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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

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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
AVON PRODS INC COM 054303102 42,551 10,966,697 SH   SOLE   10,966,697 0 0
COSAN LTD SHS A G25343107 51,938 3,887,552 SH   SOLE   3,887,552 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 437 10,000 SH   SOLE   10,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 480 3,600 SH   SOLE   3,600 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 702 60,000 SH   SOLE   60,000 0 0
MERCADOLIBRE INC COM 58733R102 127,722 208,773 SH   SOLE   208,773 0 0
VALE S.A. SPONSORED ADS 91912E105 13,292 988,973 SH   SOLE   988,973 0 0