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   6,867,875 80,265 SH   SOLE   0 0 0
AGNICO EAGLE MINES LTD COM 008474108   123,259,314 2,418,520 SH   SOLE   0 0 0
ALCOA CORP COM 013872106   84,939,333 1,996,243 SH   SOLE   0 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   147,281,903 1,441,760 SH   SOLE   0 0 0
AMAZON COM INC COM 023135106   100,273,912 970,849 SH   SOLE   0 0 0
AMBEV SA SPONSORED ADR 02319V103   173,135,614 61,508,434 SH   SOLE   0 0 0
AMERICAN EXPRESS CO COM 025816109   5,658,742 34,311 SH   SOLE   0 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100   581,094 1,199,493 SH   SOLE   0 0 0
ANGLOGOLD ASHANTI LIMITED SPONS ADR 035128206   53,140,689 2,197,259 SH   SOLE   0 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108   467,145 7,000 SH   SOLE   0 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107   1,173,776 152,142 SH   SOLE   0 0 0
B2GOLD CORP COM 11777Q209   13,798,332 3,497,676 SH   SOLE   0 0 0
BARRICK GOLD CORP COM 067901108   134,345,781 7,238,626 SH   SOLE   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   22,159,259 71,891 SH   SOLE   0 0 0
BP PLC SPONSORED ADR 055622104   42,676,875 1,125,000 SH   SOLE   0 0 0
BRF SA SPONSORED ADR 10552T107   47,825 37,510 SH   SOLE   0 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108   312,150 4,504 SH   SOLE   0 0 0
BURFORD CAP LTD ORD SHS G17977110   372,122 40,000 SH   SOLE   0 0 0
CENTERRA GOLD INC COM 152006102   42,112,364 6,517,450 SH   SOLE   0 0 0
SCHWAB CHARLES CORP COM 808513105   24,939,011 476,256 SH   SOLE   0 0 0
CHESAPEAKE ENERGY CORP COM 165167735   9,982,452 131,333 SH   SOLE   0 0 0
CHEVRON CORP NEW COM 166764100   3,588,970 22,000 SH   SOLE   0 0 0
THE CIGNA GROUP COM 125523100   73,628,691 288,384 SH   SOLE   0 0 0
COHERENT CORP COM 19247G107   31,726,513 833,051 SH   SOLE   0 0 0
CONOCOPHILLIPS COM 20825C104   51,254,331 516,652 SH   SOLE   0 0 0
COTY INC COM CL A 222070203   74,676,842 6,194,812 SH   SOLE   0 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898   364,377 35,850 SH   SOLE   0 0 0
DOW INC COM 260557103   875,505 15,972 SH   SOLE   0 0 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301   3,410,558 356,194 SH   SOLE   0 0 0
DRIL-QUIP INC COM 262037104   1,003,975 35,000 SH   SOLE   0 0 0
DUPONT DE NEMOURS INC COM 26614N102   2,870,200 40,000 SH   SOLE   0 0 0
EOG RES INC COM 26875P101   53,753,195 469,113 SH   SOLE   0 0 0
ERICSSON ADR B SEK 10 294821608   1,461,250 250,000 SH   SOLE   0 0 0
EXXON MOBIL CORP COM 30231G102   38,174,955 348,392 SH   SOLE   0 0 0
FEDERATED HERMES INC CL B 314211103   21,472,225 535,000 SH   SOLE   0 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106   2,569,995 27,000 SH   SOLE   0 0 0
FORTUNA SILVER MINES INC COM 349915108   8,037,671 2,118,940 SH   SOLE   0 0 0
FREEPORT-MCMORAN INC CL B 35671D857   1,022,184 24,977 SH   SOLE   0 0 0
GALIANO GOLD INC COM 36352H100   15,326,280 26,378,459 SH   SOLE   0 0 0
GENERAL ELECTRIC CO COM NEW 369604301   36,226,794 379,002 SH   SOLE   0 0 0
GENERAL MTRS CO COM 37045V100   44,597,751 1,216,699 SH   SOLE   0 0 0
GODADDY INC CL A 380237107   31,394,151 403,994 SH   SOLE   0 0 0
GOLD FIELDS LTD SPONS ADR 38059T106   24,889,410 1,869,276 SH   SOLE   0 0 0
GOLD RESOURCE CORP COM 38068T105   918,777 870,879 SH   SOLE   0 0 0
GOLDMINING INC COM 38149E101   2,811,293 2,301,996 SH   SOLE   0 0 0
HERTZ GLOBAL HLDGS INC COM NEW 42806J700   5,699,750 350,000 SH   SOLE   0 0 0
IAMGOLD CORP COM 450913108   1,789,185 659,000 SH   SOLE   0 0 0
IMV INC COM NEW 44974L301   166,804 321,952 SH   SOLE   0 0 0
INTEGRA RES CORP COM NEW 45826T301   1,385,476 2,384,579 SH   SOLE   0 0 0
JACKSON FINANCIAL INC COM CL A 46817M107   55,202,591 1,476,421 SH   SOLE   0 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105   1,126,533 7,702 SH   SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100   1,841,437 14,135 SH   SOLE   0 0 0
KINROSS GOLD CORP COM NO PAR 496902404   167,867,633 35,680,196 SH   SOLE   0 0 0
LIVENT CORP COM 53814L108   18,947,706 872,563 SH   SOLE   0 0 0
M & T BK CORP COM 55261F104   28,712,238 240,200 SH   SOLE   0 0 0
MARKEL CORP COM 570535104   1,662,648 1,300 SH   SOLE   0 0 0
MARTIN MARIETTA MATLS INC COM 573284106   1,064,565 3,000 SH   SOLE   0 0 0
META PLATFORMS INC CL A 30303M102   48,173,272 227,289 SH   SOLE   0 0 0
MOSAIC CO NEW COM 61945C103   72,390,846 1,578,354 SH   SOLE   0 0 0
NEWMONT CORP COM 651639106   134,425,801 2,743,104 SH   SOLE   0 0 0
NOBLE CORP PLC ORD SHS A G65431127   25,138,615 637,000 SH   SOLE   0 0 0
NOV INC COM 62955J103   47,888,001 2,587,875 SH   SOLE   0 0 0
NOW INC COM 67011P100   1,448,850 130,000 SH   SOLE   0 0 0
NUTRIEN LTD COM 67077M108   71,106,093 962,913 SH   SOLE   0 0 0
PAN AMERN SILVER CORP COM 697900108   3,672,000 200,000 SH   SOLE   0 0 0
PFIZER INC COM 717081103   43,708,118 1,071,679 SH   SOLE   0 0 0
PHILIP MORRIS INTL INC COM 718172109   2,721,740 28,000 SH   SOLE   0 0 0
PIONEER NAT RES CO COM 723787107   102,368,547 501,377 SH   SOLE   0 0 0
PNC FINL SVCS GROUP INC COM 693475105   29,854,549 234,900 SH   SOLE   0 0 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203   135,541,291 1,437,054 SH   SOLE   0 0 0
SAFE BULKERS INC COM Y7388L103   589,600 160,000 SH   SOLE   0 0 0
SHELL PLC SPON ADS 780259305   53,081,791 922,600 SH   SOLE   0 0 0
SKEENA RES LTD NEW COM 83056P715   7,478,931 1,220,370 SH   SOLE   0 0 0
SOUTHWEST AIRLS CO COM 844741108   1,139,075 35,000 SH   SOLE   0 0 0
SPDR GOLD TR GOLD SHS 78463V107   887,397 4,844 SH   SOLE   0 0 0
SSR MINING IN COM 784730103   7,245,511 479,359 SH   SOLE   0 0 0
SUNCOR ENERGY INC NEW COM 867224107   24,968,547 803,700 SH   SOLE   0 0 0
SYNCHRONY FINANCIAL COM 87165B103   8,495,744 292,103 SH   SOLE   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   218,427,177 2,348,305 SH   SOLE   0 0 0
TECK RESOURCES LTD CL B 878742204   399,858 10,952 SH   SOLE   0 0 0
TEGNA INC COM 87901J105   25,269,151 1,494,794 SH   SOLE   0 0 0
TELEFONICA BRASIL SA NEW ADR 87936R205   1,134,750 150,000 SH   SOLE   0 0 0
TENARIS S A SPONSORED ADR 88031M109   5,552,682 195,345 SH   SOLE   0 0 0
TIM S A SPONSORED ADR 88706T108   1,235,500 100,000 SH   SOLE   0 0 0
US BANCORP DEL COM NEW 902973304   684,475 19,000 SH   SOLE   0 0 0
WELLS FARGO CO NEW COM 949746101   821,590 22,000 SH   SOLE   0 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   11,959,818 248,395 SH   SOLE   0 0 0