The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACTIVISION BLIZZARD INC COM 00507V109   12,292,186 160,065 SH   SOLE   0 0 0
AFLAC INC COM 001055102   247,328 3,427 SH   SOLE   0 0 0
AGNICO EAGLE MINES LTD COM 008474108   13,309,203 255,220 SH   SOLE   0 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   10,653,553 120,582 SH   SOLE   0 0 0
AMAZON COM INC COM 023135106   51,369,294 609,669 SH   SOLE   0 0 0
AMBEV SA SPONSORED ADR 02319V103   117,108,467 42,843,210 SH   SOLE   0 0 0
AMERICAN EXPRESS CO COM 025816109   49,177,842 331,884 SH   SOLE   0 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100   692,954 1,199,493 SH   SOLE   0 0 0
ANGLOGOLD ASHANTI LIMITED SPONS ADR 035128206   29,898,549 1,535,159 SH   SOLE   0 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108   421,492 7,000 SH   SOLE   0 0 0
APPLE INC COM 037833100   418,367 3,210 SH   SOLE   0 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107   1,275,131 152,142 SH   SOLE   0 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108   3,939,676 57,930 SH   SOLE   0 0 0
B2GOLD CORP COM 11777Q209   10,675,111 2,997,676 SH   SOLE   0 0 0
BARRICK GOLD CORP COM 067901108   84,293,066 4,895,407 SH   SOLE   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   21,750,851 70,177 SH   SOLE   0 0 0
BOOKING HOLDINGS INC COM 09857L108   23,964,946 11,851 SH   SOLE   0 0 0
BP PLC SPONSORED ADR 055622104   82,331,045 2,350,000 SH   SOLE   0 0 0
BRF SA SPONSORED ADR 10552T107   59,263 37,510 SH   SOLE   0 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108   5,553,112 76,955 SH   SOLE   0 0 0
CENTENE CORP DEL COM 15135B101   4,127,510 50,169 SH   SOLE   0 0 0
CENTERRA GOLD INC COM 152006102   34,571,752 6,677,150 SH   SOLE   0 0 0
SCHWAB CHARLES CORP COM 808513105   5,378,848 64,405 SH   SOLE   0 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104   305,824 2,417 SH   SOLE   0 0 0
CHESAPEAKE ENERGY CORP COM 165167735   13,775,523 145,569 SH   SOLE   0 0 0
CHEVRON CORP NEW COM 166764100   3,961,932 22,000 SH   SOLE   0 0 0
CIGNA CORP NEW COM 125523100   92,863,912 279,330 SH   SOLE   0 0 0
COHERENT CORP COM 19247G107   19,891,412 564,867 SH   SOLE   0 0 0
COTY INC COM CL A 222070203   55,383,822 6,453,803 SH   SOLE   0 0 0
CUMMINS INC COM 231021106   1,045,135 4,300 SH   SOLE   0 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898   1,120,688 95,850 SH   SOLE   0 0 0
DOW INC COM 260557103   827,198 16,363 SH   SOLE   0 0 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301   2,216,984 298,052 SH   SOLE   0 0 0
DRIL-QUIP INC COM 262037104   954,107 35,000 SH   SOLE   0 0 0
DUPONT DE NEMOURS INC COM 26614N102   2,784,029 40,439 SH   SOLE   0 0 0
EHEALTH INC COM 28238P109   73,878 15,185 SH   SOLE   0 0 0
ELDORADO GOLD CORP NEW COM 284902509   1,221,416 145,733 SH   SOLE   0 0 0
EQUINOX GOLD CORP COM 29446Y502   1,055,362 320,765 SH   SOLE   0 0 0
EXXON MOBIL CORP COM 30231G102   40,152,962 362,848 SH   SOLE   0 0 0
FEDERATED HERMES INC CL B 314211103   24,048,654 660,336 SH   SOLE   0 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106   2,116,529 27,000 SH   SOLE   0 0 0
FISERV INC COM 337738108   1,013,818 10,000 SH   SOLE   0 0 0
FORTUNA SILVER MINES INC COM 349915108   7,975,394 2,118,940 SH   SOLE   0 0 0
GALIANO GOLD INC COM 36352H100   13,862,779 26,378,459 SH   SOLE   0 0 0
GENERAL ELECTRIC CO COM NEW 369604301   13,347,646 158,792 SH   SOLE   0 0 0
GENERAL MTRS CO COM 37045V100   26,610,229 788,681 SH   SOLE   0 0 0
GODADDY INC CL A 380237107   29,448,401 392,440 SH   SOLE   0 0 0
GOLD FIELDS LTD SPONS ADR 38059T106   17,559,017 1,688,774 SH   SOLE   0 0 0
GOLD RESOURCE CORP COM 38068T105   1,332,254 870,879 SH   SOLE   0 0 0
GOLDMINING INC COM 38149E101   2,606,985 2,301,996 SH   SOLE   0 0 0
HERTZ GLOBAL HLDGS INC COM NEW 42806J700   7,876,948 510,223 SH   SOLE   0 0 0
IAMGOLD CORP COM 450913108   1,704,828 660,000 SH   SOLE   0 0 0
IMV INC COM NEW 44974L301   1,102,421 441,952 SH   SOLE   0 0 0
INTEGRA RES CORP COM NEW 45826T301   1,535,584 2,384,579 SH   SOLE   0 0 0
JACKSON FINANCIAL INC COM CL A 46817M107   45,447,408 1,302,076 SH   SOLE   0 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105   1,230,852 7,702 SH   SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100   3,347,107 24,879 SH   SOLE   0 0 0
KINROSS GOLD CORP COM NO PAR 496902404   68,347,517 16,679,124 SH   SOLE   0 0 0
LIVENT CORP COM 53814L108   21,382,465 1,073,025 SH   SOLE   0 0 0
M & T BK CORP COM 55261F104   33,066,510 227,263 SH   SOLE   0 0 0
MARKEL CORP COM 570535104   1,716,509 1,300 SH   SOLE   0 0 0
MARSH & MCLENNAN COS INC COM 571748102   481,556 2,900 SH   SOLE   0 0 0
MARTIN MARIETTA MATLS INC COM 573284106   1,016,502 3,000 SH   SOLE   0 0 0
MCKESSON CORP COM 58155Q103   244,723 650 SH   SOLE   0 0 0
META PLATFORMS INC CL A 30303M102   42,062,219 348,410 SH   SOLE   0 0 0
MICROSOFT CORP COM 594918104   248,035 1,031 SH   SOLE   0 0 0
NEWMONT CORP COM 651639106   48,122,186 1,016,244 SH   SOLE   0 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103   1,134,155 6,461 SH   SOLE   0 0 0
NEXTERA ENERGY INC COM 65339F101   813,316 9,700 SH   SOLE   0 0 0
NOBLE CORP PLC ORD SHS A G65431127   12,885,905 340,600 SH   SOLE   0 0 0
NOV INC COM 62955J103   8,677,816 414,008 SH   SOLE   0 0 0
NOW INC COM 67011P100   1,656,828 130,000 SH   SOLE   0 0 0
NUTRIEN LTD COM 67077M108   1,214,550 16,580 SH   SOLE   0 0 0
ORMAT TECHNOLOGIES INC COM 686688102   1,760,946 20,300 SH   SOLE   0 0 0
PFIZER INC COM 717081103   28,942,520 562,915 SH   SOLE   0 0 0
PHILIP MORRIS INTL INC COM 718172109   2,843,747 28,000 SH   SOLE   0 0 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203   95,050,892 1,267,454 SH   SOLE   0 0 0
SAFE BULKERS INC COM Y7388L103   478,939 163,788 SH   SOLE   0 0 0
SCHLUMBERGER LTD COM STK 806857108   12,556,234 234,050 SH   SOLE   0 0 0
SKEENA RES LTD NEW COM 83056P715   4,085,621 770,370 SH   SOLE   0 0 0
SOUTHWEST AIRLS CO COM 844741108   1,182,320 35,000 SH   SOLE   0 0 0
SPDR GOLD TR GOLD SHS 78463V107   560,425 3,293 SH   SOLE   0 0 0
SSR MNG INC COM 784730103   5,337,831 339,359 SH   SOLE   0 0 0
SYNCHRONY FINANCIAL COM 87165B103   66,743,369 2,024,500 SH   SOLE   0 0 0
TELEFONICA BRASIL SA NEW ADR 87936R205   753,630 105,000 SH   SOLE   0 0 0
TENARIS S A SPONSORED ADR 88031M109   4,200,681 119,083 SH   SOLE   0 0 0
TIM S A SPONSORED ADR 88706T108   760,276 65,000 SH   SOLE   0 0 0
US BANCORP DEL COM NEW 902973304   831,473 19,000 SH   SOLE   0 0 0
DISNEY WALT CO COM DISNEY 254687106   446,630 5,125 SH   SOLE   0 0 0
WELLS FARGO CO NEW COM 949746101   911,338 22,000 SH   SOLE   0 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   16,238,191 414,353 SH   SOLE   0 0 0