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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
BARRICK GOLD CORP COM 067901108 BBG001S5N9P3 2,695,436 145,150 SH   SOLE   145,150 0 0
CATERPILLAR INC COM 149123101 BBG001S5PJ06 3,825,976 16,719 SH   SOLE   16,719 0 0
CHEVRON CORP NEW COM 166764100 BBG001S67ZC5 4,134,311 25,339 SH   SOLE   25,339 0 0
CIENA CORP COM NEW 171779309 BBG001S61J73 216,540 4,123 SH   SOLE   4,123 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101 BBG001S5PW43 3,820,430 208,425 SH   SOLE   208,425 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 BBG001S8LTR3 847,505 103,607 SH   SOLE   103,607 0 0
CONOCOPHILLIPS COM 20825C104 BBG001S5TZM2 4,825,574 48,640 SH   SOLE   48,640 0 0
COSTCO WHSL CORP NEW COM 22160K105 BBG001S9KRQ7 3,159,099 6,358 SH   SOLE   6,358 0 0
CUMMINS INC COM 231021106 BBG001S5Q9M3 3,790,309 15,867 SH   SOLE   15,867 0 0
D R HORTON INC COM 23331A109 BBG001S8M692 5,505,125 56,353 SH   SOLE   56,353 0 0
DEERE & CO COM 244199105 BBG001S5QFF7 4,954,147 11,999 SH   SOLE   11,999 0 0
DEVON ENERGY CORP NEW COM 25179M103 BBG001S63VG4 3,605,456 71,240 SH   SOLE   71,240 0 0
EOG RES INC COM 26875P101 BBG001S5ZB93 2,377,197 20,738 SH   SOLE   20,738 0 0
FRANCO NEV CORP COM 351858105 BBG001STGSR5 4,546,627 31,184 SH   SOLE   31,184 0 0
FREEPORT-MCMORAN INC CL B 35671D857 BBG001S5R3F3 3,115,747 76,161 SH   SOLE   76,161 0 0
GENCO SHIPPING & TRADING LTD SHS Y2685T131 BBG006TBN969 2,317,195 147,969 SH   SOLE   147,969 0 0
GOLAR LNG LTD SHS G9456A100 BBG001SHSF05 2,054,981 95,138 SH   SOLE   95,138 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602 BBG001S7XR78 3,594,974 14,072 SH   SOLE   14,072 0 0
ISHARES INC MSCI STH KOR ETF 464286772 BBG001SF9FC7 5,286,408 86,351 SH   SOLE   86,351 0 0
ISHARES SILVER TR ISHARES 46428Q109 BBG001SQLN69 268,117 12,121 SH   SOLE   12,121 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 BBG001S8SYX8 4,711,992 146,063 SH   SOLE   146,063 0 0
LENNAR CORP CL A 526057104 BBG001S5SRK3 3,331,041 31,691 SH   SOLE   31,691 0 0
MOHAWK INDS INC COM 608190104 BBG001SBGSZ5 3,074,449 30,677 SH   SOLE   30,677 0 0
MOSAIC CO NEW COM 61945C103 BBG001S7LJN1 3,327,080 72,517 SH   SOLE   72,517 0 0
NEWMONT CORP COM 651639106 BBG001S5TKX3 2,659,188 54,247 SH   SOLE   54,247 0 0
NORFOLK SOUTHN CORP COM 655844108 BBG001S5TQJ6 3,636,436 17,153 SH   SOLE   17,153 0 0
RIO TINTO PLC SPONSORED ADR 767204100 BBG001SB0LX9 2,657,838 38,744 SH   SOLE   38,744 0 0
ROCKWELL AUTOMATION INC COM 773903109 BBG001S5VRF5 3,130,818 10,669 SH   SOLE   10,669 0 0
SCHLUMBERGER LTD COM STK 806857108 BBG001S5W4C8 4,858,150 98,944 SH   SOLE   98,944 0 0
SHERWIN WILLIAMS CO COM 824348106 BBG001S5W2F9 2,761,524 12,286 SH   SOLE   12,286 0 0
SPDR GOLD TR GOLD SHS 78463V107 BBG001SCPX28 391,908 2,139 SH   SOLE   2,139 0 0
SPDR SER TR S&P OILGAS EXP 78468R556 BBG001SB12P9 3,194,981 25,041 SH   SOLE   25,041 0 0
ST JOE CO COM 790148100 BBG001S7K9Y2 1,787,191 42,951 SH   SOLE   42,951 0 0
STAR BULK CARRIERS CORP. SHS PAR Y8162K204 BBG001SPYW58 2,450,152 116,011 SH   SOLE   116,011 0 0
UNION PAC CORP COM 907818108 BBG001S5X2M0 3,025,340 15,032 SH   SOLE   15,032 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 BBG001SR42Z0 4,539,158 140,314 SH   SOLE   140,314 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 BBG001S6DSP0 2,540,199 52,745 SH   SOLE   52,745 0 0