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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
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 7,202 4,236,741 SH   SOLE   4,236,741 0 0
DBX ETF TR XTRACK HRVST CSI 233051879 2,589 100,000 SH   SOLE   100,000 0 0
EMBRAER S.A. SPONSORED ADS 29082A107 13,207 1,784,863 SH   SOLE   1,784,863 0 0
FIRST SOLAR INC COM 336433107 33,836 938,332 SH   SOLE   938,332 0 0
HARMONY GOLD MNG LTD SPONSORED ADR 413216300 4,521 2,073,903 SH   SOLE   2,073,903 0 0
IAMGOLD CORP COM 450913108 25,914 11,366,120 SH   SOLE   11,366,120 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 3,062 130,000 SH   SOLE   130,000 0 0
ISHARES INC MSCI TURKEY ETF 464286715 968 51,560 SH   SOLE   51,560 0 0
ISHARES TR MSCI INDIA SM CP 46429B614 1,859 80,445 SH   SOLE   80,445 0 0
JD COM INC SPON ADR CL A 47215P106 51,121 1,262,250 SH   SOLE   1,262,250 0 0
KINROSS GOLD CORP COM 496902404 46,534 11,692,107 SH   SOLE   11,692,107 0 0
KRANESHARES TR BOSERA MSCI CH 500767405 1,021 34,642 SH   SOLE   34,642 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 2,900 262,498 SH   SOLE   262,498 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 8,418 1,107,760 SH   SOLE   1,107,760 0 0
PAN AMERN SILVER CORP COM 697900108 32,911 2,296,674 SH   SOLE   2,296,674 0 0
QIWI PLC SPON ADR REP B 74735M108 2,186 204,150 SH   SOLE   204,150 0 0
VEON LTD SPONSORED ADR 91822M106 11,057 7,323,123 SH   SOLE   7,323,123 0 0