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 1,785 19,192 SH   SOLE   0 0 0
AFLAC INC COM 001055102 52,356 1,022,473 SH   SOLE   0 0 0
ALEXION PHARMACEUTICALS INC COM 015351109 100,396 656,688 SH   SOLE   0 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 11,343 50,000 SH   SOLE   0 0 0
ALLEGHANY CORP DEL COM 017175100 3,581 5,700 SH   SOLE   0 0 0
AMBEV SA SPONSORED ADR 02319V103 268,546 97,480,397 SH   SOLE   0 0 0
AMERICAN EXPRESS CO COM 025816109 219,617 1,551,574 SH   SOLE   0 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100 3,276 1,449,493 SH   SOLE   0 0 0
ANGLOGOLD ASHANTI LIMITED SPONS ADR 035128206 67,100 3,052,826 SH   SOLE   0 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 1,257 20,000 SH   SOLE   0 0 0
APPLE INC COM 037833100 584 4,776 SH   SOLE   0 0 0
ARCH CAP GROUP LTD ORD G0450A105 230 6,000 SH   SOLE   0 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 763 150,000 SH   SOLE   0 0 0
BARRICK GOLD CORP COM 067901108 18,938 956,713 SH   SOLE   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 99,475 389,041 SH   SOLE   0 0 0
BLOCK H & R INC COM 093671105 1,526 69,938 SH   SOLE   0 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 264,968 4,196,856 SH   SOLE   0 0 0
CABOT OIL & GAS CORP COM 127097103 76,320 4,062,794 SH   SOLE   0 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 5,822 834,646 SH   SOLE   0 0 0
CENTENE CORP DEL COM 15135B101 353,933 5,536,706 SH   SOLE   0 0 0
SCHWAB CHARLES CORP COM 808513105 181,648 2,786,032 SH   SOLE   0 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 29,830 266,512 SH   SOLE   0 0 0
CHESAPEAKE ENERGY CORP COM 165167735 37,815 870,000 SH   SOLE   0 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 8,848 500,000 SH   SOLE   0 0 0
CIGNA CORP NEW COM 125523100 326,087 1,348,700 SH   SOLE   0 0 0
CLEAN HARBORS INC COM 184496107 1,094 13,000 SH   SOLE   0 0 0
CONAGRA BRANDS INC COM 205887102 1,203 32,000 SH   SOLE   0 0 0
CORVUS GOLD INC COM 221013105 3,012 1,662,119 SH   SOLE   0 0 0
COTY INC COM CL A 222070203 18,460 2,050,000 SH   SOLE   0 0 0
DESPEGAR COM CORP ORD SHS G27358103 6,136 450,000 SH   SOLE   0 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898 1,276 106,500 SH   SOLE   0 0 0
DIANA SHIPPING INC COM Y2066G104 182 60,000 SH   SOLE   0 0 0
DOW INC COM 260557103 1,066 16,671 SH   SOLE   0 0 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 5,380 569,654 SH   SOLE   0 0 0
EHEALTH INC COM 28238P109 133,009 1,830,110 SH   SOLE   0 0 0
EQUINOX GOLD CORP COM 29446Y502 6,534 817,965 SH   SOLE   0 0 0
EXXON MOBIL CORP COM 30231G102 38,132 682,944 SH   SOLE   0 0 0
GALIANO GOLD INC COM 36352H100 29,694 26,822,077 SH   SOLE   0 0 0
GENERAL ELECTRIC CO COM 369604103 1,543 117,500 SH   SOLE   0 0 0
GENERAL MTRS CO COM 37045V100 103,405 1,799,132 SH   SOLE   0 0 0
GOLD FIELDS LTD SPONS ADR 38059T106 45,890 4,833,096 SH   SOLE   0 0 0
GOLDMINING INC COM 38149E101 4,175 2,501,996 SH   SOLE   0 0 0
GRAFTECH INTL LTD COM 384313508 1,431 117,000 SH   SOLE   0 0 0
GREAT PANTHER MNG LTD COM 39115V101 7,765 10,048,914 SH   SOLE   0 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 654 149,785 SH   SOLE   0 0 0
HUMANA INC COM 444859102 944 2,250 SH   SOLE   0 0 0
IAMGOLD CORP COM 450913108 33,440 11,225,371 SH   SOLE   0 0 0
IMV INC COM 44974L103 24,220 7,453,399 SH   SOLE   0 0 0
INTEGRA RES CORP COM NEW 45826T301 3,832 1,411,127 SH   SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100 47,934 314,664 SH   SOLE   0 0 0
KINROSS GOLD CORP COM NO PAR 496902404 223,847 33,532,930 SH   SOLE   0 0 0
LIVENT CORP COM 53814L108 10,043 579,672 SH   SOLE   0 0 0
M & T BK CORP COM 55261F104 6,813 44,918 SH   SOLE   0 0 0
MARKEL CORP COM 570535104 1,145 1,000 SH   SOLE   0 0 0
MARSH & MCLENNAN COS INC COM 571748102 414 3,400 SH   SOLE   0 0 0
MARTIN MARIETTA MATLS INC COM 573284106 1,008 3,000 SH   SOLE   0 0 0
MICROSOFT CORP COM 594918104 660 2,801 SH   SOLE   0 0 0
NEWMONT CORP COM 651639106 52,166 865,474 SH   SOLE   0 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 28,906 205,697 SH   SOLE   0 0 0
NOMAD FOODS LTD USD ORD SHS G6564A105 2,060 75,000 SH   SOLE   0 0 0
NOV INC COM 62955J103 2,725 198,675 SH   SOLE   0 0 0
NUTRIEN LTD COM 67077M108 57,308 1,063,520 SH   SOLE   0 0 0
PERFORMANCE SHIPPING INC COM NEW Y67305121 194 35,000 SH   SOLE   0 0 0
PHILIP MORRIS INTL INC COM 718172109 2,575 29,000 SH   SOLE   0 0 0
SAFE BULKERS INC COM Y7388L103 865 353,788 SH   SOLE   0 0 0
SPDR GOLD TR GOLD SHS 78463V107 686 4,291 SH   SOLE   0 0 0
SPOTIFY TECHNOLOGY S A SHS L8681T102 7,687 28,688 SH   SOLE   0 0 0
SSR MNG INC COM 784730103 8,163 571,454 SH   SOLE   0 0 0
STEALTHGAS INC SHS Y81669106 571 200,000 SH   SOLE   0 0 0
KRAFT HEINZ CO COM 500754106 1,400 35,000 SH   SOLE   0 0 0
US BANCORP DEL COM NEW 902973304 1,863 33,670 SH   SOLE   0 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 530 16,307 SH   SOLE   0 0 0
VIASAT INC COM 92552V100 792 16,500 SH   SOLE   0 0 0
DISNEY WALT CO COM DISNEY 254687106 61,404 332,681 SH   SOLE   0 0 0
WELLS FARGO CO NEW COM 949746101 1,250 32,000 SH   SOLE   0 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 137,265 3,590,891 SH   SOLE   0 0 0