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
CIA ENERGETICA DE MINAS GERA SP ADR N-V PFD 204409601 7,268 3,928,766 SH   SOLE   3,928,766 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 26,997 2,209,300 SH   SOLE   2,209,300 0 0
DBX ETF TR XTRACK HRVST CSI 233051879 8,851 256,700 SH   SOLE   256,700 0 0
EMBRAER S.A. SPONSORED ADS 29082A107 7,332 1,662,763 SH   SOLE   1,662,763 0 0
FIRST SOLAR INC COM 336433107 58,066 877,132 SH   SOLE   877,132 0 0
FREEPORT-MCMORAN INC CL B 35671D857 77,870 4,978,917 SH   SOLE   4,978,917 0 0
GREAT PANTHER MNG LTD COM 39115V101 2,540 2,861,500 SH   SOLE   2,861,500 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 10,302 1,954,994 SH   SOLE   1,954,994 0 0
HIMAX TECHNOLOGIES INC SPONSORED ADR 43289P106 3,069 862,300 SH   SOLE   862,300 0 0
IAMGOLD CORP COM 450913108 41,403 10,810,370 SH   SOLE   10,810,370 0 0
ISHARES TR MSCI INDIA SM CP 46429B614 2,363 65,965 SH   SOLE   65,965 0 0
JD.COM INC SPON ADR CL A 47215P106 90,970 1,172,150 SH   SOLE   1,172,150 0 0
KINROSS GOLD CORP COM 496902404 37,095 4,205,819 SH   SOLE   4,205,819 0 0
KRANESHARES TR BOSERA MSCI CH 500767405 1,367 34,642 SH   SOLE   34,642 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 3,531 257,798 SH   SOLE   257,798 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 1,775 203,336 SH   SOLE   203,336 0 0