Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GFI	GOLD FIELDS LTD	31,369,234	$149M	8.9%	$4.75	$4.06	—	COM	38059T106
AFLYY	AIR FRANCE-KLM	21,109,318	$120M	7.2%	$5.70	$9.50	—	COM	009119108
AER	AERCAP HOLDINGS	4,928,528	$112M	6.7%	$22.79 *	$21.26	+128.5%	COM	N00985106
IAG	IAMGOLD CORP	47,192,610	$108M	6.4%	$2.28 *	$3.77	-23.0%	COM	450913108
UNM	UNUM GROUP	6,265,022	$94.04M	5.6%	$15.01 *	$36.91	-34.8%	COM	91529Y106
JBLU	JETBLUE AIRWAYS	9,747,388	$87.24M	5.2%	$8.95 *	$14.83	+11.8%	COM	477143101
TMHC	TAYLOR MORRISON HOME CORP	7,154,268	$78.7M	4.7%	$11.00 *	$22.64	-5.0%	COM	87724P106
MU	MICRON TECHNOLOGY	1,869,962	$78.65M	4.7%	$42.06 *	$10.83	+368.6%	COM	595112103
MOS	THE MOSAIC COMPANY	5,329,551	$57.67M	3.5%	$10.82 *	$15.91	-5.0%	COM	61945C103
CNA	CNA FINANCIAL CORP.	1,833,646	$56.92M	3.4%	$31.04 *	$15.70	+76.4%	COM	126117100
KGC	KINROSS GOLD CORP	12,410,316	$49.39M	3.0%	$3.98 *	$2.78	+74.2%	COM	496902404
INSW	INTERNATIONAL SEAWAYS	1,985,146	$47.42M	2.8%	$23.89 *	$11.34	+25.1%	COM	Y41053102
—	ATLAS AIR WORLDWIDE HOLDINGS	1,801,799	$46.25M	2.8%	$25.67	$25.51	—	COM	049164205
AIG	AMERICAN INTERNATIONAL GROUP	1,496,354	$36.29M	2.2%	$24.25 *	$36.34	+1.1%	COM	026874784
JEF	JEFFERIES FINANCIAL GROUP	2,565,673	$35.07M	2.1%	$13.67 *	$15.48	+2.3%	COM	47233W109
C	CITIGROUP	789,799	$33.27M	2.0%	$42.12 *	$41.68	+30.0%	COM	172967424
—	AMERICAN NATIONAL	342,878	$28.25M	1.7%	$82.38	$92.53	—	COM	028591105
DSSI	DIAMOND S SHIPPING	2,261,259	$26.7M	1.6%	$11.81	$12.59	—	COM	Y20676105
L	LOEWS CORP	736,734	$25.66M	1.5%	$34.83 *	$41.80	+10.0%	COM	540424108
EQX	EQUINOX GOLD CORP	3,598,106	$23.86M	1.4%	$6.63 *	$7.88	0.0%	COM	29446Y502
—	DOMTAR CORP	947,181	$20.5M	1.2%	$21.64	$21.64	—	COM	257559203
MHO	M/I HOMES	1,223,493	$20.22M	1.2%	$16.53 *	$24.01	+50.7%	COM	55305B101
—	COREPOINT LODGING INC	5,126,912	$20.1M	1.2%	$3.92	$10.41	—	COM	21872L104
TPC	TUTOR PERINI CORP	2,809,302	$18.88M	1.1%	$6.72 *	$15.51	-31.1%	COM	901109108
—	FLY LEASING	2,596,946	$18.28M	1.1%	$7.04	$10.92	—	COM	34407D109
SANM	SANMINA CORPORATION	658,119	$17.95M	1.1%	$27.28 *	$21.08	+38.2%	COM	801056102
—	ASANKO GOLD	22,357,965	$17.61M	1.1%	$0.79	$1.34	—	COM	04341Y105
KEP	KOREA ELECTRIC POWER CORP	2,262,751	$17.08M	1.0%	$7.55	$16.49	—	COM	500631106
BZH	BEAZER HOMES USA INC	2,614,685	$16.84M	1.0%	$6.44 *	$15.54	-20.3%	COM	07556Q881
PLAB	PHOTRONICS	1,570,498	$16.11M	1.0%	$10.26 *	$8.50	+53.9%	COM	719405102
FLNG	FLEX LNG LTD	2,624,710	$13.31M	0.8%	$5.07 *	$4.76	-17.9%	COM	G35947202
GS	GOLDMAN SACHS GROUP	79,376	$12.27M	0.7%	$154.59 *	$162.86	+13.2%	COM	38141G104
EGO	ELDORADO GOLD	1,981,905	$12.23M	0.7%	$6.17 *	$3.72	+102.1%	COM	284902509
—	CELESTICA	3,453,581	$12.09M	0.7%	$3.50	$9.52	—	COM	15101Q108
—	BONANZA CREEK ENERGY INC	1,052,882	$11.85M	0.7%	$11.25	$19.81	—	COM	097793400
ASC	ARDMORE SHIPPING CORP	2,009,443	$10.55M	0.6%	$5.25 *	$8.77	-41.8%	COM	Y0207T100
EG	EVEREST RE GROUP	51,966	$9.999M	0.6%	$192.41 *	$112.03	+101.6%	COM	G3223R108
PK	PARK HOTELS & RESORTS INC	1,253,134	$9.912M	0.6%	$7.91	$7.91	—	COM	700517105
AA	ALCOA CORP	1,503,760	$9.263M	0.6%	$6.16 *	$13.11	0.0%	COM	013872106
—	VERSO CORP	777,024	$8.765M	0.5%	$11.28	$12.65	—	COM	92531L207
—	ADVANTAGE OIL & GAS	8,365,674	$8.39M	0.5%	$1.00	$3.24	—	COM	00765F101
—	HOWARD HUGHES CORP	160,000	$8.083M	0.5%	$50.52	$50.52	—	COM	44267D107
—	CAPITAL PRODUCT PARTNERS LP	1,012,515	$7.412M	0.4%	$7.32	$10.57	—	COM	Y11082206
TOL	TOLL BROTHERS INC.	320,119	$6.162M	0.4%	$19.25 *	$36.40	+4.0%	COM	889478103
—	RESOLUTE FOREST PRODUCTS	4,806,599	$6.056M	0.4%	$1.26	$11.82	—	COM	76117W109
KBH	KB HOME	322,054	$5.829M	0.3%	$18.10 *	$21.35	+36.6%	COM	48666K109
—	TRITON INTERNATIONAL	211,500	$5.472M	0.3%	$25.87	$25.87	—	COM	G9078F107
—	ERA GROUP	982,100	$5.235M	0.3%	$5.33	$9.67	—	COM	26885G109
—	CAI INTERNATIONAL INC	353,552	$4.999M	0.3%	$14.14	$20.42	—	COM	12477X106
KE	KIMBALL ELECTRONICS	313,893	$3.428M	0.2%	$10.92 *	$10.85	+37.3%	COM	49428J109
—	ALIO GOLD INC.	6,241,258	$3.027M	0.2%	$0.48	$1.10	—	COM	01627X108
GPRE	GREEN PLAINS INC	565,613	$2.743M	0.2%	$4.85 *	$12.81	-15.7%	COM	393222104
—	YAMANA GOLD	899,295	$2.473M	0.1%	$2.75	$4.64	—	COM	98462Y100
—	GREAT PANTHER MINING LTD	7,493,907	$2.31M	0.1%	$0.31	$0.85	—	COM	39115V101
CMBT	EURONAV	169,175	$1.908M	0.1%	$11.28 *	$5.08	0.0%	COM	B38564108
—	MFA FINANCIAL INC.	1,020,179	$1.581M	0.1%	$1.55	$6.92	—	COM	55272X102
—	AVIANCA HOLDINGS	1,614,623	$1.546M	0.1%	$0.96	$5.88	—	COM	05367G100
IWN	RUSSELL 2000 VALUE I SHARES	18,500	$1.518M	0.1%	$82.05	$82.05	—	COM	464287630
—	WPX ENERGY INC	402,386	$1.227M	0.1%	$3.05	$5.74	—	COM	98212B103
—	PLATINUM GROUP METALS	871,277	$1.141M	0.1%	$1.31	$1.48	—	COM	72765Q601
—	VERITIV CORP	84,211	$662K	0.0%	$7.86	$29.69	—	COM	923454102
HBM	HUDBAY MINERALS INC	332,360	$631K	0.0%	$1.90 *	$8.82	-68.7%	COM	443628102
—	BLUE CAPITAL REINSURANCE	538,410	$466K	0.0%	$0.87	$14.51	—	COM	G1190F107
SMHI	SEACOR MARINE HOLDINGS	95,528	$418K	0.0%	$4.38 *	$19.15	-54.0%	COM	78413P101
—	NATUZZI SPA	386,269	$197K	0.0%	$0.51	$1.89	—	COM	63905A101
—	HG HOLDINGS	120,892	$54,000	0.0%	$0.45	$2.79	—	COM	854305208
—	GREAT PANTHER MINING WTS $1.3166 6/27/22	2,258,112	$11,000	0.0%	$0.00	$0.19	—	WTS	362995391
—	GREAT PANTHER MINING WTS $1.3166 5/17/22	1,270,188	$5,000	0.0%	$0.00	$0.19	—	WTS	362995409