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 COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 03-31-2022
Check here if Amendment   Amendment Number:
This Amendment (Check only one.):   is a restatement.
  adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Emerging Variant Capital Management LP
Address: 1270 AVENUE OF THE AMERICAS
20TH FLOOR
NEW YORK , NY10020
Form 13F File Number: 028-22012

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Ronaldo Lyrio
Title: COO/CCO
Phone: 646-757-9516
Signature, Place, and Date of Signing:
Ronaldo Lyrio New York , NY 05-16-2022
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
  13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
  13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 13
Form 13F Information Table Value Total: 253,500
(thousands)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name


SEC FORM 13F-HR

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
Expires: July 31, 2015
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
ADECOAGRO S A COM L00849106 12,080 967,000 SH SOLE 967,000 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A- G0457F107 8,130 851,412 SH SOLE 851,412 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 22,590 252,000 SH SOLE 252,000 0 0
DESPEGAR COM CORP ORD SHS G27358103 12,200 2,954,060 SH SOLE 2,954,060 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 5,710 3,768,000 SH SOLE 3,768,000 0 0
NU HLDGS LTD ORD SHS CL A G6683N103 7,720 640,000 SH SOLE 640,000 0 0
PETROLEO BRASILEIRO SA PETRO PUT 71654V958 14,800 556,000 SH SOLE 556,000 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 14,800 1,404,900 SH SOLE 1,404,900 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 85,600 80,500 SH SOLE 80,500 0 0
GRUPO TELEVISA S A B SPON ADR REP ORD 40049J206 11,700 1,407,233 SH SOLE 1,407,233 0 0
VALE S A PUT 91912E955 19,990 698,000 SH SOLE 698,000 0 0
VALE S A SPONSORED ADR 91912E105 19,990 1,270,000 SH SOLE 1,270,000 0 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105 18,190 725,948 SH SOLE 725,948 0 0