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
3M CO COM 88579Y101 779,021 4,738,569 SH   SOLE   4,457,694 0 280,875
AGNICO EAGLE MINES LTD COM 008474108 434,058 8,099,461 SH   SOLE   7,726,731 0 372,730
ALAMOS GOLD INC NEW COM CL A 011532108 24,559 4,225,538 SH   SOLE   4,225,538 0 0
ALBEMARLE CORP COM 012653101 2,295 2,500 SH Call DFND 1 0 2,500 0
ALBEMARLE CORP COM 012653101 1,127 1,500 SH Call DFND 1 0 1,500 0
ALEXION PHARMACEUTICALS INC COM 015351109 440 1,000 SH Call DFND 1 0 1,000 0
ALEXION PHARMACEUTICALS INC COM 015351109 265 1,000 SH Call DFND 1 0 1,000 0
ALEXION PHARMACEUTICALS INC COM 015351109 48 1,000 SH Call DFND 1 0 1,000 0
ALLEGHANY CORP DEL COM 017175100 498,651 625,064 SH   SOLE   592,108 0 32,956
ALPHABET INC CAP STK CL C 02079K107 284,390 233,298 SH   SOLE   216,561 0 16,737
ALPHABET INC CAP STK CL A 02079K305 218,900 179,259 SH   SOLE   172,035 0 7,224
AMERICAN EXPRESS CO COM 025816109 510,170 4,313,236 SH   SOLE   4,047,761 0 265,475
ANALOG DEVICES INC COM 032654105 455,530 4,077,062 SH   SOLE   3,838,815 0 238,247
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 23,500 1,286,240 SH   SOLE   1,286,240 0 0
ANTHEM INC COM 036752103 399,270 1,662,932 SH   SOLE   1,564,395 0 98,537
AON PLC SHS CL A G0408V102 33,756 174,389 SH   DFND 1 0 174,389 0
B2GOLD CORP COM 11777Q209 46,124 14,178,157 SH   SOLE   14,178,157 0 0
BALL CORP COM 058498106 68,097 935,272 SH   DFND 1 0 935,272 0
BANK NEW YORK MELLON CORP COM 064058100 854,696 18,905,029 SH   SOLE   17,741,466 0 1,163,563
BARRICK GOLD CORPORATION COM 067901108 831,572 47,984,558 SH   SOLE   45,920,982 0 2,063,576
BB&T CORP COM 054937107 692,450 12,974,524 SH   SOLE   12,253,918 0 720,606
BERKLEY W R CORP COM 084423102 531,538 7,358,960 SH   SOLE   6,890,738 0 468,222
BERKSHIRE HATHAWAY INC DEL CL A 084670108 380,435 1,220 SH   SOLE   1,147 0 73
BIOGEN INC COM 09062X103 1,840 500 SH Call DFND 1 0 500 0
BLOCK H & R INC COM 093671105 132,914 5,627,172 SH   SOLE   5,304,566 0 322,606
BLOOM ENERGY CORP COM CL A 093712107 1,276 392,500 SH   DFND 1 0 392,500 0
BOOKING HLDGS INC COM 09857L108 303,551 154,667 SH   SOLE   144,882 0 9,785
BROWN & BROWN INC COM 115236101 362,130 10,042,419 SH   SOLE   9,420,198 0 622,221
C H ROBINSON WORLDWIDE INC COM NEW 12541W209 625,188 7,374,237 SH   SOLE   6,933,554 0 440,683
CENOVUS ENERGY INC COM 15135U109 241,356 25,730,919 SH   SOLE   24,412,350 0 1,318,569
COLGATE PALMOLIVE CO COM 194162103 934,329 12,710,231 SH   SOLE   11,964,508 0 745,723
COMCAST CORP NEW CL A 20030N101 1,472,711 32,668,837 SH   SOLE   30,566,193 0 2,102,644
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 193,836 8,735,264 SH   SOLE   8,624,165 0 111,099
CONOCOPHILLIPS COM 20825C104 191,436 3,359,697 SH   SOLE   3,159,011 0 200,686
CREE INC COM 225447101 26,485 540,500 SH   DFND 1 0 540,500 0
CUMMINS INC COM 231021106 357,081 2,195,128 SH   SOLE   2,062,699 0 132,429
DEERE & CO COM 244199105 763,684 4,527,410 SH   SOLE   4,252,830 0 274,580
DENTSPLY SIRONA INC COM 24906P109 335,117 6,286,186 SH   SOLE   5,908,495 0 377,691
ENTEGRIS INC COM 29362U104 15,036 319,500 SH   DFND 1 0 319,500 0
EQUIFAX INC COM 294429105 43,033 305,916 SH   DFND 1 0 305,916 0
EXXON MOBIL CORP COM 30231G102 1,415,159 20,041,907 SH   SOLE   19,200,281 0 841,626
FACEBOOK INC CL A 30303M102 390,440 2,192,495 SH   SOLE   2,050,842 0 141,653
FLOWSERVE CORP COM 34354P105 563,460 12,062,932 SH   SOLE   11,407,340 0 655,592
FRANCO NEVADA CORP COM 351858105 331,914 3,642,616 SH   SOLE   3,478,183 0 164,433
FRONTDOOR INC COM 35905A109 39,041 803,799 SH   DFND 1 0 803,799 0
GENERAL DYNAMICS CORP COM 369550108 44,650 244,347 SH   DFND 1 0 244,347 0
HALOZYME THERAPEUTICS INC COM 40637H109 25,397 1,637,475 SH   DFND 1 0 1,637,475 0
HCA HEALTHCARE INC COM 40412C101 285,860 2,373,857 SH   SOLE   2,219,627 0 154,230
HD SUPPLY HLDGS INC COM 40416M105 7,518 191,900 SH   DFND 1 0 191,900 0
HD SUPPLY HLDGS INC COM 40416M105 2,240 7,000 SH Call DFND 1 0 7,000 0
HP INC COM 40434L105 33,125 1,750,809 SH   DFND 1 0 1,750,809 0
IMPERIAL OIL LTD COM NEW 453038408 601,940 23,115,373 SH   SOLE   21,983,569 0 1,131,804
INNOVIVA INC COM 45781M101 13,152 1,247,800 SH   DFND 1 0 1,247,800 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 24,556 266,127 SH   DFND 1 0 266,127 0
INTREXON CORP COM 46122T102 4,820 842,665 SH   DFND 1 0 842,665 0
IPG PHOTONICS CORP COM 44980X109 223,070 1,645,056 SH   SOLE   1,530,320 0 114,736
KINROSS GOLD CORP COM 496902404 7,707 1,675,378 SH   SOLE   1,675,378 0 0
KKR & CO INC CL A 48251W104 39,780 1,481,580 SH   DFND 1 0 1,481,580 0
KRAFT HEINZ CO COM 500754106 152,594 5,462,461 SH   SOLE   5,140,232 0 322,229
LABORATORY CORP AMER HLDGS COM NEW 50540R409 34,087 202,900 SH   DFND 1 0 202,900 0
LINDE PLC SHS G5494J103 807,931 4,166,778 SH   SOLE   3,960,437 0 206,341
MAG SILVER CORP COM 55903Q104 31,277 2,942,988 SH   SOLE   2,942,988 0 0
MARATHON PETE CORP COM 56585A102 47,420 780,571 SH   DFND 1 0 780,571 0
MARRIOTT VACTINS WORLDWID CO COM 57164Y107 1,741 16,800 SH   DFND 1 0 16,800 0
MARTIN MARIETTA MATLS INC COM 573284106 52,656 192,106 SH   DFND 1 0 192,106 0
MEDICINES CO COM 584688105 38,201 764,012 SH   DFND 1 0 764,012 0
MICROSOFT CORP COM 594918104 643,807 4,630,709 SH   SOLE   4,355,054 0 275,655
NATIONAL OILWELL VARCO INC COM 637071101 530,408 25,019,229 SH   SOLE   23,544,070 0 1,475,159
NEWMONT GOLDCORP CORPORATION COM 651639106 789,362 20,816,497 SH   SOLE   19,822,807 0 993,690
NOVAGOLD RES INC COM NEW 66987E206 48,878 8,052,359 SH   SOLE   8,052,359 0 0
NOW INC COM 67011P100 57,482 5,011,546 SH   SOLE   4,713,804 0 297,742
NUTRIEN LTD COM 67077M108 1,053,280 21,116,284 SH   SOLE   19,974,901 0 1,141,383
NVENT ELECTRIC PLC SHS G6700G107 25,373 1,151,218 SH   DFND 1 0 1,151,218 0
NVENT ELECTRIC PLC SHS G6700G107 90 6,000 SH Call DFND 1 0 6,000 0
OMNICOM GROUP INC COM 681919106 657,762 8,400,532 SH   SOLE   7,924,159 0 476,373
ORACLE CORP COM 68389X105 1,725,524 31,356,052 SH   SOLE   29,374,119 0 1,981,933
PERRIGO CO PLC SHS G97822103 26,022 465,600 SH   DFND 1 0 465,600 0
PERRIGO CO PLC SHS G97822103 2,105 1,000 SH Call DFND 1 0 1,000 0
PHILIP MORRIS INTL INC COM 718172109 945,133 12,447,428 SH   SOLE   11,695,431 0 751,997
POST HLDGS INC COM 737446104 65,481 618,677 SH   DFND 1 0 618,677 0
ROYAL GOLD INC COM 780287108 355,487 2,885,209 SH   SOLE   2,784,384 0 100,825
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 12,420 4,112,718 SH   SOLE   3,996,199 0 116,519
SCHLUMBERGER LTD COM 806857108 972,955 28,473,966 SH   SOLE   26,487,655 0 1,986,311
SCOTTS MIRACLE GRO CO CL A 810186106 163,317 1,603,974 SH   SOLE   1,500,973 0 103,001
SERVICEMASTER GLOBAL HLDGS I COM 81761R109 23,576 421,757 SH   DFND 1 0 421,757 0
SHERWIN WILLIAMS CO COM 824348106 25,789 46,900 SH   DFND 1 0 46,900 0
SPDR GOLD TRUST GOLD SHS 78463V107 752,920 5,421,763 SH   SOLE   2,419,084 0 3,002,679
SYNCHRONY FINL COM 87165B103 109,122 3,201,010 SH   SOLE   3,002,343 0 198,667
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 476,341 10,248,292 SH   SOLE   9,745,687 0 502,605
TECHNIPFMC PLC COM G87110105 653,780 27,082,863 SH   SOLE   25,551,875 0 1,530,988
TERADATA CORP DEL COM 88076W103 464,728 14,991,239 SH   SOLE   14,010,504 0 980,735
TEXAS INSTRS INC COM 882508104 494,298 3,824,654 SH   SOLE   3,617,941 0 206,713
THE CHARLES SCHWAB CORPORATI COM 808513105 195,148 4,665,269 SH   SOLE   4,366,273 0 298,996
THERAPEUTICSMD INC COM 88338N107 5,241 1,443,856 SH   DFND 1 0 1,443,856 0
TIFFANY & CO NEW COM 886547108 267,531 2,888,167 SH   SOLE   2,729,221 0 158,946
TRAVELERS COMPANIES INC COM 89417E109 311,823 2,097,136 SH   SOLE   1,978,402 0 118,734
UGI CORP NEW COM 902681105 170,380 3,389,294 SH   SOLE   3,183,142 0 206,152
UNION PACIFIC CORP COM 907818108 452,035 2,790,682 SH   SOLE   2,627,478 0 163,204
UNIVAR SOLUTIONS INC COM 91336L107 15,648 753,750 SH   DFND 1 0 753,750 0
UNIVAR SOLUTIONS INC COM 91336L107 320 4,000 SH Put DFND 1 0 4,000 0
UNIVERSAL HLTH SVCS INC CL B 913903100 442,811 2,976,880 SH   SOLE   2,791,087 0 185,793
US BANCORP DEL COM NEW 902973304 643,871 11,634,817 SH   SOLE   10,931,808 0 703,009
VARIAN MED SYS INC COM 92220P105 161,985 1,360,186 SH   SOLE   1,275,826 0 84,360
VISTA OUTDOOR INC COM 928377100 27,927 4,511,604 SH   SOLE   4,320,268 0 191,336
WELLS FARGO CO NEW COM 949746101 507,958 10,070,535 SH   SOLE   9,480,510 0 590,025
WELLS FARGO CO NEW PERP PFD CNV A 949746804 12,994 8,535 SH   SOLE   8,535 0 0
WEYERHAEUSER CO COM 962166104 1,211,283 43,728,615 SH   SOLE   41,164,556 0 2,564,059
WHEATON PRECIOUS METALS CORP COM 962879102 634,043 24,163,232 SH   SOLE   23,011,074 0 1,152,158
WILLIS TOWERS WATSON PUB LTD SHS G96629103 646,588 3,350,717 SH   SOLE   3,175,046 0 175,671
WYNDHAM DESTINATIONS INC COM 98310W108 76,946 1,672,008 SH   DFND 1 0 1,672,008 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 40,392 780,668 SH   DFND 1 0 780,668 0
ZILLOW GROUP INC CL C CAP STK 98954M200 13,902 466,200 SH   DFND 1 0 466,200 0
ZILLOW GROUP INC CL C CAP STK 98954M200 520 4,000 SH Put DFND 1 0 4,000 0