Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EBAY	EBAY INC COM STK	1,256,199	$41.48T	16.0%	$33.32	-7.4%	—	278642103
PBR	PETROLEO BRASIL	2,347,728	$28.34T	11.0%	$12070000.00	—	—	71654V408
GAP	GAP INC	700,386	$20.21T	7.8%	$23.06	0.0%	—	364760108
CFG	CITIZENS FINANCIAL GROUP INC COM STK	372,671	$14.37T	5.6%	$29.36	0.0%	—	174610105
PBR/A	PETROLEO BRASILEIRO SA PETROBR ADR	1,370,633	$14.34T	5.5%	$10283720.00	—	—	71654V101
BBD	BANCO BRADESCO SA BRAD ADR	1,934,487	$13.7T	5.3%	$4025994.20	—	—	059460303
—	FIBRIA CELULOSE SASPON ADR	598,801	$11.1T	4.3%	$542611.56	—	—	31573A109
MUSA	MURPHY USA INC	123,356	$10.54T	4.1%	$80.24	0.0%	—	626755102
ARMK	ARAMARK COM STK	240,700	$10.35T	4.0%	$26.59	0.0%	—	03852U106
CCK	CROWN HOLDINGS INC COM STK	184,767	$8.869T	3.4%	$42.22	0.0%	—	228368106
—	ROYAL DUTCH SHELL PLC ADR	117,398	$7.999T	3.1%	$11855106.00	—	—	780259206
RIO	RIO TINTO PLC ADR	152,717	$7.792T	3.0%	$51020000.00	—	—	767204100
EWZ	ISHARES MSCI BRAZIL ETF	213,862	$7.214T	2.8%	$33730000.00	—	—	464286400
KEY	KEYCORP NY COM STK	350,000	$6.962T	2.7%	$14.64	0.0%	—	493267108
GGB	GERDAU SA COSG ADR	1,298,646	$5.467T	2.1%	$2751174.20	—	—	373737105
C	CITIGROUP INC COM STK	71,799	$5.151T	2.0%	$54.77	0.0%	—	172967424
BAC	BANK OF AMERICA CORP COM STK	164,251	$4.839T	1.9%	$24.85	+2.5%	—	060505104
TX	TERNIUM SA ADR	134,718	$4.081T	1.6%	$30296726.00	—	—	880890108
LOMA	LOMA NGR ARG SCD	400,000	$3.536T	1.4%	$23.04	—	—	54150E104
EMBJ	EMBRAER S A ADR	169,179	$3.314T	1.3%	$19590000.00	—	—	29082A107
DB	DEUTSCHE BANK AG COM	278,065	$3.159T	1.2%	$10.35	0.0%	—	D18190898
MT	ARCELORMITTAL ADR	93,750	$2.893T	1.1%	$30860000.00	—	—	03938L203
—	IRSA PROPIEDADES COMERCIALES S ADR	114,334	$2.73T	1.1%	$54.81	—	—	463588103
VALE	VALE SA ADR	160,488	$2.382T	0.9%	$4819900.00	—	—	91912E105
CEPU	CENTRAL PUERTO	230,000	$2.369T	0.9%	$17.00	—	—	155038201
—	COMPANHIA BRASILEIRA DE DISTRIBUIACAO	110,274	$2.369T	0.9%	$21480000.00	—	—	20440T201
—	GRUPO FINANCIERO SANTANDER MEX ADR	300,000	$2.328T	0.9%	$7403333.50	—	—	05969B103
TV	GRUPO TELEVISA SA ADR	113,000	$2.005T	0.8%	$6750630.00	—	—	40049J206
BHP	BHP BILLITON LTD ADR	28,233	$1.407T	0.5%	$49840000.00	—	—	088606108
CPA	COPA HOLDINGS SA COM STK	15,000	$1.198T	0.5%	$90.83	-22.3%	—	P31076105
—	CALL PBR 100 @ 13 EXP 12212018	10,650	$1.146T	0.4%	$107569984.00	—	—	99OY56LB7
CX	CEMEX SAB DE CV ADR	160,000	$1.126T	0.4%	$440006.75	—	—	151290889
SBS	CIA SANEAMENTO BASICO DO ESTAD ADR	156,679	$924.4B	0.4%	$10.59	—	—	20441A102
ENIC	ENEL CHILE SA	177,595	$889.8B	0.3%	$4880000.00	—	—	29278D105
ITUB	ITAU UNIBANCO HLDNG SA	78,352	$860.3B	0.3%	$10980000.00	—	—	465562106
—	PUT ERJ 100 @ 25 EXP 10192018	1,419	$767.7B	0.3%	$267859970.00	—	—	99OXVHTP7
UGP	ULTRAPAR PARTICIPACOES SA ADR	16,861	$156.1B	0.1%	$9260000.00	—	—	90400P101
PAM	PAMPA ENERGIA SA GDR REG S	4,000	$124.2B	0.0%	$31050000.00	—	—	697660207
—	PUT ERJ 100 @ 25 EXP 01182019	169	$91.61B	0.0%	$297108300.00	—	—	99OYLQQQ7
—	PUT ERJ 100@22 12EXP 10192018	90	$26.19B	0.0%	$156679890.00	—	—	99OXVHTN2
—	PUT ERJ 100 @ 20 EXP 01182019	120	$20B	0.0%	$104049170.00	—	—	99OYLQQN4
—	PUT ERJ 100@22 12EXP 01182019	35	$11.55B	0.0%	$194649870.00	—	—	99OYLQQP9
CIG/C	COMPNHIA ENRG C	600	$936M	0.0%	$1720000.00	—	—	204409882
—	PUT ERJ 100 @ 20 EXP 10192018	3	$206M	0.0%	$112766664.00	—	—	99OXVHTM4
—	CALL PBR 100 @ 15 EXP 12212018	2	$103M	0.0%	$51550000.00	—	—	99OY10ZP8
BMA	BANCO MACRO BANSUD S A SPON ADR B	80,479	$4.731M	0.0%	$107.97	—	—	05961W105
—	BRF BRASIL FOODS SA ADR	390,789	$1.829M	0.0%	$4680000.00	—	—	10552T107
—	AZUL SA	79,811	$1.306M	0.0%	$16360000.00	—	—	05501U106
TEO	TELECOM ARGENTINA SA ADR	62,702	$1.112M	0.0%	$17740000.00	—	—	879273209