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
4D PHARMA PLC SPONSORED ADS 35085K109 320 195,954 SH   SOLE   0 0 0
ACTIVISION BLIZZARD INC COM 00507V109 10,639 136,596 SH   SOLE   0 0 0
AGNICO EAGLE MINES LTD COM 008474108 12,283 268,366 SH   SOLE   0 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 127,396 1,120,504 SH   SOLE   0 0 0
ALLEGHANY CORP MD COM 017175100 9,173 11,000 SH   SOLE   0 0 0
AMBEV SA SPONSORED ADR 02319V103 205,006 81,513,241 SH   SOLE   0 0 0
AMERICAN EXPRESS CO COM 025816109 127,179 916,712 SH   SOLE   0 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100 995 1,449,493 SH   SOLE   0 0 0
ANGLOGOLD ASHANTI LIMITED SPONS ADR 035128206 26,075 1,762,389 SH   SOLE   0 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 1,349 25,000 SH   SOLE   0 0 0
APA CORPORATION COM 03743Q108 907 26,000 SH   SOLE   0 0 0
APPLE INC COM 037833100 481 3,514 SH   SOLE   0 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 1,026 152,142 SH   SOLE   0 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 20,463 309,698 SH   SOLE   0 0 0
B2GOLD CORP COM 11777Q209 2,596 766,783 SH   SOLE   0 0 0
BARRICK GOLD CORP COM 067901108 26,335 1,468,809 SH   SOLE   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 35,577 130,252 SH   SOLE   0 0 0
BP PLC SPONSORED ADR 055622104 76,275 2,690,000 SH   SOLE   0 0 0
BRF SA SPONSORED ADR 10552T107 96 37,510 SH   SOLE   0 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 119,227 1,546,805 SH   SOLE   0 0 0
CENTENE CORP DEL COM 15135B101 28,826 340,373 SH   SOLE   0 0 0
CENTERRA GOLD INC COM 152006102 39,771 5,877,150 SH   SOLE   0 0 0
SCHWAB CHARLES CORP COM 808513105 68,522 1,082,755 SH   SOLE   0 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 294 2,417 SH   SOLE   0 0 0
CHESAPEAKE ENERGY CORP COM 165167735 122,140 1,507,119 SH   SOLE   0 0 0
CHEVRON CORP NEW COM 166764100 3,185 22,000 SH   SOLE   0 0 0
CIGNA CORP NEW COM 125523100 296,833 1,125,713 SH   SOLE   0 0 0
CONOCOPHILLIPS COM 20825C104 6,611 73,602 SH   SOLE   0 0 0
CABOT OIL & GAS CORP COM 127097103 8,731 338,484 SH   SOLE   0 0 0
COTY INC COM CL A 222070203 58,700 7,324,000 SH   SOLE   0 0 0
CUMMINS INC COM 231021106 833 4,300 SH   SOLE   0 0 0
DAVITA INC COM 23918K108 1,200 15,000 SH   SOLE   0 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898 837 95,850 SH   SOLE   0 0 0
DOW INC COM 260557103 845 16,363 SH   SOLE   0 0 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 1,817 309,719 SH   SOLE   0 0 0
DRIL-QUIP INC COM 262037104 903 35,000 SH   SOLE   0 0 0
EHEALTH INC COM 28238P109 11,010 1,180,711 SH   SOLE   0 0 0
ELDORADO GOLD CORP NEW COM 284902509 3,512 550,000 SH   SOLE   0 0 0
EQUINOX GOLD CORP COM 29446Y502 3,082 680,765 SH   SOLE   0 0 0
EXXON MOBIL CORP COM 30231G102 37,084 432,445 SH   SOLE   0 0 0
FEDERATED HERMES INC CL B 314211103 28,273 889,654 SH   SOLE   0 0 0
FISERV INC COM 337738108 2,225 25,000 SH   SOLE   0 0 0
FORTUNA SILVER MINES INC COM 349915108 8,000 2,818,940 SH   SOLE   0 0 0
GALIANO GOLD INC COM 36352H100 10,446 26,378,459 SH   SOLE   0 0 0
GENERAL ELECTRIC CO COM NEW 369604301 29,098 456,512 SH   SOLE   0 0 0
GENERAL MTRS CO COM 37045V100 70,687 2,223,601 SH   SOLE   0 0 0
GODADDY INC CL A 380237107 40,454 581,326 SH   SOLE   0 0 0
GOLD FIELDS LTD SPONS ADR 38059T106 12,505 1,368,939 SH   SOLE   0 0 0
GOLD RESOURCE CORP COM 38068T105 2,438 1,509,723 SH   SOLE   0 0 0
GOLDMINING INC COM 38149E101 2,380 2,501,996 SH   SOLE   0 0 0
HERTZ GLOBAL HLDGS INC COM NEW 42806J700 44,876 2,832,180 SH   SOLE   0 0 0
HERTZ GLOBAL HLDGS INC *W EXP 06/30/205 42806J148 109 11,150 SH   SOLE   0 0 0
IAMGOLD CORP COM 450913108 8,539 5,319,959 SH   SOLE   0 0 0
II-VI INC COM 902104108 33,033 648,228 SH   SOLE   0 0 0
IMV INC COM 44974L103 2,986 4,419,545 SH   SOLE   0 0 0
INTEGRA RES CORP COM NEW 45826T301 2,435 2,384,579 SH   SOLE   0 0 0
JACKSON FINANCIAL INC COM CL A 46817M107 36,404 1,361,152 SH   SOLE   0 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 1,202 7,702 SH   SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100 21,724 192,842 SH   SOLE   0 0 0
KINROSS GOLD CORP COM NO PAR 496902404 183,974 51,482,284 SH   SOLE   0 0 0
LIVENT CORP COM 53814L108 12,080 532,023 SH   SOLE   0 0 0
LOCKHEED MARTIN CORP COM 539830109 31,771 73,853 SH   SOLE   0 0 0
M & T BK CORP COM 55261F104 1,211 7,592 SH   SOLE   0 0 0
MARKEL CORP COM 570535104 1,294 1,000 SH   SOLE   0 0 0
MARSH & MCLENNAN COS INC COM 571748102 450 2,900 SH   SOLE   0 0 0
MARTIN MARIETTA MATLS INC COM 573284106 898 3,000 SH   SOLE   0 0 0
MCKESSON CORP COM 58155Q103 212 650 SH   SOLE   0 0 0
FACEBOOK INC CL A 30303M102 54,835 340,003 SH   SOLE   0 0 0
MICROSOFT CORP COM 594918104 292 1,138 SH   SOLE   0 0 0
NEWMONT CORP COM 651639106 20,929 350,713 SH   SOLE   0 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 1,059 6,501 SH   SOLE   0 0 0
NEXTERA ENERGY INC COM 65339F101 752 9,700 SH   SOLE   0 0 0
NOMAD FOODS LTD USD ORD SHS G6564A105 1,199 60,000 SH   SOLE   0 0 0
NORTHROP GRUMMAN CORP COM 666807102 123,729 258,422 SH   SOLE   0 0 0
NOV INC COM 62955J103 7,169 423,714 SH   SOLE   0 0 0
NOW INC COM 67011P100 2,253 230,000 SH   SOLE   0 0 0
NUTRIEN LTD COM 67077M108 4,827 60,580 SH   SOLE   0 0 0
ORMAT TECHNOLOGIES INC COM 686688102 1,590 20,300 SH   SOLE   0 0 0
OVINTIV INC COM 69047Q102 972 22,005 SH   SOLE   0 0 0
PFIZER INC COM 717081103 28,599 544,685 SH   SOLE   0 0 0
PHILIP MORRIS INTL INC COM 718172109 2,766 28,000 SH   SOLE   0 0 0
SAFE BULKERS INC COM Y7388L103 625 163,788 SH   SOLE   0 0 0
SCHLUMBERGER LTD COM STK 806857108 15,528 434,050 SH   SOLE   0 0 0
SCIPLAY CORPORATION CL A 809087109 13,722 982,639 SH   SOLE   0 0 0
SHELL PLC SPON ADS 780259305 392 7,500 SH   SOLE   0 0 0
SKEENA RES LTD NEW COM 83056P715 3,787 710,000 SH   SOLE   0 0 0
SOUTHWEST AIRLS CO COM 844741108 38,334 1,060,570 SH   SOLE   0 0 0
SPDR GOLD TR GOLD SHS 78463V107 1,258 7,470 SH   SOLE   0 0 0
SSR MNG INC COM 784730103 5,669 339,359 SH   SOLE   0 0 0
TELEFONICA BRASIL SA NEW ADR 87936R205 634 70,000 SH   SOLE   0 0 0
TIM S A SPONSORED ADR 88706T108 608 50,000 SH   SOLE   0 0 0
US BANCORP DEL COM NEW 902973304 921 20,000 SH   SOLE   0 0 0
VIPSHOP HOLDINGS LIMITED SPONSORED ADS A 92763W103 443 44,768 SH   SOLE   0 0 0
DISNEY WALT CO COM DISNEY 254687106 2,440 25,821 SH   SOLE   0 0 0
WELLS FARGO CO NEW COM 949746101 862 22,000 SH   SOLE   0 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 109,025 3,026,240 SH   SOLE   0 0 0
YAMANA GOLD INC COM 98462Y100 8,760 1,881,916 SH   SOLE   0 0 0