The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| AUTOZONE INC | COM | 053332102 | 434 | 600 | SH | Put | SOLE | 600 | 0 | 0 | |
| BARRICK GOLD CORP | COM | 067901108 | 51,472 | 8,093,018 | SH | SOLE | 4,423,727 | 0 | 3,669,291 | ||
| CAMECO CORP | COM | 13321L108 | 76,627 | 6,296,165 | SH | SOLE | 3,676,391 | 0 | 2,619,774 | ||
| CENTRAIS ELETRICAS BRASILEIR | SPON ADR PFD B | 15234Q108 | 5,889 | 2,727,497 | SH | SOLE | 2,702,600 | 0 | 24,897 | ||
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 | 432 | 600 | SH | Put | SOLE | 600 | 0 | 0 | |
| CLOUD PEAK ENERGY INC | COM | 18911Q102 | 9,084 | 3,454,179 | SH | SOLE | 2,336,548 | 0 | 1,117,631 | ||
| DIANA SHIPPING INC | COM | Y2066G104 | 9,316 | 1,437,669 | SH | SOLE | 807,715 | 0 | 629,954 | ||
| GOLDCORP INC NEW | COM | 380956409 | 23,793 | 1,900,399 | SH | SOLE | 1,038,175 | 0 | 862,224 | ||
| HOME DEPOT INC | COM | 437076102 | 982 | 8,500 | SH | Put | SOLE | 8,500 | 0 | 0 | |
| KBR INC | COM | 48242W106 | 8,438 | 506,545 | SH | SOLE | 295,263 | 0 | 211,282 | ||
| KINROSS GOLD CORP | COM NO PAR | 496902404 | 53,281 | 30,976,623 | SH | SOLE | 17,701,634 | 0 | 13,274,989 | ||
| KT CORP | SPONSORED ADR | 48268K101 | 11,358 | 869,064 | SH | SOLE | 619,676 | 0 | 249,388 | ||
| LAYNE CHRISTENSEN CO | COM | 521050104 | 6,957 | 1,070,381 | SH | SOLE | 766,392 | 0 | 303,989 | ||
| MARKET VECTORS ETF TR | JR GOLD MINERS E | 57061R544 | 5,084 | 259,546 | SH | SOLE | 0 | 0 | 259,546 | ||
| NAM TAI PPTY INC | SHS | G63907102 | 4,524 | 741,670 | SH | SOLE | 487,107 | 0 | 254,563 | ||
| NEW GOLD INC CDA | COM | 644535106 | 10,922 | 4,811,549 | SH | SOLE | 2,697,395 | 0 | 2,114,154 | ||
| NEWMONT MINING CORP | COM | 651639106 | 12,773 | 794,819 | SH | SOLE | 482,604 | 0 | 312,215 | ||
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 | 2,039 | 6,591,473 | SH | SOLE | 6,316,833 | 0 | 274,640 | ||
| NOVAGOLD RES INC | COM NEW | 66987E206 | 14,924 | 4,134,418 | SH | SOLE | 2,406,921 | 0 | 1,727,497 | ||
| PANDORA MEDIA INC | COM | 698354107 | 12,612 | 590,961 | SH | SOLE | 336,840 | 0 | 254,121 | ||
| PEABODY ENERGY CORP | COM | 704549104 | 21,622 | 15,668,098 | SH | SOLE | 7,474,757 | 0 | 8,193,341 | ||
| SAFE BULKERS INC | COM | Y7388L103 | 5,534 | 2,004,823 | SH | SOLE | 833,139 | 0 | 1,171,684 | ||
| SILVER STD RES INC | COM | 82823L106 | 19,892 | 3,050,821 | SH | SOLE | 1,745,392 | 0 | 1,305,429 | ||
| SKYWEST INC | COM | 830879102 | 44,460 | 2,665,518 | SH | SOLE | 1,507,231 | 0 | 1,158,287 | ||
| SOCIEDAD QUIMICA MINERA DE C | SPON ADR SER B | 833635105 | 13,959 | 959,953 | SH | SOLE | 431,089 | 0 | 528,864 | ||
| STARBUCKS CORP | COM | 855244109 | 489 | 8,600 | SH | Put | SOLE | 8,600 | 0 | 0 | |
| TIFFANY & CO NEW | COM | 886547108 | 378 | 4,900 | SH | Put | SOLE | 4,900 | 0 | 0 | |
| TSAKOS ENERGY NAVIGATION LTD | SHS | G9108L108 | 8,661 | 1,065,259 | SH | SOLE | 618,250 | 0 | 447,009 | ||
| TURQUOISE HILL RES LTD | COM | 900435108 | 23,799 | 9,332,678 | SH | SOLE | 5,448,169 | 0 | 3,884,509 | ||
| YANDEX N V | SHS CLASS A | N97284108 | 18,215 | 1,697,389 | SH | SOLE | 726,878 | 0 | 970,511 | ||