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
TRANSOCEAN LTD REG SHS H8817H100 115,587 10,742,267 SH   DFND 1 10,742,267 0 0
NATIONAL OILWELL VARCO INC COM 637071101 110,873 3,103,081 SH   DFND 1 3,103,081 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 108,925 7,512,035 SH   DFND 1 7,512,035 0 0
TECK RESOURCES LTD CL B 878742204 108,750 5,156,463 SH   DFND 1 5,156,463 0 0
APPLE INC COM 037833100 105,156 682,298 SH   DFND 1 682,298 0 0
TWITTER INC COM 90184L102 94,884 5,624,420 SH   DFND 1 5,624,420 0 0
NEW YORK TIMES CO CL A 650111107 92,684 4,728,771 SH   DFND 1 4,728,771 0 0
FREEPORT-MCMORAN INC CL B 35671D857 86,717 6,176,460 SH   DFND 1 6,176,460 0 0
KINROSS GOLD CORP COM NO PAR 496902404 66,964 15,793,290 SH   DFND 1 15,793,290 0 0
GILEAD SCIENCES INC COM 375558103 64,612 797,487 SH   DFND 1 797,487 0 0
VIACOM INC NEW CL B 92553P201 56,546 2,031,123 SH   DFND 1 2,031,123 0 0
ENSCO PLC SHS CLASS A G3157S106 49,973 8,370,736 SH   DFND 1 8,370,736 0 0
TRIPADVISOR INC COM 896945201 47,860 1,180,844 SH   DFND 1 1,180,844 0 0
ARCH COAL INC CL A 039380407 45,193 629,953 SH   DFND 1 629,953 0 0
BIOGEN INC COM 09062X103 36,115 115,340 SH   DFND 1 115,340 0 0
MACYS INC COM 55616P104 34,378 1,575,547 SH   DFND 1 1,575,547 0 0
MICHAEL KORS HLDGS LTD SHS G60754101 33,606 702,327 SH   DFND 1 702,327 0 0
NOBLE CORP PLC SHS USD G65431101 30,504 6,631,412 SH   DFND 1 6,631,412 0 0
VALE S A ADR 91912E105 30,153 2,994,294 SH   DFND 1 2,994,294 0 0
ENCANA CORP COM 292505104 28,900 2,453,277 SH   DFND 1 2,453,277 0 0
FRANKLIN RES INC COM 354613101 24,912 559,690 SH   DFND 1 559,690 0 0
UNDER ARMOUR INC CL C 904311206 21,187 1,410,598 SH   DFND 1 1,410,598 0 0
BAIDU INC SPON ADR REP A 056752108 19,648 79,325 SH   DFND 1 79,325 0 0
BED BATH & BEYOND INC COM 075896100 18,776 800,000 SH   DFND 1 800,000 0 0
GUESS INC COM 401617105 18,520 1,087,507 SH   DFND 1 1,087,507 0 0
NEWS CORP NEW CL A 65249B109 17,602 1,327,472 SH   DFND 1 1,327,472 0 0
IAMGOLD CORP COM 450913108 16,737 2,743,703 SH   DFND 1 2,743,703 0 0
ABERCROMBIE & FITCH CO CL A 002896207 15,040 1,041,574 SH   DFND 1 1,041,574 0 0
MYLAN N V SHS EURO N59465109 14,906 475,177 SH   DFND 1 475,177 0 0
ENDO INTL PLC SHS G30401106 14,797 1,727,616 SH   DFND 1 1,727,616 0 0
OBSIDIAN ENERGY LTD COM 674482104 14,433 13,745,390 SH   DFND 1 13,745,390 0 0
AUTOHOME INC SP ADR RP CL A 05278C107 13,893 231,242 SH   DFND 1 231,242 0 0
DINEEQUITY INC COM 254423106 12,803 297,881 SH   DFND 1 297,881 0 0
AMERICAN EAGLE OUTFITTERS NE COM 02553E106 12,597 880,887 SH   DFND 1 880,887 0 0
ROWAN COMPANIES PLC SHS CL A G7665A101 12,259 954,001 SH   DFND 1 954,001 0 0
MYRIAD GENETICS INC COM 62855J104 11,146 308,063 SH   DFND 1 308,063 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C FRMLA 531229854 10,555 277,096 SH   DFND 1 277,096 0 0
FOSSIL GROUP INC COM 34988V106 10,370 1,111,463 SH   DFND 1 1,111,463 0 0
EXPRESS INC COM 30219E103 10,191 1,507,516 SH   DFND 1 1,507,516 0 0
BARRICK GOLD CORP COM 067901108 8,538 530,665 SH   DFND 1 530,665 0 0
LEJU HLDGS LTD SPONSORED ADS 50187J108 6,470 3,828,235 SH   DFND 1 3,828,235 0 0
NATERA INC COM 632307104 6,296 488,453 SH   DFND 1 488,453 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 5,949 32,449 SH   DFND 1 32,449 0 0
WARRIOR MET COAL INC COM 93627C101 4,991 211,744 SH   DFND 1 211,744 0 0
BOSTON BEER INC CL A 100557107 4,897 31,352 SH   DFND 1 31,352 0 0
L BRANDS INC COM 501797104 3,971 95,442 SH   DFND 1 95,442 0 0
MERCADOLIBRE INC COM 58733R102 3,940 15,216 SH   DFND 1 15,216 0 0
FORUM ENERGY TECHNOLOGIES IN COM 34984V100 3,883 244,217 SH   DFND 1 244,217 0 0
TEGNA INC COM 87901J105 3,635 272,672 SH   DFND 1 272,672 0 0
CISCO SYS INC COM 17275R102 3,390 100,809 SH   DFND 1 100,809 0 0
GANNETT CO INC COM 36473H104 2,486 276,216 SH   DFND 1 276,216 0 0
RANGE RES CORP COM 75281A109 2,173 111,054 SH   DFND 1 111,054 0 0
RALPH LAUREN CORP CL A 751212101 1,901 21,536 SH   DFND 1 21,536 0 0
FANG HLDGS LTD ADR 30711Y102 1,549 382,534 SH   DFND 1 382,534 0 0
BLACKBERRY LTD COM 09228F103 1,328 118,742 SH   DFND 1 118,742 0 0
BITAUTO HLDGS LTD SPONSORED ADS 091727107 1,290 28,878 SH   DFND 1 28,878 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 1,193 62,452 SH   DFND 1 62,452 0 0
MCCLATCHY CO CL A NEW 579489303 1,023 138,441 SH   DFND 1 138,441 0 0
ARALEZ PHARMACEUTICALS INC COM 03852X100 495 216,211 SH   DFND 1 216,211 0 0