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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
COSAN LTD SHS A G25343107 49,000 2,608,715 SH   SOLE   2,608,715 0 0
GERDAU SA SPON ADR REP PFD 373737105 1,000 134,964 SH   SOLE   0 0 134,964
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 2,000 94,595 SH   SOLE   94,595 0 0
STONECO LTD COM CL A G85158106 18,000 206,995 SH   SOLE   206,995 0 0
SUZANO S A SPON ADS 86959K105 1,000 50,817 SH   SOLE   50,817 0 0
XP INC CL A G98239109 45,000 1,109,629 SH   SOLE   1,109,629 0 0