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	112,412	648,507	SH		SOLE		648,507	0	0
58.COM INC	ADR	31680Q104	175,941	648,507	SH		SOLE		2,829,996	0	0
ABBOTT LABORATORIES	Common Stock	002824100	244	648,507	SH		SOLE		2,906	0	0
ABERCROMBIE & FITCH CO	Common Stock	002896207	4,612	648,507	SH		SOLE		287,558	0	0
ACUITY BRANDS INC	Common Stock	00508Y102	2,556	648,507	SH		SOLE		18,537	0	0
ADOBE SYSTEMS INC	Common Stock	00724F101	247	648,507	SH		SOLE		838	0	0
ADVANSIX INC	Common Stock	00773T101	0	648,507	SH		SOLE		1	0	0
AFLAC INC	Common Stock	001055102	190,652	648,507	SH		SOLE		3,478,420	0	0
AGILENT TECHNOLOGIES INC	Common Stock	00846U101	14,350	648,507	SH		SOLE		192,177	0	0
AGNICO EAGLE MINES LTD	Common Stock	008474108	84,046	648,507	SH		SOLE		1,635,798	0	0
ALAMOS GOLD INC	Common Stock	011532108	27,863	648,507	SH		SOLE		4,608,877	0	0
ALCOA CORP	Common Stock	013872106	3,233	648,507	SH		SOLE		138,102	0	0
ALEXION PHARMACEUTICALS INC	Common Stock	015351109	221,245	648,507	SH		SOLE		1,689,154	0	0
ALIBABA GROUP HOLDING LTD	ADR	01609W102	1,072,434	648,507	SH		SOLE		6,328,912	0	0
ALLY FINANCIAL INC	Common Stock	02005N100	92,367	648,507	SH		SOLE		2,980,529	0	0
ALPHABET INC	Common Stock	02079K107	19,478	648,507	SH		SOLE		18,020	0	0
ALPHABET INC	Common Stock	02079K305	623,117	648,507	SH		SOLE		575,468	0	0
ALTRIA GROUP INC	Common Stock	02209S103	85,036	648,507	SH		SOLE		1,795,895	0	0
AMAZON.COM INC	Common Stock	023135106	430,045	648,507	SH		SOLE		227,101	0	0
AMC NETWORKS INC	Common Stock	00164V103	133,668	648,507	SH		SOLE		2,453,078	0	0
AMERICAN EXPRESS CO	Common Stock	025816109	73,308	648,507	SH		SOLE		593,875	0	0
AMERICAN FINANCIAL GROUP INC/O	Common Stock	025932104	86,019	648,507	SH		SOLE		839,456	0	0
ANHEUSER-BUSCH INBEV SA/NV	ADR	03524A108	86,440	648,507	SH		SOLE		976,614	0	0
ANTHEM INC	Common Stock	036752103	172,234	648,507	SH		SOLE		610,303	0	0
AO SMITH CORP	Common Stock	831865209	21,083	648,507	SH		SOLE		447,047	0	0
APPLE INC	Common Stock	037833100	286,994	648,507	SH		SOLE		1,450,048	0	0
ARCH CAPITAL GROUP LTD	Common Stock	G0450A105	26,463	648,507	SH		SOLE		713,661	0	0
ARTHUR J GALLAGHER & CO	Common Stock	363576109	11,557	648,507	SH		SOLE		131,945	0	0
ASML HOLDING NV	NY Reg rs	N07059210	5,304	648,507	SH		SOLE		25,509	0	0
AUTOHOME INC	ADR	05278C107	89,779	648,507	SH		SOLE		1,048,573	0	0
AUTOMATIC DATA PROCESSING INC	Common Stock	053015103	40,267	648,507	SH		SOLE		243,553	0	0
AUTONATION INC	Common Stock	05329W102	20,942	648,507	SH		SOLE		499,325	0	0
AUTOZONE INC	Common Stock	053332102	271,780	648,507	SH		SOLE		247,192	0	0
AVON PRODUCTS INC	Common Stock	054303102	10,567	648,507	SH		SOLE		2,723,550	0	0
B2GOLD CORP	Common Stock	11777Q209	45,689	648,507	SH		SOLE		15,001,159	0	0
BANCOLOMBIA SA	ADR	05968L102	51,784	648,507	SH		SOLE		1,014,571	0	0
BANK OF AMERICA CORP	Common Stock	060505104	334,622	648,507	SH		SOLE		11,538,682	0	0
BANK OF NEW YORK MELLON CORP	Common Stock	064058100	9,953	648,507	SH		SOLE		225,429	0	0
BARRICK GOLD CORP	Common Stock	067901108	111,388	648,507	SH		SOLE		7,062,290	0	0
BAXTER INTERNATIONAL INC	Common Stock	071813109	533	648,507	SH		SOLE		6,509	0	0
BECTON DICKINSON AND CO	Common Stock	075887109	288,134	648,507	SH		SOLE		1,143,342	0	0
BED BATH & BEYOND INC	Common Stock	075896100	493	648,507	SH		SOLE		42,388	0	0
BOOKING HOLDINGS INC	Common Stock	09857L108	946,177	648,507	SH		SOLE		504,706	0	0
BROADCOM INC	Common Stock	11135F101	150,413	648,507	SH		SOLE		522,520	0	0
BROADRIDGE FINANCIAL SOLUTIONS	Common Stock	11133T103	23,550	648,507	SH		SOLE		184,443	0	0
CABOT OIL & GAS CORP	Common Stock	127097103	10,308	648,507	SH		SOLE		448,961	0	0
CAMECO CORP	Common Stock	13321L108	1,012	648,507	SH		SOLE		94,327	0	0
CANADIAN IMPERIAL BANK OF COMM	Common Stock	136069101	8,803	648,507	SH		SOLE		111,709	0	0
CANADIAN NATURAL RESOURCES LTD	Common Stock	136385101	25,497	648,507	SH		SOLE		943,603	0	0
CARNIVAL CORP	Common Stock	143658300	357	648,507	SH		SOLE		7,674	0	0
CARS.COM INC	Common Stock	14575E105	30,181	648,507	SH		SOLE		1,530,494	0	0
CBS CORP	Common Stock	124857202	191,374	648,507	SH		SOLE		3,835,144	0	0
CEMEX SAB DE CV	ADR	151290889	42,139	648,507	SH		SOLE		9,938,543	0	0
CF INDUSTRIES HOLDINGS INC	Common Stock	125269100	5,508	648,507	SH		SOLE		117,929	0	0
CH ROBINSON WORLDWIDE INC	Common Stock	12541W209	12,325	648,507	SH		SOLE		146,117	0	0
CHARLES SCHWAB CORP/THE	Common Stock	808513105	276,731	6,885,579	SH		SOLE		6,885,579	0	0
CHEMED CORP	Common Stock	16359R103	97,408	269,948	SH		SOLE		269,948	0	0
CHEVRON CORP	Common Stock	166764100	266,220	2,139,343	SH		SOLE		2,139,343	0	0
CHIPOTLE MEXICAN GRILL INC	Common Stock	169656105	100,978	137,783	SH		SOLE		137,783	0	0
CIGNA CORP	Common Stock	125523100	95,239	604,499	SH		SOLE		604,499	0	0
CIMAREX ENERGY CO	Common Stock	171798101	3,903	65,783	SH		SOLE		65,783	0	0
CISCO SYSTEMS INC	Common Stock	17275R102	27,078	494,758	SH		SOLE		494,758	0	0
CITIGROUP INC	Common Stock	172967424	608,642	8,691,167	SH		SOLE		8,691,167	0	0
CITIZENS FINANCIAL GROUP INC	Common Stock	174610105	10,817	305,898	SH		SOLE		305,898	0	0
CME GROUP INC/IL	Common Stock	12572Q105	112,811	581,170	SH		SOLE		581,170	0	0
COCA-COLA CO/THE	Common Stock	191216100	494	9,705	SH		SOLE		9,705	0	0
COEUR MINING INC	Common Stock	192108504	11,162	2,571,878	SH		SOLE		2,571,878	0	0
COLGATE-PALMOLIVE CO	Common Stock	194162103	91,540	1,277,239	SH		SOLE		1,277,239	0	0
COMCAST CORP	Common Stock	20030N101	456,025	10,785,821	SH		SOLE		10,785,821	0	0
CONDUENT INC	Common Stock	206787103	24,868	2,593,158	SH		SOLE		2,593,158	0	0
CONOCOPHILLIPS	Common Stock	20825C104	29,017	475,693	SH		SOLE		475,693	0	0
CORTEVA INC	Common Stock	22052L104	1,762	59,577	SH		SOLE		59,577	0	0
CREDICORP LTD	Common Stock	G2519Y108	60,560	264,556	SH		SOLE		264,556	0	0
DANAHER CORP	Common Stock	235851102	459	3,209	SH		SOLE		3,209	0	0
DAVITA INC	Common Stock	23918K108	77,705	1,381,178	SH		SOLE		1,381,178	0	0
DEAN FOODS CO	Common Stock	242370203	123	133,388	SH		SOLE		133,388	0	0
DEERE & CO	Common Stock	244199105	46,409	280,061	SH		SOLE		280,061	0	0
DELL TECHNOLOGIES INC	Common Stock	24703L202	98,222	1,933,500	SH		SOLE		1,933,500	0	0
DELTA AIR LINES INC	Common Stock	247361702	138,221	2,435,619	SH		SOLE		2,435,619	0	0
DIGITAL REALTY TRUST INC	REIT	253868103	37,554	318,825	SH		SOLE		318,825	0	0
DISCOVER FINANCIAL SERVICES	Common Stock	254709108	234,961	3,028,233	SH		SOLE		3,028,233	0	0
DOLLAR GENERAL CORP	Common Stock	256677105	14,492	107,221	SH		SOLE		107,221	0	0
DOW INC	Common Stock	260557103	2,992	60,672	SH		SOLE		60,672	0	0
DR HORTON INC	Common Stock	23331A109	18,616	431,634	SH		SOLE		431,634	0	0
DUPONT DE NEMOURS INC	Common Stock	26614N102	4,641	61,826	SH		SOLE		61,826	0	0
DXC TECHNOLOGY CO	Common Stock	23355L106	93,741	1,699,755	SH		SOLE		1,699,755	0	0
EASTMAN CHEMICAL CO	Common Stock	277432100	223	2,866	SH		SOLE		2,866	0	0
EBAY INC	Common Stock	278642103	521	13,188	SH		SOLE		13,188	0	0
ECOLAB INC	Common Stock	278865100	14,004	70,929	SH		SOLE		70,929	0	0
ELI LILLY & CO	Common Stock	532457108	149,120	1,345,967	SH		SOLE		1,345,967	0	0
ENTERGY CORP	Common Stock	29364G103	79,394	771,341	SH		SOLE		771,341	0	0
EQUITRANS MIDSTREAM CORP	Common Stock	294600101	2,614	132,632	SH		SOLE		132,632	0	0
ESSENT GROUP LTD	Common Stock	G3198U102	25,122	534,623	SH		SOLE		534,623	0	0
ESTEE LAUDER COS INC/THE	Common Stock	518439104	84,063	459,086	SH		SOLE		459,086	0	0
EXTENDED STAY AMERICA INC	Unit	30224P200	136,371	8,074,063	SH		SOLE		8,074,063	0	0
EXXON MOBIL CORP	Common Stock	30231G102	34,365	448,454	SH		SOLE		448,454	0	0
F5 NETWORKS INC	Common Stock	315616102	18,451	126,695	SH		SOLE		126,695	0	0
FACEBOOK INC	Common Stock	30303M102	421,206	2,182,413	SH		SOLE		2,182,413	0	0
FACTSET RESEARCH SYSTEMS INC	Common Stock	303075105	202,345	706,117	SH		SOLE		706,117	0	0
FAIR ISAAC CORP	Common Stock	303250104	4,169	13,275	SH		SOLE		13,275	0	0
FIDELITY NATIONAL FINANCIAL IN	Common Stock	31620R303	113,508	2,816,569	SH		SOLE		2,816,569	0	0
FIRST SOLAR INC	Common Stock	336433107	7,866	119,767	SH		SOLE		119,767	0	0
FOOT LOCKER INC	Common Stock	344849104	63,520	1,515,269	SH		SOLE		1,515,269	0	0
FOX CORP	Common Stock	35137L105	87,867	2,398,118	SH		SOLE		2,398,118	0	0
FRANCO-NEVADA CORP	Common Stock	351858105	18,054	212,260	SH		SOLE		212,260	0	0
FRANKLIN RESOURCES INC	Common Stock	354613101	16,754	481,434	SH		SOLE		481,434	0	0
GAMING AND LEISURE PROPERTIES	REIT	36467J108	79,280	2,033,874	SH		SOLE		2,033,874	0	0
GARRETT MOTION INC	Common Stock	366505105	1,899	123,696	SH		SOLE		123,696	0	0
GENERAC HOLDINGS INC	Common Stock	368736104	102,632	1,478,640	SH		SOLE		1,478,640	0	0
GILEAD SCIENCES INC	Common Stock	375558103	337	4,995	SH		SOLE		4,995	0	0
GLOBAL X SILVER MINERS ETF	ETP	37954Y848	17,862	666,250	SH		SOLE		666,250	0	0
GLOBUS MEDICAL INC	Common Stock	379577208	57,739	1,364,994	SH		SOLE		1,364,994	0	0
GOLD FIELDS	ADR	38059T106	6,632	1,225,876	SH		SOLE		1,225,876	0	0
GOLDMAN SACHS GROUP INC/THE	Common Stock	38141G104	112,511	549,907	SH		SOLE		549,907	0	0
GRAFTECH INTERNATIONAL LTD	Common Stock	384313508	4,694	408,185	SH		SOLE		408,185	0	0
GREENLIGHT CAPITAL RE LTD	Common Stock	G4095J109	6,451	759,843	SH		SOLE		759,843	0	0
GRUPO AEROPORTUARIO DEL SUREST	ADR	40051E202	40,889	252,231	SH		SOLE		252,231	0	0
HANESBRANDS INC	Common Stock	410345102	103,623	6,017,602	SH		SOLE		6,017,602	0	0
HASBRO INC	Common Stock	418056107	24,777	234,456	SH		SOLE		234,456	0	0
HDFC BANK LTD	ADR	40415F101	22,424	172,438	SH		SOLE		172,438	0	0
HELMERICH & PAYNE INC	Common Stock	423452101	13,920	274,997	SH		SOLE		274,997	0	0
HESS CORP	Common Stock	42809H107	141,498	2,225,863	SH		SOLE		2,225,863	0	0
HOME DEPOT INC/THE	Common Stock	437076102	22,126	106,391	SH		SOLE		106,391	0	0
HONEYWELL INTERNATIONAL INC	Common Stock	438516106	401,187	2,297,883	SH		SOLE		2,297,883	0	0
ILLINOIS TOOL WORKS INC	Common Stock	452308109	15,452	102,461	SH		SOLE		102,461	0	0
INFOSYS LTD	ADR	456788108	467,486	43,690,242	SH		SOLE		43,690,242	0	0
INTEL CORP	Common Stock	458140100	147,203	3,075,048	SH		SOLE		3,075,048	0	0
INTERCONTINENTAL EXCHANGE INC	Common Stock	45866F104	85,576	995,759	SH		SOLE		995,759	0	0
INTERNATIONAL BUSINESS MACHINE	Common Stock	459200101	283	2,055	SH		SOLE		2,055	0	0
INTERPUBLIC GROUP OF COS INC/T	Common Stock	460690100	266	11,771	SH		SOLE		11,771	0	0
INTUIT INC	Common Stock	461202103	281,412	1,076,846	SH		SOLE		1,076,846	0	0
IQVIA HOLDINGS INC	Common Stock	46266C105	340,389	2,115,533	SH		SOLE		2,115,533	0	0
IARES MSCI CHINA A ETF	ETP	46434V514	1,533	53,793	SH		SOLE		53,793	0	0
IARES MSCI INDIA ETF	ETP	46429B598	19,825	561,608	SH		SOLE		561,608	0	0
IARES MSCI MALAYSIA ETF	ETP	46434G814	3,093	104,034	SH		SOLE		104,034	0	0
IARES MSCI SOUTH KOREA ETF	ETP	464286772	6,265	104,646	SH		SOLE		104,646	0	0
IARES MSCI TAIWAN ETF	ETP	46434G772	7,577	216,743	SH		SOLE		216,743	0	0
IARES MSCI UAE ETF	ETP	46434V761	3,727	275,039	SH		SOLE		275,039	0	0
ITAU UNIBANCO HOLDING SA	ADR	465562106	33,658	3,573,041	SH		SOLE		3,573,041	0	0
ITRON INC	Common Stock	465741106	5,967	95,370	SH		SOLE		95,370	0	0
JACK HENRY & ASSOCIATES INC	Common Stock	426281101	12,917	96,455	SH		SOLE		96,455	0	0
JACOBS ENGINEERING GROUP INC	Common Stock	469814107	143,982	1,706,150	SH		SOLE		1,706,150	0	0
JOHNSON & JOHNSON	Common Stock	478160104	601,199	4,316,480	SH		SOLE		4,316,480	0	0
KB HOME	Common Stock	48666K109	18,105	703,645	SH		SOLE		703,645	0	0
KINROSS GOLD CORP	Common Stock	496902404	8,394	2,167,693	SH		SOLE		2,167,693	0	0
KIRKLAND LAKE GOLD LTD	Common Stock	49741E100	64,455	1,492,840	SH		SOLE		1,492,840	0	0
KLA-TENCOR CORP	Common Stock	482480100	8,606	72,810	SH		SOLE		72,810	0	0
KLX ENERGY SERVICES HOLDINGS I	Common Stock	48253L106	8,145	398,697	SH		SOLE		398,697	0	0
KOSMOS ENERGY LTD	Common Stock	500688106	5,384	858,711	SH		SOLE		858,711	0	0
KRAFT HEINZ CO/THE	Common Stock	500754106	326	10,487	SH		SOLE		10,487	0	0
LAM RESEARCH CORP	Common Stock	512807108	54,182	288,450	SH		SOLE		288,450	0	0
LANDSTAR SYSTEM INC	Common Stock	515098101	12,673	117,352	SH		SOLE		117,352	0	0
LAS VEGAS SANDS CORP	Common Stock	517834107	230	3,887	SH		SOLE		3,887	0	0
LEAR CORP	Common Stock	521865204	94,889	681,330	SH		SOLE		681,330	0	0
LENNAR CORP	Common Stock	526057104	18,236	376,305	SH		SOLE		376,305	0	0
LINCOLN NATIONAL CORP	Common Stock	534187109	54,599	847,156	SH		SOLE		847,156	0	0
LIONS GATE ENTERTAINMENT CORP	Common Stock	535919401	868	70,888	SH		SOLE		70,888	0	0
LOCKHEED MARTIN CORP	Common Stock	539830109	15,336	42,184	SH		SOLE		42,184	0	0
MARATHON PETROLEUM CORP	Common Stock	56585A102	15,683	280,651	SH		SOLE		280,651	0	0
MAR & MCLENNAN COS INC	Common Stock	571748102	261,790	2,624,457	SH		SOLE		2,624,457	0	0
MASTERCARD INC	Common Stock	57636Q104	347,481	1,313,578	SH		SOLE		1,313,578	0	0
MCDONALD'S CORP	Common Stock	580135101	8,118	39,091	SH		SOLE		39,091	0	0
MCKESSON CORP	Common Stock	58155Q103	30,705	228,476	SH		SOLE		228,476	0	0
MERCK & CO INC	Common Stock	58933Y105	397,977	4,746,296	SH		SOLE		4,746,296	0	0
MGIC INVESTMENT CORP	Common Stock	552848103	23,814	1,812,336	SH		SOLE		1,812,336	0	0
MICROSOFT CORP	Common Stock	594918104	1,537,843	11,479,867	SH		SOLE		11,479,867	0	0
MICROSTRATEGY INC	Common Stock	594972408	17,914	125,005	SH		SOLE		125,005	0	0
MOHAWK INDUSTRIES INC	Common Stock	608190104	19,766	134,032	SH		SOLE		134,032	0	0
MOLSON COORS BREWING CO	Common Stock	60871R209	272	4,862	SH		SOLE		4,862	0	0
MONDELEZ INTERNATIONAL INC	Common Stock	609207105	206,924	3,839,042	SH		SOLE		3,839,042	0	0
MONSTER BEVERAGE CORP	Common Stock	61174X109	8,713	136,508	SH		SOLE		136,508	0	0
MOODY'S CORP	Common Stock	615369105	399,247	2,044,170	SH		SOLE		2,044,170	0	0
MORGAN STANLEY INTL LTD	Common Stock	617446448	48,751	1,112,780	SH		SOLE		1,112,780	0	0
MOSAIC CO/THE	Common Stock	61945C103	123,661	4,940,509	SH		SOLE		4,940,509	0	0
MSCI INC	Common Stock	55354G100	8,779	36,765	SH		SOLE		36,765	0	0
NABORS INDUSTRIES INC	US DOMESTIC	62957HAB1	2,163	3,000,000	SH		SOLE		3,000,000	0	0
NASDAQ OMX GROUP INC/THE	Common Stock	631103108	8,501	88,396	SH		SOLE		88,396	0	0
NETAPP INC	Common Stock	64110D104	6,336	102,684	SH		SOLE		102,684	0	0
NETEASE INC	ADR	64110W102	79,075	309,163	SH		SOLE		309,163	0	0
NEWMONT MINING CORP	Common Stock	651639106	49,715	1,292,299	SH		SOLE		1,292,299	0	0
NEXTERA ENERGY INC	Common Stock	65339F101	8,670	42,320	SH		SOLE		42,320	0	0
NICE-SYSTEMS LTD	ADR	653656108	111,693	815,276	SH		SOLE		815,276	0	0
NIKE INC	Common Stock	654106103	220,916	2,631,519	SH		SOLE		2,631,519	0	0
NOBLE ENERGY INC	Common Stock	655044105	14,555	649,797	SH		SOLE		649,797	0	0
NOMAD FOODS LTD	Common Stock	G6564A105	156,206	7,313,011	SH		SOLE		7,313,011	0	0
NORFOLK SOUTHERN CORP	Common Stock	655844108	225,642	1,132,001	SH		SOLE		1,132,001	0	0
NORTHERN TRUST CORP	Common Stock	665859104	27,130	301,444	SH		SOLE		301,444	0	0
NORTHROP GRUMMAN CORP	Common Stock	666807102	20,432	63,234	SH		SOLE		63,234	0	0
NOVAGOLD RESOURCES INC	Common Stock	66987E206	3,449	583,646	SH		SOLE		583,646	0	0
NVR INC	Common Stock	62944T105	19,635	5,826	SH		SOLE		5,826	0	0
O'REILLY AUTOMOTIVE INC	Common Stock	67103H107	14,032	37,994	SH		SOLE		37,994	0	0
PAN AMERICAN SILVER CORP	Common Stock	697900108	57,708	4,470,052	SH		SOLE		4,470,052	0	0
PARK HOTELS & RESORTS INC	REIT	700517105	28,165	1,021,935	SH		SOLE		1,021,935	0	0
PAYPAL HOLDINGS INC	Common Stock	70450Y103	458,432	4,005,174	SH		SOLE		4,005,174	0	0
PEPSICO INC	Common Stock	713448108	88,478	674,737	SH		SOLE		674,737	0	0
PERSPECTA INC	Common Stock	715347100	93,964	4,013,821	SH		SOLE		4,013,821	0	0
PETROLEO BRASILEIRO SA	ADR	71654V408	113,445	7,286,123	SH		SOLE		7,286,123	0	0
PFIZER INC	Common Stock	717081103	13,324	307,581	SH		SOLE		307,581	0	0
PHILIP MORRIS INTERNATIONAL IN	Common Stock	718172109	325,130	4,140,204	SH		SOLE		4,140,204	0	0
PHILLIPS 66	Common Stock	718546104	16,604	177,509	SH		SOLE		177,509	0	0
Platinum Group Metals LTD	Common Stock	72765Q882	566	430,338	SH		SOLE		430,338	0	0
POPULAR INC	Common Stock	733174700	185,864	3,426,688	SH		SOLE		3,426,688	0	0
PRETIUM RESOURCES INC	Common Stock	74139C102	18,778	1,874,535	SH		SOLE		1,874,535	0	0
PROCTER & GAMBLE CO/THE	Common Stock	742718109	50,226	458,059	SH		SOLE		458,059	0	0
PROLOGIS INC	REIT	74340W103	8,543	106,648	SH		SOLE		106,648	0	0
PUBLIC SERVICE ENTERPRISE GROU	Common Stock	744573106	166	2,819	SH		SOLE		2,819	0	0
PULTEGROUP INC	Common Stock	745867101	18,793	594,352	SH		SOLE		594,352	0	0
PVH CORP	Common Stock	693656100	101,571	1,073,240	SH		SOLE		1,073,240	0	0
QUALCOMM INC	Common Stock	747525103	256	3,366	SH		SOLE		3,366	0	0
RADIAN GROUP INC	Common Stock	750236101	91,837	4,019,143	SH		SOLE		4,019,143	0	0
RANGE RESOURCES CORP	Common Stock	75281A109	65,535	9,388,965	SH		SOLE		9,388,965	0	0
RAYTHEON CO	Common Stock	755111507	79,388	456,570	SH		SOLE		456,570	0	0
REINSURANCE GROUP OF AMERICA I	Common Stock	759351604	22,823	146,270	SH		SOLE		146,270	0	0
RESIDEO TECHNOLOGIES INC	Common Stock	76118Y104	94,878	4,328,366	SH		SOLE		4,328,366	0	0
ROCKWELL AUTOMATION INC	Common Stock	773903109	36,169	220,773	SH		SOLE		220,773	0	0
Royal Gold Inc	Common Stock	780287108	10,641	103,825	SH		SOLE		103,825	0	0
S&P GLOBAL INC	Common Stock	78409V104	261,712	1,148,916	SH		SOLE		1,148,916	0	0
SCORPIO TANKERS INC	Common Stock	Y7542C130	54,896	1,859,622	SH		SOLE		1,859,622	0	0
SELECT ENERGY SERVICES INC	Common Stock	81617J301	8,643	744,416	SH		SOLE		744,416	0	0
SIBANYE GOLD LTD	ADR	825724206	4,418	930,125	SH		SOLE		930,125	0	0
SILICON MOTION TECHNOLOGY CORP	ADR	82706C108	74,334	1,674,941	SH		SOLE		1,674,941	0	0
SILVER WHEATON CORP	Common Stock	962879102	58,882	2,435,163	SH		SOLE		2,435,163	0	0
SIMON PROPERTY GROUP INC	REIT	828806109	20,833	130,400	SH		SOLE		130,400	0	0
SNAP-ON INC	Common Stock	833034101	116,603	703,954	SH		SOLE		703,954	0	0
SPROTT PHYSICAL SILVER TRUST	Closed-End Fund	85207K107	20,412	3,574,735	SH		SOLE		3,574,735	0	0
SSR MINING INC	Common Stock	784730103	69,985	5,119,599	SH		SOLE		5,119,599	0	0
STRYKER CORP	Common Stock	863667101	14,815	72,063	SH		SOLE		72,063	0	0
TAIWAN SEMICONDUCTOR MANUFACTU	ADR	874039100	81,332	2,076,375	SH		SOLE		2,076,375	0	0
TAPESTRY INC	Common Stock	876030107	15,492	488,258	SH		SOLE		488,258	0	0
TAYLOR MORRISON HOME CORP	Common Stock	87724P106	17,906	854,300	SH		SOLE		854,300	0	0
TECK RESOURCES LTD	Common Stock	878742204	7,158	309,533	SH		SOLE		309,533	0	0
TERNIUM SA	ADR	880890108	30,502	1,359,894	SH		SOLE		1,359,894	0	0
TEXAS PACIFIC LAND TRUST	Royalty Trst	882610108	7,632	9,698	SH		SOLE		9,698	0	0
THERMO FIER SCIENTIFIC INC	Common Stock	883556102	431,349	1,468,772	SH		SOLE		1,468,772	0	0
THOR INDUSTRIES INC	Common Stock	885160101	8,073	138,110	SH		SOLE		138,110	0	0
TIFFANY & CO	Common Stock	886547108	156,079	1,666,795	SH		SOLE		1,666,795	0	0
TIM PARTICIPACOES SA	ADR	88706P205	20,392	1,362,165	SH		SOLE		1,362,165	0	0
TJX COS INC/THE	Common Stock	872540109	13,498	255,257	SH		SOLE		255,257	0	0
TOPBUILD CORP	Common Stock	89055F103	37,638	454,788	SH		SOLE		454,788	0	0
TRADEWEB MARKETS INC	Common Stock	892672106	397	9,071	SH		SOLE		9,071	0	0
TRANSUNION	Common Stock	89400J107	236,683	3,219,743	SH		SOLE		3,219,743	0	0
TRAVELERS COS INC/THE	Common Stock	89417E109	26,326	176,069	SH		SOLE		176,069	0	0
TRI POINTE GROUP INC	Common Stock	87265H109	15,544	1,298,547	SH		SOLE		1,298,547	0	0
TYSON FOODS INC	Common Stock	902494103	4,139	51,263	SH		SOLE		51,263	0	0
UNITEDHEALTH GROUP INC	Common Stock	91324P102	316,112	1,295,486	SH		SOLE		1,295,486	0	0
UNUM GROUP	Common Stock	91529Y106	186,469	5,557,946	SH		SOLE		5,557,946	0	0
VALERO ENERGY CORP	Common Stock	91913Y100	196,096	2,290,572	SH		SOLE		2,290,572	0	0
VANECK VECTORS GOLD MINERS ETF	ETP	92189F106	17,301	676,874	SH		SOLE		676,874	0	0
VENTAS INC	REIT	92276F100	13,293	194,483	SH		SOLE		194,483	0	0
VERISIGN INC	Common Stock	92343E102	524,544	2,507,861	SH		SOLE		2,507,861	0	0
VIACOM INC	Common Stock	92553P201	4,984	166,867	SH		SOLE		166,867	0	0
VISA INC	Common Stock	92826C839	850,410	4,900,087	SH		SOLE		4,900,087	0	0
VMWARE INC	Common Stock	928563402	299,218	1,789,476	SH		SOLE		1,789,476	0	0
WALT DISNEY CO/THE	Common Stock	254687106	13,082	93,685	SH		SOLE		93,685	0	0
WASTE MANAGEMENT INC	Common Stock	94106L109	9,185	79,616	SH		SOLE		79,616	0	0
WATERS CORP	Common Stock	941848103	7,454	34,632	SH		SOLE		34,632	0	0
WELBILT INC	Common Stock	949090104	37,789	2,262,831	SH		SOLE		2,262,831	0	0
WELLS FARGO & CO	Common Stock	949746101	351	7,412	SH		SOLE		7,412	0	0
WESTERN UNION CO/THE	Common Stock	959802109	17,405	875,073	SH		SOLE		875,073	0	0
WORLDPAY INC	Common Stock	981558109	301,692	2,461,784	SH		SOLE		2,461,784	0	0
WYNDHAM HOTELS & RESORTS INC	Common Stock	98311A105	26,885	482,330	SH		SOLE		482,330	0	0
WYNDHAM WORLDWIDE CORP	Common Stock	98310W108	179,747	4,094,476	SH		SOLE		4,094,476	0	0
XTRACKERS HARVEST CSI 300 CHIN	ETP	233051879	11,688	415,066	SH		SOLE		415,066	0	0
YAMANA GOLD INC	Common Stock	98462Y100	22,248	8,756,760	SH		SOLE		8,756,760	0	0
ZOETIS INC	Common Stock	98978V103	8,771	77,287	SH		SOLE		77,287	0	0