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
ARCOS DORADOS HOLDINGS INC-A Com G0457F107 42,499 5,246,829 SH   SOLE   5,246,829 0 0
BROOKFIELD ASSET MANAGE-CL A Com 112585104 10,706 185,230 SH   SOLE   185,230 0 0
CAMECO CORP Com 13321L108 15,123 1,702,410 SH   SOLE   1,702,410 0 0
CAPITAL SOUTHWEST CORP Com 140501107 2,919 140,248 SH   SOLE   140,248 0 0
COPA HOLDINGS SA-CLASS A Com P31076105 2,499 23,121 SH   SOLE   23,121 0 0
CSW INDUSTRIALS INC Com 126402106 3,432 44,576 SH   SOLE   44,576 0 0
FRANKLIN RESOURCES INC Com 354613101 19,528 751,661 SH   SOLE   751,661 0 0
GRAN TIERRA ENERGY INC Com 38500T101 22,863 17,574,599 SH   SOLE   17,574,599 0 0
JEFFERIES FINANCIAL GROUP IN Com 47233W109 39,557 1,851,030 SH   SOLE   1,851,030 0 0
NUTRIEN LTD Com 67077M108 27,857 581,436 SH   SOLE   581,436 0 0
ROYAL GOLD INC Com 780287108 700 5,723 SH   SOLE   5,723 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105 41,067 638,773 SH   SOLE   638,773 0 0
TELEFONICA BRASIL-ADR PREF Com 87936R106 29,993 2,094,469 SH   SOLE   2,094,469 0 0
TIDEWATER INC Com 88642R109 37,177 1,928,274 SH   SOLE   1,928,274 0 0
WHEATON PRECIOUS METALS CORP Com 962879102 12,923 434,397 SH   SOLE   434,397 0 0