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
GRUPO AEROPORTUARIO DEL SUR SPONSORED ADR CMN SERIES B COM 40051E202 6,660 43,741 SH   SOLE   43,741 0 0
KEYCORP CMN COM 493267108 2,554 196,300 SH   SOLE   196,300 0 0
KINDRED HEALTHCARE INC CMN COM 494580103 1,736 110,197 SH   SOLE   110,197 0 0
PAMPA ENERGIA SA SPONSORED ADR CMN COM 697660207 7,076 463,398 SH   SOLE   463,398 0 0
PRUDENTIAL FINANCIAL INC CMN COM 744320102 5,961 78,210 SH   SOLE   78,210 0 0
TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B COM 893870204 7,969 2,022,606 SH   SOLE   2,022,606 0 0
WELLS FARGO CO (NEW) CMN COM 949746101 2,311 45,000 SH   SOLE   45,000 0 0
TELEFONICA BRASIL SA SAO PAUL ADR ADR 87936R106 6,099 668,004 SH   SOLE   668,004 0 0
IRSA INVERSIONES Y REPRESENTAC ADR ADR 450047204 6,302 433,413 SH   SOLE   433,413 0 0
CORPBANCA ADR ADR 21987A209 5,976 448,318 SH   SOLE   448,318 0 0
MAGNA INTL INC COM 559222401 2,645 55,100 SH   SOLE   55,100 0 0
CREDICORP LTD COM COM G2519Y108 4,254 40,000 SH   SOLE   40,000 0 0
FEDEX CORPORATION COM 31428X106 4,679 32,500 SH   SOLE   32,500 0 0
BERKSHIRE HATHAWAY INC CLASS B COM COM 084670702 4,629 35,500 SH   SOLE   35,500 0 0
INTERNATIONAL PAPER CO COM STK COM 460146103 6,802 180,000 SH   SOLE   180,000 0 0
CIA SANEAMENTO BASICO DO ESTAD ADR ADR 20441A102 2,321 598,183 SH   SOLE   598,183 0 0
DISCOVER FINANCIAL SERVICES COM 254709108 5,511 106,000 SH   SOLE   106,000 0 0