Cape Ann Asset Management 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

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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
CREDICORP LTD	COM	G2519Y108	27,911,095	205,743	SH		SOLE		205,743	0	0
KINROSS GOLD CORP	COM	496902404	21,707,524	5,307,463	SH		SOLE		5,307,463	0	0
LUFAX HOLDING LTD	ADS REP SHS CL A	54975P102	4,266,886	2,199,426	SH		SOLE		2,199,426	0	0
PETROLEO BRASILEIRO SA PETRO	SP ADR NON VTG	71654V101	3,654,779	393,410	SH		SOLE		393,410	0	0
TERNIUM SA	SPONSORED ADS	880890108	29,138,502	953,485	SH		SOLE		953,485	0	0
VALE S A	SPONSORED ADS	91912E105	3,952,347	232,902	SH		SOLE		232,902	0	0