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 20,243 9,586,087 SH   DFND 2 0 9,502,687 0
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 36,880 1,337,684 SH   DFND 2 0 1,332,084 0
AERCAP HOLDINGS COM N00985106 316,458 5,148,172 SH   DFND 2 0 5,144,732 0
AIR FRANCE-KLM COM 009119108 233,651 21,202,469 SH   DFND 2 0 21,185,869 0
AMERICAN INTERNATIONAL GROUP COM 026874784 74,074 1,443,086 SH   DFND 2 0 1,443,086 0
ASANKO GOLD COM 04341Y105 20,790 21,883,960 SH   DFND 2 0 21,710,460 0
ALIO GOLD INC. COM 01627X108 4,896 6,241,258 SH   DFND 2 0 6,241,258 0
AMERICAN NATIONAL COM 028591105 17,905 152,152 SH   DFND 2 0 152,152 0
ARDMORE SHIPPING CORP COM Y0207T100 18,229 2,014,204 SH   DFND 2 0 1,999,504 0
YAMANA GOLD COM 98462Y100 8,337 2,110,704 SH   DFND 2 0 2,110,704 0
AVIANCA HOLDINGS COM 05367G100 12,470 2,796,027 SH   DFND 2 0 2,776,127 0
BONANZA CREEK ENERGY INC COM 097793400 18,290 783,632 SH   DFND 2 0 767,545 0
BLUE CAPITAL REINSURANCE COM G1190F107 5,238 763,612 SH   DFND 2 0 763,612 0
BEAZER HOMES USA INC COM 07556Q881 33,186 2,348,625 SH   DFND 2 0 2,332,425 0
CITIGROUP COM 172967424 57,139 715,225 SH   DFND 2 0 715,225 0
CAI INTERNATIONAL INC COM 12477X106 5,036 173,771 SH   DFND 2 0 173,771 0
CELESTICA COM 15101Q108 28,686 3,468,714 SH   DFND 2 0 3,460,114 0
CNA FINANCIAL CORP. COM 126117100 93,081 2,077,247 SH   DFND 2 0 2,077,247 0
COREPOINT LODGING INC COM 21872L104 52,364 4,902,970 SH   DFND 2 0 4,881,370 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 11,886 884,362 SH   DFND 2 0 873,862 0
DIAMOND S SHIPPING COM Y20676105 22,588 1,349,356 SH   DFND 2 0 1,343,553 0
ELDORADO GOLD COM 284902509 19,976 2,487,609 SH   DFND 2 0 2,465,509 0
ERA GROUP COM 26885G109 10,424 1,024,975 SH   DFND 2 0 1,020,275 0
FLEX LNG LTD COM G35947202 18,133 1,663,941 SH   DFND 2 0 1,663,611 0
FLY LEASING COM 34407D109 40,541 2,068,405 SH   DFND 2 0 2,053,705 0
GOLD FIELDS LTD COM 38059T106 224,142 33,960,873 SH   DFND 2 0 33,943,173 0
GREEN PLAINS INC COM 393222104 5,256 340,641 SH   DFND 2 0 340,641 0
GOLDMAN SACHS GROUP COM 38141G104 14,540 63,237 SH   DFND 2 0 63,237 0
HUDBAY MINERALS INC COM 443628102 1,472 354,660 SH   SOLE 0 354,660 0 0
IAMGOLD CORP COM 450913108 186,313 49,949,980 SH   DFND 2 0 49,889,480 0
INTERNATIONAL SEAWAYS COM Y41053102 55,512 1,865,321 SH   DFND 2 0 1,853,821 0
JETBLUE AIRWAYS COM 477143101 202,976 10,842,732 SH   DFND 2 0 10,842,732 0
JEFFERIES FINANCIAL GROUP COM 47233W109 42,129 1,971,422 SH   DFND 2 0 1,971,422 0
KB HOME COM 48666K109 5,422 158,226 SH   DFND 2 0 158,226 0
KIMBALL ELECTRONICS COM 49428J109 5,519 314,445 SH   DFND 2 0 314,445 0
KOREA ELECTRIC POWER CORP COM 500631106 26,808 2,266,105 SH   DFND 2 0 2,266,105 0
KINROSS GOLD CORP COM 496902404 65,830 13,888,138 SH   DFND 2 0 13,888,138 0
LOEWS CORP COM 540424108 26,137 497,950 SH   DFND 2 0 497,950 0
MFA FINANCIAL INC. COM 55272X102 9,354 1,222,741 SH   DFND 2 0 1,222,741 0
M/I HOMES COM 55305B101 46,117 1,171,973 SH   DFND 2 0 1,168,173 0
THE MOSAIC COMPANY COM 61945C103 36,901 1,705,224 SH   DFND 2 0 1,705,224 0
MICRON TECHNOLOGY COM 595112103 107,391 1,996,859 SH   DFND 2 0 1,996,859 0
NATUZZI SPA COM 63905A101 716 421,248 SH   SOLE 0 421,248 0 0
PHOTRONICS COM 719405102 26,068 1,654,077 SH   DFND 2 0 1,642,877 0
PLATINUM GROUP METALS COM 72765Q601 1,472 871,277 SH   SOLE 0 871,277 0 0
PYXUS INTERNATIONAL COM 74737V106 4,829 540,161 SH   DFND 2 0 536,961 0
EVEREST RE GROUP COM G3223R108 28,322 102,305 SH   DFND 2 0 102,305 0
RESOLUTE FOREST PRODUCTS COM 76117W109 20,387 4,853,982 SH   DFND 2 0 4,786,182 0
SANMINA CORPORATION COM 801056102 23,558 688,027 SH   DFND 2 0 685,627 0
SEACOR MARINE HOLDINGS COM 78413P101 1,455 105,528 SH   SOLE 0 105,528 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 157,410 7,200,844 SH   DFND 2 0 7,192,744 0
TOLL BROTHERS INC. COM 889478103 12,625 319,544 SH   DFND 2 0 319,544 0
TUTOR PERINI CORP COM 901109108 32,411 2,520,279 SH   DFND 2 0 2,511,829 0
UNUM GROUP COM 91529Y106 166,501 5,709,923 SH   DFND 2 0 5,709,923 0
VERSO CORP COM 92531L207 8,636 479,004 SH   DFND 2 0 477,268 0
VERITIV CORP COM 923454102 1,656 84,192 SH   SOLE 0 84,192 0 0
WPX ENERGY INC COM 98212B103 5,537 402,983 SH   DFND 2 0 402,983 0
HG HOLDINGS COM 854305208 66 120,892 SH   DFND 2 0 120,892 0
GREAT PANTHER MINING LTD COM 39115V101 3,822 7,493,907 SH   DFND 2 0 7,493,907 0
GREAT PANTHER MINING WTS $1.3166 5/17/22 WTS 362995409 46 1,270,188 SH   DFND 2 0 1,270,188 0
GREAT PANTHER MINING WTS $1.3166 6/27/22 WTS 362995391 88 2,258,112 SH   DFND 2 0 2,258,112 0