Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DAL	DELTA AIR LINES INC DEL	217,894	$12.6M	6.1%	$41.50	+23.8%	COM NEW	247361702
UAL	UNITED CONTL HLDGS INC	136,915	$12.19M	5.9%	$65.65	+25.6%	COM	910047109
LUV	SOUTHWEST AIRLS CO	192,974	$12.05M	5.8%	$43.82	+21.5%	COM	844741108
AAL	AMERICAN AIRLS GROUP INC	291,453	$12.05M	5.8%	$43.21	-11.3%	COM	02376R102
HL	HECLA MNG CO	2,744,200	$7.656M	3.7%	$2.94	0.0%	COM	422704106
—	HAWAIIAN HOLDINGS INC	115,339	$4.625M	2.2%	$36.45	—	COM	419879101
—	PRETIUM RES INC	600,000	$4.566M	2.2%	$7.43	—	COM	74139C102
ALK	ALASKA AIR GROUP INC	58,570	$4.033M	1.9%	$71.52	-12.5%	COM	011659109
JBLU	JETBLUE AIRWAYS CORP	207,508	$4.017M	1.9%	$21.04	-9.9%	COM	477143101
SKYW	SKYWEST INC	68,047	$4.008M	1.9%	$26.94	+119.7%	COM	830879102
—	SPIRIT AIRLS INC	84,827	$3.984M	1.9%	$41.46	—	COM	848577102
ALGT	ALLEGIANT TRAVEL CO	31,395	$3.981M	1.9%	$140.37	-11.3%	COM	01748X102
BA	BOEING CO	8,188	$3.045M	1.5%	$146.99	+130.7%	COM	097023105
WPM	WHEATON PRECIOUS METALS CORP	174,018	$3.045M	1.5%	$19.10	-8.4%	COM	962879102
TXT	TEXTRON INC	42,386	$3.029M	1.5%	$47.14	+43.3%	COM	883203101
GD	GENERAL DYNAMICS CORP	14,652	$3M	1.4%	$137.98	+19.8%	COM	369550108
—	DIREXION SHS ETF TR	375,000	$2.775M	1.3%	$12.95	—	DAILY JR BULL 3X	25460E851
—	DIREXION SHS ETF TR	210,000	$2.72M	1.3%	$22.42	—	DLY GOLD INDX 3X	25460E844
PAAS	PAN AMERICAN SILVER CORP	176,873	$2.61M	1.3%	$17.04	-6.3%	COM	697900108
—	SANDSTORM GOLD LTD	682,000	$2.544M	1.2%	$4.50	—	COM NEW	80013R206
—	SILVERCREST METALS INC	1,045,000	$2.542M	1.2%	$2.43	—	COM	828363101
—	GOLDEN STAR RES LTD CDA	3,250,000	$2.356M	1.1%	$0.68	—	COM	38119T104
UPS	UNITED PARCEL SERVICE INC	19,559	$2.284M	1.1%	$84.32	+4.9%	CL B	911312106
KMB	KIMBERLY CLARK CORP	19,825	$2.253M	1.1%	$86.73	-0.2%	COM	494368103
HD	HOME DEPOT INC	10,704	$2.217M	1.1%	$157.76	+6.5%	COM	437076102
—	GOLD STD VENTURES CORP	1,250,000	$2.15M	1.0%	$1.44	—	COM	380738104
SVM	SILVERCORP METALS INC	818,910	$2.021M	1.0%	$2.74	-3.1%	COM	82835P103
AGI	ALAMOS GOLD INC NEW	436,489	$2.013M	1.0%	$5.18	-10.3%	COM CL A	011532108
—	SINOPEC SHANGHAI PETROCHEMIC	32,600	$1.967M	0.9%	$60.22	—	SPON ADR H	82935M109
ALLE	ALLEGION PUB LTD CO	19,097	$1.73M	0.8%	$73.23	+5.0%	ORD SHS	G0176J109
SPGI	S&P GLOBAL INC	8,694	$1.699M	0.8%	$126.89	+52.6%	COM	78409V104
CIEN	CIENA CORP	52,216	$1.631M	0.8%	$24.32	+15.2%	COM NEW	171779309
—	AURYN RES INC	1,500,000	$1.604M	0.8%	$2.04	—	COM	05208W108
TREX	TREX CO INC	20,743	$1.597M	0.8%	$38.47	0.0%	COM	89531P105
NEM	NEWMONT MINING CORP	50,000	$1.51M	0.7%	$28.10	-3.7%	COM	651639106
—	YAMANA GOLD INC	600,000	$1.494M	0.7%	$2.90	—	COM	98462Y100
AMCX	AMC NETWORKS INC	22,383	$1.485M	0.7%	$59.15	+5.4%	CL A	00164V103
GGG	GRACO INC	30,687	$1.422M	0.7%	$42.42	0.0%	COM	384109104
—	TAUBMAN CTRS INC	23,593	$1.412M	0.7%	$58.78	—	COM	876664103
—	CAMBREX CORP	19,965	$1.366M	0.7%	$68.42	—	COM	132011107
FNV	FRANCO NEVADA CORP	21,231	$1.328M	0.6%	$69.65	-8.6%	COM	351858105
RGLD	ROYAL GOLD INC	17,154	$1.322M	0.6%	$86.87	-5.3%	COM	780287108
—	SOUTHWESTERN ENERGY CO	257,710	$1.317M	0.6%	$5.11	—	COM	845467109
SNBR	SLEEP NUMBER CORP	35,480	$1.305M	0.6%	$35.65	-9.0%	COM	83125X103
HBM	HUDBAY MINERALS INC	250,800	$1.271M	0.6%	$6.20	-20.0%	COM	443628102
—	CNOOC LTD	6,300	$1.245M	0.6%	$171.25	—	SPONSORED ADR	126132109
CC	CHEMOURS CO	31,084	$1.226M	0.6%	$36.67	-11.7%	COM	163851108
—	TRINSEO S A	15,600	$1.221M	0.6%	$78.27	—	SHS	L9340P101
TECK	TECK RESOURCES LTD	48,900	$1.179M	0.6%	$24.17	-0.5%	CL B	878742204
PBF	PBF ENERGY INC	23,400	$1.168M	0.6%	$47.52	0.0%	CL A	69318G106
UUUU	ENERGY FUELS INC	350,000	$1.148M	0.6%	$2.95	0.0%	COM NEW	292671708
RYAAY	RYANAIR HLDGS PLC	11,930	$1.146M	0.6%	$96.41	—	SPONSORED ADR NE	783513203
HMY	HARMONY GOLD MNG LTD	689,696	$1.145M	0.6%	$1.81	—	SPONSORED ADR	413216300
MERC	MERCER INTL INC	67,500	$1.134M	0.5%	$13.50	0.0%	COM	588056101
ACLS	AXCELIS TECHNOLOGIES INC	57,435	$1.129M	0.5%	$21.75	-5.3%	COM NEW	054540208
LPX	LOUISIANA PAC CORP	41,600	$1.102M	0.5%	$28.77	-0.9%	COM	546347105
FOXF	FOX FACTORY HLDG CORP	15,500	$1.086M	0.5%	$61.24	0.0%	COM	35138V102
NPO	ENPRO INDS INC	14,827	$1.081M	0.5%	$74.67	-1.0%	COM	29355X107
—	RESOLUTE FST PRODS INC	81,700	$1.058M	0.5%	$12.95	—	COM	76117W109
—	NORBORD INC	31,300	$1.038M	0.5%	$36.16	—	COM NEW	65548P403
OMAB	GRUPO AEROPORTUARIO CTR NORT	18,093	$1.03M	0.5%	$44.17	—	SPON ADR	400501102
BTU	PEABODY ENERGY CORP NEW	28,500	$1.016M	0.5%	$35.79	+5.0%	COM	704551100
CPA	COPA HOLDINGS SA	12,499	$998K	0.5%	$70.58	0.0%	CL A	P31076105
—	ALIO GOLD INC	1,232,923	$983K	0.5%	$1.26	—	COM	01627X108
PAHC	PHIBRO ANIMAL HEALTH CORP	22,474	$964K	0.5%	$37.41	+26.3%	CL A COM	71742Q106
—	GOL LINHAS AEREAS INTLG S A	174,069	$950K	0.5%	$9.64	—	SPON ADR PFD NEW	38045R206
MGPI	MGP INGREDIENTS INC NEW	11,957	$944K	0.5%	$81.30	0.0%	COM	55303J106
CORT	CORCEPT THERAPEUTICS INC	66,021	$926K	0.4%	$17.40	-19.7%	COM	218352102
IAG	IAMGOLD CORP	250,000	$920K	0.4%	$4.76	0.0%	COM	450913108
—	NIC INC	60,948	$902K	0.4%	$16.79	—	COM	62914B100
—	NUTRI SYS INC NEW	24,321	$901K	0.4%	$37.05	—	COM	67069D108
—	DELPHI TECHNOLOGIES PLC	28,125	$882K	0.4%	$31.36	—	SHS	G2709G107
SSRM	SSR MNG INC	100,000	$871K	0.4%	$10.07	-6.3%	COM	784730103
AEM	AGNICO EAGLE MINES LTD	25,000	$855K	0.4%	$33.29	0.0%	COM	008474108
—	TIVITY HEALTH INC	26,463	$851K	0.4%	$32.16	—	COM	88870R102
—	AMERICAS SILVER CORP	350,000	$827K	0.4%	$3.50	—	COM NEW	03063L705
PBI	PITNEY BOWES INC	109,837	$778K	0.4%	$9.65	-16.3%	COM	724479100
—	NEVSUN RES LTD	150,000	$665K	0.3%	$3.47	—	COM	64156L101
—	GREAT PANTHER SILVER LTD	750,000	$638K	0.3%	$1.17	—	COM	39115V101
XLV	SELECT SECTOR SPDR TR	6,300	$599K	0.3%	$95.08	—	SBI HEALTHCARE	81369Y209
RCL	ROYAL CARIBBEAN CRUISES LTD	4,583	$596K	0.3%	$104.58	+5.2%	COM	V7780T103
BALL	BALL CORP	13,480	$593K	0.3%	$37.46	0.0%	COM	058498106
YUM	YUM BRANDS INC	6,172	$561K	0.3%	$72.90	0.0%	COM	988498101
XLI	SELECT SECTOR SPDR TR	7,100	$557K	0.3%	$78.45	—	SBI INT-INDS	81369Y704
AMGN	AMGEN INC	2,604	$540K	0.3%	$138.82	+13.4%	COM	031162100
XLP	SELECT SECTOR SPDR TR	10,000	$539K	0.3%	$53.90	—	SBI CONS STPLS	81369Y308
MPC	MARATHON PETE CORP	6,724	$538K	0.3%	$49.10	+27.3%	COM	56585A102
V	VISA INC COM	3,550	$533K	0.3%	$96.04	+40.6%	CL A	92826C839
CMCSA	COMCAST CORP NEW	14,622	$518K	0.2%	$29.34	0.0%	CL A	20030N101
DXC	DXC TECHNOLOGY CO	5,504	$515K	0.2%	$82.67	+2.5%	COM	23355L106
CSX	CSX CORP	6,956	$515K	0.2%	$21.58	0.0%	COM	126408103
ZTS	ZOETIS INC	5,608	$513K	0.2%	$79.49	+5.2%	CL A	98978V103
KGC	KINROSS GOLD CORP	185,976	$503K	0.2%	$3.85	-16.0%	COM NO PAR	496902404
CMCL	CALEDONIA MNG CORP PLC	72,811	$497K	0.2%	$6.69	-12.3%	SHS NEW	G1757E113
VZ	VERIZON COMMUNICATIONS INC	8,719	$466K	0.2%	$32.33	+10.2%	COM	92343V104
UNP	UNION PAC CORP	2,832	$461K	0.2%	$127.79	0.0%	COM	907818108
MDLZ	MONDELEZ INTL INC	10,721	$461K	0.2%	$35.59	0.0%	CL A	609207105
BAC	BANK AMER CORP	15,638	$461K	0.2%	$25.47	0.0%	COM	060505104
PSX	PHILLIPS 66	3,951	$445K	0.2%	$86.06	0.0%	COM	718546104
AVGO	BROADCOM INC	1,749	$432K	0.2%	$19.73	-7.4%	COM	11135F101
UNH	UNITEDHEALTH GROUP INC	1,609	$428K	0.2%	$230.64	0.0%	COM	91324P102
AMG	AFFILIATED MANAGERS GROUP	3,085	$422K	0.2%	$144.30	0.0%	COM	008252108
AMT	AMERICAN TOWER CORP NEW	2,878	$418K	0.2%	$115.75	+4.4%	COM	03027X100
ABBV	ABBVIE INC	4,389	$415K	0.2%	$69.17	0.0%	COM	00287Y109
—	SUNTRUST BKS INC	6,220	$415K	0.2%	$66.72	—	COM	867914103
NEE	NEXTERA ENERGY INC	2,457	$412K	0.2%	$35.46	0.0%	COM	65339F101
—	CIMAREX ENERGY CO	4,361	$405K	0.2%	$92.87	—	COM	171798101
—	KIRKLAND LAKE GOLD LTD	21,184	$403K	0.2%	$21.12	—	COM	49741E100
—	FORTUNA SILVER MINES INC	91,980	$402K	0.2%	$5.15	—	COM	349915108
BWA	BORGWARNER INC	9,379	$401K	0.2%	$34.96	0.0%	COM	099724106
—	ELDORADO GOLD CORP NEW	449,511	$396K	0.2%	$0.88	—	COM	284902103
GFI	GOLD FIELDS LTD NEW	163,683	$396K	0.2%	$3.83	—	SPONSORED ADR	38059T106
STZ	CONSTELLATION BRANDS INC	1,827	$394K	0.2%	$190.52	-1.0%	CL A	21036P108
TXN	TEXAS INSTRS INC	3,624	$389K	0.2%	$77.87	+15.9%	COM	882508104
ZION	ZIONS BANCORPORATION	7,720	$387K	0.2%	$53.92	-2.1%	COM	989701107
INTC	INTEL CORP	8,125	$384K	0.2%	$41.52	0.0%	COM	458140100
AMAT	APPLIED MATLS INC	9,505	$367K	0.2%	$40.70	0.0%	COM	038222105
EPOL	ISHARES TR MSCI POLAND	15,200	$363K	0.2%	$23.88	—	ETF	46429B606
FFTY	INNOVATOR ETFS TR	7,300	$281K	0.1%	$35.07	—	IBD 50 ETF	45782C102
XLY	SELECT SECTOR SPDR TR	2,400	$281K	0.1%	$99.84	—	SBI CONS DISCR	81369Y407
XLE	SELECT SECTOR SPDR TR	3,700	$280K	0.1%	$75.68	—	ENERGY	81369Y506
CLX	CLOROX CO DEL	1,781	$268K	0.1%	$114.62	0.0%	COM	189054109
BVN	COMPANIA DE MINAS BUENAVENTU	19,878	$266K	0.1%	$13.38	—	SPONSORED ADR	204448104
XLB	SELECT SECTOR SPDR TR	4,600	$266K	0.1%	$57.83	—	SBI MATERIALS	81369Y100
—	MECHEL PAO	78,000	$246K	0.1%	$3.14	—	SPONSORED ADR NE	583840608
—	TOTAL S A	600	$231K	0.1%	—	—	Call	89151E109
—	COMSTOCK MNG INC	1,457,329	$204K	0.1%	$0.39	—	COM NEW	205750201
—	LUXOFT HLDG INC	3,700	$175K	0.1%	$36.96	—	ORD SHS CL A	G57279104
—	MOBILE TELESYSTEMS PJSC	19,200	$164K	0.1%	$8.84	—	SPONSORED ADR	607409109
NTR	NUTRIEN LTD	300	$138K	0.1%	—	—	Call	67077M108
SPY	SPDR S&P 500 ETF TR	444	$122K	0.1%	—	—	Put	78462F103
BP	BP PLC	510	$120K	0.1%	—	—	Call	055622104
—	DIREXION SHS ETF TR	2,700	$113K	0.1%	$42.50	—	DLY RUSSIA BL 3X	25490K273
BHP	BHP BILLITON LTD	600	$58,000	0.0%	—	—	Call	088606108
—	ROYAL DUTCH SHELL PLC	280	$50,000	0.0%	—	—	Call	780259206
FCX	FREEPORT-MCMORAN INC	1,900	$33,000	0.0%	—	—	Call	35671D857
GLD	SPDR GOLD TRUST GOLD	200	$20,000	0.0%	—	—	Call	78463V107
EMX	EMX RTY CORP	11,178	$14,000	0.0%	$1.25	—	COM	26873J107
CVX	CHEVRON CORP NEW	160	$13,000	0.0%	—	—	Call	166764100
SJT	SAN JUAN BASIN RTY TR	2,000	$10,000	0.0%	$7.90	—	UNIT BEN INT	798241105
GDXJ	VANECK VECTORS ETF TR JR	400	$9,000	0.0%	—	—	Call	92189F791
FNV	FRANCO NEVADA CORP	150	$2,000	0.0%	$69.65	-8.6%	Call	351858105