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
AES CORP Common 00130H105 4,652 350,000 SH   DFND 1 0 350,000 0
AIRGAS INC Common 009363102 636 6,000 SH   DFND 1 0 6,000 0
ALBEMARLE CORP Common 012653101 378 6,000 SH   DFND 1 0 6,000 0
AURICO GOLD INC Common 05155C105 251 65,800 SH   DFND 1 0 65,800 0
B2GOLD CORP Common 11777Q209 339 136,000 SH   DFND 1 0 136,000 0
BARRICK GOLD CORP Common 067901108 1,024 55,000 SH   DFND 1 0 55,000 0
BOISE INC Common 09746Y105 151 12,000 SH   DFND 1 0 12,000 0
BORGWARNER INC Common 099724106 1,463 14,430 SH   DFND 1 0 14,430 0
BP PLC Option 055622904 16,812 400,000 SH Call DFND 1 0 400,000 0
BP PLC Option 055622954 16,812 400,000 SH Put DFND 1 0 400,000 0
CANADIAN NATL RY CO Common 136375102 507 5,000 SH   DFND 1 0 5,000 0
CANADIAN PAC RY LTD Common 13645T100 370 3,000 SH   DFND 1 0 3,000 0
CENOVUS ENERGY INC Common 15135U109 2,239 75,000 SH   DFND 1 0 75,000 0
CLOUD PEAK ENERGY INC Common 18911Q102 293 20,000 SH   DFND 1 0 20,000 0
COBALT INTL ENERGY INC Common 19075F106 3,729 150,000 SH   DFND 1 0 150,000 0
COMPANIA CERVECERIAS UNIDAS Right 204429112 4 9,607 SH   DFND 1 0 9,607 0
COMPANIA DE MINAS BUENAVENTU Common 204448104 574 49,000 SH   DFND 1 0 49,000 0
CONSOL ENERGY INC Common 20854P109 808 24,000 SH   DFND 1 0 24,000 0
COOPER TIRE & RUBR CO Common 216831107 6,162 200,077 SH   DFND 1 0 200,077 0
DANAHER CORP DEL Common 235851102 2,116 30,525 SH   DFND 1 0 30,525 0
DOMTAR CORP Common 257559203 675 8,500 SH   DFND 1 0 8,500 0
ECOLAB INC Common 278865100 593 6,000 SH   DFND 1 0 6,000 0
ELDORADO GOLD CORP NEW Common 284902103 309 46,000 SH   DFND 1 0 46,000 0
F M C CORP Common 302491303 9,440 131,625 SH   DFND 1 0 131,625 0
FLOWSERVE CORP Common 34354P105 575 9,220 SH   DFND 1 0 9,220 0
FREEPORT-MCMORAN COPPER & GO Common 35671D857 2,511 75,900 SH   DFND 1 0 75,900 0
GOLDCORP INC NEW Common 380956409 572 22,000 SH   DFND 1 0 22,000 0
GRACE W R & CO DEL NEW Common 38388F108 262 3,000 SH   DFND 1 0 3,000 0
GRAPHIC PACKAGING HLDG CO Common 388689101 817 95,500 SH   DFND 1 0 95,500 0
HALLIBURTON CO Common 406216101 4,815 100,000 SH   DFND 1 0 100,000 0
HONEYWELL INTL INC Common 438516106 830 10,000 SH   DFND 1 0 10,000 0
HUBBELL INC Common 443510201 1,047 10,000 SH   DFND 1 0 10,000 0
INGREDION INC Common 457187102 397 6,000 SH   DFND 1 0 6,000 0
INTERXION HOLDING N.V Common N47279109 4,774 214,668 SH   DFND 1 0 214,668 0
INTL PAPER CO Common 460146103 273 6,100 SH   DFND 1 0 6,100 0
ISHARES Common 464287234 19,162 470,000 SH   DFND 1 0 470,000 0
KINROSS GOLD CORP Common 496902404 278 55,000 SH   DFND 1 0 55,000 0
LOUISIANA PAC CORP Common 546347105 598 34,000 SH   DFND 1 0 34,000 0
LYONDELLBASELL INDUSTRIES N Common N53745100 439 6,000 SH   DFND 1 0 6,000 0
MARATHON OIL CORP Common 565849106 3,488 100,000 SH   DFND 1 0 100,000 0
MARKET VECTORS ETF TR Common 57060U191 5,885 125,000 SH   DFND 1 0 125,000 0
MARKET VECTORS ETF TR Option 57060U951 9,416 200,000 SH Put DFND 1 0 200,000 0
METHANEX CORP Common 59151K108 719 14,000 SH   DFND 1 0 14,000 0
MICHAEL KORS HLDGS LTD Common G60754101 1,490 20,000 SH   DFND 1 0 20,000 0
MONSANTO CO NEW Common 61166W101 762 7,300 SH   DFND 1 0 7,300 0
NATIONAL OILWELL VARCO INC Common 637071101 4,687 60,000 SH   DFND 1 0 60,000 0
NUCOR CORP Common 670346105 804 16,400 SH   DFND 1 0 16,400 0
OMNICOM GROUP INC Common 681919106 3,426 54,000 SH   DFND 1 0 54,000 0
OSI SYSTEMS INC Common 671044105 5,585 75,000 SH   DFND 1 0 75,000 0
OWENS CORNING NEW Common 690742101 2,133 56,160 SH   DFND 1 0 56,160 0
PACKAGING CORP AMER Common 695156109 228 4,000 SH   DFND 1 0 4,000 0
POTASH CORP SASK INC Common 73755L107 125 4,000 SH   DFND 1 0 4,000 0
PPG INDS INC Common 693506107 217 1,300 SH   DFND 1 0 1,300 0
PRAXAIR INC Common 74005P104 5,169 43,000 SH   DFND 1 0 43,000 0
QUINTILES TRANSNATIO HLDGS I Common 74876Y101 1,087 24,222 SH   DFND 1 0 24,222 0
RANDGOLD RES LTD Common 752344309 322 4,500 SH   DFND 1 0 4,500 0
REALOGY HLDGS CORP Common 75605Y106 727 16,894 SH   DFND 1 0 16,894 0
RPM INTL INC Common 749685103 543 15,000 SH   DFND 1 0 15,000 0
SENSATA TECHNOLOGIES HLDG BV Common N7902X106 612 16,000 SH   DFND 1 0 16,000 0
SHERWIN WILLIAMS CO Common 824348106 273 1,500 SH   DFND 1 0 1,500 0
SILVER WHEATON CORP Common 828336107 453 18,300 SH   DFND 1 0 18,300 0
STEEL DYNAMICS INC Common 858119100 775 46,400 SH   DFND 1 0 46,400 0
TIM PARTICIPACOES S A Common 88706P205 3,353 142,260 SH   DFND 1 0 142,260 0
TITAN INTL INC ILL Common 88830M102 353 24,080 SH   DFND 1 0 24,080 0
TRANSOCEAN LTD Common H8817H100 2,225 50,000 SH   DFND 1 0 50,000 0
UNION PAC CORP Common 907818108 621 4,000 SH   DFND 1 0 4,000 0
UNITED RENTALS INC Common 911363109 785 13,470 SH   DFND 1 0 13,470 0
VALE S A Common 91912E105 187 12,000 SH   DFND 1 0 12,000 0
VALERO ENERGY CORP NEW Option 91913Y950 3,415 100,000 SH Put DFND 1 0 100,000 0
VERIZON COMMUNICATIONS INC Common 92343V104 3,033 65,000 SH   DFND 1 0 65,000 0
VIMPELCOM LTD Common 92719A106 6,558 558,096 SH   DFND 1 0 558,096 0
WESTLAKE CHEM CORP Common 960413102 419 4,000 SH   DFND 1 0 4,000 0
WHITING PETE CORP NEW Common 966387102 1,796 30,000 SH   DFND 1 0 30,000 0
ZOETIS INC Common 98978V103 13,208 424,428 SH   DFND 1 0 424,428 0