The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| ARCOS DORADOS HOLDINGS INC-A | Com | G0457F107 | 44,537 | 5,637,646 | SH | SOLE | 5,622,318 | 0 | 15,328 | ||
| BROOKFIELD ASSET MANAGE-CL A | Com | 112585104 | 18,811 | 490,513 | SH | SOLE | 490,513 | 0 | 0 | ||
| CAMECO CORP | Com | 13321L108 | 18,142 | 1,591,177 | SH | SOLE | 1,591,177 | 0 | 0 | ||
| CAPITAL SOUTHWEST CORP | Com | 140501107 | 2,696 | 140,248 | SH | SOLE | 140,248 | 0 | 0 | ||
| COLFAX CORP | Com | 194014106 | 15,945 | 762,899 | SH | SOLE | 762,899 | 0 | 0 | ||
| COPA HOLDINGS SA-CLASS A | Com | P31076105 | 1,989 | 25,273 | SH | SOLE | 25,273 | 0 | 0 | ||
| CSW INDUSTRIALS INC | Com | 126402106 | 6,781 | 140,248 | SH | SOLE | 140,248 | 0 | 0 | ||
| FRANKLIN RESOURCES INC | Com | 354613101 | 23,714 | 799,539 | SH | SOLE | 795,554 | 0 | 3,985 | ||
| GRAN TIERRA ENERGY INC | Com | 38500T101 | 13,988 | 6,372,968 | SH | SOLE | 6,325,293 | 0 | 47,675 | ||
| JEFFERIES FINANCIAL GROUP IN | Com | 47233W109 | 33,626 | 1,937,008 | SH | SOLE | 1,930,300 | 0 | 6,708 | ||
| NUTRIEN LTD | Com | 67077M108 | 27,610 | 587,443 | SH | SOLE | 584,968 | 0 | 2,475 | ||
| ROYAL GOLD INC | Com | 780287108 | 1,033 | 12,066 | SH | SOLE | 12,066 | 0 | 0 | ||
| SPECTRUM BRANDS HOLDINGS INC | Com | 84790A105 | 20,856 | 493,635 | SH | SOLE | 493,635 | 0 | 0 | ||
| TELEFONICA BRASIL-ADR | Com | 87936R205 | 40,076 | 3,359,225 | SH | SOLE | 3,348,961 | 0 | 10,264 | ||
| TIDEWATER INC | Com | 88642R109 | 27,202 | 1,421,969 | SH | SOLE | 1,416,970 | 0 | 4,999 | ||
| WHEATON PRECIOUS METALS CORP | Com | 962879102 | 9,168 | 469,407 | SH | SOLE | 469,407 | 0 | 0 | ||