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
ACTIVISION BLIZZARD INC COM 00507V109 186,563 3,525,720 SH   SOLE   3,525,720 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 4,683 28,000 SH   SOLE   28,000 0 0
ALIO GOLD INC COM 01627X108 3,487 5,526,793 SH   SOLE   5,526,793 0 0
ALPHABET INC CAP STK CL A 02079K305 1,542 1,263 SH   SOLE   1,263 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 580 21,500 SH   SOLE   21,500 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100 3,275 1,299,493 SH   SOLE   1,299,493 0 0
AMGEN INC COM 031162100 194,048 1,002,755 SH   SOLE   1,002,755 0 0
ANGLOGOLD ASHANTI LTD SPONS ADR 035128206 59,390 3,251,555 SH   SOLE   3,251,555 0 0
APERGY CORP COM 03755L104 3,118 115,316 SH   SOLE   115,316 0 0
APPLE INC COM 037833100 5,982 26,707 SH   SOLE   26,707 0 0
APTIV PLC SHS G6095L109 11,494 131,478 SH   SOLE   131,478 0 0
ARCH CAP GROUP LTD ORD G0450A105 252 6,000 SH   SOLE   6,000 0 0
ARCOSA INC COM 039653100 787 23,000 SH   SOLE   23,000 0 0
ASANKO GOLD INC COM 04341Y105 19,563 20,797,189 SH   SOLE   20,797,189 0 0
BARRICK GOLD CORP COM 067901108 36,109 2,084,187 SH   SOLE   915 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 416 2,000 SH   SOLE   2,000 0 0
BIOGEN INC COM 09062X103 815 3,500 SH   SOLE   3,500 0 0
BLACKBERRY LTD COM 09228F103 1,246 237,500 SH   SOLE   237,500 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 5,988 118,100 SH   SOLE   118,100 0 0
CELGENE CORP COM 151020104 318,181 3,204,402 SH   SOLE   3,204,402 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 5,090 1,300,000 SH   SOLE   1,300,000 0 0
CENTENE CORP DEL COM 15135B101 122,366 2,828,954 SH   SOLE   2,828,954 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 721 1,750 SH   SOLE   1,750 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 34,911 318,807 SH   SOLE   318,807 0 0
CIGNA CORP NEW COM 125523100 210,602 1,386,773 SH   SOLE   1,386,773 0 0
CISCO SYS INC COM 17275R102 842 17,047 SH   SOLE   17,047 0 0
CLEVELAND CLIFFS INC COM 185899101 81,124 11,228,651 SH   SOLE   11,228,651 0 0
COEUR MNG INC COM NEW 192108504 6,440 1,343,063 SH   SOLE   1,343,063 0 0
CRITEO S A SPONS ADS 226718104 337 18,000 SH   SOLE   18,000 0 0
DELPHI TECHNOLOGIES PLC SHS G2709G107 8,723 651,179 SH   SOLE   651,179 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,152 20,000 SH   SOLE   20,000 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 795 106,500 SH   SOLE   106,500 0 0
DOW INC COM 260557103 11,676 244,935 SH   SOLE   244,935 0 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 21,982 5,166,088 SH   SOLE   5,166,088 0 0
DUPONT DE NEMOURS INC COM 26614N102 23,547 330,270 SH   SOLE   330,270 0 0
EXXON MOBIL CORP COM 30231G102 243,694 3,451,279 SH   SOLE   3,451,279 0 0
FIESTA RESTAURANT GROUP INC COM 31660B101 626 60,000 SH   SOLE   60,000 0 0
FOOT LOCKER INC COM 344849104 162,982 3,776,680 SH   SOLE   3,776,680 0 0
FORTUNA SILVER MINES INC COM 349915108 5,221 1,687,615 SH   SOLE   1,687,615 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 1,094 20,000 SH   SOLE   20,000 0 0
FOX CORP CL A COM 35137L105 3,374 106,984 SH   SOLE   106,984 0 0
FREEPORT-MCMORAN INC CL B 35671D857 10,495 1,096,049 SH   SOLE   1,096,049 0 0
GENERAL ELECTRIC CO COM 369604103 365 40,800 SH   SOLE   40,800 0 0
GENERAL MTRS CO COM 37045V100 73,769 1,968,799 SH   SOLE   1,968,799 0 0
Gold Fields Ltd SPONS ADR 38059T106 42,078 8,561,115 SH   SOLE   8,561,115 0 0
GREAT PANTHER MINING LIMITED COM 39115V101 4,287 6,106,676 SH   SOLE   6,106,676 0 0
HARMONY GOLD MNG LTD SPONSORED ADR 413216300 7,739 2,729,785 SH   SOLE   2,729,785 0 0
HUMANA INC COM 444859102 98,815 386,548 SH   SOLE   386,548 0 0
IAMGOLD CORP COM 450913108 71,896 21,053,060 SH   SOLE   21,053,060 0 0
IMPERIAL OIL LTD COM NEW 453038408 1,147 43,915 SH   SOLE   43,915 0 0
IMV INC COM 44974L103 16,700 6,801,225 SH   SOLE   6,801,225 0 0
INTERNATIONAL GAME TECHNOLOG SHS USD G4863A108 1,723 121,000 SH   SOLE   121,000 0 0
JEFFERIES FINL GROUP INC COM 47233W109 24,666 1,340,171 SH   SOLE   1,340,171 0 0
JPMORGAN CHASE & CO COM 46625H100 802 6,812 SH   SOLE   6,812 0 0
KINROSS GOLD CORP COM NO PAR 496902404 185,758 40,335,479 SH   SOLE   3,716,060 0 0
LENNAR CORP CL A 526057104 380 6,802 SH   SOLE   6,802 0 0
LIVENT CORP COM 53814L108 25,656 3,832,107 SH   SOLE   3,832,107 0 0
M & T BK CORP COM 55261F104 8,704 55,099 SH   SOLE   55,099 0 0
MARSH & MCLENNAN COS INC COM 571748102 364 3,640 SH   SOLE   3,640 0 0
MATTEL INC COM 577081102 114 10,000 SH   SOLE   10,000 0 0
MCKESSON CORP COM 58155Q103 116,425 852,089 SH   SOLE   852,089 0 0
MICROSOFT CORP COM 594918104 6,320 45,459 SH   SOLE   45,459 0 0
MOHAWK INDS INC COM 608190104 1,489 12,000 SH   SOLE   12,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 152,538 7,193,517 SH   SOLE   7,193,517 0 0
NEWMONT MINING CORP COM 651639106 77,253 2,036,982 SH   SOLE   2,036,982 0 0
NORBORD INC COM NEW 65548P403 276 11,500 SH   SOLE   11,500 0 0
NXP SEMICONDUCTORS N V COM N6596X109 2,735 25,056 SH   SOLE   25,056 0 0
PAN AMERICAN SILVER CORP COM 697900108 22,929 1,463,688 SH   SOLE   1,463,688 0 0
PATTERSON UTI ENERGY INC COM 703481101 2,564 300,000 SH   SOLE   300,000 0 0
PHILIP MORRIS INTL INC COM 718172109 1,860 24,500 SH   SOLE   24,500 0 0
PLATINUM GROUP METALS LTD COM 72765Q882 208 138,421 SH   SOLE   118,421 0 0
RESTORBIO INC COM 76133L103 443 50,000 SH   SOLE   50,000 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 311 5,200 SH   SOLE   5,200 0 0
SAFE BULKERS INC COM Y7388L103 785 450,000 SH   SOLE   450,000 0 0
SEACOR HOLDINGS INC COM 811904101 1,083 23,000 SH   SOLE   23,000 0 0
SIBANYE STILLWATER SPONSORED ADR 825724206 811 150,000 SH   SOLE   150,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 491 3,532 SH   SOLE   3,532 0 0
SPECTRUM BRANDS HLDGS INC NE COM 84790A105 1,798 34,071 SH   SOLE   34,071 0 0
SYNCHRONY FINL COM 87165B103 51,532 1,511,896 SH   SOLE   1,511,896 0 0
TENARIS S A SPONSORED ADR 88031M109 2,707 127,824 SH   SOLE   127,824 0 0
TIDEWATER INC NEW COM 88642R109 151 10,000 SH   SOLE   10,000 0 0
TORTOISE MIDSTRM ENERGY FD I COM 89148B101 1,898 154,658 SH   SOLE   154,658 0 0
UBS GROUP AG SHS H42097107 163 14,354 SH   SOLE   14,354 0 0
ULTRAPAR PARTICIPACOES S A SP ADR REP COM 90400P101 82 18,452 SH   SOLE   18,452 0 0
BANCORP DEL COM NEW 902973304 941 17,000 SH   SOLE   17,000 0 0
VALARIS PLC SHS CLASS A G9402V109 37,383 7,796,630 SH   SOLE   7,796,630 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 775 29,009 SH   SOLE   29,009 0 0
VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 414 11,423 SH   SOLE   11,423 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 387 7,000 SH   SOLE   7,000 0 0
WAL MART STORES INC COM 931142103 324 2,728 SH   SOLE   2,728 0 0
DISNEY WALT CO COM DISNEY 254687106 540,470 4,148,389 SH   SOLE   4,148,389 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 111,722 4,256,659 SH   SOLE   3,410,034 0 0
YAMANA GOLD INC COM 98462Y100 80 25,113 SH   SOLE   25,113 0 0