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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 5,204 881,986 SH   SOLE   881,986 0 0
HPX CORP SHS CL A G32219100 296 30,000 SH   SOLE   30,000 0 0
HPX CORP UNIT 99/99/9999 G32219118 618 60,000 SH   SOLE   60,000 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 20,248 3,368,989 SH   SOLE   3,368,989 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 16,229 2,383,072 SH   SOLE   2,383,072 0 0
MERCADOLIBRE INC COM 58733R102 91,009 58,422 SH   SOLE   58,422 0 0
NATURA &CO HLDG S A ADS 63884N108 77,429 3,412,456 SH   SOLE   3,412,456 0 0
STONECO LTD COM CL A G85158106 51,150 762,757 SH   SOLE   762,757 0 0
VALE SA SPONSORED ADS 91912E105 27,015 1,184,359 SH   SOLE   1,184,359 0 0
XP INC CL A G98239109 73,745 1,693,340 SH   SOLE   1,693,340 0 0