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
ALCOA CORP COM 013872106 4,704 78,950 SH   SOLE   78,950 0 0
ANTERO RESOURCES CORP COM 03674X106 8,995 513,981 SH   SOLE   513,981 0 0
APA CORPORATION COM 03743Q108 7,744 288,000 SH   SOLE   288,000 0 0
ARCH RESOURCES INC CL A 03940R107 7,344 80,425 SH   SOLE   80,425 0 0
BOOKING HOLDINGS INC COM 09857L108 7,694 3,207 SH   SOLE   3,207 0 0
CAESARS ENTERTAINMENT INC NE COM 12769G100 4,017 42,950 SH   SOLE   42,950 0 0
CAMECO CORP COM 13321L108 4,414 202,400 SH   SOLE   202,400 0 0
CENOVUS ENERGY INC COM 15135U109 7,649 622,900 SH   SOLE   622,900 0 0
CHESAPEAKE ENERGY CORP COM 165167735 9,961 154,383 SH   SOLE   154,383 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101 10,352 475,507 SH   SOLE   475,507 0 0
DEVON ENERGY CORP NEW COM 25179M103 10,025 227,577 SH   SOLE   227,577 0 0
DIAMONDBACK ENERGY INC COM 25278X109 7,789 72,222 SH   SOLE   72,222 0 0
DISH NETWORK CORPORATION CL A 25470M109 25,885 797,942 SH   SOLE   797,942 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 8,533 304,000 SH   SOLE   304,000 0 0
MICRON TECHNOLOGY INC COM 595112103 9,837 105,600 SH   SOLE   105,600 0 0
MOSAIC CO NEW COM 61945C103 11,540 293,710 SH   SOLE   293,710 0 0
OCCIDENTAL PETE CORP COM 674599105 10,719 369,741 SH   SOLE   369,741 0 0
PEABODY ENGR CORP COM 704551100 13,819 1,372,250 SH   SOLE   1,372,250 0 0
PULTE GROUP INC COM 745867101 9,997 174,900 SH   SOLE   174,900 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869 3,930 375,747 SH   SOLE   375,747 0 0
SONY GROUP CORPORATION SPONSORED ADR 835699307 12,903 102,077 SH   SOLE   102,077 0 0
TELLURIAN INC NEW COM 87968A104 3,978 1,291,704 SH   SOLE   1,291,704 0 0
TRANSOCEAN LTD REG SHS H8817H100 13,731 4,975,029 SH   SOLE   4,975,029 0 0
VALARIS LIMITED CL A G9460G101 4,493 124,805 SH   SOLE   124,805 0 0
VONTIER CORPORATION COM 928881101 15,808 514,413 SH   SOLE   514,413 0 0
VULCAN MATLS CO COM 929160109 9,611 46,300 SH   SOLE   46,300 0 0