The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
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
Estimated average burden
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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
BANCO MACRO SA SPON ADR B 05961W105 688 37,081 SH   SOLE   37,081 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 2,183 82,984 SH   SOLE   82,984 0 0
CENTRAL PUERTO S A SPONSORED ADR 155038201 204 80,359 SH   SOLE   80,359 0 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105 1,515 287,014 SH   SOLE   287,014 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 32 10,886 SH   SOLE   10,886 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 128 32,322 SH   SOLE   32,322 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 2,510 334,173 SH   SOLE   334,173 0 0
GRUPO FINANCIERO GALICIA S.A SPONSORED ADR 399909100 436 44,923 SH   SOLE   44,923 0 0
IRSA PROPIEDADES COMERCIALES SPONSORED ADR 463588103 96 15,128 SH   SOLE   15,128 0 0
ISHARES INC MSCI AUST ETF 464286103 372 19,300 SH   SOLE   19,300 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 1,967 68,391 SH   SOLE   68,391 0 0
ISHARES INC MSCI CDA ETF 464286509 414 16,000 SH   SOLE   16,000 0 0
ISHARES INC MSCI CHILE ETF 464286640 841 33,374 SH   SOLE   33,374 0 0
ISHARES INC MSCI GERMANY ETF 464286806 397 14,635 SH   SOLE   14,635 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 349 6,353 SH   SOLE   6,353 0 0
ISHARES INC MSCI MEXICO ETF 464286822 386 12,097 SH   SOLE   12,097 0 0
ISHARES INC MSCI RUSSIA ETF 46434G798 534 15,965 SH   SOLE   15,965 0 0
ISHARES INC MSCI STH AFR ETF 464286780 1,379 39,135 SH   SOLE   39,135 0 0
ISHARES INC MSCI STH KOR ETF 464286772 2,582 45,187 SH   SOLE   45,187 0 0
ISHARES TR CORE S&P500 ETF 464287200 2,788 9,346 SH   SOLE   9,346 0 0
ISHARES TR CORE US AGGBD ET 464287226 3,255 27,537 SH   SOLE   27,537 0 0
ISHARES TR MSCI MIN VOL ETF 46429B697 297 4,898 SH   SOLE   4,898 0 0
ISHARES TR USA MOMENTUM FCT 46432F396 401 3,058 SH   SOLE   3,058 0 0
ISHARES TR USA QUALITY FCTR 46432F339 1,272 13,266 SH   SOLE   13,266 0 0
ISHARES TR EDGE MSCI USA VL 46432F388 644 8,915 SH   SOLE   8,915 0 0
ISHARES TR EUROPE ETF 464287861 951 23,547 SH   SOLE   23,547 0 0
ISHARES TR IBOXX HI YD ETF 464288513 1,615 19,786 SH   SOLE   19,786 0 0
ISHARES TR LATN AMER 40 ETF 464287390 546 25,323 SH   SOLE   25,323 0 0
ISHARES TR MSCI ACWI EX US 464288240 2,455 56,773 SH   SOLE   56,773 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 1,859 38,569 SH   SOLE   38,569 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 4,246 106,179 SH   SOLE   106,179 0 0
ISHARES TR NASDAQ BIOTECH 464287556 142 2,210 SH   SOLE   2,210 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 1,395 297,385 SH   SOLE   297,385 0 0
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 344 541,400 SH   SOLE   541,400 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 288 67,650 SH   SOLE   67,650 0 0
MERCADOLIBRE INC COM 58733R102 13,603 13,799 SH   SOLE   13,799 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 606 57,810 SH   SOLE   57,810 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 16,985 2,053,749 SH   SOLE   2,053,749 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 1,752 35,387 SH   SOLE   35,387 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 953 7,465 SH   SOLE   7,465 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 905 21,928 SH   SOLE   21,928 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 278 7,357 SH   SOLE   7,357 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,879 101,024 SH   SOLE   101,024 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 2,049 20,477 SH   SOLE   20,477 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 869 12,646 SH   SOLE   12,646 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 155 2,745 SH   SOLE   2,745 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 1,501 57,580 SH   SOLE   57,580 0 0
SPDR INDEX SHS FDS S&P CHINA ETF 78463X400 1,952 21,956 SH   SOLE   21,956 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,440 7,913 SH   SOLE   7,913 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 194 21,691 SH   SOLE   21,691 0 0
TRANSPORTADORA DE GAS SUR SPONSORED ADS B 893870204 271 48,204 SH   SOLE   48,204 0 0
VALE S A SPONSORED ADS 91912E105 15,950 1,547,081 SH   SOLE   1,547,081 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 1,065 26,882 SH   SOLE   26,882 0 0
VANGUARD WORLD FDS HEALTH CAR ETF 92204A504 683 7,530 SH   SOLE   7,530 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 4,418 19,578 SH   SOLE   19,578 0 0
VISTA OIL & GAS S A B DE C V SPONSORED ADS 92837L109 199 65,377 SH   SOLE   65,377 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 205 35,710 SH   SOLE   35,710 0 0