Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	KANSAS CITY SOUTHERN	414,700	$52.74M	5.4%	$127.18	—	COM	485170302
ODFL	OLD DOMINION FREIGHT LINE	391,650	$51.41M	5.3%	$64.68	0.0%	COM	679580100
—	NRG ENERGY INC	39,000,000	$37.84M	3.9%	$1.08	—	DBCV 2.750% 6/0	629377CG5
FE	FIRSTENERGY CORP	823,406	$32.99M	3.4%	$28.28	+28.5%	COM	337932107
NRG	NRG ENERGY	1,113,030	$30.34M	3.1%	$28.87	0.0%	COM	629377508
BATL	BATTALION OIL	6,151,448	$28.76M	3.0%	$9.80	0.0%	COM	07134L107
ALB	ALBEMARLE	450,670	$25.4M	2.6%	$71.10	0.0%	COM	012653101
WERN	WERNER ENTERPRISES	694,225	$25.17M	2.6%	$35.96	0.0%	COM	950755108
MT	ARCELORMITTAL SA	2,697,200	$25.16M	2.6%	$16.94	—	NY REGISTRY SH	03938L203
VST	VISTRA ENERGY CORP	1,452,474	$23.18M	2.4%	$18.56	-4.3%	COM	92840M102
ASH	ASHLAND GLOBAL HOLDINGS INC	446,607	$22.36M	2.3%	$60.99	+1.7%	COM	044186104
CC	CHEMOURS	2,436,100	$21.61M	2.2%	$11.42	0.0%	COM	163851108
—	BERRY GLOBAL GROUP INC	599,767	$20.22M	2.1%	$49.24	—	COM	08579W103
TS	TENARIS SA	1,663,674	$20.05M	2.1%	$12.20	—	ADR	88031M109
CMS	CMS ENERGY CORP	320,439	$18.83M	1.9%	$48.46	+10.7%	COM	125896100
—	ARCH COAL INC - A	637,786	$18.43M	1.9%	$61.28	—	COM	039380407
GGB	GERDAU SA	9,647,500	$18.43M	1.9%	$1.91	—	ADR	373737105
SAIA	SAIA	246,200	$18.11M	1.9%	$87.66	0.0%	COM	78709Y105
MPC	MARATHON PETROLEUM CORP	762,342	$18.01M	1.9%	$48.14	-20.3%	COM	56585A102
PSX	PHILLIPS 66	335,180	$17.98M	1.9%	$63.79	0.0%	COM	718546104
RS	RELIANCE STEEL & ALUMINUM	204,900	$17.95M	1.9%	$113.17	-5.7%	COM	759509102
VALPQ	VALARIS PLC	36,982,076	$16.65M	1.7%	$6.14	—	COM	G9402V109
RIG	TRANSOCEAN LTD	13,961,593	$16.2M	1.7%	$5.52	-29.3%	SHS	H8817H100
FTV	FORTIVE CORP	282,715	$15.6M	1.6%	$42.76	-0.3%	COM	34959J108
KEX	KIRBY	351,600	$15.28M	1.6%	$68.05	0.0%	COM	497266106
—	PARSLEY ENERGY INC-CLASS A	2,659,829	$15.24M	1.6%	$11.31	—	COM	701877102
ASH	ASHLAND GLOBAL HOLDINGS INC	300,000	$15.02M	1.6%	$60.99	+1.7%	Call	044186104
ACM	AECOM	500,955	$14.95M	1.5%	$31.48	+30.7%	COM	00766T100
JKS	JINKOSOLAR HOLDING CO	919,696	$13.66M	1.4%	$22.16	—	ADR	47759T100
CVE	CENOVUS ENERGY INC	6,582,622	$13.29M	1.4%	$7.84	-20.3%	COM	15135U109
FUL	FULLER H B CO	463,209	$12.94M	1.3%	$45.00	-13.6%	COM	359694106
—	US STEEL	1,970,400	$12.43M	1.3%	$6.31	—	COM	912909108
—	LINDE PLC	66,700	$11.54M	1.2%	$168.63	—	COM	G5494J103
TRN	TRINITY INDUSTRIES	685,300	$11.01M	1.1%	$15.91	0.0%	COM	896522109
KRO	KRONOS WORLDWIDE INC	1,297,000	$10.95M	1.1%	$9.35	-18.7%	COM	50105F105
DNOW	NOW	2,120,100	$10.94M	1.1%	$9.00	0.0%	COM	67011P100
R	RYDER SYSTEM INC	393,840	$10.41M	1.1%	$62.21	-32.3%	COM	783549108
CSIQ	CANADIAN SOLAR INC	615,908	$9.799M	1.0%	$17.37	+16.6%	COM	136635109
ADM	ARCHER DANIELS MIDLAND	272,647	$9.592M	1.0%	$34.54	0.0%	COM	039483102
—	BUNGE LTD	219,050	$8.988M	0.9%	$49.17	—	COM	G16962105
—	FERRO CORP	946,690	$8.861M	0.9%	$20.48	—	COM	315405100
—	SUNPOWER	1,621,125	$8.219M	0.8%	$5.07	—	COM	867652406
TROX	TRONOX HOLDINGS PLC- A	1,567,834	$7.808M	0.8%	$11.16	-25.7%	SHS	G9087Q102
OEC	ORION ENGINEERED CARBONS S A	985,000	$7.348M	0.8%	$14.47	0.0%	NaN	L72967109
SQM	QUIMICA Y MINERA CHIL-SP ADR	299,600	$6.756M	0.7%	$23.68	—	ADR	833635105
DVN	DEVON ENERGY	973,917	$6.73M	0.7%	$13.15	0.0%	COM	25179M103
EC	ECOPETROL ADR REP 20	680,300	$6.47M	0.7%	$9.51	—	COM	279158109
—	CORE LABORATORIES N V	599,166	$6.195M	0.6%	$10.34	—	NaN	N22717107
LSTR	LANDSTAR SYSTEM	61,400	$5.886M	0.6%	$95.86	—	COM	515098101
IRT	INDEPENDENCE REALTY	640,000	$5.722M	0.6%	$8.94	—	COM	45378A106
—	RAPT THERAPEUTICS	267,270	$5.685M	0.6%	$21.27	—	COM	75382E109
EB	EVENTBRITE CL A	765,000	$5.585M	0.6%	$16.88	0.0%	COM	29975E109
SEDG	SOLAREDGE TECHNOLOGIES	65,500	$5.363M	0.6%	$105.76	0.0%	COM	83417M104
ITB	ISHARES US HOME CONSTRUCT ETF	179,400	$5.19M	0.5%	$28.93	—	COM	464288752
FSLR	FIRST SOLAR INC	138,559	$4.996M	0.5%	$58.08	-18.1%	COM	336433107
PWR	QUANTA SERVICES INC	151,270	$4.8M	0.5%	$36.00	+1.8%	COM	74762E102
DT	DYNATRACE INC	200,000	$4.768M	0.5%	$21.96	+31.2%	COM	268150109
CCJ	CAMECO	604,200	$4.616M	0.5%	$8.05	0.0%	COM	13321L108
DUK	DUKE ENERGY	53,127	$4.297M	0.4%	$72.71	0.0%	COM	26441C204
ENPH	ENPHASE ENERGY INC	132,198	$4.269M	0.4%	$6.78	+456.0%	COM	29355A107
PAGP	PLAINS GP HOLDINGS CL A	746,032	$4.185M	0.4%	$5.61	—	COM	72651A207
PTEN	PATTERSON UTI ENERGY	1,640,000	$3.854M	0.4%	$6.47	0.0%	COM	703481101
—	GRAN TIERRA ENERGY INC	14,457,077	$3.624M	0.4%	$2.33	—	COM	38500T101
XLP	SPDR FUND CONSUMER STAPLES ETF	65,116	$3.547M	0.4%	$54.47	—	COM	81369Y308
ROK	ROCKWELL AUTOMAT	18,113	$2.733M	0.3%	$167.26	0.0%	COM	773903109
—	QUTOUTIAO 4 ADR REP CL A	1,119,491	$2.676M	0.3%	$2.39	—	COM	74915J107
—	EXTRACTION OIL GAS	6,295,949	$2.657M	0.3%	$0.42	—	COM	30227M105
—	GLU MOBILE	415,000	$2.61M	0.3%	$6.29	—	COM	379890106
—	DIEBOLD NIXDORF	700,000	$2.464M	0.3%	$3.52	—	COM	253651103
VLO	VALERO ENERGY	53,366	$2.421M	0.3%	$57.18	0.0%	COM	91913Y100
FMC	FMC	27,200	$2.222M	0.2%	$77.92	0.0%	COM	302491303
—	ENLINK MIDSTREAM COM UNT	2,006,300	$2.207M	0.2%	$1.10	—	COM	29336T100
ZBRA	ZEBRA TECHNOLOGIES CORP	11,200	$2.056M	0.2%	$233.98	-4.0%	CL A	989207105
APD	AIR PRODUCTS & CHEMICALS INC	9,129	$1.822M	0.2%	$124.78	+57.9%	COM	009158106
—	AARONS	72,617	$1.654M	0.2%	$22.78	—	COM	002535300
LKNCY	LUCKIN COFFEE ADR REP 8	55,000	$1.495M	0.2%	$27.18	—	COM	54951L109
—	LAREDO PETROLEUM INC	3,771,120	$1.432M	0.1%	$2.77	—	COM	516806106
NVT	NVENT ELECTRIC PLC	83,253	$1.404M	0.1%	$20.63	+0.8%	SHS	G6700G107
—	CIMAREX ENERGY	80,000	$1.346M	0.1%	$16.82	—	COM	171798101
BTE	BAYTEX ENERGY CORP	4,808,599	$1.146M	0.1%	$1.89	-53.5%	COM	07317Q105
RYAM	RAYONIER ADVANCED MATERIALS	1,025,000	$1.087M	0.1%	$2.61	0.0%	COM	75508B104
WEN	WENDYS	68,190	$1.015M	0.1%	$19.67	0.0%	COM	95058W100
CALY	CALLAWAY GOLF COMPANY	98,477	$1.006M	0.1%	$19.24	-10.5%	COM	131193104
—	CALLON PETROLEUM	1,818,256	$996K	0.1%	$0.55	—	COM	13123X102
DTE	DTE ENERGY COMPANY	9,976	$947K	0.1%	$87.47	-5.1%	COM	233331107
—	VENATOR MATERIALS PLC	461,110	$793K	0.1%	$4.57	—	SHS	G9329Z100
—	NOBLE CORP PLC	3,037,922	$790K	0.1%	$2.34	—	SHS	G65431101
FLS	FLOWSERVE	29,800	$712K	0.1%	$35.39	0.0%	COM	34354P105
—	COHERENT INC	6,350	$676K	0.1%	$151.76	—	COM	192479103
—	PDC ENERGY INC	100,000	$621K	0.1%	$8.21	—	COM	69327R101
—	NEW ORIENTAL ED & TECH GR	5,200	$563K	0.1%	$112.75	—	ADR	647581107
AIN	ALBANY INTERNATIONAL CL A	10,800	$511K	0.1%	$60.77	0.0%	COM	012348108
—	2U INC	20,200	$429K	0.0%	$18.99	—	COM	90214J101
—	BRIGHAM MINERALS INC-CL A	38,271	$317K	0.0%	$21.46	—	COM	10918L103
—	OASIS PETROLEUM INC	895,692	$313K	0.0%	$3.71	—	COM	674215108
—	ENERPLUS	150,000	$222K	0.0%	$1.48	—	COM	292766102
EQT	EQT CORP	25,000	$177K	0.0%	$9.13	-27.9%	COM	26884L109
—	RAMACO RESOURCES INC	62,381	$149K	0.0%	$3.74	—	COM	75134P303
—	VISTRA ENERGY CORP - CW24	176,593	$140K	0.0%	$1.22	—	*W EXP 02/02/202	92840M128
RYZ	RYERSON HOLDING CORP	7,500	$40,000	0.0%	$9.33	-5.4%	COM	783754104