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 411,006 2,565,901 SH   SOLE   2,382,688 0 183,213
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 6,434 28,470 SH   SOLE   28,470 0 0
AGNICO EAGLE MINES LTD COM 008474108 632,955 7,944,298 SH   SOLE   7,567,166 0 377,132
ALAMOS GOLD INC NEW COM CL A 011532108 59,771 6,785,036 SH   SOLE   6,785,036 0 0
ALLEGHANY CORP DEL COM 017175100 327,457 629,181 SH   SOLE   582,638 0 46,543
ALPHABET INC CAP STK CL C 02079K107 467,952 318,421 SH   SOLE   289,515 0 28,906
ALPHABET INC CAP STK CL A 02079K305 289,386 197,452 SH   SOLE   190,244 0 7,208
AMBEV SA SPONSORED ADR 02319V103 488,813 216,288,751 SH   SOLE   203,852,144 0 12,436,607
AMERICAN EXPRESS CO COM 025816109 432,703 4,316,239 SH   SOLE   3,975,626 0 340,613
ANALOG DEVICES INC COM 032654105 464,698 3,980,623 SH   SOLE   3,709,850 0 270,773
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 33,931 1,286,240 SH   SOLE   1,286,240 0 0
ANTHEM INC COM 036752103 582,317 2,168,053 SH   SOLE   2,015,855 0 152,198
AON PLC SHS CL A G0403H108 24,653 119,500 SH   SOLE   119,500 0 0
AON PLC SHS CL A G0403H108 90 1,280 SH Put SOLE   1,280 0 0
B2GOLD CORP COM 11777Q209 114,678 17,612,461 SH   SOLE   17,612,461 0 0
BALL CORP COM 058498106 24,936 300,000 SH   SOLE   300,000 0 0
BALL CORP COM 058498106 401 3,339 SH Put SOLE   3,339 0 0
BANK NEW YORK MELLON CORP COM 064058100 631,299 18,383,771 SH   SOLE   16,986,121 0 1,397,650
BARRICK GOLD CORP COM 067901108 834,400 29,683,377 SH   SOLE   28,146,420 0 1,536,957
BAXTER INTL INC COM 071813109 6,496 80,778 SH   SOLE   80,778 0 0
BERKLEY W R CORP COM 084423102 351,477 5,747,791 SH   SOLE   5,329,244 0 418,547
BERKSHIRE HATHAWAY INC DEL CL A 084670108 355,521 1,111 SH   SOLE   1,028 0 83
BOOKING HOLDINGS INC COM 09857L108 407,788 238,378 SH   SOLE   219,630 0 18,748
BOSTON PROPERTIES INC COM 101121101 199,127 2,479,794 SH   SOLE   2,291,541 0 188,253
BROWN & BROWN INC COM 115236101 380,283 8,400,336 SH   SOLE   7,776,191 0 624,145
C H ROBINSON WORLDWIDE INC COM NEW 12541W209 1,083,638 10,604,148 SH   SOLE   9,782,788 0 821,360
CME GROUP INC COM 12572Q105 6,607 39,491 SH   SOLE   39,491 0 0
COLGATE PALMOLIVE CO COM 194162103 972,194 12,601,350 SH   SOLE   11,752,577 0 848,773
COMCAST CORP NEW CL A 20030N101 1,499,723 32,419,441 SH   SOLE   29,957,944 0 2,461,497
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 172,158 13,273,536 SH   SOLE   13,096,570 0 176,966
CUMMINS INC COM 231021106 445,252 2,108,598 SH   SOLE   1,936,131 0 172,467
CUMULUS MEDIA INC COM CL A 231082801 77 14,221 SH   SOLE   14,221 0 0
DEERE & CO COM 244199105 875,393 3,949,794 SH   SOLE   3,645,249 0 304,545
DENTSPLY SIRONA INC COM 24906P109 318,526 7,283,927 SH   SOLE   6,717,820 0 566,107
DOUGLAS EMMETT INC COM 25960P109 137,673 5,484,982 SH   SOLE   5,071,935 0 413,047
ENTERPRISE PRODS PARTNERS L COM 293792107 45,114 2,857,106 SH   SOLE   2,857,106 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 310,086 6,041,036 SH   SOLE   5,603,462 0 437,574
EXPEDITORS INTL WASH INC COM 302130109 218,829 2,417,466 SH   SOLE   2,252,912 0 164,554
EXXON MOBIL CORP COM 30231G102 905,968 26,389,982 SH   SOLE   24,960,566 0 1,429,416
FACEBOOK INC CL A 30303M102 847,771 3,237,002 SH   SOLE   3,006,564 0 230,438
FLOWSERVE CORP COM 34354P105 312,708 11,458,696 SH   SOLE   10,599,701 0 858,995
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 316,458 5,631,931 SH   SOLE   5,299,785 0 332,146
FRANCO NEV CORP COM 351858105 268,455 1,921,114 SH   SOLE   1,829,738 0 91,376
GENERAL DYNAMICS CORP COM 369550108 34,670 250,450 SH   SOLE   229,084 0 21,366
HALOZYME THERAPEUTICS INC COM 40637H109 12,714 483,800 SH   SOLE   483,800 0 0
HALOZYME THERAPEUTICS INC COM 40637H109 1,270 4,838 SH Put SOLE   4,838 0 0
HCA HEALTHCARE INC COM 40412C101 296,296 2,376,455 SH   SOLE   2,214,234 0 162,221
HOME DEPOT INC COM 437076102 12,193 43,907 SH   SOLE   43,907 0 0
IMPERIAL OIL LTD COM NEW 453038408 313,362 26,176,774 SH   SOLE   24,669,093 0 1,507,681
INTERCONTINENTAL EXCHANGE IN COM 45866F104 22,681 226,700 SH   SOLE   226,700 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 1,009 2,460 SH Put SOLE   2,460 0 0
IPG PHOTONICS CORP COM 44980X109 277,460 1,632,408 SH   SOLE   1,511,496 0 120,912
KINROSS GOLD CORP COM 496902404 20,070 2,275,478 SH   SOLE   2,275,478 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 80,633 1,651,804 SH   SOLE   1,651,804 0 0
KRAFT HEINZ CO COM 500754106 216,153 7,217,132 SH   SOLE   6,743,878 0 473,254
LINDE PLC SHS G5494J103 840,299 3,540,175 SH   SOLE   3,315,771 0 224,404
MAG SILVER CORP COM 55903Q104 53,346 3,280,988 SH   SOLE   3,280,988 0 0
MARTIN MARIETTA MATLS INC COM 573284106 27,066 115,000 SH   SOLE   115,000 0 0
MARTIN MARIETTA MATLS INC COM 573284106 1,150 1,150 SH Put SOLE   1,150 0 0
MEDTRONIC PLC SHS G5960L103 23,828 229,292 SH   SOLE   229,292 0 0
MICROSOFT CORP COM 594918104 631,612 3,002,956 SH   SOLE   2,776,044 0 226,912
NATIONAL OILWELL VARCO INC COM 637071101 305,277 33,695,069 SH   SOLE   30,910,500 0 2,784,569
NEWMONT CORP COM 651639106 1,233,185 19,435,538 SH   SOLE   18,445,476 0 990,062
NOVAGOLD RES INC COM NEW 66987E206 104,989 8,830,013 SH   SOLE   8,830,013 0 0
NUTRIEN LTD COM 67077M108 905,143 23,072,715 SH   SOLE   21,698,161 0 1,374,554
ORACLE CORP COM 68389X105 1,766,879 29,595,962 SH   SOLE   27,385,177 0 2,210,785
OTIS WORLDWIDE CORP COM 68902V107 6,377 102,156 SH   SOLE   102,156 0 0
PEPSICO INC COM 713448108 20,166 145,497 SH   SOLE   145,497 0 0
PHILIP MORRIS INTL INC COM 718172109 953,556 12,715,778 SH   SOLE   11,858,923 0 856,855
PPG INDS INC COM 693506107 147,626 1,209,259 SH   SOLE   1,122,952 0 86,307
ROSS STORES INC COM 778296103 11,964 128,199 SH   SOLE   128,199 0 0
ROYAL GOLD INC COM 780287108 303,775 2,527,877 SH   SOLE   2,424,400 0 103,477
RPM INTL INC COM 749685103 5,773 69,691 SH   SOLE   69,691 0 0
S&P GLOBAL INC COM 78409V104 6,768 18,770 SH   SOLE   18,770 0 0
SALESFORCE COM INC COM 79466L302 417,422 1,660,917 SH   SOLE   1,529,433 0 131,484
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 10,314 4,108,984 SH   SOLE   3,992,465 0 116,519
SCHLUMBERGER LTD COM 806857108 491,134 31,563,913 SH   SOLE   29,207,627 0 2,356,286
SCHWAB CHARLES CORP COM 808513105 206,517 5,700,160 SH   SOLE   5,284,662 0 415,498
SCOTTS MIRACLE GRO CO CL A 810186106 121,569 795,038 SH   SOLE   735,049 0 59,989
SHERWIN WILLIAMS CO COM 824348106 6,988 10,030 SH   SOLE   10,030 0 0
SPDR GOLD TR GOLD SHS 78463V107 746,719 4,215,896 SH   SOLE   1,589,183 0 2,626,713
STARBUCKS CORP COM 855244109 7,732 89,993 SH   SOLE   89,993 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 818,306 10,093,820 SH   SOLE   9,508,860 0 584,960
TE CONNECTIVITY LTD REG SHS H84989104 6,760 69,164 SH   SOLE   69,164 0 0
TECHNIPFMC PLC COM G87110105 16,698 2,646,283 SH   SOLE   2,522,714 0 123,569
TERADATA CORP DEL COM 88076W103 312,538 13,768,178 SH   SOLE   12,772,027 0 996,151
TEXAS INSTRS INC COM 882508104 581,241 4,070,597 SH   SOLE   3,815,874 0 254,723
TRAVELERS COMPANIES INC COM 89417E109 411,412 3,802,683 SH   SOLE   3,517,156 0 285,527
TRUIST FINL CORP COM 89832Q109 332,048 8,726,623 SH   SOLE   8,113,400 0 613,223
UGI CORP NEW COM 902681105 242,791 7,361,758 SH   SOLE   6,856,350 0 505,408
UNION PAC CORP COM 907818108 398,769 2,025,547 SH   SOLE   1,860,968 0 164,579
UNITEDHEALTH GROUP INC COM 91324P102 27,522 88,276 SH   SOLE   88,276 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 324,660 3,033,635 SH   SOLE   2,804,899 0 228,736
US BANCORP DEL COM NEW 902973304 359,053 10,015,427 SH   SOLE   9,277,054 0 738,373
VARIAN MED SYS INC COM 92220P105 230,199 1,338,369 SH   SOLE   1,246,574 0 91,795
VISA INC COM CL A 92826C839 7,315 36,581 SH   SOLE   36,581 0 0
WELLS FARGO CO NEW COM 949746101 252,162 10,725,736 SH   SOLE   9,937,386 0 788,350
WELLS FARGO CO NEW PERP PFD CNV A 949746804 11,454 8,535 SH   SOLE   8,535 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 767,214 26,900,896 SH   SOLE   24,891,662 0 2,009,234
WHEATON PRECIOUS METALS CORP COM 962879102 899,191 18,324,661 SH   SOLE   17,293,523 0 1,031,138
WILLIS TOWERS WATSON PLC LTD SHS G96629103 416,552 1,994,791 SH   SOLE   1,873,081 0 121,710