Ninety One UK 13F-HR Quarterly holdings report by institutional manager

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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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
3M CO	Common Stock	88579Y101	158,305	761,887	SH		SOLE		761,887	0	0
58.COM INC	ADR	31680Q104	177,106	2,696,505	SH		SOLE		2,696,505	0	0
ABBOTT LABORATORIES	Common Stock	002824100	232	2,906	SH		SOLE		2,906	0	0
ABERCROMBIE & FITCH CO	Common Stock	002896207	3,722	135,783	SH		SOLE		135,783	0	0
ACUITY BRANDS INC	Common Stock	00508Y102	2,813	23,439	SH		SOLE		23,439	0	0
ADOBE SYSTEMS INC	Common Stock	00724F101	223	838	SH		SOLE		838	0	0
ADVANSIX INC	Common Stock	00773T101	0	1	SH		SOLE		1	0	0
AFLAC INC	Common Stock	001055102	170,686	3,413,714	SH		SOLE		3,413,714	0	0
AGILENT TECHNOLOGIES INC	Common Stock	00846U101	9,526	118,514	SH		SOLE		118,514	0	0
AGNICO EAGLE MINES LTD	Common Stock	008474108	70,037	1,610,440	SH		SOLE		1,610,440	0	0
AIR PRODUCTS & CHEMICALS INC	Common Stock	009158106	30,352	158,943	SH		SOLE		158,943	0	0
ALAMOS GOLD INC	Common Stock	011532108	15,112	2,977,785	SH		SOLE		2,977,785	0	0
ALEXION PHARMACEUTICALS INC	Common Stock	015351109	226,224	1,673,504	SH		SOLE		1,673,504	0	0
ALIBABA GROUP HOLDING LTD	ADR	01609W102	973,477	5,335,580	SH		SOLE		5,335,580	0	0
ALLY FINANCIAL INC	Common Stock	02005N100	81,435	2,962,359	SH		SOLE		2,962,359	0	0
ALPHABET INC	Common Stock	02079K107	27,560	23,489	SH		SOLE		23,489	0	0
ALPHABET INC	Common Stock	02079K305	745,462	633,417	SH		SOLE		633,417	0	0
ALTRIA GROUP INC	Common Stock	02209S103	108,967	1,897,384	SH		SOLE		1,897,384	0	0
AMAZON.COM INC	Common Stock	023135106	402,726	226,155	SH		SOLE		226,155	0	0
AMC NETWORKS INC	Common Stock	00164V103	136,819	2,410,483	SH		SOLE		2,410,483	0	0
AMERICAN EXPRESS CO	Common Stock	025816109	69,727	637,946	SH		SOLE		637,946	0	0
AMERICAN FINANCIAL GROUP INC/O	Common Stock	025932104	114,132	1,186,282	SH		SOLE		1,186,282	0	0
ANHEUSER-BUSCH INBEV SA/NV	ADR	03524A108	83,066	989,237	SH		SOLE		989,237	0	0
ANTHEM INC	Common Stock	036752103	222,848	776,529	SH		SOLE		776,529	0	0
AO SMITH CORP	Common Stock	831865209	27,818	521,711	SH		SOLE		521,711	0	0
APACHE CORP	Common Stock	037411105	5,507	158,890	SH		SOLE		158,890	0	0
APPLE INC	Common Stock	037833100	272,952	1,436,966	SH		SOLE		1,436,966	0	0
ARCH CAPITAL GROUP LTD	Common Stock	G0450A105	26,736	827,228	SH		SOLE		827,228	0	0
ARTHUR J GALLAGHER & CO	Common Stock	363576109	10,305	131,945	SH		SOLE		131,945	0	0
ASML HOLDING NV	NY Reg Shrs	N07059210	4,797	25,509	SH		SOLE		25,509	0	0
AUTOHOME INC	ADR	05278C107	78,570	747,430	SH		SOLE		747,430	0	0
AUTOMATIC DATA PROCESSING INC	Common Stock	053015103	32,625	204,237	SH		SOLE		204,237	0	0
AUTONATION INC	Common Stock	05329W102	19,154	536,223	SH		SOLE		536,223	0	0
AUTOZONE INC	Common Stock	053332102	258,376	252,291	SH		SOLE		252,291	0	0
AVON PRODUCTS INC	Common Stock	054303102	30,228	10,281,525	SH		SOLE		10,281,525	0	0
B2GOLD CORP	Common Stock	11777Q209	32,864	11,739,313	SH		SOLE		11,739,313	0	0
BANCOLOMBIA SA	ADR	05968L102	21,226	415,714	SH		SOLE		415,714	0	0
BANK OF AMERICA CORP	Common Stock	060505104	355,235	12,875,508	SH		SOLE		12,875,508	0	0
BANK OF NEW YORK MELLON CORP	Common Stock	064058100	11,368	225,429	SH		SOLE		225,429	0	0
BARNES & NOBLE INC	Common Stock	067774109	1,664	306,440	SH		SOLE		306,440	0	0
BARRICK GOLD CORP	Common Stock	067901108	88,063	6,423,191	SH		SOLE		6,423,191	0	0
BAXTER INTERNATIONAL INC	Common Stock	071813109	453	5,573	SH		SOLE		5,573	0	0
BECTON DICKINSON AND CO	Common Stock	075887109	205,012	820,936	SH		SOLE		820,936	0	0
BOOKING HOLDINGS INC	Common Stock	09857L108	779,343	446,638	SH		SOLE		446,638	0	0
BROADCOM INC	Common Stock	11135F101	150,121	499,222	SH		SOLE		499,222	0	0
BROADRIDGE FINANCIAL SOLUTIONS	Common Stock	11133T103	12,838	123,810	SH		SOLE		123,810	0	0
CABOT OIL & GAS CORP	Common Stock	127097103	16,355	626,640	SH		SOLE		626,640	0	0
CAMECO CORP	Common Stock	13321L108	1,112	94,327	SH		SOLE		94,327	0	0
CANADIAN IMPERIAL BANK OF COMM	Common Stock	136069101	8,865	112,150	SH		SOLE		112,150	0	0
CANADIAN NATURAL RESOURCES LTD	Common Stock	136385101	24,669	898,260	SH		SOLE		898,260	0	0
CARNIVAL CORP	Common Stock	143658300	433	8,542	SH		SOLE		8,542	0	0
CARS.COM INC	Common Stock	14575E105	108,188	4,745,108	SH		SOLE		4,745,108	0	0
CBS CORP	Common Stock	124857202	179,487	3,776,288	SH		SOLE		3,776,288	0	0
CEMEX SAB DE CV	ADR	151290889	43,989	9,480,321	SH		SOLE		9,480,321	0	0
CF INDUSTRIES HOLDINGS INC	Common Stock	125269100	4,636	113,396	SH		SOLE		113,396	0	0
CHARLES SCHWAB CORP/THE	Common Stock	808513105	223,766	5,233,061	SH		SOLE		5,233,061	0	0
CHEMED CORP	Common Stock	16359R103	80,497	251,499	SH		SOLE		251,499	0	0
CHEVRON CORP	Common Stock	166764100	198,128	1,608,446	SH		SOLE		1,608,446	0	0
CHIPOTLE MEXICAN GRILL INC	Common Stock	169656105	95,731	134,774	SH		SOLE		134,774	0	0
CIGNA CORP	Common Stock	125523100	126,061	783,863	SH		SOLE		783,863	0	0
CIMAREX ENERGY CO	Common Stock	171798101	9,717	139,019	SH		SOLE		139,019	0	0
CISCO SYSTEMS INC	Common Stock	17275R102	30,932	572,926	SH		SOLE		572,926	0	0
CITIGROUP INC	Common Stock	172967424	573,724	9,220,900	SH		SOLE		9,220,900	0	0
CITIZENS FINANCIAL GROUP INC	Common Stock	174610105	9,942	305,898	SH		SOLE		305,898	0	0
CME GROUP INC/IL	Common Stock	12572Q105	94,129	571,932	SH		SOLE		571,932	0	0
COCA-COLA CO/THE	Common Stock	191216100	385	8,207	SH		SOLE		8,207	0	0
COEUR MINING INC	Common Stock	192108504	11,273	2,763,097	SH		SOLE		2,763,097	0	0
COGNIZANT TECHNOLOGY SOLUTIONS	Common Stock	192446102	91,531	1,263,373	SH		SOLE		1,263,373	0	0
COLGATE-PALMOLIVE CO	Common Stock	194162103	88,690	1,293,991	SH		SOLE		1,293,991	0	0
COMCAST CORP	Common Stock	20030N101	449,142	11,234,178	SH		SOLE		11,234,178	0	0
CONCHO RESOURCES INC	Common Stock	20605P101	4,748	42,787	SH		SOLE		42,787	0	0
CONDUENT INC	Common Stock	206787103	38,114	2,755,863	SH		SOLE		2,755,863	0	0
CONOCOPHILLIPS	Common Stock	20825C104	31,047	465,189	SH		SOLE		465,189	0	0
CREDICORP LTD	Common Stock	G2519Y108	58,811	245,097	SH		SOLE		245,097	0	0
DANAHER CORP	Common Stock	235851102	650	4,925	SH		SOLE		4,925	0	0
DAVITA INC	Common Stock	23918K108	78,792	1,451,318	SH		SOLE		1,451,318	0	0
DEAN FOODS CO	Common Stock	242370203	404	133,388	SH		SOLE		133,388	0	0
DEERE & CO	Common Stock	244199105	47,182	295,185	SH		SOLE		295,185	0	0
DELL TECHNOLOGIES INC	Common Stock	24703L202	16,261	277,065	SH		SOLE		277,065	0	0
DELTA AIR LINES INC	Common Stock	247361702	154,642	2,994,046	SH		SOLE		2,994,046	0	0
DEVON ENERGY CORP	Common Stock	25179M103	5,961	188,885	SH		SOLE		188,885	0	0
DIAMONDBACK ENERGY INC	Common Stock	25278X109	6,055	59,642	SH		SOLE		59,642	0	0
DIGITAL REALTY TRUST INC	REIT	253868103	40,757	342,500	SH		SOLE		342,500	0	0
DISCOVER FINANCIAL SERVICES	Common Stock	254709108	216,510	3,042,582	SH		SOLE		3,042,582	0	0
DOLLAR GENERAL CORP	Common Stock	256677105	22,649	189,853	SH		SOLE		189,853	0	0
DOWDUPONT INC	Common Stock	26078J100	9,813	184,080	SH		SOLE		184,080	0	0
DR HORTON INC	Common Stock	23331A109	24,068	581,638	SH		SOLE		581,638	0	0
DXC TECHNOLOGY CO	Common Stock	23355L106	57,196	889,380	SH		SOLE		889,380	0	0
EASTMAN CHEMICAL CO	Common Stock	277432100	242	3,190	SH		SOLE		3,190	0	0
EBAY INC	Common Stock	278642103	490	13,188	SH		SOLE		13,188	0	0
ELECTRONIC ARTS INC	Common Stock	285512109	11,033	108,561	SH		SOLE		108,561	0	0
ELI LILLY & CO	Common Stock	532457108	238,911	1,841,175	SH		SOLE		1,841,175	0	0
ENTERGY CORP	Common Stock	29364G103	72,353	756,594	SH		SOLE		756,594	0	0
EOG RESOURCES INC	Common Stock	26875P101	6,227	65,426	SH		SOLE		65,426	0	0
EQT CORP	Common Stock	26884L109	3,591	173,164	SH		SOLE		173,164	0	0
EQUITRANS MIDSTREAM CORP	Common Stock	294600101	2,912	133,681	SH		SOLE		133,681	0	0
ESSENT GROUP LTD	Common Stock	G3198U102	25,952	597,285	SH		SOLE		597,285	0	0
ESTEE LAUDER COS INC/THE	Common Stock	518439104	80,771	487,897	SH		SOLE		487,897	0	0
EXTENDED STAY AMERICA INC	Unit	30224P200	142,388	7,932,503	SH		SOLE		7,932,503	0	0
EXXON MOBIL CORP	Common Stock	30231G102	34,309	424,618	SH		SOLE		424,618	0	0
F5 NETWORKS INC	Common Stock	315616102	19,689	125,463	SH		SOLE		125,463	0	0
FACEBOOK INC	Common Stock	30303M102	6,346	38,070	SH		SOLE		38,070	0	0
FACTSET RESEARCH SYSTEMS INC	Common Stock	303075105	179,023	721,083	SH		SOLE		721,083	0	0
FIDELITY NATIONAL FINANCIAL IN	Common Stock	31620R303	97,163	2,658,348	SH		SOLE		2,658,348	0	0
FIFTH THIRD BANCORP	Common Stock	316773100	3,910	155,036	SH		SOLE		155,036	0	0
FIRST SOLAR INC	Common Stock	336433107	6,871	130,043	SH		SOLE		130,043	0	0
FOOT LOCKER INC	Common Stock	344849104	164,749	2,718,638	SH		SOLE		2,718,638	0	0
FOX CORP	Common Stock	35137L105	88,736	2,417,211	SH		SOLE		2,417,211	0	0
FRANKLIN RESOURCES INC	Common Stock	354613101	17,112	516,358	SH		SOLE		516,358	0	0
GAMING AND LEISURE PROPERTIES	REIT	36467J108	73,872	1,915,260	SH		SOLE		1,915,260	0	0
GARRETT MOTION INC	Common Stock	366505105	105	7,158	SH		SOLE		7,158	0	0
GENERAC HOLDINGS INC	Common Stock	368736104	73,850	1,441,535	SH		SOLE		1,441,535	0	0
GILEAD SCIENCES INC	Common Stock	375558103	361	5,560	SH		SOLE		5,560	0	0
GLOBAL X SILVER MINERS ETF	ETP	37954Y848	17,589	666,250	SH		SOLE		666,250	0	0
GLOBUS MEDICAL INC	Common Stock	379577208	68,022	1,376,685	SH		SOLE		1,376,685	0	0
GOLD FIELDS	ADR	38059T106	4,573	1,225,876	SH		SOLE		1,225,876	0	0
GOLDMAN SACHS GROUP INC/THE	Common Stock	38141G104	103,261	537,844	SH		SOLE		537,844	0	0
GRAFTECH INTERNATIONAL LTD	Common Stock	384313508	5,015	392,065	SH		SOLE		392,065	0	0
GREENLIGHT CAPITAL RE LTD	Common Stock	G4095J109	7,378	678,723	SH		SOLE		678,723	0	0
GRUPO AEROPORTUARIO DEL SUREST	ADR	40051E202	37,878	234,160	SH		SOLE		234,160	0	0
HANESBRANDS INC	Common Stock	410345102	106,092	5,933,572	SH		SOLE		5,933,572	0	0
HANNON ARMSTRONG SUSTAINABLE I	REIT	41068X100	2,195	85,625	SH		SOLE		85,625	0	0
HASBRO INC	Common Stock	418056107	20,091	236,308	SH		SOLE		236,308	0	0
HDFC BANK LTD	ADR	40415F101	17,282	149,102	SH		SOLE		149,102	0	0
HEALTHSOUTH CORP	Common Stock	29261A100	6,621	113,369	SH		SOLE		113,369	0	0
HELMERICH & PAYNE INC	Common Stock	423452101	16,399	295,166	SH		SOLE		295,166	0	0
HESS CORP	Common Stock	42809H107	120,348	1,998,146	SH		SOLE		1,998,146	0	0
HOLLYFRONTIER CORP	Common Stock	436106108	4,675	94,891	SH		SOLE		94,891	0	0
HOME DEPOT INC/THE	Common Stock	437076102	22,061	114,968	SH		SOLE		114,968	0	0
HONEYWELL INTERNATIONAL INC	Common Stock	438516106	376,582	2,369,631	SH		SOLE		2,369,631	0	0
HP INC	Common Stock	40434L105	71,919	3,701,417	SH		SOLE		3,701,417	0	0
ILLINOIS TOOL WORKS INC	Common Stock	452308109	14,574	101,539	SH		SOLE		101,539	0	0
INFOSYS LTD	ADR	456788108	470,503	43,046,945	SH		SOLE		43,046,945	0	0
INTEL CORP	Common Stock	458140100	161,589	3,009,115	SH		SOLE		3,009,115	0	0
INTERCONTINENTAL EXCHANGE INC	Common Stock	45866F104	80,000	1,050,699	SH		SOLE		1,050,699	0	0
INTERNATIONAL BUSINESS MACHINE	Common Stock	459200101	323	2,287	SH		SOLE		2,287	0	0
INTERPUBLIC GROUP OF COS INC/T	Common Stock	460690100	11,877	565,303	SH		SOLE		565,303	0	0
INTUIT INC	Common Stock	461202103	276,384	1,057,282	SH		SOLE		1,057,282	0	0
ISHARES MSCI CHINA A ETF	ETP	46434V514	1,004	34,037	SH		SOLE		34,037	0	0
ISHARES MSCI INDIA ETF	ETP	46429B598	16,500	468,097	SH		SOLE		468,097	0	0
ISHARES MSCI MALAYSIA ETF	ETP	46434G814	1,993	66,568	SH		SOLE		66,568	0	0
ISHARES MSCI SOUTH KOREA ETF	ETP	464286772	4,081	66,960	SH		SOLE		66,960	0	0
ISHARES MSCI TAIWAN ETF	ETP	46434G772	3,803	109,972	SH		SOLE		109,972	0	0
ISHARES MSCI UAE ETF	ETP	46434V761	3,156	215,724	SH		SOLE		215,724	0	0
ITAU UNIBANCO HOLDING SA	ADR	465562106	32,503	3,689,314	SH		SOLE		3,689,314	0	0
ITRON INC	Common Stock	465741106	2,363	50,653	SH		SOLE		50,653	0	0
JACK HENRY & ASSOCIATES INC	Common Stock	426281101	14,679	105,802	SH		SOLE		105,802	0	0
JACOBS ENGINEERING GROUP INC	Common Stock	469814107	126,346	1,680,363	SH		SOLE		1,680,363	0	0
JOHNSON & JOHNSON	Common Stock	478160104	697,013	4,986,140	SH		SOLE		4,986,140	0	0
KB HOME	Common Stock	48666K109	23,076	954,737	SH		SOLE		954,737	0	0
KINROSS GOLD CORP	Common Stock	496902404	38,152	11,088,732	SH		SOLE		11,088,732	0	0
KIRKLAND LAKE GOLD LTD	Common Stock	49741E100	47,101	1,548,338	SH		SOLE		1,548,338	0	0
KLA-TENCOR CORP	Common Stock	482480100	8,694	72,810	SH		SOLE		72,810	0	0
KLX ENERGY SERVICES HOLDINGS I	Common Stock	48253L106	10,055	399,952	SH		SOLE		399,952	0	0
KRAFT HEINZ CO/THE	Common Stock	500754106	342	10,487	SH		SOLE		10,487	0	0
LAM RESEARCH CORP	Common Stock	512807108	51,305	286,606	SH		SOLE		286,606	0	0
LAS VEGAS SANDS CORP	Common Stock	517834107	264	4,327	SH		SOLE		4,327	0	0
LEAR CORP	Common Stock	521865204	92,389	680,784	SH		SOLE		680,784	0	0
LENNAR CORP	Common Stock	526057104	23,091	470,385	SH		SOLE		470,385	0	0
LINCOLN NATIONAL CORP	Common Stock	534187109	69,258	1,179,871	SH		SOLE		1,179,871	0	0
LOCKHEED MARTIN CORP	Common Stock	539830109	13,523	45,053	SH		SOLE		45,053	0	0
MARATHON OIL CORP	Common Stock	565849106	5,599	335,054	SH		SOLE		335,054	0	0
MARATHON PETROLEUM CORP	Common Stock	56585A102	21,756	363,509	SH		SOLE		363,509	0	0
MARSH & MCLENNAN COS INC	Common Stock	571748102	283,289	3,016,924	SH		SOLE		3,016,924	0	0
MASTERCARD INC	Common Stock	57636Q104	258,498	1,097,888	SH		SOLE		1,097,888	0	0
MCDONALD'S CORP	Common Stock	580135101	7,423	39,091	SH		SOLE		39,091	0	0
MCKESSON CORP	Common Stock	58155Q103	28,687	245,066	SH		SOLE		245,066	0	0
MERCK & CO INC	Common Stock	58933Y105	393,191	4,727,560	SH		SOLE		4,727,560	0	0
MGIC INVESTMENT CORP	Common Stock	552848103	27,494	2,084,468	SH		SOLE		2,084,468	0	0
MICROSOFT CORP	Common Stock	594918104	1,343,008	11,387,215	SH		SOLE		11,387,215	0	0
MICROSTRATEGY INC	Common Stock	594972408	19,352	134,159	SH		SOLE		134,159	0	0
MOHAWK INDUSTRIES INC	Common Stock	608190104	5,890	46,691	SH		SOLE		46,691	0	0
MOLSON COORS BREWING CO	Common Stock	60871R209	290	4,862	SH		SOLE		4,862	0	0
MONDELEZ INTERNATIONAL INC	Common Stock	609207105	152,653	3,057,952	SH		SOLE		3,057,952	0	0
MONSTER BEVERAGE CORP	Common Stock	61174X109	4,730	86,659	SH		SOLE		86,659	0	0
MOODY'S CORP	Common Stock	615369105	366,304	2,022,774	SH		SOLE		2,022,774	0	0
MORGAN STANLEY INTL LTD	Common Stock	617446448	47,581	1,127,515	SH		SOLE		1,127,515	0	0
MOSAIC CO/THE	Common Stock	61945C103	150,429	5,508,214	SH		SOLE		5,508,214	0	0
MSCI INC	Common Stock	55354G100	6,506	32,722	SH		SOLE		32,722	0	0
NASDAQ OMX GROUP INC/THE	Common Stock	631103108	9,386	107,279	SH		SOLE		107,279	0	0
NETAPP INC	Common Stock	64110D104	171,267	2,469,955	SH		SOLE		2,469,955	0	0
NETEASE INC	ADR	64110W102	74,993	310,595	SH		SOLE		310,595	0	0
NEWMONT MINING CORP	Common Stock	651639106	79,486	2,222,151	SH		SOLE		2,222,151	0	0
NEXTERA ENERGY INC	Common Stock	65339F101	6,620	34,242	SH		SOLE		34,242	0	0
NICE-SYSTEMS LTD	ADR	653656108	108,198	883,177	SH		SOLE		883,177	0	0
NIKE INC	Common Stock	654106103	218,417	2,593,718	SH		SOLE		2,593,718	0	0
NOBLE ENERGY INC	Common Stock	655044105	21,245	859,096	SH		SOLE		859,096	0	0
NOMAD FOODS LTD	Common Stock	G6564A105	130,255	6,369,447	SH		SOLE		6,369,447	0	0
NORFOLK SOUTHERN CORP	Common Stock	655844108	214,548	1,147,991	SH		SOLE		1,147,991	0	0
NORTHERN TRUST CORP	Common Stock	665859104	29,232	323,326	SH		SOLE		323,326	0	0
NORTHROP GRUMMAN CORP	Common Stock	666807102	12,918	47,916	SH		SOLE		47,916	0	0
NOVAGOLD RESOURCES INC	Common Stock	66987E206	2,434	583,646	SH		SOLE		583,646	0	0
NVR INC	Common Stock	62944T105	23,019	8,319	SH		SOLE		8,319	0	0
O'REILLY AUTOMOTIVE INC	Common Stock	67103H107	9,777	25,179	SH		SOLE		25,179	0	0
OCCIDENTAL PETROLEUM CORP	Common Stock	674599105	5,279	79,743	SH		SOLE		79,743	0	0
ORACLE CORP	Common Stock	68389X105	633	11,788	SH		SOLE		11,788	0	0
PAN AMERICAN SILVER CORP	Common Stock	697900108	48,238	3,640,635	SH		SOLE		3,640,635	0	0
PARK HOTELS & RESORTS INC	REIT	700517105	29,555	950,921	SH		SOLE		950,921	0	0
PARSLEY ENERGY INC	Common Stock	701877102	5,202	269,509	SH		SOLE		269,509	0	0
PAYPAL HOLDINGS INC	Common Stock	70450Y103	428,646	4,127,943	SH		SOLE		4,127,943	0	0
PEPSICO INC	Common Stock	713448108	75,354	614,881	SH		SOLE		614,881	0	0
PERSPECTA INC	Common Stock	715347100	55,199	2,729,930	SH		SOLE		2,729,930	0	0
PFIZER INC	Common Stock	717081103	15,180	357,429	SH		SOLE		357,429	0	0
PHILIP MORRIS INTERNATIONAL IN	Common Stock	718172109	338,829	3,833,344	SH		SOLE		3,833,344	0	0
PHILLIPS 66	Common Stock	718546104	25,589	268,877	SH		SOLE		268,877	0	0
PIONEER NATURAL RESOURCES CO	Common Stock	723787107	5,618	36,890	SH		SOLE		36,890	0	0
Platinum Group Metals LTD	Common Stock	72765Q882	261	133,971	SH		SOLE		133,971	0	0
POPULAR INC	Common Stock	733174700	148,884	2,856,022	SH		SOLE		2,856,022	0	0
PRA HEALTH SCIENCES INC	Common Stock	69354M108	4,361	39,543	SH		SOLE		39,543	0	0
PRETIUM RESOURCES INC	Common Stock	74139C102	9,404	1,100,118	SH		SOLE		1,100,118	0	0
PROCTER & GAMBLE CO/THE	Common Stock	742718109	54,076	519,708	SH		SOLE		519,708	0	0
PROLOGIS INC	REIT	74340W103	10,980	152,600	SH		SOLE		152,600	0	0
PUBLIC SERVICE ENTERPRISE GROU	Common Stock	744573106	186	3,138	SH		SOLE		3,138	0	0
PULTEGROUP INC	Common Stock	745867101	22,279	796,830	SH		SOLE		796,830	0	0
QUALCOMM INC	Common Stock	747525103	214	3,747	SH		SOLE		3,747	0	0
RADIAN GROUP INC	Common Stock	750236101	81,574	3,933,174	SH		SOLE		3,933,174	0	0
RANGE RESOURCES CORP	Common Stock	75281A109	106,465	9,472,009	SH		SOLE		9,472,009	0	0
RAYTHEON CO	Common Stock	755111507	82,177	451,323	SH		SOLE		451,323	0	0
REINSURANCE GROUP OF AMERICA I	Common Stock	759351604	22,671	159,676	SH		SOLE		159,676	0	0
RESIDEO TECHNOLOGIES INC	Common Stock	76118Y104	60,691	3,146,256	SH		SOLE		3,146,256	0	0
ROCKWELL AUTOMATION INC	Common Stock	773903109	32,416	184,750	SH		SOLE		184,750	0	0
S&P GLOBAL INC	Common Stock	78409V104	169,656	805,773	SH		SOLE		805,773	0	0
SCORPIO TANKERS INC	Common Stock	Y7542C130	36,651	1,847,311	SH		SOLE		1,847,311	0	0
SELECT ENERGY SERVICES INC	Common Stock	81617J301	10,738	893,346	SH		SOLE		893,346	0	0
SIBANYE GOLD LTD	ADR	825724206	3,841	930,125	SH		SOLE		930,125	0	0
SILICON MOTION TECHNOLOGY CORP	ADR	82706C108	65,944	1,663,577	SH		SOLE		1,663,577	0	0
SILVER WHEATON CORP	Common Stock	962879102	38,391	1,611,717	SH		SOLE		1,611,717	0	0
SIMON PROPERTY GROUP INC	REIT	828806109	25,273	138,700	SH		SOLE		138,700	0	0
SNAP-ON INC	Common Stock	833034101	94,540	604,010	SH		SOLE		604,010	0	0
SPROTT PHYSICAL SILVER TRUST	Closed-End Fund	85207K107	11,928	2,153,121	SH		SOLE		2,153,121	0	0
SSR MINING INC	Common Stock	784730103	61,149	4,830,064	SH		SOLE		4,830,064	0	0
STEEL DYNAMICS INC	Common Stock	858119100	3,714	105,305	SH		SOLE		105,305	0	0
STRYKER CORP	Common Stock	863667101	9,386	47,521	SH		SOLE		47,521	0	0
TAIWAN SEMICONDUCTOR MANUFACTU	ADR	874039100	90,794	2,216,651	SH		SOLE		2,216,651	0	0
TAPESTRY INC	Common Stock	876030107	12,445	383,030	SH		SOLE		383,030	0	0
TAYLOR MORRISON HOME CORP	Common Stock	87724P106	17,763	1,000,748	SH		SOLE		1,000,748	0	0
TECK RESOURCES LTD	Common Stock	878742204	4,849	209,490	SH		SOLE		209,490	0	0
TERNIUM SA	ADR	880890108	61,346	2,253,727	SH		SOLE		2,253,727	0	0
THERMO FISHER SCIENTIFIC INC	Common Stock	883556102	400,533	1,463,295	SH		SOLE		1,463,295	0	0
THOR INDUSTRIES INC	Common Stock	885160101	8,296	133,017	SH		SOLE		133,017	0	0
TIFFANY & CO	Common Stock	886547108	177,290	1,679,675	SH		SOLE		1,679,675	0	0
TIM PARTICIPACOES SA	ADR	88706P205	19,332	1,281,970	SH		SOLE		1,281,970	0	0
TJX COS INC/THE	Common Stock	872540109	23,905	449,255	SH		SOLE		449,255	0	0
TOPBUILD CORP	Common Stock	89055F103	72,330	1,115,857	SH		SOLE		1,115,857	0	0
TRANSUNION	Common Stock	89400J107	216,483	3,238,826	SH		SOLE		3,238,826	0	0
TRAVELERS COS INC/THE	Common Stock	89417E109	25,137	183,269	SH		SOLE		183,269	0	0
TRI POINTE GROUP INC	Common Stock	87265H109	17,220	1,362,356	SH		SOLE		1,362,356	0	0
TYSON FOODS INC	Common Stock	902494103	48,731	701,872	SH		SOLE		701,872	0	0
UNITEDHEALTH GROUP INC	Common Stock	91324P102	484,649	1,960,080	SH		SOLE		1,960,080	0	0
UNUM GROUP	Common Stock	91529Y106	189,391	5,598,323	SH		SOLE		5,598,323	0	0
VALERO ENERGY CORP	Common Stock	91913Y100	176,353	2,078,900	SH		SOLE		2,078,900	0	0
VANECK VECTORS GOLD MINERS ETF	ETP	92189F106	15,176	676,874	SH		SOLE		676,874	0	0
VENTAS INC	REIT	92276F100	12,410	194,483	SH		SOLE		194,483	0	0
VERISIGN INC	Common Stock	92343E102	477,779	2,631,523	SH		SOLE		2,631,523	0	0
VIACOM INC	Common Stock	92553P201	2,158	76,894	SH		SOLE		76,894	0	0
VISA INC	Common Stock	92826C839	717,684	4,594,939	SH		SOLE		4,594,939	0	0
VMWARE INC	Common Stock	928563402	384,753	2,131,480	SH		SOLE		2,131,480	0	0
WALT DISNEY CO/THE	Common Stock	254687106	14,462	130,255	SH		SOLE		130,255	0	0
WASTE MANAGEMENT INC	Common Stock	94106L109	6,058	58,300	SH		SOLE		58,300	0	0
WATERS CORP	Common Stock	941848103	7,861	31,232	SH		SOLE		31,232	0	0
WELBILT INC	Common Stock	949090104	75,746	4,624,304	SH		SOLE		4,624,304	0	0
WELLS FARGO & CO	Common Stock	949746101	399	8,250	SH		SOLE		8,250	0	0
WESTERN UNION CO/THE	Common Stock	959802109	17,339	938,751	SH		SOLE		938,751	0	0
WESTROCK CO	Common Stock	96145D105	56,198	1,465,395	SH		SOLE		1,465,395	0	0
WORLDPAY INC	Common Stock	981558109	395,335	3,483,126	SH		SOLE		3,483,126	0	0
WYNDHAM HOTELS & RESORTS INC	Common Stock	98311A105	76,703	1,534,364	SH		SOLE		1,534,364	0	0
WYNDHAM WORLDWIDE CORP	Common Stock	98310W108	168,302	4,156,623	SH		SOLE		4,156,623	0	0
XTRACKERS HARVEST CSI 300 CHIN	ETP	233051879	11,617	404,353	SH		SOLE		404,353	0	0
YAMANA GOLD INC	Common Stock	98462Y100	37,048	14,222,448	SH		SOLE		14,222,448	0	0
ZIMMER HOLDINGS INC	Common Stock	98956P102	83,425	653,292	SH		SOLE		653,292	0	0
ZOETIS INC	Common Stock	98978V103	3,166	31,447	SH		SOLE		31,447	0	0