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
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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
ARC Document Solutions Inc COM 00191g103 19 13,620 SH   SOLE   13,620 0 0
Activision Blizzard Inc COM 00507v109 1,632 30,830 SH   SOLE   14,390 0 16,440
Agnico Eagle Mines Ltd COM 008474108 1,123 20,950 SH   SOLE   20,950 0 0
Alexion Pharmaceuticals COM 015351109 852 8,700 SH   SOLE   2,730 0 5,970
Allergan plc SHS G0177J108 2,095 12,450 SH   SOLE   6,610 0 5,840
Allianz SE ADR 018805101 394 16,890 SH   SOLE   16,890 0 0
Alphabet Inc A CL A 02079k305 788 645 SH   SOLE   645 0 0
Alphabet Inc C CL C 02079k107 572 469 SH   SOLE   469 0 0
America Movil SAB de CV SPONSORED ADR 02364w105 212 14,300 SH   SOLE   14,300 0 0
American International Group I COM 026874784 1,155 20,740 SH   SOLE   9,910 0 10,830
Aon PLC SHS g0408v102 246 1,272 SH   SOLE   1,272 0 0
Arch Coal Inc CL A 039380407 323 4,350 SH   SOLE   4,350 0 0
AstraZeneca PLC SPONSORED ADR 046353108 1,306 29,300 SH   SOLE   29,300 0 0
BP PLC SPONSORED ADR 055622104 835 21,990 SH   SOLE   21,990 0 0
Baker Hughes A GE Co CL A 05722G100 533 22,980 SH   SOLE   5,750 0 17,230
Bank of America Corp COM 060505104 2,532 86,800 SH   SOLE   41,050 0 45,750
Barrick Gold Corp COM 067901108 1,507 86,960 SH   SOLE   86,960 0 0
Booking Holdings Inc COM 09857l108 1,808 921 SH   SOLE   488 0 433
BorgWarner Inc COM 099724106 677 18,470 SH   SOLE   3,990 0 14,480
Boston Scientific Corp COM 101137107 1,571 38,620 SH   SOLE   23,910 0 14,710
Bristol-Myers Squibb COM 110122108 2,196 43,296 SH   SOLE   21,246 0 22,050
CVS Health Corp COM 126650100 2,308 36,600 SH   SOLE   19,580 0 17,020
Canacol Energy Ltd ADR 134808203 166 48,530 SH   SOLE   48,530 0 0
Celanese Corp COM SER A 150870103 1,436 11,740 SH   SOLE   6,900 0 4,840
Centene Corp COM 15135b101 827 19,120 SH   SOLE   11,040 0 8,080
Charter Communications Inc CL A 16119p108 1,772 4,300 SH   SOLE   2,610 0 1,690
Chevron Corp COM 166764100 1,944 16,390 SH   SOLE   8,090 0 8,300
Comcast Corp CL A 20030n101 1,523 33,780 SH   SOLE   10,800 0 22,980
Consolidated Edison Inc COM 209115104 901 9,540 SH   SOLE   2,070 0 7,470
Copa Holdings SA ADR P31076105 201 2,040 SH   SOLE   2,040 0 0
CorEnergy Infrastructure Trust COM 21870u502 424 8,980 SH   SOLE   8,980 0 0
Delta Air Lines Inc COM 247361702 811 14,080 SH   SOLE   14,080 0 0
Diageo PLC SPONSORED ADR 25243Q205 396 2,420 SH   SOLE   2,420 0 0
Dow Inc COM 260557103 467 9,807 SH   SOLE   5,107 0 4,700
Du Pont De Nemours Inc COM 26614N102 699 9,807 SH   SOLE   5,107 0 4,700
Ebay Inc COM 278642103 964 24,730 SH   SOLE   5,300 0 19,430
Elements Rogers Agriculture ROG AGRI ETN 870297603 777 148,090 SH   SOLE   148,090 0 0
Encompass Health Corp COM 29261a100 1,111 17,550 SH   SOLE   5,620 0 11,930
FMC Corp COM 302491303 1,081 12,330 SH   SOLE   12,330 0 0
Fedex Corp COM 31428x106 1,032 7,090 SH   SOLE   3,850 0 3,240
Franco Nevada Corp COM 351858105 645 7,070 SH   SOLE   7,070 0 0
HP Inc COM 40434l105 1,420 75,050 SH   SOLE   38,590 0 36,460
Halliburton Co COM 406216101 659 34,940 SH   SOLE   7,440 0 27,500
J P Morgan Chase & Co COM 46625h100 2,637 22,410 SH   SOLE   9,960 0 12,450
JBS SA ADR 466110103 166 10,570 SH   SOLE   10,570 0 0
Jacobs Engineering Group Inc COM 469814107 1,733 18,945 SH   SOLE   12,595 0 6,350
Johnson Controls Intl SHS G51502105 765 17,420 SH   SOLE   4,050 0 13,370
Kinder Morgan Inc COM 49456b101 339 16,470 SH   SOLE   16,470 0 0
Kroger Co COM 501044101 913 35,410 SH   SOLE   16,280 0 19,130
LKQ Corp COM 501889208 357 11,360 SH   SOLE   11,360 0 0
Lamb Weston Holdings Inc COM 513272104 876 12,050 SH   SOLE   2,580 0 9,470
Las Vegas Sands Corp COM 517834107 417 7,220 SH   SOLE   7,220 0 0
Lloyds Banking Group PLC SPONSORED ADR 539439109 109 41,390 SH   SOLE   41,390 0 0
MaxLinear Inc COM 57776j100 357 15,960 SH   SOLE   15,960 0 0
Medtronic plc SHS G5960L103 1,083 9,970 SH   SOLE   6,440 0 3,530
Microsoft Corp COM 594918104 612 4,400 SH   SOLE   4,400 0 0
Molson Coors Brewing Co CL B 60871r209 1,169 20,330 SH   SOLE   10,150 0 10,180
Mosaic Company COM 61945c103 355 17,340 SH   SOLE   17,340 0 0
Newmont Goldcorp Corp COM 651639106 2,878 75,890 SH   SOLE   50,130 0 25,760
NextEra Energy Inc COM 65339F101 1,041 4,470 SH   SOLE   970 0 3,500
Novartis AG SPONSORED ADR 66987v109 326 3,750 SH   SOLE   3,750 0 0
Novo Nordisk ADR 670100205 286 5,540 SH   SOLE   5,540 0 0
Novozymes A/S ADR 670108109 214 5,090 SH   SOLE   5,090 0 0
Nutrien Ltd COM 67077M108 967 19,390 SH   SOLE   19,390 0 0
Office Depot Inc COM 676220106 18 10,290 SH   SOLE   10,290 0 0
Pan American Silver Corp COM 697900108 559 35,620 SH   SOLE   35,620 0 0
Raytheon Co COM 755111507 1,448 7,380 SH   SOLE   3,810 0 3,570
Regeneron Pharmaceuticals Inc COM 75886f107 1,229 4,430 SH   SOLE   2,720 0 1,710
Royal Caribbean Cruises COM v7780t103 614 5,670 SH   SOLE   1,210 0 4,460
S& P 500 Depository Receipt TR UNIT 78462f103 430 1,449 SH   SOLE   1,449 0 0
Sony Corp ADR SPONSORED ADR 835699307 294 4,970 SH   SOLE   4,970 0 0
Sprott Inc ADR 852066109 230 97,750 SH   SOLE   97,750 0 0
State Street Corp COM 857477103 969 16,370 SH   SOLE   3,600 0 12,770
Synovus Financial Corp COM 87161c501 684 19,130 SH   SOLE   4,610 0 14,520
Taiwan Semiconductor Sponsored SPONSORED ADR 874039100 416 8,960 SH   SOLE   8,960 0 0
Tencent Holdings Ltd ADR 88032q109 245 5,810 SH   SOLE   5,810 0 0
Total SA SPONSORED ADR 89151e109 455 8,750 SH   SOLE   8,750 0 0
United Continental Holdings In COM 910047109 890 10,070 SH   SOLE   2,220 0 7,850
United Technologies Corp COM 913017109 1,928 14,120 SH   SOLE   7,260 0 6,860
Virtu Financial Inc CL A 928254101 636 38,900 SH   SOLE   15,330 0 23,570
Wells Fargo & Co COM 949746101 499 9,900 SH   SOLE   9,900 0 0