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
ADVANTAGE OIL AND GAS COM 00765F101 26,708 9,053,419 SH   DFND 2 0 8,220,211 0
AERCAP HOLDINGS COM N00985106 398,452 7,855,910 SH   DFND 2 0 3,115,422 0
AIR FRANCE-KLM COM 009119108 225,559 20,175,189 SH   DFND 2 0 5,475,304 0
ALAMOS GOLD COM 011532108 6,940 1,332,144 SH   DFND 2 0 1,204,544 0
ASPEN INSURANCE COM G05384105 103,286 2,302,918 SH   DFND 2 0 1,174,044 0
AMERICAN INTERNATIONAL GROUP COM 026874784 92,920 1,707,465 SH   DFND 2 0 1,546,665 0
ASANKO GOLD COM 04341Y105 20,131 20,131,448 SH   DFND 2 0 17,783,877 0
ALIO GOLD COM 01627X108 1,005 515,420 SH   DFND 2 0 345,833 0
AMERICAN NATIONAL COM 028591105 96,196 822,471 SH   DFND 2 0 710,101 0
ALLIANCE ONE COM 018772301 22,162 850,756 SH   DFND 2 0 761,773 0
ARDMORE SHIPPING CORP COM Y0207T100 24,500 3,223,640 SH   DFND 2 0 2,967,129 0
YAMANA GOLD COM 98462Y100 162,700 58,949,287 SH   DFND 2 0 18,983,487 0
AVIANCA HOLDINGS COM 05367G100 3,965 468,114 SH   SOLE 0 468,114 0 0
AXIS CAPITAL HOLDINGS COM G0692U109 113,050 1,963,688 SH   DFND 2 0 375,480 0
AIRCASTLE COM G0129K104 10,792 543,406 SH   DFND 2 0 543,406 0
BLUE CAPITAL REINSURANCE COM G1190F107 9,124 747,902 SH   DFND 2 0 667,891 0
BRIDGEPOINT EDUCATION COM 10807M105 1,259 186,862 SH   DFND 2 0 186,862 0
BEAZER HOMES USA INC COM 07556Q881 28,663 1,797,067 SH   DFND 2 0 1,626,867 0
CITIGROUP COM 172967424 109,089 1,616,139 SH   DFND 2 0 1,468,339 0
COEUR MINING COM 192108504 17,075 2,134,436 SH   DFND 2 0 2,023,831 0
SEACOR HOLDINGS COM 811904101 2,490 48,719 SH   SOLE 0 48,719 0 0
CLOUD PEAK ENERGY COM 18911Q102 1,443 495,859 SH   SOLE 0 450,859 0 0
CELESTICA COM 15101Q108 35,240 3,404,840 SH   DFND 2 0 1,229,921 0
CNA FINANCIAL CORP. COM 126117100 88,877 1,800,961 SH   DFND 2 0 4,892 0
ELDORADO GOLD COM 284902103 8,400 10,000,000 SH   SOLE 0 8,859,900 0 0
ERA GROUP INC COM 26885G109 7,532 805,517 SH   DFND 2 0 748,817 0
EURONAV SA COM B38564108 8,639 1,053,593 SH   DFND 2 0 937,088 0
FLY LEASING COM 34407D109 37,530 2,819,683 SH   DFND 2 0 2,608,935 0
GOLD FIELDS LTD COM 38059T106 79,457 19,765,460 SH   DFND 2 0 8,762,085 0
GRANITE REAL ESTATE INVESTMENT TRUST COM 387437114 13,023 329,691 SH   DFND 2 0 279,201 0
GOLDMAN SACHS GROUP COM 38141G104 12,489 49,586 SH   DFND 2 0 28,332 0
HUDBAY MINERALS INC COM 443628102 4,606 648,722 SH   DFND 2 0 511,822 0
IAMGOLD CORP COM 450913108 211,039 40,662,680 SH   DFND 2 0 23,643,223 0
INTERNATIONAL SEAWAYS COM Y41053102 47,476 2,697,516 SH   DFND 2 0 2,414,036 0
JETBLUE AIRWAYS COM 477143101 85,780 4,221,472 SH   DFND 2 0 237,115 0
KB HOME COM 48666K109 21,504 755,835 SH   DFND 2 0 735,835 0
KIMBALL ELECTRONICS COM 49428J109 8,181 506,589 SH   DFND 2 0 506,589 0
KOREA ELECTRIC POWER CORP COM 500631106 64,409 4,185,097 SH   DFND 2 0 3,884,297 0
KINROSS GOLD CORP COM 496902404 198,552 50,266,272 SH   DFND 2 0 13,944,972 0
LOEWS CORP COM 540424108 53,067 1,067,096 SH   DFND 2 0 917,096 0
DORIAN LPG LTD COM Y2106R100 130 17,333 SH   SOLE 0 17,333 0 0
MFA FINANCIAL INC. COM 55272X102 23,193 3,080,023 SH   DFND 2 0 165,366 0
M/I HOMES COM 55305B101 65,942 2,070,401 SH   DFND 2 0 1,883,426 0
MICRON TECHNOLOGY COM 595112103 439,824 8,435,448 SH   DFND 2 0 2,432,674 0
NABORS INDUSTRIES COM G6359F103 17,172 2,456,673 SH   DFND 2 0 6,673 0
NOBLE CORP COM G65431101 13,125 3,537,746 SH   DFND 2 0 377,430 0
NATUZZI SPA COM 63905A101 5,510 3,359,772 SH   DFND 2 0 2,641,144 0
PAN AMERICAN SILVER COM 697900108 3,580 221,675 SH   DFND 2 0 221,675 0
PARKER DRILLING COMPANY COM 701081101 2,783 4,382,435 SH   DFND 2 0 4,155,385 0
PHOTRONICS COM 719405102 37,059 4,491,998 SH   DFND 2 0 4,110,045 0
PLATINUM GROUP METALS COM 72765Q601 3,844 13,086,791 SH   DFND 2 0 12,147,461 0
PRIMERO MINING CORP COM 74164W106 3,194 17,069,295 SH   DFND 2 0 12,331,282 0
PRIMERO MINING CORP WARRANTS WTS 74164W171 7 1,719,800 SH   SOLE 0 1,497,350 0 0
EVEREST RE GROUP COM G3223R108 96,316 375,035 SH   DFND 2 0 54,398 0
RESOLUTE FOREST PRODUCTS COM 76117W109 48,774 5,876,360 SH   DFND 2 0 5,340,360 0
SANMINA CORPORATION COM 801056102 66,205 2,531,734 SH   DFND 2 0 2,269,794 0
SEACOR MARINE HOLDINGS COM 78413P101 2,672 140,507 SH   SOLE 0 127,437 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 210,669 9,049,349 SH   DFND 2 0 4,452,306 0
TOLL BROTHERS INC. COM 889478103 12,814 296,285 SH   DFND 2 0 805 0
UNUM GROUP COM 91529Y106 98,253 2,063,710 SH   DFND 2 0 367,916 0
VERSO CORP COM 92531L207 28,390 1,685,881 SH   DFND 2 0 1,558,181 0
VERITIV CORP COM 923454102 9,683 247,018 SH   DFND 2 0 728 0
WPX ENERGY INC COM 98212B103 54,489 3,686,685 SH   DFND 2 0 242,614 0
XL GROUP COM G98294104 30,619 554,084 SH   DFND 2 0 1,814 0
HG HOLDINGS COM 854305208 73 120,892 SH   DFND 2 0 120,892 0
PERSHING GOLD CORP COM 715302204 6,666 3,251,930 SH   DFND 2 0 3,251,930 0
PERSHING GOLD WARRANTS WTS 715991303 65 925,000 SH   DFND 2 0 925,000 0