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
AGILETHOUGHT INC CLASS A COM 00857F100 261 50,453 SH   SOLE   50,453 0 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 2,484 452,421 SH   SOLE   452,421 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 8,979 291,243 SH   SOLE   291,243 0 0
GERDAU SA SPON ADR REP PFD 373737105 4,724 1,101,225 SH   SOLE   1,101,225 0 0
ISHARES INC MSCI WORLD ETF 464286392 214 2,000 SH   SOLE   2,000 0 0
ISHARES INC MSCI STH KOR ETF 464286772 1,348 23,174 SH   SOLE   23,174 0 0
ISHARES INC MSCI STH AFR ETF 464286780 1,267 29,816 SH   SOLE   29,816 0 0
ISHARES INC MSCI CDA ETF 464286509 1,476 43,827 SH   SOLE   43,827 0 0
ISHARES INC MSCI AUST ETF 464286103 1,023 48,225 SH   SOLE   48,225 0 0
ISHARES TR MSCI ACWI ETF 464288257 6,225 74,200 SH   SOLE   74,200 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 834 27,824 SH   SOLE   27,824 0 0
ISHARES TR MSCI SAUDI ARBIA 46434V423 1,167 28,188 SH   SOLE   28,188 0 0
ISHARES TR MSCI INDIA ETF 46429B598 708 17,986 SH   SOLE   17,986 0 0
ISHARES TR MSCI ACWI EX US 464288240 861 19,143 SH   SOLE   19,143 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 697 17,389 SH   SOLE   17,389 0 0
ISHARES TR LATN AMER 40 ETF 464287390 1,887 83,702 SH   SOLE   83,702 0 0
ISHARES TR IBOXX HI YD ETF 464288513 403 5,478 SH   SOLE   5,478 0 0
ISHARES TR EUROPE ETF 464287861 817 19,129 SH   SOLE   19,129 0 0
ISHARES TR CORE US AGGBD ET 464287226 2,293 22,547 SH   SOLE   22,547 0 0
ISHARES TR CORE S&P500 ETF 464287200 5,822 15,356 SH   SOLE   15,356 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 4,345 1,015,215 SH   SOLE   1,015,215 0 0
MERCADOLIBRE INC COM 58733R102 16,359 25,686 SH   SOLE   25,686 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 26,628 2,279,825 SH   SOLE   2,279,825 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 337 4,581 SH   SOLE   4,581 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 341 4,859 SH   SOLE   4,859 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 367 8,986 SH   SOLE   8,986 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 1,283 40,804 SH   SOLE   40,804 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 1,652 12,879 SH   SOLE   12,879 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 919 10,519 SH   SOLE   10,519 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852 1,002 18,469 SH   SOLE   18,469 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 1,264 9,195 SH   SOLE   9,195 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 748 10,368 SH   SOLE   10,368 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 543 7,597 SH   SOLE   7,597 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 3,878 46,429 SH   SOLE   46,429 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,399 6,358 SH   SOLE   6,358 0 0
TERNIUM SA SPONSORED ADS 880890108 4,777 132,367 SH   SOLE   132,367 0 0
TRANSPORTADORA DE GAS SUR SPONSORED ADS B 893870204 199 12,701 SH   SOLE   12,701 0 0
VALE S A SPONSORED ADS 91912E105 20,086 1,372,929 SH   SOLE   1,372,929 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 514 12,352 SH   SOLE   12,352 0 0
VANGUARD WORLD FDS INF TECH ETF 92204A702 3,203 9,810 SH   SOLE   9,810 0 0