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 447,647 3,279,222 SH   SOLE   3,071,587 0 207,635
AGNICO EAGLE MINES LTD COM 008474108 330,117 8,269,390 SH   SOLE   7,881,579 0 387,811
AIR PRODS & CHEMS INC COM 009158106 2,635 13,200 SH   DFND 1 0 13,200 0
ALAMOS GOLD INC NEW COM CL A 011532108 31,029 6,176,338 SH   SOLE   6,176,338 0 0
ALEXION PHARMACEUTICALS INC COM 015351109 4,490 50,000 SH   DFND 1 0 50,000 0
ALLEGHANY CORP DEL COM 017175100 334,621 605,813 SH   SOLE   566,838 0 38,975
ALNYLAM PHARMACEUTICALS INC COM 02043Q107 2,885 26,500 SH   DFND 1 0 26,500 0
ALPHABET INC CAP STK CL C 02079K107 369,003 317,337 SH   SOLE   288,712 0 28,625
ALPHABET INC CAP STK CL A 02079K305 207,292 178,400 SH   SOLE   171,176 0 7,224
AMBEV SA SPONSORED ADR 02319V103 379,797 165,129,178 SH   SOLE   155,937,763 0 9,191,415
AMERICAN EXPRESS CO COM 025816109 327,328 3,823,483 SH   SOLE   3,532,405 0 291,078
ANALOG DEVICES INC COM 032654105 354,672 3,956,184 SH   SOLE   3,688,498 0 267,686
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 21,390 1,286,240 SH   SOLE   1,286,240 0 0
ANTHEM INC COM 036752103 488,665 2,152,329 SH   SOLE   2,001,826 0 150,503
AON PLC SHS CL A G0408V102 28,418 172,189 SH   DFND 1 0 172,189 0
AUTOZONE INC COM 053332102 14,382 17,000 SH   DFND 1 0 17,000 0
B2GOLD CORP COM 11777Q209 42,918 14,178,157 SH   SOLE   14,178,157 0 0
BALL CORP COM 058498106 59,964 927,372 SH   DFND 1 0 927,372 0
BANK NEW YORK MELLON CORP COM 064058100 621,136 18,442,267 SH   SOLE   17,060,117 0 1,382,150
BARRICK GOLD CORPORATION COM 067901108 858,895 46,882,907 SH   SOLE   44,819,331 0 2,063,576
BERKLEY W R CORP COM 084423102 327,502 6,277,589 SH   SOLE   5,857,743 0 419,846
BERKSHIRE HATHAWAY INC DEL CL A 084670108 330,752 1,216 SH   SOLE   1,136 0 80
BLOCK H & R INC COM 093671105 76,991 5,468,132 SH   SOLE   5,146,969 0 321,163
BOOKING HLDGS INC COM 09857L108 313,255 232,848 SH   SOLE   214,324 0 18,524
BROWN & BROWN INC COM 115236101 308,081 8,505,822 SH   SOLE   7,888,759 0 617,063
C H ROBINSON WORLDWIDE INC COM NEW 12541W209 710,855 10,737,988 SH   SOLE   9,950,181 0 787,807
CENOVUS ENERGY INC COM 15135U109 4,199 2,078,805 SH   SOLE   1,970,739 0 108,066
COLGATE PALMOLIVE CO COM 194162103 827,989 12,477,236 SH   SOLE   11,637,695 0 839,541
COMCAST CORP NEW CL A 20030N101 1,120,585 32,594,099 SH   SOLE   30,159,034 0 2,435,065
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 163,447 12,215,747 SH   SOLE   12,060,162 0 155,585
CREE INC COM 225447101 19,166 540,500 SH   DFND 1 0 540,500 0
CUMMINS INC COM 231021106 297,899 2,201,444 SH   SOLE   2,030,842 0 170,602
CUMULUS MEDIA INC COM CLASS A 231082801 77 14,221 SH   SOLE   14,221 0 0
DAVITA INC COM 23918K108 2,829 37,200 SH   DFND 1 0 37,200 0
DEERE & CO COM 244199105 572,595 4,144,431 SH   SOLE   3,843,229 0 301,202
DENTSPLY SIRONA INC COM 24906P109 271,519 6,992,516 SH   SOLE   6,485,603 0 506,913
ENTEGRIS INC COM 29362U104 15,280 341,300 SH   DFND 1 0 341,300 0
ENTERPRISE PRODS PARTNERS L COM 293792107 8,379 585,977 SH   SOLE   585,977 0 0
EQUIFAX INC COM 294429105 31,523 263,900 SH   DFND 1 0 263,900 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 137,048 2,220,842 SH   SOLE   2,072,386 0 148,456
EXPEDITORS INTL WASH INC COM 302130109 155,052 2,323,920 SH   SOLE   2,158,901 0 165,019
EXXON MOBIL CORP COM 30231G102 1,046,138 27,551,706 SH   SOLE   26,234,724 0 1,316,982
FACEBOOK INC CL A 30303M102 523,051 3,135,800 SH   SOLE   2,907,897 0 227,903
FLOWSERVE CORP COM 34354P105 289,584 12,121,553 SH   SOLE   11,285,181 0 836,372
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 101,555 1,678,317 SH   SOLE   1,583,752 0 94,565
FRANCO NEVADA CORP COM 351858105 346,004 3,462,996 SH   SOLE   3,291,936 0 171,060
FRONTDOOR INC COM 35905A109 27,953 803,699 SH   DFND 1 0 803,699 0
GENERAL DYNAMICS CORP COM 369550108 27,362 206,805 SH   DFND 1 0 206,805 0
HALOZYME THERAPEUTICS INC COM 40637H109 28,490 1,583,675 SH   DFND 1 0 1,583,675 0
HCA HEALTHCARE INC COM 40412C101 211,941 2,358,831 SH   SOLE   2,198,373 0 160,458
HD SUPPLY HLDGS INC COM 40416M105 19,674 692,000 SH   DFND 1 0 692,000 0
HP INC COM 40434L105 34,524 1,988,702 SH   DFND 1 0 1,988,702 0
IMPERIAL OIL LTD COM NEW 453038408 276,174 24,428,603 SH   SOLE   23,171,061 0 1,257,542
INNOVIVA INC COM 45781M101 20,559 1,748,200 SH   DFND 1 0 1,748,200 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 22,426 277,727 SH   DFND 1 0 277,727 0
IPG PHOTONICS CORP COM 44980X109 180,735 1,638,872 SH   SOLE   1,519,423 0 119,449
KINROSS GOLD CORP COM 496902404 9,056 2,275,478 SH   SOLE   2,275,478 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 39,521 1,341,804 SH   SOLE   1,341,804 0 0
KKR & CO INC CL A 48251W104 28,903 1,231,480 SH   DFND 1 0 1,231,480 0
KRAFT HEINZ CO COM 500754106 177,486 7,174,040 SH   SOLE   6,705,963 0 468,077
LABORATORY CORP AMER HLDGS COM NEW 50540R409 28,575 226,082 SH   DFND 1 0 226,082 0
LINDE PLC SHS G5494J103 650,707 3,712,264 SH   SOLE   3,488,104 0 224,160
MAG SILVER CORP COM 55903Q104 25,319 3,280,988 SH   SOLE   3,280,988 0 0
MARATHON PETE CORP COM 56585A102 17,591 744,771 SH   DFND 1 0 744,771 0
MARTIN MARIETTA MATLS INC COM 573284106 33,504 177,052 SH   DFND 1 0 177,052 0
MICROSOFT CORP COM 594918104 562,581 3,567,187 SH   SOLE   3,313,054 0 254,133
MYLAN NV SHS EURO N59465109 7,086 475,231 SH   DFND 1 0 475,231 0
NATIONAL OILWELL VARCO INC COM 637071101 234,386 23,843,960 SH   SOLE   22,123,827 0 1,720,133
NEWMONT CORP COM 651639106 927,155 20,476,045 SH   SOLE   19,482,355 0 993,690
NOVAGOLD RES INC COM NEW 66987E206 49,993 6,774,063 SH   SOLE   6,774,063 0 0
NOW INC COM 67011P100 15,106 2,927,591 SH   SOLE   2,753,661 0 173,930
NUTRIEN LTD COM 67077M108 771,264 22,724,326 SH   SOLE   21,363,638 0 1,360,688
OMNICOM GROUP INC COM 681919106 203,056 3,698,660 SH   SOLE   3,447,528 0 251,132
ORACLE CORP COM 68389X105 1,469,091 30,397,090 SH   SOLE   28,209,935 0 2,187,155
PHILIP MORRIS INTL INC COM 718172109 916,139 12,556,724 SH   SOLE   11,803,388 0 753,336
POST HLDGS INC COM 737446104 55,632 670,511 SH   DFND 1 0 670,511 0
PPG INDS INC COM 693506107 74,708 893,636 SH   SOLE   832,142 0 61,494
PRECIGEN INC COM 74017N105 3,049 896,818 SH   DFND 1 0 896,818 0
ROYAL GOLD INC COM 780287108 265,040 3,021,782 SH   SOLE   2,916,967 0 104,815
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 8,629 4,108,984 SH   SOLE   3,992,465 0 116,519
SCHLUMBERGER LTD COM 806857108 462,269 34,267,531 SH   SOLE   31,936,581 0 2,330,950
SCHWAB CHARLES CORP COM 808513105 188,805 5,615,866 SH   SOLE   5,235,970 0 379,896
SCOTTS MIRACLE GRO CO CL A 810186106 163,006 1,591,854 SH   SOLE   1,487,235 0 104,619
SERVICEMASTER GLOBAL HLDGS I COM 81761R109 26,035 964,246 SH   DFND 1 0 964,246 0
SHERWIN WILLIAMS CO COM 824348106 18,519 40,300 SH   DFND 1 0 40,300 0
SPDR GOLD TRUST GOLD SHS 78463V107 642,962 4,342,873 SH   SOLE   1,671,862 0 2,671,011
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 483,952 10,126,647 SH   SOLE   9,552,343 0 574,304
TECHNIPFMC PLC COM G87110105 190,219 28,222,401 SH   SOLE   26,680,550 0 1,541,851
TERADATA CORP DEL COM 88076W103 311,176 15,186,736 SH   SOLE   14,187,531 0 999,205
TEXAS INSTRS INC COM 882508104 412,959 4,132,486 SH   SOLE   3,880,658 0 251,828
THERAPEUTICSMD INC COM 88338N107 1,404 1,324,280 SH   DFND 1 0 1,324,280 0
TRAVELERS COMPANIES INC COM 89417E109 386,017 3,885,425 SH   SOLE   3,602,945 0 282,480
TRUIST FINL CORP COM 89832Q109 391,936 12,708,685 SH   SOLE   11,889,669 0 819,016
UGI CORP NEW COM 902681105 195,804 7,341,722 SH   SOLE   6,842,018 0 499,704
UNION PAC CORP COM 907818108 299,624 2,124,391 SH   SOLE   1,961,606 0 162,785
UNIVAR SOLUTIONS INC COM 91336L107 4,763 444,329 SH   DFND 1 0 444,329 0
UNIVERSAL HLTH SVCS INC CL B 913903100 294,462 2,971,960 SH   SOLE   2,767,352 0 204,608
US BANCORP DEL COM NEW 902973304 403,194 11,703,737 SH   SOLE   10,884,075 0 819,662
VARIAN MED SYS INC COM 92220P105 136,453 1,329,175 SH   SOLE   1,238,383 0 90,792
WELLS FARGO CO NEW COM 949746101 380,427 13,255,313 SH   SOLE   12,394,061 0 861,252
WELLS FARGO CO NEW PERP PFD CNV A 949746804 10,874 8,535 SH   SOLE   8,535 0 0
WEYERHAEUSER CO COM 962166104 692,593 40,860,956 SH   SOLE   38,080,602 0 2,780,354
WHEATON PRECIOUS METALS CORP COM 962879102 657,796 23,893,785 SH   SOLE   22,694,712 0 1,199,073
WILLIS TOWERS WATSON PLC LTD SHS G96629103 380,443 2,239,878 SH   SOLE   2,116,431 0 123,447
WYNDHAM DESTINATIONS INC COM 98310W108 26,468 1,219,708 SH   DFND 1 0 1,219,708 0
WYNDHAM DESTINATIONS INC COM 98310W108 405 1,500 SH Put DFND 1 0 1,500 0
WYNDHAM DESTINATIONS INC COM 98310W108 950 1,000 SH Put DFND 1 0 1,000 0
WYNDHAM DESTINATIONS INC COM 98310W108 7,574 7,425 SH Put DFND 1 0 7,425 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 9,453 300,000 SH   DFND 1 0 300,000 0
WYNDHAM HOTELS & RESORTS INC COM 98311A105 2,370 3,000 SH Put DFND 1 0 3,000 0
ZILLOW GROUP INC CL C CAP STK 98954M200 15,546 431,600 SH   DFND 1 0 431,600 0