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 3,659 20,878 SH   SOLE   20,878 0 0
AK STEEL HLDG CORP COM 001547108 15,565 2,750,000 SH   SOLE   2,750,000 0 0
ALBANY INTL CORP-CL A COM 012348108 1,801 29,314 SH   SOLE   29,314 0 0
ALCOA CORP COM 013872106 16,118 299,200 SH   SOLE   299,200 0 0
ALLEGHENY TECH INC COM 01741R102 9,656 400,000 SH   SOLE   400,000 0 0
ALTISOURCE RESIDENTI-CL B-WI COM 02153W100 643 54,237 SH   SOLE   54,237 0 0
APPLE INC COM 037833100 4,118 24,335 SH   SOLE   24,335 0 0
ARAMARK COM 03852U106 2,359 55,200 SH   SOLE   55,200 0 0
AREC CAPITAL CORP COM 04010L103 640 40,717 SH   SOLE   40,717 0 0
ASSURANT INC COM 04621X108 894 8,869 SH   SOLE   8,869 0 0
ATLANTIC TELE-NETWORK INC COM 00215F107 365 6,609 SH   SOLE   6,609 0 0
BAKER HUGHES COM 05722G100 7,910 250,000 SH   SOLE   250,000 0 0
BANKUNITED INC COM 06652K103 926 22,749 SH   SOLE   22,749 0 0
BROADRIDGE FINANCIAL SOLUTIO COM 11133T103 531 5,858 SH   SOLE   5,858 0 0
CALPINE CORPORATION COM 131347304 3,026 200,000 SH   SOLE   200,000 0 0
CASEYS GENERAL STORES INC COM 147528103 393 3,513 SH   SOLE   3,513 0 0
CLEARWATER PAPER CORP COM 18538R103 386 8,509 SH   SOLE   8,509 0 0
CLEVELAND-CLIFFS INC COM 185899101 23,072 3,200,000 SH   SOLE   3,200,000 0 0
COLONY NORTHSTAR INC-CLASS A COM 19625W104 750 65,755 SH   SOLE   65,755 0 0
CONTINENTAL BUILDING PRODUCT COM 211171103 896 31,834 SH   SOLE   31,834 0 0
CORE-MARK HOLDING CO INC COM 218681104 593 18,775 SH   SOLE   18,775 0 0
CPFL ENERGIA SA-ADR ADR 126153105 1,495 130,000 SH   SOLE   130,000 0 0
CTS CORP COM 126501105 701 27,241 SH   SOLE   27,241 0 0
DELTIC TIMBER CORP COM 247850100 1,056 11,533 SH   SOLE   11,533 0 0
DENNY'S CORPORATION COM 24869P104 751 56,699 SH   SOLE   56,699 0 0
DIAGEO PLC-SPONSORED ADR ADR 25243Q205 15,341 105,056 SH   SOLE   105,056 0 0
DIAMONDBACK ENERGY INC COM 25278X109 3,156 25,000 SH   SOLE   25,000 0 0
DST SYSTEMS INC COM 233326107 411 6,623 SH   SOLE   6,623 0 0
DSW INC-CLASS A COM 23334L102 432 20,171 SH   SOLE   20,171 0 0
ECHOSTAR CORP-A COM 278768106 1,595 26,636 SH   SOLE   26,636 0 0
ENCANA CORP COM 292505104 5,332 400,000 SH   SOLE   400,000 0 0
ENEL AMERICAS SA ADR ADR 29274F104 1,117 100,000 SH   SOLE   100,000 0 0
ENERSIS CHILE SA - ADR W/I ADR 29278D105 392 69,049 SH   SOLE   69,049 0 0
ENPRO INDUSTRIES INC COM 29355X107 757 8,092 SH   SOLE   8,092 0 0
EOG RESOURCES INC COM 26875P101 5,935 55,000 SH   SOLE   55,000 0 0
EQT CORP COM 26884L109 8,015 140,820 SH   SOLE   140,820 0 0
FEDERAL SIGNAL CORP COM 313855108 555 27,629 SH   SOLE   27,629 0 0
FOREST CITY REALTY TRUST- A COM 345605109 1,226 50,853 SH   SOLE   50,853 0 0
FREEPORT-MCMORAN INC COM 35671D857 12,324 650,000 SH   SOLE   650,000 0 0
GENERAL DYNAMICS CORP COM 369550108 2,482 12,200 SH   SOLE   12,200 0 0
GLOBAL X COPPER MINERS ETF COM 37954Y830 10,975 401,293 SH   SOLE   401,293 0 0
ISHARES CONVERTIBLE BOND ETF COM 46435G102 275,602 5,000,040 SH   SOLE   5,000,040 0 0
ISHARES MSCI JAPAN IDX COM 46434G822 6,592 110,000 SH   SOLE   110,000 0 0
KADANT INC COM 48282T104 911 9,071 SH   SOLE   9,071 0 0
LIBERTY VENTURES -SER A COM 53071M856 524 9,661 SH   SOLE   9,661 0 0
LOCKHEED MARTIN CORP COM 539830109 2,601 8,100 SH   SOLE   8,100 0 0
LORAL SPACE & COMMUNICATIONS COM 543881106 496 11,259 SH   SOLE   11,259 0 0
MAXIMUS INC COM 577933104 635 8,869 SH   SOLE   8,869 0 0
MCGRATH RENTCORP COM 580589109 1,151 24,491 SH   SOLE   24,491 0 0
MFA FINANCIAL INC COM 55272X102 752 94,982 SH   SOLE   94,982 0 0
MINAS BUENAVENTURA - ADR ADR 204448104 2,816 200,000 SH   SOLE   200,000 0 0
MURPHY USA INC COM 626755102 987 12,281 SH   SOLE   12,281 0 0
NATIONAL BANK HOLD-CL A COM 633707104 679 20,927 SH   SOLE   20,927 0 0
NATIONAL GENERAL HLDGS COM 636220303 578 29,429 SH   SOLE   29,429 0 0
NEENAH INC COM 640079109 595 6,565 SH   SOLE   6,565 0 0
NEWMONT MINING COM 651639106 2,814 75,000 SH   SOLE   75,000 0 0
NEXA RESOURCES SA COM L67359106 4,859 247,807 SH   SOLE   247,807 0 0
NEXSTAR MEDIA GROUP INC COM 65336K103 1,142 14,599 SH   SOLE   14,599 0 0
NORTHROP GRUMMAN CORP COM 666807102 2,731 8,900 SH   SOLE   8,900 0 0
NUCOR CORP COM 670346105 20,664 325,000 SH   SOLE   325,000 0 0
NVIDIA CORP COM 67066G104 2,129 11,000 SH   SOLE   11,000 0 0
OCEANFIRST FINANCIAL CORP COM 675234108 412 15,679 SH   SOLE   15,679 0 0
PACIFIC PREMIER BANCORP INC COM 69478X105 334 8,351 SH   SOLE   8,351 0 0
PAR PACIFIC HOLDINGS INC COM 69888T207 465 24,093 SH   SOLE   24,093 0 0
PARSLEY ENERGY INC-CLASS A COM 701877102 5,888 200,000 SH   SOLE   200,000 0 0
POWERSHARES S&P 500 LOW VOLA COM 73937B779 4,774 100,000 SH   SOLE   100,000 0 0
PRETIUM RESOURCES INC COM 74139C102 2,282 200,000 SH   SOLE   200,000 0 0
PRIMERICA INC COM 74164M108 1,196 11,777 SH   SOLE   11,777 0 0
PROVIDENCE SERVICE CORP COM 743815102 623 10,496 SH   SOLE   10,496 0 0
RAYTHEON COMPANY COM 755111507 2,536 13,500 SH   SOLE   13,500 0 0
REGIS CORP COM 758932107 661 43,064 SH   SOLE   43,064 0 0
RENASANT CORP COM 75970E107 400 9,776 SH   SOLE   9,776 0 0
RSP PERMIAN INC COM 74978Q105 3,730 91,700 SH   SOLE   91,700 0 0
SALESFORCE.COM INC COM 79466L302 1,227 12,000 SH   SOLE   12,000 0 0
SIMPSON MANUFACTURING CO INC COM 829073105 994 17,306 SH   SOLE   17,306 0 0
SPDR S&P500 ETF TRUST COM 78462F103 116,965 438,300 SH Put SOLE   0 0 0
STAR GROUP LP COM 85512C105 206 19,192 SH   SOLE   19,192 0 0
STEEL DYNAMICS INC COM 858119100 19,409 450,000 SH   SOLE   450,000 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 1,039 21,669 SH   SOLE   21,669 0 0
TECK RESOURCES LTD-CLS B COM 878742204 9,160 350,000 SH   SOLE   350,000 0 0
TEGNA INC COM 87901J105 491 34,872 SH   SOLE   34,872 0 0
TFS FINANCIAL CORP COM 87240R107 499 33,417 SH   SOLE   33,417 0 0
TRANSPORTADOR GAS SUR-SP B ADR 893870204 804 36,176 SH   SOLE   36,176 0 0
TRIUMPH BANCORP INC COM 89679E300 241 7,645 SH   SOLE   7,645 0 0
VANECK VECTORS BRAZIL SMALL-C COM 92189F825 2,390 101,913 SH   SOLE   101,913 0 0
VANECK VECTORS EGYPT INDEX E COM 92189F775 1,308 40,000 SH   SOLE   40,000 0 0
VANECK VECTORS OIL SERVICES ET COM 92189F718 10,420 400,000 SH   SOLE   400,000 0 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 967 8,408 SH   SOLE   8,408 0 0
VMWARE INC-CLASS A COM 928563402 1,253 10,000 SH   SOLE   10,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 3,320 150,000 SH   SOLE   150,000 0 0
XENIA HOTELS & RESORTS INC COM 984017103 457 21,150 SH   SOLE   21,150 0 0
XILINX INC COM 983919101 843 12,500 SH   SOLE   12,500 0 0
YAMANA GOLD INC COM 98462Y100 2,028 650,000 SH   SOLE   650,000 0 0