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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
BAIDU INC SPON ADR REP A 056752108   3,601,920 42,000 SH   SOLE   42,000 0 0
CRH PLC ORD G25508105   21,191,938 230,849 SH   SOLE   230,849 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103   4,897,044 2,503 SH   SOLE   2,503 0 0
FERGUSON ENTERPRISES INC COM 31488V107   8,304,114 38,136 SH   SOLE   38,136 0 0
FRANCO NEV CORP COM 351858105   13,820,423 84,312 SH   SOLE   84,312 0 0
FRONTLINE PLC COM M46528101   3,123,348 190,332 SH   SOLE   190,332 0 0
HAFNIA LTD ORD SHS G4233B109   4,118,626 825,376 SH   SOLE   825,376 0 0
ICON PLC SHS G4705A100   4,995,044 34,342 SH   SOLE   34,342 0 0
KASPI KZ JSC SPONSORED ADS 48581R205   9,083,994 107,009 SH   SOLE   107,009 0 0
NAVIOS MARITIME PARTNERS L P COM UNIT LPI Y62267409   7,389,236 196,105 SH   SOLE   196,105 0 0
ROYAL GOLD INC COM 780287108   11,311,513 63,605 SH   SOLE   63,605 0 0
SEABRIDGE GOLD INC COM 811916105   771,622 53,142 SH   SOLE   53,142 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204   5,664,728 328,390 SH   SOLE   328,390 0 0
ISHARES SILVER TR ISHARES 46428Q109   2,387,813 72,777 SH   SOLE   72,777 0 0
SPDR GOLD TR GOLD SHS 78463V107   42,676,200 140,000 SH Call SOLE   140,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513   8,065,000 100,000 SH Put SOLE   100,000 0 0
NAVIOS MARITIME PARTNERS L P COM UNIT LPI Y62267409   11,680,800 310,000 SH Call SOLE   310,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   27,803,250 45,000 SH Put SOLE   45,000 0 0