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
AMBEV SA SPONSORED ADR 02319V103 904,097 287,929 SH SOLE 287,929 0 0
ISHARES TR MSCI ACWI ETF 464288257 6,859,589 43,700 SH SOLE 43,700 0 0
AGNC INVT CORP COM 00123Q104 654,000 60,000 SH SOLE 60,000 0 0
AMAZON COM INC COM 023135106 476,680 2,000 SH SOLE 2,000 0 0
ARES CAPITAL CORP COM 04010L103 1,172,097 63,254 SH SOLE 24,254 39,000 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 1,057,098 100,104 SH SOLE 57,074 43,030 0
CENTRAIS ELET BRAS SA SPON ADS PF CL C 15236F100 277,571 26,310 SH SOLE 15,001 11,309 0
BANCO BRADESCO S A BANCO BRADESCO-ADR 059460303 652,013 187,900 SH SOLE 0 187,900 0
BHP GROUP LTD SPONSORED ADS 088606108 1,666,200 20,000 SH SOLE 16,000 4,000 0
BRISTOL-MYERS SQUIBB CO COM 110122108 5,762 100 SH SOLE 0 100 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 462,263 88,050 SH SOLE 88,050 0 0
CRESCENT CAP BDC INC COM 225655109 98,280 9,000 SH SOLE 5,000 4,000 0
CIA ENERGETICA DE MINAS GERA SP ADR N-V PFD 204409601 309,849 147,547 SH SOLE 83,444 64,103 0
CONOCOPHILLIPS COM 20825C104 280,692 2,700 SH SOLE 1,000 1,700 0
COUPANG INC CL A 22266T109 1,042,200 60,000 SH SOLE 0 60,000 0
CAPITAL SOUTHWEST CORP COM 140501107 202,045 8,500 SH SOLE 5,500 3,000 0
CHEVRON CORP NEW COM 166764100 1,442,112 8,700 SH SOLE 5,000 3,700 0
DLOCAL LTD CLASS A COM G29018101 727,720 56,000 SH SOLE 1,000 55,000 0
ISHARES TR EAFE VALUE ETF 464288877 2,732,835 35,700 SH SOLE 35,700 0 0
ISHARES TR JPMORGAN USD EMG 464288281 414,692 4,300 SH SOLE 4,300 0 0
VANECK ETF TRUST JP MRGAN EM LOC 92189H300 8,082,072 316,200 SH SOLE 316,200 0 0
ISHARES INC MSCI CDA ETF 464286509 17,972,152 311,800 SH SOLE 311,800 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 4,498,650 97,500 SH SOLE 49,500 48,000 0
ISHARES INC MSCI BRAZIL ETF 464286400 13,572,300 393,400 SH SOLE 393,400 0 0
FREEPORT-MCMORAN INC CL B 35671D857 5,094,090 81,000 SH SOLE 24,000 57,000 0
FS KKR CAP CORP COM 302635206 378,000 36,000 SH SOLE 21,000 15,000 0
GERDAU SA SPON ADR REP PFD 373737105 348,418 86,242 SH SOLE 49,400 36,842 0
SPDR INDEX SHS FDS GLB NAT RESRCE 78463X541 5,219,891 77,550 SH SOLE 77,550 0 0
ALPHABET INC CAP STK CL C 02079K107 353,330 1,000 SH SOLE 1,000 0 0
GRAB HOLDINGS LIMITED CLASS A ORD G4124C109 829,400 220,000 SH SOLE 10,000 210,000 0
FLEXSHARES TR MORNSTAR UPSTR 33939L407 24,521,728 497,600 SH SOLE 465,000 32,600 0
ISHARES GOLD TR ISHARES NEW 464285204 29,858,919 395,430 SH SOLE 390,030 5,400 0
ISHARES INC CORE MSCI EMKT 46434G103 10,504,112 126,800 SH SOLE 126,800 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 3,578,566 438,013 SH SOLE 253,731 184,282 0
JBS N.V. CL A SHS N4732M103 513,235 43,311 SH SOLE 43,311 0 0
COCA-COLA FEMSA SAB DE CV SPONSORD ADR REP 191241108 2,633,831 24,789 SH SOLE 15,889 8,900 0
MAIN STR CAP CORP COM 56035L104 328,712 6,336 SH SOLE 4,336 2,000 0
MERCADOLIBRE INC COM 58733R102 5,421,464 3,194 SH SOLE 1,864 1,330 0
NU HLDGS LTD ORD SHS CL A G6683N103 3,815,616 285,600 SH SOLE 186,600 99,000 0
NVIDIA CORPORATION COM 67066G104 600,270 3,000 SH SOLE 3,000 0 0
BLUE OWL CAPITAL CORPORATION COM 69121K104 569,664 52,407 SH SOLE 32,207 20,200 0
OAKTREE SPECIALTY LENDING CO COM 67401P405 191,780 16,062 SH SOLE 9,062 7,000 0
PAGSEGURO DIGITAL LTD COM CL A G68707101 506,800 56,000 SH SOLE 1,000 55,000 0
PFIZER INC COM 717081103 2,408 100 SH SOLE 0 100 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 2,146,791 132,846 SH SOLE 30,407 102,439 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 2,258,366 154,260 SH SOLE 126,960 27,300 0
RIO TINTO PLC SPONSORED ADR 767204100 1,613,810 17,000 SH SOLE 15,000 2,000 0
SEA LTD SPONSORD ADS 81141R100 2,711,989 28,300 SH SOLE 7,000 21,300 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 854,775 147,885 SH SOLE 82,450 65,435 0
SCHWAB STRATEGIC TR US TIPS ETF 808524870 265,000 10,000 SH SOLE 0 10,000 0
SHELL PLC SPON ADS 780259305 387,700 5,000 SH SOLE 2,000 3,000 0
STONECO LTD COM CL A G85158106 238,914 22,040 SH SOLE 12,720 9,320 0
SUZANO S A SPON ADS 86959K105 260,775 33,605 SH SOLE 33,605 0 0
TIM S A SPONSORED ADR 88706T108 337,579 15,760 SH SOLE 11,260 4,500 0
ULTRAPAR PARTICIPACOES SA SP ADR REP COM 90400P101 234,434 46,700 SH SOLE 25,990 20,710 0
VALE S A SPONSORED ADS 91912E105 1,835,030 122,010 SH SOLE 10,000 112,010 0
VANGUARD WORLD FDS ENERGY ETF 92204A306 795,689 5,300 SH SOLE 5,300 0 0
VANGUARD TAX-MANAGED INTL FD FTSE DEV MKT ETF 921943858 37,449,000 525,600 SH SOLE 525,600 0 0
VANGUARD SPECIALIZED FUNDS DIV APP ETF 921908844 12,453,311 52,630 SH SOLE 52,630 0 0
TELEFONICA BRASIL SA NEW ADR 87936R205 541,995 41,185 SH SOLE 41,185 0 0
VANGUARD INDEX FDS TOTAL STK MKT 922908769 16,725,808 45,200 SH SOLE 45,200 0 0
VANGUARD INDEX FDS VALUE ETF 922908744 730,066 3,350 SH SOLE 3,350 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 2,250,313 37,700 SH SOLE 37,700 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 849,760 16,000 SH SOLE 16,000 0 0
EXXON MOBIL CORP COM 30231G102 2,625,024 19,200 SH SOLE 13,000 6,200 0
XP INC CL A G98239109 602,726 37,068 SH SOLE 26,708 10,360 0