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
PAGSEGURO DIGITAL LTD COM CL A G68707101   58,382 4,088,380 SH   SOLE   4,088,380 0 0
STONECO LTD COM CL A G85158106   61,157 3,681,947 SH   SOLE   3,681,947 0 0
AUTOHOME INC SP ADS RP CL A 05278C107   28,680 1,093,815 SH   SOLE   1,093,815 0 0
BRF SA SPONSORED ADR 10552T107   58,502 17,945,401 SH   SOLE   17,945,401 0 0
CANAAN INC SPONSORED ADS 134748102   2,146 1,412,141 SH   SOLE   1,412,141 0 0
CIA ENERGETICA DE MINAS GERA SP ADR N-V PFD 204409601   32,857 13,302,290 SH   SOLE   13,302,290 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104   76,860 4,840,032 SH   SOLE   4,840,032 0 0
DBX ETF TR XTRACK HRVST CSI 233051879   983 40,845 SH   SOLE   40,845 0 0
EQUINOX GOLD CORP COM 29446Y502   6,884 1,143,600 SH   SOLE   1,143,600 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300   90,553 11,083,569 SH   SOLE   11,083,569 0 0
HESAI GROUP SPONSORED ADS 428050108   5,323 1,051,900 SH   SOLE   1,051,900 0 0
IAMGOLD CORP COM 450913108   29,954 8,995,059 SH   SOLE   8,995,059 0 0
JOYY INC ADS REPSTG COM A 46591M109   5,427 176,500 SH   SOLE   176,500 0 0
JD.COM INC SPON ADR CL A 47215P106   41,477 1,514,300 SH   SOLE   1,514,300 0 0
KINROSS GOLD CORP COM 496902404   40,581 6,620,126 SH   SOLE   6,620,126 0 0
KRANESHARES TRUST CSI CHI INTERNET 500767306   1,079 41,100 SH   SOLE   41,100 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203   2,095 375,495 SH   SOLE   375,495 0 0
MCEWEN MNG INC COM NEW 58039P305   6,730 682,600 SH   SOLE   682,600 0 0
NATURA &CO HLDG S A ADS 63884N108   26,763 3,737,864 SH   SOLE   3,737,864 0 0
NIU TECHNOLOGIES ADS 65481N100   1,892 1,126,062 SH   SOLE   1,126,062 0 0
PAN AMERN SILVER CORP COM 697900108   26,193 1,736,962 SH   SOLE   1,736,962 0 0
QUDIAN INC ADR 747798106   603 241,154 SH   SOLE   241,154 0 0
TAL EDUCATION GROUP SPONSORED ADS 874080104   1,049 92,426 SH   SOLE   92,426 0 0
VIPSHOP HLDGS LTD SPONSORED ADS A 92763W103   51,227 3,095,303 SH   SOLE   3,095,303 0 0