The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| BARRICK MNG CORP | COM SHS | 06849F108 | 16,268,000 | 400,000 | SH | SOLE | 400,000 | 0 | 0 | ||
| PETROLEO BRASILEIRO S A | SPONSORED ADR | 71654V408 | 2,713,100 | 130,000 | SH | Call | SOLE | 130,000 | 0 | 0 | |
| PETROLEO BRASILEIRO S A | SPONSORED ADR | 71654V408 | 8,348,000 | 400,000 | SH | Put | SOLE | 400,000 | 0 | 0 | |
| GRUPO SUPERVIELLE S.A. | SPONSORED ADR | 40054A108 | 5,126,331 | 721,003 | SH | SOLE | 721,003 | 0 | 0 | ||
| XP INC | CL A | G98239109 | 30,878,816 | 1,470,770 | SH | SOLE | 1,470,770 | 0 | 0 | ||
| NEXA RES S A | COM | L67359106 | 19,196,068 | 1,574,739 | SH | SOLE | 1,574,739 | 0 | 0 | ||
| ISHARES GOLD TR | ISHARES NEW | 464285204 | 27,335,000 | 350,000 | SH | SOLE | 350,000 | 0 | 0 | ||
| PICS NV | COM CL A | N69958101 | 11,024,000 | 1,300,000 | SH | SOLE | 1,300,000 | 0 | 0 | ||
| COPA HOLDINGS SA | CL A | P31076105 | 9,814,782 | 74,439 | SH | SOLE | 74,439 | 0 | 0 | ||
| AZUL S A | SPONSORED ADS | 05501U601 | 5,005,140 | 633,562 | SH | SOLE | 633,562 | 0 | 0 | ||
| ZIM INTEGRATED SHIPPING SERV | SHS | M9T951109 | 15,843,033 | 540,349 | SH | SOLE | 540,349 | 0 | 0 | ||
| ERO COPPER CORP | COM | 296006109 | 5,503,500 | 150,000 | SH | SOLE | 150,000 | 0 | 0 | ||
| VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 92837L109 | 25,787,241 | 394,602 | SH | SOLE | 394,602 | 0 | 0 | ||
| YPF SOCIEDAD ANONIMA | SPONSORED ADS | 984245100 | 6,385,760 | 127,384 | SH | SOLE | 127,384 | 0 | 0 | ||
| BANCO BBVA ARGENTINA S A | SPONSORED ADS | 058934100 | 1,934,272 | 150,527 | SH | SOLE | 150,527 | 0 | 0 | ||
| GRUPO FINANCIERO GALICIA S.A | SPONSORED ADR | 399909100 | 27,059,552 | 726,626 | SH | SOLE | 726,626 | 0 | 0 | ||
| AUNA S A | CLASS A | L0415A103 | 1,338,539 | 268,783 | SH | SOLE | 268,783 | 0 | 0 | ||
| ARIS MINING CORPORATION | COM | 04040Y109 | 14,110,066 | 811,400 | SH | SOLE | 811,400 | 0 | 0 | ||
| AMERICAS GOLD AND SILVER COR | COM NEW | 03062D803 | 2,109,948 | 483,933 | SH | SOLE | 483,933 | 0 | 0 | ||
| ISHARES TR | MSCI EMG MKT ETF | 464287234 | 28,051,800 | 420,000 | SH | Put | SOLE | 420,000 | 0 | 0 | |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 | 11,175,000 | 300,000 | SH | Put | SOLE | 300,000 | 0 | 0 | |
| UNITED STS OIL FD LP | UNITS | 91232N207 | 21,849,000 | 150,000 | SH | Put | SOLE | 150,000 | 0 | 0 | |
| UNITED STS OIL FD LP | UNITS | 91232N207 | 10,196,200 | 70,000 | SH | Put | SOLE | 70,000 | 0 | 0 | |
| UNITED STS OIL FD LP | UNITS | 91232N207 | 58,700,980 | 403,000 | SH | Put | SOLE | 403,000 | 0 | 0 | |
| LITHIUM ARGENTINA AG | NOTE 1.750% 1/1 | 53680QAA6 | 1,251,705 | 1,274,000 | SH | SOLE | 1,274,000 | 0 | 0 | ||