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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMBEV SA SPONSORED ADR 02319V103   1,206 443,259 SH   SOLE   214,349 228,910 0
ISHARES TR MSCI ACWI ETF 464288257   5,093 60,000 SH   SOLE   60,000 0 0
AGNC INVT CORP COM 00123Q104   932 90,000 SH   SOLE   0 90,000 0
BRASKEM S A SP ADR PFD A 105532105   117 12,760 SH   SOLE   5,040 7,720 0
BANCO BRADESCO S A BANCO BRADESCO-ADR 059460303   928 322,350 SH   SOLE   134,450 187,900 0
BRF SA SPONSORED ADR 10552T107   55 34,968 SH   SOLE   14,748 20,220 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107   630 116,900 SH   SOLE   47,020 69,880 0
CIA ENERGETICA DE MINAS GERA SP ADR N-V PFD 204409601   173 85,058 SH   SOLE   35,748 49,310 0
COSAN S A ADS 22113B103   182 13,900 SH   SOLE   5,740 8,160 0
BARCLAYS BANK PLC DJUBS CMDT ETN36 06738C778   2,286 67,800 SH   SOLE   67,800 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207   591 74,579 SH   SOLE   31,549 43,030 0
ISHARES TR EAFE VALUE ETF 464288877   1,638 35,700 SH   SOLE   30,000 0 5,700
ISHARES TR JPMORGAN USD EMG 464288281   364 4,300 SH   SOLE   4,300 0 0
VANECK ETF TRUST JP MRGAN EM LOC 92189H300   7,662 316,200 SH   SOLE   316,200 0 0
ISHARES INC MSCI CDA ETF 464286509   13,724 419,300 SH   SOLE   419,300 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822   1,089 20,000 SH   SOLE   10,000 0 10,000
ISHARES INC MSCI MLY ETF NEW 46434G814   171 7,500 SH   SOLE   7,500 0 0
ISHARES TR MSCI UK ETF NEW 46435G334   16,569 540,400 SH   SOLE   520,400 0 20,000
ISHARES INC MSCI BRAZIL ETF 464286400   77,853 2,783,437 SH   SOLE   2,568,537 134,700 80,200
FREEPORT-MCMORAN INC CL B 35671D857   4,864 128,000 SH   SOLE   4,000 124,000 0
GERDAU SA SPON ADR REP PFD 373737105   283 51,027 SH   SOLE   21,787 29,240 0
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541   4,570 80,150 SH   SOLE   47,150 0 33,000
FLEXSHARES TR MORNSTAR UPSTR 33939L407   20,974 482,500 SH   SOLE   442,300 21,000 19,200
ISHARES GOLD TR ISHARES NEW 464285204   25,086 725,225 SH   SOLE   639,900 67,325 18,000
ISHARES INC CORE MSCI EMKT 46434G103   117 2,500 SH   SOLE   2,500 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106   1,347 285,947 SH   SOLE   123,297 162,650 0
COCA-COLA FEMSA SAB DE CV SPONSORD ADR REP 191241108   462 6,809 SH   SOLE   2,909 3,900 0
MERCADOLIBRE INC COM 58733R102   331 391 SH   SOLE   161 230 0
META PLATFORMS INC CL A 30303M102   2,551 21,200 SH   SOLE   9,300 2,600 9,300
NATURA &CO HLDG S A ADS 63884N108   92 21,360 SH   SOLE   8,540 12,820 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   2,145 201,446 SH   SOLE   84,607 116,839 0
INVESCO QQQ TR UNIT SER 1 46090E103   4,713 17,700 SH   SOLE   17,700 0 0
VANECK ETF TRUST VANECK RUSSIA ET 92189F403   71 12,500 SH   SOLE   7,500 0 5,000
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102   225 21,140 SH   SOLE   8,450 12,690 0
SCHWAB STRATEGIC TR US REIT ETF 808524847   760 39,400 SH   SOLE   0 39,400 0
SCHWAB STRATEGIC TR US TIPS ETF 808524870   259 5,000 SH   SOLE   0 5,000 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105   113 41,110 SH   SOLE   16,350 24,760 0
STONECO LTD COM CL A G85158106   94 9,980 SH   SOLE   4,160 5,820 0
SUZANO S A SPON ADS 86959K105   405 43,805 SH   SOLE   18,575 25,230 0
TIM S A SPONSORED ADR 88706T108   175 14,990 SH   SOLE   5,900 9,090 0
ULTRAPAR PARTICIPACOES SA SP ADR REP COM 90400P101   83 34,410 SH   SOLE   13,700 20,710 0
VALE S A SPONSORED ADS 91912E105   3,248 191,404 SH   SOLE   79,394 112,010 0
VANGUARD WORLD FDS ENERGY ETF 92204A306   1,286 10,600 SH   SOLE   10,600 0 0
VANGUARD TAX-MANAGED INTL FD FTSE DEV MKT ETF 921943858   64,406 1,534,562 SH   SOLE   1,141,462 30,000 363,100
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844   51,186 337,085 SH   SOLE   337,085 0 0
TELEFONICA BRASIL SA NEW ADR 87936R205   386 54,025 SH   SOLE   22,835 31,190 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553   4,484 54,360 SH   SOLE   41,460 0 12,900
VANGUARD INTL EQUITY INDEX F GLB EX US ETF 922042676   149 3,600 SH   SOLE   3,600 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769   52,300 273,551 SH   SOLE   234,051 0 39,500
VANGUARD INDEX FDS VALUE ETF 922908744   470 3,350 SH   SOLE   750 0 2,600
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858   83,444 2,140,700 SH   SOLE   1,725,400 0 415,300
SELECT SECTOR SPDR TR ENERGY 81369Y506   700 8,000 SH   SOLE   8,000 0 0
XP INC CL A G98239109   275 17,948 SH   SOLE   7,588 10,360 0