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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alimentation Couche-Tard Inc C COM 01626p148   986,986 19,232 SH   SOLE   19,232 0 0
ARCELORMITTAL SA LUXEMBOURG NY COM 03938l203   1,092,467 39,959 SH   SOLE   39,959 0 0
Banco Bilbao Vizcaya Argentari COM 05946k101   1,296,599 168,828 SH   SOLE   168,828 0 0
BANK MONTREAL QUE COM 063671101   960,666 10,637 SH   SOLE   10,637 0 0
Canadian Natural Resources Ltd COM 136385101   1,048,111 18,630 SH   SOLE   18,630 0 0
CGI Inc Cl A COM 12532h104   1,622,608 15,390 SH   SOLE   15,390 0 0
Check Point Software Tech Ltd COM m22465104   8,829,343 70,286 SH   SOLE   31,780 0 38,506
Credicorp Ltd COM g2519y108   3,357,334 22,740 SH   SOLE   5,960 0 16,780
ENI SPA Sp ADR COM 26874r108   1,132,466 39,335 SH   SOLE   39,335 0 0
Icon PLC COM g4705a100   2,887,308 11,540 SH   SOLE   6,120 0 5,420
Imperial Oil Ltd COM 453038408   513,326 10,034 SH   SOLE   10,034 0 0
Petroleo Brasileiro SA Sp ADR COM 71654v408   1,361,239 98,427 SH   SOLE   98,427 0 0
Rio Tinto PLC Sp ADR COM 767204100   760,098 11,906 SH   SOLE   11,906 0 0
Royal Bank of Canada Montreal COM 780087102   1,126,916 11,799 SH   SOLE   11,799 0 0
Stellantis NV COM n82405106   1,268,260 72,307 SH   SOLE   72,307 0 0
Teck Resources Ltd Cl B COM 878742204   1,277,244 30,338 SH   SOLE   30,338 0 0
Tourmaline Oil Corp COM 89156v106   929,948 19,719 SH   SOLE   19,719 0 0
UBS Group AG COM h42097107   1,361,728 67,179 SH   SOLE   67,179 0 0
Yum China Holdings Inc COM 98850p109   3,746,515 66,310 SH   SOLE   17,440 0 48,870
A P Moller-Maersk AS Unsponsor ADR 00202f102   720,953 82,395 SH   SOLE   82,395 0 0
Advantest Corp Sp ADR ADR 00762u200   1,686,720 12,550 SH   SOLE   12,550 0 0
Alibaba Group Holding Ltd Sp A ADR 01609w102   3,126,292 37,508 SH   SOLE   9,740 0 27,768
Ase Industrial Holding Co Ltd ADR 00215w100   531,869 68,276 SH   SOLE   68,276 0 0
Auto Trader Group PLC Unsponso ADR 05277e104   1,017,260 535,400 SH   SOLE   535,400 0 0
BB Seguridade Participacoes SA ADR 05541j103   617,794 96,080 SH   SOLE   96,080 0 0
BHP GROUP LTD ADR 088606108   1,117,385 18,726 SH   SOLE   18,726 0 0
Cia Energetica de Minas Gerais ADR 204409601   1,421,297 540,417 SH   SOLE   540,417 0 0
Descartes Systems Group Inc ADR 249906108   1,119,169 13,970 SH   SOLE   13,970 0 0
Dr Reddys Laboratories Ltd ADR ADR 256135203   5,965,788 94,530 SH   SOLE   22,330 0 72,200
Genmab AS Sp ADS ADR 372303206   1,092,437 28,741 SH   SOLE   28,741 0 0
Gsk PLC Sp ADR ADR 37733w204   864,793 24,265 SH   SOLE   24,265 0 0
HDFC Bank Ltd ADR Reps 3 ADR 40415f101   3,860,683 55,390 SH   SOLE   14,450 0 40,940
Heineken Holding NV Sp ADR ADR 423008101   1,194,600 27,500 SH   SOLE   27,500 0 0
ING Groep NV Sp ADR ADR 456837103   1,219,113 90,506 SH   SOLE   90,506 0 0
Kuehne & Nagel Intl AG Unspons ADR 501187108   1,220,305 20,631 SH   SOLE   20,631 0 0
Legal & Gen Group PLC Sp ADR ADR 52463h103   1,086,082 74,009 SH   SOLE   74,009 0 0
LVMH Moet Hennessy Louis Vuitt ADR 502441306   1,606,853 8,509 SH   SOLE   8,509 0 0
Netease Inc Sp ADR ADR 64110w102   4,454,141 46,066 SH   SOLE   12,176 0 33,890
Novartis AG Sp ADR ADR 66987v109   1,159,811 11,494 SH   SOLE   11,494 0 0
Novo-Nordisk AS ADR ADR 670100205   1,289,182 7,966 SH   SOLE   7,966 0 0
OMV AG Sp ADR ADR 670875509   393,204 9,300 SH   SOLE   9,300 0 0
ORIX Corp Sp ADR ADR 686330101   483,413 5,300 SH   SOLE   5,300 0 0
Pt Bank Central Asia Tbk Unspo ADR 69368g105   803,935 51,700 SH   SOLE   51,700 0 0
Relx PLC Sp ADR ADR 759530108   1,718,332 51,401 SH   SOLE   51,401 0 0
Sap SE Sp ADR ADR 803054204   2,821,296 20,622 SH   SOLE   10,900 0 9,722
Shin Etsu Chem Co Ltd ADR ADR 824551105   1,321,467 79,082 SH   SOLE   79,082 0 0
Shionogi & Co Ltd Unsponsored ADR 824667109   750,438 71,538 SH   SOLE   71,538 0 0
Sociedad Quimica Minera de Chi ADR 833635105   779,353 10,732 SH   SOLE   10,732 0 0
Standard Bank Group Ltd Sp ADR ADR 853118206   945,450 99,000 SH   SOLE   99,000 0 0
Taiwan Semiconductor Mfg Ltd S ADR 874039100   3,161,993 31,332 SH   SOLE   26,301 0 5,031
Tokyo Electron Ltd ADR ADR 889110102   1,073,866 14,925 SH   SOLE   14,925 0 0
UniCredit SpA Unsponsord ADR ADR 904678406   1,345,082 116,055 SH   SOLE   116,055 0 0
Unilever PLC Sp ADR ADR 904767704   1,026,961 19,700 SH   SOLE   19,700 0 0
Vale SA ADR ADR 91912e105   814,070 60,661 SH   SOLE   60,661 0 0
Vipshop Holdings Limited Spons ADR 92763w103   4,430,517 268,516 SH   SOLE   119,466 0 149,050
Woori Financial Group Inc Sp A ADR 981064108   950,928 35,285 SH   SOLE   35,285 0 0