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
YANDEX N V SHS CLASS A N97284108 58,651 1,495,459 SH   SOLE   1,495,459 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 14,858 4,059,776 SH   SOLE   4,059,776 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 43,557 2,858,131 SH   SOLE   2,858,131 0 0
EMBRAER S A SPONSORED ADS 29082A107 34,665 1,716,093 SH   SOLE   1,716,093 0 0
FIRST SOLAR INC COM 336433107 58,321 904,353 SH   SOLE   904,353 0 0
HARMONY GOLD MNG LTD SPONSORED ADR 413216300 5,060 2,073,903 SH   SOLE   2,073,903 0 0
IAMGOLD CORP COM 450913108 6,938 1,911,459 SH   SOLE   1,911,459 0 0
ISHARES TR MSCI INDIA ETF 46429B598 4,646 140,800 SH   SOLE   140,800 0 0
ISHARES TR MSCI INDIA SM CP 46429B614 2,807 80,445 SH   SOLE   80,445 0 0
JD COM INC SPON ADR CL A 47215P106 25,817 863,173 SH   SOLE   863,173 0 0
KINROSS GOLD CORP COM 496902404 45,450 11,306,111 SH   SOLE   11,306,111 0 0
PAN AMERICAN SILVER CORP COM 697900108 33,586 2,211,120 SH   SOLE   2,211,120 0 0
QIWI PLC SPON ADR REP B 74735M108 4,485 204,150 SH   SOLE   204,150 0 0
QUDIAN INC ADR 747798106 44,155 4,830,987 SH   SOLE   4,830,987 0 0
SSR MNG INC COM 784730103 8,218 533,657 SH   SOLE   533,657 0 0
VEON LTD SPONSORED ADR 91822M106 21,902 6,997,758 SH   SOLE   6,997,758 0 0