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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ARCOS DORADOS HOLDINGS CL A ORD Com G0457F107   22,792,731 2,049,706 SH   SOLE   1,983,071 0 66,635
BANCO MACRO ADR REP TEN CL B ORD Com 05961W105   1,385,609 28,759 SH   SOLE   28,759 0 0
BROOKFIELD ASSET MNGMT CL A ORD Com 113004105   1,983,218 47,197 SH   SOLE   47,197 0 0
BROOKFIELD CL A ORD Com 11271J107   7,769,397 185,560 SH   SOLE   185,560 0 0
BROOKFIELD REINSRNC EX VOTN CL A ORD Com G16250105   40,568 971 SH   SOLE   971 0 0
CAMECO ORD Com 13321L108   28,305,883 653,584 SH   SOLE   653,584 0 0
CAPITAL SOUTHWEST ORD Com 140501107   2,049,141 82,097 SH   SOLE   82,097 0 0
COPA HOLDINGS CL A ORD Com P31076105   1,448,032 13,902 SH   SOLE   13,902 0 0
CSW INDUSTRIALS ORD Com 126402106   2,624,705 11,188 SH   SOLE   11,188 0 0
DESPEGAR COM ORD Com G27358103   33,534,453 2,803,884 SH   SOLE   2,722,254 0 81,630
DOUGLAS ELLIMAN ORD Com 25961D105   2,092,440 1,324,329 SH   SOLE   1,101,835 0 222,494
ENERFLEX ORD Com 29269R105   26,274,981 4,514,762 SH   SOLE   4,384,043 0 130,719
GRUPO FINANCIERO ADR REP 10 CL B ORD Com 399909100   3,799,832 149,482 SH   SOLE   149,482 0 0
JEFFERIES FINANCIAL GROUP ORD Com 47233W109   46,879,579 1,063,029 SH   SOLE   1,063,029 0 0
NUTRIEN ORD Com 67077M108   30,472,852 561,091 SH   SOLE   548,660 0 12,431
SPECTRUM BRANDS HOLDINGS ORD Com 84790A105   29,862,855 335,500 SH   SOLE   328,244 0 7,256
TECK RESOURCES CL B ORD Com 878742204   2,811,441 61,412 SH   SOLE   61,412 0 0
TIDEWATER ORD Com 88642R109   35,445,760 385,280 SH   SOLE   378,430 0 6,850
WHEATON PRECIOUS METALS ORD Com 962879102   39,419,061 836,390 SH   SOLE   836,390 0 0