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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
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 20,341 360,784 SH   SOLE   360,784 0 0
GERDAU SA SPON ADR REP PFD 373737105 4,339 881,986 SH   SOLE   881,986 0 0
HPX CORP SHS CL A G32219100 295 30,000 SH   SOLE   30,000 0 0
HPX CORP UNIT 99/99/9999 G32219118 604 60,000 SH   SOLE   60,000 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 47,670 9,045,623 SH   SOLE   9,045,623 0 0
LOMA NEGRA C I A S A MTN SPONSORED ADS 54150E104 14,173 1,987,790 SH   SOLE   1,987,790 0 0
MELI KASZEK PIONEER CORP CLASS A ORD G5S74L106 2,986 270,268 SH   SOLE   270,268 0 0
MERCADOLIBRE INC COM 58733R102 98,203 58,475 SH   SOLE   58,475 0 0
NATURA &CO HLDG S A ADS 63884N108 56,817 3,412,456 SH   SOLE   3,412,456 0 0
STONECO LTD COM CL A G85158106 602 17,345 SH   SOLE   17,345 0 0
VALE SA SPONSORED ADS 91912E105 14,086 1,009,720 SH   SOLE   1,009,720 0 0
VTEX SHS CL A G9470A102 5,548 269,694 SH   SOLE   269,694 0 0
XP INC CL A G98239109 40,195 1,000,628 SH   SOLE   1,000,628 0 0