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 18,068 11,222,302 SH   DFND 2 0 11,138,902 0
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 30,428 1,206,039 SH   DFND 2 0 1,201,539 0
AERCAP HOLDINGS COM N00985106 309,722 5,657,014 SH   DFND 2 0 5,653,574 0
AIR FRANCE-KLM COM 009119108 242,808 23,014,940 SH   DFND 2 0 22,998,340 0
AMERICAN INTERNATIONAL GROUP COM 026874784 81,242 1,458,560 SH   DFND 2 0 1,458,560 0
ASANKO GOLD COM 04341Y105 20,751 22,685,980 SH   DFND 2 0 22,620,880 0
ALIO GOLD INC. COM 01627X108 3,875 6,259,719 SH   DFND 2 0 5,920,386 0
AMERICAN NATIONAL COM 028591105 15,904 128,541 SH   DFND 2 0 128,541 0
ARDMORE SHIPPING CORP COM Y0207T100 14,663 2,191,812 SH   DFND 2 0 2,182,812 0
YAMANA GOLD COM 98462Y100 9,905 3,114,856 SH   DFND 2 0 3,114,856 0
AVIANCA HOLDINGS COM 05367G100 10,476 2,878,037 SH   DFND 2 0 2,858,137 0
AIRCASTLE COM G0129K104 3,861 172,121 SH   DFND 2 0 172,121 0
BONANZA CREEK ENERGY INC COM 097793400 7,418 331,330 SH   DFND 2 0 330,570 0
BLUE CAPITAL REINSURANCE COM G1190F107 6,305 855,536 SH   DFND 2 0 855,536 0
BEAZER HOMES USA INC COM 07556Q881 40,025 2,686,267 SH   DFND 2 0 2,686,267 0
CITIGROUP COM 172967424 50,096 725,188 SH   DFND 2 0 4,195 0
CAI INTERNATIONAL INC COM 12477X106 1,081 49,640 SH   SOLE 0 49,640 0 0
CELESTICA COM 15101Q108 27,911 3,892,765 SH   DFND 2 0 3,884,165 0
CNA FINANCIAL CORP. COM 126117100 102,306 2,077,280 SH   DFND 2 0 2,077,280 0
COREPOINT LODGING INC COM 21872L104 50,996 5,044,114 SH   DFND 2 0 26,414 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 7,689 718,620 SH   DFND 2 0 708,120 0
DIAMOND S SHIPPING COM Y20676105 9,183 833,338 SH   DFND 2 0 826,435 0
ELDORADO GOLD COM 284902509 27,034 3,479,311 SH   DFND 2 0 3,457,211 0
ERA GROUP COM 26885G109 11,986 1,135,018 SH   DFND 2 0 1,130,318 0
FLY LEASING COM 34407D109 43,242 2,108,354 SH   DFND 2 0 2,095,454 0
GOLD FIELDS LTD COM 38059T106 186,579 37,922,465 SH   DFND 2 0 37,904,765 0
GREEN PLAINS INC COM 393222104 3,126 295,000 SH   SOLE 0 295,000 0 0
GOLDMAN SACHS GROUP COM 38141G104 6,855 33,080 SH   DFND 2 0 33,080 0
HUDBAY MINERALS INC COM 443628102 1,371 379,660 SH   SOLE 0 379,660 0 0
IAMGOLD CORP COM 450913108 165,460 48,522,050 SH   DFND 2 0 48,473,850 0
INTERNATIONAL SEAWAYS COM Y41053102 50,160 2,604,359 SH   DFND 2 0 2,592,759 0
JETBLUE AIRWAYS COM 477143101 181,473 10,834,220 SH   DFND 2 0 10,834,220 0
JEFFERIES FINANCIAL GROUP COM 47233W109 30,487 1,656,904 SH   DFND 2 0 1,656,904 0
KB HOME COM 48666K109 7,305 214,840 SH   DFND 2 0 214,840 0
KIMBALL ELECTRONICS COM 49428J109 6,343 437,179 SH   DFND 2 0 437,179 0
KOREA ELECTRIC POWER CORP COM 500631106 24,565 2,266,141 SH   DFND 2 0 2,266,141 0
KINROSS GOLD CORP COM 496902404 59,262 12,883,096 SH   DFND 2 0 12,883,096 0
LOEWS CORP COM 540424108 25,644 498,138 SH   DFND 2 0 498,138 0
MFA FINANCIAL INC. COM 55272X102 13,459 1,828,631 SH   DFND 2 0 1,828,631 0
M/I HOMES COM 55305B101 52,570 1,396,275 SH   DFND 2 0 1,392,475 0
MICRON TECHNOLOGY COM 595112103 98,668 2,302,634 SH   DFND 2 0 2,302,634 0
NOBLE CORP COM G65431101 2,561 2,016,560 SH   DFND 2 0 2,016,560 0
NATUZZI SPA COM 63905A101 774 441,523 SH   SOLE 0 441,523 0 0
PHOTRONICS COM 719405102 23,754 2,183,284 SH   DFND 2 0 2,172,084 0
PLATINUM GROUP METALS COM 72765Q601 1,391 945,961 SH   SOLE 0 945,961 0 0
PYXUS INTERNATIONAL COM 74737V106 8,829 674,988 SH   DFND 2 0 671,788 0
EVEREST RE GROUP COM G3223R108 37,746 141,854 SH   DFND 2 0 141,854 0
RESOLUTE FOREST PRODUCTS COM 76117W109 24,165 5,141,385 SH   DFND 2 0 5,121,285 0
SANMINA CORPORATION COM 801056102 27,072 843,112 SH   DFND 2 0 840,712 0
SEACOR MARINE HOLDINGS COM 78413P101 1,421 113,069 SH   SOLE 0 113,069 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 189,902 7,320,811 SH   DFND 2 0 7,312,711 0
TOLL BROTHERS INC. COM 889478103 4,907 119,546 SH   DFND 2 0 119,546 0
TUTOR PERINI CORP COM 901109108 38,480 2,685,276 SH   DFND 2 0 2,676,826 0
UNUM GROUP COM 91529Y106 174,521 5,872,187 SH   DFND 2 0 5,872,187 0
VERSO CORP COM 92531L207 6,448 520,822 SH   DFND 2 0 519,086 0
VERITIV CORP COM 923454102 2,182 120,711 SH   DFND 2 0 120,711 0
WPX ENERGY INC COM 98212B103 4,268 402,989 SH   DFND 2 0 402,989 0
HG HOLDINGS COM 854305208 66 120,892 SH   DFND 2 0 120,892 0
GREAT PANTHER MINING LTD COM 39115V101 5,283 7,490,907 SH   DFND 2 0 7,490,907 0
GREAT PANTHER MINING WTS $1.3166 5/17/22 WTS 362995409 133 1,270,188 SH   DFND 2 0 1,270,188 0
GREAT PANTHER MINING WTS $1.3166 6/27/22 WTS 362995391 249 2,258,112 SH   DFND 2 0 2,258,112 0
AMERICAS SILVER CORP COM 03063L705 4,106 1,629,419 SH   DFND 2 0 1,629,419 0