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
AGNICO EAGLE MINES LTD Cmn 008474108 8,782 256,786 SH   DFND   256,786 0 0
AK STL HLDG CORP Cmn 001547108 4,772 973,964 SH   DFND   973,964 0 0
ALLEGHENY TECHNOLOGIES INC Cmn 01741R102 28,615 968,351 SH   DFND   968,351 0 0
ALTRA INDL MOTION CORP Cmn 02208R106 3,522 85,280 SH   DFND   85,280 0 0
APTIV PLC Cmn G6095L109 16,404 195,516 SH   DFND   195,516 0 0
ARCH COAL INC Cmn 039380407 28,866 322,885 SH   DFND   322,885 0 0
BARRICK GOLD CORP Cmn 067901108 159,182 14,366,633 SH   DFND   14,366,633 0 0
C H ROBINSON WORLDWIDE INC Cmn 12541W209 63,015 643,538 SH   DFND   643,538 0 0
CATERPILLAR INC DEL Cmn 149123101 81,838 536,675 SH   DFND   536,675 0 0
CLEVELAND CLIFFS INC Cmn 185899101 0 1 SH   DFND   1 0 0
COLFAX CORP Cmn 194014106 67,714 1,877,813 SH   DFND   1,877,813 0 0
DOVER CORP Cmn 260003108 44,080 497,907 SH   DFND   497,907 0 0
FLUOR CORP NEW Cmn 343412102 172,460 2,968,324 SH   DFND   2,968,324 0 0
FREEPORT-MCMORAN INC Cmn 35671D857 19,810 1,423,128 SH   DFND   1,423,128 0 0
GENERAL MTRS CO Cmn 37045V100 84,927 2,522,322 SH   DFND   2,522,322 0 0
GRAPHIC PACKAGING HLDG CO Cmn 388689101 37,075 2,646,308 SH   DFND   2,646,308 0 0
L3 TECHNOLOGIES INC Cmn 502413107 206,559 971,496 SH   DFND   971,496 0 0
LEAR CORP Cmn 521865204 144,645 997,555 SH   DFND   997,555 0 0
MOSAIC CO NEW Cmn 61945C103 40,674 1,252,280 SH   DFND   1,252,280 0 0
MSC INDL DIRECT INC Cmn 553530106 113,096 1,283,579 SH   DFND   1,283,579 0 0
NORFOLK SOUTHERN CORP Cmn 655844108 39,684 219,858 SH   DFND   219,858 0 0
STEEL DYNAMICS INC Cmn 858119100 96,784 2,141,713 SH   DFND   2,141,713 0 0
SUMMIT MATLS INC Cmn 86614U100 24,505 1,347,909 SH   DFND   1,347,909 0 0
TRANSOCEAN LTD Cmn H8817H100 35,491 2,544,163 SH   DFND   2,544,163 0 0
UNITED CONTL HLDGS INC Cmn 910047109 147,266 1,653,554 SH   DFND   1,653,554 0 0
UNITED STATES STL CORP NEW Cmn 912909108 13,668 448,424 SH   DFND   448,424 0 0
XPO LOGISTICS INC Cmn 983793100 82,911 726,203 SH   DFND   726,203 0 0