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
ALCOA CORP COM 013872106 24,887 533,820 SH   SOLE   533,820 0 0
ATLAS AIR WORLDWIDE HLDGS IN COM NEW 049164205 13,303 202,169 SH   SOLE   202,169 0 0
B2GOLD CORP COM 11777Q209 4,773 1,732,300 SH   SOLE   1,732,300 0 0
BELMOND LTD CL A G1154H107 11,578 848,229 SH   SOLE   848,229 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 13,629 757,595 SH   SOLE   757,595 0 0
CARNIVAL CORP UNIT 99/99/9999 143658300 27,614 427,656 SH   SOLE   427,656 0 0
CATERPILLAR INC DEL COM 149123101 116,407 933,420 SH   SOLE   933,420 0 0
CENTURY ALUM CO COM 156431108 33,931 2,046,476 SH   SOLE   2,046,476 0 0
CONSTELLATION BRANDS INC CL A 21036P108 8,808 44,159 SH   SOLE   44,159 0 0
COPA HOLDINGS SA CL A P31076105 1,322 10,614 SH   SOLE   10,614 0 0
CORNING INC COM 219350105 5,582 186,554 SH   SOLE   186,554 0 0
D R HORTON INC COM 23331A109 38,039 952,631 SH   SOLE   952,631 0 0
DEERE & CO COM 244199105 32,435 258,260 SH   SOLE   258,260 0 0
DOWDUPONT INC COM 26078J100 53,813 777,311 SH   SOLE   777,311 0 0
EXTENDED STAY AMER INC UNIT 99/99/9999B 30224P200 4,640 231,982 SH   SOLE   231,982 0 0
FEDEX CORP COM 31428X106 36,040 159,764 SH   SOLE   159,764 0 0
FREEPORT-MCMORAN INC CL B 35671D857 3,113 221,700 SH Call SOLE   221,700 0 0
FREEPORT-MCMORAN INC CL B 35671D857 53,996 3,845,847 SH   SOLE   3,845,847 0 0
GARDNER DENVER HLDGS INC COM 36555P107 3,664 133,142 SH   SOLE   133,142 0 0
GENERAL CABLE CORP DEL NEW COM 369300108 1,885 100,000 SH   SOLE   100,000 0 0
HALLIBURTON CO COM 406216101 20,790 451,655 SH   SOLE   451,655 0 0
HARLEY DAVIDSON INC COM 412822108 83,912 1,740,547 SH   SOLE   1,740,547 0 0
HESS CORP COM 42809H107 66,085 1,409,356 SH   SOLE   1,409,356 0 0
INTL PAPER CO COM 460146103 6,083 107,056 SH   SOLE   107,056 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 5,423 36,600 SH   SOLE   36,600 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 49,814 458,353 SH   SOLE   458,353 0 0
KNIGHT SWIFT TRANSN HLDGS IN CL A 499049104 77,518 1,865,663 SH   SOLE   1,865,663 0 0
LAREDO PETROLEUM INC COM 516806106 34,829 2,693,685 SH   SOLE   2,693,685 0 0
LAS VEGAS SANDS CORP COM 517834107 37,063 577,673 SH   SOLE   577,673 0 0
MARINEMAX INC COM 567908108 36,571 2,209,749 SH   SOLE   2,209,749 0 0
MARRIOTT INTL INC NEW CL A 571903202 1,149 10,418 SH   SOLE   10,418 0 0
MICRON TECHNOLOGY INC COM 595112103 25,682 652,990 SH   SOLE   652,990 0 0
MICROSOFT CORP COM 594918104 2,855 38,323 SH   SOLE   38,323 0 0
NAVISTAR INTL CORP NEW COM 63934E108 49,097 1,114,060 SH   SOLE   1,114,060 0 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 24,061 445,155 SH   SOLE   445,155 0 0
NVIDIA CORP COM 67066G104 1,775 9,927 SH   SOLE   9,927 0 0
NVR INC COM 62944T105 183,856 64,398 SH   SOLE   64,398 0 0
O REILLY AUTOMOTIVE INC NEW COM 67103H107 12,144 56,388 SH   SOLE   56,388 0 0
OLIN CORP COM PAR $1 680665205 25,024 730,634 SH   SOLE   730,634 0 0
PHILIP MORRIS INTL INC COM 718172109 50,409 454,092 SH   SOLE   454,092 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 5,440 37,400 SH   SOLE   37,400 0 0
PRICELINE GRP INC COM NEW 741503403 2,162 1,181 SH   SOLE   1,181 0 0
RIO TINTO PLC SPONSORED ADR 767204100 117,793 2,496,143 SH   SOLE   2,496,143 0 0
RIO TINTO PLC SPONSORED ADR 767204100 13,965 295,933 SH   OTR 1 295,933 0 0
RPC INC COM 749660106 3,719 150,000 SH   SOLE   150,000 0 0
RYDER SYS INC COM 783549108 23,404 276,804 SH   SOLE   276,804 0 0
SCORPIO BULKERS INC COM Y7546A122 5,152 730,727 SH   SOLE   730,727 0 0
SCORPIO TANKERS INC SHS Y7542C106 1,029 300,000 SH   SOLE   300,000 0 0
SIMPLY GOOD FOODS CO COM 82900L102 3,356 286,585 SH   SOLE   286,585 0 0
SMITH A O COM 831865209 14,320 240,951 SH   SOLE   240,951 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204 41,833 4,308,203 SH   SOLE   4,308,203 0 0
SUMMIT MATLS INC CL A 86614U100 60,986 1,904,025 SH   SOLE   1,904,025 0 0
TAKE-TWO INTERACTIVE SOFTWAR COM 874054109 78,670 769,535 SH   SOLE   769,535 0 0
TASEKO MINES LTD COM 876511106 6,067 3,279,191 SH   SOLE   3,279,191 0 0
TECK RESOURCES LTD CL B 878742204 15,818 750,000 SH   OTR 1 750,000 0 0
TECK RESOURCES LTD CL B 878742204 268,993 12,754,535 SH   SOLE   12,754,535 0 0
TECK RESOURCES LTD CL B 878742204 24,477 1,160,600 SH Call SOLE   1,160,600 0 0
TEREX CORP NEW COM 880779103 6,237 138,534 SH   SOLE   138,534 0 0
TEXTRON INC COM 883203101 21,215 393,743 SH   SOLE   393,743 0 0
TREEHOUSE FOODS INC COM 89469A104 436 6,443 SH   SOLE   6,443 0 0
TRINITY INDS INC COM 896522109 67,967 2,130,641 SH   SOLE   2,130,641 0 0
TRINSEO S A SHS L9340P101 46,812 697,648 SH   SOLE   697,648 0 0
UNIFI INC COM NEW 904677200 44,679 1,253,980 SH   SOLE   1,253,980 0 0
UNION PAC CORP COM 907818108 30,490 262,915 SH   SOLE   262,915 0 0
UNITED STATES STL CORP NEW COM 912909108 2,566 100,000 SH   SOLE   100,000 0 0
VALE S A ADR 91912E105 12,514 1,242,703 SH   SOLE   1,242,703 0 0
WARRIOR MET COAL INC COM 93627C101 31,411 1,332,687 SH   SOLE   1,332,687 0 0