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
ADOBE SYSTEMS INCORPORATED COM 00724F101 2,207 4,500 SH   SOLE   4,500 0 0
Advanced Micro Devices Inc COM 007903107 653 7,950 SH   SOLE   7,950 0 0
AFYA LTD CL A COM G01125106 12,616 463,153 SH   SOLE   74,439 0 388,714
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 7,766 26,326 SH   SOLE   26,326 0 0
ALLY FINL INC COM 02005N100 2,131 85,000 SH   SOLE   85,000 0 0
ALPHABET INC CAP STK CL A 02079K305 24,917 16,984 SH   SOLE   16,984 0 0
ALPHABET INC CAP STK CL C 02079K107 4,180 2,840 SH   SOLE   2,840 0 0
AMAZON COM INC COM 023135106 22,330 7,082 SH   SOLE   7,082 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 93,085 7,452,791 SH   SOLE   1,296,292 0 6,156,499
APPLE INC COM 037833100 9,225 79,421 SH   SOLE   79,421 0 0
ARCO PLATFORM LTD COM CL A G04553106 1,108 27,091 SH   SOLE   27,091 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 8,656 2,111,128 SH   SOLE   2,111,128 0 0
ASSURANT INC COM 04621X108 2,414 19,900 SH   SOLE   19,900 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 157 2,874 SH   SOLE   2,874 0 0
BAIDU INC SPON ADR REP A 056752108 4,655 36,575 SH   SOLE   36,575 0 0
BALL CORP COM 058498106 180 2,170 SH   SOLE   2,170 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 73,595 21,456,088 SH   SOLE   7,111,653 0 14,344,435
BANCO DE CHILE SPONSORED ADS 059520106 2,255 149,148 SH   SOLE   16,502 0 132,646
BANCO DE CHILE SPONSORED ADS 059520106 99 6,552 SH   DFND   0 0 6,552
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 27 5,400 SH   SOLE   5,400 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 16,215 1,169,941 SH   SOLE   88,740 0 1,081,201
BANCO SANTANDER MEXICO AS SPONSORED ADS B 05969B103 2,117 661,580 SH   SOLE   207,926 0 453,654
BANCOLOMBIA S A SPON ADR PREF 05968L102 1,737 68,000 SH   SOLE   0 0 68,000
BEST BUY INC COM 086516101 116 1,045 SH   SOLE   1,045 0 0
BLOOMIN BRANDS INC COM 094235108 9,327 610,805 SH   SOLE   610,805 0 0
BOOKING HOLDINGS INC COM 09857L108 9,912 5,794 SH   SOLE   5,794 0 0
BOYD GAMING CORP COM 103304101 480 15,656 SH   SOLE   15,656 0 0
BRF SA SPONSORED ADR 10552T107 12 3,600 SH   SOLE   3,600 0 0
BROADCOM INC COM 11135F101 2,915 8,000 SH   SOLE   8,000 0 0
BURLINGTON STORES INC COM 122017106 2,917 14,156 SH   SOLE   14,156 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100 5,438 97,007 SH   SOLE   97,007 0 0
CATERPILLAR INC DEL COM 149123101 3,207 21,500 SH   SOLE   21,500 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 25,203 6,632,441 SH   SOLE   1,292,147 0 5,340,294
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 1 137 SH   SOLE   137 0 0
CHEVRON CORP NEW COM 166764100 541 7,500 SH   SOLE   7,500 0 0
COCA COLA CO COM 191216100 21,128 427,944 SH   SOLE   427,944 0 0
COMCAST CORP NEW CL A 20030N101 1,760 38,055 SH   SOLE   38,055 0 0
COMPANHIA BRASILEIRA DE DIST SPONSORED ADR 20440T300 10,732 869,655 SH   SOLE   202,740 0 666,915
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 2,418 291,329 SH   SOLE   195,722 0 95,607
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 2 175 SH   SOLE   175 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 8,543 699,098 SH   SOLE   116,519 0 582,579
COSAN LTD SHS A G25343107 23,967 1,613,940 SH   SOLE   1,613,940 0 0
CREDICORP LTD COM G2519Y108 10,204 82,298 SH   SOLE   0 0 82,298
CSX Corp COM 126408103 3,107 40,000 SH   SOLE   40,000 0 0
CVS HEALTH CORP COM 126650100 18 302 SH   SOLE   302 0 0
DARDEN RESTAURANTS INC COM 237194105 6,916 68,654 SH   SOLE   68,654 0 0
DBX ETF TR XTRACK HRVST CSI 233051879 1,074 31,151 SH   SOLE   31,151 0 0
DEERE & CO COM 244199105 1,995 9,000 SH   SOLE   9,000 0 0
DISNEY WALT CO COM DISNEY 254687106 1,272 10,238 SH   SOLE   10,238 0 0
ECOPETROL S A SPONSORED ADS 279158109 4,723 480,000 SH   SOLE   0 0 480,000
EMBRAER S A SP ADR REP 4 COM 29082A107 2 522 SH   SOLE   522 0 0
EXXON MOBIL CORP COM 30231G102 550 16,000 SH   SOLE   16,000 0 0
FACEBOOK INC CL A 30303M102 101,881 391,556 SH   SOLE   391,556 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 1,250 8,490 SH   SOLE   8,490 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 10,271 182,794 SH   SOLE   41,519 0 141,275
FREEPORT-MCMORAN INC CL B 35671D857 115 7,300 SH   SOLE   7,300 0 0
GENERAL MTRS CO COM 37045V100 985 33,292 SH   SOLE   33,292 0 0
GERDAU SA SPON ADR REP PFD 373737105 17,107 4,623,547 SH   SOLE   848,985 0 3,774,562
GILEAD SCIENCES INC COM 375558103 179 2,836 SH   SOLE   2,836 0 0
GLOBANT S A COM L44385109 51,490 287,167 SH   SOLE   29,030 0 258,137
GRUPO AEROPORTUARIO DEL CENT SPON ADR 400501102 2,121 57,693 SH   SOLE   8,316 0 49,377
GRUPO AEROPUERTO DEL PACIFIC SPON ADR B 400506101 11,299 140,119 SH   SOLE   20,456 0 119,663
INVESCO QQQ TR UNIT SER 1 46090E103 19,465 70,060 SH   SOLE   70,060 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 478 2,000 SH Put SOLE   2,000 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 58,373 988,196 SH   SOLE   988,196 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 4,997 84,590 SH   DFND   0 0 84,590
ISHARES INC MSCI PAC JP ETF 464286665 321 7,900 SH   DFND   0 0 7,900
ISHARES INC MSCI CDA ETF 464286509 2,867 104,600 SH   DFND   0 0 104,600
ISHARES INC MSCI MEXICO ETF 464286822 589 17,650 SH   DFND   0 0 17,650
ISHARES INC MSCI STH KOR ETF 464286772 1,601 24,500 SH   DFND   0 0 24,500
ISHARES INC CORE MSCI EMKT 46434G103 2,524 47,800 SH   DFND   0 0 47,800
ISHARES INC MSCI EM ASIA ETF 464286426 2,315 31,000 SH   DFND   0 0 31,000
ISHARES INC MSCI GERMANY ETF 464286806 54 1,852 SH   DFND   0 0 1,852
ISHARES INC MSCI EURZONE ETF 464286608 452 11,933 SH   DFND   0 0 11,933
ISHARES TR CHINA LG-CAP ETF 464287184 26,680 634,831 SH   SOLE   634,831 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 101 2,400 SH   DFND   0 0 2,400
ISHARES TR MSCI EMG MKT ETF 464287234 21,088 478,284 SH   SOLE   478,284 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 10,599 70,757 SH   SOLE   70,757 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 105 700 SH   DFND   0 0 700
ISHARES TR MSCI ACWI ETF 464288257 5,216 65,270 SH   DFND   0 0 65,270
ISHARES TR MSCI EURO FL ETF 464289180 60 4,400 SH   DFND   0 0 4,400
ISHARES TR MSCI CHINA ETF 46429B671 3,560 48,000 SH   DFND   0 0 48,000
ISHARES TR JPMORGAN USD EMG 464288281 1,663 15,000 SH   DFND   0 0 15,000
ISHARES TR IBOXX INV CP ETF 464287242 15,174 112,640 SH   SOLE   112,640 0 0
ISHARES TR S&P 500 VAL ETF 464287408 3,317 29,500 SH   DFND   0 0 29,500
ISHARES TR SHORT TREAS BD 464288679 13,321 120,336 SH   SOLE   120,336 0 0
ISHARES TR 10-20 YR TRS ETF 464288653 6,098 36,627 SH   SOLE   36,627 0 0
ISHARES TR US TREAS BD ETF 46429B267 4,912 175,759 SH   SOLE   175,759 0 0
ISHARES TR FLTG RATE NT ETF 46429B655 6,036 119,012 SH   SOLE   119,012 0 0
ISHARES TR RUS 1000 VAL ETF 464287598 296 2,505 SH   SOLE   2,505 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 33,900 8,517,660 SH   SOLE   1,740,795 0 6,776,865
JD.COM INC SPON ADR CL A 47215P106 1,595 20,554 SH   SOLE   20,554 0 0
JOHNSON & JOHNSON COM 478160104 279 1,875 SH   SOLE   1,875 0 0
JPMORGAN CHASE & CO COM 46625H100 730 7,583 SH   SOLE   7,583 0 0
KRANESHARES TR CSI CHI INTERNET 500767306 368 200 SH Call SOLE   200 0 0
KRANESHARES TR CSI CHI INTERNET 500767306 3,579 52,500 SH   SOLE   52,500 0 0
LAS VEGAS SANDS CORP COM 517834107 8,062 172,773 SH   SOLE   172,773 0 0
LENNAR CORP CL A 526057104 3,267 40,000 SH   SOLE   40,000 0 0
LINX SA SPONSORED ADS 53619W101 1 198 SH   SOLE   198 0 0
LOWES COS INC COM 548661107 870 5,246 SH   SOLE   5,246 0 0
LPL FINL HLDGS INC COM 50212V100 2,101 27,400 SH   SOLE   27,400 0 0
MASTERCARD INCORPORATED CL A 57636Q104 1,330 3,930 SH   SOLE   3,930 0 0
MATCH GROUP INC NEW COM 57667L107 4,352 39,332 SH   SOLE   39,332 0 0
MERCADOLIBRE INC COM 58733R102 27,274 25,195 SH   SOLE   7,079 0 18,116
MICRON TECHNOLOGY INC COM 595112103 3,757 80,000 SH   SOLE   80,000 0 0
MICROSOFT CORP COM 594918104 20,752 98,645 SH   SOLE   98,645 0 0
MOLSON COORS BEVERAGE CO CL B 60871R209 1,014 30,206 SH   SOLE   30,206 0 0
NATURA &CO HLDG S A ADS 63884N108 7 397 SH   SOLE   397 0 0
NETFLIX INC COM 64110L106 5,666 11,279 SH   SOLE   11,279 0 0
NEXTERA ENERGY INC COM 65339F101 2,937 10,580 SH   SOLE   10,580 0 0
NIKE INC CL B 654106103 1,306 10,406 SH   SOLE   10,406 0 0
NVIDIA CORP COM 67066G104 5,158 9,479 SH   SOLE   9,479 0 0
OGE ENERGY CORP COM 670837103 3 100 SH   SOLE   100 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 6,537 632,772 SH   SOLE   0 0 632,772
PARKER-HANNIFIN CORP COM 701094104 2,023 10,000 SH   SOLE   10,000 0 0
PAYPAL HLDGS INC COM 70450Y103 1,356 6,880 SH   SOLE   6,880 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 22,992 3,265,868 SH   SOLE   3,195,212 0 70,656
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 56,862 7,986,233 SH   SOLE   2,114,420 0 5,871,813
PILGRIMS PRIDE CORP COM 72147K108 884 59,000 SH   SOLE   59,000 0 0
ROSS STORES INC COM 778296103 3,480 37,286 SH   SOLE   37,286 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 39 1,300 SH   DFND   0 0 1,300
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 26,584 1,104,444 SH   SOLE   1,104,444 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 96 4,000 SH   DFND   0 0 4,000
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 3,676 31,500 SH   SOLE   31,500 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,848 24,000 SH   SOLE   24,000 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 980 15,400 SH   SOLE   15,400 0 0
SERVICENOW INC COM 81762P102 1,029 2,121 SH   SOLE   2,121 0 0
SHAKE SHACK INC CL A 819047101 5,262 81,605 SH   SOLE   81,605 0 0
SOUTHERN COPPER CORP COM 84265V105 7,217 159,000 SH   SOLE   78,000 0 81,000
SPDR GOLD TR GOLD SHS 78463V107 57,382 323,950 SH   SOLE   323,950 0 0
SPDR INDEX SHS FDS EURO STOXX 50 78463X202 1,297 35,670 SH   SOLE   35,670 0 0
SPDR INDEX SHS FDS ASIA PACIF ETF 78463X301 2,283 20,500 SH   DFND   0 0 20,500
SPDR S&P 500 ETF TR TR UNIT 78462F103 19,418 350 SH Call SOLE   350 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,630 155 SH Put SOLE   155 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 269,182 803,794 SH   SOLE   803,794 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,900 5,673 SH   DFND   0 0 5,673
SPDR SER TR S&P OILGAS EXP 78468R556 905 21,500 SH   DFND   0 0 21,500
SPDR SER TR S&P REGL BKG 78464A698 197 5,500 SH   SOLE   5,500 0 0
SPDR SER TR S&P HOMEBUILD 78464A888 14,054 260,832 SH   SOLE   260,832 0 0
STAMPS COM INC COM NEW 852857200 748 3,100 SH   SOLE   3,100 0 0
StoneCo Ltd COM CL A G85158106 795 15,000 SH   SOLE   15,000 0 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 21,961 2,863,237 SH   SOLE   443,500 0 2,419,737
TESLA INC COM 88160R101 4,448 10,312 SH   SOLE   10,312 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 3,974 9,000 SH   SOLE   9,000 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 13,932 1,208,359 SH   SOLE   245,364 0 962,995
TIMKEN CO COM 887389104 2,006 37,000 SH   SOLE   37,000 0 0
TJX COS INC NEW COM 872540109 4,452 80,001 SH   SOLE   80,001 0 0
TWITTER INC COM 90184L102 6,941 155,372 SH   SOLE   155,372 0 0
UNION PAC CORP COM 907818108 5,020 25,500 SH   SOLE   25,500 0 0
UNITEDHEALTH GROUP INC COM 91324P102 3,741 12,000 SH   SOLE   12,000 0 0
US FOODS HLDG CORP COM 912008109 2,513 113,118 SH   SOLE   113,118 0 0
VALE S A SPONSORED ADS 91912E105 106,407 10,057,367 SH   SOLE   2,518,939 0 7,538,428
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 10,446 498,619 SH   SOLE   498,619 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 419 20,000 SH   DFND   0 0 20,000
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 198,509 642,962 SH   SOLE   642,962 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 2,184 7,100 SH   DFND   0 0 7,100
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 249 4,756 SH   SOLE   4,756 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 542 10,330 SH   DFND   0 0 10,330
VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF 922042742 15,647 194,038 SH   DFND   0 0 194,038
VASTA PLATFORM LTD CL A G9440A109 853 55,300 SH   SOLE   55,300 0 0
VERTIV HOLDINGS CO COM CL A 92537N108 2,078 120,000 SH   SOLE   120,000 0 0
VISA INC COM CL A 92826C839 8,327 41,633 SH   SOLE   41,633 0 0
WABTEC CORP COM 929740108 3,063 49,500 SH   SOLE   49,500 0 0
Walmart Inc COM 931142103 646 4,610 SH   SOLE   4,610 0 0
WISDOMTREE TR INDIA ERNGS FD 97717W422 826 35,000 SH   DFND   0 0 35,000
WYNN RESORTS LTD COM 983134107 621 8,648 SH   SOLE   8,648 0 0
XP INC CL A G98239109 28,966 691,039 SH   SOLE   691,039 0 0
XP INC CL A G98239109 632 15,165 SH   DFND   0 0 15,165
ZOOM VIDEO COMMUNICATIONS IN CL A 98980L101 1,328 2,825 SH   SOLE   2,825 0 0