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 36,928 5,495,214 SH   SOLE   5,451,420 0 43,794
BROOKFIELD ASSET MANAGE-CL A Com 112585104 11,726 220,867 SH   SOLE   220,867 0 0
CAMECO CORP Com 13321L108 17,282 1,818,977 SH   SOLE   1,818,977 0 0
CAPITAL SOUTHWEST CORP Com 140501107 3,057 140,248 SH   SOLE   140,248 0 0
COPA HOLDINGS SA-CLASS A Com P31076105 2,283 23,121 SH   SOLE   23,121 0 0
CSW INDUSTRIALS INC Com 126402106 3,822 55,365 SH   SOLE   55,365 0 0
FRANKLIN RESOURCES INC Com 354613101 21,188 734,150 SH   SOLE   726,772 0 7,378
GRAN TIERRA ENERGY INC Com 38500T101 15,923 12,856,074 SH   SOLE   12,727,209 0 128,865
JEFFERIES FINANCIAL GROUP IN Com 47233W109 38,523 2,093,662 SH   SOLE   2,078,004 0 15,658
NUTRIEN LTD Com 67077M108 32,149 644,522 SH   SOLE   639,136 0 5,386
ROYAL GOLD INC Com 780287108 1,318 10,698 SH   SOLE   10,698 0 0
SPECTRUM BRANDS HOLDINGS INC Com 84790A105 36,206 686,766 SH   SOLE   681,086 0 5,680
TELEFONICA BRASIL-ADR Com 87936R205 36,669 2,784,306 SH   SOLE   2,762,141 0 22,165
TIDEWATER INC Com 88642R109 24,664 1,632,318 SH   SOLE   1,619,265 0 13,053
WHEATON PRECIOUS METALS CORP Com 962879102 11,964 455,929 SH   SOLE   455,929 0 0