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 635,715 3,603,420 SH   SOLE   3,387,248 0 216,172
AGNICO EAGLE MINES LTD COM 008474108 492,460 7,995,545 SH   SOLE   7,620,096 0 375,449
ALAMOS GOLD INC NEW COM CL A 011532108 28,231 4,681,838 SH   SOLE   4,681,838 0 0
ALBEMARLE CORP COM 012653101 2,358 2,500 SH Call DFND 1 0 2,500 0
ALEXION PHARMACEUTICALS INC COM 015351109 283 1,000 SH Call DFND 1 0 1,000 0
ALEXION PHARMACEUTICALS INC COM 015351109 45 1,000 SH Call DFND 1 0 1,000 0
ALLEGHANY CORP DEL COM 017175100 493,308 616,967 SH   SOLE   583,754 0 33,213
ALPHABET INC CAP STK CL C 02079K107 311,780 233,190 SH   SOLE   216,254 0 16,936
ALPHABET INC CAP STK CL A 02079K305 239,439 178,767 SH   SOLE   171,543 0 7,224
AMERICAN EXPRESS CO COM 025816109 519,847 4,175,816 SH   SOLE   3,908,290 0 267,526
ANALOG DEVICES INC COM 032654105 482,019 4,056,033 SH   SOLE   3,815,880 0 240,153
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 28,735 1,286,240 SH   SOLE   1,286,240 0 0
ANTHEM INC COM 036752103 605,213 2,003,818 SH   SOLE   1,879,116 0 124,702
AON PLC SHS CL A G0408V102 36,323 174,389 SH   DFND 1 0 174,389 0
B2GOLD CORP COM 11777Q209 56,885 14,178,157 SH   SOLE   14,178,157 0 0
BALL CORP COM 058498106 60,484 935,272 SH   DFND 1 0 935,272 0
BANK NEW YORK MELLON CORP COM 064058100 952,873 18,932,501 SH   SOLE   17,694,466 0 1,238,035
BARRICK GOLD CORPORATION COM 067901108 877,522 47,203,997 SH   SOLE   45,140,421 0 2,063,576
BERKLEY W R CORP COM 084423102 474,104 6,861,123 SH   SOLE   6,416,714 0 444,409
BERKSHIRE HATHAWAY INC DEL CL A 084670108 411,583 1,212 SH   SOLE   1,139 0 73
BLOCK H & R INC COM 093671105 131,351 5,594,167 SH   SOLE   5,271,561 0 322,606
BLOOM ENERGY CORP COM CL A 093712107 2,648 354,500 SH   DFND 1 0 354,500 0
BOOKING HLDGS INC COM 09857L108 388,605 189,219 SH   SOLE   176,728 0 12,491
BROWN & BROWN INC COM 115236101 388,695 9,845,357 SH   SOLE   9,223,136 0 622,221
C H ROBINSON WORLDWIDE INC COM NEW 12541W209 668,379 8,547,051 SH   SOLE   8,017,269 0 529,782
CENOVUS ENERGY INC COM 15135U109 259,646 25,580,901 SH   SOLE   24,253,725 0 1,327,176
COLGATE PALMOLIVE CO COM 194162103 864,340 12,555,787 SH   SOLE   11,804,016 0 751,771
COMCAST CORP NEW CL A 20030N101 1,457,499 32,410,476 SH   SOLE   30,291,383 0 2,119,093
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 207,039 10,914,020 SH   SOLE   10,776,765 0 137,255
CONOCOPHILLIPS COM 20825C104 211,543 3,253,013 SH   SOLE   3,052,327 0 200,686
CREE INC COM 225447101 24,944 540,500 SH   DFND 1 0 540,500 0
CROWN HOLDINGS INC COM 228368106 4,962 68,400 SH   DFND 1 0 68,400 0
CUMMINS INC COM 231021106 335,052 1,872,216 SH   SOLE   1,755,395 0 116,821
DAVITA INC COM 23918K108 7,000 93,300 SH   DFND 1 0 93,300 0
DEERE & CO COM 244199105 711,400 4,105,967 SH   SOLE   3,851,884 0 254,083
DENTSPLY SIRONA INC COM 24906P109 353,596 6,248,382 SH   SOLE   5,867,782 0 380,600
ENTEGRIS INC COM 29362U104 17,096 341,300 SH   DFND 1 0 341,300 0
EQUIFAX INC COM 294429105 42,865 305,916 SH   DFND 1 0 305,916 0
EXXON MOBIL CORP COM 30231G102 1,391,428 19,940,208 SH   SOLE   19,089,429 0 850,779
FACEBOOK INC CL A 30303M102 447,357 2,179,569 SH   SOLE   2,036,822 0 142,747
FLOWSERVE CORP COM 34354P105 603,017 12,116,082 SH   SOLE   11,314,269 0 801,813
FRANCO NEVADA CORP COM 351858105 374,609 3,627,774 SH   SOLE   3,462,175 0 165,599
FRONTDOOR INC COM 35905A109 38,111 803,699 SH   DFND 1 0 803,699 0
GENERAL DYNAMICS CORP COM 369550108 44,131 250,247 SH   DFND 1 0 250,247 0
HALOZYME THERAPEUTICS INC COM 40637H109 29,015 1,636,475 SH   DFND 1 0 1,636,475 0
HCA HEALTHCARE INC COM 40412C101 348,849 2,360,117 SH   SOLE   2,204,691 0 155,426
HD SUPPLY HLDGS INC COM 40416M105 17,777 442,000 SH   DFND 1 0 442,000 0
HD SUPPLY HLDGS INC COM 40416M105 563 2,500 SH Call DFND 1 0 2,500 0
HP INC COM 40434L105 46,000 2,238,447 SH   DFND 1 0 2,238,447 0
IMPERIAL OIL LTD COM NEW 453038408 620,011 23,438,585 SH   SOLE   22,299,171 0 1,139,414
INNOVIVA INC COM 45781M101 23,582 1,665,400 SH   DFND 1 0 1,665,400 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 24,630 266,127 SH   DFND 1 0 266,127 0
INTREXON CORP COM 46122T102 4,476 816,818 SH   DFND 1 0 816,818 0
IPG PHOTONICS CORP COM 44980X109 236,920 1,634,836 SH   SOLE   1,519,189 0 115,647
KINROSS GOLD CORP COM 496902404 7,941 1,675,378 SH   SOLE   1,675,378 0 0
KKR & CO INC CL A 48251W104 43,218 1,481,580 SH   DFND 1 0 1,481,580 0
KRAFT HEINZ CO COM 500754106 176,857 5,504,407 SH   SOLE   5,174,465 0 329,942
LABORATORY CORP AMER HLDGS COM NEW 50540R409 38,520 227,700 SH   DFND 1 0 227,700 0
LINDE PLC SHS G5494J103 831,784 3,894,854 SH   SOLE   3,700,306 0 194,548
MAG SILVER CORP COM 55903Q104 38,759 3,280,988 SH   SOLE   3,280,988 0 0
MARATHON PETE CORP COM 56585A102 44,872 744,771 SH   DFND 1 0 744,771 0
MARRIOTT VACTINS WORLDWID CO COM 57164Y107 4,597 35,700 SH   DFND 1 0 35,700 0
MARTIN MARIETTA MATLS INC COM 573284106 51,539 184,306 SH   DFND 1 0 184,306 0
MEDICINES CO COM 584688105 34,750 409,112 SH   DFND 1 0 409,112 0
MICROSOFT CORP COM 594918104 570,021 3,614,588 SH   SOLE   3,383,140 0 231,448
NATIONAL OILWELL VARCO INC COM 637071101 592,970 23,671,466 SH   SOLE   22,184,470 0 1,486,996
NEWMONT GOLDCORP CORPORATION COM 651639106 899,583 20,703,872 SH   SOLE   19,710,182 0 993,690
NOVAGOLD RES INC COM NEW 66987E206 72,149 8,052,359 SH   SOLE   8,052,359 0 0
NOW INC COM 67011P100 34,459 3,065,736 SH   SOLE   2,883,598 0 182,138
NUTRIEN LTD COM 67077M108 1,071,839 22,371,936 SH   SOLE   21,222,450 0 1,149,486
NVENT ELECTRIC PLC SHS G6700G107 8,434 329,729 SH   DFND 1 0 329,729 0
OMNICOM GROUP INC COM 681919106 617,845 7,625,837 SH   SOLE   7,160,344 0 465,493
ORACLE CORP COM 68389X105 1,635,896 30,877,616 SH   SOLE   28,880,552 0 1,997,064
PERRIGO CO PLC SHS G97822103 14,956 289,500 SH   DFND 1 0 289,500 0
PHILIP MORRIS INTL INC COM 718172109 1,046,502 12,298,763 SH   SOLE   11,629,721 0 669,042
POST HLDGS INC COM 737446104 69,626 638,189 SH   DFND 1 0 638,189 0
ROYAL GOLD INC COM 780287108 351,299 2,873,608 SH   SOLE   2,772,051 0 101,557
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 10,446 4,112,718 SH   SOLE   3,996,199 0 116,519
SCHLUMBERGER LTD COM 806857108 1,225,764 30,491,635 SH   SOLE   28,491,329 0 2,000,306
SCOTTS MIRACLE GRO CO CL A 810186106 169,510 1,596,442 SH   SOLE   1,491,793 0 104,649
SERVICEMASTER GLOBAL HLDGS I COM 81761R109 30,165 780,257 SH   DFND 1 0 780,257 0
SHERWIN WILLIAMS CO COM 824348106 20,307 34,800 SH   DFND 1 0 34,800 0
SPDR GOLD TRUST GOLD SHS 78463V107 735,572 5,147,459 SH   SOLE   2,144,780 0 3,002,679
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 588,395 10,127,279 SH   SOLE   9,621,117 0 506,162
TECHNIPFMC PLC COM G87110105 691,909 32,271,892 SH   SOLE   30,730,041 0 1,541,851
TERADATA CORP DEL COM 88076W103 407,827 15,234,477 SH   SOLE   14,235,272 0 999,205
TEXAS INSTRS INC COM 882508104 488,262 3,805,926 SH   SOLE   3,597,561 0 208,365
THE CHARLES SCHWAB CORPORATI COM 808513105 266,483 5,603,086 SH   SOLE   5,235,150 0 367,936
THERAPEUTICSMD INC COM 88338N107 3,205 1,324,280 SH   DFND 1 0 1,324,280 0
TIFFANY & CO NEW COM 886547108 234,028 1,751,051 SH   SOLE   1,645,327 0 105,724
TRAVELERS COMPANIES INC COM 89417E109 357,399 2,609,705 SH   SOLE   2,454,903 0 154,802
TRUIST FINL CORP COM 89832Q109 719,424 12,773,860 SH   SOLE   12,047,719 0 726,141
UGI CORP NEW COM 902681105 200,408 4,437,735 SH   SOLE   4,162,539 0 275,196
UNION PACIFIC CORP COM 907818108 491,593 2,719,137 SH   SOLE   2,554,673 0 164,464
UNIVAR SOLUTIONS INC COM 91336L107 18,271 753,750 SH   DFND 1 0 753,750 0
UNIVERSAL HLTH SVCS INC CL B 913903100 424,889 2,961,724 SH   SOLE   2,774,474 0 187,250
US BANCORP DEL COM NEW 902973304 686,264 11,574,703 SH   SOLE   10,866,847 0 707,856
VARIAN MED SYS INC COM 92220P105 188,306 1,326,002 SH   SOLE   1,241,642 0 84,360
WELLS FARGO CO NEW COM 949746101 546,192 10,152,267 SH   SOLE   9,557,723 0 594,544
WELLS FARGO CO NEW PERP PFD CNV A 949746804 12,376 8,535 SH   SOLE   8,535 0 0
WEYERHAEUSER CO COM 962166104 1,254,185 41,529,308 SH   SOLE   38,983,176 0 2,546,132
WHEATON PRECIOUS METALS CORP COM 962879102 712,654 23,954,741 SH   SOLE   22,794,257 0 1,160,484
WILLIS TOWERS WATSON PUB LTD SHS G96629103 609,689 3,019,160 SH   SOLE   2,857,873 0 161,287
WYNDHAM DESTINATIONS INC COM 98310W108 82,105 1,588,408 SH   DFND 1 0 1,588,408 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 49,034 780,668 SH   DFND 1 0 780,668 0
ZILLOW GROUP INC CL C CAP STK 98954M200 20,374 443,500 SH   DFND 1 0 443,500 0