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
AK STL HLDG CORP COM 001547108 17,072 2,131,336 SH   SOLE   2,131,336 0 0
ALPHA NATURAL RESOURCES INC COM 02076X102 4,717 1,902,160 SH   SOLE   1,902,160 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 29,811 840,221 SH   SOLE   840,221 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 32,208 1,920,597 SH   SOLE   1,920,597 0 0
ANADARKO PETE CORP COM 032511107 8,386 82,672 SH   SOLE   82,672 0 0
ATWOOD OCEANICS INC COM 050095108 8,466 193,778 SH   SOLE   193,778 0 0
AURICO GOLD INC COM 05155C105 1,983 568,158 SH   SOLE   568,158 0 0
CAESARSTONE SDOT-YAM LTD ORD SHS M20598104 19,491 377,149 SH   SOLE   377,149 0 0
CENTURY ALUM CO COM 156431108 48,590 1,871,008 SH   SOLE   1,871,008 0 0
CF INDS HLDGS INC COM 125269100 57,762 206,870 SH   SOLE   206,870 0 0
CHENIERE ENERGY INC COM NEW 16411R208 42,896 536,000 SH Call SOLE   536,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 49,388 617,121 SH   SOLE   617,121 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 2,059 163,152 SH   SOLE   163,152 0 0
CONSTELLIUM NV CL A N22035104 6,541 265,777 SH   SOLE   265,777 0 0
CONTINENTAL RESOURCES INC COM 212015101 13,670 205,630 SH   SOLE   205,630 0 0
COOPER TIRE & RUBR CO COM 216831107 15,529 541,092 SH   SOLE   541,092 0 0
COPA HOLDINGS SA CL A P31076105 9,253 86,243 SH   SOLE   86,243 0 0
CUMMINS INC COM 231021106 7,401 56,073 SH   SOLE   56,073 0 0
D R HORTON INC COM 23331A109 1,293 63,002 SH   SOLE   63,002 0 0
DANA HLDG CORP COM 235825205 28,245 1,473,421 SH   SOLE   1,473,421 0 0
DEERE & CO COM 244199105 6,538 79,746 SH   SOLE   79,746 0 0
DELEK US HLDGS INC COM 246647101 3,787 114,355 SH   SOLE   114,355 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 18,199 296,697 SH   SOLE   296,697 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 25,782 713,198 SH   SOLE   713,198 0 0
EAGLE MATERIALS INC COM 26969P108 13,659 134,137 SH   SOLE   134,137 0 0
ELDORADO GOLD CORP NEW COM 284902103 19,071 2,829,522 SH   SOLE   2,829,522 0 0
EOG RES INC COM 26875P101 38,174 385,515 SH   SOLE   385,515 0 0
EQT CORP COM 26884L109 22,554 246,383 SH   SOLE   246,383 0 0
ESTERLINE TECHNOLOGIES CORP COM 297425100 2,804 25,200 SH   SOLE   25,200 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 11,434 773,092 SH   SOLE   773,092 0 0
FREEPORT-MCMORAN INC CL B 35671D857 8,241 252,400 SH Call SOLE   252,400 0 0
FREEPORT-MCMORAN INC CL B 35671D857 18,241 558,684 SH   SOLE   558,684 0 0
GENERAL DYNAMICS CORP COM 369550108 13,734 108,069 SH   SOLE   108,069 0 0
GENERAL MTRS CO COM 37045V100 21,414 670,446 SH   SOLE   670,446 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 3,957 1,014,500 SH Call SOLE   1,014,500 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 9,697 2,486,375 SH   SOLE   2,486,375 0 0
GOLDCORP INC NEW COM 380956409 3,801 165,040 SH   SOLE   165,040 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 15,314 678,207 SH   SOLE   678,207 0 0
GRAPHIC PACKAGING HLDG CO COM 388689101 35,129 2,826,114 SH   SOLE   2,826,114 0 0
H & E EQUIPMENT SERVICES INC COM 404030108 13,363 331,759 SH   SOLE   331,759 0 0
HALLIBURTON CO COM 406216101 16,000 248,021 SH   SOLE   248,021 0 0
HESS CORP COM 42809H107 19,830 210,244 SH   SOLE   210,244 0 0
HONEYWELL INTL INC COM 438516106 29,824 320,274 SH   SOLE   320,274 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 16,908 516,600 SH   SOLE   516,600 0 0
HUNTSMAN CORP COM 447011107 21,220 816,480 SH   SOLE   816,480 0 0
INGERSOLL-RAND PLC SHS G47791101 25,744 456,777 SH   SOLE   456,777 0 0
INTREPID POTASH INC COM 46121Y102 7,258 469,805 SH   SOLE   469,805 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 10,073 360,127 SH   SOLE   360,127 0 0
KOSMOS ENERGY LTD SHS G5315B107 1,882 189,000 SH Call SOLE   189,000 0 0
KOSMOS ENERGY LTD SHS G5315B107 11,726 1,177,331 SH   SOLE   1,177,331 0 0
LEAR CORP COM NEW 521865204 40,498 468,677 SH   SOLE   468,677 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 29,175 268,497 SH   SOLE   268,497 0 0
MAGNA INTL INC COM 559222401 13,554 142,805 SH   SOLE   142,805 0 0
MATRIX SVC CO COM 576853105 2,390 99,093 SH   SOLE   99,093 0 0
MOBILEYE N V AMSTELVEEN ORD SHS N51488117 4,727 88,202 SH   SOLE   88,202 0 0
MOSAIC CO NEW COM 61945C103 18,879 425,104 SH   SOLE   425,104 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 4,909 176,402 SH   SOLE   176,402 0 0
NOBLE ENERGY INC COM 655044105 30,983 453,226 SH   SOLE   453,226 0 0
OASIS PETE INC NEW COM 674215108 16,854 403,100 SH   SOLE   403,100 0 0
OSHKOSH CORP COM 688239201 6,281 142,266 SH   SOLE   142,266 0 0
PBF ENERGY INC CL A 69318G106 15,209 633,719 SH   SOLE   633,719 0 0
PDC ENERGY INC COM 69327R101 6,250 124,288 SH   SOLE   124,288 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 4,557 5,120,355 SH   SOLE   5,120,355 0 0
PRECISION DRILLING CORP COM 2010 74022D308 12,701 1,177,133 SH   SOLE   1,177,133 0 0
QUANTA SVCS INC COM 74762E102 7,745 213,416 SH   SOLE   213,416 0 0
ROADRUNNER TRNSN SVCS HLDG I COM 76973Q105 5,053 221,737 SH   SOLE   221,737 0 0
ROWAN COMPANIES PLC SHS CL A G7665A101 18,297 722,934 SH   SOLE   722,934 0 0
SCHLUMBERGER LTD COM 806857108 1,182 11,628 SH   SOLE   11,628 0 0
SPIRIT AIRLS INC COM 848577102 15,477 223,852 SH   SOLE   223,852 0 0
STEEL DYNAMICS INC COM 858119100 31,168 1,378,496 SH   SOLE   1,378,496 0 0
SWIFT TRANSN CO CL A 87074U101 10,339 492,786 SH   SOLE   492,786 0 0
TENNECO INC COM 880349105 15,750 301,091 SH   SOLE   301,091 0 0
TESORO CORP COM 881609101 32,556 533,873 SH   SOLE   533,873 0 0
THOMPSON CREEK METALS CO INC COM 884768102 6,645 3,020,400 SH   SOLE   3,020,400 0 0
TIMKEN CO COM 887389104 4,781 112,787 SH   SOLE   112,787 0 0
TIMKENSTEEL CORP COM 887399103 7,334 157,764 SH   SOLE   157,764 0 0
TRINITY INDS INC COM 896522109 21,487 459,901 SH   SOLE   459,901 0 0
TURQUOISE HILL RES LTD COM 900435108 2,828 756,092 SH   SOLE   756,092 0 0
TYSON FOODS INC CL A 902494103 19,222 488,234 SH   SOLE   488,234 0 0
UNION PAC CORP COM 907818108 22,081 203,662 SH   SOLE   203,662 0 0
UNITED RENTALS INC COM 911363109 35,321 317,923 SH   SOLE   317,923 0 0
UNITED STATES STL CORP NEW COM 912909108 31,595 806,600 SH Call SOLE   806,600 0 0
UNITED STATES STL CORP NEW COM 912909108 63,678 1,625,679 SH   SOLE   1,625,679 0 0
UNITED TECHNOLOGIES CORP COM 913017109 7,072 66,973 SH   SOLE   66,973 0 0
VALERO ENERGY CORP NEW COM 91913Y100 4,797 103,671 SH   SOLE   103,671 0 0
WHIRLPOOL CORP COM 963320106 11,585 79,543 SH   SOLE   79,543 0 0