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
ALAMOS GOLD INC NEW COM CL A 011532108 7,839,340 258,383 SH SOLE 258,383 0 0
BECTON DICKINSON & CO COM 075887109 7,033,970 46,481 SH SOLE 46,481 0 0
CRH PLC ORD G25508105 26,811,739 250,577 SH SOLE 250,577 0 0
DEVON ENERGY CORP NEW COM 25179M103 8,940,037 216,361 SH SOLE 216,361 0 0
EOG RES INC COM 26875P101 5,058,562 38,993 SH SOLE 38,993 0 0
ENDEAVOUR SILVER CORP COM 29258Y103 901,783 108,911 SH SOLE 108,911 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 5,222,783 2,510 SH SOLE 2,510 0 0
FERGUSON ENTERPRISES INC COM 31488V107 3,531,945 14,882 SH SOLE 14,882 0 0
KASPI KZ JSC SPONSORED ADS 48581R205 11,884,495 137,171 SH SOLE 137,171 0 0
NAVIOS MARITIME PARTNERS L P COM UNIT LPI Y62267409 13,747,103 196,191 SH SOLE 196,191 0 0
OSISKO DEVELOPMENT CORP COM NEW 68828E809 1,284,543 522,172 SH SOLE 522,172 0 0
SEABRIDGE GOLD INC COM 811916105 1,279,690 49,716 SH SOLE 49,716 0 0
SKEENA RES LTD NEW COM 83056P715 3,832,535 143,756 SH SOLE 143,756 0 0
ZIMMER BIOMET HOLDINGS INC COM 98956P102 13,022,318 151,264 SH SOLE 151,264 0 0
ZOETIS INC CL A 98978V103 12,014,776 167,197 SH SOLE 167,197 0 0
SPDR GOLD TR GOLD SHS 78463V107 17,682,240 48,000 SH Call SOLE 48,000 0 0