Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ARMK	ARAMARK COM STK	1,244,922	$36.06M	10.1%	$28.97 *	$24.25	-2.3%	COM	03852U106
BBD	BANCO BRADESCO SA BRAD ADR	3,404,758	$33.67M	9.5%	$9.89	$2287460.00	—	ADR	059460303
EBAY	EBAY INC COM STK	1,079,857	$30.31M	8.5%	$28.07 *	$33.32	-21.4%	COM	278642103
SPY	SPDR SP 500 ETF TRUST	120,500	$30.11M	8.5%	$249.92	$249.92	—	TR UNIT	78462F103
CFG	CITIZENS FINANCIAL GROUP INC COM STK	788,671	$23.45M	6.6%	$29.73 *	$27.43	-6.3%	COM	174610105
—	COMPANHIA BRASILEIRA DE DISTRIBUIACAO	1,027,754	$21.35M	6.0%	$20.77	$2304738.80	—	SPN ADR PFD CL A	20440T201
—	AZUL SA	734,795	$20.35M	5.7%	$27.69	$1776993.80	—	ADR	05501U106
CCK	CROWN HOLDINGS INC COM STK	358,525	$14.9M	4.2%	$41.57 *	$43.05	+2.1%	COM	228368106
—	DOWDUPONT INC	253,628	$13.56M	3.8%	$53.48	$53.48	—	COM	26078J100
—	ROYAL DUTCH SHELL PLC ADR	203,964	$11.88M	3.3%	$58.27	$6823609.50	—	ADR	780259206
PBR/A	PETROLEO BRASILEIRO SA PETROBR ADR	924,527	$10.71M	3.0%	$11.59	$10283720.00	—	SP ADR NON VTG	71654V101
JNJ	JOHNSON JOHNSON COM	80,029	$10.33M	2.9%	$129.05 *	$114.14	0.0%	COM	478160104
CAT	CATERPILLAR INC	80,000	$10.17M	2.9%	$127.08 *	$111.50	0.0%	COM	149123101
ITUB	ITAU UNIBANCO HLDNG SA	990,023	$9.049M	2.5%	$9.14	$868983.10	—	ADR	465562106
XLF	FINANCIAL SELECT SECTOR SPDR	323,400	$7.703M	2.2%	$23.82	$23.82	—	SBI MATERIALS	81369Y605
ABEV	COMPANHIA DE BEBIDAS DAS AMERICAS AMBEV	1,904,063	$7.464M	2.1%	$3.92	$3.92	—	SPONSORED ADR	02319V103
SAN	BANCO SANTANDER CEN SPON ADR	1,602,434	$7.179M	2.0%	$4.48	$4.48	—	SPONSORED ADR	05964H105
KEY	KEYCORP NY COM STK	350,000	$5.173M	1.5%	$14.78 *	$14.64	-14.5%	COM	493267108
LOMA	LOMA NGR ARG SCD	399,700	$4.449M	1.3%	$11.13	$23.04	—	SPONSORED ADS	54150E104
VALE	VALE SA ADR	295,660	$3.9M	1.1%	$13.19	$2616308.80	—	ADR	91912E105
EWZ	ISHARES MSCI BRAZIL ETF	92,289	$3.525M	1.0%	$38.20	$33730000.00	—	ETF	464286400
—	CALL SPY 100 @ 254 EXP 01112019	14,000	$3.45M	1.0%	$246.43	$246.43	—	CALL	99O094330
MT	ARCELORMITTAL ADR	163,078	$3.371M	0.9%	$20.67	$17740752.00	—	ADR	03938L203
C	CITIGROUP INC COM STK	58,725	$3.057M	0.9%	$52.06 *	$54.77	-9.9%	COM	172967424
—	DD3 ACQUISITION CORP	300,000	$3.006M	0.8%	$10.02	$10.02	—	UNIT 10/12/2023	G2692M129
—	FIAT CHRYSLER AUTOMOBILES NV COM	195,000	$2.82M	0.8%	$14.46	$14.46	—	COM	N31738102
ENIC	ENEL CHILE SA	540,700	$2.676M	0.8%	$4.95	$1602858.10	—	SPONSORED ADR	29278D105
TV	GRUPO TELEVISA SA ADR	198,000	$2.491M	0.7%	$12.58	$3852637.80	—	ADR	40049J206
CEPU	CENTRAL PUERTO	234,900	$2.161M	0.6%	$9.20	$16.84	—	SPONSORED ADR	155038201
WLK	WESTLAKE CHEM	32,147	$2.127M	0.6%	$66.16 *	$64.35	0.0%	COM	960413102
—	IRSA PROPIEDADES COMERCIADR	114,343	$2.062M	0.6%	$18.03	$54.81	—	ADR	463588103
BAC	BANK OF AMERICA CORP COM STK	82,751	$2.039M	0.6%	$24.64 *	$24.85	-8.3%	COM	060505104
UGP	ULTRAPAR PARTICIPACOES SA ADR	142,938	$1.935M	0.5%	$13.54	$1092323.80	—	ADR	90400P101
AXIA	CENTRAIS ELETRICAS BRASILEIRAS ADR	242,598	$1.54M	0.4%	$6.35	$6.35	—	ADR	15234Q207
PBR	PETROLEO BRASIL	115,394	$1.501M	0.4%	$13.01	$12070000.00	—	SPONSORED ADR	71654V408
ASR	GRUPO AEROPORTUARIO DEL SUREST ADR	8,756	$1.319M	0.4%	$150.64	$150.64	—	ADR	40051E202
—	DESPEGARCOM CORP COM STK	100,000	$1.241M	0.3%	$12.41	$12.41	—	COM	G27358103
BMA	BANCO MACRO BANSUD S A SPON ADR B	25,986	$1.149M	0.3%	$44.22	$107.97	—	SPON ADR B	05961W105
—	BANCO SANTANDER MEXICO ADR	177,700	$1.095M	0.3%	$6.16	$7403333.50	—	ADR	05969B103
CIG	CIA ENERGETICA DE MINAS GERAIS ADR	296,678	$1.056M	0.3%	$3.56	$3.56	—	ADR	204409601