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
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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
ISHARES TR IBOXX INV CP ETF 464287242 3,948,334 36,200 SH SOLE 36,200 0 0
BARRICK MNG CORP COM SHS 06849F108 14,692,000 400,000 SH SOLE 400,000 0 0
PETROLEO BRASILEIRO S A SPONSORED ADR 71654V408 5,656,000 350,000 SH Call SOLE 350,000 0 0
PETROLEO BRASILEIRO S A SPONSORED ADR 71654V408 6,464,000 400,000 SH Put SOLE 400,000 0 0
ECOPETROL S A SPONSORED ADS 279158109 1,066,419 74,889 SH SOLE 74,889 0 0
ECOPETROL S A SPONSORED ADS 279158109 2,848,000 200,000 SH Put SOLE 200,000 0 0
PICS NV COM CL A N69958101 13,819,000 1,300,000 SH SOLE 1,300,000 0 0
XP INC CL A G98239109 16,260,000 1,000,000 SH SOLE 1,000,000 0 0
DLOCAL LTD CLASS A COM G29018101 1,548,575 119,167 SH SOLE 119,167 0 0
AZUL S A SPONSORED ADS 05501U601 7,583,011 843,494 SH SOLE 843,494 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 7,502,769 453,888 SH SOLE 453,888 0 0
VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS 92837L109 38,721,432 606,919 SH SOLE 606,919 0 0
BANCO BBVA ARGENTINA S A SPONSORED ADS 058934100 9,824,316 500,985 SH SOLE 500,985 0 0
GRUPO FINANCIERO GALICIA S.A SPONSORED ADR 399909100 32,951,059 658,626 SH SOLE 658,626 0 0
GLOBANT S A COM L44385109 5,952,958 205,700 SH SOLE 205,700 0 0
NEXA RES S A COM L67359106 16,729,069 1,366,754 SH SOLE 1,366,754 0 0
ARIS MINING CORPORATION COM 04040Y109 4,636,879 311,800 SH SOLE 311,800 0 0
AMERICAS GOLD AND SILVER COR COM NEW 03062D803 561,364 118,933 SH SOLE 118,933 0 0
TERNIUM SA SPONSORED ADS 880890108 8,743,081 204,756 SH SOLE 204,756 0 0
ISHARES TR ISHARES TR 464287234 28,732,200 420,000 SH Put SOLE 420,000 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 10,350,000 300,000 SH Put SOLE 300,000 0 0
UNITED STS OIL FD LP UNITS 91232N207 21,288,000 200,000 SH Put SOLE 200,000 0 0
ZIM INTEGRATED SHIPPING SERV SHS M9T951109 17,034,446 655,171 SH SOLE 655,171 0 0
CEMENTOS PACASMAYO S A A SPONSORED ADR 15126Q208 1,884,071 157,531 SH SOLE 157,531 0 0
LITHIUM ARGENTINA AG NOTE 1.750% 1/1 53680QAA6 1,247,373 1,274,000 SH SOLE 1,274,000 0 0