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
ALCOA CORP COM 013872106 17,765 1,527,514 SH   DFND 2 0 1,527,514 0
ADVANTAGE OIL & GAS COM 00765F101 8,130 5,977,843 SH   DFND 2 0 5,866,443 0
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 70,665 1,160,344 SH   DFND 2 0 1,155,744 0
AERCAP HOLDINGS COM N00985106 128,350 5,095,287 SH   DFND 2 0 5,087,067 0
AIR FRANCE-KLM COM 009119108 35,408 10,236,049 SH   DFND 2 0 10,224,859 0
AMERICAN INTERNATIONAL GROUP COM 026874784 37,317 1,355,497 SH   DFND 2 0 1,355,497 0
AMERICAN NATIONAL COM 02772A109 23,482 347,724 SH   DFND 2 0 346,824 0
ARGONAUT GOLD INC COM 04016A101 8,338 4,127,485 SH   DFND 2 0 4,127,485 0
ARDMORE SHIPPING CORP COM Y0207T100 4,855 1,363,645 SH   DFND 2 0 1,350,945 0
BONANZA CREEK ENERGY INC COM 097793400 16,543 879,946 SH   DFND 2 0 877,559 0
BLUE CAPITAL REINSURANCE COM G1190F107 182 559,751 SH   DFND 2 0 559,751 0
BEAZER HOMES USA INC COM 07556Q881 30,732 2,328,214 SH   DFND 2 0 2,309,714 0
CITIGROUP COM 172967424 31,816 738,020 SH   DFND 2 0 738,020 0
CAI INTERNATIONAL INC COM 12477X106 9,846 357,641 SH   DFND 2 0 354,441 0
CELESTICA COM 15101Q108 21,875 3,170,335 SH   DFND 2 0 3,161,735 0
CNA FINANCIAL CORP. COM 126117100 47,561 1,585,887 SH   DFND 2 0 1,585,887 0
COREPOINT LODGING INC COM 21872L104 26,257 4,817,814 SH   DFND 2 0 4,796,214 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 9,543 1,445,975 SH   DFND 2 0 1,428,665 0
DIAMOND S SHIPPING COM Y20676105 22,513 3,277,071 SH   DFND 2 0 3,256,618 0
ELDORADO GOLD COM 284902509 12,260 1,162,127 SH   DFND 2 0 1,153,627 0
EQUINOX GOLD CORP COM 29446Y502 53,156 4,539,404 SH   DFND 2 0 4,539,404 0
EURONAV COM B38564108 2,750 311,450 SH   DFND 2 0 311,450 0
FIFTH THIRD BANCORP COM 316773100 31,306 1,468,390 SH   DFND 2 0 1,468,390 0
FLEX LNG LTD COM G35947202 16,061 2,798,560 SH   DFND 2 0 2,785,510 0
FLY LEASING COM 34407D109 20,099 2,768,501 SH   DFND 2 0 2,753,801 0
GALIANO GOLD INC COM 36352H100 16,782 12,160,839 SH   DFND 2 0 12,051,639 0
GREENBRIER COMPANIES INC COM 393657101 9,209 313,235 SH   DFND 2 0 309,515 0
GOLD FIELDS LTD COM 38059T106 92,023 7,487,663 SH   DFND 2 0 7,487,663 0
GOLDMAN SACHS GROUP COM 38141G104 13,587 67,608 SH   DFND 2 0 67,608 0
HAWAIIAN HOLDINGS INC COM 419879101 11,989 930,065 SH   DFND 2 0 922,038 0
HUDBAY MINERALS INC COM 443628102 629 148,700 SH   SOLE 0 148,700 0 0
HOWARD HUGHES CORP COM 44267D107 28,753 499,188 SH   DFND 2 0 499,188 0
IAMGOLD CORP COM 450913108 141,962 37,065,829 SH   DFND 2 0 36,997,429 0
INTERNATIONAL SEAWAYS COM Y41053102 25,426 1,740,325 SH   DFND 2 0 1,732,225 0
RUSSELL 2000 I SHARES COM 464287655 1,049 7,000 SH   SOLE 0 7,000 0 0
JETBLUE AIRWAYS COM 477143101 106,340 9,385,687 SH   DFND 2 0 9,385,687 0
JEFFERIES FINANCIAL GROUP COM 47233W109 63,690 3,538,332 SH   DFND 2 0 3,538,332 0
KB HOME COM 48666K109 6,739 175,550 SH   DFND 2 0 175,550 0
KIMBALL ELECTRONICS COM 49428J109 4,218 364,899 SH   DFND 2 0 364,899 0
KOREA ELECTRIC POWER CORP COM 500631106 20,114 2,309,346 SH   DFND 2 0 2,309,346 0
KINROSS GOLD CORP COM 496902404 29,454 3,339,491 SH   DFND 2 0 3,339,491 0
LOEWS CORP COM 540424108 46,998 1,352,456 SH   DFND 2 0 1,352,456 0
MFA FINANCIAL INC. COM 55272X102 2,740 1,022,472 SH   DFND 2 0 1,022,472 0
M/I HOMES COM 55305B101 49,958 1,084,863 SH   DFND 2 0 1,078,863 0
THE MOSAIC COMPANY COM 61945C103 85,734 4,692,589 SH   DFND 2 0 4,692,589 0
MICRON TECHNOLOGY COM 595112103 65,197 1,388,344 SH   DFND 2 0 1,388,344 0
PG & E CORP COM 69331C108 7,663 816,049 SH   DFND 2 0 816,049 0
PARK HOTELS & RESORTS INC COM 700517105 14,829 1,484,351 SH   DFND 2 0 1,484,351 0
PHOTRONICS COM 719405102 11,241 1,128,602 SH   DFND 2 0 1,121,502 0
PLATINUM GROUP METALS COM 72765Q601 1,354 676,902 SH   SOLE 0 676,902 0 0
EVEREST RE GROUP COM G3223R108 10,288 52,082 SH   DFND 2 0 52,082 0
RESOLUTE FOREST PRODUCTS COM 76117W109 14,705 3,282,463 SH   DFND 2 0 3,258,763 0
SANMINA CORPORATION COM 801056102 13,926 514,819 SH   DFND 2 0 514,119 0
TAYLOR MORRISON HOME CORP COM 87724P106 140,238 5,703,042 SH   DFND 2 0 5,698,442 0
TOLL BROTHERS COM 889478103 20 415 SH   DFND 2 0 415 0
TUTOR PERINI CORP COM 901109108 30,003 2,695,672 SH   DFND 2 0 2,683,522 0
TRITON INTERNATIONAL COM G9078F107 8,653 212,773 SH   DFND 2 0 212,773 0
DOMTAR CORP COM 257559203 35,912 1,367,044 SH   DFND 2 0 1,364,850 0
UNUM GROUP COM 91529Y106 101,158 6,010,562 SH   DFND 2 0 6,010,562 0
VERSO CORP COM 92531L207 9,485 1,202,115 SH   DFND 2 0 1,193,295 0
VERITIV CORP COM 923454102 1,066 84,211 SH   DFND 2 0 84,211 0
BRISTOW GROUP INC COM 11040G103 6,451 303,593 SH   DFND 2 0 302,027 0
WPX ENERGY INC COM 98212B103 1,248 254,758 SH   SOLE 0 254,758 0 0
HG HOLDINGS COM 854305208 69 120,892 SH   DFND 2 0 120,892 0
GREAT PANTHER MINING LTD COM 39115V101 4,426 4,984,359 SH   DFND 2 0 4,984,359 0
GREAT PANTHER MINING WTS $1.3166 5/17/22 WTS 362995409 144 1,270,188 SH   DFND 2 0 1,270,188 0
GREAT PANTHER MINING WTS $1.3166 6/27/22 WTS 362995391 274 2,258,112 SH   DFND 2 0 2,258,112 0