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
3M CO COM 88579Y101 9,458 48,077 SH   SOLE   48,077 0 0
AK STL HLDG CORP COM 001547108 459 105,728 SH   SOLE   105,728 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 8,917 178,296 SH   SOLE   178,296 0 0
COSTCO WHSL CORP NEW COM 22160K105 8,399 40,190 SH   SOLE   40,190 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 2,969 200,316 SH   SOLE   200,316 0 0
D R HORTON INC COM 23331A109 11,428 278,729 SH   SOLE   278,729 0 0
DBX ETF TR XTRACK HRVST CSI 233051879 1,518 57,237 SH   SOLE   57,237 0 0
DEVON ENERGY CORP NEW COM 25179M103 7,462 169,740 SH   SOLE   169,740 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 2,971 55,330 SH   SOLE   55,330 0 0
HONEYWELL INTL INC COM 438516106 5,103 35,424 SH   SOLE   35,424 0 0
INTEL CORP COM 458140100 6,289 126,507 SH   SOLE   126,507 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602 12,413 25,943 SH   SOLE   25,943 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 6,093 190,113 SH   SOLE   190,113 0 0
ISHARES INC MSCI CHILE ETF 464286640 6,254 135,838 SH   SOLE   135,838 0 0
ISHARES INC MSCI MEXICO ETF 464286822 9,495 201,425 SH   SOLE   201,425 0 0
ISHARES INC MSCI MLY ETF NEW 46434G814 8,756 280,832 SH   SOLE   280,832 0 0
ISHARES INC MSCI STH KOR ETF 464286772 23,964 353,927 SH   SOLE   353,927 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 15,015 417,093 SH   SOLE   417,093 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 27,334 630,829 SH   SOLE   630,829 0 0
ISHARES TR US HOME CONS ETF 464288752 12,812 335,842 SH   SOLE   335,842 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 4,556 439,117 SH   SOLE   439,117 0 0
LENNAR CORP CL A 526057104 6,472 123,284 SH   SOLE   123,284 0 0
LOCKHEED MARTIN CORP COM 539830109 5,375 18,193 SH   SOLE   18,193 0 0
MASCO CORP COM 574599106 3,684 98,446 SH   SOLE   98,446 0 0
MICROSOFT CORP COM 594918104 9,544 96,787 SH   SOLE   96,787 0 0
NEWMONT MINING CORP COM 651639106 7,058 187,171 SH   SOLE   187,171 0 0
NORFOLK SOUTHERN CORP COM 655844108 9,695 64,259 SH   SOLE   64,259 0 0
NORTHROP GRUMMAN CORP COM 666807102 6,425 20,881 SH   SOLE   20,881 0 0
NUTRIEN LTD COM 67077M108 3,326 61,157 SH   SOLE   61,157 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 953 12,500 SH   SOLE   12,500 0 0
PULTE GROUP INC COM 745867101 9,210 320,351 SH   SOLE   320,351 0 0
RAYTHEON CO COM NEW 755111507 8,398 43,472 SH   SOLE   43,472 0 0
ROCKWELL AUTOMATION INC COM 773903109 5,317 31,983 SH   SOLE   31,983 0 0
ROSS STORES INC COM 778296103 8,981 105,974 SH   SOLE   105,974 0 0
SCHLUMBERGER LTD COM 806857108 3,312 49,414 SH   SOLE   49,414 0 0
SHERWIN WILLIAMS CO COM 824348106 4,997 12,260 SH   SOLE   12,260 0 0
SONY CORP SPONSORED ADR 835699307 7,835 152,851 SH   SOLE   152,851 0 0
SOUTHERN COPPER CORP COM 84265V105 7,019 149,749 SH   SOLE   149,749 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 6,870 173,693 SH   SOLE   173,693 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 8,766 203,576 SH   SOLE   203,576 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 17,396 285,180 SH   SOLE   285,180 0 0
SPLUNK INC COM 848637104 3,102 31,294 SH   SOLE   31,294 0 0
ST JOE CO COM 790148100 3,140 174,916 SH   SOLE   174,916 0 0
VALE S A ADR 91912E105 4,553 355,115 SH   SOLE   355,115 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 15,378 689,299 SH   SOLE   689,299 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 4,969 233,939 SH   SOLE   233,939 0 0