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
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
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 14,229 4,172,941 SH   SOLE   4,172,941 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 44,358 2,937,676 SH   SOLE   2,937,676 0 0
EMBRAER S A SPONSORED ADS 29082A107 34,364 1,763,183 SH   SOLE   1,763,183 0 0
FIRST SOLAR INC COM 336433107 51,999 929,232 SH   SOLE   929,232 0 0
HARMONY GOLD MNG LTD SPONSORED ADR 413216300 7,528 2,073,903 SH   SOLE   2,073,903 0 0
IAMGOLD CORP COM 450913108 7,129 1,911,459 SH   SOLE   1,911,459 0 0
ISHARES TR MSCI INDIA ETF 46429B598 4,949 140,800 SH   SOLE   140,800 0 0
ISHARES TR MSCI INDIA SM CP 46429B614 2,891 80,445 SH   SOLE   80,445 0 0
JD COM INC SPON ADR CL A 47215P106 31,187 885,244 SH   SOLE   885,244 0 0
KINROSS GOLD CORP COM 496902404 55,183 11,642,007 SH   SOLE   11,642,007 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 72 6,217 SH   SOLE   6,217 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 11,289 1,112,260 SH   SOLE   1,112,260 0 0
PAN AMERICAN SILVER CORP COM 697900108 53,808 2,271,374 SH   SOLE   2,271,374 0 0
QIWI PLC SPON ADR REP B 74735M108 3,952 204,150 SH   SOLE   204,150 0 0
QUDIAN INC ADR 747798106 23,426 4,973,810 SH   SOLE   4,973,810 0 0
VEON LTD SPONSORED ADR 91822M106 18,171 7,182,423 SH   SOLE   7,182,423 0 0