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
KANSAS CITY SOUTHERN COM 485170302 52,742 414,700 SH   SOLE   414,700 0 0
OLD DOMINION FREIGHT LINE COM 679580100 51,408 391,650 SH   SOLE   391,650 0 0
ASHLAND GLOBAL HOLDINGS INC COM 044186104 22,362 446,607 SH   SOLE   446,607 0 0
FIRSTENERGY CORP COM 337932107 32,994 823,406 SH   SOLE   823,406 0 0
NRG ENERGY COM 629377508 30,341 1,113,030 SH   SOLE   1,113,030 0 0
BATTALION OIL COM 07134L107 28,758 6,151,448 SH   SOLE   6,151,448 0 0
ALBEMARLE COM 012653101 25,404 450,670 SH   SOLE   450,670 0 0
WERNER ENTERPRISES COM 950755108 25,173 694,225 SH   SOLE   694,225 0 0
ARCELORMITTAL SA NY REGISTRY SH 03938L203 25,165 2,697,200 SH   SOLE   2,697,200 0 0
VISTRA ENERGY CORP COM 92840M102 23,181 1,452,474 SH   SOLE   1,452,474 0 0
CHEMOURS COM 163851108 21,608 2,436,100 SH   SOLE   2,436,100 0 0
SAIA COM 78709Y105 18,106 246,200 SH   SOLE   246,200 0 0
TENARIS SA ADR 88031M109 20,047 1,663,674 SH   SOLE   1,663,674 0 0
CMS ENERGY CORP COM 125896100 18,826 320,439 SH   SOLE   320,439 0 0
GERDAU SA ADR 373737105 18,427 9,647,500 SH   SOLE   9,647,500 0 0
MARATHON PETROLEUM CORP COM 56585A102 18,007 762,342 SH   SOLE   762,342 0 0
PHILLIPS 66 COM 718546104 17,982 335,180 SH   SOLE   335,180 0 0
RELIANCE STEEL & ALUMINUM COM 759509102 17,947 204,900 SH   SOLE   204,900 0 0
VALARIS PLC COM G9402V109 16,646 36,982,076 SH   SOLE   36,982,076 0 0
TRANSOCEAN LTD SHS H8817H100 16,195 13,961,593 SH   SOLE   13,961,593 0 0
FORTIVE CORP COM 34959J108 15,603 282,715 SH   SOLE   282,715 0 0
ARCH COAL INC - A COM 039380407 18,432 637,786 SH   SOLE   637,786 0 0
KIRBY COM 497266106 15,284 351,600 SH   SOLE   351,600 0 0
PARSLEY ENERGY INC-CLASS A COM 701877102 15,241 2,659,829 SH   SOLE   2,659,829 0 0
BERRY GLOBAL GROUP INC COM 08579W103 20,218 599,767 SH   SOLE   599,767 0 0
JINKOSOLAR HOLDING CO ADR 47759T100 13,657 919,696 SH   SOLE   919,696 0 0
CENOVUS ENERGY INC COM 15135U109 13,294 6,582,622 SH   SOLE   6,582,622 0 0
FULLER H B CO COM 359694106 12,937 463,209 SH   SOLE   463,209 0 0
US STEEL COM 912909108 12,433 1,970,400 SH   SOLE   1,970,400 0 0
LINDE PLC COM G5494J103 11,539 66,700 SH   SOLE   66,700 0 0
TRINITY INDUSTRIES COM 896522109 11,013 685,300 SH   SOLE   685,300 0 0
KRONOS WORLDWIDE INC COM 50105F105 10,947 1,297,000 SH   SOLE   1,297,000 0 0
NOW COM 67011P100 10,940 2,120,100 SH   SOLE   2,120,100 0 0
RYDER SYSTEM INC COM 783549108 10,413 393,840 SH   SOLE   393,840 0 0
AECOM COM 00766T100 14,954 500,955 SH   SOLE   500,955 0 0
CANADIAN SOLAR INC COM 136635109 9,799 615,908 SH   SOLE   615,908 0 0
ARCHER DANIELS MIDLAND COM 039483102 9,592 272,647 SH   SOLE   272,647 0 0
SUNPOWER COM 867652406 8,219 1,621,125 SH   SOLE   1,621,125 0 0
ORION ENGINEERED CARBONS S A #N/A L72967109 7,348 985,000 SH   SOLE   985,000 0 0
QUIMICA Y MINERA CHIL-SP ADR ADR 833635105 6,756 299,600 SH   SOLE   299,600 0 0
DEVON ENERGY COM 25179M103 6,730 973,917 SH   SOLE   973,917 0 0
ECOPETROL ADR REP 20 COM 279158109 6,470 680,300 SH   SOLE   680,300 0 0
CORE LABORATORIES N V #N/A N22717107 6,195 599,166 SH   SOLE   599,166 0 0
LANDSTAR SYSTEM COM 515098101 5,886 61,400 SH   SOLE   61,400 0 0
INDEPENDENCE REALTY COM 45378A106 5,722 640,000 SH   SOLE   640,000 0 0
RAPT THERAPEUTICS COM 75382E109 5,685 267,270 SH   SOLE   267,270 0 0
EVENTBRITE CL A COM 29975E109 5,585 765,000 SH   SOLE   765,000 0 0
SOLAREDGE TECHNOLOGIES COM 83417M104 5,363 65,500 SH   SOLE   65,500 0 0
ISHARES US HOME CONSTRUCT ETF COM 464288752 5,190 179,400 SH   SOLE   179,400 0 0
FIRST SOLAR INC COM 336433107 4,996 138,559 SH   SOLE   138,559 0 0
BUNGE LTD COM G16962105 8,988 219,050 SH   SOLE   219,050 0 0
QUANTA SERVICES INC COM 74762E102 4,800 151,270 SH   SOLE   151,270 0 0
DYNATRACE INC COM 268150109 4,768 200,000 SH   SOLE   200,000 0 0
FERRO CORP COM 315405100 8,861 946,690 SH   SOLE   946,690 0 0
TRONOX HOLDINGS PLC- A SHS G9087Q102 7,808 1,567,834 SH   SOLE   1,567,834 0 0
CAMECO COM 13321L108 4,616 604,200 SH   SOLE   604,200 0 0
DUKE ENERGY COM 26441C204 4,297 53,127 SH   SOLE   53,127 0 0
ENPHASE ENERGY INC COM 29355A107 4,269 132,198 SH   SOLE   132,198 0 0
PLAINS GP HOLDINGS CL A COM 72651A207 4,185 746,032 SH   SOLE   746,032 0 0
PATTERSON UTI ENERGY COM 703481101 3,854 1,640,000 SH   SOLE   1,640,000 0 0
GRAN TIERRA ENERGY INC COM 38500T101 3,624 14,457,077 SH   SOLE   14,457,077 0 0
SPDR FUND CONSUMER STAPLES ETF COM 81369Y308 3,547 65,116 SH   SOLE   65,116 0 0
ROCKWELL AUTOMAT COM 773903109 2,733 18,113 SH   SOLE   18,113 0 0
QUTOUTIAO 4 ADR REP CL A COM 74915J107 2,676 1,119,491 SH   SOLE   1,119,491 0 0
EXTRACTION OIL GAS COM 30227M105 2,657 6,295,949 SH   SOLE   6,295,949 0 0
GLU MOBILE COM 379890106 2,610 415,000 SH   SOLE   415,000 0 0
DIEBOLD NIXDORF COM 253651103 2,464 700,000 SH   SOLE   700,000 0 0
VALERO ENERGY COM 91913Y100 2,421 53,366 SH   SOLE   53,366 0 0
FMC COM 302491303 2,222 27,200 SH   SOLE   27,200 0 0
ENLINK MIDSTREAM COM UNT COM 29336T100 2,207 2,006,300 SH   SOLE   2,006,300 0 0
ZEBRA TECHNOLOGIES CORP CL A 989207105 2,056 11,200 SH   SOLE   11,200 0 0
AIR PRODUCTS & CHEMICALS INC COM 009158106 1,822 9,129 SH   SOLE   9,129 0 0
AARONS COM 002535300 1,654 72,617 SH   SOLE   72,617 0 0
LUCKIN COFFEE ADR REP 8 COM 54951L109 1,495 55,000 SH   SOLE   55,000 0 0
LAREDO PETROLEUM INC COM 516806106 1,432 3,771,120 SH   SOLE   3,771,120 0 0
NVENT ELECTRIC PLC SHS G6700G107 1,404 83,253 SH   SOLE   83,253 0 0
CIMAREX ENERGY COM 171798101 1,346 80,000 SH   SOLE   80,000 0 0
BAYTEX ENERGY CORP COM 07317Q105 1,146 4,808,599 SH   SOLE   4,808,599 0 0
RAYONIER ADVANCED MATERIALS COM 75508B104 1,087 1,025,000 SH   SOLE   1,025,000 0 0
WENDYS COM 95058W100 1,015 68,190 SH   SOLE   68,190 0 0
CALLAWAY GOLF COMPANY COM 131193104 1,006 98,477 SH   SOLE   98,477 0 0
DTE ENERGY COMPANY COM 233331107 947 9,976 SH   SOLE   9,976 0 0
VENATOR MATERIALS PLC SHS G9329Z100 793 461,110 SH   SOLE   461,110 0 0
NOBLE CORP PLC SHS G65431101 790 3,037,922 SH   SOLE   3,037,922 0 0
FLOWSERVE COM 34354P105 712 29,800 SH   SOLE   29,800 0 0
COHERENT INC COM 192479103 676 6,350 SH   SOLE   6,350 0 0
PDC ENERGY INC COM 69327R101 621 100,000 SH   SOLE   100,000 0 0
NEW ORIENTAL ED & TECH GR ADR 647581107 563 5,200 SH   SOLE   5,200 0 0
ALBANY INTERNATIONAL CL A COM 012348108 511 10,800 SH   SOLE   10,800 0 0
2U INC COM 90214J101 429 20,200 SH   SOLE   20,200 0 0
CALLON PETROLEUM COM 13123X102 996 1,818,256 SH   SOLE   1,818,256 0 0
OASIS PETROLEUM INC COM 674215108 313 895,692 SH   SOLE   895,692 0 0
BRIGHAM MINERALS INC-CL A COM 10918L103 317 38,271 SH   SOLE   38,271 0 0
ENERPLUS COM 292766102 222 150,000 SH   SOLE   150,000 0 0
EQT CORP COM 26884L109 177 25,000 SH   SOLE   25,000 0 0
RAMACO RESOURCES INC COM 75134P303 149 62,381 SH   SOLE   62,381 0 0
RYERSON HOLDING CORP COM 783754104 40 7,500 SH   SOLE   7,500 0 0
VISTRA ENERGY CORP - CW24 *W EXP 02/02/202 92840M128 140 176,593 SH   SOLE   176,593 0 0
ASHLAND GLOBAL HOLDINGS INC COM 044186104 15,021 300,000 SH Call SOLE   300,000 0 0
NRG ENERGY INC DBCV 2.750% 6/0 629377CG5 37,835 39,000,000 PRN   SOLE   39,000,000 0 0