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 457,378 2,932,099 SH   SOLE   2,724,430 0 207,669
AGNICO EAGLE MINES LTD COM 008474108 529,092 8,262,910 SH   SOLE   7,879,121 0 383,789
ALAMOS GOLD INC NEW COM CL A 011532108 57,596 6,176,338 SH   SOLE   6,176,338 0 0
ALLEGHANY CORP DEL COM 017175100 300,925 615,213 SH   SOLE   575,546 0 39,667
ALPHABET INC CAP STK CL C 02079K107 449,049 317,661 SH   SOLE   288,712 0 28,949
ALPHABET INC CAP STK CL A 02079K305 252,980 178,400 SH   SOLE   171,176 0 7,224
AMBEV SA SPONSORED ADR 02319V103 551,846 209,032,680 SH   SOLE   196,889,878 0 12,142,802
AMERICAN EXPRESS CO COM 025816109 282,886 2,971,494 SH   SOLE   2,747,521 0 223,973
ANALOG DEVICES INC COM 032654105 484,930 3,954,092 SH   SOLE   3,682,498 0 271,594
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 37,931 1,286,240 SH   SOLE   1,286,240 0 0
ANTHEM INC COM 036752103 567,901 2,159,483 SH   SOLE   2,006,852 0 152,631
AON PLC SHS CL A G0403H108 39,712 206,189 SH   DFND 1 0 206,189 0
AUTOZONE INC COM 053332102 35,649 31,600 SH   DFND 1 0 31,600 0
B2GOLD CORP COM 11777Q209 80,624 14,178,157 SH   SOLE   14,178,157 0 0
BALL CORP COM 058498106 64,443 927,372 SH   DFND 1 0 927,372 0
BANK NEW YORK MELLON CORP COM 064058100 714,760 18,493,137 SH   SOLE   17,091,519 0 1,401,618
BARRICK GOLD CORPORATION COM 067901108 1,062,643 39,444,810 SH   SOLE   37,389,960 0 2,054,850
BERKLEY W R CORP COM 084423102 331,847 5,792,402 SH   SOLE   5,372,556 0 419,846
BERKSHIRE HATHAWAY INC DEL CL A 084670108 296,168 1,108 SH   SOLE   1,026 0 82
BIOGEN INC COM 09062X103 15,331 57,300 SH   DFND 1 0 57,300 0
BOOKING HOLDINGS INC COM 09857L108 372,534 233,954 SH   SOLE   215,175 0 18,779
BOSTON PPTYS LTD PARTNERSHIP COM 101121101 49,512 547,822 SH   SOLE   509,731 0 38,091
BROWN & BROWN INC COM 115236101 347,064 8,514,816 SH   SOLE   7,888,759 0 626,057
C H ROBINSON WORLDWIDE INC COM NEW 12541W209 858,900 10,863,895 SH   SOLE   10,040,262 0 823,633
COLGATE PALMOLIVE CO COM 194162103 913,937 12,475,255 SH   SOLE   11,624,059 0 851,196
COMCAST CORP NEW CL A 20030N101 1,271,158 32,610,514 SH   SOLE   30,142,014 0 2,468,500
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 176,081 12,296,133 SH   SOLE   12,138,955 0 157,178
CUMMINS INC COM 231021106 383,231 2,211,884 SH   SOLE   2,038,952 0 172,932
CUMULUS MEDIA INC COM CLASS A 231082801 56 14,221 SH   SOLE   14,221 0 0
DAVITA INC COM 23918K108 12,093 152,800 SH   DFND 1 0 152,800 0
DEERE & CO COM 244199105 649,820 4,135,033 SH   SOLE   3,829,633 0 305,400
DENTSPLY SIRONA INC COM 24906P109 309,476 7,023,975 SH   SOLE   6,508,455 0 515,520
DOUGLAS EMMETT INC COM 25960P109 1,036 33,800 SH   SOLE   31,369 0 2,431
ENTERPRISE PRODS PARTNERS L COM 293792107 18,407 1,013,016 SH   SOLE   1,013,016 0 0
EQUIFAX INC COM 294429105 9,299 54,100 SH   DFND 1 0 54,100 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 196,892 3,347,372 SH   SOLE   3,107,815 0 239,557
EXPEDITORS INTL WASH INC COM 302130109 177,956 2,340,289 SH   SOLE   2,175,270 0 165,019
EXXON MOBIL CORP COM 30231G102 1,235,468 27,626,740 SH   SOLE   26,191,459 0 1,435,281
FACEBOOK INC CL A 30303M102 714,289 3,145,679 SH   SOLE   2,914,602 0 231,077
FLOWSERVE CORP COM 34354P105 337,795 11,844,143 SH   SOLE   10,998,270 0 845,873
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 255,904 4,126,825 SH   SOLE   3,897,370 0 229,455
FRANCO NEV CORP COM 351858105 364,526 2,609,438 SH   SOLE   2,476,735 0 132,703
FRONTDOOR INC COM 35905A109 33,846 763,499 SH   DFND 1 0 763,499 0
GENERAL DYNAMICS CORP COM 369550108 32,314 216,205 SH   DFND 1 0 216,205 0
GENERAL DYNAMICS CORP COM 369550108 37,432 250,450 SH   SOLE   229,084 0 21,366
HALOZYME THERAPEUTICS INC COM 40637H109 40,688 1,517,627 SH   DFND 1 0 1,517,627 0
HCA HEALTHCARE INC COM 40412C101 230,244 2,372,183 SH   SOLE   2,209,494 0 162,689
HP INC COM 40434L105 34,663 1,988,702 SH   DFND 1 0 1,988,702 0
IMPERIAL OIL LTD COM NEW 453038408 420,166 26,118,036 SH   SOLE   24,824,878 0 1,293,158
INNOVIVA INC COM 45781M101 28,719 2,054,294 SH   DFND 1 0 2,054,294 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 25,431 277,627 SH   DFND 1 0 277,627 0
IPG PHOTONICS CORP COM 44980X109 264,265 1,647,643 SH   SOLE   1,526,455 0 121,188
KINROSS GOLD CORP COM 496902404 16,429 2,275,478 SH   SOLE   2,275,478 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 55,250 1,341,804 SH   SOLE   1,341,804 0 0
KKR & CO INC COM 48251W104 34,844 1,128,360 SH   DFND 1 0 1,128,360 0
KRAFT HEINZ CO COM 500754106 228,989 7,180,577 SH   SOLE   6,705,963 0 474,614
LABORATORY CORP AMER HLDGS COM NEW 50540R409 49,624 298,742 SH   DFND 1 0 298,742 0
LINDE PLC SHS G5494J103 786,073 3,712,522 SH   SOLE   3,486,793 0 225,729
MAG SILVER CORP COM 55903Q104 46,305 3,280,988 SH   SOLE   3,280,988 0 0
MARTIN MARIETTA MATLS INC COM 573284106 36,574 177,052 SH   DFND 1 0 177,052 0
MICROSOFT CORP COM 594918104 702,709 3,452,948 SH   SOLE   3,195,254 0 257,694
MYLAN NV SHS EURO N59465109 9,009 560,231 SH   DFND 1 0 560,231 0
NATIONAL OILWELL VARCO INC COM 637071101 290,840 23,742,048 SH   SOLE   21,999,555 0 1,742,493
NEWMONT CORP COM 651639106 1,201,975 19,468,334 SH   SOLE   18,465,575 0 1,002,759
NOVAGOLD RES INC COM NEW 66987E206 62,186 6,774,063 SH   SOLE   6,774,063 0 0
NUTRIEN LTD COM 67077M108 741,467 23,098,655 SH   SOLE   21,713,167 0 1,385,488
ORACLE CORP COM 68389X105 1,642,440 29,716,672 SH   SOLE   27,499,247 0 2,217,425
PHILIP MORRIS INTL INC COM 718172109 903,669 12,898,497 SH   SOLE   12,038,854 0 859,643
POST HLDGS INC COM 737446104 58,680 669,709 SH   DFND 1 0 669,709 0
PPG INDS INC COM 693506107 128,020 1,207,048 SH   SOLE   1,120,515 0 86,533
PRECIGEN INC COM 74017N105 1,259 252,318 SH   DFND 1 0 252,318 0
RESTAURANT BRANDS INTL INC COM 76131D103 24,360 445,900 SH   DFND 1 0 445,900 0
ROYAL GOLD INC COM 780287108 354,616 2,852,446 SH   SOLE   2,746,835 0 105,611
SALESFORCE COM INC COM 79466L302 264,849 1,413,810 SH   SOLE   1,302,166 0 111,644
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 9,368 4,108,984 SH   SOLE   3,992,465 0 116,519
SCHLUMBERGER LTD COM 806857108 628,149 34,157,086 SH   SOLE   31,794,097 0 2,362,989
SCHWAB CHARLES CORP COM 808513105 190,751 5,653,561 SH   SOLE   5,268,362 0 385,199
SCOTTS MIRACLE GRO CO CL A 810186106 106,902 794,991 SH   SOLE   734,850 0 60,141
SERVICEMASTER GLOBAL HLDGS I COM 81761R109 46,673 1,307,746 SH   DFND 1 0 1,307,746 0
SHERWIN WILLIAMS CO COM 824348106 23,287 40,300 SH   DFND 1 0 40,300 0
SPDR GOLD TR GOLD SHS 78463V107 728,645 4,353,497 SH   SOLE   1,654,765 0 2,698,732
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 575,025 10,129,031 SH   SOLE   9,547,185 0 581,846
TECHNIPFMC PLC COM G87110105 93,127 13,615,088 SH   SOLE   12,983,533 0 631,555
TERADATA CORP DEL COM 88076W103 291,629 14,020,642 SH   SOLE   13,021,437 0 999,205
TEXAS INSTRS INC COM 882508104 505,009 3,977,386 SH   SOLE   3,721,886 0 255,500
TRAVELERS COMPANIES INC COM 89417E109 444,862 3,900,584 SH   SOLE   3,614,277 0 286,307
TRUIST FINL CORP COM 89832Q109 327,291 8,716,150 SH   SOLE   8,101,165 0 614,985
UGI CORP NEW COM 902681105 233,694 7,348,864 SH   SOLE   6,842,018 0 506,846
UNION PAC CORP COM 907818108 358,463 2,120,202 SH   SOLE   1,955,177 0 165,025
UNIVERSAL HLTH SVCS INC CL B 913903100 281,261 3,027,897 SH   SOLE   2,798,525 0 229,372
US BANCORP DEL COM NEW 902973304 373,822 10,152,698 SH   SOLE   9,412,205 0 740,493
VARIAN MED SYS INC COM 92220P105 163,653 1,335,723 SH   SOLE   1,243,672 0 92,051
WELLS FARGO CO NEW COM 949746101 292,714 11,434,160 SH   SOLE   10,643,532 0 790,628
WELLS FARGO CO NEW PERP PFD CNV A 949746804 11,070 8,535 SH   SOLE   8,535 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 675,989 30,097,458 SH   SOLE   27,899,671 0 2,197,787
WHEATON PRECIOUS METALS CORP COM 962879102 960,495 21,804,654 SH   SOLE   20,656,348 0 1,148,306
WILLIS TOWERS WATSON PLC LTD SHS G96629103 395,097 2,006,077 SH   SOLE   1,883,439 0 122,638
WYNDHAM DESTINATIONS INC COM 98310W108 24,711 876,908 SH   DFND 1 0 876,908 0
ZILLOW GROUP INC CL C CAP STK 98954M200 25,665 445,500 SH   DFND 1 0 445,500 0