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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
CIA ENERGETICA DE MINAS GERA SP ADR N-V PFD 204409601 8,452 4,123,141 SH   SOLE   4,123,141 0 0
DBX ETF TR XTRACK HRVST CSI 233051879 2,971 100,000 SH   SOLE   100,000 0 0
EMBRAER S.A. SPONSORED ADS 29082A107 10,430 1,744,163 SH   SOLE   1,744,163 0 0
FIRST SOLAR INC COM 336433107 45,511 919,432 SH   SOLE   919,432 0 0
FREEPORT-MCMORAN INC CL B 35671D857 54,892 4,744,366 SH   SOLE   4,744,366 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 8,377 2,008,903 SH   SOLE   2,008,903 0 0
IAMGOLD CORP COM 450913108 43,595 11,036,870 SH   SOLE   11,036,870 0 0
ISHARES INC MSCI TURKEY ETF 464286715 646 27,851 SH   SOLE   27,851 0 0
ISHARES TR MSCI INDIA SM CP 46429B614 2,349 80,445 SH   SOLE   80,445 0 0
JD.COM INC SPON ADR CL A 47215P106 73,988 1,229,450 SH   SOLE   1,229,450 0 0
KINROSS GOLD CORP COM 496902404 74,479 10,315,775 SH   SOLE   10,315,775 0 0
KRANESHARES TR BOSERA MSCI CH 500767405 1,175 34,642 SH   SOLE   34,642 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 2,703 262,498 SH   SOLE   262,498 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 1,868 203,336 SH   SOLE   203,336 0 0
PAN AMERN SILVER CORP COM 697900108 65,062 2,140,910 SH   SOLE   2,140,910 0 0
QIWI PLC SPON ADR REP B 74735M108 3,535 204,150 SH   SOLE   204,150 0 0
VEON LTD SPONSORED ADR 91822M106 12,804 7,113,523 SH   SOLE   7,113,523 0 0