Instuitional Investor - Aquamarine Financial (cayman) Ltd

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Bank Bradesco	BBD	226,718,134	$798,233,011	41.07%
2.	Ypf Sociedad Anonima	YPF	12,996,848	$651,531,990	33.52%
3.	Ondas Inc.	ONDS	20,126,381	$147,526,373	7.59%
4.	Grupo Financiero Galicia Sa	GGAL	3,417,079	$127,266,236	6.55%
5.	Petrobras - Petroleo Brasileiro Sa	PBR	3,260,000	$68,322,120	3.52%