The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
BELMOND LTD CL A G1154H107 9,489 713,474 SH   SOLE   713,474 0 0
BRINKER INTL INC COM 109641100 558 14,633 SH   SOLE   14,633 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 9,498 619,982 SH   SOLE   619,982 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 35,016 534,019 SH   SOLE   534,019 0 0
CATERPILLAR INC DEL COM 149123101 108,514 1,009,807 SH   SOLE   1,009,807 0 0
CENTURY ALUM CO COM 156431108 43,584 2,797,458 SH   SOLE   2,797,458 0 0
CONSTELLATION BRANDS INC CL A 21036P108 32,484 167,678 SH   SOLE   167,678 0 0
COPA HOLDINGS SA CL A P31076105 1,259 10,757 SH   SOLE   10,757 0 0
CORNING INC COM 219350105 15,624 519,928 SH   SOLE   519,928 0 0
CSX CORP COM 126408103 51,659 946,822 SH   SOLE   946,822 0 0
D R HORTON INC COM 23331A109 8,695 251,518 SH   SOLE   251,518 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 33,807 629,079 SH   SOLE   629,079 0 0
DOW CHEM CO COM 260543103 61,893 981,340 SH   SOLE   981,340 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 15,931 822,887 SH   SOLE   822,887 0 0
FACEBOOK INC CL A 30303M102 6,184 40,958 SH   SOLE   40,958 0 0
FEDEX CORP COM 31428X106 42,117 193,791 SH   SOLE   193,791 0 0
FREEPORT-MCMORAN INC CL B 35671D857 58,469 4,868,384 SH   SOLE   4,868,384 0 0
FREEPORT-MCMORAN INC CL B 35671D857 2,683 223,400 SH Call SOLE   223,400 0 0
GARDNER DENVER HLDGS INC COM 36555P107 4,468 206,745 SH   SOLE   206,745 0 0
HALLIBURTON CO COM 406216101 24,492 573,442 SH   SOLE   573,442 0 0
HARLEY DAVIDSON INC COM 412822108 112,223 2,077,434 SH   SOLE   2,077,434 0 0
HESS CORP COM 42809H107 36,180 824,716 SH   SOLE   824,716 0 0
INTL PAPER CO COM 460146103 29,377 518,938 SH   SOLE   518,938 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 993 9,488 SH   SOLE   9,488 0 0
LAREDO PETROLEUM INC COM 516806106 25,430 2,417,314 SH   SOLE   2,417,314 0 0
MACYS INC COM 55616P104 518 22,281 SH   SOLE   22,281 0 0
MARINEMAX INC COM 567908108 35,107 1,795,759 SH   SOLE   1,795,759 0 0
MASONITE INTL CORP NEW COM 575385109 14,300 189,403 SH   SOLE   189,403 0 0
MICRON TECHNOLOGY INC COM 595112103 27,509 921,262 SH   SOLE   921,262 0 0
MICROSOFT CORP COM 594918104 8,740 126,799 SH   SOLE   126,799 0 0
NAVISTAR INTL CORP NEW COM 63934E108 29,727 1,133,323 SH   SOLE   1,133,323 0 0
NEWMONT MINING CORP COM 651639106 22,065 681,225 SH   SOLE   681,225 0 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 23,418 431,342 SH   SOLE   431,342 0 0
NVR INC COM 62944T105 20,697 8,586 SH   OTR 1 8,586 0 0
NVR INC COM 62944T105 170,076 70,553 SH   SOLE   70,553 0 0
OLIN CORP COM PAR $1 680665205 30,289 1,000,292 SH   SOLE   1,000,292 0 0
PARKER HANNIFIN CORP COM 701094104 3,823 23,920 SH   SOLE   23,920 0 0
PRICELINE GRP INC COM NEW 741503403 1,485 794 SH   SOLE   794 0 0
PVH CORP COM 693656100 23,421 204,550 SH   SOLE   204,550 0 0
RIO TINTO PLC SPONSORED ADR 767204100 13,323 314,900 SH   OTR 1 314,900 0 0
RIO TINTO PLC SPONSORED ADR 767204100 126,696 2,994,474 SH   SOLE   2,994,474 0 0
RPC INC COM 749660106 2,021 100,000 SH   SOLE   100,000 0 0
SCORPIO BULKERS INC COM Y7546A122 9,090 1,280,238 SH   SOLE   1,280,238 0 0
SCORPIO TANKERS INC SHS Y7542C106 9,916 2,497,664 SH   SOLE   2,497,664 0 0
SMITH A O COM 831865209 1,029 18,260 SH   SOLE   18,260 0 0
SOUTHWEST AIRLS CO COM 844741108 2,597 41,790 SH   SOLE   41,790 0 0
SPIRIT AIRLS INC COM 848577102 5,852 113,308 SH   SOLE   113,308 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204 19,137 1,946,775 SH   SOLE   1,946,775 0 0
STARBUCKS CORP COM 855244109 919 15,769 SH   SOLE   15,769 0 0
STEEL DYNAMICS INC COM 858119100 1,791 50,000 SH   SOLE   50,000 0 0
SUMMIT MATLS INC CL A 86614U100 40,653 1,408,128 SH   SOLE   1,408,128 0 0
SWIFT TRANSN CO CL A 87074U101 72,124 2,721,675 SH   SOLE   2,721,675 0 0
TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 60,308 821,862 SH   SOLE   821,862 0 0
TASEKO MINES LTD COM 876511106 3,662 2,883,264 SH   SOLE   2,883,264 0 0
TECK RESOURCES LTD CL B 878742204 217,614 12,557,076 SH   SOLE   12,557,076 0 0
TEREX CORP NEW COM 880779103 9,423 251,273 SH   SOLE   251,273 0 0
TRINITY INDS INC COM 896522109 55,027 1,963,150 SH   SOLE   1,963,150 0 0
UNIFI INC COM NEW 904677200 38,047 1,235,297 SH   SOLE   1,235,297 0 0
UNION PAC CORP COM 907818108 71,289 654,572 SH   SOLE   654,572 0 0
UNITED CONTL HLDGS INC COM 910047109 1,049 13,941 SH   SOLE   13,941 0 0
VALE S A ADR 91912E105 8,192 936,203 SH   SOLE   936,203 0 0
WARRIOR MET COAL INC COM 93627C101 21,590 1,260,360 SH   SOLE   1,260,360 0 0