Evermore Global Advisors, LLC Activity Q4 2016-Q4 2022

Q4 2022

			Value		Shares		↓ Weighting
CLMT	Sell	CALUMET SPECIALTY PRODS PARTut ltd partner	$13,521,808	-4.6%	801,055	-27.6%	51.40%	+53.9%
NETI	Sell	ENETI INC	$2,572,529	-32.4%	255,973	-55.2%	9.78%	+9.1%
	Sell	ESAB CORPORATION	$2,289,696	+16.1%	48,800	-17.5%	8.70%	+87.3%
IAC	Sell	IAC INC	$1,733,864	-39.8%	39,051	-24.9%	6.59%	-2.8%
	Sell	ENOVIS CORPORATION	$1,370,112	-11.0%	25,600	-23.4%	5.21%	+43.6%
FRO	Sell	FRONTLINE LTD	$818,285	+0.0%	67,404	-10.0%	3.11%	+61.5%
INSW	Exit	INTERNATIONAL SEAWAYS INC	$0	–	-45,900	–	-3.80%	–
GNK	Exit	GENCO SHIPPING & TRADING LTD	$0	–	-237,174	–	-7.00%	–
EURN	Exit	EURONAV NV	$0	–	-255,090	–	-9.24%	–
ZIM	Exit	ZIM INTEGRATED SHIPPING SERV	$0	–	-214,950	–	-11.89%	–

Q3 2022

			Value		Shares		↓ Weighting
CLMT	Sell	CALUMET SPECIALTY PRODS PARTut ltd partner	$14,180,000	-18.4%	1,106,978	-33.8%	33.39%	+11.0%
ZIM	Sell	ZIM INTEGRATED SHIPPING SERV	$5,051,000	-52.5%	214,950	-4.6%	11.89%	-35.5%
NETI	Sell	ENETI INC	$3,808,000	+2.7%	570,957	-5.5%	8.97%	+39.7%
	Buy	ESAB CORPORATION	$1,973,000	-16.7%	59,133	+9.2%	4.65%	+13.3%
INSW	Sell	INTERNATIONAL SEAWAYS INC	$1,612,000	+31.7%	45,900	-21.1%	3.80%	+79.1%
FRO	Sell	FRONTLINE LTD	$818,000	+2.4%	74,854	-16.8%	1.93%	+39.3%
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-293,857	–	-7.39%	–

Q2 2022

			Value		Shares		↓ Weighting
CLMT	New	CALUMET SPECIALTY PRODS PTNRut ltd partner	$17,376,000	–	1,672,349	–	30.09%	–
ZIM	New	ZIM INTEGRATED SHIPPING SERV	$10,643,000	–	225,350	–	18.43%	–
GNK	New	GENCO SHIPPING & TRADING LTD	$4,521,000	–	237,174	–	7.83%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$4,270,000	–	293,857	–	7.39%	–
KKR	New	KKR & CO INC	$3,988,000	–	86,155	–	6.90%	–
IAC	New	IAC INTERACTIVECORP NEW	$3,952,000	–	52,021	–	6.84%	–
NETI	New	ENETI INC	$3,708,000	–	603,908	–	6.42%	–
EURN	New	EURONAV NV	$3,066,000	–	255,090	–	5.31%	–
	New	ESAB CORPORATION	$2,368,000	–	54,133	–	4.10%	–
	New	ENOVIS CORPORATION	$1,839,000	–	33,433	–	3.18%	–
INSW	New	INTERNATIONAL SEAWAYS INC	$1,224,000	–	58,200	–	2.12%	–
FRO	New	FRONTLINE LTD	$799,000	–	89,954	–	1.38%	–

Q4 2021

			Value		Shares		↓ Weighting
CSTM	Exit	CONSTELLIUM SE	$0	–	-518	–	-0.01%	–
GNACW	Exit	GROUP NINE ACQUISITION CORP*w exp 01/15/202	$0	–	-381,666	–	-0.24%	–
VMEO	Exit	VIMEO INC	$0	–	-9,352	–	-0.24%	–
VIAO	Exit	VIA OPTRONICS AGsponsored ads	$0	–	-291,681	–	-1.96%	–
NETI	Exit	ENETI INC	$0	–	-159,464	–	-2.34%	–
FRO	Exit	FRONTLINE LTD	$0	–	-482,897	–	-3.98%	–
GNK	Exit	GENCO SHIPPING & TRADING LTD	$0	–	-259,174	–	-4.59%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-1,730,607	–	-5.39%	–
IAC	Exit	IAC INTERACTIVECORP NEW	$0	–	-52,021	–	-5.96%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-420,357	–	-6.57%	–
KKR	Exit	KKR & CO INC	$0	–	-133,305	–	-7.14%	–
HYG	Exit	ISHARES TRput	$0	–	-100,000	–	-7.67%	–
GNAC	Exit	GROUP NINE ACQUISITION CORP	$0	–	-1,145,000	–	-9.81%	–
ZIM	Exit	ZIM INTEGRATED SHIPPING SERV	$0	–	-233,376	–	-10.41%	–
CLMT	Exit	CALUMET SPECIALTY PRODS PARTut ltd partner	$0	–	-2,347,476	–	-16.33%	–
EMB	Exit	ISHARES TRput	$0	–	-180,000	–	-17.37%	–

Q3 2021

			Value		Shares		↓ Weighting
EMB	New	ISHARES TRput	$19,749,000	–	180,000	–	17.37%	–
ZIM	Sell	ZIM INTEGRATED SHIPPING SERV	$11,832,000	-10.1%	233,376	-20.3%	10.41%	-9.5%
HYG	New	ISHARES TRput	$8,720,000	–	100,000	–	7.67%	–
KKR	Sell	KKR & CO INC	$8,116,000	-2.8%	133,305	-5.4%	7.14%	-2.1%
MX	Sell	MAGNACHIP SEMICONDUCTOR CORP	$7,466,000	-31.9%	420,357	-8.5%	6.57%	-31.4%
FRO	Sell	FRONTLINE LTD	$4,525,000	-52.4%	482,897	-54.2%	3.98%	-52.0%
NETI	Sell	ENETI INC	$2,663,000	-26.2%	159,464	-17.7%	2.34%	-25.7%
VIAO	Sell	VIA OPTRONICS AGsponsored ads	$2,234,000	-32.8%	291,681	-1.6%	1.96%	-32.4%
VMEO	Sell	VIMEO INC	$275,000	-71.0%	9,352	-51.7%	0.24%	-70.8%
CSTM	Sell	CONSTELLIUM SE	$10,000	-99.8%	518	-99.8%	0.01%	-99.8%
MUDS	Exit	MUDRICK CAPITAL ACQU CORP II	$0	–	-319,021	–	-3.47%	–
XPER	Exit	XPERI HOLDING CORP	$0	–	-207,930	–	-4.04%	–
CLMT	Exit	CALUMET SPECIALTY PRODS PARTcall	$0	–	-755,000	–	-4.53%	–

Q2 2021

			Value		Shares		↓ Weighting
CLMT	New	CALUMET SPECIALTY PRODS PARTut ltd partner	$16,127,000	–	2,347,476	–	14.09%	–
ZIM	New	ZIM INTEGRATED SHIPPING SERV	$13,164,000	–	293,000	–	11.50%	–
GNAC	New	GROUP NINE ACQUISITION CORP	$11,198,000	–	1,145,000	–	9.78%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$10,960,000	–	459,332	–	9.57%	–
FRO	New	FRONTLINE LTD	$9,498,000	–	1,055,346	–	8.30%	–
KKR	New	KKR & CO INC	$8,347,000	–	140,907	–	7.29%	–
IAC	New	IAC INTERACTIVECORP NEW	$8,020,000	–	52,021	–	7.00%	–
ENZ	New	ENZO BIOCHEM INC	$5,486,000	–	1,730,607	–	4.79%	–
CLMT	New	CALUMET SPECIALTY PRODS PARTcall	$5,187,000	–	755,000	–	4.53%	–
GNK	New	GENCO SHIPPING & TRADING LTD	$4,893,000	–	259,174	–	4.27%	–
CSTM	New	CONSTELLIUM SE	$4,664,000	–	246,129	–	4.07%	–
XPER	New	XPERI HOLDING CORP	$4,624,000	–	207,930	–	4.04%	–
MUDS	New	MUDRICK CAPITAL ACQU CORP II	$3,975,000	–	319,021	–	3.47%	–
NETI	New	ENETI INC	$3,609,000	–	193,704	–	3.15%	–
VIAO	New	VIA OPTRONICS AGsponsored ads	$3,326,000	–	296,440	–	2.90%	–
VMEO	New	VIMEO INC	$948,000	–	19,352	–	0.83%	–
GNACW	New	GROUP NINE ACQUISITION CORP*w exp 01/15/202	$458,000	–	381,666	–	0.40%	–

Q4 2020

			Value		Shares		↓ Weighting
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-33,525	–	-0.24%	–
SBLK	Exit	STAR BULK CARRIERS CORP.call	$0	–	-150,000	–	-0.94%	–
STNG	Exit	SCORPIO TANKERS INCcall	$0	–	-100,000	–	-1.00%	–
VIAO	Exit	VIA OPTRONICS AGsponsored ads	$0	–	-228,000	–	-1.84%	–
SALT	Exit	SCORPIO BULKERS INC	$0	–	-159,803	–	-2.05%	–
IAC	Exit	IAC INTERACTIVECORP NEWcall	$0	–	-25,000	–	-2.71%	–
STNG	Exit	SCORPIO TANKERS INC	$0	–	-285,727	–	-2.87%	–
SBLK	Exit	STAR BULK CARRIERS CORP.	$0	–	-510,223	–	-3.18%	–
FEZ	Exit	SPDR INDEX SHS FDSput	$0	–	-100,000	–	-3.29%	–
XPER	Exit	XPERI HOLDING CORP	$0	–	-339,167	–	-3.53%	–
VXX	Exit	BARCLAYS BANK PLCcall	$0	–	-200,000	–	-4.51%	–
CLMT	Exit	CALUMET SPECIALTY PRODS PTNRut ltd partner	$0	–	-2,214,998	–	-5.12%	–
IAC	Exit	IAC INTERACTIVECORP NEW	$0	–	-51,342	–	-5.57%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-2,950,204	–	-5.64%	–
KKR	Exit	KKR & CO INC	$0	–	-213,487	–	-6.64%	–
CSTM	Exit	CONSTELLIUM SE	$0	–	-953,884	–	-6.78%	–
GNK	Exit	GENCO SHIPPING & TRADING LTD	$0	–	-2,037,309	–	-12.74%	–
FRO	Exit	FRONTLINE LTD	$0	–	-2,298,146	–	-13.54%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-1,433,034	–	-17.79%	–

Q3 2020

			Value		Shares		↓ Weighting
MX	Sell	MAGNACHIP SEMICONDUCTOR CORP	$19,633,000	+15.5%	1,433,034	-13.2%	17.79%	+112.7%
FRO	Sell	FRONTLINE LTD	$14,938,000	-31.2%	2,298,146	-26.1%	13.54%	+26.6%
GNK	Sell	GENCO SHIPPING & TRADING LTD	$14,057,000	+7.9%	2,037,309	-1.8%	12.74%	+98.7%
CSTM	Sell	CONSTELLIUM SE	$7,488,000	-10.6%	953,884	-12.5%	6.78%	+64.6%
KKR	Sell	KKR & CO INC	$7,331,000	+5.3%	213,487	-5.4%	6.64%	+93.8%
ENZ	Sell	ENZO BIOCHEM INC	$6,225,000	-13.6%	2,950,204	-8.3%	5.64%	+59.0%
IAC	New	IAC INTERACTIVECORP NEW	$6,150,000	–	51,342	–	5.57%	–
CLMT	Buy	CALUMET SPECIALTY PRODS PTNRut ltd partner	$5,648,000	+19.0%	2,214,998	+6.4%	5.12%	+119.1%
VXX	New	BARCLAYS BANK PLCcall	$4,980,000	–	200,000	–	4.51%	–
FEZ	New	SPDR INDEX SHS FDSput	$3,635,000	–	100,000	–	3.29%	–
SBLK	Sell	STAR BULK CARRIERS CORP.	$3,515,000	-3.6%	510,223	-7.6%	3.18%	+77.5%
STNG	Sell	SCORPIO TANKERS INC	$3,163,000	-51.3%	285,727	-43.6%	2.87%	-10.3%
IAC	New	IAC INTERACTIVECORP NEWcall	$2,995,000	–	25,000	–	2.71%	–
SALT	Sell	SCORPIO BULKERS INC	$2,263,000	-47.9%	159,803	-43.7%	2.05%	-4.1%
VIAO	New	VIA OPTRONICS AGsponsored ads	$2,031,000	–	228,000	–	1.84%	–
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$266,000	–	33,525	–	0.24%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-237,853	–	-0.24%	–
FRO	Exit	FRONTLINE LTDcall	$0	–	-100,000	–	-0.34%	–
DHT	Exit	DHT HOLDINGS INCcall	$0	–	-220,000	–	-0.56%	–
NMCI	Exit	NAVIOS MARITIME CONTAINERS L	$0	–	-3,746,989	–	-1.49%	–
IAC	Exit	IAC INTERACTIVECORPcall	$0	–	-11,500	–	-1.83%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-35,058	–	-5.58%	–
USO	Exit	UNITED STS OIL FD LPcall	$0	–	-500,000	–	-6.91%	–
BKLN	Exit	INVESCO EXCHANGE-TRADED FD Tput	$0	–	-700,000	–	-7.36%	–
FXE	Exit	INVESCO CURRENCYSHARES EUROput	$0	–	-500,000	–	-26.09%	–

Q2 2020

			Value		Shares		↓ Weighting
FXE	New	INVESCO CURRENCYSHARES EUROput	$52,995,000	–	500,000	–	26.09%	–
FRO	New	FRONTLINE LTD	$21,716,000	–	3,111,210	–	10.69%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$16,997,000	–	1,650,241	–	8.37%	–
BKLN	New	INVESCO EXCHANGE-TRADED FD Tput	$14,945,000	–	700,000	–	7.36%	–
USO	New	UNITED STS OIL FD LPcall	$14,030,000	–	500,000	–	6.91%	–
GNK	New	GENCO SHIPPING & TRADING LTD	$13,027,000	–	2,074,426	–	6.41%	–
IAC	New	IAC INTERACTIVECORP	$11,338,000	–	35,058	–	5.58%	–
CSTM	New	CONSTELLIUM SE	$8,376,000	–	1,090,688	–	4.12%	–
ENZ	New	ENZO BIOCHEM INC	$7,205,000	–	3,216,704	–	3.55%	–
KKR	New	KKR & CO INC	$6,965,000	–	225,562	–	3.43%	–
STNG	New	SCORPIO TANKERS INC	$6,492,000	–	506,757	–	3.20%	–
XPER	New	XPERI HOLDING CORP	$5,006,000	–	339,167	–	2.46%	–
CLMT	New	CALUMET SPECIALTY PRODS PTNRut ltd partner	$4,746,000	–	2,081,562	–	2.34%	–
SALT	New	SCORPIO BULKERS INC	$4,345,000	–	283,988	–	2.14%	–
IAC	New	IAC INTERACTIVECORPcall	$3,719,000	–	11,500	–	1.83%	–
SBLK	New	STAR BULK CARRIERS CORP.	$3,645,000	–	552,264	–	1.79%	–
NMCI	New	NAVIOS MARITIME CONTAINERS L	$3,035,000	–	3,746,989	–	1.49%	–
STNG	New	SCORPIO TANKERS INCcall	$1,281,000	–	100,000	–	0.63%	–
DHT	New	DHT HOLDINGS INCcall	$1,129,000	–	220,000	–	0.56%	–
SBLK	New	STAR BULK CARRIERS CORP.call	$990,000	–	150,000	–	0.49%	–
FRO	New	FRONTLINE LTDcall	$698,000	–	100,000	–	0.34%	–
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$478,000	–	237,853	–	0.24%	–

Q4 2019

			Value		Shares		↓ Weighting
FRO	Exit	FRONTLINE LTDcall	$0	–	-280,000	–	-0.62%	–
BORR	Exit	BORR DRILLING LTD	$0	–	-562,900	–	-0.70%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-1,169,591	–	-0.83%	–
CTVA	Exit	CORTEVA INC	$0	–	-159,532	–	-1.08%	–
TSLA	Exit	TESLA INCput	$0	–	-20,000	–	-1.16%	–
DD	Exit	DUPONT DE NEMOURS INCput	$0	–	-82,500	–	-1.42%	–
DOW	Exit	DOW INC	$0	–	-152,565	–	-1.76%	–
DIS	Exit	DISNEY WALT COcall	$0	–	-67,500	–	-2.12%	–
NMCI	Exit	NAVIOS MARITIME CONTAINERS L	$0	–	-5,048,651	–	-2.42%	–
KKR	Exit	KKR & CO INCcl a	$0	–	-394,200	–	-2.56%	–
DD	Exit	DUPONT DE NEMOURS INC	$0	–	-159,532	–	-2.75%	–
XPER	Exit	XPERI CORP	$0	–	-559,594	–	-2.79%	–
NMM	Exit	NAVIOS MARITIME PARTNERS L P	$0	–	-667,814	–	-2.86%	–
DIS	Exit	DISNEY WALT CO	$0	–	-93,200	–	-2.93%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-4,007,851	–	-3.48%	–
SBLK	Exit	STAR BULK CARRIERS CORP	$0	–	-1,581,512	–	-3.84%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-757,580	–	-4.18%	–
GNK	Exit	GENCO SHIPPING & TRADING LTD	$0	–	-2,221,798	–	-4.93%	–
KRA	Exit	KRATON CORPORATION	$0	–	-761,232	–	-5.93%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-100,000	–	-7.16%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-2,955,829	–	-7.24%	–
SALT	Exit	SCORPIO BULKERS INC	$0	–	-5,930,905	–	-8.70%	–
CSTM	Exit	CONSTELLIUM NVcl a	$0	–	-2,860,102	–	-8.78%	–
STNG	Exit	SCORPIO TANKERS INC	$0	–	-1,271,361	–	-9.13%	–
FRO	Exit	FRONTLINE LTD	$0	–	-4,832,991	–	-10.62%	–

Q3 2019

			Value		Shares		↓ Weighting
FRO	Sell	FRONTLINE LTD	$43,980,000	+8.4%	4,832,991	-4.7%	10.62%	+38.8%
CSTM	Buy	CONSTELLIUM NVcl a	$36,352,000	+27.7%	2,860,102	+0.9%	8.78%	+63.5%
MX	Buy	MAGNACHIP SEMICONDUCTOR CORP	$29,972,000	-0.9%	2,955,829	+1.2%	7.24%	+26.9%
SPY	Sell	SPDR S&P 500 ETF TRput	$29,677,000	-71.1%	100,000	-71.4%	7.16%	-62.9%
ENZ	Buy	ENZO BIOCHEM INC	$14,428,000	+19.3%	4,007,851	+11.7%	3.48%	+52.8%
DIS	Buy	DISNEY WALT CO	$12,146,000	-6.2%	93,200	+0.5%	2.93%	+20.1%
XPER	Sell	XPERI CORP	$11,572,000	-18.5%	559,594	-18.8%	2.79%	+4.3%
DD	New	DUPONT DE NEMOURS INCput	$5,883,000	–	82,500	–	1.42%	–
TSLA	Sell	TESLA INCput	$4,817,000	-73.1%	20,000	-75.0%	1.16%	-65.5%
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$3,450,000	–	1,169,591	–	0.83%	–
BORR	New	BORR DRILLING LTD	$2,893,000	–	562,900	–	0.70%	–
FRO	New	FRONTLINE LTDcall	$2,548,000	–	280,000	–	0.62%	–
FXY	Exit	INVESCO CURNCYSHS JAPANESE Ycall	$0	–	-200,000	–	-3.33%	–
TLT	Exit	ISHARES TRput	$0	–	-400,000	–	-10.02%	–

Q2 2019

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$102,550,000	–	350,000	–	19.34%	–
TLT	New	ISHARES TRput	$53,124,000	–	400,000	–	10.02%	–
FRO	New	FRONTLINE LTD	$40,577,000	–	5,072,124	–	7.65%	–
STNG	New	SCORPIO TANKERS INC	$37,531,000	–	1,271,361	–	7.08%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$30,243,000	–	2,922,056	–	5.70%	–
CSTM	New	CONSTELLIUM NVcl a	$28,463,000	–	2,835,002	–	5.37%	–
SALT	New	SCORPIO BULKERS INC	$27,282,000	–	5,930,905	–	5.14%	–
KRA	New	KRATON CORPORATION	$23,651,000	–	761,232	–	4.46%	–
GNK	New	GENCO SHIPPING & TRADING LTD	$18,752,000	–	2,221,798	–	3.54%	–
TSLA	New	TESLA INCput	$17,877,000	–	80,000	–	3.37%	–
FXY	New	INVESCO CURNCYSHS JAPANESE Ycall	$17,668,000	–	200,000	–	3.33%	–
PARR	New	PAR PACIFIC HOLDINGS INC	$15,546,000	–	757,580	–	2.93%	–
SBLK	New	STAR BULK CARRIERS CORP	$15,262,000	–	1,581,512	–	2.88%	–
XPER	New	XPERI CORP	$14,198,000	–	689,556	–	2.68%	–
DIS	New	DISNEY WALT CO	$12,945,000	–	92,700	–	2.44%	–
ENZ	New	ENZO BIOCHEM INC	$12,089,000	–	3,587,251	–	2.28%	–
DD	New	DUPONT DE NEMOURS INC	$11,976,000	–	159,532	–	2.26%	–
NMCI	New	NAVIOS MARITIME CONTAINERS L	$9,996,000	–	5,048,651	–	1.88%	–
KKR	New	KKR & CO INCcl a	$9,961,000	–	394,200	–	1.88%	–
DIS	New	DISNEY WALT COcall	$9,426,000	–	67,500	–	1.78%	–
NMM	New	NAVIOS MARITIME PARTNERS L P	$9,015,000	–	667,814	–	1.70%	–
DOW	New	DOW INC	$7,523,000	–	152,565	–	1.42%	–
CTVA	New	CORTEVA INC	$4,717,000	–	159,532	–	0.89%	–

Q4 2018

			Value		Shares		↓ Weighting
STNG	Exit	SCORPIO TANKERS INCcall	$0	–	-1,200,000	–	-0.31%	–
KKR	Exit	KKR & CO INCcl a	$0	–	-204,900	–	-0.71%	–
SB	Exit	SAFE BULKERS INC	$0	–	-1,986,004	–	-0.73%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-325,730	–	-0.85%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-638,947	–	-1.48%	–
THRM	Exit	GENTHERM INC	$0	–	-307,900	–	-1.79%	–
AVYA	Exit	AVAYA HLDGS CORP	$0	–	-634,128	–	-1.79%	–
FXY	Exit	INVESCO CURNCYSHS JAPANESE Ycall	$0	–	-200,000	–	-2.15%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-4,562,304	–	-2.40%	–
NMM	Exit	NAVIOS MARITIME PARTNERS LPunit lpi	$0	–	-10,792,588	–	-2.41%	–
XPER	Exit	XPERI CORPORATION	$0	–	-1,302,905	–	-2.47%	–
STNG	Exit	SCORPIO TANKERS INC	$0	–	-10,107,521	–	-2.59%	–
KRA	Exit	KRATON CORPORATION	$0	–	-446,832	–	-2.69%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-376,400	–	-3.09%	–
GNK	Exit	GENCO SHIPPING & TRADING LTD	$0	–	-1,929,598	–	-3.45%	–
CSTM	Exit	CONSTELLIUM NVcl a	$0	–	-2,525,407	–	-3.98%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-3,216,756	–	-4.07%	–
VXX	Exit	BARCLAYS BK PLCcall	$0	–	-1,200,000	–	-4.09%	–
EMB	Exit	ISHARES TRput	$0	–	-300,000	–	-4.13%	–
FRO	Exit	FRONTLINE LTD	$0	–	-5,687,632	–	-4.22%	–
FXE	Exit	INVESCO CURRENCYSHARES EUROcall	$0	–	-300,000	–	-4.26%	–
FXF	Exit	INVESCO CURNCYSHS SWISS FRANcall	$0	–	-350,000	–	-4.26%	–
SALT	Exit	SCORPIO BULKERS INC	$0	–	-6,356,329	–	-5.88%	–
FXE	Exit	INVESCO CURRENCYSHARES EUROput	$0	–	-800,000	–	-11.35%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-500,000	–	-11.86%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-350,000	–	-12.99%	–

Q3 2018

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRput	$101,752,000	-46.4%	350,000	-50.0%	12.99%	-45.0%
QQQ	Sell	INVESCO QQQ TRput	$92,895,000	-1.6%	500,000	-9.1%	11.86%	+1.0%
FXE	Buy	INVESCO CURRENCYSHARES EUROput	$88,928,000	+76.3%	800,000	+77.8%	11.35%	+80.9%
SALT	Sell	SCORPIO BULKERS INC	$46,083,000	-0.2%	6,356,329	-2.2%	5.88%	+2.4%
FXF	Sell	INVESCO CURNCYSHS SWISS FRANcall	$33,359,000	-29.6%	350,000	-30.0%	4.26%	-27.8%
FXE	New	INVESCO CURRENCYSHARES EUROcall	$33,348,000	–	300,000	–	4.26%	–
FRO	Buy	FRONTLINE LTD	$33,045,000	+2.8%	5,687,632	+3.3%	4.22%	+5.4%
EMB	New	ISHARES TRput	$32,343,000	–	300,000	–	4.13%	–
VXX	New	BARCLAYS BK PLCcall	$32,004,000	–	1,200,000	–	4.09%	–
MX	Sell	MAGNACHIP SEMICONDUCTOR CORP	$31,846,000	-7.4%	3,216,756	-4.1%	4.07%	-5.0%
GNK	Buy	GENCO SHIPPING & TRADING LTD	$27,014,000	-4.1%	1,929,598	+6.1%	3.45%	-1.7%
DWDP	Buy	DOWDUPONT INC	$24,206,000	+208.0%	376,400	+215.8%	3.09%	+216.0%
STNG	Buy	SCORPIO TANKERS INC	$20,316,000	+0.4%	10,107,521	+40.3%	2.59%	+3.0%
XPER	Buy	XPERI CORPORATION	$19,348,000	-4.1%	1,302,905	+4.0%	2.47%	-1.6%
ENZ	Sell	ENZO BIOCHEM INC	$18,797,000	-23.7%	4,562,304	-3.9%	2.40%	-21.7%
THRM	Buy	GENTHERM INC	$13,994,000	+359.4%	307,900	+297.3%	1.79%	+371.5%
PARR	New	PAR PACIFIC HOLDINGS INC	$6,645,000	–	325,730	–	0.85%	–
SB	Sell	SAFE BULKERS INC	$5,720,000	-15.8%	1,986,004	-0.6%	0.73%	-13.6%
KKR	New	KKR & CO INCcl a	$5,588,000	–	204,900	–	0.71%	–
STNG	Sell	SCORPIO TANKERS INCcall	$2,412,000	-42.8%	1,200,000	-20.0%	0.31%	-41.2%
HYG	Exit	ISHARES TRput	$0	–	-450,000	–	-4.76%	–
GLD	Exit	SPDR GOLD TRUSTcall	$0	–	-400,000	–	-5.90%	–

Q2 2018

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$189,896,000	–	700,000	–	23.63%	–
QQQ	New	INVESCO QQQ TRput	$94,408,000	–	550,000	–	11.75%	–
FXE	New	INVESCO CURRENCYSHARES EUROput	$50,427,000	–	450,000	–	6.28%	–
GLD	New	SPDR GOLD TRUSTcall	$47,460,000	–	400,000	–	5.90%	–
FXF	New	INVESCO CURNCYSHS SWISS FRANcall	$47,375,000	–	500,000	–	5.90%	–
SALT	New	SCORPIO BULKERS INC	$46,165,000	–	6,502,129	–	5.74%	–
HYG	New	ISHARES TRput	$38,286,000	–	450,000	–	4.76%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$34,389,000	–	3,355,056	–	4.28%	–
FRO	New	FRONTLINE LTD	$32,154,000	–	5,505,806	–	4.00%	–
GNK	New	GENCO SHIPPING & TRADING LTD	$28,182,000	–	1,818,182	–	3.51%	–
CSTM	New	CONSTELLIUM NVcl a	$26,012,000	–	2,525,407	–	3.24%	–
ENZ	New	ENZO BIOCHEM INC	$24,642,000	–	4,747,904	–	3.07%	–
KRA	New	KRATON CORPORATION	$20,617,000	–	446,832	–	2.56%	–
NMM	New	NAVIOS MARITIME PARTNERS LPunit lpi	$20,398,000	–	10,792,588	–	2.54%	–
STNG	New	SCORPIO TANKERS INC	$20,244,000	–	7,204,163	–	2.52%	–
XPER	New	XPERI CORPORATION	$20,169,000	–	1,252,705	–	2.51%	–
FXY	New	INVESCO CURNCYSHS JAPANESE Ycall	$17,294,000	–	200,000	–	2.15%	–
AVYA	New	AVAYA HLDGS CORP	$12,733,000	–	634,128	–	1.58%	–
ATUS	New	ALTICE USA INCcl a	$10,900,000	–	638,947	–	1.36%	–
DWDP	New	DOWDUPONT INC	$7,858,000	–	119,200	–	0.98%	–
SB	New	SAFE BULKERS INC	$6,790,000	–	1,997,101	–	0.84%	–
STNG	New	SCORPIO TANKERS INCcall	$4,215,000	–	1,500,000	–	0.52%	–
THRM	New	GENTHERM INC	$3,046,000	–	77,500	–	0.38%	–

Q4 2017

			Value		Shares		↓ Weighting
AMBCWS	Exit	AMBAC FINL GROUP INC*w exp 04/30/202	$0	–	-496,324	–	-0.61%	–
TLT	Exit	ISHARES TRput	$0	–	-50,000	–	-0.96%	–
SB	Exit	SAFE BULKERS INC	$0	–	-3,709,768	–	-1.57%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-846,297	–	-2.25%	–
NMM	Exit	NAVIOS MARITIME PARTNERS LPunit lpi	$0	–	-7,134,433	–	-2.26%	–
XPER	Exit	XPERI CORPORATION	$0	–	-621,990	–	-2.43%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-773,936	–	-2.48%	–
FXY	Exit	CURRENCYSHS JAPANESE YEN TRcall	$0	–	-230,000	–	-3.03%	–
CSTM	Exit	CONSTELLIUM NVcl a	$0	–	-1,967,855	–	-3.11%	–
HYG	Exit	ISHARES TRput	$0	–	-230,000	–	-3.15%	–
KRA	Exit	KRATON CORPORATION	$0	–	-561,919	–	-3.51%	–
FXF	Exit	CURRENCYSHARES SWISS FRANC Tcall	$0	–	-250,000	–	-3.77%	–
FRO	Exit	FRONTLINE LTD	$0	–	-5,037,514	–	-4.70%	–
FXE	Exit	CURRENCYSHARES EURO TRcall	$0	–	-300,000	–	-5.28%	–
GLD	Exit	SPDR GOLD TRUSTcall	$0	–	-290,000	–	-5.44%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-3,125,620	–	-5.48%	–
ENZ	Exit	ENZO BIOCHEM INC	$0	–	-3,685,520	–	-5.96%	–
SALT	Exit	SCORPIO BULKERS INC	$0	–	-5,958,296	–	-6.48%	–
FXE	Exit	CURRENCYSHARES EURO TRput	$0	–	-700,000	–	-12.33%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-650,000	–	-25.20%	–

Q3 2017

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRput	$163,300,000	+37.4%	650,000	+32.2%	25.20%	-16.5%
FXE	New	CURRENCYSHARES EURO TRput	$79,870,000	–	700,000	–	12.33%	–
SALT	Sell	SCORPIO BULKERS INC	$42,006,000	-7.1%	5,958,296	-6.5%	6.48%	-43.5%
ENZ	Buy	ENZO BIOCHEM INC	$38,587,000	-1.7%	3,685,520	+3.7%	5.96%	-40.2%
MX	Buy	MAGNACHIP SEMICONDUCTOR CORP	$35,476,000	+55.3%	3,125,620	+34.1%	5.48%	-5.6%
GLD	Sell	SPDR GOLD TRUSTcall	$35,258,000	-20.1%	290,000	-22.5%	5.44%	-51.4%
FXE	New	CURRENCYSHARES EURO TRcall	$34,230,000	–	300,000	–	5.28%	–
FRO	Buy	FRONTLINE LTD	$30,427,000	+37.3%	5,037,514	+30.3%	4.70%	-16.5%
FXF	New	CURRENCYSHARES SWISS FRANC Tcall	$24,428,000	–	250,000	–	3.77%	–
KRA	Buy	KRATON CORPORATION	$22,724,000	+18.8%	561,919	+1.2%	3.51%	-27.8%
HYG	New	ISHARES TRput	$20,415,000	–	230,000	–	3.15%	–
CSTM	Sell	CONSTELLIUM NVcl a	$20,171,000	+32.5%	1,967,855	-10.8%	3.11%	-19.4%
FXY	Buy	CURRENCYSHS JAPANESE YEN TRcall	$19,635,000	+129.6%	230,000	+130.0%	3.03%	+39.5%
PARR	Buy	PAR PACIFIC HOLDINGS INC	$16,098,000	+16.4%	773,936	+0.9%	2.48%	-29.3%
XPER	New	XPERI CORPORATION	$15,736,000	–	621,990	–	2.43%	–
AMBC	Sell	AMBAC FINL GROUP INC	$14,607,000	-12.7%	846,297	-12.3%	2.25%	-47.0%
SB	Sell	SAFE BULKERS INC	$10,165,000	-17.7%	3,709,768	-31.2%	1.57%	-50.0%
TLT	New	ISHARES TRput	$6,238,000	–	50,000	–	0.96%	–

Q2 2017

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$118,845,000	–	491,500	–	30.18%	–
SALT	New	SCORPIO BULKERS INC	$45,228,000	–	6,370,207	–	11.48%	–
GLD	New	SPDR GOLD TRUSTcall	$44,139,000	–	374,000	–	11.21%	–
ENZ	New	ENZO BIOCHEM INC	$39,250,000	–	3,555,233	–	9.97%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$22,846,000	–	2,331,205	–	5.80%	–
FRO	New	FRONTLINE LTD	$22,158,000	–	3,866,992	–	5.63%	–
KRA	New	KRATON CORPORATION	$19,122,000	–	555,212	–	4.86%	–
AMBC	New	AMBAC FINL GROUP INC	$16,736,000	–	964,587	–	4.25%	–
CSTM	New	CONSTELLIUM NVcl a	$15,220,000	–	2,205,738	–	3.86%	–
PARR	New	PAR PACIFIC HOLDINGS INC	$13,833,000	–	766,806	–	3.51%	–
SB	New	SAFE BULKERS INC	$12,356,000	–	5,395,692	–	3.14%	–
NMM	New	NAVIOS MARITIME PARTNERS LPunit lpi	$11,344,000	–	7,134,433	–	2.88%	–
FXY	New	CURRENCYSHS JAPANESE YEN TRcall	$8,553,000	–	100,000	–	2.17%	–
AMBCWS	New	AMBAC FINL GROUP INC*w exp 04/30/202	$4,219,000	–	496,324	–	1.07%	–

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