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
ABERCROMBIE & FITCH CO CL A 002896207 302 18,842 SH   SOLE   18,842 0 0
AZUL S A SPONSR ADR PFD 05501U106 18,269 546,330 SH   SOLE 2, 3 546,330 0 0
BASIC ENERGY SVCS INC NEW COM NEW 06985P209 1,505 792,176 SH   SOLE 1 792,176 0 0
CAESARS ENTMT CORP COM NEW 127686103 44,363 3,753,241 SH   SOLE 1 3,753,241 0 0
CHAPARRAL ENERGY INC COM CL A 15942R208 17,855 3,790,800 SH   SOLE 1 3,790,800 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 18,502 3,920,005 SH   SOLE 1 3,920,005 0 0
CLEVELAND CLIFFS INC COM 185899101 140,770 13,193,075 SH   SOLE 1, 2, 3 13,193,075 0 0
CONSTELLIUM NV CL A N22035104 844 84,057 SH   SOLE   84,057 0 0
CROWN HOLDINGS INC COM 228368106 828 13,550 SH   SOLE   13,550 0 0
FALCON MINERALS CORP *W EXP 07/21/202 30607B208 67 70,765 SH   SOLE   70,765 0 0
GERDAU S A SPON ADR REP PFD 373737105 29,024 74,611 SH Call SOLE 2,3 74,611 0 0
GERDAU S A SPON ADR REP PFD 373737105 83,042 21,347,587 SH   SOLE 2, 3 21,347,587 0 0
GILDAN ACTIVEWEAR INC COM 375916103 377 9,749 SH   SOLE   9,749 0 0
GOL LINHAS AEREAS INTLG S A SPON ADR PFD NEW 38045R206 115,794 6,859,827 SH   SOLE 2, 3 6,859,827 0 0
IAA INC COM 449253103 369 9,522 SH   SOLE   9,522 0 0
ISHARES TR PFD AND INCM SEC 464288687 514 13,936 SH   SOLE   13,936 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 11,663 750 SH Put SOLE   750 0 0
KEY ENERGY SVCS INC DEL COM 49309J103 4,283 1,903,736 SH   SOLE 1 1,903,736 0 0
KRATON CORPORATION COM 50077C106 356 11,468 SH   SOLE   11,468 0 0
MCDERMOTT INTL INC COM 580037703 1,358 1,406 SH Call SOLE   1,406 0 0
MCDERMOTT INTL INC COM 580037703 438 45,386 SH   SOLE   45,386 0 0
PEABODY ENERGY CORP NEW COM 704551100 207,797 8,622,299 SH   SOLE 1, 2, 3 8,622,299 0 0
PENN VA CORP NEW COM 70788V102 24,224 789,565 SH   SOLE 1 789,565 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 46,629 2,994,807 SH   SOLE 2, 3 2,994,807 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 103,172 7,265,647 SH   SOLE 2, 3 7,265,647 0 0
QUORUM HEALTH CORP COM 74909E106 1,390 1,000,000 SH   SOLE 1 1,000,000 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 323 20,372 SH   SOLE   20,372 0 0
SEABOARD CORP COM 811543107 335 81 SH   SOLE   81 0 0
TERNIUM SA SPONSORED ADS 880890108 41,926 1,869,208 SH   SOLE 2, 3 1,869,208 0 0
VALE S A SPONSORED ADS 91912E105 117,509 8,743,245 SH   SOLE 2, 3 8,743,245 0 0
VISTRA ENERGY CORP COM 92840M102 17,017 751,621 SH   SOLE 1 751,621 0 0
WILLSCOT CORP COM 971375126 460 30,581 SH   SOLE   30,581 0 0