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
AMAZON COM INC COM 023135106 127 1,400 SH Put SOLE 1,400 0 0
AUTOZONE INC COM 053332102 58 500 SH Put SOLE 500 0 0
BAIDU INC SPON ADR REP A 056752108 466 1,883 SH   SOLE 1,883 0 0
BARRICK GOLD CORP COM 067901108 32,326 2,009,126 SH   SOLE 1,634,113 0 375,013
CAMECO CORP COM 13321L108 79,273 8,197,805 SH   SOLE 6,657,965 0 1,539,840
CLOUD PEAK ENERGY INC COM 18911Q102 16,341 4,464,339 SH   SOLE 3,972,860 0 491,479
CONSOL ENERGY INC COM 20854P109 6,051 357,200 SH   SOLE 316,359 0 40,841
DIANA SHIPPING INC COM Y2066G104 14,815 4,081,208 SH   SOLE 3,307,179 0 774,029
DIEBOLD NXDF INC COM 253651103 470 20,562 SH   SOLE 16,262 0 4,300
GOLDCORP INC NEW COM 380956409 15,523 1,197,864 SH   SOLE 915,852 0 282,012
HOME DEPOT INC COM 437076102 4 4,400 SH Put SOLE 4,400 0 0
KBR INC COM 48242W106 8,911 498,316 SH   SOLE 397,176 0 101,140
KINROSS GOLD CORP COM NO PAR 496902404 46,355 10,932,936 SH   SOLE 8,732,043 0 2,200,893
KROGER CO COM 501044101 22,845 1,138,882 SH   SOLE 899,303 0 239,579
KT CORP SPONSORED ADR 48268K101 21,724 1,566,298 SH   SOLE 1,358,331 0 207,967
MARATHON OIL CORP COM 565849106 34,318 2,530,870 SH   SOLE 1,977,130 0 553,740
NEW GOLD INC CDA COM 644535106 27,170 7,323,421 SH   SOLE 5,911,718 0 1,411,703
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 5,560 3,088,909 SH   SOLE 3,088,909 0 0
NOVAGOLD RES INC COM NEW 66987E206 11,001 2,670,270 SH   SOLE 2,256,905 0 413,365
PANDORA MEDIA INC COM 698354107 23,916 3,106,003 SH   SOLE 2,474,672 0 631,331
ROYAL GOLD INC COM 780287108 30,132 350,235 SH   SOLE 283,731 0 66,504
SANDSTORM GOLD LTD COM NEW 80013R206 937 206,428 SH   SOLE 186,128 0 20,300
SHERWIN WILLIAMS CO COM 824348106 42 2,400 SH Put SOLE 2,400 0 0
STARBUCKS CORP COM 855244109 33 5,400 SH Put SOLE 5,400 0 0
TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 21,532 4,795,350 SH   SOLE 3,633,310 0 1,162,040
TURQUOISE HILL RES LTD COM 900435108 36,662 11,826,791 SH   SOLE 9,457,985 0 2,368,806
WHEATON PRECIOUS METALS CORP COM 962879102 44,498 2,330,934 SH   SOLE 1,868,708 0 462,226
YANDEX N V SHS CLASS A N97284108 13,158 399,286 SH   SOLE 296,459 0 102,827