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 21,643 5,165,342 SH   SOLE   5,112,107 0 53,235
BROOKFIELD ASSET MANAGE-CL A Com 112585104 7,082 215,248 SH   SOLE   215,248 0 0
CAMECO CORP Com 13321L108 17,883 1,743,931 SH   SOLE   1,743,931 0 0
CAPITAL SOUTHWEST CORP Com 140501107 1,891 140,248 SH   SOLE   140,248 0 0
CSW INDUSTRIALS INC Com 126402106 2,297 33,237 SH   SOLE   33,237 0 0
DESPEGAR.COM CORP Com G27358103 1,344 187,164 SH   SOLE   187,164 0 0
JEFFERIES FINANCIAL GROUP IN Com 47233W109 30,028 1,931,058 SH   SOLE   1,914,666 0 16,392
NUTRIEN LTD Com 67077M108 21,806 679,304 SH   SOLE   672,140 0 7,164
SPECTRUM BRANDS HOLDINGS INC Com 84790A105 26,714 581,995 SH   SOLE   576,673 0 5,322
TELEFONICA BRASIL-ADR Com 87936R205 22,301 2,517,001 SH   SOLE   2,492,493 0 24,508
TIDEWATER INC Com 88642R109 13,680 2,447,138 SH   SOLE   2,421,719 0 25,419
WHEATON PRECIOUS METALS CORP Com 962879102 12,972 294,484 SH   SOLE   294,484 0 0