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
MCGRATH RENTCORP COM 580589109 928 16,398 SH   SOLE   16,398 0 0
SHERWIN-WILLIAMS CO/THE COM 824348106 6,379 14,810 SH   SOLE   14,810 0 0
NIKE INC -CL B COM 654106103 4,236 50,300 SH   SOLE   50,300 0 0
SHERWIN-WILLIAMS CO/THE COM 824348106 21,234 49,300 SH   SOLE   49,300 0 0
AMAZON.COM INC COM 023135106 6,945 3,900 SH   SOLE   3,900 0 0
PETROLEO BRASIL-SP PREF ADR ADR 71654V101 7,660 535,640 SH   SOLE   535,640 0 0
CORP AMERICA AIRPORTS SA COM L1995B107 3,037 367,200 SH   SOLE   367,200 0 0
NEXA RESOURCES SA COM L67359106 3,735 300,000 SH   SOLE   300,000 0 0
ARCO PLATFORM LTD - CLASS A COM G04553106 1,130 35,000 SH   SOLE   35,000 0 0
ISHARES MSCI BRAZIL ETF ETF 464286400 3,628 88,500 SH   SOLE   88,500 0 0
GLOBAL X COPPER MINERS ETF ETF 37954Y830 11,329 518,242 SH   SOLE   518,242 0 0
LANDMARK INFRASTRUCTURE PART COM 51508J108 196 11,540 SH   SOLE   11,540 0 0
NEXSTAR MEDIA GROUP INC-CL A COM 65336K103 1,776 16,391 SH   SOLE   16,391 0 0
ASSURANT INC COM 04621X108 982 10,349 SH   SOLE   10,349 0 0
ROAN RESOURCES INC COM 769755109 294 48,116 SH   SOLE   48,116 0 0
NATIONAL BANK HOLD-CL A COM 633707104 663 19,923 SH   SOLE   19,923 0 0
NATIONAL GENERAL HLDGS COM 636220303 793 33,411 SH   SOLE   33,411 0 0
PRIMERICA INC COM 74164M108 1,071 8,764 SH   SOLE   8,764 0 0
NEENAH INC COM 640079109 176 2,739 SH   SOLE   2,739 0 0
ECHOSTAR CORP-A COM 278768106 807 22,144 SH   SOLE   22,144 0 0
PACIFIC PREMIER BANCORP INC COM 69478X105 727 27,402 SH   SOLE   27,402 0 0
NATURAL GAS SERVICES GROUP COM 63886Q109 94 5,404 SH   SOLE   5,404 0 0
CONS TOMOKA LAND CO-FLORIDA COM 210226106 102 1,723 SH   SOLE   1,723 0 0
HOWARD BANCORP INC COM 442496105 163 11,015 SH   SOLE   11,015 0 0
CTS CORP COM 126501105 270 9,198 SH   SOLE   9,198 0 0
TRIUMPH BANCORP INC COM 89679E300 498 16,961 SH   SOLE   16,961 0 0
MURPHY USA INC COM 626755102 965 11,276 SH   SOLE   11,276 0 0
DENNY'S CORP COM 24869P104 861 46,937 SH   SOLE   46,937 0 0
WASHINGTON FEDERAL INC COM 938824109 808 27,973 SH   SOLE   27,973 0 0
REX AMERICAN RESOURCES CORP COM 761624105 451 5,599 SH   SOLE   5,599 0 0
PROVIDENCE SERVICE CORP COM 743815102 801 12,021 SH   SOLE   12,021 0 0
TFS FINANCIAL CORP COM 87240R107 503 30,539 SH   SOLE   30,539 0 0
DESIGNER BRANDS INC COM 250565108 582 26,214 SH   SOLE   26,214 0 0
ALBANY INTL CORP-CL A COM 012348108 1,683 23,510 SH   SOLE   23,510 0 0
REGIS CORP COM 758932107 974 49,517 SH   SOLE   49,517 0 0
LORAL SPACE & COMMUNICATIONS COM 543881106 496 13,766 SH   SOLE   13,766 0 0
RENASANT CORP COM 75970E107 591 17,459 SH   SOLE   17,459 0 0
ARES CAPITAL CORP COM 04010L103 626 36,510 SH   SOLE   36,510 0 0
CABOT MICROELECTRONICS CORP COM 12709P103 503 4,496 SH   SOLE   4,496 0 0
CENTRAL PACIFIC FINANCIAL CO COM 154760409 430 14,912 SH   SOLE   14,912 0 0
CENTURY CASINOS INC COM 156492100 181 20,007 SH   SOLE   20,007 0 0
CORE-MARK HOLDING CO INC COM 218681104 410 11,047 SH   SOLE   11,047 0 0
CRA INTERNATIONAL INC COM 12618T105 397 7,850 SH   SOLE   7,850 0 0
FEDERAL SIGNAL CORP COM 313855108 499 19,208 SH   SOLE   19,208 0 0
KADANT INC COM 48282T104 836 9,500 SH   SOLE   9,500 0 0
LIFETIME BRANDS INC COM 53222Q103 41 4,351 SH   SOLE   4,351 0 0
MAGELLAN HEALTH INC COM 559079207 490 7,426 SH   SOLE   7,426 0 0
MAXIMUS INC COM 577933104 1,013 14,271 SH   SOLE   14,271 0 0
MFA FINANCIAL INC COM 55272X102 791 108,827 SH   SOLE   108,827 0 0
MUELLER WATER PRODUCTS INC-A COM 624758108 814 81,088 SH   SOLE   81,088 0 0
OCEANFIRST FINANCIAL CORP COM 675234108 698 29,029 SH   SOLE   29,029 0 0
SIMPSON MANUFACTURING CO INC COM 829073105 1,023 17,256 SH   SOLE   17,256 0 0
WADDELL & REED FINANCIAL-A COM 930059100 377 21,823 SH   SOLE   21,823 0 0
WESBANCO INC COM 950810101 197 4,962 SH   SOLE   4,962 0 0
POTLATCHDELTIC CORP COM 737630103 716 18,951 SH   SOLE   18,951 0 0
DICK'S SPORTING GOODS INC COM 253393102 436 11,854 SH   SOLE   11,854 0 0
EAGLE MATERIALS INC COM 26969P108 1,248 14,805 SH   SOLE   14,805 0 0
SPECTRUM BRANDS HOLDINGS INC COM 84790A105 837 15,273 SH   SOLE   15,273 0 0
BARINGS BDC INC COM 06759L103 549 55,978 SH   SOLE   55,978 0 0
STAR GROUP LP COM 85512C105 334 34,792 SH   SOLE   34,792 0 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 952 9,756 SH   SOLE   9,756 0 0
MRC GLOBAL INC COM 55345K103 995 56,894 SH   SOLE   56,894 0 0
TRISTATE CAPITAL HLDGS INC COM 89678F100 538 26,355 SH   SOLE   26,355 0 0
EXTENDED STAY AMERICA INC COM 30224P200 1,516 84,441 SH   SOLE   84,441 0 0
XENIA HOTELS & RESORTS INC COM 984017103 861 39,285 SH   SOLE   39,285 0 0
SMART GLOBAL HOLDINGS INC COM G8232Y101 209 10,876 SH   SOLE   10,876 0 0
HUDSON LTD-CLASS A COM G46408103 568 41,311 SH   SOLE   41,311 0 0
GCI LIBERTY INC - CLASS A COM 36164V305 908 16,325 SH   SOLE   16,325 0 0
ESSENTIAL PROPERTIES REALTY COM 29670E107 907 46,443 SH   SOLE   46,443 0 0
RIVIERA RESOURCES INC COM 76964R104 686 49,063 SH   SOLE   49,063 0 0
ISHARES CONVERTIBLE BOND ETF ETF 46435G102 84,042 1,450,000 SH   SOLE   1,450,000 0 0
ISHARES U.S. MEDICAL DEVICES E ETF 464288810 4,862 21,000 SH   SOLE   21,000 0 0
EMBRAER SA-SPON ADR ADR 29082A107 1,901 100,000 SH   SOLE   100,000 0 0
TILE SHOP HLDGS INC COM 88677Q109 195 34,481 SH   SOLE   34,481 0 0
PEAPACK GLADSTONE FINL CORP COM 704699107 201 7,649 SH   SOLE   7,649 0 0
LYDALL INC COM 550819106 230 9,786 SH   SOLE   9,786 0 0
PIVOTAL SOFTWARE INC - CL A COM 72582H107 63 3,000 SH   SOLE   3,000 0 0
ALPHABET INC-CL C COM 02079K107 3,989 3,400 SH   SOLE   3,400 0 0
TRANSPORTADOR GAS SUR-SP B ADR 893870204 1,974 150,000 SH   SOLE   150,000 0 0
GRUPO SUPERVIELLE SA-SP ADR ADR 40054A108 1,277 210,000 SH   SOLE   210,000 0 0
CENTRAL PUERTO-SPONSORED ADR ADR 155038201 702 76,392 SH   SOLE   76,392 0 0
OKTA INC COM 679295105 165 2,000 SH   SOLE   2,000 0 0
FRONTDOOR INC COM 35905A109 1,552 45,100 SH   SOLE   45,100 0 0
UNIVAR INC COM 91336L107 2,435 109,863 SH   SOLE   109,863 0 0
XILINX INC COM 983919101 5,262 41,500 SH   SOLE   41,500 0 0
MICROSOFT CORP COM 594918104 6,487 55,000 SH   SOLE   55,000 0 0
GRUPO TELEVISA SA-SPON ADR ADR 40049J206 2,212 200,000 SH   SOLE   200,000 0 0
PAMPA ENERGIA SA-SPON ADR ADR 697660207 1,103 40,000 SH   SOLE   40,000 0 0
LOMA NEGRA CIA IND-SPON ADR ADR 54150E104 699 63,793 SH   SOLE   63,793 0 0
EMP DISTRIB Y COMERC NOR-ADR ADR 29244A102 1,960 100,000 SH   SOLE   100,000 0 0
BANK OF AMERICA CORP COM 060505104 6,898 250,000 SH   SOLE   250,000 0 0
GRUPO FINANCIERO GALICIA-ADR ADR 399909100 510 20,000 SH   SOLE   20,000 0 0
BANCO MACRO SA-ADR ADR 05961W105 686 15,000 SH   SOLE   15,000 0 0
DELUXE CORP COM 248019101 58 1,337 SH   SOLE   1,337 0 0