Instuitional Investor - Aquamarine Financial (cayman) Ltd

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Banco Bradesco S A	BBD	148,670,798	$517,055,996	42.1%
2.	Y P F Sociedad Anonima	YPF	10,492,557	$379,410,861	30.89%
3.	Grupo Financiero Galicia S A	GGAL	2,092,309	$113,132,602	9.21%
4.	Gerdau S A	GGB	19,526,171	$72,051,571	5.87%
5.	Banco Santander Brasil S A	BSBR	9,770,322	$59,696,667	4.86%