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
CIA DE MINAS BUENA. ADR 204448104 15,364 1,680,952 SH   SOLE NONE 0 0 1,680,952
EMBRAER SA ADR 29082A107 7,807 1,305,600 SH   SOLE NONE 0 0 1,305,600
INFOSYS LTD ADR 456788108 14,315 1,481,890 SH   SOLE NONE 0 0 1,481,890
PETROLEO BRASILEIRO SA ADR 71654V101 13,477 1,690,936 SH   SOLE NONE 0 0 1,690,936
SK TELECOM CO LTD ADR 78440P108 17,422 901,783 SH   SOLE NONE 0 0 901,783
TELEKOMUNIKASI IND. ADR 715684106 13,986 639,193 SH   SOLE NONE 0 0 639,193
TERNIUM SA ADR 880890108 10,827 713,707 SH   SOLE NONE 0 0 713,707
TURKCELL ILET. HIZ. ADR 900111204 9,695 1,683,186 SH   SOLE NONE 0 0 1,683,186
BARRICK GOLD CORP STK 067901108 143,102 5,333,927 SH   SOLE NONE 5,333,927 0 0
BED BATH & BEYOND INC STK 075896100 112 10,600 SH   SOLE NONE 10,600 0 0
CIA DE MINAS BUENA. ADR 204448104 46,086 5,042,252 SH   SOLE NONE 5,042,252 0 0
CITIGROUP INC STK 172967424 84,506 1,653,743 SH   SOLE NONE 1,653,743 0 0
EMBRAER SA ADR 29082A107 23,950 4,005,065 SH   SOLE NONE 4,005,065 0 0
GAIA INC STK 36269P104 953 113,780 SH   SOLE NONE 113,780 0 0
GENERAL MOTORS CO STK 37045V100 53,312 2,107,200 SH   SOLE NONE 2,107,200 0 0
HALLADOR ENERGY CO STK 40609P105 108 164,204 SH   SOLE NONE 164,204 0 0
HEWLETT PACKARD STK 42824C109 69,756 7,169,209 SH   SOLE NONE 7,169,209 0 0
INFOSYS LTD ADR 456788108 43,202 4,472,214 SH   SOLE NONE 4,472,214 0 0
NATIONAL OILWELL STK 637071101 68,833 5,619,002 SH   SOLE NONE 5,619,002 0 0
OCEANEERING INT. STK 675232102 520 81,329 SH   SOLE NONE 81,329 0 0
PETROLEO BRASILEIRO SA ADR 71654V101 40,641 5,099,223 SH   SOLE NONE 5,099,223 0 0
PHILIP MORRIS INT. STK 718172109 6,305 90,000 SH   SOLE NONE 90,000 0 0
SK TELECOM CO LTD ADR 78440P108 52,607 2,722,934 SH   SOLE NONE 2,722,934 0 0
SOUTHWEST AIRLINES CO STK 844741108 14,735 431,100 SH   SOLE NONE 431,100 0 0
SPIRIT AIRLINES INC STK 848577102 1,055 59,259 SH   SOLE NONE 59,259 0 0
SYNCHRONY FINANCIAL STK 87165B103 3,260 147,100 SH   SOLE NONE 147,100 0 0
TELEKOMUNIKASI IND. ADR 715684106 42,331 1,934,696 SH   SOLE NONE 1,934,696 0 0
TERNIUM SA ADR 880890108 32,917 2,169,888 SH   SOLE NONE 2,169,888 0 0
TURKCELL ILET. HIZ. ADR 900111204 29,366 5,098,281 SH   SOLE NONE 5,098,281 0 0
VIACOMCBS INC STK 92556H206 127 5,425 SH   SOLE NONE 5,425 0 0