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
ADVANTAGE OIL & GAS COM 00765F101 16,925 11,592,182 SH   DFND 2 0 10,683,574 0
AERCAP HOLDINGS COM N00985106 271,582 6,858,138 SH   DFND 2 0 2,326,450 0
AIR FRANCE-KLM COM 009119108 257,258 23,636,328 SH   DFND 2 0 7,293,012 0
ALAMOS GOLD COM 011532108 5,431 1,508,587 SH   DFND 2 0 1,466,887 0
ASPEN INSURANCE COM G05384105 73,837 1,758,442 SH   DFND 2 0 942,320 0
AMERICAN INTERNATIONAL GROUP COM 026874784 68,743 1,744,297 SH   DFND 2 0 1,583,497 0
ASANKO GOLD COM 04341Y105 14,433 22,600,747 SH   DFND 2 0 20,448,676 0
ALIO GOLD INC. COM 01627X108 5,410 6,440,309 SH   DFND 2 0 6,270,722 0
AMERICAN NATIONAL COM 028591105 37,946 298,224 SH   DFND 2 0 252,334 0
ARDMORE SHIPPING CORP COM Y0207T100 14,202 3,041,010 SH   DFND 2 0 2,811,239 0
YAMANA GOLD COM 98462Y100 45,588 19,317,026 SH   DFND 2 0 7,093,807 0
AVIANCA HOLDINGS COM 05367G100 10,322 2,542,305 SH   DFND 2 0 2,494,455 0
AXIS CAPITAL HOLDINGS COM G0692U109 18,953 367,016 SH   DFND 2 0 1,710 0
AIRCASTLE COM G0129K104 9,097 527,648 SH   DFND 2 0 527,648 0
BLUE CAPITAL REINSURANCE COM G1190F107 4,946 899,272 SH   DFND 2 0 819,261 0
BEAZER HOMES USA INC COM 07556Q881 31,990 3,374,475 SH   DFND 2 0 3,007,575 0
CITIGROUP COM 172967424 61,629 1,183,811 SH   DFND 2 0 1,036,011 0
COEUR MINING COM 192108504 5,519 1,234,589 SH   DFND 2 0 1,234,589 0
CLOUD PEAK ENERGY COM 18911Q102 161 440,859 SH   SOLE 0 395,859 0 0
CELESTICA COM 15101Q108 29,354 3,347,041 SH   DFND 2 0 1,166,022 0
CNA FINANCIAL CORP. COM 126117100 91,521 2,072,955 SH   DFND 2 0 6,553 0
CAPITAL PRODUCT PARTNERS LP COM Y11082107 9,474 4,532,859 SH   DFND 2 0 4,087,579 0
ELDORADO GOLD COM 284902509 5,772 2,004,336 SH   DFND 2 0 1,845,636 0
ERA GROUP COM 26885G109 7,523 860,772 SH   DFND 2 0 799,372 0
EURONAV SA COM B38564108 5,805 837,674 SH   DFND 2 0 721,169 0
FLY LEASING COM 34407D109 28,201 2,670,572 SH   DFND 2 0 2,446,724 0
GOLD FIELDS LTD COM 38059T106 108,832 30,918,194 SH   DFND 2 0 10,207,494 0
GOLDMAN SACHS GROUP COM 38141G104 8,274 49,528 SH   DFND 2 0 28,274 0
HUDBAY MINERALS INC COM 443628102 2,690 569,960 SH   SOLE 0 433,060 0 0
IAMGOLD CORP COM 450913108 118,374 32,166,891 SH   DFND 2 0 17,246,060 0
INTERNATIONAL SEAWAYS COM Y41053102 42,867 2,545,533 SH   DFND 2 0 2,278,453 0
JETBLUE AIRWAYS COM 477143101 154,268 9,605,716 SH   DFND 2 0 2,465,309 0
JEFFERIES FINANCIAL GROUP COM 47233W109 15,357 884,632 SH   DFND 2 0 212,132 0
KB HOME COM 48666K109 14,428 755,390 SH   DFND 2 0 728,890 0
KIMBALL ELECTRONICS COM 49428J109 6,758 436,269 SH   DFND 2 0 436,269 0
KOREA ELECTRIC POWER CORP COM 500631106 42,728 2,896,837 SH   DFND 2 0 2,627,237 0
KINROSS GOLD CORP COM 496902404 159,107 49,107,065 SH   DFND 2 0 11,915,143 0
LOEWS CORP COM 540424108 29,531 648,750 SH   DFND 2 0 498,750 0
DORIAN LPG LTD COM Y2106R100 101 17,333 SH   SOLE 0 17,333 0 0
MFA FINANCIAL INC. COM 55272X102 20,584 3,081,397 SH   DFND 2 0 166,740 0
M/I HOMES COM 55305B101 53,921 2,565,223 SH   DFND 2 0 2,356,148 0
MICRON TECHNOLOGY COM 595112103 244,369 7,701,516 SH   DFND 2 0 2,019,042 0
NABORS INDUSTRIES COM G6359F103 4,916 2,457,769 SH   DFND 2 0 7,769 0
NOBLE CORP COM G65431101 6,587 2,513,946 SH   DFND 2 0 7,946 0
NATUZZI SPA COM 63905A101 2,313 2,935,525 SH   DFND 2 0 2,216,897 0
PHOTRONICS COM 719405102 34,956 3,611,108 SH   DFND 2 0 3,277,955 0
PLATINUM GROUP METALS COM 72765Q601 1,819 1,220,824 SH   SOLE 0 1,126,891 0 0
PYXUS INTERNATIONAL COM 74737V106 7,698 649,087 SH   DFND 2 0 645,887 0
EVEREST RE GROUP COM G3223R108 71,840 329,903 SH   DFND 2 0 59,266 0
RESOLUTE FOREST PRODUCTS COM 76117W109 39,925 5,034,669 SH   DFND 2 0 4,609,569 0
SANMINA CORPORATION COM 801056102 34,505 1,434,111 SH   DFND 2 0 1,306,471 0
SEACOR MARINE HOLDINGS COM 78413P101 1,483 126,139 SH   SOLE 0 113,069 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 136,640 8,593,698 SH   DFND 2 0 3,984,455 0
TOLL BROTHERS INC. COM 889478103 10,422 316,480 SH   DFND 2 0 21,000 0
TUTOR PERINI CORP COM 901109108 27,975 1,751,728 SH   DFND 2 0 1,596,828 0
UNUM GROUP COM 91529Y106 170,564 5,805,447 SH   DFND 2 0 1,505,253 0
VERSO CORP COM 92531L207 2,143 95,651 SH   SOLE 0 95,651 0 0
VERITIV CORP COM 923454102 3,024 121,094 SH   DFND 2 0 121,094 0
WPX ENERGY INC COM 98212B103 4,564 402,150 SH   DFND 2 0 1,271 0
HG HOLDINGS COM 854305208 53 120,892 SH   DFND 2 0 120,892 0
PERSHING GOLD CORP COM 715302204 3,453 3,257,930 SH   DFND 2 0 3,257,930 0