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 30,412 5,974,918 SH   SOLE   5,916,016 0 58,902
BROOKFIELD ASSET MANAGE-CL A Com 112585104 9,579 215,248 SH   SOLE   215,248 0 0
CAMECO CORP Com 13321L108 25,164 1,517,081 SH   SOLE   1,517,081 0 0
CAPITAL SOUTHWEST CORP Com 140501107 2,993 135,074 SH   SOLE   135,074 0 0
COPA HOLDINGS SA-CLASS A Com P31076105 1,002 12,407 SH   SOLE   12,407 0 0
CSW INDUSTRIALS INC Com 126402106 3,305 24,483 SH   SOLE   24,483 0 0
DESPEGAR.COM CORP Com G27358103 2,305 169,111 SH   SOLE   169,111 0 0
JEFFERIES FINANCIAL GROUP IN Com 47233W109 42,164 1,400,793 SH   SOLE   1,389,155 0 11,638
NUTRIEN LTD Com 67077M108 36,954 685,726 SH   SOLE   678,979 0 6,747
SPECTRUM BRANDS HOLDINGS INC Com 84790A105 46,895 551,707 SH   SOLE   546,685 0 5,022
TELEFONICA BRASIL-ADR Com 87936R205 21,358 2,713,791 SH   SOLE   2,683,728 0 30,063
TIDEWATER INC Com 88642R109 34,730 2,771,774 SH   SOLE   2,741,667 0 30,107
WHEATON PRECIOUS METALS CORP Com 962879102 10,366 271,286 SH   SOLE   271,286 0 0