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
ARCOS DORADOS-A Com G0457F107 44,537 5,637,646 SH   SOLE   5,637,646 0 0
BROOKFIELD ASS-A Com 112585104 18,811 490,513 SH   SOLE   490,513 0 0
CAMECO CORP Com 13321L108 18,142 1,591,177 SH   SOLE   1,591,177 0 0
CAP SOUTHWEST Com 140501107 2,696 140,248 SH   SOLE   140,248 0 0
COLFAX CORP Com 194014106 15,945 762,899 SH   SOLE   762,899 0 0
COPA HOLDIN-CL A Com P31076105 1,989 25,273 SH   SOLE   25,273 0 0
CSW INDUSTRI INC Com 126402106 6,781 140,248 SH   SOLE   140,248 0 0
FRANKLIN RES INC Com 354613101 23,714 799,539 SH   SOLE   799,539 0 0
GRAN TIERRA ENER Com 38500T101 13,988 6,372,968 SH   SOLE   6,372,968 0 0
JEFFERIES FINANC Com 47233W109 33,626 1,937,008 SH   SOLE   1,937,008 0 0
NUTRIEN LTD Com 67077M108 27,610 587,443 SH   SOLE   587,443 0 0
ROYAL GOLD INC Com 780287108 1,033 12,066 SH   SOLE   12,066 0 0
SPECTRUM BRANDS Com 84790A105 20,856 493,635 SH   SOLE   493,635 0 0
TELEFONICA B-ADR Com 87936R106 40,076 3,359,225 SH   SOLE   3,359,225 0 0
TIDEWATER INC Com 88642R109 27,202 1,421,969 SH   SOLE   1,421,969 0 0
WHEATON PRECIOUS Com 962879102 9,168 469,407 SH   SOLE   469,407 0 0