 393,586 SH   SOLE   393,586 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 1,605 90,400 SH   SOLE   90,400 0 0