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 2,538,264 149,927 SH   SOLE   149,927 0 0
CATERPILLAR INC COM 149123101 BBG001S5PJ06 4,227,631 17,182 SH   SOLE   17,182 0 0
CHEVRON CORP NEW COM 166764100 BBG001S67ZC5 4,124,773 26,214 SH   SOLE   26,214 0 0
CIENA CORP COM NEW 171779309 BBG001S61J73 266,837 6,280 SH   SOLE   6,280 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 BBG001S8LTR3 783,576 106,609 SH   SOLE   106,609 0 0
CONOCOPHILLIPS COM 20825C104 BBG001S5TZM2 5,215,727 50,340 SH   SOLE   50,340 0 0
COSTCO WHSL CORP NEW COM 22160K105 BBG001S9KRQ7 3,835,958 7,125 SH   SOLE   7,125 0 0
CUMMINS INC COM 231021106 BBG001S5Q9M3 4,028,714 16,433 SH   SOLE   16,433 0 0
D R HORTON INC COM 23331A109 BBG001S8M692 5,333,064 43,825 SH   SOLE   43,825 0 0
DEERE & CO COM 244199105 BBG001S5QFF7 5,017,468 12,383 SH   SOLE   12,383 0 0
DEVON ENERGY CORP NEW COM 25179M103 BBG001S63VG4 3,564,785 73,744 SH   SOLE   73,744 0 0
EOG RES INC COM 26875P101 BBG001S5ZB93 2,459,430 21,491 SH   SOLE   21,491 0 0
FRANCO NEV CORP COM 351858105 BBG001STGSR5 4,604,411 32,289 SH   SOLE   32,289 0 0
FREEPORT-MCMORAN INC CL B 35671D857 BBG001S5R3F3 3,155,440 78,886 SH   SOLE   78,886 0 0
GENCO SHIPPING & TRADING LTD SHS Y2685T131 BBG006TBN969 2,156,439 153,702 SH   SOLE   153,702 0 0
GOLAR LNG LTD SHS G9456A100 BBG001SHSF05 1,987,552 98,540 SH   SOLE   98,540 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602 BBG001S7XR78 4,997,453 14,615 SH   SOLE   14,615 0 0
ISHARES INC MSCI STH KOR ETF 464286772 BBG001SF9FC7 8,512,251 134,305 SH   SOLE   134,305 0 0
ISHARES SILVER TR ISHARES 46428Q109 BBG001SQLN69 385,609 18,459 SH   SOLE   18,459 0 0
ISHARES TR MSCI UK ETF NEW 46435G334 BBG001S8SYX8 4,892,614 151,240 SH   SOLE   151,240 0 0
LENNAR CORP CL A 526057104 BBG001S5SRK3 4,105,532 32,763 SH   SOLE   32,763 0 0
MARATHON PETE CORP COM 56585A102 BBG001S169P1 2,719,928 23,327 SH   SOLE   23,327 0 0
MOHAWK INDS INC COM 608190104 BBG001SBGSZ5 3,281,313 31,808 SH   SOLE   31,808 0 0
MOSAIC CO NEW COM 61945C103 BBG001S7LJN1 2,628,885 75,111 SH   SOLE   75,111 0 0
NEWMONT CORP COM 651639106 BBG001S5TKX3 2,364,431 55,425 SH   SOLE   55,425 0 0
NORFOLK SOUTHN CORP COM 655844108 BBG001S5TQJ6 4,030,886 17,776 SH   SOLE   17,776 0 0
RIO TINTO PLC SPONSORED ADR 767204100 BBG001SB0LX9 2,557,047 40,054 SH   SOLE   40,054 0 0
ROCKWELL AUTOMATION INC COM 773903109 BBG001S5VRF5 3,634,492 11,032 SH   SOLE   11,032 0 0
SCHLUMBERGER LTD COM STK 806857108 BBG001S5W4C8 5,033,277 102,469 SH   SOLE   102,469 0 0
SHERWIN WILLIAMS CO COM 824348106 BBG001S5W2F9 3,754,187 14,139 SH   SOLE   14,139 0 0
SPDR GOLD TR GOLD SHS 78463V107 BBG001SCPX28 580,625 3,257 SH   SOLE   3,257 0 0
SPDR SER TR S&P OILGAS EXP 78468R556 BBG001SB12P9 3,380,242 26,238 SH   SOLE   26,238 0 0
ST JOE CO COM 790148100 BBG001S7K9Y2 2,076,251 42,951 SH   SOLE   42,951 0 0
STAR BULK CARRIERS CORP. SHS PAR Y8162K204 BBG001SPYW58 2,132,956 120,506 SH   SOLE   120,506 0 0
UNION PAC CORP COM 907818108 BBG001S5X2M0 3,167,722 15,481 SH   SOLE   15,481 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 BBG001SR42Z0 4,432,252 147,202 SH   SOLE   147,202 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 BBG001S6DSP0 2,363,615 54,688 SH   SOLE   54,688 0 0