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
AGNC INVT CORP COM 00123Q104   12,336,506 1,248,043 SH   SOLE   0 0 0
AGNICO EAGLE MINES LTD COM 008474108   36,018,145 603,982 SH   SOLE   0 0 0
ALBEMARLE CORP COM 012653101   1,896,840 14,400 SH   SOLE   0 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   200,306,678 2,768,017 SH   SOLE   0 0 0
AMAZON COM INC COM 023135106   119,375,952 662,299 SH   SOLE   0 0 0
AMBEV SA SPONSORED ADR 02319V103   106,077,418 42,862,892 SH   SOLE   0 0 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   11,553,334 520,655 SH   SOLE   0 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108   1,032,835 17,000 SH   SOLE   0 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107   1,692,580 152,142 SH   SOLE   0 0 0
ARIS MNG CORP COM 04040Y109   18,510,247 5,155,500 SH   SOLE   0 0 0
B2GOLD CORP COM 11777Q209   9,949,911 3,797,676 SH   SOLE   0 0 0
BANK AMERICA CORP COM 060505104   84,770,301 2,235,813 SH   SOLE   0 0 0
BARRICK GOLD CORP COM 067901108   202,268,975 12,159,357 SH   SOLE   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   18,259,787 43,440 SH   SOLE   0 0 0
BP PLC SPONSORED ADR 055622104   38,912,400 1,032,570 SH   SOLE   0 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   5,023,800 120,000 SH   SOLE   0 0 0
CAPRI HOLDINGS LIMITED SHS G1890L107   22,211,586 490,397 SH   SOLE   0 0 0
CENTERRA GOLD INC COM 152006102   51,770,098 8,781,545 SH   SOLE   0 0 0
CHEVRON CORP NEW COM 166764100   3,469,730 22,000 SH   SOLE   0 0 0
THE CIGNA GROUP COM 125523100   143,287,954 394,432 SH   SOLE   0 0 0
CITIGROUP INC COM NEW 172967424   153,236,725 2,423,502 SH   SOLE   0 0 0
COTY INC COM CL A 222070203   65,729,023 5,498,125 SH   SOLE   0 0 0
DOW INC COM 260557103   925,178 15,972 SH   SOLE   0 0 0
DRIL-QUIP INC COM 262037104   450,300 20,000 SH   SOLE   0 0 0
DUPONT DE NEMOURS INC COM 26614N102   1,686,190 22,000 SH   SOLE   0 0 0
EAST WEST BANCORP INC COM 27579R104   83,868,085 1,060,884 SH   SOLE   0 0 0
FOMENTO ECONOMICO MEXICANO S COM 30231G102   28,249,327 243,037 SH   SOLE   0 0 0
FMX US Equity FOMENTO ECONOMICO MEX-SP ADR 344419106   3,518,235 27,000 SH   SOLE   0 0 0
GALIANO GOLD INC COM 36352H100   33,465,848 24,289,459 SH   SOLE   0 0 0
GENERAL ELECTRIC CO COM NEW 369604301   38,704,512 220,578 SH   SOLE   0 0 0
GENERAL MTRS CO COM 37045V100   4,381,568 96,670 SH   SOLE   0 0 0
GOLDMINING INC COM 38149E101   789,638 901,996 SH   SOLE   0 0 0
GRIFOLS S A SP ADR REP B NVT 398438408   5,681,982 850,000 SH   SOLE   0 0 0
HESS CORP COM 42809H107   32,239,568 211,256 SH   SOLE   0 0 0
INTEGRA RES CORP COM 45826T509   683,515 953,831 SH   SOLE   0 0 0
JACKSON FINANCIAL INC COM CL A 46817M107   31,850,447 481,709 SH   SOLE   0 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105   926,897 7,702 SH   SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100   3,111,628 15,536 SH   SOLE   0 0 0
KINROSS GOLD CORP COM NO PAR 496902404   136,676,957 22,278,134 SH   SOLE   0 0 0
MARKEL GROUP INC COM 55261F104   23,192,915 159,440 SH   SOLE   0 0 0
MARKEL CORP COM 570535104   1,368,239 900 SH   SOLE   0 0 0
META PLATFORMS INC COM 573284106   1,226,590 2,000 SH   SOLE   0 0 0
FACEBOOK INC CL A 30303M102   247,692 510 SH   SOLE   0 0 0
NEWMONT CORP COM 651639106   298,743,561 8,336,676 SH   SOLE   0 0 0
DNOW INC ORD SHS A G65431127   14,481,013 298,672 SH   SOLE   0 0 0
NOW INC COM 67011P100   1,517,500 100,000 SH   SOLE   0 0 0
NUTRIEN LTD COM 67077M108   338,909 6,242 SH   SOLE   0 0 0
PAN AMERN SILVER CORP COM 697900108   23,090,962 1,532,247 SH   SOLE   0 0 0
PFIZER INC COM 717081103   163,847,914 5,907,658 SH   SOLE   0 0 0
PHILIP MORRIS INTL INC COM 718172109   10,670,782 116,500 SH   SOLE   0 0 0
PNC FINL SVCS GROUP INC COM 693475105   18,133,597 112,229 SH   SOLE   0 0 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203   100,639,371 690,815 SH   SOLE   0 0 0
SAFE BULKERS INC COM Y7388L103   545,600 110,000 SH   SOLE   0 0 0
SKEENA RES LTD NEW COM 83056P715   11,712,546 2,546,870 SH   SOLE   0 0 0
STAR BULK CARRIERS CORP. SHS PAR Y8162K204   262,506 10,995 SH   SOLE   0 0 0
SUNCOR ENERGY INC NEW COM 867224107   27,134,981 735,401 SH   SOLE   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   145,867,500 1,072,361 SH   SOLE   0 0 0
TENARIS S A SPONSORED ADR 88031M109   12,861,054 327,545 SH   SOLE   0 0 0
WELLS FARGO CO NEW COM 949746101   1,274,790 22,000 SH   SOLE   0 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   25,005,248 530,715 SH   SOLE   0 0 0