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 40,375 3,954,489 SH   SOLE   3,417,603 0 0
ALASKA AIR GROUP INC COM 011659109 74,716 842,060 SH   SOLE   729,972 0 0
ALBEMARLE CORP COM 012653101 59,253 688,349 SH   SOLE   596,578 0 0
ALTRA INDL MOTION CORP COM 02208R106 13,013 352,669 SH   SOLE   305,641 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 76,879 3,983,389 SH   SOLE   3,445,414 0 0
APPLIED INDL TECHNOLOGIES IN COM 03820C105 17,529 295,104 SH   SOLE   255,761 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 5,461 749,067 SH   SOLE   651,480 0 0
ARCH COAL INC CL A 039380407 55,350 709,163 SH   SOLE   612,881 0 0
BERRY PLASTICS GROUP INC COM 08579W103 146,147 2,999,118 SH   SOLE   2,596,960 0 0
BUNGE LIMITED COM G16962105 60,699 840,244 SH   SOLE   728,221 0 0
CAESARSTONE LTD ORD SHS M20598104 15,067 525,914 SH   SOLE   455,799 0 0
CHENIERE ENERGY INC COM NEW 16411R208 88,298 2,131,265 SH   SOLE   1,842,426 0 0
CONTINENTAL RESOURCES INC COM 212015101 21,455 416,282 SH   SOLE   360,782 0 0
CSX CORP COM 126408103 44,451 1,237,162 SH   SOLE   1,072,222 0 0
DELEK US HLDGS INC COM 246647101 22,995 955,325 SH   SOLE   827,717 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 18,587 275,978 SH   SOLE   239,356 0 0
DOW CHEM CO COM 260543103 34,759 607,465 SH   SOLE   526,478 0 0
ELDORADO GOLD CORP NEW COM 284902103 27,194 8,445,401 SH   SOLE   7,319,451 0 0
EQT CORP COM 26884L109 112,083 1,713,801 SH   SOLE   1,484,690 0 0
GENERAL DYNAMICS CORP COM 369550108 43,309 250,832 SH   SOLE   217,389 0 0
GENERAL MTRS CO COM 37045V100 90,664 2,602,285 SH   SOLE   2,253,975 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 16,469 5,471,485 SH   SOLE   4,742,021 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 66,555 2,155,992 SH   SOLE   1,869,437 0 0
GRANITE CONSTR INC COM 387328107 5,749 104,536 SH   SOLE   90,598 0 0
HERC HLDGS INC COM 42704L104 10,719 266,916 SH   SOLE   231,331 0 0
HESS CORP COM 42809H107 79,427 1,275,114 SH   SOLE   1,105,618 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 5,876 216,027 SH   SOLE   187,227 0 0
HONEYWELL INTL INC COM 438516106 45,126 389,520 SH   SOLE   337,588 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 11,485 1,590,718 SH   SOLE   1,374,752 0 0
KRATON CORPORATION COM 50077C106 33,881 1,189,642 SH   SOLE   1,031,900 0 0
LEAR CORP COM NEW 521865204 83,036 627,300 SH   SOLE   543,949 0 0
LOCKHEED MARTIN CORP COM 539830109 5,429 21,722 SH   SOLE   18,827 0 0
LOUISIANA PAC CORP COM 546347105 27,741 1,465,442 SH   SOLE   1,270,068 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 16,100 187,689 SH   SOLE   162,848 0 0
MERITOR INC COM 59001K100 41,401 3,333,430 SH   SOLE   2,882,281 0 0
MOBILEYE N V AMSTELVEEN ORD SHS N51488117 4,502 118,100 SH Call SOLE   102,100 0 0
MOBILEYE N V AMSTELVEEN ORD SHS N51488117 53,784 1,410,917 SH   SOLE   1,219,852 0 0
NABORS INDUSTRIES LTD SHS G6359F103 40,509 2,470,034 SH   SOLE   2,140,727 0 0
NEWMONT MINING CORP COM 651639106 29,628 869,632 SH   SOLE   753,692 0 0
NOBLE ENERGY INC COM 655044105 123,189 3,236,704 SH   SOLE   2,801,119 0 0
NORFOLK SOUTHERN CORP COM 655844108 33,734 312,145 SH   SOLE   270,530 0 0
NORTHROP GRUMMAN CORP COM 666807102 22,390 96,270 SH   SOLE   83,436 0 0
OASIS PETE INC NEW COM 674215108 24,151 1,595,168 SH   SOLE   1,382,498 0 0
OSHKOSH CORP COM 688239201 23,081 357,239 SH   SOLE   309,612 0 0
PARKER HANNIFIN CORP COM 701094104 67,363 481,163 SH   SOLE   417,013 0 0
PLATINUM GROUP METALS LTD COM 72765Q601 2,028 1,418,324 SH   SOLE   1,225,764 0 0
PRETIUM RES INC COM 74139C102 42,819 5,196,453 SH   SOLE   4,497,499 0 0
RAYTHEON CO COM NEW 755111507 27,670 194,861 SH   SOLE   168,882 0 0
ROCKWELL AUTOMATION INC COM 773903109 11,468 85,324 SH   SOLE   73,948 0 0
ROCKWELL COLLINS INC COM 774341101 7,580 81,713 SH   SOLE   70,819 0 0
SEALED AIR CORP NEW COM 81211K100 167,184 3,687,334 SH   SOLE   3,192,317 0 0
SMART SAND INC COM 83191H107 5,642 340,924 SH   SOLE   294,640 0 0
SOUTHWEST AIRLS CO COM 844741108 216,147 4,336,824 SH   SOLE   3,755,798 0 0
SPIRIT AIRLS INC COM 848577102 31,575 545,716 SH   SOLE   472,960 0 0
STEEL DYNAMICS INC COM 858119100 29,907 840,567 SH   SOLE   728,502 0 0
SWIFT TRANSN CO CL A 87074U101 34,614 1,420,916 SH   SOLE   1,231,478 0 0
TEREX CORP NEW COM 880779103 11,068 351,019 SH   SOLE   304,221 0 0
TIMKEN CO COM 887389104 10,428 262,678 SH   SOLE   227,657 0 0
TRINSEO S A SHS L9340P101 36,204 610,515 SH   SOLE   529,120 0 0
TURQUOISE HILL RES LTD COM 900435108 73,717 22,822,739 SH   SOLE   19,732,408 0 0
U S SILICA HLDGS INC COM 90346E103 17,168 302,886 SH   SOLE   262,504 0 0
UNITED CONTL HLDGS INC COM 910047109 57,852 793,798 SH   SOLE   688,145 0 0
UNITED RENTALS INC COM 911363109 30,894 292,613 SH   SOLE   253,602 0 0
UNITED STATES STL CORP NEW COM 912909108 103,573 3,137,611 SH   SOLE   2,720,117 0 0
WHIRLPOOL CORP COM 963320106 40,095 220,580 SH   SOLE   191,292 0 0