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
Adient Plc COM g0084w101 30,748 1,446,967 SH   SOLE   150,662 0 1,296,305
Alexander & Baldwin Inc COM 014491104 10,660 508,594 SH   SOLE   29,906 0 478,688
Assured Guaranty Limited COM G0585R106 13,359 272,514 SH   SOLE   23,907 0 248,607
Aviat Networks Inc COM 05366y201 3,326 236,693 SH   SOLE   182,441 0 54,252
Brighthouse Financial Inc. COM 10922n103 30,404 775,022 SH   SOLE   71,307 0 703,715
Cadence BanCorporation COM 12739a100 3,320 183,134 SH   SOLE   61,821 0 121,313
Cameco Corp COM 13321L108 2,399 269,593 SH   SOLE   8,900 0 260,693
Citigroup, Inc. COM 172967424 29,581 370,267 SH   SOLE   13,734 0 356,533
Diamond S Shipping Inc COM Y20676105 2,539 151,655 SH   SOLE   41,100 0 110,555
First Horizon National Corp COM 320517105 2,850 172,079 SH   SOLE   0 0 172,079
Herc Holdings Inc. COM 42704L104 32,319 660,385 SH   SOLE   64,457 0 595,928
Hudson Global Inc COM 443787205 357 29,914 SH   SOLE   29,914 0 0
Intevac Inc COM 461148108 2,771 392,561 SH   SOLE   392,561 0 0
Intrepid Potash Inc. COM 46121y102 816 301,085 SH   SOLE   172,905 0 128,180
Kingstone Companies, Inc. COM 496719105 446 57,494 SH   SOLE   57,494 0 0
Koppers Holdings Inc. COM 50060p106 19,070 498,955 SH   SOLE   52,766 0 446,189
Kulicke & Soffa Inds Inc COM 501242101 14,219 522,750 SH   SOLE   42,128 0 480,622
Manitowoc Company Inc. COM 563571405 9,490 542,287 SH   SOLE   54,066 0 488,221
McDermott Intl Inc COM 580037703 14 21,158 SH   SOLE   21,158 0 0
Midwestone Financial Group I COM 598511103 203 5,615 SH   SOLE   5,615 0 0
Mylan NV COM N59465109 2,332 116,000 SH   SOLE   13,664 0 102,336
Newell Brands Inc. COM 651229106 13,072 680,109 SH   SOLE   42,497 0 637,612
Nextier Oilfield Solutions, In COM 65290c105 14,724 2,197,582 SH   SOLE   213,323 0 1,984,259
Olin Corp COM 680665205 8,479 491,552 SH   SOLE   36,267 0 455,285
Oriental Financial Grp Inc COM 67103x102 1,221 51,736 SH   SOLE   11,513 0 40,223
REV Group, Inc. COM 749527107 3,713 303,593 SH   SOLE   11,513 0 292,080
SM Energy Company COM 78454l100 10,736 955,151 SH   SOLE   117,555 0 837,596
Scorpio Tankers Inc COM y7542c130 31,368 797,354 SH   SOLE   73,692 0 723,662
Steel Connect Inc. COM 858098106 53 36,487 SH   SOLE   0 0 36,487
Synovus Financial Corp COM 87161c501 11,403 290,894 SH   SOLE   36,668 0 254,226
Transocean Ltd. COM h8817h100 32,197 4,679,811 SH   SOLE   575,773 0 4,104,038
Tuesday Morning Corp COM 899035505 74 40,060 SH   SOLE   40,060 0 0
UTStarcom Holdings Corporation COM g9310a114 46 15,755 SH   SOLE   15,755 0 0
Univar Solutions Inc. COM 91336l107 18,152 748,859 SH   SOLE   72,701 0 676,158
Venator Materials, Plc COM g9329z100 14,393 3,757,895 SH   SOLE   421,794 0 3,336,101
Whiting Petroleum Corp. COM 966387409 17,815 2,427,080 SH   SOLE   198,569 0 2,228,511