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
ARC Document Solutions Inc COM 00191g103 19 13,620 SH   SOLE   13,620 0 0
Activision Blizzard Inc COM 00507v109 1,998 33,620 SH   SOLE   17,180 0 16,440
Agilent Technologies Inc COM 00846u101 922 10,810 SH   SOLE   10,810 0 0
Agnico Eagle Mines Ltd COM 008474108 1,122 18,210 SH   SOLE   18,210 0 0
Alexion Pharmaceuticals COM 015351109 762 7,050 SH   SOLE   1,080 0 5,970
Allergan plc SHS G0177J108 2,369 12,390 SH   SOLE   6,550 0 5,840
Allianz SE ADR 018820100 414 16,890 SH   SOLE   16,890 0 0
Alphabet Inc A CL A 02079k305 864 645 SH   SOLE   645 0 0
Alphabet Inc C CL C 02079k107 627 469 SH   SOLE   469 0 0
America Movil SAB de CV SPONSORED ADR 02364w105 229 14,300 SH   SOLE   14,300 0 0
American International Group COM 026874784 1,052 20,500 SH   SOLE   9,670 0 10,830
Aon PLC SHS g0408v102 265 1,272 SH   SOLE   1,272 0 0
Arch Coal Inc CL A 039380407 319 4,440 SH   SOLE   4,440 0 0
Arista Networks COM 040413106 590 2,900 SH   SOLE   2,900 0 0
AstraZeneca PLC SPONSORED ADR 046353108 1,461 29,300 SH   SOLE   29,300 0 0
BP PLC SPONSORED ADR 055622104 401 10,630 SH   SOLE   10,630 0 0
Baker Hughes Co CL A 05722G100 1,472 57,420 SH   SOLE   29,340 0 28,080
Bank of America Corp COM 060505104 3,016 85,630 SH   SOLE   39,880 0 45,750
Barrick Gold Corp COM 067901108 1,617 86,960 SH   SOLE   86,960 0 0
Booking Holdings Inc COM 09857l108 1,912 931 SH   SOLE   498 0 433
BorgWarner Inc COM 099724106 794 18,300 SH   SOLE   3,820 0 14,480
Brinks Company COM 109696104 589 6,490 SH   SOLE   6,490 0 0
Bristol-Myers Squibb COM 110122108 2,890 45,026 SH   SOLE   22,976 0 22,050
CVS Health Corp COM 126650100 2,715 36,540 SH   SOLE   19,520 0 17,020
Camden Property Trust SH BEN INT 133131102 698 6,580 SH   SOLE   6,580 0 0
Canacol Energy Ltd ADR 134808203 175 48,530 SH   SOLE   48,530 0 0
Celanese Corp COM SER A 150870103 1,436 11,660 SH   SOLE   6,820 0 4,840
Centene Corp COM 15135b101 1,523 24,220 SH   SOLE   11,960 0 12,260
Charter Communications Inc CL A 16119p108 2,076 4,280 SH   SOLE   2,590 0 1,690
Chevron Corp COM 166764100 1,264 10,490 SH   SOLE   2,190 0 8,300
Comcast Corp CL A 20030n101 1,507 33,520 SH   SOLE   10,540 0 22,980
Consolidated Edison Inc COM 209115104 856 9,460 SH   SOLE   1,990 0 7,470
Copa Holdings SA ADR P31076105 220 2,040 SH   SOLE   2,040 0 0
CorEnergy Infrastructure Trust COM 21870u502 401 8,980 SH   SOLE   8,980 0 0
Curtiss-Wright Corp COM 231561101 1,735 12,315 SH   SOLE   6,415 0 5,900
Delta Air Lines Inc COM 247361702 837 14,320 SH   SOLE   14,320 0 0
Diageo PLC SPONSORED ADR 25243Q205 408 2,420 SH   SOLE   2,420 0 0
Ebay Inc COM 278642103 885 24,500 SH   SOLE   5,070 0 19,430
Elements Rogers Agriculture ROG AGRI ETN 870297603 824 148,090 SH   SOLE   148,090 0 0
Encompass Health Corp COM 29261a100 1,881 27,150 SH   SOLE   15,220 0 11,930
FMC Corp COM 302491303 2,607 26,120 SH   SOLE   19,330 0 6,790
Franco Nevada Corp COM 351858105 730 7,070 SH   SOLE   7,070 0 0
HP Inc COM 40434l105 1,478 71,910 SH   SOLE   35,450 0 36,460
Halliburton Co COM 406216101 847 34,630 SH   SOLE   7,130 0 27,500
J P Morgan Chase & Co COM 46625h100 3,104 22,270 SH   SOLE   9,820 0 12,450
J2 Global Inc COM 48123v102 1,497 15,980 SH   SOLE   8,480 0 7,500
JBS SA ADR 466110103 136 10,570 SH   SOLE   10,570 0 0
Jacobs Engineering Group Inc COM 469814107 1,692 18,835 SH   SOLE   12,485 0 6,350
Kinder Morgan Inc COM 49456b101 349 16,470 SH   SOLE   16,470 0 0
Kroger Co COM 501044101 985 33,990 SH   SOLE   14,860 0 19,130
LKQ Corp COM 501889208 522 14,630 SH   SOLE   14,630 0 0
Lamb Weston Holdings Inc COM 513272104 1,028 11,950 SH   SOLE   2,480 0 9,470
Lloyds Banking Group PLC SPONSORED ADR 539439109 137 41,390 SH   SOLE   41,390 0 0
Medtronic plc SHS G5960L103 507 4,470 SH   SOLE   940 0 3,530
Molson Coors Brewing Co CL B 60871r209 1,043 19,350 SH   SOLE   9,170 0 10,180
Newmont Goldcorp Corp COM 651639106 3,496 80,460 SH   SOLE   54,700 0 25,760
NextEra Energy Inc COM 65339F101 1,073 4,430 SH   SOLE   930 0 3,500
Novartis AG SPONSORED ADR 66987v109 355 3,750 SH   SOLE   3,750 0 0
Novo Nordisk ADR 670100205 321 5,540 SH   SOLE   5,540 0 0
Novozymes A/S ADR 670108109 249 5,090 SH   SOLE   5,090 0 0
Nutrien Ltd COM 67077M108 1,595 33,300 SH   SOLE   33,300 0 0
Office Depot Inc COM 676220106 28 10,290 SH   SOLE   10,290 0 0
Outfront Media Inc COM 69007j106 1,139 42,460 SH   SOLE   14,360 0 28,100
Pan American Silver Corp COM 697900108 844 35,620 SH   SOLE   35,620 0 0
Philip Morris Intl COM 718172109 836 9,820 SH   SOLE   9,820 0 0
Raytheon Co COM 755111507 1,628 7,410 SH   SOLE   3,840 0 3,570
Regeneron Pharmaceuticals Inc COM 75886f107 1,742 4,640 SH   SOLE   2,730 0 1,910
Rolls-Royce Group Plc ADR 775781206 311 34,320 SH   SOLE   34,320 0 0
Royal Caribbean Cruises COM v7780t103 891 6,670 SH   SOLE   2,210 0 4,460
S& P 500 Depository Receipt TR UNIT 78462f103 445 1,384 SH   SOLE   1,384 0 0
Silicon Motion Technology Corp SPONSORED ADR 82706c108 223 4,400 SH   SOLE   4,400 0 0
Sony Corp ADR SPONSORED ADR 835699307 338 4,970 SH   SOLE   4,970 0 0
Sprott Inc ADR 852066109 225 97,750 SH   SOLE   97,750 0 0
State Street Corp COM 857477103 1,273 16,090 SH   SOLE   3,320 0 12,770
Taiwan Semiconductor Sponsored SPONSORED ADR 874039100 521 8,960 SH   SOLE   8,960 0 0
Tencent Holdings Ltd ADR 88032q109 280 5,810 SH   SOLE   5,810 0 0
Total SA SPONSORED ADR 89151e109 1,198 21,660 SH   SOLE   21,660 0 0
United Continental Holdings In COM 910047109 881 10,000 SH   SOLE   2,150 0 7,850
United Technologies Corp COM 913017109 2,103 14,040 SH   SOLE   7,180 0 6,860
Wells Fargo & Co COM 949746101 533 9,900 SH   SOLE   9,900 0 0