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 57,577 966,373 SH   DFND 2 0 966,373 0
ADVANTAGE ENERGY COM 00791P107 3,609 613,719 SH   DFND 2 0 613,719 0
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 117,412 1,247,472 SH   DFND 2 0 1,241,597 0
ENACT HOLDINGS COM 29249E109 15,999 774,025 SH   DFND 2 0 769,025 0
AERCAP HOLDINGS COM N00985106 254,836 3,895,382 SH   DFND 2 0 3,886,182 0
AIR FRANCE-KLM COM 009119108 24,832 5,656,391 SH   DFND 2 0 5,648,001 0
AMERICAN INTERNATIONAL GROUP COM 026874784 71,736 1,261,633 SH   DFND 2 0 1,261,633 0
AMERICAN NATIONAL COM 02772A109 15,101 79,965 SH   DFND 2 0 79,965 0
ARGONAUT GOLD INC COM 04016A101 19,905 10,478,940 SH   DFND 2 0 10,302,740 0
ARDMORE SHIPPING CORP COM Y0207T100 2,835 838,898 SH   DFND 2 0 811,498 0
BLUE CAPITAL REINSURANCE COM G1190F107 24 294,004 SH   DFND 2 0 294,004 0
BEAZER HOMES USA INC COM 07556Q881 28,269 1,217,432 SH   DFND 2 0 1,197,932 0
CITIGROUP COM 172967424 64,108 1,061,563 SH   DFND 2 0 1,061,563 0
CENTERRA GOLD INC. COM 152006102 16,065 2,091,742 SH   DFND 2 0 2,091,742 0
CIVITAS RESOURCES INC COM 17888H103 84,812 1,731,908 SH   DFND 2 0 1,719,508 0
CELESTICA COM 15101Q108 55,425 4,979,798 SH   DFND 2 0 4,954,990 0
CNA FINANCIAL CORP. COM 126117100 54,002 1,225,084 SH   DFND 2 0 1,225,084 0
COREPOINT LODGING INC COM 21872L104 62,516 3,981,915 SH   DFND 2 0 3,952,215 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 23,235 1,442,246 SH   DFND 2 0 1,409,146 0
ELDORADO GOLD COM 284902509 24,993 2,673,068 SH   DFND 2 0 2,634,968 0
EQUINOX GOLD CORP COM 29446Y502 30,404 4,497,593 SH   DFND 2 0 4,497,593 0
EURONAV COM B38564108 25,439 2,861,537 SH   DFND 2 0 2,861,537 0
EXELON CORP COM 30161N101 21,485 371,968 SH   DFND 2 0 371,968 0
FIFTH THIRD BANCORP COM 316773100 31,754 729,144 SH   DFND 2 0 729,144 0
FLEX LNG LTD COM G35947202 38,679 1,646,633 SH   DFND 2 0 1,634,933 0
GALIANO GOLD INC COM 36352H100 6,694 9,565,578 SH   DFND 2 0 9,308,778 0
GREENBRIER COMPANIES INC COM 393657101 10,717 233,543 SH   DFND 2 0 227,443 0
GOLD FIELDS LTD COM 38059T106 94,996 8,643,903 SH   DFND 2 0 8,643,903 0
GENWORTH FINANCIAL INC. COM 37247D106 11,526 2,845,878 SH   DFND 2 0 2,747,778 0
GOLDMAN SACHS GROUP COM 38141G104 18,602 48,627 SH   DFND 2 0 48,627 0
HAWAIIAN HOLDINGS INC COM 419879101 7,493 407,887 SH   DFND 2 0 399,587 0
HUDBAY MINERALS INC COM 443628102 225 31,000 SH   DFND 2 0 31,000 0
HOWARD HUGHES CORP COM 44267D107 50,255 493,763 SH   DFND 2 0 493,763 0
IAMGOLD CORP COM 450913108 129,477 41,366,370 SH   DFND 2 0 41,219,370 0
INTERNATIONAL SEAWAYS COM Y41053102 54,546 3,715,659 SH   DFND 2 0 3,677,559 0
JETBLUE AIRWAYS COM 477143101 105,129 7,382,634 SH   DFND 2 0 7,382,634 0
JEFFERIES FINANCIAL GROUP COM 47233W109 108,927 2,807,389 SH   DFND 2 0 2,807,389 0
JACKSON FINANCIAL INC COM 46817M107 3,346 80,000 SH   DFND 2 0 76,470 0
KB HOME COM 48666K109 4,584 102,482 SH   DFND 2 0 97,582 0
KIMBALL ELECTRONICS COM 49428J109 2,404 110,469 SH   DFND 2 0 110,469 0
KOREA ELECTRIC POWER CORP COM 500631106 20,597 2,253,474 SH   DFND 2 0 2,253,474 0
KINROSS GOLD CORP COM 496902404 70,471 12,129,267 SH   DFND 2 0 12,129,267 0
LOEWS CORP COM 540424108 78,364 1,356,720 SH   DFND 2 0 1,356,720 0
M/I HOMES COM 55305B101 99,893 1,606,512 SH   DFND 2 0 1,597,112 0
THE MOSAIC COMPANY COM 61945C103 105,203 2,677,594 SH   DFND 2 0 2,677,594 0
MICRON TECHNOLOGY COM 595112103 59,479 638,530 SH   DFND 2 0 638,530 0
NAVIENT CORP COM 63938C108 20,745 977,624 SH   DFND 2 0 972,224 0
PG & E CORP COM 69331C108 12,120 998,347 SH   DFND 2 0 998,347 0
PARK HOTELS & RESORTS INC COM 700517105 23,998 1,271,058 SH   DFND 2 0 1,271,058 0
PHOTRONICS COM 719405102 17,163 910,515 SH   DFND 2 0 883,815 0
EVEREST RE GROUP COM G3223R108 14,273 52,106 SH   DFND 2 0 52,106 0
RESOLUTE FOREST PRODUCTS COM 76117W109 25,132 1,645,829 SH   DFND 2 0 1,623,429 0
SANMINA CORPORATION COM 801056102 14,542 350,753 SH   DFND 2 0 347,053 0
SIRIUSPOINT LTD COM G8827U100 834 102,600 SH   DFND 2 0 98,100 0
TECK RESOUCES LTD - CLASS B COM 878742204 20,720 718,928 SH   DFND 2 0 718,928 0
TEXTAINER GROUP HOLDINGS LTD COM G8766E109 49,869 1,396,490 SH   DFND 2 0 1,380,690 0
TAYLOR MORRISON HOME CORP COM 87724P106 187,998 5,377,513 SH   DFND 2 0 5,369,613 0
TUTOR PERINI CORP COM 901109108 34,216 2,766,014 SH   DFND 2 0 2,737,014 0
TRITON INTERNATIONAL COM G9078F107 36,475 605,599 SH   DFND 2 0 605,599 0
UNUM GROUP COM 91529Y106 128,035 5,211,036 SH   DFND 2 0 5,211,036 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107 13,343 784,899 SH   DFND 2 0 764,499 0
VERSO CORP COM 92531L207 28,393 1,050,817 SH   DFND 2 0 1,030,222 0
BRISTOW GROUP INC COM 11040G103 5,561 175,593 SH   DFND 2 0 171,027 0
GREAT PANTHER MINING LTD COM 39115V101 1,046 4,770,952 SH   DFND 2 0 4,770,952 0
GREAT PANTHER MINING WTS $1.3166 5/17/22 WTS 362995409 0 1,270,188 SH   DFND 2 0 1,270,188 0
GREAT PANTHER MINING WTS $1.3166 6/27/22 WTS 362995391 0 2,258,112 SH   DFND 2 0 2,258,112 0
RUSSELL 2000 VALUE I-SHARES COM 464287630 2,313 13,927 SH   DFND 2 0 13,927 0