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 & GAS COM 00765F101 30,469 10,966,331 SH   DFND 2 0 10,102,123 0
AERCAP HOLDINGS COM N00985106 402,343 6,994,839 SH   DFND 2 0 2,358,392 0
AIR FRANCE-KLM COM 009119108 246,101 23,893,263 SH   DFND 2 0 7,552,247 0
ALAMOS GOLD COM 011532108 6,953 1,508,175 SH   DFND 2 0 1,466,475 0
ASPEN INSURANCE COM G05384105 91,198 2,181,769 SH   DFND 2 0 1,052,895 0
AMERICAN INTERNATIONAL GROUP COM 026874784 80,476 1,511,565 SH   DFND 2 0 1,350,765 0
ASANKO GOLD COM 04341Y105 17,135 21,232,924 SH   DFND 2 0 19,080,853 0
ALIO GOLD INC. COM 01627X108 5,137 6,440,309 SH   DFND 2 0 6,270,722 0
AMERICAN NATIONAL COM 028591105 52,143 403,305 SH   DFND 2 0 307,435 0
ARDMORE SHIPPING CORP COM Y0207T100 18,888 2,905,913 SH   DFND 2 0 2,676,102 0
YAMANA GOLD COM 98462Y100 54,395 21,845,224 SH   DFND 2 0 7,922,005 0
AVIANCA HOLDINGS COM 05367G100 11,640 2,071,149 SH   DFND 2 0 2,071,149 0
AXIS CAPITAL HOLDINGS COM G0692U109 52,961 917,702 SH   DFND 2 0 2,799 0
AIRCASTLE COM G0129K104 11,908 543,500 SH   DFND 2 0 543,500 0
BLUE CAPITAL REINSURANCE COM G1190F107 8,969 879,285 SH   DFND 2 0 799,274 0
BEAZER HOMES USA INC COM 07556Q881 31,511 3,001,034 SH   DFND 2 0 2,663,934 0
CITIGROUP COM 172967424 92,900 1,294,952 SH   DFND 2 0 1,147,152 0
COEUR MINING COM 192108504 475 89,200 SH   DFND 2 0 89,200 0
CLOUD PEAK ENERGY COM 18911Q102 1,014 440,859 SH   SOLE 0 395,859 0 0
CELESTICA COM 15101Q108 36,173 3,340,030 SH   DFND 2 0 1,165,111 0
CNA FINANCIAL CORP. COM 126117100 94,605 2,072,389 SH   DFND 2 0 5,987 0
CAPITAL PRODUCT PARTNERS LP COM Y11082107 6,285 2,260,676 SH   DFND 2 0 2,162,576 0
ELDORADO GOLD COM 284902103 8,848 10,018,948 SH   DFND 2 0 9,225,446 0
ERA GROUP COM 26885G109 9,952 805,852 SH   DFND 2 0 749,152 0
EURONAV SA COM B38564108 7,286 837,445 SH   DFND 2 0 720,940 0
FLY LEASING COM 34407D109 35,972 2,551,223 SH   DFND 2 0 2,333,475 0
GOLD FIELDS LTD COM 38059T106 75,465 31,183,692 SH   DFND 2 0 10,472,992 0
GOLDMAN SACHS GROUP COM 38141G104 11,103 49,514 SH   DFND 2 0 28,260 0
HUDBAY MINERALS INC COM 443628102 2,878 569,960 SH   SOLE 0 433,060 0 0
IAMGOLD CORP COM 450913108 114,033 30,987,347 SH   DFND 2 0 16,124,356 0
INTERNATIONAL SEAWAYS COM Y41053102 47,548 2,375,005 SH   DFND 2 0 2,112,325 0
JETBLUE AIRWAYS COM 477143101 163,599 8,450,339 SH   DFND 2 0 2,357,032 0
JEFFERIES FINANCIAL GROUP COM 47233W109 13,214 601,739 SH   DFND 2 0 1,739 0
KB HOME COM 48666K109 16,828 703,798 SH   DFND 2 0 677,298 0
KIMBALL ELECTRONICS COM 49428J109 8,570 436,150 SH   DFND 2 0 436,150 0
KOREA ELECTRIC POWER CORP COM 500631106 42,669 3,239,885 SH   DFND 2 0 2,939,085 0
KINROSS GOLD CORP COM 496902404 135,888 50,328,706 SH   DFND 2 0 11,908,106 0
LOEWS CORP COM 540424108 32,583 648,671 SH   DFND 2 0 498,671 0
DORIAN LPG LTD COM Y2106R100 138 17,333 SH   SOLE 0 17,333 0 0
MFA FINANCIAL INC. COM 55272X102 22,642 3,080,557 SH   DFND 2 0 165,900 0
M/I HOMES COM 55305B101 48,588 2,030,436 SH   DFND 2 0 1,843,461 0
MICRON TECHNOLOGY COM 595112103 346,827 7,668,083 SH   DFND 2 0 1,985,609 0
NABORS INDUSTRIES COM G6359F103 15,136 2,457,099 SH   DFND 2 0 7,099 0
NOBLE CORP COM G65431101 17,668 2,513,261 SH   DFND 2 0 7,261 0
NATUZZI SPA COM 63905A101 4,021 2,934,725 SH   DFND 2 0 2,216,097 0
PARKER DRILLING COMPANY COM 701081408 822 275,960 SH   SOLE 0 260,824 0 0
PHOTRONICS COM 719405102 42,091 4,273,216 SH   DFND 2 0 3,891,263 0
PLATINUM GROUP METALS COM 72765Q601 2,124 12,208,244 SH   SOLE 0 11,268,914 0 0
PYXUS INTERNATIONAL COM 74737V106 15,338 666,885 SH   DFND 2 0 621,926 0
EVEREST RE GROUP COM G3223R108 86,776 379,813 SH   DFND 2 0 59,176 0
RESOLUTE FOREST PRODUCTS COM 76117W109 64,814 5,004,916 SH   DFND 2 0 4,579,816 0
SANMINA CORPORATION COM 801056102 39,507 1,431,419 SH   DFND 2 0 1,306,179 0
SEACOR MARINE HOLDINGS COM 78413P101 2,855 126,139 SH   SOLE 0 113,069 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 153,774 8,524,035 SH   DFND 2 0 3,926,992 0
TOLL BROTHERS INC. COM 889478103 10,450 316,394 SH   DFND 2 0 20,914 0
TUTOR PERINI CORP COM 901109108 11,292 600,652 SH   DFND 2 0 565,952 0
UNUM GROUP COM 91529Y106 217,048 5,555,352 SH   DFND 2 0 1,255,158 0
VERSO CORP COM 92531L207 5,115 151,912 SH   DFND 2 0 151,912 0
VERITIV CORP COM 923454102 4,407 121,069 SH   DFND 2 0 121,069 0
WPX ENERGY INC COM 98212B103 11,648 578,921 SH   DFND 2 0 2,250 0
HG HOLDINGS COM 854305208 59 120,892 SH   DFND 2 0 120,892 0
PERSHING GOLD CORP COM 715302204 3,935 3,251,930 SH   DFND 2 0 3,251,930 0
PERSHING GOLD WARRANTS WTS 715991303 5 925,000 SH   DFND 2 0 925,000 0