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 47,072 2,833,919 SH   SOLE   2,833,919 0 0
COSAN LIMITED CMN CLASS A COM G25343107 8,384 1,307,990 SH   SOLE   1,307,990 0 0
PETROLEO BRASILEIRO SA PETROBR ADR ADR 71654V101 12,218 1,637,854 SH   SOLE   1,637,854 0 0
GRUPO AEROPORTUARIO SPON ADR 400501102 3,150 65,385 SH   SOLE   65,385 0 0
COMPANHIA DE BEBIDAS DAS AMERICAS AMBEV ADR 02319V103 5,635 1,026,486 SH   SOLE   1,026,486 0 0
BANCO MACRO BANSUD S A SPON ADR B SPON ADR B 05961W105 2,103 22,810 SH   SOLE   22,810 0 0
PUT SPY 100 @ 243 EXP 07212017 PUT 99OVGZ6D0 3,996 20,600 SH   SOLE   20,600 0 0
SPDR SP 500 ETF TRUST ETF 78462F103 134,009 554,214 SH   SOLE   554,214 0 0
ITAU UNIBANCO HLDNG SA ADR 465562106 1,105 100,000 SH   SOLE   100,000 0 0
ANTHEM INC COM STK COM 036752103 5,644 30,000 SH   SOLE   30,000 0 0
PUT EEM 100 @ 41 EXP 09292017 PUT 99V1GHHQ7 1,609 14,300 SH   SOLE   14,300 0 0
IRSA PROPIEDADES COMERCIALES S ADR ADR 463588103 1,825 32,013 SH   SOLE   32,013 0 0
PUT EWZ 100 @ 33 EXP 09152017 PUT 99OTXJC03 1,958 15,000 SH   SOLE   15,000 0 0
VALE SA ADR ADR 91912E105 5,090 581,717 SH   SOLE   581,717 0 0