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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMBEV S A SPONSORED ADR CMN COM 02319V103 3,526 500,828 SH   SOLE   500,828 0 0
BANCO BRADESCO SA ADR CMN COM 059460303 1,719 173,920 SH   SOLE   173,920 0 0
BANCO BILBAO VIZCAYA S A ADR SPONSORED ADR CMN USD03296 COM 05946K101 3,001 235,000 SH   SOLE   235,000 0 0
BANCO MACRO SA SPONSORED ADR CMN COM 05961W105 1,817 50,429 SH   SOLE   50,429 0 0
BANCO SANTANDER (BRASIL) SA ADR CMN COM 05967A107 4,529 654,444 SH   SOLE   654,444 0 0
BANK OF AMERICA CORP CMN COM 060505104 5,441 354,000 SH   SOLE   354,000 0 0
BARRICK GOLD CORPORATION CMN COM 067901108 1,061 58,000 SH   SOLE   58,000 0 0
BRF SA SPONSORED ADR CMN COM 10552T107 7,383 303,692 SH   SOLE   303,692 0 0
CAPITAL ONE FINANCIAL CORP CMN COM 14040H105 6,558 79,400 SH   SOLE   79,400 0 0
CEMEX, SAB DE CV SPONSORED ADR CMN COM 151290889 10,729 810,922 SH   SOLE   810,922 0 0
CITIGROUP INC CMN COM 172967424 8,039 170,670 SH   SOLE   170,670 0 0
DISCOVER FINANCIAL SERVICES CMN COM 254709108 2,907 46,900 SH   SOLE   46,900 0 0
DOMTAR CORPORATION CMN CLASS COM 257559203 2,147 50,094 SH   SOLE   50,094 0 0
GNC HOLDINGS INC CMN CLASS A COM 36191G107 1,514 44,400 SH   SOLE   44,400 0 0
GENERAL ELECTRIC CO CMN COM 369604103 8,328 316,895 SH   SOLE   316,895 0 0
GOLDMAN SACHS GROUP, INC(THE) CMN COM 38141G104 5,960 35,596 SH   SOLE   35,596 0 0
INTERNATIONAL PAPER CO CMN COM 460146103 10,447 207,000 SH   SOLE   207,000 0 0
ISHARES MSCI BRAZIL CAPPED ETF ETF 464286400 1,970 41,232 SH   SOLE   41,232 0 0
ISHARES MSCI EMERGING MKTS ETF ETF 464287234 31,935 738,728 SH   SOLE   738,728 0 0
ISHARES MSCI ALLCOUNTRY ASIA EXJAPAN ETF ETF 464288182 2,508 40,000 SH   SOLE   40,000 0 0
iShares US Preferred STOCK ETF ETF 464288687 5,032 126,081 SH   SOLE   126,081 0 0
ITAU UNIBANCO BANCO HLDNG SA SPONSORED ADR CMN COM 465562106 15,309 1,064,543 SH   SOLE   1,064,543 0 0
JPMORGAN CHASE CO CMN COM 46625H100 6,782 117,710 SH   SOLE   117,710 0 0
MORGAN STANLEY CMN COM 617446448 5,667 175,290 SH   SOLE   175,290 0 0
NEWMONT MINING CORPORATION CMN COM 651639106 1,094 43,000 SH   SOLE   43,000 0 0
OI SA SPONSORED ADR CMN COM 670851104 5,146 5,321,600 SH   SOLE   5,321,600 0 0
SPDR SP OIL GAS EQPT SVCS ETF ETF ETF 78464A748 2,953 59,913 SH   SOLE   59,913 0 0
SPDR SP HOMEBUILDERS ETF ETF ETF 78464A888 2,620 80,000 SH   SOLE   80,000 0 0
AMEX MATERIALS SELECT 'SPDR' FUND ETF 81369Y100 5,957 120,000 SH   SOLE   120,000 0 0
INDUSTRIAL SELECT SECTOR SPDR 'SPDR' ETF 81369Y704 59,490 1,100,440 SH   SOLE   1,100,440 0 0
COSAN LIMITED CMN CLASS A COM G25343107 53,840 3,970,520 SH   SOLE   3,970,520 0 0
GERDAU SA COSG ADR ADR 373737105 4,519 767,168 SH   SOLE   767,168 0 0
SODASTREAM INTERNATIONAL LTD USD SHS M9068E105 3,007 89,500 SH   SOLE   89,500 0 0
EMBRAER S A ADR ADR 29082A107 1,822 50,000 SH   SOLE   50,000 0 0