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

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

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AK STL HLDG CORP COM 001547108 221 98,333 SH   SOLE   98,333 0 0
ALBEMARLE CORP COM 012653101 2,648 34,361 SH   SOLE   34,361 0 0
BARRICK GOLD CORP COM 067901108 36,136 435,953 SH   SOLE   435,953 0 0
BHP GROUP LIMITED SPONSORED ADS 088606108 7,051 146,017 SH   SOLE   146,017 0 0
CATERPILLAR INC DEL COM 149123101 5,081 39,986 SH   SOLE   39,986 0 0
CIENA CORP COM NEW 171779309 805 23,729 SH   SOLE   23,729 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 3,728 229,841 SH   SOLE   229,841 0 0
COSTCO WHSL CORP NEW COM 22160K105 6,518 31,997 SH   SOLE   31,997 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 2,538 208,918 SH   SOLE   208,918 0 0
CUMMINS INC COM 231021106 4,183 31,300 SH   SOLE   31,300 0 0
D R HORTON INC COM 23331A109 7,861 226,802 SH   SOLE   226,802 0 0
DBX ETF TR XTRACK HRVST CSI 233051879 1,764 80,442 SH   SOLE   80,442 0 0
DEERE & CO COM 244199105 4,848 32,500 SH   SOLE   32,500 0 0
DEVON ENERGY CORP NEW COM 25179M103 3,142 139,404 SH   SOLE   139,404 0 0
HONEYWELL INTL INC COM 438516106 3,936 29,790 SH   SOLE   29,790 0 0
INTEL CORP COM 458140100 4,862 103,603 SH   SOLE   103,603 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602 6,788 14,173 SH   SOLE   14,173 0 0
ISHARES INC MSCI CHILE ETF 464286640 4,602 111,129 SH   SOLE   111,129 0 0
ISHARES INC MSCI STH KOR ETF 464286772 17,061 289,849 SH   SOLE   289,849 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 10,801 341,583 SH   SOLE   341,583 0 0
ISHARES INC MSCI MLY ETF NEW 46434G814 6,839 229,733 SH   SOLE   229,733 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 20,160 516,140 SH   SOLE   516,140 0 0
ISHARES TR US HOME CONS ETF 464288752 8,262 275,042 SH   SOLE   275,042 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 4,935 539,980 SH   SOLE   539,980 0 0
LENNAR CORP CL A 526057104 3,953 100,966 SH   SOLE   100,966 0 0
MICROSOFT CORP COM 594918104 8,051 79,262 SH   SOLE   79,262 0 0
NORFOLK SOUTHERN CORP COM 655844108 7,871 52,633 SH   SOLE   52,633 0 0
NUTRIEN LTD COM 67077M108 4,138 88,036 SH   SOLE   88,036 0 0
PETROCHINA CO LTD SPONSORED ADR 71646E100 716 11,625 SH   SOLE   11,625 0 0
PULTE GROUP INC COM 745867101 6,819 262,356 SH   SOLE   262,356 0 0
RANGE RES CORP COM 75281A109 287 30,041 SH   SOLE   30,041 0 0
ROCKWELL AUTOMATION INC COM 773903109 3,941 26,190 SH   SOLE   26,190 0 0
ROSS STORES INC COM 778296103 7,220 86,783 SH   SOLE   86,783 0 0
SHERWIN WILLIAMS CO COM 824348106 3,948 10,035 SH   SOLE   10,035 0 0
SONY CORP SPONSORED ADR 835699307 7,008 145,156 SH   SOLE   145,156 0 0
SOUTHERN COPPER CORP COM 84265V105 3,774 122,638 SH   SOLE   122,638 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,970 16,246 SH   SOLE   16,246 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 6,204 132,592 SH   SOLE   132,592 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 4,477 168,741 SH   SOLE   168,741 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 4,626 142,248 SH   SOLE   142,248 0 0
SPLUNK INC COM 848637104 2,167 20,663 SH   SOLE   20,663 0 0
ST JOE CO COM 790148100 1,839 139,606 SH   SOLE   139,606 0 0
UNION PAC CORP COM 907818108 6,540 47,314 SH   SOLE   47,314 0 0
VALE S A ADR 91912E105 3,846 291,568 SH   SOLE   291,568 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 3,518 187,608 SH   SOLE   187,608 0 0