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
BARRICK GOLD CORP STK 067901108 17,730 1,102,300 SH   SOLE   3,066,578 0 0
BARRICK GOLD CORP STK 067901108 95,997 5,968,271 SH   SOLE   0 0 1,282,979
BED BATH & BEYOND INC STK 075896100 249 10,600 SH   SOLE   2,759,117 0 0
CIA DE MINAS BUENA. ADR 204448104 18,352 1,434,867 SH   SOLE   0 0 1,102,300
CIA DE MINAS BUENA. ADR 204448104 39,222 3,066,578 SH   SOLE   5,968,271 0 0
CITIGROUP INC STK 172967424 33,715 463,500 SH   SOLE   10,600 0 0
CITIGROUP INC STK 172967424 187,575 2,578,703 SH   SOLE   0 0 1,434,867
DXC TECHNOLOGY CO STK 23355L106 4,264 49,648 SH   SOLE   0 0 463,500
DXC TECHNOLOGY CO STK 23355L106 23,371 272,137 SH   SOLE   2,578,703 0 0
EMBRAER SA ADR 29082A107 23,600 1,043,800 SH   SOLE   0 0 49,648
EMBRAER SA ADR 29082A107 50,725 2,243,465 SH   SOLE   272,137 0 0
GAIA INC STK 36269P104 443 36,900 SH   SOLE   0 0 1,043,800
GENERAL MOTORS CO STK 37045V100 33,903 839,600 SH   SOLE   2,243,465 0 0
GENERAL MOTORS CO STK 37045V100 183,860 4,553,250 SH   SOLE   36,900 0 0
GUESS INC STK 401617105 935 54,890 SH   SOLE   0 0 839,600
HALLADOR ENERGY CO STK 40609P105 531 92,747 SH   SOLE   4,553,250 0 0
HEWLETT PACKARD ENTERPRISE STK 42824C109 13,057 887,600 SH   SOLE   54,890 0 0
HEWLETT PACKARD ENTERPRISE STK 42824C109 72,409 4,922,409 SH   SOLE   92,747 0 0
IBM CORP STK 459200101 3,032 20,900 SH   SOLE   0 0 887,600
INFOSYS LTD ADR 456788108 14,377 985,395 SH   SOLE   4,922,409 0 0
INFOSYS LTD ADR 456788108 30,959 2,121,907 SH   SOLE   0 0 985,395
MACY'S STK 55616P104 295 13,500 SH   SOLE   2,121,907 0 0
OCEANEERING INT. INC STK 675232102 536 20,420 SH   SOLE   20,900 0 0
PETROLEO BRASILEIRO SA ADR 71654V101 14,556 1,506,836 SH   SOLE   13,500 0 0
PETROLEO BRASILEIRO SA ADR 71654V101 31,360 3,246,388 SH   SOLE   20,420 0 0
PFIZER INC STK 717081103 2,947 82,550 SH   SOLE   0 0 1,506,836
SK TELECOM CO LTD ADR 78440P108 21,346 868,083 SH   SOLE   3,246,388 0 0
SK TELECOM CO LTD ADR 78440P108 45,924 1,867,591 SH   SOLE   82,550 0 0
TELEKOM INDONESIA ADR 715684106 13,291 387,506 SH   SOLE   0 0 868,083
TELEKOM INDONESIA ADR 715684106 28,293 824,882 SH   SOLE   1,867,591 0 0
TERNIUM SA ADR 880890108 16,241 525,090 SH   SOLE   0 0 387,506
TERNIUM SA ADR 880890108 34,978 1,130,864 SH   SOLE   824,882 0 0
TURKCELL IL. HIZ. ADR 900111204 11,315 1,282,979 SH   SOLE   0 0 525,090
TURKCELL IL. HIZ. ADR 900111204 24,335 2,759,117 SH   SOLE   1,130,864 0 0
VIACOM STK 92553P201 22,793 818,720 SH   SOLE   0 0 818,720
VIACOM STK 92553P201 126,268 4,535,500 SH   SOLE   4,535,500 0 0