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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
BANCO MACRO S A SPON ADR B 05961W105 22,033,549 237,969 SH SOLE 237,969 0 0
ELDORADO GOLD CORP NEW COM 284902509 11,192,400 360,000 SH SOLE 360,000 0 0
EQUINOX GOLD CORP COM 29446Y502 18,468,001 1,900,000 SH SOLE 1,900,000 0 0
GULFPORT ENERGY CORP COMMON SHARES 402635502 23,740,861 139,899 SH SOLE 139,899 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 18,925,911 2,316,513 SH SOLE 2,316,513 0 0
KASPI KZ JSC SPONSORED ADS 48581R205 34,178,700 394,491 SH SOLE 394,491 0 0
MERCADOLIBRE INC COM 58733R102 18,382,734 10,830 SH SOLE 10,830 0 0
PETROLEO BRASILEIRO S A SPONSORED ADR 71654V408 15,154,847 937,800 SH SOLE 937,800 0 0
SPDR GOLD TR GOLD SHS 78463V107 30,000,000 37,500,000 SH SOLE 37,500,000 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 57,877,695 767,100 SH SOLE 767,100 0 0
VISTA ENERGY S.A.B. DE C.V SPONSORED ADS 92837L109 45,489,655 713,004 SH SOLE 713,004 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 14,445,774 317,699 SH SOLE 317,699 0 0
NU HLDGS LTD ORD SHS CL A G6683N103 19,795,471 1,481,697 SH SOLE 1,481,697 0 0
CORPORACION AMER ARPTS S A COM L1995B107 7,764,606 308,364 SH SOLE 308,364 0 0