<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>21Vianet Group Inc. ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90138A103</cusip>
			<value>2730</value>
			<shrsOrPrnAmt>
				<sshPrnamt>151500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>909000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>3D Systems Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88554D205</cusip>
			<value>29835</value>
			<shrsOrPrnAmt>
				<sshPrnamt>642867</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>642867</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>3M Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88579Y101</cusip>
			<value>13852</value>
			<shrsOrPrnAmt>
				<sshPrnamt>97600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>97600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>8x8 Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>282914100</cusip>
			<value>1900</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>Abengoa Yield PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G00349103</cusip>
			<value>527</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>14800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACE Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H0023R105</cusip>
			<value>118276</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1126430</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1126430</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AGCO Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>001084102</cusip>
			<value>42377</value>
			<shrsOrPrnAmt>
				<sshPrnamt>931164</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>931164</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMETEK Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>031100100</cusip>
			<value>42678</value>
			<shrsOrPrnAmt>
				<sshPrnamt>848875</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>848875</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ARM Holdings PLC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>042068106</cusip>
			<value>56140</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1283780</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1283780</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AT&amp;T Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00206R102</cusip>
			<value>56035</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1587707</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1587707</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AbbVie Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00287Y109</cusip>
			<value>72601</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1255250</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1255250</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Actavis PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0083B108</cusip>
			<value>159216</value>
			<shrsOrPrnAmt>
				<sshPrnamt>659301</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>659301</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Acuity Brands Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00508Y102</cusip>
			<value>1368</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>11600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Advantage Oil and Gas Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00765F101</cusip>
			<value>2281</value>
			<shrsOrPrnAmt>
				<sshPrnamt>448992</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>448992</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Agilent Technologies Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00846U101</cusip>
			<value>405</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>Agnico Eagle Mines Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>008474108</cusip>
			<value>15139</value>
			<shrsOrPrnAmt>
				<sshPrnamt>523400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>523400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Agrium Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>008916108</cusip>
			<value>63286</value>
			<shrsOrPrnAmt>
				<sshPrnamt>711470</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>711470</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Alamos Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>011527108</cusip>
			<value>3398</value>
			<shrsOrPrnAmt>
				<sshPrnamt>426096</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>426096</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Alibaba Group Holding Ltd. SP ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>01609W102</cusip>
			<value>1290</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>14500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Allergan Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>018490102</cusip>
			<value>23413</value>
			<shrsOrPrnAmt>
				<sshPrnamt>131200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>131200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Alliance Data Systems Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>018581108</cusip>
			<value>46589</value>
			<shrsOrPrnAmt>
				<sshPrnamt>187444</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>187444</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Altria Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02209S103</cusip>
			<value>79991</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1738533</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1738533</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Amazon.com Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023135106</cusip>
			<value>42024</value>
			<shrsOrPrnAmt>
				<sshPrnamt>130218</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>130218</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>31965</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1267745</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1267745</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>American Capital Agency Corporation</nameOfIssuer>
			<titleOfClass>REIT</titleOfClass>
			<cusip>02503X105</cusip>
			<value>11</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>American Water Works Company Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>030420103</cusip>
			<value>24627</value>
			<shrsOrPrnAmt>
				<sshPrnamt>510138</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>510138</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ameriprise Financial Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03076C106</cusip>
			<value>113398</value>
			<shrsOrPrnAmt>
				<sshPrnamt>918036</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>918036</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Analog Devices Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032654105</cusip>
			<value>659</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>13300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AngloGold Ashanti Ltd. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>035128206</cusip>
			<value>1155</value>
			<shrsOrPrnAmt>
				<sshPrnamt>96171</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>96171</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Anheuser-Busch InBev NV ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>03524A108</cusip>
			<value>21887</value>
			<shrsOrPrnAmt>
				<sshPrnamt>197100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>197100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Annaly Capital Management Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>035710409</cusip>
			<value>7</value>
			<shrsOrPrnAmt>
				<sshPrnamt>700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Apple Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037833100</cusip>
			<value>20276</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>200900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Archer-Daniels-Midland Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>039483102</cusip>
			<value>92488</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1807516</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1807516</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Asanko Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>04341Y105</cusip>
			<value>3966</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1914320</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1914320</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Aurico Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05155C105</cusip>
			<value>4566</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1307600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1307600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Axiall Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05463D100</cusip>
			<value>5166</value>
			<shrsOrPrnAmt>
				<sshPrnamt>144000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>144000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>B2Gold Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>11777Q209</cusip>
			<value>11860</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5824931</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5824931</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>7084</value>
			<shrsOrPrnAmt>
				<sshPrnamt>165652</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>165652</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BHP Billiton Limited ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>088606108</cusip>
			<value>324</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Baidu Inc. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>056752108</cusip>
			<value>6577</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3010</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Baker Hughes Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>057224107</cusip>
			<value>600</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>9200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bank of America Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>060505104</cusip>
			<value>17628</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1032087</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1032087</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bank of Montreal</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>063671101</cusip>
			<value>21073</value>
			<shrsOrPrnAmt>
				<sshPrnamt>286269</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>286269</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bank of Nova Scotia</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>064149107</cusip>
			<value>178394</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2883864</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2883864</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Barrick Gold Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>067901108</cusip>
			<value>17592</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1196759</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1196759</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Baxter International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>071813109</cusip>
			<value>21791</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>16586</value>
			<shrsOrPrnAmt>
				<sshPrnamt>438558</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>438558</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Becton, Dickinson and Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>075887109</cusip>
			<value>775</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>6800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bed Bath &amp; Beyond Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>075896100</cusip>
			<value>16189</value>
			<shrsOrPrnAmt>
				<sshPrnamt>245500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>245500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Blackberry Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09228F103</cusip>
			<value>7119</value>
			<shrsOrPrnAmt>
				<sshPrnamt>715500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>715500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Booz Allen Hamilton Holding Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>099502106</cusip>
			<value>8087</value>
			<shrsOrPrnAmt>
				<sshPrnamt>345000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>345000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Boulder Brands Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>101405108</cusip>
			<value>628</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>34702</value>
			<shrsOrPrnAmt>
				<sshPrnamt>677182</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>677182</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>106295</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2367335</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2367335</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Brookfield Property Partners Limited Partnership</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>G16249107</cusip>
			<value>5745</value>
			<shrsOrPrnAmt>
				<sshPrnamt>273405</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>273405</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>573</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>18800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Buffalo Wild Wings Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>119848109</cusip>
			<value>4546</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>10594</value>
			<shrsOrPrnAmt>
				<sshPrnamt>125558</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>125558</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAE Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>124765108</cusip>
			<value>5392</value>
			<shrsOrPrnAmt>
				<sshPrnamt>444600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>444600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CBS Corporation &apos;B&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>124857202</cusip>
			<value>44694</value>
			<shrsOrPrnAmt>
				<sshPrnamt>834681</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>834681</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CGI Group Inc. &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>39945C109</cusip>
			<value>100139</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2963408</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2963408</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CME Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12572Q105</cusip>
			<value>24</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>CSX Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126408103</cusip>
			<value>52686</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1641175</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1641175</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CVS Health Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126650100</cusip>
			<value>34721</value>
			<shrsOrPrnAmt>
				<sshPrnamt>435488</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>435488</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cameco Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13321L108</cusip>
			<value>49363</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2797422</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2797422</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Canadian Imperial Bank of Commerce</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136069101</cusip>
			<value>78375</value>
			<shrsOrPrnAmt>
				<sshPrnamt>872501</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>872501</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Canadian National Railway Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136375102</cusip>
			<value>36651</value>
			<shrsOrPrnAmt>
				<sshPrnamt>516187</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>516187</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Canadian Natural Resources Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136385101</cusip>
			<value>164905</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4244088</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4244088</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Canadian Pacific Railway Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13645T100</cusip>
			<value>353</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Catamaran Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>148887102</cusip>
			<value>22749</value>
			<shrsOrPrnAmt>
				<sshPrnamt>540044</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>540044</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Celestica Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15101Q108</cusip>
			<value>8435</value>
			<shrsOrPrnAmt>
				<sshPrnamt>832181</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>832181</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Celgene Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>151020104</cusip>
			<value>86022</value>
			<shrsOrPrnAmt>
				<sshPrnamt>906808</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>906808</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cemex SAB De CV 4.875% March 15, 2015</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>151290AV5</cusip>
			<value>1410</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1175000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1175000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cenovus Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15135U109</cusip>
			<value>134504</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4998931</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4998931</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Central Fund of Canada Ltd. - A</nameOfIssuer>
			<titleOfClass>MFC</titleOfClass>
			<cusip>153501101</cusip>
			<value>8949</value>
			<shrsOrPrnAmt>
				<sshPrnamt>726236</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>190736</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Central Gold Trust</nameOfIssuer>
			<titleOfClass>MFC</titleOfClass>
			<cusip>153546106</cusip>
			<value>1254</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>30300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Century Communities Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>156504300</cusip>
			<value>6420</value>
			<shrsOrPrnAmt>
				<sshPrnamt>369700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>369700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cerner Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>156782104</cusip>
			<value>76744</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1287147</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1287147</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Chevron Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>166764100</cusip>
			<value>6654</value>
			<shrsOrPrnAmt>
				<sshPrnamt>55727</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>55727</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ciena Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>171779309</cusip>
			<value>5075</value>
			<shrsOrPrnAmt>
				<sshPrnamt>303000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>303000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cigna Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125509109</cusip>
			<value>14808</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>6222</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49137</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>49137</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cisco Systems Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17275R102</cusip>
			<value>63307</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2511600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2511600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ConAgra Foods Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>205887102</cusip>
			<value>5951</value>
			<shrsOrPrnAmt>
				<sshPrnamt>179800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>179800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Concho Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20605P101</cusip>
			<value>34599</value>
			<shrsOrPrnAmt>
				<sshPrnamt>275690</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>275690</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ConocoPhillips</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20825C104</cusip>
			<value>8654</value>
			<shrsOrPrnAmt>
				<sshPrnamt>112900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>112900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Consumer Discretionary Select Sector SPDR ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y407</cusip>
			<value>47553</value>
			<shrsOrPrnAmt>
				<sshPrnamt>711800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>711800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Consumer Staples Select Sector SPDR ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y308</cusip>
			<value>48144</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1065400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1065400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Continental Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>212015101</cusip>
			<value>5212</value>
			<shrsOrPrnAmt>
				<sshPrnamt>78344</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>78344</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cornerstone Ondemand Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>21925Y103</cusip>
			<value>4563</value>
			<shrsOrPrnAmt>
				<sshPrnamt>132385</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<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>37877</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1956790</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1956790</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cott Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22163N106</cusip>
			<value>339</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>49400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Credicorp Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G2519Y108</cusip>
			<value>50357</value>
			<shrsOrPrnAmt>
				<sshPrnamt>328096</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>328096</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cree Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>225447101</cusip>
			<value>349</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>Crescent Point Energy Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22576C101</cusip>
			<value>14297</value>
			<shrsOrPrnAmt>
				<sshPrnamt>396094</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>396094</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cummins Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>231021106</cusip>
			<value>2459</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>18600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cyberonics Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23251P102</cusip>
			<value>2942</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>10321</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>23021</value>
			<shrsOrPrnAmt>
				<sshPrnamt>314210</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>314210</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Dealertrack Technologies Inc. 1.50% March 15, 2017</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>242309AB8</cusip>
			<value>1857</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1401000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1401000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Deere &amp; Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>244199105</cusip>
			<value>16</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>Delphi Automotive PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G27823106</cusip>
			<value>14985</value>
			<shrsOrPrnAmt>
				<sshPrnamt>244048</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>244048</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Devon Energy Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25179M103</cusip>
			<value>12934</value>
			<shrsOrPrnAmt>
				<sshPrnamt>189568</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>189568</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Devry Education Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>251893103</cusip>
			<value>420</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>9800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Discover Financial Services</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>254709108</cusip>
			<value>729</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>11300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Duke Energy Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26441C204</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>EMC Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>268648102</cusip>
			<value>20</value>
			<shrsOrPrnAmt>
				<sshPrnamt>700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ENSCO PLC Class A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G3157S106</cusip>
			<value>12799</value>
			<shrsOrPrnAmt>
				<sshPrnamt>309300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>309300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EOG Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26875P101</cusip>
			<value>10320</value>
			<shrsOrPrnAmt>
				<sshPrnamt>104118</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>104118</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Eagle Materials Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26969P108</cusip>
			<value>7843</value>
			<shrsOrPrnAmt>
				<sshPrnamt>76888</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>76888</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Eaton Corporation PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G29183103</cusip>
			<value>55112</value>
			<shrsOrPrnAmt>
				<sshPrnamt>868425</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>868425</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ecolab Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278865100</cusip>
			<value>31062</value>
			<shrsOrPrnAmt>
				<sshPrnamt>270252</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>270252</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Eldorado Gold Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>284902103</cusip>
			<value>32478</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4817147</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4817147</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Enbridge Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29250N105</cusip>
			<value>69835</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1458715</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1458715</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Encana Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>292505104</cusip>
			<value>30603</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1441080</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1441080</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Endeavour Silver Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29258Y103</cusip>
			<value>1281</value>
			<shrsOrPrnAmt>
				<sshPrnamt>292667</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>292667</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>995</value>
			<shrsOrPrnAmt>
				<sshPrnamt>415000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>415000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EnerNOC Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>292764107</cusip>
			<value>87</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Enerplus Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>292766102</cusip>
			<value>9129</value>
			<shrsOrPrnAmt>
				<sshPrnamt>480819</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>480819</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Enersis SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>29274F104</cusip>
			<value>77</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4842</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4842</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>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>Exxon Mobil Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>62139</value>
			<shrsOrPrnAmt>
				<sshPrnamt>660007</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>660007</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Facebook Inc. &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30303M102</cusip>
			<value>94810</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1198467</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1198467</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Fiesta Restaurant Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31660B101</cusip>
			<value>4540</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>562</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>28000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Financial Select Sector SPDR ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y605</cusip>
			<value>47722</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2056057</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2056057</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>First Solar Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>336433107</cusip>
			<value>547</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>8300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FirstService Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>33761N109</cusip>
			<value>18872</value>
			<shrsOrPrnAmt>
				<sshPrnamt>359528</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>359528</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>33884</value>
			<shrsOrPrnAmt>
				<sshPrnamt>367900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>367900</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>627</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>10277</value>
			<shrsOrPrnAmt>
				<sshPrnamt>579300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>579300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Fortuna Silver Mines Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>349915108</cusip>
			<value>1980</value>
			<shrsOrPrnAmt>
				<sshPrnamt>490607</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>490607</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Franco-Nevada Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>351858105</cusip>
			<value>14001</value>
			<shrsOrPrnAmt>
				<sshPrnamt>285216</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>285216</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Freeport-McMoRan Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35671D857</cusip>
			<value>20286</value>
			<shrsOrPrnAmt>
				<sshPrnamt>620545</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>620545</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Garmin Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H2906T109</cusip>
			<value>55811</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1072429</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1072429</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>General Electric Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369604103</cusip>
			<value>91585</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3569250</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3569250</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>General Mills Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>370334104</cusip>
			<value>25</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>Gildan Activewear Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375916103</cusip>
			<value>60911</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1113234</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1113234</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Gilead Sciences Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375558103</cusip>
			<value>112574</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1056449</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1056449</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GlaxoSmithKline PLC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>37733W105</cusip>
			<value>355</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>7700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Global X MSCI Norway ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>37950E747</cusip>
			<value>30832</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1878836</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1878836</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Goldcorp Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>380956409</cusip>
			<value>53236</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2308875</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2308875</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Google Inc. &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38259P508</cusip>
			<value>47055</value>
			<shrsOrPrnAmt>
				<sshPrnamt>79901</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>79901</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Gran Tierra Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38500T101</cusip>
			<value>5719</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1034523</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1034523</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Grifols SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>398438408</cusip>
			<value>1021</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>29000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Halliburton Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>406216101</cusip>
			<value>4189</value>
			<shrsOrPrnAmt>
				<sshPrnamt>64890</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>64890</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>446</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>32200</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>47596</value>
			<shrsOrPrnAmt>
				<sshPrnamt>743436</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>743436</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Henry Schein Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806407102</cusip>
			<value>23923</value>
			<shrsOrPrnAmt>
				<sshPrnamt>205216</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>205216</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Hewlett-Packard Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>428236103</cusip>
			<value>7</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<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>6817</value>
			<shrsOrPrnAmt>
				<sshPrnamt>191700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<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>112208</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1203483</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1203483</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HudBay Minerals Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>443628102</cusip>
			<value>7094</value>
			<shrsOrPrnAmt>
				<sshPrnamt>830029</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>830029</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Huntington Ingalls Industries Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>446413106</cusip>
			<value>12041</value>
			<shrsOrPrnAmt>
				<sshPrnamt>115399</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>115399</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>IMAX Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45245E109</cusip>
			<value>3747</value>
			<shrsOrPrnAmt>
				<sshPrnamt>136200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<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>268</value>
			<shrsOrPrnAmt>
				<sshPrnamt>442818</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>442818</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Illumina Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>452327109</cusip>
			<value>84097</value>
			<shrsOrPrnAmt>
				<sshPrnamt>512588</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>512588</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Imperial Oil Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>453038408</cusip>
			<value>34970</value>
			<shrsOrPrnAmt>
				<sshPrnamt>740124</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>740124</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Industrial Select Sector SPDR ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y704</cusip>
			<value>47881</value>
			<shrsOrPrnAmt>
				<sshPrnamt>899300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>899300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Intel Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>458140100</cusip>
			<value>12184</value>
			<shrsOrPrnAmt>
				<sshPrnamt>349300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>349300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>International Business Machines Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>459200101</cusip>
			<value>98238</value>
			<shrsOrPrnAmt>
				<sshPrnamt>516863</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>516863</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Intuit Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>461202103</cusip>
			<value>32371</value>
			<shrsOrPrnAmt>
				<sshPrnamt>369000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>369000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Invesco Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G491BT108</cusip>
			<value>53506</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1353584</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1353584</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ishares India 50 ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464289529</cusip>
			<value>80804</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2725259</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2725259</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JPMorgan Chase &amp; Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46625H100</cusip>
			<value>135202</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2241182</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2241182</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Jack Henry &amp; Associates Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>426281101</cusip>
			<value>3936</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>70600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Janus Capital Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>47102X105</cusip>
			<value>61796</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4244000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4244000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Jazz Pharmaceuticals PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G50871105</cusip>
			<value>11435</value>
			<shrsOrPrnAmt>
				<sshPrnamt>71097</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>71097</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Johnson Controls Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>478366107</cusip>
			<value>507</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>11500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KB Financial Group Inc. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>48241A105</cusip>
			<value>3204</value>
			<shrsOrPrnAmt>
				<sshPrnamt>88303</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>88303</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KB Home</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>48666K109</cusip>
			<value>2798</value>
			<shrsOrPrnAmt>
				<sshPrnamt>186940</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>186940</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Kate Spade &amp; Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>485865109</cusip>
			<value>5599</value>
			<shrsOrPrnAmt>
				<sshPrnamt>213100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>213100</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>20137</value>
			<shrsOrPrnAmt>
				<sshPrnamt>215502</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>215502</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Kinder Morgan Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49456B101</cusip>
			<value>52990</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1380125</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1380125</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Kodiak Oil &amp; Gas Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50015Q100</cusip>
			<value>5003</value>
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				<sshPrnamt>368399</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
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				<Sole>368399</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>Kohl&apos;s Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>500255104</cusip>
			<value>12792</value>
			<shrsOrPrnAmt>
				<sshPrnamt>209240</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>209240</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Kraft Foods Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50076Q106</cusip>
			<value>29026</value>
			<shrsOrPrnAmt>
				<sshPrnamt>513942</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>513942</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Lincoln National Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>534187109</cusip>
			<value>27759</value>
			<shrsOrPrnAmt>
				<sshPrnamt>517418</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>517418</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Lorillard Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>544147101</cusip>
			<value>19080</value>
			<shrsOrPrnAmt>
				<sshPrnamt>318191</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>318191</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LyondellBasell Industries NV &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N53745100</cusip>
			<value>127874</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1175509</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1175509</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MAG Silver Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55903Q104</cusip>
			<value>2465</value>
			<shrsOrPrnAmt>
				<sshPrnamt>331307</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>331307</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>MGM Resorts International 4.25% April 15, 2015</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>55303QAE0</cusip>
			<value>440</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>734</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>12600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Magna International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>559222401</cusip>
			<value>63220</value>
			<shrsOrPrnAmt>
				<sshPrnamt>665979</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>665979</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Manulife Financial Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56501R106</cusip>
			<value>78057</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4057950</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4057950</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Market Vectors Emerging Markets Local Currency Bond Etf</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>57060U522</cusip>
			<value>12</value>
			<shrsOrPrnAmt>
				<sshPrnamt>521</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>521</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Market Vectors High Yield Municipal Index ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>57060U878</cusip>
			<value>2477</value>
			<shrsOrPrnAmt>
				<sshPrnamt>80400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>80400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Materials Select Sector SPDR ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y100</cusip>
			<value>47258</value>
			<shrsOrPrnAmt>
				<sshPrnamt>951322</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>951322</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>McDonald&apos;s Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>580135101</cusip>
			<value>28</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>McKesson Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58155Q103</cusip>
			<value>24787</value>
			<shrsOrPrnAmt>
				<sshPrnamt>127211</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>127211</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Mednax Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58502B106</cusip>
			<value>14245</value>
			<shrsOrPrnAmt>
				<sshPrnamt>259400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<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>571</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>9200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Merck &amp; Company Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y105</cusip>
			<value>14965</value>
			<shrsOrPrnAmt>
				<sshPrnamt>252000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>252000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MetLife Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59156R108</cusip>
			<value>24908</value>
			<shrsOrPrnAmt>
				<sshPrnamt>463116</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>463116</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Methanex Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59151K108</cusip>
			<value>6243</value>
			<shrsOrPrnAmt>
				<sshPrnamt>93515</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>93515</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Microchip Technology Inc. 2.125% December 15, 2037</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>595017AB0</cusip>
			<value>940</value>
			<shrsOrPrnAmt>
				<sshPrnamt>500000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>500000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Mondelez International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>609207105</cusip>
			<value>41916</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1221747</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1221747</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Monsanto Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61166W101</cusip>
			<value>59296</value>
			<shrsOrPrnAmt>
				<sshPrnamt>526579</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>526579</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Monster Beverage Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>611740101</cusip>
			<value>45092</value>
			<shrsOrPrnAmt>
				<sshPrnamt>491474</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>491474</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Moody&apos;s Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>615369105</cusip>
			<value>95632</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1010868</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1010868</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Mountain Province Diamonds Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>62426E402</cusip>
			<value>4049</value>
			<shrsOrPrnAmt>
				<sshPrnamt>809575</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>809575</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NTELOS Holdings Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67020Q305</cusip>
			<value>7932</value>
			<shrsOrPrnAmt>
				<sshPrnamt>744200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>744200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NVIDIA Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67066G104</cusip>
			<value>649</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>35100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NXP Semiconductors NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N6596X109</cusip>
			<value>20763</value>
			<shrsOrPrnAmt>
				<sshPrnamt>303027</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>303027</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>National Retail Properties Inc.</nameOfIssuer>
			<titleOfClass>REIT</titleOfClass>
			<cusip>637417106</cusip>
			<value>18005</value>
			<shrsOrPrnAmt>
				<sshPrnamt>519907</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>519907</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>New Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>644535106</cusip>
			<value>3574</value>
			<shrsOrPrnAmt>
				<sshPrnamt>705782</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>705782</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>New Oriental Education &amp; Technology Group Inc. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>647581107</cusip>
			<value>3937</value>
			<shrsOrPrnAmt>
				<sshPrnamt>169500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>169500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Newmont Mining Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>651639106</cusip>
			<value>1940</value>
			<shrsOrPrnAmt>
				<sshPrnamt>84000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>84000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Noble Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655044105</cusip>
			<value>53804</value>
			<shrsOrPrnAmt>
				<sshPrnamt>786059</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>786059</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Northrop Grumman Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>666807102</cusip>
			<value>65876</value>
			<shrsOrPrnAmt>
				<sshPrnamt>499301</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>499301</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Novellus Systems Inc. 2.625%  May 15, 2041</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>670008AD3</cusip>
			<value>991</value>
			<shrsOrPrnAmt>
				<sshPrnamt>449000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>449000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Nu Skin Enterprises Inc. &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67018T105</cusip>
			<value>13702</value>
			<shrsOrPrnAmt>
				<sshPrnamt>304000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>304000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Oasis Petroleum Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674215108</cusip>
			<value>3027</value>
			<shrsOrPrnAmt>
				<sshPrnamt>72355</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>72355</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Occidental Petroleum Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674599105</cusip>
			<value>5362</value>
			<shrsOrPrnAmt>
				<sshPrnamt>55725</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>55725</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Omnicom Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>681919106</cusip>
			<value>70714</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1025649</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1025649</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>On Assignment Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>682159108</cusip>
			<value>4483</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>Open Text Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>683715106</cusip>
			<value>55521</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1001904</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1001904</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Oracle Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68389X105</cusip>
			<value>54622</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1425155</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1425155</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pall Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>696429307</cusip>
			<value>1392</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>Pattern Energy Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70338P100</cusip>
			<value>1047</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>Peabody Energy Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>704549104</cusip>
			<value>1427</value>
			<shrsOrPrnAmt>
				<sshPrnamt>115177</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>115177</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pembina Pipeline Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>706327103</cusip>
			<value>26615</value>
			<shrsOrPrnAmt>
				<sshPrnamt>631689</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>631689</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pengrowth Energy Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70706P104</cusip>
			<value>9665</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1843800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1843800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Penn West Petroleum Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>707887105</cusip>
			<value>2991</value>
			<shrsOrPrnAmt>
				<sshPrnamt>441300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>441300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pentair PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G7S00T104</cusip>
			<value>636</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>9700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PepsiCo Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>713448108</cusip>
			<value>28</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>Performance Sports Group Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71377G100</cusip>
			<value>1669</value>
			<shrsOrPrnAmt>
				<sshPrnamt>102662</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>102662</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Perrigo Co. PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G97822103</cusip>
			<value>35192</value>
			<shrsOrPrnAmt>
				<sshPrnamt>234000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>234000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Petroleo Brasileiro SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>71654V408</cusip>
			<value>7326</value>
			<shrsOrPrnAmt>
				<sshPrnamt>515507</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>515507</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pharmacyclics Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>716933106</cusip>
			<value>4986</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>83932</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1004898</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1004898</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Phillips 66</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718546104</cusip>
			<value>52302</value>
			<shrsOrPrnAmt>
				<sshPrnamt>642350</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>642350</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pioneer Natural Resources Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>723787107</cusip>
			<value>37774</value>
			<shrsOrPrnAmt>
				<sshPrnamt>191610</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>191610</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Polyone Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>73179P106</cusip>
			<value>6314</value>
			<shrsOrPrnAmt>
				<sshPrnamt>177161</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>177161</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Polypore International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>73179V103</cusip>
			<value>386</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>9900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Potash Corp. of Saskatchewan Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>73755L107</cusip>
			<value>5521</value>
			<shrsOrPrnAmt>
				<sshPrnamt>159428</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>159428</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Powershares International Corporate Bond Portfolio</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>73936Q835</cusip>
			<value>12</value>
			<shrsOrPrnAmt>
				<sshPrnamt>418</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>418</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Praxair Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74005P104</cusip>
			<value>1386</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10725</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>10725</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Precision Castparts Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>740189105</cusip>
			<value>61799</value>
			<shrsOrPrnAmt>
				<sshPrnamt>260662</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>260662</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Precision Drilling Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74022D308</cusip>
			<value>63033</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5838282</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5838282</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Priceline Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>741503403</cusip>
			<value>71873</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61981</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>61981</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Primerica Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74164M108</cusip>
			<value>50123</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1038568</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1038568</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Primero Mining Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74164W106</cusip>
			<value>6238</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1281725</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1281725</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Proshares Ultrashort Qqq</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>74348A426</cusip>
			<value>67</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QUALCOMM Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>747525103</cusip>
			<value>101101</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1350457</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1350457</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>Quanta Services Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74762E102</cusip>
			<value>2025</value>
			<shrsOrPrnAmt>
				<sshPrnamt>55700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>55700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Quest Diagnostics Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74834L100</cusip>
			<value>6</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>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RPM International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>749685103</cusip>
			<value>17</value>
			<shrsOrPrnAmt>
				<sshPrnamt>376</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<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>36080</value>
			<shrsOrPrnAmt>
				<sshPrnamt>533430</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>533430</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Raytheon Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>755111507</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>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Red Hat Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>756577102</cusip>
			<value>31131</value>
			<shrsOrPrnAmt>
				<sshPrnamt>553956</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>553956</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Regeneron Pharmaceuticals Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75886F107</cusip>
			<value>42635</value>
			<shrsOrPrnAmt>
				<sshPrnamt>118158</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>118158</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Rio Alto Mining Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>76689T104</cusip>
			<value>5724</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2400720</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2400720</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Robert Half International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>770323103</cusip>
			<value>88683</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1808274</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1808274</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>41006</value>
			<shrsOrPrnAmt>
				<sshPrnamt>860700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>860700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Rockwell Automation Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>773903109</cusip>
			<value>10358</value>
			<shrsOrPrnAmt>
				<sshPrnamt>94100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>94100</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>8102</value>
			<shrsOrPrnAmt>
				<sshPrnamt>216428</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>216428</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ross Stores Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>778296103</cusip>
			<value>16626</value>
			<shrsOrPrnAmt>
				<sshPrnamt>219600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>219600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Royal Bank of Canada</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>780087102</cusip>
			<value>160371</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2243388</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2243388</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>1663</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21841</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>21841</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Royal Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>780287108</cusip>
			<value>10735</value>
			<shrsOrPrnAmt>
				<sshPrnamt>165133</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>165133</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Rubicon Technology Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78112T107</cusip>
			<value>189</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>44300</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>17694</value>
			<shrsOrPrnAmt>
				<sshPrnamt>576300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>576300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SVB Financial Group</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78486Q101</cusip>
			<value>4312</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>38400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SanDisk Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>80004C101</cusip>
			<value>95498</value>
			<shrsOrPrnAmt>
				<sshPrnamt>974106</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>974106</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sandstorm Gold Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>80013R206</cusip>
			<value>781</value>
			<shrsOrPrnAmt>
				<sshPrnamt>182280</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>182280</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Schlumberger Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806857108</cusip>
			<value>52151</value>
			<shrsOrPrnAmt>
				<sshPrnamt>512201</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>512201</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Seagate Technology PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G7945M107</cusip>
			<value>430</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>7500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SemGroup Corporation &apos;A&apos;</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81663A105</cusip>
			<value>7872</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>28443</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1160300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1160300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Shire PLC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>82481R106</cusip>
			<value>1401</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>22</value>
			<shrsOrPrnAmt>
				<sshPrnamt>165</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>165</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Signature Bank</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>82669G104</cusip>
			<value>2492</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>22200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Silver Wheaton Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>828336107</cusip>
			<value>26115</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1309021</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1309021</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SilverCrest Mines Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>828365106</cusip>
			<value>9796</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6490734</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>6490734</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sirona Dental Systems Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>82966C103</cusip>
			<value>11</value>
			<shrsOrPrnAmt>
				<sshPrnamt>137</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>137</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Skyworks Solutions Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>83088M102</cusip>
			<value>3099</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>53300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Solitario Exploration &amp; Royalty Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>8342EP107</cusip>
			<value>823</value>
			<shrsOrPrnAmt>
				<sshPrnamt>703201</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>703201</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>
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			<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>7304</value>
			<shrsOrPrnAmt>
				<sshPrnamt>246198</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>246198</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Southwestern Energy Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>845467109</cusip>
			<value>2773</value>
			<shrsOrPrnAmt>
				<sshPrnamt>79260</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>79260</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Spirit Airlines Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>848577102</cusip>
			<value>28</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>Spouts Farmers Market Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85208M102</cusip>
			<value>4726</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>20904</value>
			<shrsOrPrnAmt>
				<sshPrnamt>347326</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>347326</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Stantec Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85472N109</cusip>
			<value>18672</value>
			<shrsOrPrnAmt>
				<sshPrnamt>285332</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>285332</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Staples Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>855030102</cusip>
			<value>7794</value>
			<shrsOrPrnAmt>
				<sshPrnamt>643000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>643000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Stillwater Mining Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>86074Q102</cusip>
			<value>15546</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1033310</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1033310</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Stratasys Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>M85548101</cusip>
			<value>8492</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>24659</value>
			<shrsOrPrnAmt>
				<sshPrnamt>680127</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>680127</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SunPower Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>867652406</cusip>
			<value>445</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>13100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Suncor Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>867224107</cusip>
			<value>189529</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5236469</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5236469</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sunedison Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>86732Y109</cusip>
			<value>683</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>36100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Superior Energy Services Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>868157108</cusip>
			<value>6909</value>
			<shrsOrPrnAmt>
				<sshPrnamt>210031</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>210031</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>T.Rowe Price Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74144T108</cusip>
			<value>49790</value>
			<shrsOrPrnAmt>
				<sshPrnamt>634534</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>634534</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TE Connectivity Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H84989104</cusip>
			<value>13293</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>35093</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1027651</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1027651</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TOTAL SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>89151E109</cusip>
			<value>2847</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44175</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>44175</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Tahoe Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>873868103</cusip>
			<value>71800</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3527928</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3527928</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>653</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32291</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>32291</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Talisman Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87425E103</cusip>
			<value>11192</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1293350</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1293350</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Target Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87612E106</cusip>
			<value>31</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>47843</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1196688</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1196688</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>56657</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2991259</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2991259</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Tenaris SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>88031M109</cusip>
			<value>52787</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1158235</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1158235</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Tesla Motors Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88160R101</cusip>
			<value>267</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>39657</value>
			<shrsOrPrnAmt>
				<sshPrnamt>737183</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>737183</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Texas Instruments Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>882508104</cusip>
			<value>721</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>15100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Allstate Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>020002101</cusip>
			<value>10107</value>
			<shrsOrPrnAmt>
				<sshPrnamt>164400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>164400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Blackstone Group Limited Partnership</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09253U108</cusip>
			<value>94926</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3012780</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3012780</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Boeing Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>097023105</cusip>
			<value>84761</value>
			<shrsOrPrnAmt>
				<sshPrnamt>664841</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>664841</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Brink&apos;s Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>109696104</cusip>
			<value>5094</value>
			<shrsOrPrnAmt>
				<sshPrnamt>211545</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>211545</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Carlyle Group LP</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>14309L102</cusip>
			<value>4327</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 Cooper Companies Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>216648402</cusip>
			<value>9925</value>
			<shrsOrPrnAmt>
				<sshPrnamt>63665</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>63665</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Descartes Systems Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>249906108</cusip>
			<value>425</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>30900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Dun &amp; Bradstreet Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26483E100</cusip>
			<value>44026</value>
			<shrsOrPrnAmt>
				<sshPrnamt>374375</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>374375</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>62843</value>
			<shrsOrPrnAmt>
				<sshPrnamt>840327</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>840327</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>15947</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 TJX Companies Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>872540109</cusip>
			<value>8482</value>
			<shrsOrPrnAmt>
				<sshPrnamt>143100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>143100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Walt Disney Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>254687106</cusip>
			<value>276</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Williams Companies Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>969457100</cusip>
			<value>158349</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2857273</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2857273</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Thermo Fisher Scientific Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>883556102</cusip>
			<value>25524</value>
			<shrsOrPrnAmt>
				<sshPrnamt>209363</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>209363</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Thomson Reuters Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>884903105</cusip>
			<value>1321</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36261</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>36261</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Tim Hortons Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88706M103</cusip>
			<value>5901</value>
			<shrsOrPrnAmt>
				<sshPrnamt>74932</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>74932</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Toronto-Dominion Bank</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>891160509</cusip>
			<value>191358</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3877023</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3877023</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TransAlta Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89346D107</cusip>
			<value>11254</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1072500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1072500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TransCanada Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89353D107</cusip>
			<value>5815</value>
			<shrsOrPrnAmt>
				<sshPrnamt>112883</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>112883</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Trimble Navigation Limited</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>896239100</cusip>
			<value>21753</value>
			<shrsOrPrnAmt>
				<sshPrnamt>712560</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>712560</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>3297</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5852335</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<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>29</value>
			<shrsOrPrnAmt>
				<sshPrnamt>700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ultimate Software Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90385D107</cusip>
			<value>5531</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39014</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>39014</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>United Natural Foods Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911163103</cusip>
			<value>1231</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>20000</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>20</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>United Technologies Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>913017109</cusip>
			<value>23431</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>397</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Universal Display Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91347P105</cusip>
			<value>5395</value>
			<shrsOrPrnAmt>
				<sshPrnamt>165000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>165000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Unum Group</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91529Y106</cusip>
			<value>65640</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1907140</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1907140</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vale SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>91912E105</cusip>
			<value>20994</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1904681</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1904681</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Valeant Pharmaceuticals International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91911K102</cusip>
			<value>5581</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42588</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>42588</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Valero Energy Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y100</cusip>
			<value>9586</value>
			<shrsOrPrnAmt>
				<sshPrnamt>207007</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>207007</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vanguard FTSE Europe ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>922042874</cusip>
			<value>5</value>
			<shrsOrPrnAmt>
				<sshPrnamt>85</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>85</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vanguard Ftse Emerging Markets ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>922042858</cusip>
			<value>10</value>
			<shrsOrPrnAmt>
				<sshPrnamt>229</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>229</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Veeco Instruments Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>922417100</cusip>
			<value>235</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>6700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Verizon Communications Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343V104</cusip>
			<value>391</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>7800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vermilion Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>923725105</cusip>
			<value>9497</value>
			<shrsOrPrnAmt>
				<sshPrnamt>155988</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>155988</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>670</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>Vulcan Materials Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>929160109</cusip>
			<value>8803</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>WPX Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98212B103</cusip>
			<value>21833</value>
			<shrsOrPrnAmt>
				<sshPrnamt>906435</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>906435</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>796</value>
			<shrsOrPrnAmt>
				<sshPrnamt>590000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>590000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wabtec Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>929740108</cusip>
			<value>21219</value>
			<shrsOrPrnAmt>
				<sshPrnamt>261593</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>261593</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>422</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>7100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>Waste Connections Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>941053100</cusip>
			<value>1599</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>32900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Waste Management Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94106L109</cusip>
			<value>74896</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1573832</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1573832</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WellPoint Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94973V107</cusip>
			<value>14871</value>
			<shrsOrPrnAmt>
				<sshPrnamt>124100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>124100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wells Fargo &amp; Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>949746101</cusip>
			<value>40508</value>
			<shrsOrPrnAmt>
				<sshPrnamt>779600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>779600</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>1034</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1780581</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1780581</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Western Digital Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>958102105</cusip>
			<value>13444</value>
			<shrsOrPrnAmt>
				<sshPrnamt>137900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>137900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WhiteWave Foods Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>966244105</cusip>
			<value>437</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>12000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Whiting Petroleum Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>966387102</cusip>
			<value>14292</value>
			<shrsOrPrnAmt>
				<sshPrnamt>184141</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>184141</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wi-LAN Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>928972108</cusip>
			<value>2057</value>
			<shrsOrPrnAmt>
				<sshPrnamt>570200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>570200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wilshire US REIT ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>18383M472</cusip>
			<value>4136</value>
			<shrsOrPrnAmt>
				<sshPrnamt>103100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>103100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WisdomTree Investments Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>97717P104</cusip>
			<value>5637</value>
			<shrsOrPrnAmt>
				<sshPrnamt>494500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>494500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Xilinx Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>983919101</cusip>
			<value>420</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>9900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Xplore Technologies Corporation</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>983950700</cusip>
			<value>0</value>
			<shrsOrPrnAmt>
				<sshPrnamt>92</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>92</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Xylem Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98419M100</cusip>
			<value>1767</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>49700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Yamana Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98462Y100</cusip>
			<value>5499</value>
			<shrsOrPrnAmt>
				<sshPrnamt>916411</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>916411</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Zimmer Holdings Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98956P102</cusip>
			<value>282</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Zoetis Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98978V103</cusip>
			<value>7</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>eBay Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278642103</cusip>
			<value>8073</value>
			<shrsOrPrnAmt>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>142300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>iShares Core S&amp;P 500 ETF</nameOfIssuer>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>90084</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares Global Timber &amp; Forestry ETF</nameOfIssuer>
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			<cusip>464288174</cusip>
			<value>2071</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>41900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares Gold Trust ETF</nameOfIssuer>
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			<cusip>464285105</cusip>
			<value>4852</value>
			<shrsOrPrnAmt>
				<sshPrnamt>414000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>414000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares International Developed Real Estate ETF</nameOfIssuer>
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			<cusip>464288489</cusip>
			<value>3352</value>
			<shrsOrPrnAmt>
				<sshPrnamt>111400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>111400</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares JP Morgan USD Emerging Markets Bond ETF</nameOfIssuer>
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			<cusip>464288281</cusip>
			<value>4</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>39</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Australia Index ETF</nameOfIssuer>
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			<value>8183</value>
			<shrsOrPrnAmt>
				<sshPrnamt>341215</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>341215</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
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			<cusip>46429B671</cusip>
			<value>58963</value>
			<shrsOrPrnAmt>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1242959</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI EAFE ETF</nameOfIssuer>
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			<cusip>464287465</cusip>
			<value>8151</value>
			<shrsOrPrnAmt>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>126892</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI France ETF</nameOfIssuer>
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			<cusip>464286707</cusip>
			<value>6933</value>
			<shrsOrPrnAmt>
				<sshPrnamt>260839</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>260839</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Japan ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286848</cusip>
			<value>52812</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4481615</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4481615</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
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			<titleOfClass>ETF</titleOfClass>
			<cusip>464286814</cusip>
			<value>51307</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2122991</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2122991</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares Russell Mid-Cap ETF</nameOfIssuer>
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			<cusip>464287499</cusip>
			<value>7550</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>47600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares S&amp;P Global Materials Sector Index Fund</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464288695</cusip>
			<value>7</value>
			<shrsOrPrnAmt>
				<sshPrnamt>116</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>116</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>salesforce.com Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<value>54389</value>
			<shrsOrPrnAmt>
				<sshPrnamt>944497</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>944497</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
</informationTable>
