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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 21,822 360,400 SH   SOLE   360,400 0 0
GERDAU SA SPON ADR REP PFD 373737105 4,230 859,786 SH   SOLE   859,786 0 0
HPX CORP-A SHS CL A G32219100 296 30,000 SH   SOLE   30,000 0 0
HPX CORP UNIT 99/99/9999 G32219118 606 60,000 SH   SOLE   60,000 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 26,274 7,006,277 SH   SOLE   7,006,277 0 0
LOMA NEGRA C I A S A MTN SPONSORED ADS 54150E104 434 65,000 SH   SOLE   65,000 0 0
MELI KASZEK PIONEER CORP CLASS A ORD G5S74L106 3,124 270,268 SH   SOLE   270,268 0 0
MERCADOLIBRE INC COM 58733R102 87,073 64,575 SH   SOLE   64,575 0 0
NATURA &CO HLDG S A ADS 63884N108 33,867 3,653,399 SH   SOLE   3,653,399 0 0
NU HLDGS LTD ORD SHS CL A G6683N103 15,211 1,621,626 SH   SOLE   1,621,626 0 0
VALE S A SPONSORED ADS 91912E105 15,108 1,077,617 SH   SOLE   1,077,617 0 0
VTEX SHS CL A G9470A102 2,891 269,720 SH   SOLE   269,720 0 0
XP INC CL A G98239109 37,993 1,321,966 SH   SOLE   1,321,966 0 0