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
Expires: July 31, 2015
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 FINANCIERO GALICIA S.A SPONSORED ADR 399909100 9,118,468 182,260 SH SOLE NONE 0 0 182,260
PAMPA ENERGIA SA SPONS ADR LVL I 697660207 18,027,371 219,498 SH SOLE NONE 0 0 219,498
TELECOM ARGENTINA SA SPON ADR REP B 879273209 9,072,297 697,869 SH SOLE NONE 0 0 697,869
TRANSPORTADORA DE GAS DEL SU SPONSORED ADS B 893870204 16,403,319 551,743 SH SOLE NONE 0 0 551,743
VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS 92837L109 13,334,200 209,000 SH SOLE NONE 0 0 209,000
ARCOS DORADOS HLDGS INC SHS CLASS -A - G0457F107 6,201,485 769,415 SH SOLE NONE 0 0 769,415
AXIA ENERGIA SA SPONSORED ADR 15234Q207 3,520,356 333,367 SH SOLE NONE 0 0 333,367
EMBRAER S.A. SPONSORED ADS 29082A107 9,960,839 156,126 SH SOLE NONE 0 0 156,126
BANCO DE CHILE SPONSORED ADS 059520106 7,782,066 195,726 SH SOLE NONE 0 0 195,726
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 13,131,760 398,778 SH SOLE NONE 0 0 398,778
ENEL CHILE SA SPONSORED ADR 29278D105 21,939,134 4,875,363 SH SOLE NONE 0 0 4,875,363
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 3,287,376 44,400 SH SOLE NONE 0 0 44,400
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 13,378,714 1,194,528 SH SOLE NONE 0 0 1,194,528
CREDICORP LTD COM G2519Y108 27,270,600 70,000 SH SOLE NONE 0 0 70,000