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
4D PHARMA PLC SPONSORED ADS 35085K109 1,069 195,954 SH   SOLE   0 0 0
AFLAC INC COM 001055102 200 3,427 SH   SOLE   0 0 0
ALLEGHANY CORP MD COM 017175100 3,246 4,900 SH   SOLE   0 0 0
AMBEV SA SPONSORED ADR 02319V103 319,438 117,286,661 SH   SOLE   0 0 0
AMERICAN EXPRESS CO COM 025816109 148,823 882,015 SH   SOLE   0 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100 1,189 1,449,493 SH   SOLE   0 0 0
ANGLOGOLD ASHANTI LIMITED SPONS ADR 035128206 91,228 4,529,942 SH   SOLE   0 0 0
APA CORPORATION COM 03743Q108 732 26,000 SH   SOLE   0 0 0
APPLE INC COM 037833100 742 4,062 SH   SOLE   0 0 0
APTIV PLC SHS G6095L109 206 1,238 SH   SOLE   0 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 917 152,142 SH   SOLE   0 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 108,769 1,860,232 SH   SOLE   0 0 0
B2GOLD CORP COM 11777Q209 1,951 505,900 SH   SOLE   0 0 0
BARRICK GOLD CORP COM 067901108 136,496 7,339,235 SH   SOLE   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 39,467 130,831 SH   SOLE   0 0 0
BP PLC SPONSORED ADR 055622104 9,612 350,000 SH   SOLE   0 0 0
BRF SA SPONSORED ADR 10552T107 154 37,510 SH   SOLE   0 0 0
BRINKS CO COM 109696104 18,425 280,726 SH   SOLE   0 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 306,484 4,937,545 SH   SOLE   0 0 0
CENTENE CORP DEL COM 15135B101 123,976 1,495,157 SH   SOLE   0 0 0
CENTERRA GOLD INC COM 152006102 44,982 5,869,050 SH   SOLE   0 0 0
SCHWAB CHARLES CORP COM 808513105 77,379 898,512 SH   SOLE   0 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 289 2,470 SH   SOLE   0 0 0
CHESAPEAKE ENERGY CORP COM 165167735 162,295 2,432,851 SH   SOLE   0 0 0
CHEVRON CORP NEW COM 166764100 3,829 32,000 SH   SOLE   0 0 0
CIGNA CORP NEW COM 125523100 437,285 1,860,453 SH   SOLE   0 0 0
CLEAN HARBORS INC COM 184496107 977 10,000 SH   SOLE   0 0 0
COHERENT INC COM 192479103 24,630 91,928 SH   SOLE   0 0 0
CONAGRA BRANDS INC COM 205887102 1,094 32,000 SH   SOLE   0 0 0
CONOCOPHILLIPS COM 20825C104 86,699 1,171,452 SH   SOLE   0 0 0
CABOT OIL & GAS CORP COM 127097103 61,119 3,112,389 SH   SOLE   0 0 0
COTY INC COM CL A 222070203 55,825 5,222,748 SH   SOLE   0 0 0
CUMMINS INC COM 231021106 947 4,300 SH   SOLE   0 0 0
DAVITA INC COM 23918K108 2,315 20,000 SH   SOLE   0 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898 1,370 106,500 SH   SOLE   0 0 0
DOW INC COM 260557103 933 16,363 SH   SOLE   0 0 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301 3,228 391,730 SH   SOLE   0 0 0
EHEALTH INC COM 28238P109 54,865 2,035,443 SH   SOLE   0 0 0
EQUINOX GOLD CORP COM 29446Y502 5,477 817,965 SH   SOLE   0 0 0
EXXON MOBIL CORP COM 30231G102 63,224 991,790 SH   SOLE   0 0 0
FEDERATED HERMES INC CL B 314211103 110,856 2,901,495 SH   SOLE   0 0 0
FORTUNA SILVER MINES INC COM 349915108 15,747 4,044,840 SH   SOLE   0 0 0
GALIANO GOLD INC COM 36352H100 18,587 26,378,459 SH   SOLE   0 0 0
GENERAL ELECTRIC CO COM NEW 369604301 42,180 436,907 SH   SOLE   0 0 0
GENERAL MTRS CO COM 37045V100 104,011 1,694,818 SH   SOLE   0 0 0
GODADDY INC CL A 380237107 48,900 576,830 SH   SOLE   0 0 0
GOLD FIELDS LTD SPONS ADR 38059T106 77,749 7,308,090 SH   SOLE   0 0 0
GOLD RESOURCE CORP COM 38068T105 2,700 1,720,043 SH   SOLE   0 0 0
GOLDMINING INC COM 38149E101 3,024 2,501,996 SH   SOLE   0 0 0
GREAT PANTHER MNG LTD COM 39115V101 3,515 15,048,914 SH   SOLE   0 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 585 149,785 SH   SOLE   0 0 0
HERTZ GLOBAL HLDGS INC COM NEW 42806J700 84,407 8,414,755 SH   SOLE   0 0 0
HERTZ GLOBAL HLDGS INC *W EXP 06/30/205 42806J148 185 11,150 SH   SOLE   0 0 0
IAMGOLD CORP COM 450913108 24,403 8,043,957 SH   SOLE   0 0 0
II-VI INC COM 902104108 27,655 385,534 SH   SOLE   0 0 0
IMV INC COM 44974L103 5,853 4,796,786 SH   SOLE   0 0 0
INTEGRA RES CORP COM NEW 45826T301 3,477 1,614,579 SH   SOLE   0 0 0
JACKSON FINANCIAL INC COM CL A 46817M107 40,259 947,285 SH   SOLE   0 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 1,012 7,702 SH   SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100 32,889 202,728 SH   SOLE   0 0 0
KINROSS GOLD CORP COM NO PAR 496902404 337,482 59,308,657 SH   SOLE   0 0 0
LIVENT CORP COM 53814L108 1,883 73,603 SH   SOLE   0 0 0
LOCKHEED MARTIN CORP COM 539830109 44,314 124,665 SH   SOLE   0 0 0
M & T BK CORP COM 55261F104 1,206 7,592 SH   SOLE   0 0 0
MARATHON OIL CORP COM 565849106 36,456 2,153,515 SH   SOLE   0 0 0
MARKEL CORP COM 570535104 1,226 1,000 SH   SOLE   0 0 0
MARSH & MCLENNAN COS INC COM 571748102 487 2,900 SH   SOLE   0 0 0
MARTIN MARIETTA MATLS INC COM 573284106 1,322 3,000 SH   SOLE   0 0 0
MICROSOFT CORP COM 594918104 871 2,594 SH   SOLE   0 0 0
NEW GOLD INC CDA COM 644535106 1,496 1,000,000 SH   SOLE   0 0 0
NEWMONT CORP COM 651639106 79,955 1,307,113 SH   SOLE   0 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 1,035 6,723 SH   SOLE   0 0 0
NEXTERA ENERGY INC COM 65339F101 892 9,700 SH   SOLE   0 0 0
NOMAD FOODS LTD USD ORD SHS G6564A105 781 30,000 SH   SOLE   0 0 0
NORTHROP GRUMMAN CORP COM 666807102 107,120 277,142 SH   SOLE   0 0 0
NOV INC COM 62955J103 1,508 104,453 SH   SOLE   0 0 0
NOW INC COM 67011P100 1,052 120,000 SH   SOLE   0 0 0
NUTRIEN LTD COM 67077M108 4,626 60,580 SH   SOLE   0 0 0
NXP SEMICONDUCTORS N V COM N6596X109 229 985 SH   SOLE   0 0 0
ORMAT TECHNOLOGIES INC COM 686688102 1,599 20,300 SH   SOLE   0 0 0
OVINTIV INC COM 69047Q102 47,746 1,356,173 SH   SOLE   0 0 0
PERFORMANCE SHIPPING INC COM NEW Y67305121 405 105,572 SH   SOLE   0 0 0
PFIZER INC COM 717081103 31,757 559,354 SH   SOLE   0 0 0
PHILIP MORRIS INTL INC COM 718172109 1,249 13,000 SH   SOLE   0 0 0
SAFE BULKERS INC COM Y7388L103 637 163,788 SH   SOLE   0 0 0
SOUTHWEST AIRLS CO COM 844741108 32,581 738,220 SH   SOLE   0 0 0
SPDR GOLD TR GOLD SHS 78463V107 562 3,329 SH   SOLE   0 0 0
SPOTIFY TECHNOLOGY S A SHS L8681T102 232 947 SH   SOLE   0 0 0
SSR MNG INC COM 784730103 9,721 564,514 SH   SOLE   0 0 0
STEALTHGAS INC SHS Y81669106 453 200,000 SH   SOLE   0 0 0
TELEFONICA BRASIL SA NEW ADR 87936R205 695 82,879 SH   SOLE   0 0 0
TIM S A SPONSORED ADR 88706T108 3,740 335,573 SH   SOLE   0 0 0
US BANCORP DEL COM NEW 902973304 1,149 20,000 SH   SOLE   0 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 502 16,025 SH   SOLE   0 0 0
VICTORIAS SECRET AND CO COMMON STOCK 926400102 75,342 1,338,277 SH   SOLE   0 0 0
VIPSHOP HOLDINGS LIMITED SPONSORED ADS A 92763W103 495 59,017 SH   SOLE   0 0 0
VISA INC COM CL A 92826C839 12,664 57,000 SH   SOLE   0 0 0
DISNEY WALT CO COM DISNEY 254687106 4,134 26,290 SH   SOLE   0 0 0
WELLS FARGO CO NEW COM 949746101 1,323 26,000 SH   SOLE   0 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 237,137 5,625,487 SH   SOLE   0 0 0
YAMANA GOLD INC COM 98462Y100 12,678 3,071,168 SH   SOLE   0 0 0