The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
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
ADOBE SYSTEMS INCORPORATED COM 00724F101 4,881 10,713 SH   SOLE N/A 10,713 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 4,303 39,554 SH   SOLE N/A 39,554 0 0
ALPHABET INC CAP STK CL A 02079K305 10,519 3,782 SH   SOLE N/A 3,782 0 0
AMAZON COM INC COM 023135106 5,301 1,626 SH   SOLE N/A 1,626 0 0
AMERICAN EXPRESS CO COM 025816109 7,322 39,156 SH   SOLE N/A 39,156 0 0
CANADIAN PAC RY LTD COM 13645T100 14,690 177,971 SH   SOLE N/A 177,971 0 0
CME GROUP INC COM 12572Q105 9,272 38,980 SH   SOLE N/A 38,980 0 0
DANAHER CORPORATION COM 235851102 8,872 30,247 SH   SOLE N/A 30,247 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 11,646 57,330 SH   SOLE N/A 57,330 0 0
GERDAU SA SPON ADR REP PFD 373737105 7,816 1,215,593 SH   SOLE N/A 1,215,593 0 0
LOCKHEED MARTIN CORP COM 539830109 3,761 8,520 SH   SOLE N/A 8,520 0 0
MASTERCARD INCORPORATED CL A 57636Q104 6,797 19,020 SH   SOLE N/A 19,020 0 0
MERCADOLIBRE INC COM 58733R102 15,494 13,026 SH   SOLE N/A 13,026 0 0
MICROSOFT CORP COM 594918104 10,458 33,920 SH   SOLE N/A 33,920 0 0
PHILIP MORRIS INTL INC COM 718172109 10,925 116,299 SH   SOLE N/A 116,299 0 0
S&P GLOBAL INC COM 78409V104 8,097 19,741 SH   SOLE N/A 19,741 0 0
SCHWAB CHARLES CORP COM 808513105 4,962 58,859 SH   SOLE N/A 58,859 0 0
SEA LTD SPONSORD ADS 81141R100 4,863 40,600 SH   SOLE N/A 40,600 0 0
SPDR SER TR S&P BIOTECH 78464A870 20,934 232,905 SH   SOLE N/A 232,905 0 0
SUZANO S A SPON ADS 86959K105 40,297 3,467,889 SH   SOLE N/A 3,467,889 0 0
UNION PAC CORP COM 907818108 11,627 42,557 SH   SOLE N/A 42,557 0 0
VALE S A SPONSORED ADS 91912E105 42,227 2,112,411 SH   SOLE N/A 2,112,411 0 0
YANDEX N V SHS CLASS A N97284108 100 100,000 SH   SOLE N/A 100,000 0 0