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
ANTERO RESOURCES CORP COM 03674X106 2,503,286 62,147 SH SOLE 0 0 62,147
ARDMORE SHIPPING CORP COM Y0207T100 1,224,367 127,538 SH SOLE 0 0 127,538
BANCO BBVA ARGENTINA S A SPONSORED ADS 058934100 4,558,113 276,920 SH SOLE 0 0 276,920
BANCO MACRO SA SPON ADR B 05961W105 3,563,807 50,759 SH SOLE 0 0 50,759
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 812,764 17,172 SH SOLE 0 0 17,172
BW LPG LTD COM Y10230103 605,069 51,220 SH SOLE 0 0 51,220
CENTRAL PUERTO S A SPONSORED ADR 155038201 3,840,230 328,786 SH SOLE 0 0 328,786
CIVITAS RESOURCES INC COM NEW 17888H103 278,908 10,134 SH SOLE 0 0 10,134
CNX RES CORP COM 12653C108 2,367,255 70,286 SH SOLE 0 0 70,286
COMSTOCK RES INC COM 205768302 5,420,235 195,888 SH SOLE 0 0 195,888
CORE NATURAL RESOURCES INC COM SHS 218937100 1,201,868 17,233 SH SOLE 0 0 17,233
CRESUD S A C I F Y A SPONSORED ADR 226406106 3,683,868 342,366 SH SOLE 0 0 342,366
DHT HOLDINGS INC SHS NEW Y2065G121 2,651,029 245,238 SH SOLE 0 0 245,238
DIANA SHIPPING INC COM Y2066G104 22,922 15,700 SH Call SOLE 0 0 15,700
ECOPETROL S A SPONSORED ADS 279158109 525,617 59,391 SH SOLE 0 0 59,391
EQT CORP COM 26884L109 2,648,158 45,407 SH SOLE 0 0 45,407
EXPAND ENERGY CORPORATION COM 165167735 2,809,301 24,023 SH SOLE 0 0 24,023
EXPRO GROUP HOLDINGS NV COM N3144W105 910,196 105,959 SH SOLE 0 0 105,959
FRONTLINE PLC COM M46528101 3,142,190 191,480 SH SOLE 0 0 191,480
GEOPARK LTD USD SHS G38327105 1,181,910 181,274 SH SOLE 0 0 181,274
GEOSPACE TECHNOLOGIES CORP COM 37364X109 2,764,793 193,884 SH SOLE 0 0 193,884
GLOBAL X FDS MSCI GREECE ETF 37954Y319 8,660,732 149,220 SH SOLE 0 0 149,220
GULF IS FABRICATION INC COM 402307102 1,947,101 292,797 SH SOLE 0 0 292,797
HAFNIA LTD SHS Y2990R101 475,869 94,662 SH SOLE 0 0 94,662
HELIX ENERGY SOLUTIONS GRP I COM 42330P107 1,258,424 201,670 SH SOLE 0 0 201,670
ICL GROUP LTD SHS M53213100 2,249,598 326,976 SH SOLE 0 0 326,976
INTERNATIONAL SEAWAYS INC COM Y41053102 1,896,842 51,996 SH SOLE 0 0 51,996
INTREPID POTASH INC COM 46121Y201 2,218,978 62,104 SH SOLE 0 0 62,104
INVESCO QQQ TR UNIT SER 1 46090E103 279,902,136 507,400 SH Put SOLE 0 0 507,400
IRSA INVERSIONES Y REP S A SPON GDS ECH 10 450047303 618,772 44,420 SH SOLE 0 0 44,420
ISHARES TR 20 YR TR BD ETF 464287432 229,044,050 2,595,400 SH Put SOLE 0 0 2,595,400
ISHARES TR CORE S&P500 ETF 464287200 694,166 1,118 SH SOLE 0 0 1,118
KRANESHARES TRUST CSI CHI INTERNET 500767306 7,988,207 232,688 SH SOLE 0 0 232,688
LOMA NEGRA C I A S A MTN 14 SPONSORED ADS 54150E104 4,871,071 444,035 SH SOLE 0 0 444,035
MIND C T I LTD ORD M70240102 375,094 273,791 SH SOLE 0 0 273,791
MOSAIC CO NEW COM 61945C103 1,730,356 47,433 SH SOLE 0 0 47,433
NOBLE CORP PLC ORD SHS A G65431127 1,826,030 68,777 SH SOLE 0 0 68,777
NOBLE CORP PLC ORD SHS A G65431127 7,965 300 SH Call SOLE 0 0 300
OCEANEERING INTL INC COM 675232102 1,581,532 76,328 SH SOLE 0 0 76,328
OKEANIS ECO TANKERS COR SHS Y64177101 562,689 26,061 SH SOLE 0 0 26,061
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 4,859,364 70,039 SH SOLE 0 0 70,039
PEABODY ENERGY CORP COM 704551100 1,393,162 103,812 SH SOLE 0 0 103,812
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 550,177 43,979 SH SOLE 0 0 43,979
RANGE RES CORP COM 75281A109 2,433,402 59,832 SH SOLE 0 0 59,832
SCORPIO TANKERS INC SHS Y7542C130 1,248,764 31,913 SH SOLE 0 0 31,913
SEACOR MARINE HLDGS INC COM 78413P101 944,685 185,232 SH SOLE 0 0 185,232
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 2,992,011 414,405 SH SOLE 0 0 414,405
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 722 100 SH Call SOLE 0 0 100
SPDR GOLD TR GOLD SHS 78463V107 731,592 2,400 SH Call SOLE 0 0 2,400
SPDR S&P 500 ETF TR TR UNIT 78462F103 20,389,050 33,000 SH Put SOLE 0 0 33,000
SPROTT FDS TR URANIUM MINERS E 85208P303 11,680,729 243,703 SH SOLE 0 0 243,703
STAR BULK CARRIERS CORP. SHS PAR Y8162K204 473,206 27,432 SH SOLE 0 0 27,432
STELLANTIS N.V SHS N82405106 352,464 35,141 SH SOLE 0 0 35,141
TECHNIPFMC PLC COM G87110105 2,842,418 82,532 SH SOLE 0 0 82,532
TEEKAY TANKERS LTD CL A G8726X106 1,636,222 39,219 SH SOLE 0 0 39,219
TIDEWATER INC NEW COM 88642R109 1,238,950 26,857 SH SOLE 0 0 26,857
TORM PLC SHS CL A G89479102 494,318 29,670 SH SOLE 0 0 29,670
TRANSOCEAN LTD REGISTERED SHS H8817H100 1,737,885 670,998 SH SOLE 0 0 670,998
TRANSPORTADORA DE GAS SUR SPONSORED ADS B 893870204 1,197,734 46,244 SH SOLE 0 0 46,244
TSAKOS ENERGY NAVIGATION LTD SHS G9108L173 2,104,118 109,646 SH SOLE 0 0 109,646
UR-ENERGY INC COM 91688R108 32,924 31,356 SH SOLE 0 0 31,356
VALARIS LTD CL A G9460G101 1,397,083 33,176 SH SOLE 0 0 33,176
VALARIS LTD CL A G9460G101 4,653,155 110,500 SH Call SOLE 0 0 110,500
VANECK ETF TRUST GOLD MINERS ETF 92189F106 6,516,503 125,172 SH SOLE 0 0 125,172
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 4,042,422 128,534 SH SOLE 0 0 128,534