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 30,482 6,060,025 SH   SOLE   6,001,123 0 58,902
BROOKFIELD ASSET MANAGE-CL A Com 112585104 7,465 180,872 SH   SOLE   180,872 0 0
CAMECO CORP Com 13321L108 27,880 1,635,206 SH   SOLE   1,635,206 0 0
CAPITAL SOUTHWEST CORP Com 140501107 2,085 117,472 SH   SOLE   117,472 0 0
COPA HOLDINGS SA-CLASS A Com P31076105 958 12,407 SH   SOLE   12,407 0 0
CSW INDUSTRIALS INC Com 126402106 2,697 24,100 SH   SOLE   24,100 0 0
DESPEGAR.COM CORP Com G27358103 2,166 169,111 SH   SOLE   169,111 0 0
JEFFERIES FINANCIAL GROUP IN Com 47233W109 36,866 1,498,615 SH   SOLE   1,485,395 0 13,220
NUTRIEN LTD Com 67077M108 35,787 743,078 SH   SOLE   735,057 0 8,021
SPECTRUM BRANDS HOLDINGS INC Com 84790A105 45,637 577,834 SH   SOLE   572,812 0 5,022
TELEFONICA BRASIL-ADR Com 87936R205 27,326 3,087,652 SH   SOLE   3,057,589 0 30,063
TIDEWATER INC Com 88642R109 23,154 2,679,898 SH   SOLE   2,649,791 0 30,107
WHEATON PRECIOUS METALS CORP Com 962879102 12,695 304,142 SH   SOLE   304,142 0 0