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
ADOBE SYSTEMS INC COM 00724F101 3,860 25,878 SH   SOLE 0 25,878 0 0
AK STEEL HLDG CORP COM 001547108 8,385 1,500,000 SH   SOLE 0 1,500,000 0 0
ALBANY INTL CORP CL A COM 012348108 1,315 22,908 SH   SOLE 0 22,908 0 0
ALTISOURCE RESIDENTI CL B WI COM 02153W100 389 34,985 SH   SOLE 0 34,985 0 0
APPLE INC COM 037833100 5,813 37,719 SH   SOLE 0 37,719 0 0
ARAMARK COM 03852U106 2,242 55,200 SH   SOLE 0 55,200 0 0
AREC CAPITAL CORP COM 04010L103 491 29,944 SH   SOLE 0 29,944 0 0
ASSURANT INC COM 04621X108 624 6,531 SH   SOLE 0 6,531 0 0
ATLANTIC TELE NETWORK INC COM 00215F107 256 4,859 SH   SOLE 0 4,859 0 0
BANKUNITED INC COM 06652K103 336 9,434 SH   SOLE 0 9,434 0 0
BROADRIDGE FINANCIAL SOLUTIO COM 11133T103 442 5,464 SH   SOLE 0 5,464 0 0
CALPINE CORPORATION COM 131347304 876 59,421 SH   SOLE 0 59,421 0 0
CANADIAN NATURAL RESOURCES COM 136385101 16,661 497,500 SH   SOLE 0 497,500 0 0
CAPITAL BANK FINANCIAL CL A COM 139794101 307 7,489 SH   SOLE 0 7,489 0 0
CASEYS GENERAL STORES INC COM 147528103 281 2,567 SH   SOLE 0 2,567 0 0
CLEARWATER PAPER CORP COM 18538R103 308 6,260 SH   SOLE 0 6,260 0 0
CLEVELAND CLIFFS INC COM 185899101 21,450 3,000,000 SH   SOLE 0 3,000,000 0 0
COLONY NORTHSTAR INC CLASS A COM 19625W104 607 48,348 SH   SOLE 0 48,348 0 0
CONSTELLATION BRANDS INC A COM 21036P108 2,792 14,000 SH   SOLE 0 14,000 0 0
CONTINENTAL BUILDING PRODUCT COM 211171103 609 23,435 SH   SOLE 0 23,435 0 0
CORE MARK HOLDING CO INC COM 218681104 444 13,814 SH   SOLE 0 13,814 0 0
CTS CORP COM 126501105 483 20,037 SH   SOLE 0 20,037 0 0
DELTIC TIMBER CORP COM 247850100 750 8,485 SH   SOLE 0 8,485 0 0
DENNYS CORPORATION COM 24869P104 519 41,721 SH   SOLE 0 41,721 0 0
DIAMONDBACK ENERGY INC COM 25278X109 3,380 34,500 SH   SOLE 0 34,500 0 0
DIGITALGLOBE INC COM 25389M877 279 7,922 SH   SOLE 0 7,922 0 0
DST SYSTEMS INC COM 233326107 266 4,840 SH   SOLE 0 4,840 0 0
ECHOSTAR CORP A COM 278768106 1,122 19,610 SH   SOLE 0 19,610 0 0
ENERSIS CHILE SA ADR W I ADR 29278D105 600 100,000 SH   SOLE 0 100,000 0 0
ENPRO INDUSTRIES INC COM 29355X107 584 7,246 SH   SOLE 0 7,246 0 0
EOG RESOURCES INC COM 26875P101 14,898 154,000 SH   SOLE 0 154,000 0 0
FACEBOOK INC A COM 30303M102 5,929 34,700 SH   SOLE 0 34,700 0 0
FEDERAL SIGNAL CORP COM 313855108 362 17,022 SH   SOLE 0 17,022 0 0
FOREST CITY REALTY TRUST A COM 345605109 953 37,359 SH   SOLE 0 37,359 0 0
GARDNER DENVER HOLDINGS INC COM 36555P107 2,086 75,800 SH   SOLE 0 75,800 0 0
GENERAL DYNAMICS CORP COM 369550108 2,508 12,200 SH   SOLE 0 12,200 0 0
GLOBAL X COPPER MINERS ETF COM 37954Y830 1,720 69,200 SH   SOLE 0 69,200 0 0
ISHARES CONVERTIBLE BOND ETF COM 46435G102 273,950 5,000,000 SH   SOLE 0 5,000,000 0 0
ISHARES EDGE MSCI MIN VOL EMER COM 464286533 2,648 45,584 SH   SOLE 0 45,584 0 0
ISHARES MSCI BRAZIL CAPPED IND COM 464286400 4,169 100,000 SH Put SOLE 0 0 0 0
ISHARES MSCI SOUTH AFRICA IN COM 464286780 265 4,514 SH   SOLE 0 4,514 0 0
KADANT INC COM 48282T104 709 7,193 SH   SOLE 0 7,193 0 0
LIBERTY VENTURES SER A COM 53071M856 268 4,652 SH   SOLE 0 4,652 0 0
LOCKHEED MARTIN CORP COM 539830109 2,513 8,100 SH   SOLE 0 8,100 0 0
LORAL SPACE & COMMUNICATIONS COM 543881106 410 8,288 SH   SOLE 0 8,288 0 0
MAXIMUS INC COM 577933104 421 6,527 SH   SOLE 0 6,527 0 0
MCGRATH RENTCORP COM 580589109 853 19,487 SH   SOLE 0 19,487 0 0
MFA FINANCIAL INC COM 55272X102 612 69,822 SH   SOLE 0 69,822 0 0
MURPHY USA INC COM 626755102 692 10,035 SH   SOLE 0 10,035 0 0
NATIONAL BANK HOLD CL A COM 633707104 489 13,710 SH   SOLE 0 13,710 0 0
NATIONAL GENERAL HLDGS COM 636220303 413 21,629 SH   SOLE 0 21,629 0 0
NEENAH PAPER INC COM 640079109 414 4,835 SH   SOLE 0 4,835 0 0
NEXSTAR MEDIA GROUP INC COM 65336K103 570 9,153 SH   SOLE 0 9,153 0 0
NORTHROP GRUMMAN CORP COM 666807102 2,561 8,900 SH   SOLE 0 8,900 0 0
NUCOR CORP COM 670346105 26,619 475,000 SH   SOLE 0 475,000 0 0
NVIDIA CORP COM 67066G104 5,184 29,000 SH   SOLE 0 29,000 0 0
NXP SEMICONDUCTORS NV COM N6596X109 1,696 15,000 SH   SOLE 0 15,000 0 0
OCEANFIRST FINANCIAL CORP COM 675234108 317 11,527 SH   SOLE 0 11,527 0 0
PACIFIC PREMIER BANCORP INC COM 69478X105 232 6,138 SH   SOLE 0 6,138 0 0
PAR PACIFIC HOLDINGS INC COM 69888T207 566 27,206 SH   SOLE 0 27,206 0 0
PFIZER INC COM 717081103 2,142 60,000 SH   SOLE 0 60,000 0 0
PIONEER NATURAL RESOURCES CO COM 723787107 11,066 75,000 SH   SOLE 0 75,000 0 0
PRIMERICA INC COM 74164M108 707 8,670 SH   SOLE 0 8,670 0 0
PROVIDENCE SERVICE CORP COM 743815102 417 7,705 SH   SOLE 0 7,705 0 0
RAYTHEON COMPANY COM 755111507 2,519 13,500 SH   SOLE 0 13,500 0 0
REGIS CORP COM 758932107 452 31,697 SH   SOLE 0 31,697 0 0
RENASANT CORP COM 75970E107 309 7,193 SH   SOLE 0 7,193 0 0
SALESFORCE.COM INC COM 79466L302 1,121 12,000 SH   SOLE 0 12,000 0 0
SIMPSON MANUFACTURING CO INC COM 829073105 550 11,211 SH   SOLE 0 11,211 0 0
STAR GROUP LP COM 85512C105 160 14,124 SH   SOLE 0 14,124 0 0
STEEL DYNAMICS INC COM 858119100 37,469 1,087,000 SH   SOLE 0 1,087,000 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 734 15,943 SH   SOLE 0 15,943 0 0
TEGNA INC COM 87901J105 342 25,662 SH   SOLE 0 25,662 0 0
TFS FINANCIAL CORP COM 87240R107 395 24,510 SH   SOLE 0 24,510 0 0
TRANSPORTADOR GAS SUR SP B ADR 893870204 735 36,176 SH   SOLE 0 36,176 0 0
US FOODS HOLDING CORP COM 912008109 415 15,554 SH   SOLE 0 15,554 0 0
VANECK VECTORS EGYPT INDEX E COM 92189F775 583 20,000 SH   SOLE 0 20,000 0 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 718 6,184 SH   SOLE 0 6,184 0 0
VMWARE INC CLASS A COM 928563402 1,092 10,000 SH   SOLE 0 10,000 0 0
XENIA HOTELS and RESORTS INC COM 984017103 328 15,571 SH   SOLE 0 15,571 0 0
XILINX INC COM 983919101 1,771 25,000 SH   SOLE 0 25,000 0 0