<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>3D Systems Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88554D205</cusip>
			<value>37429</value>
			<shrsOrPrnAmt>
				<sshPrnamt>632760</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>632760</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>3M Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88579Y101</cusip>
			<value>10582</value>
			<shrsOrPrnAmt>
				<sshPrnamt>78000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>78000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>8x8 Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>282914100</cusip>
			<value>3069</value>
			<shrsOrPrnAmt>
				<sshPrnamt>283870</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>283870</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACE Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H0023R105</cusip>
			<value>102664</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1036317</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1036317</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AGCO Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>001084102</cusip>
			<value>33634</value>
			<shrsOrPrnAmt>
				<sshPrnamt>609717</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>609717</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMETEK Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>031100100</cusip>
			<value>51312</value>
			<shrsOrPrnAmt>
				<sshPrnamt>996475</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>996475</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ARM Holdings PLC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>042068106</cusip>
			<value>65814</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1291176</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1291176</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ASML Holding NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N07059210</cusip>
			<value>542</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>5800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AT&amp;T Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00206R102</cusip>
			<value>48527</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1383621</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1383621</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Actavis PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0083B108</cusip>
			<value>97423</value>
			<shrsOrPrnAmt>
				<sshPrnamt>473250</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>473250</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Acuity Brands Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00508Y102</cusip>
			<value>1445</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>10900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Advanced Micro Devices Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>007903107</cusip>
			<value>110</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>27400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Advantage Oil and Gas Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00765F101</cusip>
			<value>2070</value>
			<shrsOrPrnAmt>
				<sshPrnamt>418892</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>418892</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Aflac Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>001055102</cusip>
			<value>668</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>10600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Agilent Technologies Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00846U101</cusip>
			<value>688</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>12300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Agnico Eagle Mines Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>008474108</cusip>
			<value>14176</value>
			<shrsOrPrnAmt>
				<sshPrnamt>468013</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>468013</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Agrium Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>008916108</cusip>
			<value>44227</value>
			<shrsOrPrnAmt>
				<sshPrnamt>453595</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>453595</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Alamos Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>011527108</cusip>
			<value>7694</value>
			<shrsOrPrnAmt>
				<sshPrnamt>851046</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>851046</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Alaska Air Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>011659109</cusip>
			<value>6152</value>
			<shrsOrPrnAmt>
				<sshPrnamt>65926</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>65926</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Alliance Data Systems Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>018581108</cusip>
			<value>84361</value>
			<shrsOrPrnAmt>
				<sshPrnamt>309620</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>309620</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Altria Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02209S103</cusip>
			<value>67665</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1807615</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1807615</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AmTrust Financial Services Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032359309</cusip>
			<value>20917</value>
			<shrsOrPrnAmt>
				<sshPrnamt>556100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>556100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Amazon.com Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023135106</cusip>
			<value>43107</value>
			<shrsOrPrnAmt>
				<sshPrnamt>128090</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>128090</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>America Movil SAB de CV &apos;L&apos; ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>02364W105</cusip>
			<value>25287</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1271966</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1271966</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>American Water Works Company Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>030420103</cusip>
			<value>22416</value>
			<shrsOrPrnAmt>
				<sshPrnamt>493715</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>493715</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ameriprise Financial Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03076C106</cusip>
			<value>103355</value>
			<shrsOrPrnAmt>
				<sshPrnamt>938941</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>938941</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AmerisourceBergen Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03073E105</cusip>
			<value>945</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>14400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Amgen Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>031162100</cusip>
			<value>851</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>6900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Analog Devices Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032654105</cusip>
			<value>622</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>11700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AngloGold Ashanti Ltd. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>035128206</cusip>
			<value>1696</value>
			<shrsOrPrnAmt>
				<sshPrnamt>99275</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>99275</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Anheuser-Busch InBev NV ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>03524A108</cusip>
			<value>22020</value>
			<shrsOrPrnAmt>
				<sshPrnamt>209100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>209100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Annie&apos;s Inc</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03600T104</cusip>
			<value>76</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Apollo Education Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037604105</cusip>
			<value>16897</value>
			<shrsOrPrnAmt>
				<sshPrnamt>493464</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>493464</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Apple Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037833100</cusip>
			<value>16157</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>30100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Arch Coal Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>039380100</cusip>
			<value>6840</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1419100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1419100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Archer-Daniels-Midland Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>039483102</cusip>
			<value>35341</value>
			<shrsOrPrnAmt>
				<sshPrnamt>814450</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>814450</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Asanko Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>04341Y105</cusip>
			<value>3017</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1449620</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1449620</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AuRico Gold Inc</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05155C105</cusip>
			<value>5534</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1268600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1268600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Augusta Resource Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>050912203</cusip>
			<value>2942</value>
			<shrsOrPrnAmt>
				<sshPrnamt>947635</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>947635</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Axiall Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05463D100</cusip>
			<value>6559</value>
			<shrsOrPrnAmt>
				<sshPrnamt>146000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>146000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>B2Gold Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>11777Q209</cusip>
			<value>9967</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3671170</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3671170</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BB&amp;T Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>054937107</cusip>
			<value>4</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BCE Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05534B760</cusip>
			<value>10243</value>
			<shrsOrPrnAmt>
				<sshPrnamt>237676</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>237676</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BHP Billiton Limited ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>088606108</cusip>
			<value>3457</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>51000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Baidu Inc. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>056752108</cusip>
			<value>4927</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32330</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3233</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Baker Hughes Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>057224107</cusip>
			<value>845</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>13000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bank of America Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>060505104</cusip>
			<value>18872</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1097087</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1097087</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bank of Montreal</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>063671101</cusip>
			<value>19605</value>
			<shrsOrPrnAmt>
				<sshPrnamt>292906</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>292906</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bank of Nova Scotia</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>064149107</cusip>
			<value>213064</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3676963</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3676963</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BankUnited Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>06652K103</cusip>
			<value>9267</value>
			<shrsOrPrnAmt>
				<sshPrnamt>266518</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>266518</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Barrick Gold Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>067901108</cusip>
			<value>33675</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1890085</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1890085</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Baxter International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>071813109</cusip>
			<value>22304</value>
			<shrsOrPrnAmt>
				<sshPrnamt>303100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>303100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Baytex Energy Corp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>07317Q105</cusip>
			<value>28451</value>
			<shrsOrPrnAmt>
				<sshPrnamt>690658</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>690658</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Becton, Dickinson and Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>075887109</cusip>
			<value>656</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bed Bath &amp; Beyond Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>075896100</cusip>
			<value>14642</value>
			<shrsOrPrnAmt>
				<sshPrnamt>212800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>212800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bellatrix Exploration Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>078314101</cusip>
			<value>9765</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1154069</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1154069</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Best Buy Company Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>086516101</cusip>
			<value>573</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>21700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Booz Allen Hamilton Holding Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>099502106</cusip>
			<value>1430</value>
			<shrsOrPrnAmt>
				<sshPrnamt>65000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>65000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Boulder Brands Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>101405108</cusip>
			<value>811</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>46000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bristol-Myers Squibb Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>110122108</cusip>
			<value>32722</value>
			<shrsOrPrnAmt>
				<sshPrnamt>629843</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>629843</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Brookfield Asset Management Inc. &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>112585104</cusip>
			<value>106938</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2624163</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2624163</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Brookfield Renewable Energy Partners LP</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>G16258108</cusip>
			<value>473</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>16200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Buffalo Wild Wings Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>119848109</cusip>
			<value>5033</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>33800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bunge Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G16962105</cusip>
			<value>11108</value>
			<shrsOrPrnAmt>
				<sshPrnamt>139700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>139700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAE Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>124765108</cusip>
			<value>7377</value>
			<shrsOrPrnAmt>
				<sshPrnamt>560225</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>560225</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CBS Corporation &apos;B&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>124857202</cusip>
			<value>50802</value>
			<shrsOrPrnAmt>
				<sshPrnamt>822000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>822000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CGI Group Inc. &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>39945C109</cusip>
			<value>102212</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3309233</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3309233</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CLARCOR Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>179895107</cusip>
			<value>952</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>16600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CME Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12572Q105</cusip>
			<value>22</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CSX Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126408103</cusip>
			<value>56069</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1935300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1935300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CVS Caremark Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126650100</cusip>
			<value>33375</value>
			<shrsOrPrnAmt>
				<sshPrnamt>445788</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>445788</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>Cameco Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13321L108</cusip>
			<value>102843</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4489977</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4489977</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>Cameron International Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13342B105</cusip>
			<value>3367</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>54500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Canadian Imperial Bank of Commerce</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136069101</cusip>
			<value>136842</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1587514</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1587514</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Canadian National Railway Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136375102</cusip>
			<value>32406</value>
			<shrsOrPrnAmt>
				<sshPrnamt>576540</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>576540</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>Canadian Natural Resources Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136385101</cusip>
			<value>206569</value>
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				<sshPrnamt>5387285</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5387285</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Canadian Pacific Railway Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13645T100</cusip>
			<value>929</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>6200</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>Catamaran Corp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>148887102</cusip>
			<value>51544</value>
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				<sshPrnamt>1151562</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1151562</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>Celgene Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>151020104</cusip>
			<value>43660</value>
			<shrsOrPrnAmt>
				<sshPrnamt>312738</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>312738</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Cemex SAB De CV 4.875% March 15, 2015</nameOfIssuer>
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			<cusip>151290AV5</cusip>
			<value>2132</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1725000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1725000</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>Cenovus Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15135U109</cusip>
			<value>121180</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4188409</Sole>
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				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Central Fund of Canada Limited - A</nameOfIssuer>
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			<value>10169</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>203436</Sole>
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				<None>0</None>
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			<nameOfIssuer>Central Gold Trust</nameOfIssuer>
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			<value>1371</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>30300</None>
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		<infoTable>
			<nameOfIssuer>Cerner Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<value>72575</value>
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				<sshPrnamt>1290168</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1290168</Sole>
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				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Chevron Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>166764100</cusip>
			<value>53011</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>445780</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ciena Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>171779309</cusip>
			<value>4389</value>
			<shrsOrPrnAmt>
				<sshPrnamt>193000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>193000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cigna Corp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125509109</cusip>
			<value>13649</value>
			<shrsOrPrnAmt>
				<sshPrnamt>163000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>163000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cimarex Energy Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>171798101</cusip>
			<value>6075</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>51000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cisco Systems Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17275R102</cusip>
			<value>7172</value>
			<shrsOrPrnAmt>
				<sshPrnamt>320000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>320000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Citigroup Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172967424</cusip>
			<value>15833</value>
			<shrsOrPrnAmt>
				<sshPrnamt>332600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>332600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cliffs Natural Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>18683K101</cusip>
			<value>591</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>28900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Concho Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20605P101</cusip>
			<value>33260</value>
			<shrsOrPrnAmt>
				<sshPrnamt>271500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>271500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ConocoPhillips</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20825C104</cusip>
			<value>33314</value>
			<shrsOrPrnAmt>
				<sshPrnamt>473500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>473500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Continental Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>212015101</cusip>
			<value>5004</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40263</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>40263</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Core Laboratories NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N22717107</cusip>
			<value>69762</value>
			<shrsOrPrnAmt>
				<sshPrnamt>351535</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>351535</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cornerstone Ondemand Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>21925Y103</cusip>
			<value>6338</value>
			<shrsOrPrnAmt>
				<sshPrnamt>132385</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>132385</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Corning Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>219350105</cusip>
			<value>40099</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1925882</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1925882</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Credicorp Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G2519Y108</cusip>
			<value>56358</value>
			<shrsOrPrnAmt>
				<sshPrnamt>408617</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>408617</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cree Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>225447101</cusip>
			<value>20085</value>
			<shrsOrPrnAmt>
				<sshPrnamt>355100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>355100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Crescent Point Energy Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22576C101</cusip>
			<value>18936</value>
			<shrsOrPrnAmt>
				<sshPrnamt>518579</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>518579</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ctrip.com International Limited ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>22943F100</cusip>
			<value>3661</value>
			<shrsOrPrnAmt>
				<sshPrnamt>72600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>18150</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cummins Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>231021106</cusip>
			<value>2786</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>18700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cyberonics Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23251P102</cusip>
			<value>3745</value>
			<shrsOrPrnAmt>
				<sshPrnamt>57397</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>57397</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>D.R. Horton Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23331A109</cusip>
			<value>10871</value>
			<shrsOrPrnAmt>
				<sshPrnamt>502100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>502100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DaVita HealthCare Partners Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23918K108</cusip>
			<value>24321</value>
			<shrsOrPrnAmt>
				<sshPrnamt>353210</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>353210</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Dealertrack Technologies Inc. 1.50% March 15, 2017</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>242309AB8</cusip>
			<value>1076</value>
			<shrsOrPrnAmt>
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				<sshPrnamtType>PRN</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>751000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Deere &amp; Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>244199105</cusip>
			<value>363</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Devon Energy Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25179M103</cusip>
			<value>6530</value>
			<shrsOrPrnAmt>
				<sshPrnamt>97569</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>97569</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Devry Education Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>251893103</cusip>
			<value>852</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>20100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Discover Financial Services</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>254709108</cusip>
			<value>1030</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>17700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Dollar General Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>256677105</cusip>
			<value>6</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Dominion Diamond Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>257287102</cusip>
			<value>3310</value>
			<shrsOrPrnAmt>
				<sshPrnamt>246300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>246300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EMC Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>268648102</cusip>
			<value>16425</value>
			<shrsOrPrnAmt>
				<sshPrnamt>599200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>599200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ENSCO PLC Class A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G3157S106</cusip>
			<value>15862</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>300500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EOG Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26875P101</cusip>
			<value>7867</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>40100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Eagle Materials Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26969P108</cusip>
			<value>6241</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70388</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>70388</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Eaton Corporation PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G29183103</cusip>
			<value>811</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>10800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ecolab Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278865100</cusip>
			<value>31690</value>
			<shrsOrPrnAmt>
				<sshPrnamt>293439</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>293439</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Edwards Lifesciences Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>28176E108</cusip>
			<value>7</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Eldorado Gold Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>284902103</cusip>
			<value>34406</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6182013</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>6182013</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Eli Lilly and Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>532457108</cusip>
			<value>330</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Enbridge Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29250N105</cusip>
			<value>72710</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1600176</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1600176</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Encana Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>292505104</cusip>
			<value>93557</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4378673</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4378673</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Endeavour Silver Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29258Y103</cusip>
			<value>2291</value>
			<shrsOrPrnAmt>
				<sshPrnamt>530667</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>530667</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Endo International PLC 1.75% April 15, 2015</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>29264FAB2</cusip>
			<value>2262</value>
			<shrsOrPrnAmt>
				<sshPrnamt>960000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>960000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EnerNOC Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>292764107</cusip>
			<value>279</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>12500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Energy Select Sector SPDR ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y506</cusip>
			<value>46681</value>
			<shrsOrPrnAmt>
				<sshPrnamt>524113</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>524113</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Enerplus Corp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>292766102</cusip>
			<value>10046</value>
			<shrsOrPrnAmt>
				<sshPrnamt>502301</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>502301</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Enersis SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>29274F104</cusip>
			<value>107</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6914</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>6914</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Exelon Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30161N101</cusip>
			<value>10</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Express Scripts Holding Co</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30219G108</cusip>
			<value>17534</value>
			<shrsOrPrnAmt>
				<sshPrnamt>233484</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>233484</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Exxon Mobil Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>60197</value>
			<shrsOrPrnAmt>
				<sshPrnamt>616237</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>616237</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Facebook Inc - A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30303M102</cusip>
			<value>58174</value>
			<shrsOrPrnAmt>
				<sshPrnamt>965655</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>965655</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Fiesta Restaurant Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31660B101</cusip>
			<value>4159</value>
			<shrsOrPrnAmt>
				<sshPrnamt>91225</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>91225</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Fifth Third Bancorp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>316773100</cusip>
			<value>353</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>15400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Financial Select Sector SPDR ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y605</cusip>
			<value>47561</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2128788</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2128788</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FirstService Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>33761N109</cusip>
			<value>16292</value>
			<shrsOrPrnAmt>
				<sshPrnamt>342900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>342900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Fomento Economico Mexicano SAB de CV ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>344419106</cusip>
			<value>34479</value>
			<shrsOrPrnAmt>
				<sshPrnamt>369774</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>369774</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Foot Locker Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>344849104</cusip>
			<value>6122</value>
			<shrsOrPrnAmt>
				<sshPrnamt>130300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>130300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ford Motor Credit Co. 4.25% November 15, 2016</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>345370CN8</cusip>
			<value>661</value>
			<shrsOrPrnAmt>
				<sshPrnamt>365000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>365000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Forestar Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>346233109</cusip>
			<value>9429</value>
			<shrsOrPrnAmt>
				<sshPrnamt>529667</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>529667</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Fortuna Silver Mines Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>349915108</cusip>
			<value>1807</value>
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				<sshPrnamt>490607</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<Sole>490607</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Franco-Nevada Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>351858105</cusip>
			<value>15295</value>
			<shrsOrPrnAmt>
				<sshPrnamt>332706</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>332706</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Freeport-McMoRan Copper &amp; Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35671D857</cusip>
			<value>21145</value>
			<shrsOrPrnAmt>
				<sshPrnamt>639350</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>639350</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Frontier Communications Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35906A108</cusip>
			<value>19243</value>
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				<sshPrnamt>3375609</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
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				<Sole>3375609</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>GNC Acquisition Holdings Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>36191G107</cusip>
			<value>5869</value>
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				<sshPrnamt>133308</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>133308</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>GT Advanced Technologies Inc</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>36191U106</cusip>
			<value>561</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>32900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Garmin Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H2906T109</cusip>
			<value>29621</value>
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				<sshPrnamt>536000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>536000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>General Electric Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369604103</cusip>
			<value>36754</value>
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				<sshPrnamt>1419500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1419500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>General Mills Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>370334104</cusip>
			<value>26</value>
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				<sshPrnamt>500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Gildan Activewear Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375916103</cusip>
			<value>23664</value>
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				<sshPrnamt>469377</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>469377</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Gilead Sciences Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375558103</cusip>
			<value>75923</value>
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				<sshPrnamt>1071400</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1071400</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>Gilead Sciences Inc. 1.625% May 1, 2016</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>375558AP8</cusip>
			<value>3708</value>
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			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1185000</Sole>
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				<None>0</None>
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			<nameOfIssuer>GlaxoSmithKline PLC ADR</nameOfIssuer>
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			<value>14331</value>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>Global X Norway 30 ETF</nameOfIssuer>
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			<cusip>37950E747</cusip>
			<value>30012</value>
			<shrsOrPrnAmt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
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				<None>0</None>
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			<nameOfIssuer>Goldcorp Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>380956409</cusip>
			<value>51822</value>
			<shrsOrPrnAmt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2120246</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Google Inc. &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38259P508</cusip>
			<value>88719</value>
			<shrsOrPrnAmt>
				<sshPrnamt>79600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>79600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Gran Tierra Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38500T101</cusip>
			<value>15232</value>
			<shrsOrPrnAmt>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
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				<Sole>2027823</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
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			<nameOfIssuer>Granite Real Estate Investment Trust</nameOfIssuer>
			<titleOfClass>REIT</titleOfClass>
			<cusip>387437114</cusip>
			<value>1904</value>
			<shrsOrPrnAmt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>51732</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Grifols SA</nameOfIssuer>
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			<cusip>398438408</cusip>
			<value>834</value>
			<shrsOrPrnAmt>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
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				<Shared>0</Shared>
				<None>20200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Haemonetics Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<value>8</value>
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				<sshPrnamt>234</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>234</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Halliburton Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>406216101</cusip>
			<value>3419</value>
			<shrsOrPrnAmt>
				<sshPrnamt>58049</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>58049</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Hannon Armstrong Sustainable Infrastructure Capital Inc.</nameOfIssuer>
			<titleOfClass>REIT</titleOfClass>
			<cusip>41068X100</cusip>
			<value>243</value>
			<shrsOrPrnAmt>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>16900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Health Care Select Sector SPDR ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y209</cusip>
			<value>45459</value>
			<shrsOrPrnAmt>
				<sshPrnamt>777142</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>777142</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Henry Schein Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806407102</cusip>
			<value>33796</value>
			<shrsOrPrnAmt>
				<sshPrnamt>283111</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>283111</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Hewlett-Packard Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>428236103</cusip>
			<value>6</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HomeAway Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>43739Q100</cusip>
			<value>7222</value>
			<shrsOrPrnAmt>
				<sshPrnamt>191700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>191700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Honeywell International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>438516106</cusip>
			<value>102511</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1105045</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1105045</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HudBay Minerals Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>443628102</cusip>
			<value>6884</value>
			<shrsOrPrnAmt>
				<sshPrnamt>881410</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>881410</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Huntington Ingalls Industries Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>446413106</cusip>
			<value>11249</value>
			<shrsOrPrnAmt>
				<sshPrnamt>109996</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>109996</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>IMAX Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45245E109</cusip>
			<value>3723</value>
			<shrsOrPrnAmt>
				<sshPrnamt>136200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>136200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>IMRIS Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45322N105</cusip>
			<value>832</value>
			<shrsOrPrnAmt>
				<sshPrnamt>526618</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>526618</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Illinois Tool Works Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>452308109</cusip>
			<value>683</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>8400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Illumina Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>452327109</cusip>
			<value>74584</value>
			<shrsOrPrnAmt>
				<sshPrnamt>501690</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>501690</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Imperial Oil Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>453038408</cusip>
			<value>40209</value>
			<shrsOrPrnAmt>
				<sshPrnamt>863082</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>863082</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Intel Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>458140100</cusip>
			<value>79751</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3089700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3089700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Interactive Intelligence Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45841V109</cusip>
			<value>6265</value>
			<shrsOrPrnAmt>
				<sshPrnamt>86403</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>86403</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>International Business Machines Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>459200101</cusip>
			<value>123619</value>
			<shrsOrPrnAmt>
				<sshPrnamt>642165</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>642165</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Invesco Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G491BT108</cusip>
			<value>46575</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1258694</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1258694</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Ishares India 50 Etf</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464289529</cusip>
			<value>59196</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2301559</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2301559</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Ishares Msci Pacific Ex Japan Etf</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286665</cusip>
			<value>2</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>51</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Ishares iBoxx $ High Yield Corporate Bond ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464288513</cusip>
			<value>12</value>
			<shrsOrPrnAmt>
				<sshPrnamt>127</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>127</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JPMorgan Chase &amp; Co</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46625H100</cusip>
			<value>127612</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2101846</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2101846</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Jack Henry &amp; Associates Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>426281101</cusip>
			<value>3937</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>70600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Janus Capital Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>47102X105</cusip>
			<value>59378</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5462200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5462200</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>Jazz Pharmaceuticals PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G50871105</cusip>
			<value>9861</value>
			<shrsOrPrnAmt>
				<sshPrnamt>71097</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>71097</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Johnson Controls Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>478366107</cusip>
			<value>2309</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>48800</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>KB Financial Group Inc. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>48241A105</cusip>
			<value>3104</value>
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				<sshPrnamt>88303</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>88303</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>KB Home</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>48666K109</cusip>
			<value>3176</value>
			<shrsOrPrnAmt>
				<sshPrnamt>186940</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>186940</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>Kate Spade &amp; Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>485865109</cusip>
			<value>6183</value>
			<shrsOrPrnAmt>
				<sshPrnamt>166700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>166700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Kimberly-Clark Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>494368103</cusip>
			<value>187</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Kinder Morgan Energy Partners Limited Partnership</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>494550106</cusip>
			<value>14917</value>
			<shrsOrPrnAmt>
				<sshPrnamt>201702</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>201702</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Kohl&apos;s Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>500255104</cusip>
			<value>24125</value>
			<shrsOrPrnAmt>
				<sshPrnamt>424700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>424700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Kraft Foods Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50076Q106</cusip>
			<value>26450</value>
			<shrsOrPrnAmt>
				<sshPrnamt>471446</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>471446</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
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			<nameOfIssuer>L-3 Communications Holdings Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>502424104</cusip>
			<value>957</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>8100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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			<nameOfIssuer>Laboratory Corporation of America Holdings</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50540R409</cusip>
			<value>10</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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			<nameOfIssuer>Las Vegas Sands Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>517834107</cusip>
			<value>64627</value>
			<shrsOrPrnAmt>
				<sshPrnamt>800000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>800000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
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			<nameOfIssuer>Lincoln National Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>534187109</cusip>
			<value>20429</value>
			<shrsOrPrnAmt>
				<sshPrnamt>403155</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>403155</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Lorillard Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>544147101</cusip>
			<value>13726</value>
			<shrsOrPrnAmt>
				<sshPrnamt>253800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>253800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
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			<nameOfIssuer>Lowe&apos;s Companies Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>548661107</cusip>
			<value>1712</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>35000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Lumber Liquidators Holdings Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55003T107</cusip>
			<value>5009</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53398</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>53398</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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			<nameOfIssuer>LyondellBasell Industries NV &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N53745100</cusip>
			<value>74648</value>
			<shrsOrPrnAmt>
				<sshPrnamt>839250</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>839250</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
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			<nameOfIssuer>MAG Silver Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55903Q104</cusip>
			<value>3900</value>
			<shrsOrPrnAmt>
				<sshPrnamt>561907</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>561907</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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			<nameOfIssuer>MGM Resorts International 4.25% April 15, 2015</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>55303QAE0</cusip>
			<value>510</value>
			<shrsOrPrnAmt>
				<sshPrnamt>350000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>350000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Macy&apos;s Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55616P104</cusip>
			<value>972</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>16400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Magna International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>559222401</cusip>
			<value>60129</value>
			<shrsOrPrnAmt>
				<sshPrnamt>625164</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>625164</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
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			<nameOfIssuer>Manulife Financial Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56501R106</cusip>
			<value>57385</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2974218</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2974218</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
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			<nameOfIssuer>Market Vectors High Yield Municipal Index ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>57060U878</cusip>
			<value>3715</value>
			<shrsOrPrnAmt>
				<sshPrnamt>125700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>125700</Sole>
				<Shared>0</Shared>
				<None>0</None>
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			<nameOfIssuer>MasTec Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>576323109</cusip>
			<value>1264</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29085</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>29085</Sole>
				<Shared>0</Shared>
				<None>0</None>
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			<nameOfIssuer>MasterCard Inc. &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57636Q104</cusip>
			<value>852</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>11400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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			<nameOfIssuer>Materials Select Sector SPDR ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y100</cusip>
			<value>46512</value>
			<shrsOrPrnAmt>
				<sshPrnamt>983672</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>983672</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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			<nameOfIssuer>Mattel Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>577081102</cusip>
			<value>41964</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1046150</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1046150</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>McDonald&apos;s Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>580135101</cusip>
			<value>29</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>McKesson Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58155Q103</cusip>
			<value>47678</value>
			<shrsOrPrnAmt>
				<sshPrnamt>270011</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>270011</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Mednax Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58502B106</cusip>
			<value>16079</value>
			<shrsOrPrnAmt>
				<sshPrnamt>259400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>259400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Medtronic Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>585055106</cusip>
			<value>634</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>10300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Merck &amp; Company Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y105</cusip>
			<value>43838</value>
			<shrsOrPrnAmt>
				<sshPrnamt>772160</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>772160</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MetLife Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59156R108</cusip>
			<value>23208</value>
			<shrsOrPrnAmt>
				<sshPrnamt>439520</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>439520</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Methanex Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59151K108</cusip>
			<value>8271</value>
			<shrsOrPrnAmt>
				<sshPrnamt>129200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>129200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Michael Kors Holdings Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G60754101</cusip>
			<value>56729</value>
			<shrsOrPrnAmt>
				<sshPrnamt>608197</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>608197</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Microchip Technology Inc. 2.125% December 15, 2037</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>595017AB0</cusip>
			<value>2153</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1161000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1161000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Molycorp Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>608753109</cusip>
			<value>601</value>
			<shrsOrPrnAmt>
				<sshPrnamt>128200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>128200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Mondelez International Inc</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>609207105</cusip>
			<value>38673</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1119249</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1119249</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Monsanto Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61166W101</cusip>
			<value>49175</value>
			<shrsOrPrnAmt>
				<sshPrnamt>432217</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>432217</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Moody&apos;s Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>615369105</cusip>
			<value>73527</value>
			<shrsOrPrnAmt>
				<sshPrnamt>926916</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>926916</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Mountain Province Diamonds Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>62426E402</cusip>
			<value>2846</value>
			<shrsOrPrnAmt>
				<sshPrnamt>600075</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>600075</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Mueller Water Products Inc. &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>624758108</cusip>
			<value>246</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>25900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NTELOS Holdings Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67020Q305</cusip>
			<value>10436</value>
			<shrsOrPrnAmt>
				<sshPrnamt>773000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>773000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NVIDIA Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67066G104</cusip>
			<value>639</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>35700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NXP Semiconductors NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N6596X109</cusip>
			<value>7758</value>
			<shrsOrPrnAmt>
				<sshPrnamt>131900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>131900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>National Retail Properties Inc.</nameOfIssuer>
			<titleOfClass>REIT</titleOfClass>
			<cusip>637417106</cusip>
			<value>20409</value>
			<shrsOrPrnAmt>
				<sshPrnamt>594607</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>594607</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NetApp Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>64110D104</cusip>
			<value>808</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>21900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>New Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>644535106</cusip>
			<value>3339</value>
			<shrsOrPrnAmt>
				<sshPrnamt>674582</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>674582</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Newmont Mining Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>651639106</cusip>
			<value>2110</value>
			<shrsOrPrnAmt>
				<sshPrnamt>90000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>90000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Nike Inc. &apos;B&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>654106103</cusip>
			<value>628</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>8500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Noble Corp. PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G65431101</cusip>
			<value>3015</value>
			<shrsOrPrnAmt>
				<sshPrnamt>92100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>92100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Noble Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655044105</cusip>
			<value>53187</value>
			<shrsOrPrnAmt>
				<sshPrnamt>748639</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>748639</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Northrop Grumman Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>666807102</cusip>
			<value>58075</value>
			<shrsOrPrnAmt>
				<sshPrnamt>470672</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>470672</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Novellus Systems Inc. 2.625%  May 15, 2041</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>670008AD3</cusip>
			<value>1950</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1150000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1150000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Oasis Petroleum Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674215108</cusip>
			<value>3046</value>
			<shrsOrPrnAmt>
				<sshPrnamt>73000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>73000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Occidental Petroleum Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674599105</cusip>
			<value>5464</value>
			<shrsOrPrnAmt>
				<sshPrnamt>57336</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>57336</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ocwen Financial Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>675746309</cusip>
			<value>11545</value>
			<shrsOrPrnAmt>
				<sshPrnamt>294661</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>294661</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Omnicom Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>681919106</cusip>
			<value>56309</value>
			<shrsOrPrnAmt>
				<sshPrnamt>775562</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>775562</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>On Assignment Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>682159108</cusip>
			<value>6432</value>
			<shrsOrPrnAmt>
				<sshPrnamt>166661</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>166661</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Oncolytics Biotech Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>682310107</cusip>
			<value>361</value>
			<shrsOrPrnAmt>
				<sshPrnamt>199549</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>199549</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Open Text Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>683715106</cusip>
			<value>45234</value>
			<shrsOrPrnAmt>
				<sshPrnamt>947174</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>947174</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pall Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>696429307</cusip>
			<value>1646</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>18400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pandora Media Inc</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>698354107</cusip>
			<value>573</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>18900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pattern Energy Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70338P100</cusip>
			<value>1188</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>43800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Peabody Energy Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>704549104</cusip>
			<value>2093</value>
			<shrsOrPrnAmt>
				<sshPrnamt>128100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>128100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pembina Pipeline Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>706327103</cusip>
			<value>33676</value>
			<shrsOrPrnAmt>
				<sshPrnamt>886430</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>886430</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pengrowth Energy Corp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70706P104</cusip>
			<value>1330</value>
			<shrsOrPrnAmt>
				<sshPrnamt>219700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>219700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Penn West Petroleum Ltd</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>707887105</cusip>
			<value>2124</value>
			<shrsOrPrnAmt>
				<sshPrnamt>254000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>254000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pentair Ltd-Registered</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H6169Q108</cusip>
			<value>1928</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>24300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PepsiCo Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>713448108</cusip>
			<value>25</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Perrigo Co. PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G97822103</cusip>
			<value>51132</value>
			<shrsOrPrnAmt>
				<sshPrnamt>330593</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>330593</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Petroleo Brasileiro SA</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>71654V408</cusip>
			<value>5507</value>
			<shrsOrPrnAmt>
				<sshPrnamt>418745</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>418745</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pfizer Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>717081103</cusip>
			<value>3045</value>
			<shrsOrPrnAmt>
				<sshPrnamt>94800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>94800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pharmacyclics Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>716933106</cusip>
			<value>4248</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42383</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>42383</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Philip Morris International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718172109</cusip>
			<value>73158</value>
			<shrsOrPrnAmt>
				<sshPrnamt>893520</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>893520</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Phillips 66</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718546104</cusip>
			<value>58735</value>
			<shrsOrPrnAmt>
				<sshPrnamt>762148</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>762148</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pioneer Natural Resources Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>723787107</cusip>
			<value>35273</value>
			<shrsOrPrnAmt>
				<sshPrnamt>188474</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>188474</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Polyone Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>73179P106</cusip>
			<value>5813</value>
			<shrsOrPrnAmt>
				<sshPrnamt>158561</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>158561</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Polypore International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>73179V103</cusip>
			<value>458</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>13400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Potash Corp. of Saskatchewan Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>73755L107</cusip>
			<value>1055</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29165</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>29165</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Praxair Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74005P104</cusip>
			<value>2729</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20835</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>20835</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Precision Castparts Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>740189105</cusip>
			<value>43986</value>
			<shrsOrPrnAmt>
				<sshPrnamt>174015</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>174015</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Precision Drilling Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74022D308</cusip>
			<value>65315</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5451150</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5451150</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Primerica Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74164M108</cusip>
			<value>49806</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1057190</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1057190</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Primero Mining Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74164W106</cusip>
			<value>9611</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1325925</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1325925</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Progressive Waste Solutions Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74339G101</cusip>
			<value>724</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>28600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QUALCOMM Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>747525103</cusip>
			<value>194653</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2468193</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2468193</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Quanta Services Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74762E102</cusip>
			<value>1716</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>46500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Quest Diagnostics Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74834L100</cusip>
			<value>6</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RPM International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>749685103</cusip>
			<value>16</value>
			<shrsOrPrnAmt>
				<sshPrnamt>376</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>376</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Randgold Resources Limited ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>752344309</cusip>
			<value>42720</value>
			<shrsOrPrnAmt>
				<sshPrnamt>569583</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>569583</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Raytheon Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>755111507</cusip>
			<value>4367</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>44200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ResMed Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>761152107</cusip>
			<value>420</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>9400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Rio Alto Mining Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>76689T104</cusip>
			<value>1362</value>
			<shrsOrPrnAmt>
				<sshPrnamt>696900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>696900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Robert Half International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>770323103</cusip>
			<value>73999</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1763900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1763900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Rock-Tenn Company &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>772739207</cusip>
			<value>51558</value>
			<shrsOrPrnAmt>
				<sshPrnamt>488350</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>488350</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Rockwell Automation Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>773903109</cusip>
			<value>20229</value>
			<shrsOrPrnAmt>
				<sshPrnamt>162400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>162400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Rogers Communications Inc. &apos;B&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>775109200</cusip>
			<value>8218</value>
			<shrsOrPrnAmt>
				<sshPrnamt>198228</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>198228</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ross Stores Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>778296103</cusip>
			<value>25001</value>
			<shrsOrPrnAmt>
				<sshPrnamt>349400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>349400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Royal Bank of Canada</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>780087102</cusip>
			<value>191970</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2910235</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2910235</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Royal Dutch Shell PLC &apos;A&apos; ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>780259206</cusip>
			<value>2005</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27441</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>27441</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Royal Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>780287108</cusip>
			<value>7640</value>
			<shrsOrPrnAmt>
				<sshPrnamt>122000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>122000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Rubicon Technology Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78112T107</cusip>
			<value>461</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>40800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR Barclays Investment Grade Floating Rate ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>78468R200</cusip>
			<value>19420</value>
			<shrsOrPrnAmt>
				<sshPrnamt>634800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>634800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR S&amp;P Homebuilders ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>78464A888</cusip>
			<value>10416</value>
			<shrsOrPrnAmt>
				<sshPrnamt>320000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>320000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SanDisk Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>80004C101</cusip>
			<value>77861</value>
			<shrsOrPrnAmt>
				<sshPrnamt>958950</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>958950</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sandstorm Gold Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>80013R206</cusip>
			<value>1430</value>
			<shrsOrPrnAmt>
				<sshPrnamt>254880</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>254880</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Schlumberger Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806857108</cusip>
			<value>5772</value>
			<shrsOrPrnAmt>
				<sshPrnamt>59200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>59200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Seagate Technology PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G7945M107</cusip>
			<value>927</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>16500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SemGroup Corporation Class &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81663A105</cusip>
			<value>6198</value>
			<shrsOrPrnAmt>
				<sshPrnamt>94366</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>94366</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Shaw Communications Inc. &apos;B&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>82028K200</cusip>
			<value>23783</value>
			<shrsOrPrnAmt>
				<sshPrnamt>995475</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>995475</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Shire PLC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>82481R106</cusip>
			<value>802</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sigma-Aldrich Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>826552101</cusip>
			<value>15</value>
			<shrsOrPrnAmt>
				<sshPrnamt>165</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>165</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Silver Wheaton Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>828336107</cusip>
			<value>29413</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1295932</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1295932</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SilverCrest Mines Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>828365106</cusip>
			<value>12844</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7026134</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>7026134</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sirona Dental Systems Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>82966C103</cusip>
			<value>10</value>
			<shrsOrPrnAmt>
				<sshPrnamt>137</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>137</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Solitario Exploration &amp; Royalty Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>8342EP107</cusip>
			<value>941</value>
			<shrsOrPrnAmt>
				<sshPrnamt>748101</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>748101</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Southern Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>842587107</cusip>
			<value>22</value>
			<shrsOrPrnAmt>
				<sshPrnamt>500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Southern Copper Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>84265V105</cusip>
			<value>1520</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52216</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>52216</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Southwestern Energy Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>845467109</cusip>
			<value>3960</value>
			<shrsOrPrnAmt>
				<sshPrnamt>86060</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>86060</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Splunk Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>848637104</cusip>
			<value>7645</value>
			<shrsOrPrnAmt>
				<sshPrnamt>106928</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>106928</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Spouts Farmers Market Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85208M102</cusip>
			<value>5848</value>
			<shrsOrPrnAmt>
				<sshPrnamt>162300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>162300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>St. Jude Medical Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>790849103</cusip>
			<value>16487</value>
			<shrsOrPrnAmt>
				<sshPrnamt>252116</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>252116</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Stantec Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85472N109</cusip>
			<value>23884</value>
			<shrsOrPrnAmt>
				<sshPrnamt>390584</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>390584</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Staples Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>855030102</cusip>
			<value>5108</value>
			<shrsOrPrnAmt>
				<sshPrnamt>450426</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>450426</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Stillwater Mining Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>86074Q102</cusip>
			<value>11331</value>
			<shrsOrPrnAmt>
				<sshPrnamt>765040</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>765040</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Stratasys Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>M85548101</cusip>
			<value>7447</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70190</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>70190</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sun Life Financial Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>866796105</cusip>
			<value>23914</value>
			<shrsOrPrnAmt>
				<sshPrnamt>690314</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>690314</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SunOpta Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>8676EP108</cusip>
			<value>6577</value>
			<shrsOrPrnAmt>
				<sshPrnamt>556895</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>556895</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Suncor Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>867224107</cusip>
			<value>241189</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6902707</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>6902707</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Superior Energy Services Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>868157108</cusip>
			<value>7663</value>
			<shrsOrPrnAmt>
				<sshPrnamt>249100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>249100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sysco Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>871829107</cusip>
			<value>7190</value>
			<shrsOrPrnAmt>
				<sshPrnamt>199000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>199000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>T.Rowe Price Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74144T108</cusip>
			<value>51417</value>
			<shrsOrPrnAmt>
				<sshPrnamt>624348</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>624348</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TE Connectivity Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H84989104</cusip>
			<value>14452</value>
			<shrsOrPrnAmt>
				<sshPrnamt>240000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>240000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TELUS Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87971M103</cusip>
			<value>30641</value>
			<shrsOrPrnAmt>
				<sshPrnamt>854370</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>854370</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TOTAL SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>89151E109</cusip>
			<value>3870</value>
			<shrsOrPrnAmt>
				<sshPrnamt>58988</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>58988</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Tahoe Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>873868103</cusip>
			<value>78778</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3724878</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3724878</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Taiwan Semiconductor Manufacturing Company Limited ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>874039100</cusip>
			<value>686</value>
			<shrsOrPrnAmt>
				<sshPrnamt>34242</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>34242</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Talisman Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87425E103</cusip>
			<value>10306</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1033384</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1033384</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Target Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87612E106</cusip>
			<value>30</value>
			<shrsOrPrnAmt>
				<sshPrnamt>500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Technology Select Sector SPDR ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y803</cusip>
			<value>46319</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1274131</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1274131</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Teck Resources Limited &apos;B&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>878742204</cusip>
			<value>84659</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3920722</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3920722</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Tenaris SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>88031M109</cusip>
			<value>51517</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1164202</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1164202</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Teradata Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88076W103</cusip>
			<value>7232</value>
			<shrsOrPrnAmt>
				<sshPrnamt>147000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>147000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Tesla Motors Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88160R101</cusip>
			<value>229</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Teva Pharmaceutical Industries Limited ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>881624209</cusip>
			<value>38921</value>
			<shrsOrPrnAmt>
				<sshPrnamt>736545</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>736545</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Texas Instruments Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>882508104</cusip>
			<value>1806</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>38300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Allstate Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>020002101</cusip>
			<value>10264</value>
			<shrsOrPrnAmt>
				<sshPrnamt>181400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>181400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Blackstone Group Limited Partnership</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09253U108</cusip>
			<value>132760</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3992575</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3992575</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Boeing Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>097023105</cusip>
			<value>82138</value>
			<shrsOrPrnAmt>
				<sshPrnamt>654507</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>654507</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Brink&apos;s Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>109696104</cusip>
			<value>3956</value>
			<shrsOrPrnAmt>
				<sshPrnamt>138545</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>138545</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Carlyle Group</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>14309L102</cusip>
			<value>4983</value>
			<shrsOrPrnAmt>
				<sshPrnamt>141800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>141800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Coca-Cola Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>191216100</cusip>
			<value>534</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>13800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Cooper Companies Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>216648402</cusip>
			<value>13283</value>
			<shrsOrPrnAmt>
				<sshPrnamt>96700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>96700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Descartes Systems Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>249906108</cusip>
			<value>2749</value>
			<shrsOrPrnAmt>
				<sshPrnamt>196628</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>196628</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Dun &amp; Bradstreet Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26483E100</cusip>
			<value>34040</value>
			<shrsOrPrnAmt>
				<sshPrnamt>342612</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>342612</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Estee Lauder Companies Inc. &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>518439104</cusip>
			<value>39026</value>
			<shrsOrPrnAmt>
				<sshPrnamt>583500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>583500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Hartford Financial Services Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>416515104</cusip>
			<value>15074</value>
			<shrsOrPrnAmt>
				<sshPrnamt>427358</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>427358</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Western Union Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>959802109</cusip>
			<value>550</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>33600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Williams Companies Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>969457100</cusip>
			<value>165432</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4076418</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4076418</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Thermo Fisher Scientific Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>883556102</cusip>
			<value>24923</value>
			<shrsOrPrnAmt>
				<sshPrnamt>207263</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>207263</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Thomson Reuters Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>884903105</cusip>
			<value>15787</value>
			<shrsOrPrnAmt>
				<sshPrnamt>461631</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>461631</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Tim Hortons Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88706M103</cusip>
			<value>15991</value>
			<shrsOrPrnAmt>
				<sshPrnamt>289011</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>289011</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Toronto-Dominion Bank</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>891160509</cusip>
			<value>226058</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4819482</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4819482</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TransAlta Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89346D107</cusip>
			<value>11885</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1022776</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1022776</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TransCanada Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89353D107</cusip>
			<value>13654</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300250</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>300250</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Trimble Navigation Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>896239100</cusip>
			<value>88288</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2271274</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2271274</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Trinity Industries Inc. 3.875% June 1, 2036</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>896522AF6</cusip>
			<value>1072</value>
			<shrsOrPrnAmt>
				<sshPrnamt>675000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>675000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>U.S. Geothermal Inc. Restricted (1933)</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90338S102</cusip>
			<value>4367</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5852335</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5852335</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>US Bancorp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902973304</cusip>
			<value>279</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>6500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ultimate Software Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90385D107</cusip>
			<value>4400</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32114</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>32114</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Union Pacific Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>907818108</cusip>
			<value>788</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>United Natural Foods Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911163103</cusip>
			<value>1638</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>23100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>United Parcel Service Inc. &apos;B&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911312106</cusip>
			<value>253</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>United Technologies Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>913017109</cusip>
			<value>25882</value>
			<shrsOrPrnAmt>
				<sshPrnamt>221500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>221500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UnitedHealth Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91324P102</cusip>
			<value>279</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Unum Group</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91529Y106</cusip>
			<value>61812</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1750454</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1750454</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vale SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>91912E105</cusip>
			<value>21138</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1528322</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1528322</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Valeant Pharmaceuticals International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91911K102</cusip>
			<value>6075</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46153</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>46153</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Valero Energy Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y100</cusip>
			<value>6192</value>
			<shrsOrPrnAmt>
				<sshPrnamt>116600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>116600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Valmont Industries Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>920253101</cusip>
			<value>134</value>
			<shrsOrPrnAmt>
				<sshPrnamt>900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vanguard FTSE Europe ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>922042874</cusip>
			<value>18</value>
			<shrsOrPrnAmt>
				<sshPrnamt>306</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>306</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vanguard Ftse Emerging Markets ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>922042858</cusip>
			<value>4</value>
			<shrsOrPrnAmt>
				<sshPrnamt>90</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>90</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vermilion Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>923725105</cusip>
			<value>8854</value>
			<shrsOrPrnAmt>
				<sshPrnamt>141688</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>141688</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Volcano Corp. 1.75% December 01, 2017</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>928645AB6</cusip>
			<value>758</value>
			<shrsOrPrnAmt>
				<sshPrnamt>775000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>775000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WPX Energy Inc</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98212B103</cusip>
			<value>17537</value>
			<shrsOrPrnAmt>
				<sshPrnamt>972592</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>972592</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wabash National Corp. 3.375% May 1, 2018</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>929566AH0</cusip>
			<value>932</value>
			<shrsOrPrnAmt>
				<sshPrnamt>675000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>675000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wabtec Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>929740108</cusip>
			<value>22363</value>
			<shrsOrPrnAmt>
				<sshPrnamt>288546</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>288546</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wal-Mart Stores Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931142103</cusip>
			<value>31</value>
			<shrsOrPrnAmt>
				<sshPrnamt>400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Walgreen Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931422109</cusip>
			<value>5484</value>
			<shrsOrPrnAmt>
				<sshPrnamt>83050</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>83050</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Waste Management Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94106L109</cusip>
			<value>57339</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1362865</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1362865</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Web.com Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94733A104</cusip>
			<value>13374</value>
			<shrsOrPrnAmt>
				<sshPrnamt>393000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>393000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WellPoint Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94973V107</cusip>
			<value>15591</value>
			<shrsOrPrnAmt>
				<sshPrnamt>156600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>156600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wellpoint Inc. 2.75% October 15, 2042</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>94973VBG1</cusip>
			<value>1749</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1200000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1200000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wells Fargo &amp; Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>949746101</cusip>
			<value>38875</value>
			<shrsOrPrnAmt>
				<sshPrnamt>781500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>781500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Western Copper Corporation and Gold Corp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>95805V108</cusip>
			<value>1775</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1833281</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1833281</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Western Digital Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>958102105</cusip>
			<value>4950</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>53900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Whiting Petroleum Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>966387102</cusip>
			<value>9375</value>
			<shrsOrPrnAmt>
				<sshPrnamt>135096</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>135096</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Whole Foods Market Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>966837106</cusip>
			<value>1481</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>29200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wilshire US REIT ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>18383M472</cusip>
			<value>4447</value>
			<shrsOrPrnAmt>
				<sshPrnamt>113700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>113700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WisdomTree Investments Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>97717P104</cusip>
			<value>15692</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1195958</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1195958</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Xilinx Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>983919101</cusip>
			<value>657</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>12100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Xylem Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98419M100</cusip>
			<value>2164</value>
			<shrsOrPrnAmt>
				<sshPrnamt>59400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>59400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Yamana Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98462Y100</cusip>
			<value>29915</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3414875</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3414875</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Yandex NV &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N97284108</cusip>
			<value>990</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>32800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Zimmer Holdings Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98956P102</cusip>
			<value>672</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>7100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>eBay Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278642103</cusip>
			<value>7861</value>
			<shrsOrPrnAmt>
				<sshPrnamt>142300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>142300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares Core S&amp;P 500 ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464287200</cusip>
			<value>19158</value>
			<shrsOrPrnAmt>
				<sshPrnamt>101804</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>101804</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares Global Timber &amp; Forestry ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464288174</cusip>
			<value>2398</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>46300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares Gold Trust ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464285105</cusip>
			<value>5674</value>
			<shrsOrPrnAmt>
				<sshPrnamt>456100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>456100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares International Developed Real Estate ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464288489</cusip>
			<value>3690</value>
			<shrsOrPrnAmt>
				<sshPrnamt>122800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>122800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares International Treasury Bond ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464288117</cusip>
			<value>12</value>
			<shrsOrPrnAmt>
				<sshPrnamt>118</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>118</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Australia Index ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286103</cusip>
			<value>8828</value>
			<shrsOrPrnAmt>
				<sshPrnamt>341215</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>341215</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI China ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>46429B671</cusip>
			<value>38099</value>
			<shrsOrPrnAmt>
				<sshPrnamt>846771</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>846771</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI EAFE ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464287465</cusip>
			<value>12742</value>
			<shrsOrPrnAmt>
				<sshPrnamt>189680</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>189680</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI France ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286707</cusip>
			<value>7091</value>
			<shrsOrPrnAmt>
				<sshPrnamt>242742</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>242742</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Germany ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286806</cusip>
			<value>3910</value>
			<shrsOrPrnAmt>
				<sshPrnamt>124700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>124700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Italy Capped ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286855</cusip>
			<value>18123</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1023277</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1023277</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Japan ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286848</cusip>
			<value>49170</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4339498</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4339498</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Netherlands ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286814</cusip>
			<value>52695</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2018065</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2018065</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Spain Index ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286764</cusip>
			<value>6745</value>
			<shrsOrPrnAmt>
				<sshPrnamt>165300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>165300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Taiwan Index ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286731</cusip>
			<value>24456</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1700711</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1700711</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares Russell Mid-Cap ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464287499</cusip>
			<value>8389</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>54200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>priceline.com Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>741503403</cusip>
			<value>72658</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60958</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>60958</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>salesforce.com Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>79466L302</cusip>
			<value>54798</value>
			<shrsOrPrnAmt>
				<sshPrnamt>959808</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>959808</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
</informationTable>
