Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AER	AERCAP HOLDINGS	5,977,008	$278M	10.7%	$21.26	+109.1%	COM	N00985106
AFLYY	AIR FRANCE-KLM	22,755,435	$256M	9.8%	$9.50	—	COM	009119108
MU	MICRON TECHNOLOGY	5,714,002	$236M	9.0%	$10.83	+248.1%	COM	595112103
UNM	UNUM GROUP	5,530,054	$187M	7.2%	$38.68	-10.0%	COM	91529Y106
KGC	KINROSS GOLD CORP	46,848,602	$161M	6.2%	$2.64	+26.3%	COM	496902404
JBLU	JETBLUE AIRWAYS	9,181,857	$150M	5.8%	$14.23	+20.3%	COM	477143101
TMHC	TAYLOR MORRISON HOME CORP	8,114,162	$144M	5.5%	$22.64	-21.1%	COM	87724P106
GFI	GOLD FIELDS LTD	32,198,559	$120M	4.6%	$3.67	—	COM	38059T106
IAG	IAMGOLD CORP	28,821,746	$100M	3.8%	$4.13	-15.3%	COM	450913108
CNA	CNA FINANCIAL CORP.	2,075,946	$89.99M	3.4%	$15.70	+71.4%	COM	126117100
EG	EVEREST RE GROUP	319,973	$69.1M	2.6%	$112.03	+67.9%	COM	G3223R108
AIG	AMERICAN INTERNATIONAL GROUP	1,585,411	$68.27M	2.6%	$36.32	-1.6%	COM	026874784
C	CITIGROUP	986,636	$61.39M	2.4%	$40.37	+20.8%	COM	172967424
MHO	M/I HOMES	2,202,911	$58.64M	2.2%	$23.47	+10.9%	COM	55305B101
INSW	INTERNATIONAL SEAWAYS	2,355,058	$40.37M	1.5%	$11.18	-1.5%	COM	Y41053102
—	RESOLUTE FOREST PRODUCTS	5,054,599	$39.93M	1.5%	$12.41	—	COM	76117W109
—	FLY LEASING	2,687,801	$37.2M	1.4%	$11.91	—	COM	34407D109
SANM	SANMINA CORPORATION	1,207,263	$34.83M	1.3%	$21.08	+39.8%	COM	801056102
BZH	BEAZER HOMES USA INC	3,020,930	$34.77M	1.3%	$15.89	-24.7%	COM	07556Q881
—	COREPOINT LODGING INC	3,000,000	$33.51M	1.3%	$11.17	—	COM	21872L104
TPC	TUTOR PERINI CORP	1,641,240	$28.1M	1.1%	$18.07	-3.0%	COM	901109108
KEP	KOREA ELECTRIC POWER CORP	2,147,424	$27.94M	1.1%	$16.79	—	COM	500631106
—	CELESTICA	3,168,098	$26.77M	1.0%	$10.13	—	COM	15101Q108
L	LOEWS CORP	498,993	$23.92M	0.9%	$39.79	+15.2%	COM	540424108
PLAB	PHOTRONICS	2,351,822	$22.23M	0.9%	$8.46	+19.7%	COM	719405102
EGO	ELDORADO GOLD	4,103,511	$19M	0.7%	$3.72	+4.5%	COM	284902509
—	ADVANTAGE OIL & GAS	11,406,504	$18.9M	0.7%	$3.29	—	COM	00765F101
—	MFA FINANCIAL INC.	2,442,888	$17.76M	0.7%	$6.92	—	COM	55272X102
JEF	JEFFERIES FINANCIAL GROUP	941,761	$17.7M	0.7%	$15.91	-10.3%	COM	47233W109
—	YAMANA GOLD	6,684,950	$17.45M	0.7%	$4.64	—	COM	98462Y100
ASC	ARDMORE SHIPPING CORP	2,809,773	$17.31M	0.7%	$8.77	-47.2%	COM	Y0207T100
—	AMERICAN NATIONAL	140,822	$17.01M	0.7%	$102.98	—	COM	028591105
—	PYXUS INTERNATIONAL	599,286	$14.32M	0.5%	$23.00	—	COM	74737V106
—	ASANKO GOLD	20,993,308	$13.06M	0.5%	$1.40	—	COM	04341Y105
—	AVIANCA HOLDINGS	2,832,272	$11.61M	0.4%	$5.91	—	COM	05367G100
—	ERA GROUP	862,188	$9.95M	0.4%	$10.09	—	COM	26885G109
KBH	KB HOME	336,644	$8.137M	0.3%	$13.25	+51.0%	COM	48666K109
—	CAPITAL PRODUCT PARTNERS LP	717,153	$7.516M	0.3%	$10.48	—	COM	Y11082206
—	NOBLE CORP	2,517,574	$7.225M	0.3%	$29.47	—	COM	G65431101
KE	KIMBALL ELECTRONICS	436,899	$6.768M	0.3%	$10.85	+48.3%	COM	49428J109
GS	GOLDMAN SACHS GROUP	33,270	$6.388M	0.2%	$129.91	+26.4%	COM	38141G104
—	BLUE CAPITAL REINSURANCE	900,535	$6.07M	0.2%	$14.81	—	COM	G1190F107
—	NABORS INDUSTRIES	1,749,223	$6.017M	0.2%	$10.42	—	COM	G6359F103
—	WPX ENERGY INC	402,731	$5.28M	0.2%	$5.74	—	COM	98212B103
DSSI	DIAMOND S SHIPPING	492,575	$5.123M	0.2%	$10.40	—	COM	Y20676105
—	VERSO CORP	225,851	$4.838M	0.2%	$14.95	—	COM	92531L207
CMBT	EURONAV SA	570,654	$4.651M	0.2%	$4.63	-17.7%	COM	B38564108
—	ALIO GOLD INC.	6,440,309	$4.63M	0.2%	$1.10	—	COM	01627X108
TOL	TOLL BROTHERS INC.	119,469	$4.325M	0.2%	$30.43	+18.1%	COM	889478103
AGI	ALAMOS GOLD	829,711	$4.215M	0.2%	$5.03	-14.4%	COM	011532108
GPRE	GREEN PLAINS INC	243,118	$4.055M	0.2%	$15.00	0.0%	COM	393222104
—	PERSHING GOLD CORP	3,257,930	$3.779M	0.1%	$4.10	—	COM	715302204
HBM	HUDBAY MINERALS INC	519,192	$3.707M	0.1%	$8.82	-29.9%	COM	443628102
—	AIRCASTLE	172,984	$3.501M	0.1%	$16.70	—	COM	G0129K104
—	VERITIV CORP	121,268	$3.192M	0.1%	$29.69	—	COM	923454102
—	NATUZZI SPA	587,951	$3.025M	0.1%	$1.89	—	COM	63905A101
—	PLATINUM GROUP METALS	1,039,894	$2.049M	0.1%	$1.48	—	COM	72765Q601
SMHI	SEACOR MARINE HOLDINGS	126,139	$1.679M	0.1%	$19.15	-30.2%	COM	78413P101
—	DORIAN LPG LTD	17,333	$111K	0.0%	$8.23	—	COM	Y2106R100
—	HG HOLDINGS	120,892	$63,000	0.0%	$2.79	—	COM	854305208