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
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 1,567 351,333 SH   SOLE   351,333 0 0
BANCO BBVA ARGENTINA SA SPONSORED ADS 058934100 429 77,033 SH   SOLE   77,033 0 0
BANCO MACRO SA SPON ADR B 05961W105 742 20,480 SH   SOLE   20,480 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,377 25,128 SH   SOLE   25,128 0 0
CENTRAL PUERTO S A SPONSORED ADR 155038201 1,056 217,165 SH   SOLE   217,165 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 77 10,886 SH   SOLE   10,886 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 575 91,824 SH   SOLE   91,824 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 2,251 204,970 SH   SOLE   204,970 0 0
GRUPO FINANCIERO GALICIA S A SPONSORED ADR 399909100 784 48,271 SH   SOLE   48,271 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 1,977 537,267 SH   SOLE   537,267 0 0
IRSA PROPIEDADES COMERCIALES SPONSORED ADR 463588103 253 15,128 SH   SOLE   15,128 0 0
ISHARES INC MSCI CHILE ETF 464286640 447 13,400 SH   SOLE   13,400 0 0
ISHARES INC MSCI RUSSIA ETF 46434G798 635 14,880 SH   SOLE   14,880 0 0
ISHARES INC MSCI MEXICO ETF 464286822 262 5,810 SH   SOLE   5,810 0 0
ISHARES INC MSCI STH KOR ETF 464286772 1,963 31,570 SH   SOLE   31,570 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 2,732 57,586 SH   SOLE   57,586 0 0
ISHARES INC MSCI STH AFR ETF 464286780 1,513 30,843 SH   SOLE   30,843 0 0
ISHARES INC MSCI AUST ETF 464286103 437 19,300 SH   SOLE   19,300 0 0
ISHARES INC MSCI CDA ETF 464286509 478 16,000 SH   SOLE   16,000 0 0
ISHARES INC MSCI GERMANY ETF 464286806 430 14,635 SH   SOLE   14,635 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 323 6,800 SH   SOLE   6,800 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 1,624 22,100 SH   SOLE   22,100 0 0
ISHARES TR LATN AMER 40 ETF 464287390 527 15,500 SH   SOLE   15,500 0 0
ISHARES TR CORE S&P500 ETF 464287200 210 650 SH   SOLE   650 0 0
ISHARES TR IBOXX HI YD ETF 464288513 244 2,770 SH   SOLE   2,770 0 0
ISHARES TR CORE US AGGBD ET 464287226 1,963 17,467 SH   SOLE   17,467 0 0
ISHARES TR MSCI AC ASIA ETF 464288182 412 5,600 SH   SOLE   5,600 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 1,333 29,700 SH   SOLE   29,700 0 0
ISHARES TR LATN AMER 40 ETF 464287390 747 22,000 SH   SOLE   22,000 0 0
ISHARES TR MSCI ACWI EX US 464288240 1,699 34,595 SH   SOLE   34,595 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 739 16,480 SH   SOLE   16,480 0 0
ISHARES TR EUROPE ETF 464287861 823 17,530 SH   SOLE   17,530 0 0
ISHARES TR CORE S&P500 ETF 464287200 785 2,427 SH   SOLE   2,427 0 0
ISHARES TR USA MOMENTUM FCT 46432F396 384 3,058 SH   SOLE   3,058 0 0
ISHARES TR USA QUALITY FCTR 46432F339 1,100 10,892 SH   SOLE   10,892 0 0
ISHARES TR MSCI MIN VOL ETF 46429B697 214 3,255 SH   SOLE   3,255 0 0
ISHARES TR EDGE MSCI USA VL 46432F388 761 8,485 SH   SOLE   8,485 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 609 77,927 SH   SOLE   77,927 0 0
MERCADOLIBRE INC COM 58733R102 5,035 8,803 SH   SOLE   8,803 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 573 34,860 SH   SOLE   34,860 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 5,246 329,086 SH   SOLE   329,086 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 1,950 30,960 SH   SOLE   30,960 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 530 8,630 SH   SOLE   8,630 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 359 6,700 SH   SOLE   6,700 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 353 5,880 SH   SOLE   5,880 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 2,991 97,179 SH   SOLE   97,179 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,162 14,259 SH   SOLE   14,259 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 1,013 9,945 SH   SOLE   9,945 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 332 2,650 SH   SOLE   2,650 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 3,834 143,108 SH   SOLE   143,108 0 0
SPDR INDEX SHS FDS S&P CHINA ETF 78463X400 2,031 19,780 SH   SOLE   19,780 0 0
TRANSPORTADORA DE GAS SUR SPONSORED ADS B 893870204 342 47,724 SH   SOLE   47,724 0 0
VALE S A SPONSORED ADS 91912E105 5,611 425,102 SH   SOLE   425,102 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 1,073 24,135 SH   SOLE   24,135 0 0
VANGUARD WORLD FDS HEALTH CAR ETF 92204A504 606 3,160 SH   SOLE   3,160 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 3,718 15,183 SH   SOLE   15,183 0 0
VISTA OIL & GAS S A B DE C V SPONSORED ADS 92837L109 366 46,660 SH   SOLE   46,660 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 434 37,510 SH   SOLE   37,510 0 0