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
AIR PRODS & CHEMS INC COM 009158106 25,036 175,000 SH   DFND 1 0 175,000 0
ALCOA CORP COM 013872106 25,713 787,520 SH   DFND 1 0 787,520 0
CELANESE CORP DEL COM SER A 150870103 16,615 175,000 SH   DFND 1 0 175,000 0
CENTURY ALUM CO COM 156431108 3,116 200,000 SH   DFND 1 0 200,000 0
CIMAREX ENERGY CO COM 171798101 15,042 160,000 SH   DFND 1 0 160,000 0
CONTINENTAL RESOURCES INC COM 212015101 39 1,200 SH   DFND 1 0 1,200 0
DEVON ENERGY CORP NEW COM 25179M103 15,186 475,000 SH   DFND 1 0 475,000 0
ENCANA CORP COM 292505104 15,538 1,765,644 SH   DFND 1 0 1,765,644 0
EOG RES INC COM 26875P101 10,500 116,000 SH   DFND 1 0 116,000 0
HIMAX TECHNOLOGIES INC SPONSORED ADR 43289P106 2,251 274,522 SH   DFND 1 0 274,522 0
MELCO RESORT ENTERTAINMENT L ADR 585464100 2,218 98,800 SH   DFND 1 0 98,800 0
MICRON TECHNOLOGY INC COM 595112103 2,478 82,994 SH   DFND 1 0 82,994 0
MOMO INC ADR 60879B107 59 1,600 SH   DFND 1 0 1,600 0
OLIN CORP COM PAR $1 680665205 15,852 523,502 SH   DFND 1 0 523,502 0
PDC ENERGY INC COM 69327R101 30 691 SH   DFND 1 0 691 0
TECK RESOURCES LTD CL B 878742204 33,769 1,948,605 SH   DFND 1 0 1,948,605 0
TRINSEO S A SHS L9340P101 10,305 150,000 SH   DFND 1 0 150,000 0
VALE S A ADR 91912E105 17,997 2,056,847 SH   DFND 1 0 2,056,847 0