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
AMBEV S A SPONSORED ADR CMN COM 02319V103 4,762 727,016 SH   SOLE   727,016 0 0
BANCO BRADESCO SA ADR CMN COM 059460303 10,780 756,490 SH   SOLE   756,490 0 0
BANCO BILBAO VIZCAYA S A ADR SPONSORED ADR CMN USD03296 COM 05946K101 5,711 475,885 SH   SOLE   475,885 0 0
BANK OF AMERICA CORP CMN COM 060505104 2,106 123,500 SH   SOLE   123,500 0 0
BRF SA SPONSORED ADR CMN COM 10552T107 6,176 259,592 SH   SOLE   259,592 0 0
BRASKEM SA ADR CMN COM 105532105 1,138 86,420 SH   SOLE   86,420 0 0
CAPITAL ONE FINANCIAL CORP CMN COM 14040H105 4,081 50,000 SH   SOLE   50,000 0 0
CEMEX, SAB DE CV SPONSORED ADR CMN COM 151290889 19,698 1,510,623 SH   SOLE   1,510,623 0 0
CITIGROUP INC CMN COM 172967424 8,954 172,791 SH   SOLE   172,791 0 0
CALLKO @ 45 EXP 01172015 CALL 191216100 1,244 25,389 SH   SOLE   25,389 0 0
DISCOVER FINANCIAL SERVICES CMN COM 254709108 3,735 58,000 SH   SOLE   58,000 0 0
DOMTAR CORPORATION CMN CLASS COM 257559203 1,391 39,594 SH   SOLE   39,594 0 0
GENERAL ELECTRIC CO CMN COM 369604103 2,176 84,916 SH   SOLE   84,916 0 0
GRUPO TELEVISA, SA GDS REP 5 CPO'S REP 1 L SHARE, 1 A SHARE AND 1 D SHARE COM 40049J206 8,085 238,644 SH   SOLE   238,644 0 0
INTERNATIONAL PAPER CO CMN COM 460146103 8,526 178,584 SH   SOLE   178,584 0 0
PUTEWZ @ 39 EXP 11222014 PUT 464286400 1,244 12,500 SH   SOLE   12,500 0 0
ISHARES MSCI ALLCOUNTRY ASIA EXJAPAN ETF ETF 464288182 1,533 25,000 SH   SOLE   25,000 0 0
JPMORGAN CHASE CO CMN COM 46625H100 3,632 60,300 SH   SOLE   60,300 0 0
OI SA SPONSORED ADR CMN COM 670851104 9,711 13,122,255 SH   SOLE   13,122,255 0 0
PETROBRAS ENERGIA SA SPONSORED ADR CMN COM 71646J109 3,106 474,932 SH   SOLE   474,932 0 0
PETROLEO BRASILEIRO SA SPON ADR COM 71654V101 16,389 1,100,700 SH   SOLE   1,100,700 0 0
PRUDENTIAL FINANCIAL INC CMN COM 744320102 9,673 110,000 SH   SOLE   110,000 0 0
ROCKTENN CO CL A CMN CLASS A COM 772739207 1,068 22,443 SH   SOLE   22,443 0 0
SPDR SP OIL GAS EQPT SVCS ETF ETF ETF 78464A748 2,407 59,913 SH   SOLE   59,913 0 0
INDUSTRIAL SELECT SECTOR SPDR 'SPDR' ETF 81369Y704 6,059 114,000 SH   SOLE   114,000 0 0
VALE SA ADR COM 91912E105 5,782 525,134 SH   SOLE   525,134 0 0
VALE SA ADR SERIES A COM 91912E204 3,492 359,674 SH   SOLE   359,674 0 0
COSAN LIMITED CMN CLASS A COM G25343107 25,733 2,391,493 SH   SOLE   2,391,493 0 0
EMBRAER S A ADR ADR 29082A107 1,961 50,000 SH   SOLE   50,000 0 0