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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
DEUTSCHE BANK A G NAMEN AKT D18190898   11,090,344 470,050 SH   SOLE   470,050 0 0
ALPHABET INC CAP STK CL C 02079K107   13,467,026 86,200 SH   SOLE   86,200 0 0
AMAZON COM INC COM 023135106   13,958,425 73,365 SH   SOLE   73,365 0 0
ANTERO RESOURCES CORP COM 03674X106   9,390,168 232,200 SH   SOLE   232,200 0 0
BANCO BBVA ARGENTINA S A SPONSORED ADS 058934100   4,371,885 241,274 SH   SOLE   241,274 0 0
BANCO MACRO SA SPON ADR B 05961W105   15,609,804 206,725 SH   SOLE   206,725 0 0
BARRICK GOLD CORP COM 067901108   15,262,344 785,100 SH   SOLE   785,100 0 0
CF INDS HLDGS INC COM 125269100   11,722,500 150,000 SH   SOLE   150,000 0 0
EQT CORP COM 26884L109   9,270,105 173,500 SH   SOLE   173,500 0 0
EQUINOX GOLD CORP COM 29446Y502   28,905,137 4,198,277 SH   SOLE   4,198,277 0 0
GRUPO FINANCIERO GALICIA S.A SPONSORED ADR 399909100   18,197,664 334,086 SH   SOLE   334,086 0 0
GULFPORT ENERGY CORP COMMON SHARES 402635502   8,691,408 47,200 SH   SOLE   47,200 0 0
KASPI KZ JSC SPONSORED ADS 48581R205   38,068,500 410,000 SH   SOLE   410,000 0 0
MOSAIC CO NEW COM 61945C103   14,007,386 518,600 SH   SOLE   518,600 0 0
NEWMONT CORP COM 651639106   14,112,244 292,300 SH   SOLE   292,300 0 0
TECK RESOURCES LTD CL B 878742204   17,182,938 471,670 SH   SOLE   471,670 0 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791   9,134,840 159,700 SH   SOLE   159,700 0 0
VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS 92837L109   12,962,397 278,402 SH   SOLE   278,402 0 0