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
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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
ALBEMARLE CORP COM 012653101 20,196 246,351 SH   SOLE   156,997 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 3,751 118,099 SH   SOLE   90,409 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 31,425 2,196,048 SH   SOLE   1,699,111 0 0
ARCH COAL INC CL A 039380407 31,662 346,909 SH   SOLE   290,779 0 0
BERRY GLOBAL GROUP INC COM 08579W103 85,401 1,585,320 SH   SOLE   1,136,366 0 0
CABOT OIL & GAS CORP COM 127097103 51,886 1,987,961 SH   SOLE   1,471,744 0 0
CHENIERE ENERGY INC COM NEW 16411R208 76,699 1,121,988 SH   SOLE   825,300 0 0
CLEVELAND CLIFFS INC COM 185899101 4,457 446,100 SH Call SOLE   354,500 0 0
CLEVELAND CLIFFS INC COM 185899101 29,372 2,940,149 SH   SOLE   2,070,547 0 0
CONCHO RES INC COM 20605P101 15,739 141,843 SH   SOLE   104,134 0 0
CONSOL ENERGY INC NEW COM 20854L108 13,664 399,300 SH   SOLE   331,591 0 0
CROWN HOLDINGS INC COM 228368106 5,080 93,100 SH Call SOLE   75,100 0 0
CROWN HOLDINGS INC COM 228368106 49,935 915,065 SH   SOLE   669,669 0 0
DANA INCORPORATED COM 235825205 54,830 3,090,783 SH   SOLE   2,224,127 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 9,019 174,615 SH   SOLE   133,630 0 0
DEVON ENERGY CORP NEW COM 25179M103 947 30,000 SH   SOLE   23,658 0 0
DIAMONDBACK ENERGY INC COM 25278X109 13,826 136,172 SH   SOLE   106,818 0 0
EATON CORP PLC SHS G29183103 8,637 107,212 SH   SOLE   81,489 0 0
GENERAL MTRS CO COM 37045V100 34,729 936,086 SH   SOLE   695,603 0 0
GRAFTECH INTL LTD COM 384313508 14,738 1,152,304 SH   SOLE   885,884 0 0
GRAPHIC PACKAGING HLDG CO COM 388689101 33,071 2,618,468 SH   SOLE   1,781,430 0 0
HELMERICH & PAYNE INC COM 423452101 14,988 269,759 SH   SOLE   201,584 0 0
HESS CORP COM 42809H107 53,432 887,137 SH   SOLE   612,015 0 0
HUBBELL INC COM 443510607 10,615 89,972 SH   SOLE   64,337 0 0
KEANE GROUP INC COM 48669A108 2,893 265,681 SH   SOLE   209,519 0 0
KNIGHT SWIFT TRANSN HLDGS IN CL A 499049104 15,081 461,475 SH   SOLE   322,000 0 0
LYFT INC CL A COM 55087P104 1,331 17,000 SH   SOLE   13,408 0 0
MARATHON PETE CORP COM 56585A102 14,864 248,359 SH   SOLE   180,058 0 0
MCDERMOTT INTL INC COM 580037703 5,289 710,853 SH   SOLE   570,613 0 0
NEWMONT MNG CORP COM 651639106 31,961 893,521 SH   SOLE   605,896 0 0
NOBLE ENERGY INC COM 655044105 11,967 483,886 SH   SOLE   373,555 0 0
NORFOLK SOUTHERN CORP COM 655844108 7,900 42,269 SH   SOLE   30,860 0 0
NOVAGOLD RES INC COM NEW 66987E206 5,242 1,257,097 SH   SOLE   1,067,816 0 0
PACCAR INC COM 693718108 528 7,746 SH   SOLE   7,746 0 0
PRETIUM RES INC COM 74139C102 7,581 885,646 SH   SOLE   754,403 0 0
PROPETRO HLDG CORP COM 74347M108 23,809 1,056,295 SH   SOLE   745,863 0 0
RAMACO RES INC COM 75134P303 2,619 451,563 SH   SOLE   382,971 0 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 41,884 365,417 SH   SOLE   276,085 0 0
SOUTHWEST AIRLS CO COM 844741108 7,334 141,283 SH   SOLE   106,075 0 0
SPIRIT AIRLS INC COM 848577102 10,641 201,296 SH   SOLE   156,171 0 0
TIMKEN CO COM 887389104 6,731 154,317 SH   SOLE   110,421 0 0
TURQUOISE HILL RES LTD COM 900435108 13,133 7,911,475 SH   SOLE   6,769,805 0 0
TYSON FOODS INC CL A 902494103 21,908 315,543 SH   SOLE   221,053 0 0
UNITED CONTL HLDGS INC COM 910047109 29,449 369,130 SH   SOLE   253,464 0 0
UNITED RENTALS INC COM 911363109 2,856 25,000 SH Call SOLE   20,000 0 0
UNITED RENTALS INC COM 911363109 45,823 401,075 SH   SOLE   282,345 0 0
UNITED TECHNOLOGIES CORP COM 913017109 24,248 188,126 SH   SOLE   126,858 0 0
VALE S A SPONSORED ADS 91912E105 542 41,497 SH   SOLE   41,497 0 0
WARRIOR MET COAL INC COM 93627C101 28,815 947,864 SH   SOLE   739,112 0 0