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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
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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
YANDEX N V SHS CLASS A N97284108 53,511 1,528,459 SH   SOLE   1,528,459 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 14,086 4,155,376 SH   SOLE   4,155,376 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 44,250 2,915,031 SH   SOLE   2,915,031 0 0
EMBRAER S A SPONSORED ADS 29082A107 30,261 1,754,293 SH   SOLE   1,754,293 0 0
FIRST SOLAR INC COM 336433107 53,627 924,453 SH   SOLE   924,453 0 0
HARMONY GOLD MNG LTD SPONSORED ADR 413216300 5,889 2,073,903 SH   SOLE   2,073,903 0 0
IAMGOLD CORP COM 450913108 6,518 1,911,459 SH   SOLE   1,911,459 0 0
ISHARES TR MSCI INDIA ETF 46429B598 4,726 140,800 SH   SOLE   140,800 0 0
ISHARES TR MSCI INDIA SM CP 46429B614 2,828 80,445 SH   SOLE   80,445 0 0
JD COM INC SPON ADR CL A 47215P106 25,080 889,073 SH   SOLE   889,073 0 0
KINROSS GOLD CORP COM 496902404 53,186 11,562,211 SH   SOLE   11,562,211 0 0
PAN AMERICAN SILVER CORP COM 697900108 35,432 2,259,720 SH   SOLE   2,259,720 0 0
QIWI PLC SPON ADR REP B 74735M108 4,481 204,150 SH   SOLE   204,150 0 0
QUDIAN INC ADR 747798106 33,932 4,924,887 SH   SOLE   4,924,887 0 0
SSR MNG INC COM 784730103 7,885 543,057 SH   SOLE   543,057 0 0
VEON LTD SPONSORED ADR 91822M106 17,064 7,110,258 SH   SOLE   7,110,258 0 0