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 2,593 12,000 SH   SOLE   12,000 0 0
ALBANY INTL CORP-CL A COM 012348108 2,009 32,047 SH   SOLE   32,047 0 0
ALPHABET INC-CL A COM 02079K305 3,630 3,500 SH   SOLE   3,500 0 0
AMEX FINANCIAL SELECT SPDR IDX COM 81369Y605 50,177 1,820,000 SH Call SOLE   0 0 0
AMEX FINANCIAL SELECT SPDR IDX COM 81369Y605 50,177 1,820,000 SH Put SOLE   0 0 0
AMEX FINANCIAL SELECT SPDR IDX COM 81369Y605 1,166 42,300 SH   SOLE   42,300 0 0
ANHEUSER-BUSCH INBEV SPN ADR ADR 03524A108 14,292 130,000 SH   SOLE   130,000 0 0
ARAMARK COM 03852U106 2,207 55,801 SH   SOLE   55,801 0 0
AREC CAPITAL CORP COM 04010L103 745 46,932 SH   SOLE   46,932 0 0
ARISTA NETWORKS INC COM 040413106 2,859 11,200 SH   SOLE   11,200 0 0
ASSURANT INC COM 04621X108 915 10,010 SH   SOLE   10,010 0 0
ATLANTIC TELE-NETWORK INC COM 00215F107 445 7,459 SH   SOLE   7,459 0 0
BANKUNITED INC COM 06652K103 1,026 25,675 SH   SOLE   25,675 0 0
BRF - BRASIL FODDS SA-ADR ADR 10552T107 5,536 800,000 SH   SOLE   800,000 0 0
BRITISH AMER TOBACCO PLC - ADR ADR 110448107 2,250 39,000 SH   SOLE   39,000 0 0
BROADRIDGE FINANCIAL SOLUTIO COM 11133T103 614 5,594 SH   SOLE   5,594 0 0
CASEYS GENERAL STORES INC COM 147528103 435 3,965 SH   SOLE   3,965 0 0
COLONY NORTHSTAR INC-CLASS A COM 19625W104 368 65,480 SH   SOLE   65,480 0 0
CONTINENTAL BUILDING PRODUCT COM 211171103 1,026 35,929 SH   SOLE   35,929 0 0
CORE-MARK HOLDING CO INC COM 218681104 450 21,190 SH   SOLE   21,190 0 0
CORP AMERICA AIRPORTS SA COM L1995B107 5,985 485,000 SH   SOLE   485,000 0 0
CTS CORP COM 126501105 798 29,355 SH   SOLE   29,355 0 0
DELL TECHNOLOGIES-CL V W/I COM 24703L103 1,464 20,000 SH   SOLE   20,000 0 0
DENNY'S CORPORATION COM 24869P104 898 58,168 SH   SOLE   58,168 0 0
DIAGEO PLC-SPONSORED ADR ADR 25243Q205 12,642 93,356 SH   SOLE   93,356 0 0
DST SYSTEMS INC COM 233326107 625 7,475 SH   SOLE   7,475 0 0
DSW INC-CLASS A COM 23334L102 757 33,723 SH   SOLE   33,723 0 0
ECHOSTAR CORP-A COM 278768106 1,586 30,063 SH   SOLE   30,063 0 0
ENPRO INDUSTRIES INC COM 29355X107 487 6,293 SH   SOLE   6,293 0 0
EXTENDED STAY AMERICA INC COM 30224P200 765 38,677 SH   SOLE   38,677 0 0
FEDERAL SIGNAL CORP COM 313855108 687 31,184 SH   SOLE   31,184 0 0
FOREST CITY REALTY TRUST- A COM 345605109 803 39,629 SH   SOLE   39,629 0 0
FREEPORT-MCMORAN INC COM 35671D857 956 54,400 SH   SOLE   54,400 0 0
FRONT YARD RESIDENTIAL CORP COM 35904G107 736 73,195 SH   SOLE   73,195 0 0
GCI LIBERTY INC - CLASS A COM 36164V305 576 10,904 SH   SOLE   10,904 0 0
GENERAL DYNAMICS CORP COM 369550108 2,511 11,368 SH   SOLE   11,368 0 0
GLOBAL X COPPER MINERS ETF COM 37954Y830 22,228 855,593 SH   SOLE   855,593 0 0
INDUSTRIAL SELECT SECT SPDR ETF 81369Y704 2,139 28,787 SH   SOLE   28,787 0 0
ISHARES CONVERTIBLE BOND ETF COM 46435G102 168,963 3,000,050 SH   SOLE   3,000,050 0 0
ISHARES EDGE MSCI MIN VOL EMER COM 464286533 24,391 391,257 SH   SOLE   391,257 0 0
ISHARES FTSE CHINA 25 INDEX FU COM 464287184 21,730 460,000 SH   SOLE   460,000 0 0
ISHARES MSCI JAPAN IDX COM 46434G822 11,529 190,000 SH   SOLE   190,000 0 0
ISHARES NORTH AMERICAN TECH- COM 464287515 4,412 26,000 SH   SOLE   26,000 0 0
ISHARES PHLX SOX SEMICONDUCT COM 464287523 2,701 15,000 SH   SOLE   15,000 0 0
KADANT INC COM 48282T104 892 9,437 SH   SOLE   9,437 0 0
KRANESHARES CSI CHINA INTERN COM 500767306 6,290 102,400 SH   SOLE   102,400 0 0
LANDMARK INFRASTRUCTURE PART COM 51508J108 181 10,895 SH   SOLE   10,895 0 0
LOCKHEED MARTIN CORP COM 539830109 2,410 7,131 SH   SOLE   7,131 0 0
LORAL SPACE & COMMUNICATIONS COM 543881106 573 13,766 SH   SOLE   13,766 0 0
MAXIMUS INC COM 577933104 668 10,010 SH   SOLE   10,010 0 0
MCGRATH RENTCORP COM 580589109 1,484 27,642 SH   SOLE   27,642 0 0
MFA FINANCIAL INC COM 55272X102 807 107,203 SH   SOLE   107,203 0 0
MURPHY USA INC COM 626755102 708 9,732 SH   SOLE   9,732 0 0
NATIONAL BANK HOLD-CL A COM 633707104 787 23,660 SH   SOLE   23,660 0 0
NATIONAL GENERAL HLDGS COM 636220303 807 33,215 SH   SOLE   33,215 0 0
NEENAH INC COM 640079109 417 5,318 SH   SOLE   5,318 0 0
NETFLIX INC COM 64110L106 2,954 10,000 SH   SOLE   10,000 0 0
NEXA RESOURCES SA COM L67359106 6,813 389,066 SH   SOLE   389,066 0 0
NEXSTAR MEDIA GROUP INC COM 65336K103 1,096 16,478 SH   SOLE   16,478 0 0
NORTHROP GRUMMAN CORP COM 666807102 2,586 7,407 SH   SOLE   7,407 0 0
OCEANFIRST FINANCIAL CORP COM 675234108 473 17,697 SH   SOLE   17,697 0 0
PACIFIC PREMIER BANCORP INC COM 69478X105 379 9,425 SH   SOLE   9,425 0 0
PAR PACIFIC HOLDINGS INC COM 69888T207 362 21,071 SH   SOLE   21,071 0 0
POTLATCHDELTIC CORP COM 737630103 846 16,256 SH   SOLE   16,256 0 0
POWERSHARES S&P 500 LOW VOLA COM 73937B779 4,697 100,000 SH   SOLE   100,000 0 0
PRIMERICA INC COM 74164M108 1,082 11,197 SH   SOLE   11,197 0 0
PROVIDENCE SERVICE CORP COM 743815102 819 11,846 SH   SOLE   11,846 0 0
RAYTHEON COMPANY COM 755111507 2,621 12,146 SH   SOLE   12,146 0 0
REGIS CORP COM 758932107 823 54,378 SH   SOLE   54,378 0 0
RENASANT CORP COM 75970E107 470 11,034 SH   SOLE   11,034 0 0
REX AMERICAN RESOURCES CORP COM 761624105 307 4,218 SH   SOLE   4,218 0 0
SALESFORCE.COM INC COM 79466L302 3,489 30,000 SH   SOLE   30,000 0 0
SERVICENOW INC COM 81762P102 2,482 15,000 SH   SOLE   15,000 0 0
SHERWIN WILLIAMS COM 824348106 14,999 38,250 SH   SOLE   38,250 0 0
SIMPSON MANUFACTURING CO INC COM 829073105 1,257 21,820 SH   SOLE   21,820 0 0
SOUTHERN COPPER CORP COM 84265V105 498 9,200 SH   SOLE   9,200 0 0
SPDR S&P500 ETF TRUST COM 78462F103 263,150 1,000,000 SH Call SOLE   0 0 0
STAR GROUP LP COM 85512C105 251 26,799 SH   SOLE   26,799 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 871 17,438 SH   SOLE   17,438 0 0
TECK RESOURCES LTD-CLS B COM 878742204 947 36,765 SH   SOLE   36,765 0 0
TEGNA INC COM 87901J105 448 39,358 SH   SOLE   39,358 0 0
TFS FINANCIAL CORP COM 87240R107 554 37,717 SH   SOLE   37,717 0 0
TRANSPORTADOR GAS SUR-SP B ADR 893870204 736 36,176 SH   SOLE   36,176 0 0
TRISTATE CAPITAL HLDGS INC COM 89678F100 223 9,604 SH   SOLE   9,604 0 0
TRIUMPH BANCORP INC COM 89679E300 308 7,481 SH   SOLE   7,481 0 0
TURQUOISE HILL RESOURCES LTD COM 900435108 930 303,000 SH   SOLE   303,000 0 0
VALIDUS HOLDINGS LTD COM G9319H102 6,597 97,800 SH   SOLE   97,800 0 0
VANECK VECTORS INDIA SMALL-C COM 92189F767 1,298 22,697 SH   SOLE   22,697 0 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 1,175 9,490 SH   SOLE   9,490 0 0
WASHINGTON FEDERAL INC COM 938824109 718 20,765 SH   SOLE   20,765 0 0
WORKDAY INC-CLASS A COM 98138H101 1,271 10,000 SH   SOLE   10,000 0 0
XENIA HOTELS & RESORTS INC COM 984017103 884 44,842 SH   SOLE   44,842 0 0