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
Expires: July 31, 2015
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
AGNICO EAGLE MINES LTD COM 008474108 1,819,650 35,000 SH SOLE 0 35,000 0
ALAMOS GOLD INC COM CL A 011532108 808,800 80,000 SH SOLE 0 80,000 0
ALAMOS GOLD INC COM CL A 011532108 4,448,400 440,000 SH SOLE 0 440,000 0
ALASKA AIR GROUP COM 011659109 60,227,129 1,402,588 SH SOLE 0 1,402,588 0
ALIBABA GROUP HOLDING-ADR SPONSORED ADS 01609W102 55,497 630 SH SOLE 0 630 0
ALLEGIANT TRAVEL COM 01748X102 57,755,669 849,473 SH SOLE 0 849,473 0
AMERICAN AIRLINE COM 02376R102 212,971,405 16,743,035 SH SOLE 0 16,743,035 0
ANGLOGOLD AS-ADR SPONSORED ADR 035128206 3,466,606 178,507 SH SOLE 0 178,507 0
ANGLOGOLD ASHANTI LTD-ADR SPONSORED ADR 035128206 679,700 35,000 SH SOLE 0 35,000 0
AZUL SA-ADR SPONSR ADR PFD 05501U106 10,266,040 1,680,203 SH SOLE 0 1,680,203 0
BLACK STONE MINE COM UNIT 09225M101 1,433,950 85,000 SH SOLE 0 85,000 0
BLOOM ENERGY C-A COM CL A 093712107 573,600 30,000 SH SOLE 0 30,000 0
BOEING CO/THE COM 097023105 45,883,136 240,869 SH SOLE 0 240,869 0
BOOKING HOLDINGS COM 09857L108 42,703,783 21,190 SH SOLE 0 21,190 0
BP US 01/20/23 C34 SPONSORED ADS 055622104 15,350 100 SH Call SOLE 0 100 0
CALEDONIA MINING CORP PLC SHS NEW G1757E113 310,000 25,000 SH SOLE 0 25,000 0
CANADIAN SOLAR INC COM 136635109 309,000 10,000 SH SOLE 0 10,000 0
CAPRI HOLDINGS L SHS G1890L107 544,540 9,500 SH SOLE 0 9,500 0
CF INDUSTRIES HOLDINGS COM 125269100 340,800 4,000 SH SOLE 0 4,000 0
CHENIERE ENERGY COM NEW 16411R208 1,124,700 7,500 SH SOLE 0 7,500 0
CONOCOPHILLIPS COM 20825C104 590,000 5,000 SH SOLE 0 5,000 0
CONSTELLATION-A CL A 21036P108 1,332,563 5,750 SH SOLE 0 5,750 0
COPA HOLDIN-CL A CL A P31076105 10,394,670 124,981 SH SOLE 0 124,981 0
COSTCO WHOLESALE CORP COM 22160K105 1,689,050 3,700 SH SOLE 0 3,700 0
COTY INC-CL A COM CL A 222070203 941,600 110,000 SH SOLE 0 110,000 0
CQQQ US 03/17/23 C39 CHINA TECHNLGY 46138E800 45,750 75 SH Call SOLE 0 75 0
CRYOPORT COM PAR $0.001 229050307 147,475 8,500 SH SOLE 0 8,500 0
DAQO NEW ENERGY CORP-ADR SPNSRD ADS NEW 23703Q203 122,587 3,175 SH SOLE 0 3,175 0
DELTA AIR LI COM NEW 247361702 219,545,645 6,681,243 SH SOLE 0 6,681,243 0
DRDGOLD LTD-ADR SPON ADR REPSTG 26152H301 244,200 33,000 SH SOLE 0 33,000 0
DRDGOLD LTD-ADR SPON ADR REPSTG 26152H301 1,221,000 165,000 SH SOLE 0 165,000 0
ELDORADO GOLD COM 284902509 1,045,000 125,000 SH SOLE 0 125,000 0
ELECTRA BATTERY COM NEW 28474P201 138,335 83,333 SH SOLE 0 83,333 0
EMBRAER SA-ADR SPONSORED ADS 29082A107 11,452,093 1,047,767 SH SOLE 0 1,047,767 0
EMX ROYALTY CORP COM 26873J107 2,370,149 1,250,000 SH SOLE 0 1,250,000 0
ENERGY FUELS INC COM NEW 292671708 496,800 80,000 SH SOLE 0 80,000 0
EQUINOR ASA-ADR SPONSORED ADR 29446M102 895,250 25,000 SH SOLE 0 25,000 0
EXPEDIA GROUP IN COM NEW 30212P303 38,999,432 445,199 SH SOLE 0 445,199 0
EXPEDITORS INTL COM 302130109 133,329 1,283 SH SOLE 0 1,283 0
FEDEX CORP COM 31428X106 140,465 811 SH SOLE 0 811 0
FERRARI NV COM N3167Y103 434,652 2,029 SH SOLE 0 2,029 0
FORTUNA SILVER COM 349915108 2,451,101 653,627 SH SOLE 0 653,627 0
FORTUNA SILVER COM 349915108 938,837 250,000 SH SOLE 0 250,000 0
FRANCO-NEVADA CO COM 351858105 7,946,002 58,221 SH SOLE 0 58,221 0
FRANCO-NEVADA CORP COM 351858105 348,024 2,550 SH SOLE 0 2,550 0
FRANCO-NEVADA CORP COM 351858105 2,729,600 20,000 SH SOLE 0 20,000 0
FRONTIER GROUP H COM 35909R108 51,430,085 5,007,798 SH SOLE 0 5,007,798 0
GENERAL DYNAMICS COM 369550108 42,967,938 173,181 SH SOLE 0 173,181 0
GLOBAL X MSCI GR MSCI GREECE ETF 37954Y319 133,200 5,000 SH SOLE 0 5,000 0
GOLD RESOURCE CO COM 38068T105 1,530,000 1,000,000 SH SOLE 0 1,000,000 0
GOLD US 01/20/23 C18 COM 067901108 45,780 1,635 SH Call SOLE 0 1,635 0
GOLD US 01/20/23 C18 COM 067901108 46,872 1,674 SH Call SOLE 0 1,674 0
GOLD US 01/20/23 C18 COM 067901108 85,988 3,071 SH Call SOLE 0 3,071 0
GOLD US 01/20/23 C25 COM 067901108 1,102 1,102 SH Call SOLE 0 1,102 0
GOLD US 01/20/23 C25 COM 067901108 1,575 1,575 SH Call SOLE 0 1,575 0
GOLD US 01/20/23 C25 COM 067901108 2,887 2,887 SH Call SOLE 0 2,887 0
GRUPO AEROPO-ADR SPON ADR SER B 40051E202 9,948,440 42,699 SH SOLE 0 42,699 0
GXO LOGISTIC COMMON STOCK 36262G101 137,633 3,224 SH SOLE 0 3,224 0
HALLIBURTON CO COM 406216101 787,000 20,000 SH SOLE 0 20,000 0
HARMONY GOLD-ADR SPONSORED ADR 413216300 1,700,000 500,000 SH SOLE 0 500,000 0
HARMONY GOLD-ADR SPONSORED ADR 413216300 2,409,573 708,698 SH SOLE 0 708,698 0
HAWAIIAN HOLDING COM 419879101 48,993,901 4,775,234 SH SOLE 0 4,775,234 0
HILTON WORLDWIDE HOLDINGS COM 43300A203 1,225,692 9,700 SH SOLE 0 9,700 0
HL US 01/20/23 C5 COM 422704106 42,525 630 SH Call SOLE 0 630 0
HL US 01/20/23 C5 COM 422704106 46,035 682 SH Call SOLE 0 682 0
HL US 01/20/23 C5 COM 422704106 86,805 1,286 SH Call SOLE 0 1,286 0
HYATT HOTELS CORP-A COM CL A 448579102 452,250 5,000 SH SOLE 0 5,000 0
I-80 GOLD CORP COM 44955L106 1,394,422 500,000 SH SOLE 0 500,000 0
IAMGOLD CORP COM 450913108 1,290,000 500,000 SH SOLE 0 500,000 0
IAMGOLD CORP COM 450913108 3,095,076 1,199,642 SH SOLE 0 1,199,642 0
ISHARES MSCI POLAND ETF MSCI POLAND ETF 46429B606 61,840 4,000 SH SOLE 0 4,000 0
IVANHOE ELEC COM 46578C108 18,093 1,499 SH SOLE 0 1,499 0
IVANHOE ELECTRIC COM 46578C108 85,074 7,002 SH SOLE 0 7,002 0
JETBLUE AIRWAYS COM 477143101 52,329,460 8,075,534 SH SOLE 0 8,075,534 0
JPM ULTR-SHT MUN ULTRA SHT MUNCPL 46641Q654 1,137,038 22,500 SH SOLE 0 22,500 0
KIMBELL ROYALTY UNIT 49435R102 918,500 55,000 SH SOLE 0 55,000 0
LIBERTY ENERGY I COM CL A 53115L104 320,200 20,000 SH SOLE 0 20,000 0
LINDE PLC SHS G5494J103 652,360 2,000 SH SOLE 0 2,000 0
LITHIUM AMERICAS COM NEW 53680Q207 284,086 15,000 SH SOLE 0 15,000 0
LOUISIANA-PACIFIC CORP COM 546347105 296,000 5,000 SH SOLE 0 5,000 0
LUCID GROUP INC COM 549498103 88,790 13,000 SH SOLE 0 13,000 0
MAKEMYTRIP LTD SHS V5633W109 10,739,149 389,523 SH SOLE 0 389,523 0
MARRIOTT INTL-A CL A 571903202 1,608,012 10,800 SH SOLE 0 10,800 0
MATSON INC COM 57686G105 95,703 1,531 SH SOLE 0 1,531 0
MGM RESORTS INTERNATIONAL COM 552953101 787,955 23,500 SH SOLE 0 23,500 0
MOSAIC CO/THE COM 61945C103 350,960 8,000 SH SOLE 0 8,000 0
NEM US 01/20/23 C82.5 COM 651639106 2,625 2,625 SH Call SOLE 0 2,625 0
NEW GOLD INC COM 644535106 2,270,642 2,316,982 SH SOLE 0 2,316,982 0
NEWMONT CORP COM 651639106 944,000 20,000 SH SOLE 0 20,000 0
NEWMONT CORP COM 651639106 1,180,000 25,000 SH SOLE 0 25,000 0
NIKE INC -CL B CL B 654106103 1,959,918 16,750 SH SOLE 0 16,750 0
NIO INC - ADR SPON ADS 62914V106 253,500 26,000 SH SOLE 0 26,000 0
NIU TECHNOLO-ADR ADS 65481N100 16,736 3,200 SH SOLE 0 3,200 0
NORTHERN TRUST CORP COM 665859104 584,034 6,600 SH SOLE 0 6,600 0
NORWEGIAN CRUISE LINE HLD SHS G66721104 648,720 53,000 SH SOLE 0 53,000 0
NTES US 03/17/23 C75 SPONSORED ADS 64110W102 29,250 50 SH Call SOLE 0 50 0
NUGT US 01/20/23 C50 DLY GOLD INDX 2X 25460G781 1,050 75 SH Call SOLE 0 75 0
NUGT US 01/20/23 C50 DLY GOLD INDX 2X 25460G781 1,050 75 SH Call SOLE 0 75 0
NUGT US 01/20/23 C50 DLY GOLD INDX 2X 25460G781 3,780 270 SH Call SOLE 0 270 0
NUTRIEN LTD COM 67077M108 291,722 4,000 SH SOLE 0 4,000 0
OCCIDENTAL PETROLEUM CORP COM 674599105 629,900 10,000 SH SOLE 0 10,000 0
OSISKO GOLD ROYA COM 68827L101 3,227,723 267,417 SH SOLE 0 267,417 0
PARAMOUNT GOLD N COM 69924M109 58,650 170,000 SH SOLE 0 170,000 0
PHILLIPS 66 COM 718546104 416,320 4,000 SH SOLE 0 4,000 0
PIEDMONT LITHIUM COM 72016P105 440,200 10,000 SH SOLE 0 10,000 0
PLATINUM GROUP M COM 72765Q882 174,856 100,000 SH SOLE 0 100,000 0
POTLATCHDELTIC CORP COM 737630103 439,900 10,000 SH SOLE 0 10,000 0
RANGE RESOURCES CORP COM 75281A109 500,400 20,000 SH SOLE 0 20,000 0
RAYONIER INC COM 754907103 494,400 15,000 SH SOLE 0 15,000 0
ROYAL CARIBBEAN CRUISES COM V7780T103 689,054 13,940 SH SOLE 0 13,940 0
ROYAL GOLD INC COM 780287108 315,616 2,800 SH SOLE 0 2,800 0
ROYAL GOLD INC COM 780287108 1,127,200 10,000 SH SOLE 0 10,000 0
ROYAL GOLD INC COM 780287108 8,432,358 74,808 SH SOLE 0 74,808 0
RYANAIR HLDG-ADR SPONSORED ADS 783513203 21,287,088 284,739 SH SOLE 0 284,739 0
SABINE ROYALTY UNIT BEN INT 785688102 2,264,425 26,500 SH SOLE 0 26,500 0
SABRE CORP COM 78573M104 44,751,864 7,241,402 SH SOLE 0 7,241,402 0
SANDSTORM GOLD COM NEW 80013R206 3,335,708 634,165 SH SOLE 0 634,165 0
SCHLUMBERGER LTD COM 806857108 641,520 12,000 SH SOLE 0 12,000 0
SIBANYE-STI-ADR SPONSORED ADR 82575P107 2,451,800 230,000 SH SOLE 0 230,000 0
SIBANYE-STI-ADR SPONSORED ADR 82575P107 2,443,869 229,256 SH SOLE 0 229,256 0
SILVERCORP METAL COM 82835P103 2,552,929 862,476 SH SOLE 0 862,476 0
SILVERCORP METALS INC COM 82835P103 367,040 124,000 SH Call SOLE 0 124,000 0
SILVERCREST META COM 828363101 1,195,219 200,000 SH SOLE 0 200,000 0
SKEENA RESOURCES COM 83056P715 531,946 100,000 SH SOLE 0 100,000 0
SKYWEST INC COM 830879102 58,010,295 3,513,646 SH SOLE 0 3,513,646 0
SOUTHWEST AIR COM 844741108 203,527,406 6,044,770 SH SOLE 0 6,044,770 0
STANDARD LITHIUM COM 853606101 221,250 75,000 SH SOLE 0 75,000 0
STAR BULK CARRIE SHS PAR Y8162K204 95,900 4,987 SH SOLE 0 4,987 0
TEMPUR SEALY INTL INC COM 88023U101 916,611 26,700 SH SOLE 0 26,700 0
TESLA INC COM 88160R101 1,386,391 11,255 SH SOLE 0 11,255 0
TEXTRON INC COM 883203101 41,600,876 587,583 SH SOLE 0 587,583 0
TRIP.COM GRO-ADR ADS 89677Q107 22,361,995 650,058 SH SOLE 0 650,058 0
TRIPADVISOR INC COM 896945201 40,785,472 2,268,380 SH SOLE 0 2,268,380 0
TSMC-ADR SPONSORED ADS 874039100 60,337 810 SH SOLE 0 810 0
TTE1 US 01/20/23 C60 SPONSORED ADS 89151E109 38,000 100 SH Call SOLE 0 100 0
UNITED AIRLINES COM 910047109 197,098,918 5,228,088 SH SOLE 0 5,228,088 0
UNITED PARCEL-B CL B 911312106 138,724 798 SH SOLE 0 798 0
VAIL RESORTS INC COM 91879Q109 674,531 2,830 SH SOLE 0 2,830 0
VALERO ENERGY COM 91913Y100 317,150 2,500 SH SOLE 0 2,500 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105 635,800 20,000 SH SOLE 0 20,000 0
VIZSLA SILVER CO COM NEW 92859G202 142,947 125,000 SH SOLE 0 125,000 0
VIZSLA SILVER CO COM NEW 92859G202 1,286,521 1,125,000 SH SOLE 0 1,125,000 0
VOX ROYALTY CORP COM 92919F103 162,166 70,000 SH SOLE 0 70,000 0
VOX ROYALTY CORP COM 92919F103 3,011,657 1,300,000 SH SOLE 0 1,300,000 0
WEST FRASER TIMB COM 952845105 288,535 4,000 SH SOLE 0 4,000 0
WHEATON PRECIOUS COM 962879102 8,333,458 213,241 SH SOLE 0 213,241 0
WHEATON PRECIOUS METALS COM 962879102 273,560 7,000 SH SOLE 0 7,000 0
WHEATON PRECIOUS METALS COM 962879102 977,000 25,000 SH SOLE 0 25,000 0
XOM US 01/20/23 C110 COM 30231G102 16,250 50 SH Call SOLE 0 50 0
YAMANA GOLD INC COM 98462Y100 2,719,500 490,000 SH SOLE 0 490,000 0
ZIM INTEGRATED S SHS M9T951109 209,666 12,197 SH SOLE 0 12,197 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105 146,925 5,468 SH SOLE 0 5,468 0
ZTO EXPRESS CAYMAN-ADR SPONSORED ADS A 98980A105 150,472 5,600 SH SOLE 0 5,600 0