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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
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
GERDAU SA SPON ADR REP PFD 373737105 5,125 881,986 SH   SOLE   881,986 0 0
HPX CORP SHS CL A G32219100 321 30,000 SH   SOLE   30,000 0 0
HPX CORP UNIT 99/99/9999 G32219118 666 60,000 SH   SOLE   60,000 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 5,503 1,019,554 SH   SOLE   1,019,554 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 17,457 2,534,373 SH   SOLE   2,534,373 0 0
MERCADOLIBRE INC COM 58733R102 158,718 99,076 SH   SOLE   99,076 0 0
NATURA &CO HLDG S A ADS 63884N108 63,092 3,412,456 SH   SOLE   3,412,456 0 0
STONECO LTD COM CL A G85158106 29,932 449,303 SH   SOLE   449,303 0 0
VALE SA SPONSORED ADS 91912E105 36,929 1,952,541 SH   SOLE   1,952,541 0 0
XP INC CL A G98239109 77,223 1,883,833 SH   SOLE   1,883,833 0 0