The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| ARCH RESOURCES INC | CL A | 03940R107 | 66,232 | 714,094 | SH | SOLE | 714,094 | 0 | 0 | ||
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 | 2,501 | 100,000 | SH | SOLE | 100,000 | 0 | 0 | ||
| CENTURY CASINOS INC | COM | 156492100 | 7,994 | 593,466 | SH | SOLE | 593,466 | 0 | 0 | ||
| CHESAPEAKE ENERGY CORP | COM | 165167735 | 1,727 | 28,033 | SH | SOLE | 28,033 | 0 | 0 | ||
| CLEAR CHANNEL OUTDOOR HLDGS | COM | 18453H106 | 12,702 | 4,687,175 | SH | SOLE | 4,687,175 | 0 | 0 | ||
| COREPOINT LODGING INC | COM | 21872L104 | 16,413 | 1,058,896 | SH | SOLE | 1,058,896 | 0 | 0 | ||
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | 2,631 | 61,741 | SH | SOLE | 61,741 | 0 | 0 | ||
| GERDAU SA | SPON ADR REP PFD | 373737105 | 113,684 | 23,106,487 | SH | SOLE | 23,106,487 | 0 | 0 | ||
| GOL LINHAS AEREAS INTELIGENT | SPON ADR PFD NEW | 38045R206 | 6,044 | 792,109 | SH | SOLE | 792,109 | 0 | 0 | ||
| IHEARTMEDIA INC | COM CL A | 45174J509 | 32,075 | 1,281,963 | SH | SOLE | 1,281,963 | 0 | 0 | ||
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 | 2,068 | 113,525 | SH | SOLE | 113,525 | 0 | 0 | ||
| MACYS INC | COM | 55616P104 | 5,044 | 223,194 | SH | SOLE | 223,194 | 0 | 0 | ||
| NOBLE CORP NEW | SHS | G6610J209 | 5,547 | 205,000 | SH | SOLE | 205,000 | 0 | 0 | ||
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 | 500 | 50,000 | SH | SOLE | 50,000 | 0 | 0 | ||
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 | 81,370 | 7,869,465 | SH | SOLE | 7,869,465 | 0 | 0 | ||
| SAFEGUARD SCIENTIFICS INC | COM NEW | 786449207 | 6,224 | 700,898 | SH | SOLE | 700,898 | 0 | 0 | ||
| TERNIUM SA | SPONSORED ADS | 880890108 | 40,175 | 949,758 | SH | SOLE | 949,758 | 0 | 0 | ||
| VALARIS LIMITED | CL A | G9460G101 | 22,852 | 655,151 | SH | SOLE | 655,151 | 0 | 0 | ||
| VALE S A | SPONSORED ADS | 91912E105 | 119,310 | 8,552,708 | SH | SOLE | 8,552,708 | 0 | 0 | ||
| VEDANTA LIMITED | SPONSORED ADR | 92242Y100 | 13,908 | 910,225 | SH | SOLE | 910,225 | 0 | 0 | ||