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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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADECOAGRO S A COM L00849106   13,315,517 1,645,923 SH   SOLE   1,645,923 0 0
CENTERRA GOLD INC COM 152006102   87,042,599 13,453,261 SH   SOLE   13,453,261 0 0
CORPORACION AMER ARPTS S A COM L1995B107   87,296,106 8,575,256 SH   SOLE   8,575,256 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106   2,274,746 357,103 SH   SOLE   357,103 0 0
ELDORADO GOLD CORP NEW COM 284902509   263,891,474 25,472,150 SH   SOLE   25,472,150 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204   6,328,903 1,089,312 SH   SOLE   1,089,312 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207   16,454,151 498,913 SH   SOLE   498,913 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101   53,243,926 5,737,492 SH   SOLE   5,737,492 0 0
SEADRILL 2021 LTD COM G7997W102   13,967,728 347,802 SH   SOLE   347,802 0 0
VEON LTD SPONSORED ADS 91822M502   12,531,938 707,220 SH   SOLE   707,220 0 0
VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS 92837L109   76,687,457 3,875,061 SH   SOLE   3,875,061 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100   115,120,260 10,484,541 SH   SOLE   10,484,541 0 0