Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DOW	DOW HLDGS INC	537,000	$14.69M	8.3%	$27.36	—	COM	260557103
—	CENTURY ALUM CO	150,000	$6.902M	3.9%	$46.01	—	CALL	156431908
DVN	DEVON ENERGY CORP NEW	90,000	$3.719M	2.1%	$41.32	—	COM	25179M103
—	DOW HLDGS INC	100,000	$2.736M	1.6%	$27.36	—	CALL	260557903
IE	IVANHOE ELECTRIC INC	140,000	$1.345M	0.8%	$9.61	—	COM	46578C108
VGZ	VISTA GOLD CORP	275,000	$525K	0.3%	$1.91	—	COM NEW	927926303
VRA	VERA BRADLEY INC	125,000	$486K	0.3%	$3.89	—	COM	92335C106

Increased Positions (8)

CENX CENTURY ALUM CO 27.0%

Value $47.62M (-16.8%) Shares 1,035,000 (+6.2%) Est. Cost $22.40 Unrealized —

TROX TRONOX HOLDINGS PLC 6.9%

Value $12.1M (+133.6%) Shares 1,920,000 (+262.3%) Est. Cost $6.70 Unrealized —

ERO ERO COPPER CORP 17.7%

Value $31.2M (+13.9%) Shares 1,169,000 (+13.7%) Est. Cost $19.85 Unrealized —

ANF ABERCROMBIE & FITCH CO 5.5%

Value $9.78M (+59.8%) Shares 108,658 (+62.2%) Est. Cost $97.59 Unrealized —

AA ALCOA CORP 4.0%

Value $7.039M (-18.4%) Shares 135,000 (+3.8%) Est. Cost $60.76 Unrealized —

FANG DIAMONDBACK ENERGY INC 1.9%

Value $3.34M (+68.9%) Shares 19,000 (+90.0%) Est. Cost $160.66 Unrealized —

SLB SLB LIMITED 4.9%

Value $8.601M (+6.4%) Shares 185,000 (+17.6%) Est. Cost $48.03 Unrealized —

DHT DHT HOLDINGS INC 0.8%

Value $1.406M (+53.9%) Shares 85,050 (+70.1%) Est. Cost $15.23 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CENX	CENTURY ALUM CO	1,035,000 (+6.2%)	$47.62M (-16.8%)	27.0%	$22.40	—	COM	156431108
TROX	TRONOX HOLDINGS PLC	1,920,000 (+262.3%)	$12.1M (+133.6%)	6.9%	$6.70	—	SHS	G9087Q102
ERO	ERO COPPER CORP	1,169,000 (+13.7%)	$31.2M (+13.9%)	17.7%	$19.85	—	COM	296006109
ANF	ABERCROMBIE & FITCH CO	108,658 (+62.2%)	$9.78M (+59.8%)	5.5%	$97.59	—	CL A	002896207
AA	ALCOA CORP	135,000 (+3.8%)	$7.039M (-18.4%)	4.0%	$60.76	—	COM	013872106
FANG	DIAMONDBACK ENERGY INC	19,000 (+90.0%)	$3.34M (+68.9%)	1.9%	$160.66	—	COM	25278X109
SLB	SLB LIMITED	185,000 (+17.6%)	$8.601M (+6.4%)	4.9%	$48.03	—	COM STK	806857108
DHT	DHT HOLDINGS INC	85,050 (+70.1%)	$1.406M (+53.9%)	0.8%	$15.23	—	SHS NEW	Y2065G121

Exited Positions (13)

EMN EASTMAN CHEM CO 5.0%

Value $8.777M Shares 115,000 Est. Cost $72.75 Unrealized —

PPG PPG INDS INC 5.0%

Value $8.764M Shares 82,000 Est. Cost $116.87 Unrealized —

CE CELANESE CORP DEL 4.1%

Value $7.235M Shares 110,000 Est. Cost $49.52 Unrealized —

HUN HUNTSMAN CORP 4.1%

Value $7.187M Shares 540,000 Est. Cost $12.52 Unrealized —

MT ARCELORMITTAL SA LUXEMBOURG 3.2%

Value $5.671M Shares 110,887 Est. Cost $45.83 Unrealized —

DKS DICKS SPORTING GOODS INC 2.5%

Value $4.462M Shares 22,500 Est. Cost $216.64 Unrealized —

WFG WEST FRASER TIMBER CO LTD 1.7%

Value $2.93M Shares 44,826 Est. Cost $69.34 Unrealized —

AEO AMERICAN EAGLE OUTFITTERS INC 1.4%

Value $2.427M Shares 145,300 Est. Cost $24.93 Unrealized —

LULU LULULEMON ATHLETICA INC 1.3%

Value $2.296M Shares 15,000 Est. Cost $188.79 Unrealized —

ARCB ARCBEST CORP 1.1%

Value $1.967M Shares 20,000 Est. Cost $65.13 Unrealized —

CRC CALIFORNIA RES CORP COM STOCK 1.0%

Value $1.73M Shares 25,000 Est. Cost $52.09 Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.9%

Value $1.647M Shares 20,000 Est. Cost $117.53 Unrealized —

APA APA CORPORATION 0.6%

Value $1.061M Shares 25,000 Est. Cost $26.43 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EMN	EASTMAN CHEM CO	115,000	$8.777M	5.0%	$72.75	—	—	277432100
PPG	PPG INDS INC	82,000	$8.764M	5.0%	$116.87	—	—	693506107
CE	CELANESE CORP DEL	110,000	$7.235M	4.1%	$49.52	—	—	150870103
HUN	HUNTSMAN CORP	540,000	$7.187M	4.1%	$12.52	—	—	447011107
MT	ARCELORMITTAL SA LUXEMBOURG	110,887	$5.671M	3.2%	$45.83	—	—	03938L203
DKS	DICKS SPORTING GOODS INC	22,500	$4.462M	2.5%	$216.64	—	—	253393102
WFG	WEST FRASER TIMBER CO LTD	44,826	$2.93M	1.7%	$69.34	—	—	952845105
AEO	AMERICAN EAGLE OUTFITTERS INC	145,300	$2.427M	1.4%	$24.93	—	—	02553E106
LULU	LULULEMON ATHLETICA INC	15,000	$2.296M	1.3%	$188.79	—	—	550021109
ARCB	ARCBEST CORP	20,000	$1.967M	1.1%	$65.13	—	—	03937C105
CRC	CALIFORNIA RES CORP COM STOCK	25,000	$1.73M	1.0%	$52.09	—	—	13057Q305
BLDR	BUILDERS FIRSTSOURCE INC	20,000	$1.647M	0.9%	$117.53	—	—	12008R107
APA	APA CORPORATION	25,000	$1.061M	0.6%	$26.43	—	—	03743Q108

Decreased Positions (5)

— TRONOX HOLDINGS PLC 2.5%

Value $4.347M (-61.9%) Shares 690,000 (-40.9%) Est. Cost $4.18 Unrealized —

— HUNTSMAN CORP 0.3%

Value $532K (-91.1%) Shares 50,100 (-88.9%) Est. Cost $10.00 Unrealized —

BKE BUCKLE INC 9.9%

Value $17.39M (-17.7%) Shares 412,000 (-1.8%) Est. Cost $41.18 Unrealized —

MLI MUELLER INDS INC 0.3%

Value $615K (-63.0%) Shares 5,000 (-66.7%) Est. Cost $107.37 Unrealized —

SBLK STAR BULK CARRIERS CORP 1.1%

Value $2.01M (-27.1%) Shares 80,479 (-32.9%) Est. Cost $18.79 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	TRONOX HOLDINGS PLC	690,000 (-40.9%)	$4.347M (-61.9%)	2.5%	$4.18	—	CALL	G9087Q902
—	HUNTSMAN CORP	50,100 (-88.9%)	$532K (-91.1%)	0.3%	$10.00	—	CALL	447011907
BKE	BUCKLE INC	412,000 (-1.8%)	$17.39M (-17.7%)	9.9%	$41.18	—	COM	118440106
MLI	MUELLER INDS INC	5,000 (-66.7%)	$615K (-63.0%)	0.3%	$107.37	—	COM	624756102
SBLK	STAR BULK CARRIERS CORP	80,479 (-32.9%)	$2.01M (-27.1%)	1.1%	$18.79	—	SHS PAR	Y8162K204