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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE MINES LTD COM 008474108   43,410,634 791,524 SH   SOLE   0 0 0
ALCOA CORP COM 013872106   11,408,402 335,887 SH   SOLE   0 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   243,429,786 3,140,839 SH   SOLE   0 0 0
AMAZON COM INC COM 023135106   115,410,725 759,557 SH   SOLE   0 0 0
AMBEV SA SPONSORED ADR 02319V103   144,493,878 51,517,699 SH   SOLE   0 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108   1,098,540 17,000 SH   SOLE   0 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107   1,929,921 152,142 SH   SOLE   0 0 0
ARIS MNG CORP COM 04040Y109   16,968,593 5,155,500 SH   SOLE   0 0 0
B2GOLD CORP COM 11777Q209   11,035,168 3,497,676 SH   SOLE   0 0 0
BANK AMERICA CORP COM 060505104   45,718,444 1,357,850 SH   SOLE   0 0 0
BARRICK GOLD CORP COM 067901108   173,726,524 9,606,218 SH   SOLE   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   18,681,619 52,331 SH   SOLE   0 0 0
BP PLC SPONSORED ADR 055622104   39,854,346 1,125,670 SH   SOLE   0 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   4,815,000 120,000 SH   SOLE   0 0 0
CAPRI HOLDINGS LIMITED SHS G1890L107   17,449,762 347,230 SH   SOLE   0 0 0
CENTERRA GOLD INC COM 152006102   50,152,130 8,404,250 SH   SOLE   0 0 0
CHEVRON CORP NEW COM 166764100   3,281,190 22,000 SH   SOLE   0 0 0
THE CIGNA GROUP COM 125523100   113,982,757 380,558 SH   SOLE   0 0 0
CITIGROUP INC COM NEW 172967424   85,351,457 1,658,441 SH   SOLE   0 0 0
COTY INC COM CL A 222070203   73,529,521 5,922,739 SH   SOLE   0 0 0
DEUTSCHE BANK A G NAMEN AKT D18190898   488,046 35,850 SH   SOLE   0 0 0
DOW INC COM 260557103   875,825 15,972 SH   SOLE   0 0 0
DRIL-QUIP INC COM 262037104   465,300 20,000 SH   SOLE   0 0 0
DUPONT DE NEMOURS INC COM 26614N102   1,693,010 22,000 SH   SOLE   0 0 0
EAST WEST BANCORP INC COM 27579R104   72,688,703 1,010,484 SH   SOLE   0 0 0
EXXON MOBIL CORP COM 30231G102   33,173,644 331,787 SH   SOLE   0 0 0
FEDERATED HERMES INC CL B 314211103   1,184,750 35,000 SH   SOLE   0 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106   3,519,450 27,000 SH   SOLE   0 0 0
FORTUNA SILVER MINES INC COM 349915108   11,804,316 3,048,140 SH   SOLE   0 0 0
GALIANO GOLD INC COM 36352H100   24,990,888 26,378,459 SH   SOLE   0 0 0
GENERAL ELECTRIC CO COM NEW 369604301   41,148,210 322,392 SH   SOLE   0 0 0
GENERAL MTRS CO COM 37045V100   56,572,481 1,575,188 SH   SOLE   0 0 0
GOLDMINING INC COM 38149E101   874,976 901,996 SH   SOLE   0 0 0
GRIFOLS S A SP ADR REP B NVT 398438408   12,452,299 1,076,315 SH   SOLE   0 0 0
INTEGRA RES CORP COM 45826T509   1,000,863 953,831 SH   SOLE   0 0 0
JACKSON FINANCIAL INC COM CL A 46817M107   60,278,473 1,178,355 SH   SOLE   0 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105   947,423 7,702 SH   SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100   2,669,769 15,681 SH   SOLE   0 0 0
KENVUE INC COM 49177J102   74,272,956 3,450,571 SH   SOLE   0 0 0
KINROSS GOLD CORP COM NO PAR 496902404   120,908,047 19,968,341 SH   SOLE   0 0 0
LIVENT CORP COM 53814L108   9,058,636 504,800 SH   SOLE   0 0 0
M & T BK CORP COM 55261F104   21,746,039 158,679 SH   SOLE   0 0 0
MARKEL GROUP INC COM 570535104   1,847,820 1,300 SH   SOLE   0 0 0
MARTIN MARIETTA MATLS INC COM 573284106   1,497,015 3,000 SH   SOLE   0 0 0
META PLATFORMS INC CL A 30303M102   26,379,224 74,518 SH   SOLE   0 0 0
NEWMONT CORP COM 651639106   252,481,743 6,100,822 SH   SOLE   0 0 0
NOBLE CORP PLC ORD SHS A G65431127   14,725,927 305,775 SH   SOLE   0 0 0
NOV INC COM 62955J103   14,477,398 713,730 SH   SOLE   0 0 0
NOW INC COM 67011P100   1,131,500 100,000 SH   SOLE   0 0 0
NUTRIEN LTD COM 67077M108   260,685 4,627 SH   SOLE   0 0 0
PAN AMERN SILVER CORP COM 697900108   20,336,160 1,244,944 SH   SOLE   0 0 0
PFIZER INC COM 717081103   166,837,361 5,796,012 SH   SOLE   0 0 0
PHILIP MORRIS INTL INC COM 718172109   3,951,990 42,000 SH   SOLE   0 0 0
PIONEER NAT RES CO COM 723787107   5,416,686 24,073 SH   SOLE   0 0 0
PNC FINL SVCS GROUP INC COM 693475105   24,553,911 158,520 SH   SOLE   0 0 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203   127,477,431 955,644 SH   SOLE   0 0 0
SAFE BULKERS INC COM Y7388L103   431,750 110,000 SH   SOLE   0 0 0
SKEENA RES LTD NEW COM 83056P715   11,463,220 2,337,970 SH   SOLE   0 0 0
SSR MINING IN COM 784730103   7,989,284 743,535 SH   SOLE   0 0 0
STAR BULK CARRIERS CORP. SHS PAR Y8162K204   348,303 16,383 SH   SOLE   0 0 0
SUNCOR ENERGY INC NEW COM 867224107   24,313,390 758,401 SH   SOLE   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   171,468,636 1,649,456 SH   SOLE   0 0 0
TECK RESOURCES LTD CL B 878742204   4,933,493 116,700 SH   SOLE   0 0 0
TENARIS S A SPONSORED ADR 88031M109   6,164,043 177,306 SH   SOLE   0 0 0
WELLS FARGO CO NEW COM 949746101   1,082,950 22,000 SH   SOLE   0 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   11,362,069 200,756 SH   SOLE   0 0 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   22,250,023 1,190,159 SH   SOLE   0 0 0