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
CORPBANCA SPONSORED ADR CMN COM 45033E105 15,172 1,219,578 SH   SOLE   1,219,578 0 0
TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B COM 893870204 59,953 6,646,738 SH   SOLE   6,646,738 0 0
COSAN LIMITED CMN CLASS A COM G25343107 11,180 1,488,628 SH   SOLE   1,488,628 0 0
EMPRESA DISTRIBUIDORA Y COMERCIAL NORTE SPON ADR 29244A102 21,208 761,492 SH   SOLE   761,492 0 0
BERKSHIRE HATHAWAY INC CLASS B COM COM 084670702 2,021 12,400 SH   SOLE   12,400 0 0
EMBRAER S A ADR ADR 29082A107 12,555 652,188 SH   SOLE   652,188 0 0
ISHARES MSCI BRAZIL ETF ETF 464286400 12,625 378,679 SH   SOLE   378,679 0 0
PETROLEO BRASILEIRO SA PETROBR ADR ADR 71654V101 9,276 1,052,854 SH   SOLE   1,052,854 0 0
ISH MSCI USA QTY USA QUALITY FCTR 46432F339 7,963 115,237 SH   SOLE   115,237 0 0
IRSA PROPIEDADES COMERCIALES S ADR ADR 463588103 1,516 32,013 SH   SOLE   32,013 0 0
BANCO BRADESCO SA BRAD ADR ADR 059460303 1,845 211,866 SH   SOLE   211,866 0 0
COMPANHIA DE BEBIDAS DAS AMERICAS AMBEV ADR 02319V103 12,417 2,528,904 SH   SOLE   2,528,904 0 0
PAMPA ENERGIA SA GDR REG S SPONS ADR LVL I 697660207 28,566 820,640 SH   SOLE   820,640 0 0
FIBRIA CELULOSE SASPON ADR SP ADR REP COM 31573A109 1,198 124,705 SH   SOLE   124,705 0 0
RIO TINTO PLC ADR ADR 767204100 3,317 86,251 SH   SOLE   86,251 0 0