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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

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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 7,231 163,900 SH   SOLE   163,900 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 10,343 3,096,598 SH   SOLE   3,096,598 0 0
COSAN LTD SHS A G25343107 11,080 900,780 SH   SOLE   900,780 0 0
DESPEGAR COM CORP ORD SHS G27358103 2,699 476,044 SH   SOLE   476,044 0 0
MERCADOLIBRE INC COM 58733R102 23,768 48,647 SH   SOLE   48,647 0 0
NATURA &CO HLDG S A ADS 63884N108 20,094 2,042,072 SH   SOLE   2,042,072 0 0
STONECO LTD COM CL A G85158106 34,528 1,586,017 SH   SOLE   1,586,017 0 0
VALE S A SPONSORED ADS 91912E105 14,108 1,701,802 SH   SOLE   1,701,802 0 0