The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| Academy Sports and Outdoors, Inc. | Common Stocks | 00402L107 | 12,438 | 600,000 | SH | SOLE | 600,000 | 0 | 0 | ||
| Alcoa Inc. | Common Stocks | 013872106 | 24,894 | 1,080,000 | SH | SOLE | 1,080,000 | 0 | 0 | ||
| Alibaba Group Holding Limited ADR | ADR | 01609W102 | 18,618 | 80,000 | SH | SOLE | 80,000 | 0 | 0 | ||
| American Homes 4 Rent | Common Stocks | 02665T306 | 3,600 | 120,000 | SH | SOLE | 120,000 | 0 | 0 | ||
| Anglo American plc ADR | ADR | 03485P300 | 18,480 | 1,100,000 | SH | SOLE | 1,100,000 | 0 | 0 | ||
| ArcelorMittal | Common Stocks | 03938L203 | 26,335 | 1,150,000 | SH | SOLE | 1,150,000 | 0 | 0 | ||
| Asbury Automotive Group, Inc. | Common Stocks | 043436104 | 28,492 | 195,500 | SH | SOLE | 195,500 | 0 | 0 | ||
| AutoNation, Inc. | Common Stocks | 05329W102 | 19,890 | 285,000 | SH | SOLE | 285,000 | 0 | 0 | ||
| Bank of America Corporation | Common Stocks | 060505104 | 7,881 | 260,000 | SH | SOLE | 260,000 | 0 | 0 | ||
| Brixmor Property Group, Inc. | Common Stocks | 11120U105 | 18,702 | 1,130,000 | SH | SOLE | 1,130,000 | 0 | 0 | ||
| Brunswick Corporation | Common Stocks | 117043109 | 20,204 | 265,000 | SH | SOLE | 265,000 | 0 | 0 | ||
| Citigroup Inc. | Common Stocks | 172967424 | 4,316 | 70,000 | SH | SOLE | 70,000 | 0 | 0 | ||
| Companhia Siderurgica Nacional ADR | ADR | 20440W105 | 28,977 | 4,870,000 | SH | SOLE | 4,870,000 | 0 | 0 | ||
| CubeSmart | Common Stocks | 229663109 | 8,403 | 250,000 | SH | SOLE | 250,000 | 0 | 0 | ||
| D.R. Horton, Inc. | Common Stocks | 23331A109 | 20,676 | 300,000 | SH | SOLE | 300,000 | 0 | 0 | ||
| Deckers Outdoor Corporation | Common Stocks | 243537107 | 27,244 | 95,000 | SH | SOLE | 95,000 | 0 | 0 | ||
| Dicks Sporting Goods,Inc. | Common Stocks | 253393102 | 17,144 | 305,000 | SH | SOLE | 305,000 | 0 | 0 | ||
| EastGroup Properties, Inc. | Common Stocks | 277276101 | 20,709 | 150,000 | SH | SOLE | 150,000 | 0 | 0 | ||
| Extra Space Storage Inc. | Common Stocks | 30225T102 | 9,848 | 85,000 | SH | SOLE | 85,000 | 0 | 0 | ||
| Federal Realty Investment Trust | Common Stocks | 313747206 | 20,429 | 240,000 | SH | SOLE | 240,000 | 0 | 0 | ||
| Fiat Chrysler Automobiles N.V. | Common Stocks | N31738102 | 24,422 | 1,350,000 | SH | SOLE | 1,350,000 | 0 | 0 | ||
| Freeport-McMoRan Inc. | Common Stocks | 35671D857 | 24,719 | 950,000 | SH | SOLE | 950,000 | 0 | 0 | ||
| Gerdau S.A. ADR | ADR | 373737105 | 33,180 | 7,105,000 | SH | SOLE | 7,105,000 | 0 | 0 | ||
| Group 1 Automotive, Inc. | Common Stocks | 398905109 | 33,441 | 255,000 | SH | SOLE | 255,000 | 0 | 0 | ||
| Hibbett Sports, Inc. | Common Stocks | 428567101 | 12,007 | 260,000 | SH | SOLE | 260,000 | 0 | 0 | ||
| Invitation Homes Inc. | Common Stocks | 46187W107 | 11,880 | 400,000 | SH | SOLE | 400,000 | 0 | 0 | ||
| JPMorgan Chase & Co. | Common Stocks | 46625H100 | 15,248 | 120,000 | SH | SOLE | 120,000 | 0 | 0 | ||
| Kimco Realty Corporation | Common Stocks | 49446R109 | 23,716 | 1,580,000 | SH | SOLE | 1,580,000 | 0 | 0 | ||
| Kinross Gold Corporation | Common Stocks | 496902404 | 22,754 | 3,100,000 | SH | SOLE | 3,100,000 | 0 | 0 | ||
| Lennar Corporation | Common Stocks | 526057104 | 16,771 | 220,000 | SH | SOLE | 220,000 | 0 | 0 | ||
| Life Storage, Inc. | Common Stocks | 53223X107 | 5,373 | 45,000 | SH | SOLE | 45,000 | 0 | 0 | ||
| Morgan Stanley | Common Stocks | 617446448 | 20,559 | 300,000 | SH | SOLE | 300,000 | 0 | 0 | ||
| National Storage Affiliates Trust | Common Stocks | 637870106 | 10,016 | 278,000 | SH | SOLE | 278,000 | 0 | 0 | ||
| Nutrien Ltd. | Common Stocks | 67077M108 | 5,057 | 105,000 | SH | SOLE | 105,000 | 0 | 0 | ||
| Park Hotels & Resorts Inc. | Common Stocks | 700517105 | 22,295 | 1,300,000 | SH | SOLE | 1,300,000 | 0 | 0 | ||
| Penske Automotive Group, Inc. | Common Stocks | 70959W103 | 891 | 15,000 | SH | SOLE | 15,000 | 0 | 0 | ||
| Regency Centers Corporation | Common Stocks | 758849103 | 21,883 | 480,000 | SH | SOLE | 480,000 | 0 | 0 | ||
| Rio Tinto plc ADR | ADR | 767204100 | 18,053 | 240,000 | SH | SOLE | 240,000 | 0 | 0 | ||
| SITE Centers Corp. | Common Stocks | 82981J109 | 23,074 | 2,280,000 | SH | SOLE | 2,280,000 | 0 | 0 | ||
| Sonic Automotive, Inc. | Common Stocks | 83545G102 | 11,185 | 290,000 | SH | SOLE | 290,000 | 0 | 0 | ||
| STAG Industrial, Inc. | Common Stocks | 85254J102 | 10,649 | 340,000 | SH | SOLE | 340,000 | 0 | 0 | ||
| Sunstone Hotel Investors, Inc. | Common Stocks | 867892101 | 24,699 | 2,180,000 | SH | SOLE | 2,180,000 | 0 | 0 | ||
| Tapestry, Inc. | Common Stocks | 876030107 | 30,303 | 975,000 | SH | SOLE | 975,000 | 0 | 0 | ||
| Teck Resources Limited | Common Stocks | 878742204 | 11,798 | 650,000 | SH | SOLE | 650,000 | 0 | 0 | ||
| The Mosaic Company | Common Stocks | 61945C103 | 8,054 | 350,000 | SH | SOLE | 350,000 | 0 | 0 | ||
| TheMichaels Companies, Inc. | Common Stocks | 59408Q106 | 36,168 | 2,780,000 | SH | SOLE | 2,780,000 | 0 | 0 | ||
| Thor Industries, Inc. | Common Stocks | 885160101 | 20,923 | 225,000 | SH | SOLE | 225,000 | 0 | 0 | ||
| Toll Brothers, Inc. | Common Stocks | 889478103 | 11,737 | 270,000 | SH | SOLE | 270,000 | 0 | 0 | ||
| United Rentals, Inc. | Common Stocks | 911363109 | 20,872 | 90,000 | SH | SOLE | 90,000 | 0 | 0 | ||
| Vale S.A. ADR | ADR | 91912E105 | 36,872 | 2,200,000 | SH | SOLE | 2,200,000 | 0 | 0 | ||
| WestRock Company | Common Stocks | 96145D105 | 20,894 | 480,000 | SH | SOLE | 480,000 | 0 | 0 | ||
| Winnebago Industries, Inc. | Common Stocks | 974637100 | 23,676 | 395,000 | SH | SOLE | 395,000 | 0 | 0 | ||
| Yamana Gold Inc. | Common Stocks | 98462Y100 | 22,269 | 3,900,000 | SH | SOLE | 3,900,000 | 0 | 0 | ||