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
Estimated average burden
hours per response: 23.8
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
ARCOS DORADOS HOLDINGS INC COM STK SHS CLASS -A - G0457F107 3,885 533,641 SH   SOLE   533,641 0 0
AZUL SA ADR 05501U106 15,585 466,062 SH   SOLE   466,062 0 0
ISHARES MSCI BRAZIL ETF ETF 464286400 4,561 104,313 SH   SOLE   104,313 0 0
ISHARES MSCI EMERGING MARKETS ETF ETF 464287234 104,576 2,437,100 SH   SOLE   2,437,100 0 0
AVON PRODS INC COM STK COM 054303102 8,340 2,149,417 SH   SOLE   2,149,417 0 0
GRUPO TELEVISA SA ADR ADR 40049J206 9,364 1,109,500 SH   SOLE   1,109,500 0 0
CROWN HOLDINGS INC COM STK COM 228368106 11,484 187,949 SH   SOLE   187,949 0 0
BOEING USD5 COM COM 097023105 6,370 17,500 SH   SOLE   17,500 0 0
BANCO SANTANDER MEXICO ADR ADR 05969B103 16,775 2,192,774 SH   SOLE   2,192,774 0 0
EBAY INC COM STK COM 278642103 20,527 519,675 SH   SOLE   519,675 0 0
ISHARES MSCI SOUTH KOREA ETF ETF 464286772 57,475 960,000 SH   SOLE   960,000 0 0
TMOBILE US INC COM STK COM 872590104 30,997 418,086 SH   SOLE   418,086 0 0
GRUPO AEROPORTUARIO DEL SUREST ADR ADR 40051E202 1,621 10,000 SH   SOLE   10,000 0 0
DESPEGARCOM CORP COM STK COM G27358103 1,872 134,800 SH   SOLE   134,800 0 0
PETROLEO BRASIL ADR 71654V408 16,950 1,088,648 SH   SOLE   1,088,648 0 0
CIA ENERGETICA DE MINAS GERAIS ADR ADR 204409601 12,882 3,381,094 SH   SOLE   3,381,094 0 0
ARCELORMITTAL ADR ADR 03938L203 2,480 137,548 SH   SOLE   137,548 0 0
PETROLEO BRASILEIRO SA PETROBR ADR ADR 71654V101 35,963 2,532,603 SH   SOLE   2,532,603 0 0
DD3 ACQUISITION CORP UNIT 10/12/2023 G2692M129 3,072 300,000 SH   SOLE   300,000 0 0
COMPANHIA BRASILEIRA DE DISTRIBUIACAO ADR 20440T201 1,904 77,788 SH   SOLE   77,788 0 0
BBVA BANCO FRANCES SA ADR ADR 07329M100 8,281 731,545 SH   SOLE   731,545 0 0
ADR TIM PARTICIPACOES SA COM STK SPONSORED ADR 88706P205 4,237 283,020 SH   SOLE   283,020 0 0
COCA COLA FEMSA SAB DE CV ADR ADR 191241108 1,733 27,890 SH   SOLE   27,890 0 0
ARAMARK COM STK COM 03852U106 49,526 1,373,422 SH   SOLE   1,373,422 0 0
IRSA PROPIEDADES COMERCIADR ADR 463588103 1,493 73,068 SH   SOLE   73,068 0 0
BANCO BRADESCO SA BRAD ADR ADR 059460303 29,663 3,020,689 SH   SOLE   3,020,689 0 0
TERNIUM SA ADR ADR 880890108 2,940 131,094 SH   SOLE   131,094 0 0
ISHARE CHINA LARGE CAP ETF ETF 464287184 34,216 800,000 SH   SOLE   800,000 0 0
ENEL CHILE SA SPONSORED ADS 29278D105 2,533 530,000 SH   SOLE   530,000 0 0
COSAN LTD COM STK SHS A G25343107 4,318 323,177 SH   SOLE   323,177 0 0
GERDAU SA COSG ADR ADR 373737105 3,905 1,003,920 SH   SOLE   1,003,920 0 0
ALBEMARLE CORP COM STK COM 012653101 2,816 40,000 SH   SOLE   40,000 0 0
VALE SA ADR ADR 91912E105 137,901 10,260,458 SH   SOLE   10,260,458 0 0
CENTRAL PUERTO SPONSORED ADS 155038201 1,854 200,000 SH   SOLE   200,000 0 0
COMPANHIA SIDERURGICA NACIONAL ADR SPONSORED ADR 20440W105 2,354 546,223 SH   SOLE   546,223 0 0
MARATHON PETROLEUM CORP COM STK COM 56585A102 2,235 40,000 SH   SOLE   40,000 0 0