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
Adecoagro SA COM L00849106 386 49,127 SH   SOLE   49,127 0 0
Alcoa Corp COM 013872106 2,033 62,597 SH   SOLE   62,597 0 0
American Axle & Manufacturing COM 024061103 1,254 129,842 SH   SOLE   129,842 0 0
Arch Resources Inc COM 03940R107 1,533 36,870 SH   SOLE   36,870 0 0
Astronics Corp COM 046433108 2,945 163,276 SH   SOLE   163,276 0 0
Atlas Air Worldwide Holdings I COM 049164205 8,865 146,685 SH   SOLE   146,685 0 0
Avis Budget Group Inc COM 053774105 8,609 118,691 SH   SOLE   118,691 0 0
CAI International Inc COM 12477X106 1,572 34,550 SH   SOLE   34,550 0 0
China Yuchai International Ltd COM G21082105 442 28,598 SH   SOLE   28,598 0 0
Comtech Telecommunications Cor COM 205826209 1,138 45,852 SH   SOLE   45,852 0 0
Danaos Corp COM Y1968P121 1,913 38,576 SH   SOLE   38,576 0 0
DHT Holdings Inc COM Y2065G121 2,392 403,518 SH   SOLE   403,518 0 0
Domtar Corp COM 257559203 2,742 74,210 SH   SOLE   74,210 0 0
DXC Technology Co COM 23355L106 8,307 265,745 SH   SOLE   265,745 0 0
Entercom Communications Corp COM 05070N103 1,708 325,421 SH   SOLE   325,421 0 0
EQT Corp COM 26884L109 1,984 106,802 SH   SOLE   106,802 0 0
Ford Motor Co COM 345370860 9,728 794,161 SH   SOLE   794,161 0 0
Goodyear Tire & Rubber Co/The COM 382550101 11,709 666,426 SH   SOLE   666,426 0 0
Herc Holdings Inc COM 42704L104 3,646 35,986 SH   SOLE   35,986 0 0
Hewlett Packard Enterprise Co COM 42824C109 8,272 525,577 SH   SOLE   525,577 0 0
HP Inc COM 40434L105 3,174 99,998 SH   SOLE   99,998 0 0
iShares MSCI India ETF COM 46429B598 200 4,746 SH   SOLE   4,746 0 0
iShares MSCI Saudi Arabia ETF COM 46434V423 4,966 138,226 SH   SOLE   138,226 0 0
Kohl's Corp COM 500255104 1,946 32,651 SH   SOLE   32,651 0 0
Kraton Corp COM 50077C106 1,455 39,783 SH   SOLE   39,783 0 0
Liberty Global PLC COM G5480U120 8,093 316,911 SH   SOLE   316,911 0 0
Lumen Technologies Inc COM 550241103 9,967 746,637 SH   SOLE   746,637 0 0
Lydall Inc COM 550819106 1,065 31,566 SH   SOLE   31,566 0 0
Murphy Oil Corp COM 626717102 5,915 360,481 SH   SOLE   360,481 0 0
NOW Inc COM 67011P100 3,190 316,219 SH   SOLE   316,219 0 0
Patterson-UTI Energy Inc COM 703481101 3,014 422,735 SH   SOLE   422,735 0 0
ProPetro Holding Corp COM 74347M108 7,432 697,271 SH   SOLE   697,271 0 0
Qurate Retail Inc COM 74915M100 8,464 719,798 SH   SOLE   719,798 0 0
Ryder System Inc COM 783549108 9,798 129,525 SH   SOLE   129,525 0 0
Signet Jewelers Ltd COM G81276100 6,787 117,069 SH   SOLE   117,069 0 0
Star Bulk Carriers Corp COM Y8162K204 153 10,428 SH   SOLE   10,428 0 0
SYNNEX Corp COM 87162W100 6,563 57,155 SH   SOLE   57,155 0 0
Telephone and Data Systems Inc COM 879433829 6,140 267,429 SH   SOLE   267,429 0 0
Tenet Healthcare Corp COM 88033G407 9,798 188,428 SH   SOLE   188,428 0 0
Vistra Corp COM 92840M102 9,089 514,130 SH   SOLE   514,130 0 0
Warrior Met Coal Inc COM 93627C101 4,853 283,333 SH   SOLE   283,333 0 0
Xerox Holdings Corp COM 98421M106 5,331 219,663 SH   SOLE   219,663 0 0
Yelp Inc COM 985817105 903 23,172 SH   SOLE   23,172 0 0