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   1,739 616,839 SH   SOLE   387,929 228,910 0
ISHARES TR MSCI ACWI ETF 464288257   5,470 60,000 SH   SOLE   60,000 0 0
AGNC INVT CORP COM 00123Q104   2,923 290,000 SH   SOLE   0 290,000 0
BRASKEM S A SP ADR PFD A 105532105   133 17,230 SH   SOLE   9,510 7,720 0
BANCO BRADESCO S A BANCO BRADESCO-ADR 059460303   1,139 434,650 SH   SOLE   246,750 187,900 0
BRF SA SPONSORED ADR 10552T107   59 46,008 SH   SOLE   25,788 20,220 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107   839 157,930 SH   SOLE   88,050 69,880 0
CIA ENERGETICA DE MINAS GERA SP ADR N-V PFD 204409601   254 113,498 SH   SOLE   64,188 49,310 0
COSAN S A ADS 22113B103   226 19,080 SH   SOLE   10,920 8,160 0
BARCLAYS BANK PLC DJUBS CMDT ETN36 06738C778   2,142 67,800 SH   SOLE   67,800 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207   664 100,104 SH   SOLE   57,074 43,030 0
ISHARES TR EAFE VALUE ETF 464288877   1,733 35,700 SH   SOLE   30,000 0 5,700
ISHARES TR JPMORGAN USD EMG 464288281   371 4,300 SH   SOLE   4,300 0 0
VANECK ETF TRUST JP MRGAN EM LOC 92189H300   7,984 316,200 SH   SOLE   316,200 0 0
ISHARES INC MSCI CDA ETF 464286509   14,332 419,300 SH   SOLE   419,300 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822   1,174 20,000 SH   SOLE   10,000 0 10,000
ISHARES INC MSCI MLY ETF NEW 46434G814   166 7,500 SH   SOLE   7,500 0 0
ISHARES TR MSCI UK ETF NEW 46435G334   16,898 523,800 SH   SOLE   497,400 6,400 20,000
ISHARES INC MSCI BRAZIL ETF 464286400   71,052 2,595,037 SH   SOLE   2,380,137 134,700 80,200
FREEPORT-MCMORAN INC CL B 35671D857   5,236 128,000 SH   SOLE   4,000 124,000 0
GERDAU SA SPON ADR REP PFD 373737105   354 71,869 SH   SOLE   41,167 30,702 0
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541   4,576 80,150 SH   SOLE   47,150 0 33,000
FLEXSHARES TR MORNSTAR UPSTR 33939L407   20,405 482,500 SH   SOLE   362,200 101,100 19,200
ISHARES GOLD TR ISHARES NEW 464285204   24,641 659,375 SH   SOLE   589,150 52,225 18,000
ISHARES INC CORE MSCI EMKT 46434G103   122 2,500 SH   SOLE   2,500 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106   1,883 386,597 SH   SOLE   223,947 162,650 0
COCA-COLA FEMSA SAB DE CV SPONSORD ADR REP 191241108   735 9,139 SH   SOLE   5,239 3,900 0
MERCADOLIBRE INC COM 58733R102   651 494 SH   SOLE   264 230 0
META PLATFORMS INC CL A 30303M102   4,493 21,200 SH   SOLE   9,300 2,600 9,300
ANNALY CAPITAL MANAGEMENT IN COM NEW 035710839   669 35,000 SH   SOLE   0 35,000 0
NATURA &CO HLDG S A ADS 63884N108   151 28,990 SH   SOLE   16,170 12,820 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   1,386 132,846 SH   SOLE   30,407 102,439 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101   1,432 154,260 SH   SOLE   126,960 27,300 0
INVESCO QQQ TR UNIT SER 1 46090E103   5,680 17,700 SH   SOLE   17,700 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102   287 28,680 SH   SOLE   15,990 12,690 0
SCHWAB STRATEGIC TR US REIT ETF 808524847   768 39,400 SH   SOLE   0 39,400 0
SCHWAB STRATEGIC TR US TIPS ETF 808524870   268 5,000 SH   SOLE   0 5,000 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105   171 55,740 SH   SOLE   30,980 24,760 0
STONECO LTD COM CL A G85158106   128 13,440 SH   SOLE   7,620 5,820 0
SUZANO S A SPON ADS 86959K105   483 58,835 SH   SOLE   33,605 25,230 0
TIM S A SPONSORED ADR 88706T108   252 20,350 SH   SOLE   11,260 9,090 0
ULTRAPAR PARTICIPACOES SA SP ADR REP COM 90400P101   127 46,700 SH   SOLE   25,990 20,710 0
VALE S A SPONSORED ADS 91912E105   4,051 256,714 SH   SOLE   144,704 112,010 0
VANGUARD WORLD FDS ENERGY ETF 92204A306   1,211 10,600 SH   SOLE   10,600 0 0
VANGUARD TAX-MANAGED INTL FD FTSE DEV MKT ETF 921943858   69,316 1,534,562 SH   SOLE   1,141,462 30,000 363,100
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844   51,914 337,085 SH   SOLE   337,085 0 0
TELEFONICA BRASIL SA NEW ADR 87936R205   548 72,375 SH   SOLE   41,185 31,190 0
VANGUARD INDEX FDS REAL ESTATE ETF 922908553   4,514 54,360 SH   SOLE   41,460 0 12,900
VANGUARD INTL EQUITY INDEX F GLB EX US ETF 922042676   146 3,600 SH   SOLE   3,600 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769   55,832 273,551 SH   SOLE   234,051 0 39,500
VANGUARD INDEX FDS VALUE ETF 922908744   463 3,350 SH   SOLE   750 0 2,600
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858   86,484 2,140,700 SH   SOLE   1,725,400 0 415,300
SELECT SECTOR SPDR TR ENERGY 81369Y506   663 8,000 SH   SOLE   8,000 0 0
XP INC CL A G98239109   286 24,068 SH   SOLE   13,708 10,360 0