Elm Ridge Management, LLC Activity Q4 2009-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AER	Sell	AERCAP HOLDINGS NV	$5,879,825	-8.6%	93,822	-7.4%	7.10%	-9.5%
	Buy	SYLVAMO CORP	$4,788,054	+22.8%	108,968	+13.0%	5.78%	+21.6%
OMF	Buy	ONEMAIN HLDGS INC	$4,400,479	-6.4%	109,765	+2.0%	5.31%	-7.3%
VAL	Sell	VALARIS LTDcl a	$4,271,836	+6.9%	56,973	-10.2%	5.16%	+5.9%
MT	Sell	ARCELORMITTAL SA LUXEMBOURGny registry sh	$3,909,411	-17.7%	156,189	-10.1%	4.72%	-18.5%
NOV	Sell	NOV INC	$3,837,930	+13.1%	183,633	-13.2%	4.63%	+12.0%
C	Buy	CITIGROUP INC	$3,780,875	-8.8%	91,925	+2.1%	4.56%	-9.7%
AA	Buy	ALCOA CORP	$3,763,357	+10.8%	129,503	+29.3%	4.54%	+9.7%
DVN	Sell	DEVON ENERGY CORP NEW	$3,376,349	-13.5%	70,783	-12.4%	4.08%	-14.4%
APA	Sell	APA CORPORATION	$3,246,695	-9.1%	78,995	-24.4%	3.92%	-10.0%
ADNT	Sell	ADIENT PLC	$2,991,013	-16.3%	81,499	-12.6%	3.61%	-17.1%
MGY	Sell	MAGNOLIA OIL & GAS CORPcl a	$2,961,049	-19.9%	129,247	-26.9%	3.58%	-20.6%
LEA	Sell	LEAR CORP	$2,779,685	-19.8%	20,713	-14.2%	3.36%	-20.6%
CNQ	Sell	CANADIAN NAT RES LTD	$2,672,552	+6.9%	41,326	-7.0%	3.23%	+5.9%
RRC	Sell	RANGE RES CORP	$2,375,102	-23.0%	73,283	-30.2%	2.87%	-23.7%
ARCB	New	ARCBEST CORP	$1,935,111	–	19,037	–	2.34%	–
SYF	New	SYNCHRONY FINANCIAL	$1,479,924	–	48,411	–	1.79%	–
NWL	New	NEWELL BRANDS INC	$925,918	–	102,538	–	1.12%	–
YELL	Exit	YELLOW CORP	$0	–	-814,836	–	-0.68%	–

Q2 2023

			Value		Shares		↓ Weighting
AER	New	AERCAP HOLDINGS NV	$6,434,131	–	101,293	–	7.84%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$4,802,709	–	52,300	–	5.85%	–
MT	New	ARCELORMITTAL SA LUXEMBOURGny registry sh	$4,751,747	–	173,802	–	5.79%	–
OMF	New	ONEMAIN HLDGS INC	$4,700,476	–	107,587	–	5.73%	–
C	New	CITIGROUP INC	$4,145,211	–	90,035	–	5.05%	–
VAL	New	VALARIS LIMITEDcl a	$3,994,293	–	63,472	–	4.87%	–
DVN	New	DEVON ENERGY CORP NEW	$3,904,180	–	80,765	–	4.76%	–
	New	SYLVAMO CORP	$3,900,108	–	96,418	–	4.75%	–
CC	New	CHEMOURS CO	$3,786,426	–	102,641	–	4.62%	–
MGY	New	MAGNOLIA OIL & GAS CORPcl a	$3,694,827	–	176,786	–	4.50%	–
ADNT	New	ADIENT PLC	$3,574,643	–	93,284	–	4.36%	–
APA	New	APA CORPORATION	$3,571,756	–	104,529	–	4.35%	–
COP	New	CONOCOPHILLIPS	$3,467,516	–	33,467	–	4.23%	–
LEA	New	LEAR CORP	$3,465,871	–	24,144	–	4.22%	–
AA	New	ALCOA CORP	$3,397,648	–	100,137	–	4.14%	–
NOV	New	NOV INC	$3,392,925	–	211,529	–	4.14%	–
EQT	New	EQT CORP	$3,167,627	–	77,015	–	3.86%	–
RRC	New	RANGE RES CORP	$3,085,648	–	104,954	–	3.76%	–
AR	New	ANTERO RESOURCES CORP	$2,916,105	–	126,622	–	3.55%	–
CNQ	New	CANADIAN NAT RES LTD	$2,499,857	–	44,434	–	3.05%	–
DAN	New	DANA INC	$2,424,489	–	142,617	–	2.96%	–
NBR	New	NABORS INDUSTRIES LTD	$2,402,128	–	25,821	–	2.93%	–
YELL	New	YELLOW CORP	$561,178	–	814,836	–	0.68%	–

Q4 2022

			Value		Shares		↓ Weighting
APA	Exit	APA CORPORATION	$0	–	-16,739	–	-0.69%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-32,649	–	-1.35%	–
F	Exit	FORD MTR CO DEL	$0	–	-117,926	–	-1.58%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-14,885	–	-1.81%	–
DOW	Exit	DOW INC	$0	–	-37,977	–	-2.00%	–
LEA	Exit	LEAR CORP	$0	–	-16,005	–	-2.30%	–
DAN	Exit	DANA INC	$0	–	-197,725	–	-2.71%	–
NEX	Exit	NEXTIER OILFIELD SOLUTIONS	$0	–	-327,691	–	-2.91%	–
ADNT	Exit	ADIENT PLC	$0	–	-103,536	–	-3.45%	–
RRC	Exit	RANGE RES CORP	$0	–	-114,568	–	-3.47%	–
YELL	Exit	YELLOW CORP	$0	–	-584,476	–	-3.56%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-60,961	–	-3.58%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-71,626	–	-4.00%	–
EQT	Exit	EQT CORP	$0	–	-83,276	–	-4.07%	–
C	Exit	CITIGROUP INC	$0	–	-82,012	–	-4.10%	–
NOV	Exit	NOV INC	$0	–	-228,132	–	-4.43%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-36,302	–	-4.46%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-50,129	–	-4.53%	–
MGY	Exit	MAGNOLIA OIL & GAS CORPcl a	$0	–	-192,389	–	-4.57%	–
	Exit	SYLVAMO CORP	$0	–	-120,077	–	-4.88%	–
CC	Exit	CHEMOURS CO	$0	–	-165,365	–	-4.89%	–
AR	Exit	ANTERO RESOURCES CORP	$0	–	-137,479	–	-5.04%	–
MT	Exit	ARCELORMITTAL SA LUXEMBOURGny registry sh	$0	–	-222,132	–	-5.31%	–
AA	Exit	ALCOA CORP	$0	–	-145,741	–	-5.89%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-92,009	–	-6.64%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-153,399	–	-7.79%	–

Q3 2022

			Value		Shares		↓ Weighting
AER	Sell	AERCAP HOLDINGS NV	$6,493,000	-6.0%	153,399	-9.1%	7.79%	+2.9%
DVN	Buy	DEVON ENERGY CORP NEW	$5,533,000	+9.8%	92,009	+0.6%	6.64%	+20.1%
AA	Buy	ALCOA CORP	$4,906,000	-7.6%	145,741	+25.1%	5.89%	+1.1%
MT	Buy	ARCELORMITTAL SA LUXEMBOURGny registry sh	$4,423,000	+4.7%	222,132	+18.8%	5.31%	+14.5%
AR	Sell	ANTERO RESOURCES CORP	$4,197,000	-8.8%	137,479	-8.4%	5.04%	-0.2%
CC	Buy	CHEMOURS CO	$4,076,000	+11.8%	165,365	+45.2%	4.89%	+22.2%
	Buy	SYLVAMO CORP	$4,071,000	+32.8%	120,077	+28.0%	4.88%	+45.3%
MGY	Buy	MAGNOLIA OIL & GAS CORPcl a	$3,811,000	-1.9%	192,389	+3.9%	4.57%	+7.3%
LYB	Buy	LYONDELLBASELL INDUSTRIES N	$3,774,000	+21.6%	50,129	+41.3%	4.53%	+33.0%
COP	Sell	CONOCOPHILLIPS	$3,715,000	-10.4%	36,302	-21.4%	4.46%	-2.0%
NOV	Buy	NOV INC	$3,691,000	+1.7%	228,132	+6.3%	4.43%	+11.2%
C	Buy	CITIGROUP INC	$3,417,000	+27.8%	82,012	+41.1%	4.10%	+39.8%
EQT	Sell	EQT CORP	$3,393,000	+16.8%	83,276	-1.4%	4.07%	+27.7%
CNQ	Sell	CANADIAN NAT RES LTD	$3,336,000	-21.9%	71,626	-10.0%	4.00%	-14.6%
VAL	Sell	VALARIS LIMITEDcl a	$2,983,000	+4.3%	60,961	-10.0%	3.58%	+14.1%
YELL	Sell	YELLOW CORP	$2,963,000	+9.2%	584,476	-36.9%	3.56%	+19.5%
RRC	Sell	RANGE RES CORP	$2,894,000	-8.2%	114,568	-10.0%	3.47%	+0.4%
ADNT	Sell	ADIENT PLC	$2,873,000	-8.8%	103,536	-2.6%	3.45%	-0.3%
NEX	Buy	NEXTIER OILFIELD SOLUTIONS	$2,425,000	-22.0%	327,691	+0.3%	2.91%	-14.6%
DAN	Buy	DANA INC	$2,260,000	-7.6%	197,725	+13.8%	2.71%	+1.1%
LEA	Sell	LEAR CORP	$1,916,000	-45.8%	16,005	-43.0%	2.30%	-40.7%
DOW	Sell	DOW INC	$1,668,000	-33.3%	37,977	-21.7%	2.00%	-27.1%
NBR	Buy	NABORS INDUSTRIES LTD	$1,510,000	+0.8%	14,885	+33.0%	1.81%	+10.3%
F	Sell	FORD MTR CO DEL	$1,321,000	-49.4%	117,926	-49.8%	1.58%	-44.7%
CFG	New	CITIZENS FINL GROUP INC	$1,122,000	–	32,649	–	1.35%	–
APA	New	APA CORPORATION	$572,000	–	16,739	–	0.69%	–
	Exit	BOEING COput	$0	–	-6,000	–	-0.23%	–
	Exit	AMAZON COM INCput	$0	–	-10,000	–	-0.63%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-25,500	–	-0.74%	–
BPOP	Exit	POPULAR INC	$0	–	-29,227	–	-2.47%	–
GM	Exit	GENERAL MTRS CO	$0	–	-77,732	–	-2.71%	–

Q2 2022

			Value		Shares		↓ Weighting
AER	New	AERCAP HOLDINGS NV	$6,905,000	–	168,668	–	7.58%	–
AA	New	ALCOA CORP	$5,310,000	–	116,488	–	5.82%	–
DVN	New	DEVON ENERGY CORP NEW	$5,041,000	–	91,468	–	5.53%	–
AR	New	ANTERO RESOURCES CORP	$4,602,000	–	150,137	–	5.05%	–
CNQ	New	CANADIAN NAT RES LTD	$4,272,000	–	79,584	–	4.69%	–
MT	New	ARCELORMITTAL SA LUXEMBOURGny registry sh	$4,226,000	–	186,989	–	4.64%	–
COP	New	CONOCOPHILLIPS	$4,146,000	–	46,169	–	4.55%	–
MGY	New	MAGNOLIA OIL & GAS CORPcl a	$3,886,000	–	185,133	–	4.26%	–
CC	New	CHEMOURS CO	$3,647,000	–	113,885	–	4.00%	–
NOV	New	NOV INC	$3,630,000	–	214,687	–	3.98%	–
LEA	New	LEAR CORP	$3,535,000	–	28,078	–	3.88%	–
RRC	New	RANGE RES CORP	$3,151,000	–	127,298	–	3.46%	–
ADNT	New	ADIENT PLC	$3,150,000	–	106,299	–	3.46%	–
NEX	New	NEXTIER OILFIELD SOLUTIONS	$3,107,000	–	326,699	–	3.41%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$3,103,000	–	35,477	–	3.40%	–
	New	SYLVAMO CORP	$3,065,000	–	93,796	–	3.36%	–
EQT	New	EQT CORP	$2,906,000	–	84,484	–	3.19%	–
VAL	New	VALARIS LIMITEDcl a	$2,861,000	–	67,735	–	3.14%	–
YELL	New	YELLOW CORP	$2,713,000	–	926,005	–	2.98%	–
C	New	CITIGROUP INC	$2,673,000	–	58,125	–	2.93%	–
F	New	FORD MTR CO DEL	$2,612,000	–	234,697	–	2.86%	–
DOW	New	DOW INC	$2,502,000	–	48,474	–	2.74%	–
GM	New	GENERAL MTRS CO	$2,469,000	–	77,732	–	2.71%	–
DAN	New	DANA INC	$2,445,000	–	173,758	–	2.68%	–
BPOP	New	POPULAR INC	$2,248,000	–	29,227	–	2.47%	–
NBR	New	NABORS INDUSTRIES LTD	$1,498,000	–	11,188	–	1.64%	–
QQQ	New	INVESCO QQQ TRput	$676,000	–	25,500	–	0.74%	–
	New	AMAZON COM INCput	$572,000	–	10,000	–	0.63%	–
	New	BOEING COput	$208,000	–	6,000	–	0.23%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	ARK ETF TRput	$0	–	-30,000	–	-0.32%	–
MBI	Exit	MBIA INCcall	$0	–	-150,000	–	-0.66%	–
MGA	Exit	MAGNA INTL INC	$0	–	-11,172	–	-1.16%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-8,937	–	-1.19%	–
VTRS	Exit	VIATRIS INC	$0	–	-75,510	–	-1.41%	–
ARCB	Exit	ARCBEST CORP	$0	–	-13,619	–	-1.53%	–
BPOP	Exit	POPULAR INC	$0	–	-18,897	–	-2.02%	–
YELL	Exit	YELLOW CORP	$0	–	-279,190	–	-2.17%	–
LEA	Exit	LEAR CORP	$0	–	-11,850	–	-2.55%	–
CC	Exit	CHEMOURS CO	$0	–	-64,247	–	-2.57%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-41,608	–	-2.66%	–
DAN	Exit	DANA INC	$0	–	-86,945	–	-2.66%	–
NOV	Exit	NOV INC	$0	–	-151,607	–	-2.73%	–
NEX	Exit	NEXTIER OILFIELD SOLUTIONS	$0	–	-586,305	–	-3.71%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-30,412	–	-3.92%	–
ADNT	Exit	ADIENT PLC	$0	–	-70,228	–	-4.00%	–
C	Exit	CITIGROUP INC	$0	–	-43,401	–	-4.19%	–
EQT	Exit	EQT CORP	$0	–	-168,361	–	-4.74%	–
MT	Exit	ARCELORMITTAL SA LUXEMBOURGny registry sh	$0	–	-115,051	–	-4.77%	–
RRC	Exit	RANGE RES CORP	$0	–	-175,733	–	-5.47%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-113,942	–	-5.73%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-103,672	–	-5.85%	–
MGY	Exit	MAGNOLIA OIL & GAS CORPcl a	$0	–	-255,103	–	-6.24%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-134,186	–	-6.55%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-73,644	–	-6.86%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-87,046	–	-6.92%	–
AA	Exit	ALCOA CORP	$0	–	-110,157	–	-7.42%	–

Q3 2021

			Value		Shares		↓ Weighting
AA	Sell	ALCOA CORP	$5,391,000	+6.0%	110,157	-20.2%	7.42%	+1.6%
AER	Buy	AERCAP HOLDINGS NV	$5,032,000	+13.3%	87,046	+0.4%	6.92%	+8.6%
COP	Buy	CONOCOPHILLIPS	$4,991,000	+21.5%	73,644	+9.1%	6.86%	+16.4%
DVN	Buy	DEVON ENERGY CORP NEW	$4,765,000	+104.4%	134,186	+68.0%	6.55%	+95.9%
MGY	Buy	MAGNOLIA OIL & GAS CORPcl a	$4,538,000	+63.9%	255,103	+44.0%	6.24%	+57.1%
CNQ	Buy	CANADIAN NAT RES LTD	$4,163,000	+11.5%	113,942	+10.7%	5.73%	+6.9%
RRC	Sell	RANGE RES CORP	$3,977,000	+22.1%	175,733	-9.5%	5.47%	+17.1%
MT	Buy	ARCELORMITTAL SA LUXEMBOURGny registry sh	$3,470,000	+39.4%	115,051	+43.5%	4.77%	+33.6%
EQT	Buy	EQT CORP	$3,445,000	+3.2%	168,361	+12.3%	4.74%	-1.0%
C	Buy	CITIGROUP INC	$3,046,000	+22.2%	43,401	+23.1%	4.19%	+17.1%
ADNT	Sell	ADIENT PLC	$2,911,000	-22.8%	70,228	-15.9%	4.00%	-26.0%
LYB	Buy	LYONDELLBASELL INDUSTRIES N	$2,854,000	+22.5%	30,412	+34.3%	3.92%	+17.4%
NEX	Buy	NEXTIER OILFIELD SOLUTIONS	$2,697,000	+1.2%	586,305	+4.7%	3.71%	-3.0%
NOV	Sell	NOV INC	$1,988,000	-27.4%	151,607	-15.2%	2.73%	-30.5%
WFC	Sell	WELLS FARGO CO NEW	$1,931,000	+0.5%	41,608	-2.0%	2.66%	-3.7%
CC	Sell	CHEMOURS CO	$1,867,000	-40.9%	64,247	-29.2%	2.57%	-43.3%
YELL	Sell	YELLOW CORP	$1,577,000	-28.0%	279,190	-17.0%	2.17%	-30.9%
MGA	Sell	MAGNA INTL INC	$841,000	-41.6%	11,172	-28.1%	1.16%	-44.0%
MBI	New	MBIA INCcall	$480,000	–	150,000	–	0.66%	–
	Buy	ARK ETF TRput	$236,000	+177.6%	30,000	+3.8%	0.32%	+166.4%
	Exit	ADVANCED MICRO DEVICES INCput	$0	–	-21,800	–	-0.06%	–
	Exit	MBIA INCcall	$0	–	-150,000	–	-0.39%	–
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-46,263	–	-0.73%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-30,314	–	-2.00%	–
FDX	Exit	FEDEX CORP	$0	–	-5,199	–	-2.22%	–

Q2 2021

			Value		Shares		↓ Weighting
AA	New	ALCOA CORP	$5,087,000	–	138,082	–	7.30%	–
AER	New	AERCAP HOLDINGS NV	$4,440,000	–	86,707	–	6.37%	–
COP	New	CONOCOPHILLIPS	$4,109,000	–	67,471	–	5.90%	–
ADNT	New	ADIENT PLC	$3,773,000	–	83,468	–	5.41%	–
CNQ	New	CANADIAN NAT RES LTD	$3,734,000	–	102,918	–	5.36%	–
EQT	New	EQT CORP	$3,337,000	–	149,929	–	4.79%	–
RRC	New	RANGE RES CORP	$3,256,000	–	194,252	–	4.67%	–
CC	New	CHEMOURS CO	$3,158,000	–	90,758	–	4.53%	–
CRC	New	CALIFORNIA RES CORP	$3,125,000	–	103,672	–	4.48%	–
MGY	New	MAGNOLIA OIL & GAS CORPcl a	$2,769,000	–	177,164	–	3.97%	–
NOV	New	NOV INC	$2,740,000	–	178,866	–	3.93%	–
NEX	New	NEXTIER OILFIELD SOLUTIONS	$2,666,000	–	560,007	–	3.82%	–
C	New	CITIGROUP INC	$2,493,000	–	35,243	–	3.58%	–
MT	New	ARCELORMITTAL SA LUXEMBOURGny registry sh	$2,490,000	–	80,183	–	3.57%	–
DVN	New	DEVON ENERGY CORP NEW	$2,331,000	–	79,851	–	3.34%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$2,330,000	–	22,651	–	3.34%	–
YELL	New	YELLOW CORP	$2,189,000	–	336,192	–	3.14%	–
LEA	New	LEAR CORP	$2,077,000	–	11,850	–	2.98%	–
DAN	New	DANA INC	$2,066,000	–	86,945	–	2.96%	–
WFC	New	WELLS FARGO CO NEW	$1,922,000	–	42,448	–	2.76%	–
FDX	New	FEDEX CORP	$1,551,000	–	5,199	–	2.22%	–
MGA	New	MAGNA INTL INC	$1,440,000	–	15,543	–	2.07%	–
BPOP	New	POPULAR INC	$1,418,000	–	18,897	–	2.04%	–
CFG	New	CITIZENS FINL GROUP INC	$1,391,000	–	30,314	–	2.00%	–
VTRS	New	VIATRIS INC	$1,079,000	–	75,510	–	1.55%	–
NBR	New	NABORS INDUSTRIES LTD	$1,021,000	–	8,937	–	1.46%	–
ARCB	New	ARCBEST CORP	$792,000	–	13,619	–	1.14%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$511,000	–	46,263	–	0.73%	–
	New	MBIA INCcall	$274,000	–	150,000	–	0.39%	–
	New	ARK ETF TRput	$85,000	–	28,900	–	0.12%	–
	New	ADVANCED MICRO DEVICES INCput	$40,000	–	21,800	–	0.06%	–

Q4 2020

			Value		Shares		↓ Weighting
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-18,850	–	-1.25%	–
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-337,268	–	-1.58%	–
YRCW	Exit	YRC WORLDWIDE INC	$0	–	-189,288	–	-2.01%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-35,340	–	-2.25%	–
DAN	Exit	DANA INCORPORATED	$0	–	-71,986	–	-2.40%	–
UFS	Exit	DOMTAR CORP	$0	–	-38,571	–	-2.75%	–
MGA	Exit	MAGNA INTL INC	$0	–	-22,208	–	-2.75%	–
C	Exit	CITIGROUP INC	$0	–	-24,385	–	-2.85%	–
CC	Exit	CHEMOURS CO	$0	–	-58,498	–	-3.32%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-48,914	–	-3.35%	–
RRC	Exit	RANGE RES CORP	$0	–	-189,681	–	-3.40%	–
MYL	Exit	MYLAN NV	$0	–	-85,523	–	-3.44%	–
LEA	Exit	LEAR CORP	$0	–	-11,850	–	-3.50%	–
ADNT	Exit	ADIENT PLC	$0	–	-74,808	–	-3.51%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-62,882	–	-3.66%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-44,679	–	-3.98%	–
MT	Exit	ARCELORMITTAL SA LUXEMBOURGny registry sh	$0	–	-111,544	–	-4.01%	–
EQT	Exit	EQT CORP	$0	–	-126,869	–	-4.45%	–
BPOP	Exit	POPULAR INC	$0	–	-48,352	–	-4.76%	–
AA	Exit	ALCOA CORP	$0	–	-152,070	–	-4.80%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-26,148	–	-5.00%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-136,001	–	-5.90%	–
URI	Exit	UNITED RENTALS INC	$0	–	-13,989	–	-6.62%	–
FDX	Exit	FEDEX CORP	$0	–	-12,748	–	-8.69%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-143,088	–	-9.77%	–

Q3 2020

			Value		Shares		↓ Weighting
AER	Sell	AERCAP HOLDINGS NV	$3,604,000	-18.5%	143,088	-0.3%	9.77%	-24.4%
FDX	Sell	FEDEX CORP	$3,206,000	+62.0%	12,748	-9.7%	8.69%	+50.1%
URI	Sell	UNITED RENTALS INC	$2,441,000	-10.7%	13,989	-23.7%	6.62%	-17.3%
CNQ	Sell	CANADIAN NAT RES LTD	$2,177,000	-27.1%	136,001	-20.6%	5.90%	-32.4%
AA	Buy	ALCOA CORP	$1,769,000	+53.0%	152,070	+47.9%	4.80%	+41.8%
EQT	Buy	EQT CORP	$1,640,000	+66.2%	126,869	+52.9%	4.45%	+54.0%
MT	New	ARCELORMITTAL SA LUXEMBOURGny registry sh	$1,478,000	–	111,544	–	4.01%	–
COP	Sell	CONOCOPHILLIPS	$1,467,000	-40.2%	44,679	-23.4%	3.98%	-44.6%
ADNT	Buy	ADIENT PLC	$1,296,000	+77.5%	74,808	+68.3%	3.51%	+64.5%
LEA	Buy	LEAR CORP	$1,292,000	+20.1%	11,850	+20.1%	3.50%	+11.3%
RRC	Buy	RANGE RES CORP	$1,256,000	+18.8%	189,681	+1.1%	3.40%	+10.1%
CFG	Buy	CITIZENS FINL GROUP INC	$1,237,000	+28.7%	48,914	+28.5%	3.35%	+19.3%
C	Sell	CITIGROUP INC	$1,051,000	-46.0%	24,385	-36.0%	2.85%	-50.0%
UFS	New	DOMTAR CORP	$1,013,000	–	38,571	–	2.75%	–
DAN	New	DANA INCORPORATED	$887,000	–	71,986	–	2.40%	–
WFC	New	WELLS FARGO CO NEW	$831,000	–	35,340	–	2.25%	–
HMHC	Buy	HOUGHTON MIFFLIN HARCOURT CO	$583,000	+46.9%	337,268	+53.8%	1.58%	+36.2%
NBR	Buy	NABORS INDUSTRIES LTD	$461,000	-32.8%	18,850	+1.8%	1.25%	-37.7%
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-280,284	–	-1.00%	–
MBI	Exit	MBIA INC	$0	–	-62,072	–	-1.32%	–
RCII	Exit	RENT A CTR INC NEW	$0	–	-19,276	–	-1.57%	–
KOS	Exit	KOSMOS ENERGY LTD	$0	–	-375,668	–	-1.83%	–

Q2 2020

			Value		Shares		↓ Weighting
AER	New	AERCAP HOLDINGS NV	$4,420,000	–	143,510	–	12.93%	–
CNQ	New	CANADIAN NAT RES LTD	$2,985,000	–	171,285	–	8.73%	–
URI	New	UNITED RENTALS INC	$2,734,000	–	18,343	–	8.00%	–
COP	New	CONOCOPHILLIPS	$2,452,000	–	58,351	–	7.17%	–
FDX	New	FEDEX CORP	$1,979,000	–	14,115	–	5.79%	–
C	New	CITIGROUP INC	$1,948,000	–	38,119	–	5.70%	–
BPOP	New	POPULAR INC	$1,797,000	–	48,352	–	5.26%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$1,718,000	–	26,148	–	5.03%	–
AGO	New	ASSURED GUARANTY LTD	$1,535,000	–	62,882	–	4.49%	–
MYL	New	MYLAN NV	$1,375,000	–	85,523	–	4.02%	–
AA	New	ALCOA CORP	$1,156,000	–	102,844	–	3.38%	–
LEA	New	LEAR CORP	$1,076,000	–	9,867	–	3.15%	–
RRC	New	RANGE RES CORP	$1,057,000	–	187,681	–	3.09%	–
MGA	New	MAGNA INTL INC	$989,000	–	22,208	–	2.89%	–
EQT	New	EQT CORP	$987,000	–	82,950	–	2.89%	–
CFG	New	CITIZENS FINANCIAL GROUP INC	$961,000	–	38,055	–	2.81%	–
CC	New	CHEMOURS CO	$898,000	–	58,498	–	2.63%	–
ADNT	New	ADIENT PLC	$730,000	–	44,445	–	2.14%	–
NBR	New	NABORS INDUSTRIES LTD	$686,000	–	18,521	–	2.01%	–
KOS	New	KOSMOS ENERGY LTD	$624,000	–	375,668	–	1.83%	–
RCII	New	RENT A CTR INC NEW	$536,000	–	19,276	–	1.57%	–
MBI	New	MBIA INC	$450,000	–	62,072	–	1.32%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$397,000	–	219,320	–	1.16%	–
YRCW	New	YRC WORLDWIDE INC	$350,000	–	189,288	–	1.02%	–
CRCQQ	New	CALIFORNIA RES CORP	$342,000	–	280,284	–	1.00%	–

Q4 2019

			Value		Shares		↓ Weighting
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-259,406	–	-0.91%	–
RRC	Exit	RANGE RES CORP	$0	–	-279,303	–	-1.00%	–
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-248,872	–	-1.24%	–
CC	Exit	CHEMOURS CO	$0	–	-112,790	–	-1.57%	–
YRCW	Exit	YRC WORLDWIDE INC	$0	–	-579,151	–	-1.63%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-978,739	–	-1.71%	–
ADNT	Exit	ADIENT PLC	$0	–	-89,978	–	-1.93%	–
MGA	Exit	MAGNA INTL INC	$0	–	-50,174	–	-2.50%	–
LEA	Exit	LEAR CORP	$0	–	-23,507	–	-2.59%	–
MGY	Exit	MAGNOLIA OIL & GAS CORPcl a	$0	–	-260,333	–	-2.70%	–
C	Exit	CITIGROUP INC	$0	–	-46,939	–	-3.03%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-445,397	–	-3.56%	–
AA	Exit	ALCOA CORP	$0	–	-198,308	–	-3.72%	–
APA	Exit	APACHE CORP	$0	–	-157,679	–	-3.77%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-101,656	–	-3.84%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-75,169	–	-3.84%	–
HTZGQ	Exit	HERTZ GLOBAL HLDGS INC	$0	–	-302,913	–	-3.91%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-73,563	–	-3.91%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-185,253	–	-4.16%	–
BPOP	Exit	POPULAR INC	$0	–	-82,955	–	-4.19%	–
KOS	Exit	KOSMOS ENERGY LTD	$0	–	-795,117	–	-4.63%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-57,779	–	-4.83%	–
MBI	Exit	MBIA INC	$0	–	-604,811	–	-5.21%	–
URI	Exit	UNITED RENTALS INC	$0	–	-57,130	–	-6.65%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-292,972	–	-7.28%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-178,968	–	-7.43%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-867,926	–	-8.26%	–

Q3 2019

			Value		Shares		↓ Weighting
CRCQQ	Buy	CALIFORNIA RES CORP	$8,853,000	-34.6%	867,926	+26.2%	8.26%	-24.2%
AGO	Sell	ASSURED GUARANTY LTD	$7,957,000	-3.5%	178,968	-8.6%	7.43%	+11.8%
CNQ	Buy	CANADIAN NAT RES LTD	$7,802,000	+4.5%	292,972	+5.9%	7.28%	+21.1%
URI	Sell	UNITED RENTALS INC	$7,121,000	-15.2%	57,130	-9.8%	6.65%	-1.8%
MBI	Sell	MBIA INC	$5,582,000	-3.2%	604,811	-2.4%	5.21%	+12.1%
LYB	Buy	LYONDELLBASELL INDUSTRIES N	$5,169,000	+16.5%	57,779	+12.2%	4.83%	+35.0%
KOS	New	KOSMOS ENERGY LTD	$4,962,000	–	795,117	–	4.63%	–
BPOP	Sell	POPULAR INC	$4,486,000	-2.7%	82,955	-2.4%	4.19%	+12.7%
DVN	Sell	DEVON ENERGY CORP NEW	$4,457,000	-45.4%	185,253	-35.3%	4.16%	-36.8%
HTZGQ	Buy	HERTZ GLOBAL HLDGS INC	$4,192,000	+160.2%	302,913	+200.1%	3.91%	+201.5%
COP	Buy	CONOCOPHILLIPS	$4,192,000	+42.8%	73,563	+52.9%	3.91%	+65.5%
AER	Sell	AERCAP HOLDINGS NV	$4,116,000	+2.8%	75,169	-2.4%	3.84%	+19.1%
BHF	Sell	BRIGHTHOUSE FINL INC	$4,114,000	-18.3%	101,656	-25.9%	3.84%	-5.3%
APA	Sell	APACHE CORP	$4,037,000	-47.7%	157,679	-40.8%	3.77%	-39.4%
AA	Buy	ALCOA CORP	$3,980,000	-10.9%	198,308	+3.9%	3.72%	+3.2%
PTEN	Sell	PATTERSON UTI ENERGY INC	$3,808,000	-27.5%	445,397	-2.4%	3.56%	-16.0%
C	Sell	CITIGROUP INC	$3,243,000	-3.7%	46,939	-2.4%	3.03%	+11.6%
MGY	Sell	MAGNOLIA OIL & GAS CORPcl a	$2,890,000	-41.5%	260,333	-38.9%	2.70%	-32.2%
LEA	Sell	LEAR CORP	$2,771,000	-17.4%	23,507	-2.4%	2.59%	-4.3%
MGA	Sell	MAGNA INTL INC	$2,676,000	-21.8%	50,174	-27.2%	2.50%	-9.5%
ADNT	Sell	ADIENT PLC	$2,066,000	-30.5%	89,978	-26.5%	1.93%	-19.5%
NBR	Buy	NABORS INDUSTRIES LTD	$1,830,000	-16.3%	978,739	+29.8%	1.71%	-3.1%
YRCW	Buy	YRC WORLDWIDE INC	$1,749,000	-7.6%	579,151	+23.3%	1.63%	+7.1%
CC	Sell	CHEMOURS CO	$1,685,000	-39.2%	112,790	-2.4%	1.57%	-29.6%
HMHC	Buy	HOUGHTON MIFFLIN HARCOURT CO	$1,326,000	+8.6%	248,872	+17.4%	1.24%	+25.8%
RRC	Sell	RANGE RES CORP	$1,067,000	-46.6%	279,303	-2.4%	1.00%	-38.1%
RRD	Sell	DONNELLEY R R & SONS CO	$978,000	+86.6%	259,406	-2.4%	0.91%	+116.4%
HTZRT	Exit	HERTZ GLOBAL HLDGS INCright 07/12/2019	$0	–	-145,527	–	-0.23%	–
CENX	Exit	CENTURY ALUM CO	$0	–	-191,407	–	-1.07%	–
FTSI	Exit	FTS INTERNATIONAL INC	$0	–	-389,537	–	-1.75%	–

Q2 2019

			Value		Shares		↓ Weighting
CRCQQ	New	CALIFORNIA RES CORP	$13,537,000	–	687,837	–	10.91%	–
URI	New	UNITED RENTALS INC	$8,401,000	–	63,344	–	6.77%	–
AGO	New	ASSURED GUARANTY LTD	$8,243,000	–	195,888	–	6.64%	–
DVN	New	DEVON ENERGY CORP NEW	$8,169,000	–	286,423	–	6.58%	–
APA	New	APACHE CORP	$7,714,000	–	266,283	–	6.22%	–
CNQ	New	CANADIAN NAT RES LTD	$7,464,000	–	276,753	–	6.02%	–
MBI	New	MBIA INC	$5,769,000	–	619,657	–	4.65%	–
PTEN	New	PATTERSON UTI ENERGY INC	$5,252,000	–	456,329	–	4.23%	–
BHF	New	BRIGHTHOUSE FINL INC	$5,034,000	–	137,198	–	4.06%	–
MGY	New	MAGNOLIA OIL & GAS CORPcl a	$4,937,000	–	426,314	–	3.98%	–
BPOP	New	POPULAR INC	$4,610,000	–	84,991	–	3.72%	–
AA	New	ALCOA CORP	$4,469,000	–	190,917	–	3.60%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$4,436,000	–	51,500	–	3.58%	–
AER	New	AERCAP HOLDINGS NV	$4,005,000	–	77,014	–	3.23%	–
MGA	New	MAGNA INTL INC	$3,424,000	–	68,894	–	2.76%	–
C	New	CITIGROUP INC	$3,368,000	–	48,092	–	2.71%	–
LEA	New	LEAR CORP	$3,354,000	–	24,084	–	2.70%	–
ADNT	New	ADIENT PLC	$2,973,000	–	122,489	–	2.40%	–
COP	New	CONOCOPHILLIPS	$2,935,000	–	48,120	–	2.36%	–
CC	New	CHEMOURS CO	$2,773,000	–	115,558	–	2.24%	–
NBR	New	NABORS INDUSTRIES LTD	$2,187,000	–	754,021	–	1.76%	–
FTSI	New	FTS INTERNATIONAL INC	$2,174,000	–	389,537	–	1.75%	–
RRC	New	RANGE RES CORP	$1,997,000	–	286,158	–	1.61%	–
YRCW	New	YRC WORLDWIDE INC	$1,892,000	–	469,586	–	1.52%	–
HTZGQ	New	HERTZ GLOBAL HLDGS INC	$1,611,000	–	100,938	–	1.30%	–
CENX	New	CENTURY ALUM CO	$1,323,000	–	191,407	–	1.07%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$1,221,000	–	212,014	–	0.98%	–
RRD	New	DONNELLEY R R & SONS CO	$524,000	–	265,774	–	0.42%	–
HTZRT	New	HERTZ GLOBAL HLDGS INCright 07/12/2019	$284,000	–	145,527	–	0.23%	–

Q4 2018

			Value		Shares		↓ Weighting
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-181,992	–	-0.51%	–
YRCW	Exit	YRC WORLDWIDE INC	$0	–	-249,864	–	-0.90%	–
FTSI	Exit	FTS INTERNATIONAL INC	$0	–	-234,261	–	-1.10%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-738,115	–	-1.51%	–
ADNT	Exit	ADIENT PLC	$0	–	-115,300	–	-1.81%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-49,357	–	-1.88%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-900,825	–	-1.95%	–
BAC	Exit	BANK AMER CORP	$0	–	-174,130	–	-2.05%	–
RRC	Exit	RANGE RES CORP	$0	–	-322,551	–	-2.19%	–
MGY	Exit	MAGNOLIA OIL & GAS CORPcl a	$0	–	-399,215	–	-2.40%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-993,208	–	-2.45%	–
HTZGQ	Exit	HERTZ GLOBAL HLDGS INC	$0	–	-393,333	–	-2.57%	–
BPOP	Exit	POPULAR INC	$0	–	-146,263	–	-3.00%	–
REN	Exit	RESOLUTE ENERGY CORP	$0	–	-205,382	–	-3.11%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-135,555	–	-3.12%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-101,458	–	-3.14%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-180,743	–	-3.20%	–
AA	Exit	ALCOA CORP	$0	–	-234,762	–	-3.80%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-594,432	–	-4.07%	–
C	Exit	CITIGROUP INC	$0	–	-157,844	–	-4.53%	–
MBI	Exit	MBIA INC	$0	–	-1,082,425	–	-4.63%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-209,561	–	-5.65%	–
APA	Exit	APACHE CORP	$0	–	-302,570	–	-5.77%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-357,174	–	-6.04%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-378,633	–	-6.05%	–
DNRCQ	Exit	DENBURY RES INC	$0	–	-2,764,344	–	-6.86%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-808,750	–	-15.71%	–

Q3 2018

			Value		Shares		↓ Weighting
CRCQQ	Sell	CALIFORNIA RES CORP	$39,249,000	+0.2%	808,750	-6.2%	15.71%	-3.8%
DNRCQ	Sell	DENBURY RES INC	$17,139,000	+12.2%	2,764,344	-12.9%	6.86%	+7.7%
DVN	Buy	DEVON ENERGY CORP NEW	$15,123,000	-8.7%	378,633	+0.5%	6.05%	-12.3%
AGO	Buy	ASSURED GUARANTY LTD	$15,083,000	+18.8%	357,174	+0.5%	6.04%	+14.1%
APA	Sell	APACHE CORP	$14,424,000	-9.8%	302,570	-11.5%	5.77%	-13.4%
APC	Buy	ANADARKO PETE CORP	$14,126,000	+6.5%	209,561	+15.7%	5.65%	+2.3%
MBI	Sell	MBIA INC	$11,571,000	+0.6%	1,082,425	-14.9%	4.63%	-3.4%
C	Buy	CITIGROUP INC	$11,324,000	+7.8%	157,844	+0.5%	4.53%	+3.5%
PTEN	Sell	PATTERSON UTI ENERGY INC	$10,171,000	-22.8%	594,432	-18.8%	4.07%	-25.9%
AA	Buy	ALCOA CORP	$9,485,000	+13.4%	234,762	+31.6%	3.80%	+8.9%
BHF	Buy	BRIGHTHOUSE FINL INC	$7,996,000	+44.8%	180,743	+31.2%	3.20%	+39.0%
COP	Buy	CONOCOPHILLIPS	$7,853,000	+11.8%	101,458	+0.5%	3.14%	+7.3%
AER	Buy	AERCAP HOLDINGS NV	$7,797,000	+6.8%	135,555	+0.5%	3.12%	+2.5%
REN	Buy	RESOLUTE ENERGY CORP	$7,765,000	+21.8%	205,382	+0.5%	3.11%	+17.0%
BPOP	Sell	POPULAR INC	$7,496,000	-13.9%	146,263	-24.1%	3.00%	-17.4%
HTZGQ	Sell	HERTZ GLOBAL HLDGS INC	$6,423,000	-20.2%	393,333	-25.0%	2.57%	-23.4%
NBR	Buy	NABORS INDUSTRIES LTD	$6,118,000	-3.4%	993,208	+0.5%	2.45%	-7.3%
MGY	New	MAGNOLIA OIL & GAS CORPcl a	$5,992,000	–	399,215	–	2.40%	–
RRC	Buy	RANGE RES CORP	$5,480,000	+2.1%	322,551	+0.5%	2.19%	-2.0%
BAC	Sell	BANK AMER CORP	$5,130,000	-27.3%	174,130	-30.5%	2.05%	-30.2%
RRD	Buy	DONNELLEY R R & SONS CO	$4,865,000	-5.8%	900,825	+0.5%	1.95%	-9.5%
COF	New	CAPITAL ONE FINL CORP	$4,686,000	–	49,357	–	1.88%	–
ADNT	Buy	ADIENT PLC	$4,532,000	+3.2%	115,300	+29.2%	1.81%	-0.9%
SWN	Buy	SOUTHWESTERN ENERGY CO	$3,772,000	-3.1%	738,115	+0.5%	1.51%	-6.9%
FTSI	New	FTS INTERNATIONAL INC	$2,762,000	–	234,261	–	1.10%	–
YRCW	Buy	YRC WORLDWIDE INC	$2,243,000	+97.6%	249,864	+121.1%	0.90%	+89.9%
HMHC	Buy	HOUGHTON MIFFLIN HARCOURT CO	$1,274,000	+19.8%	181,992	+31.0%	0.51%	+15.1%
MUR	Exit	MURPHY OIL CORP	$0	–	-179,106	–	-2.52%	–

Q2 2018

			Value		Shares		↓ Weighting
CRCQQ	New	CALIFORNIA RES CORP	$39,162,000	–	861,844	–	16.32%	–
DVN	New	DEVON ENERGY CORP NEW	$16,557,000	–	376,623	–	6.90%	–
APA	New	APACHE CORP	$15,990,000	–	342,035	–	6.66%	–
DNRCQ	New	DENBURY RES INC	$15,274,000	–	3,175,522	–	6.37%	–
APC	New	ANADARKO PETE CORP	$13,263,000	–	181,067	–	5.53%	–
PTEN	New	PATTERSON UTI ENERGY INC	$13,179,000	–	732,133	–	5.49%	–
AGO	New	ASSURED GUARANTY LTD	$12,695,000	–	355,278	–	5.29%	–
MBI	New	MBIA INC	$11,498,000	–	1,271,925	–	4.79%	–
C	New	CITIGROUP INC	$10,507,000	–	157,006	–	4.38%	–
BPOP	New	POPULAR INC	$8,710,000	–	192,663	–	3.63%	–
AA	New	ALCOA CORP	$8,362,000	–	178,361	–	3.48%	–
HTZGQ	New	HERTZ GLOBAL HLDGS INC	$8,047,000	–	524,630	–	3.35%	–
AER	New	AERCAP HOLDINGS NV	$7,301,000	–	134,835	–	3.04%	–
BAC	New	BANK AMER CORP	$7,060,000	–	250,447	–	2.94%	–
COP	New	CONOCOPHILLIPS	$7,026,000	–	100,920	–	2.93%	–
REN	New	RESOLUTE ENERGY CORP	$6,374,000	–	204,292	–	2.66%	–
NBR	New	NABORS INDUSTRIES LTD	$6,333,000	–	987,935	–	2.64%	–
MUR	New	MURPHY OIL CORP	$6,048,000	–	179,106	–	2.52%	–
BHF	New	BRIGHTHOUSE FINL INC	$5,522,000	–	137,797	–	2.30%	–
RRC	New	RANGE RES CORP	$5,368,000	–	320,839	–	2.24%	–
RRD	New	DONNELLEY R R & SONS CO	$5,162,000	–	896,042	–	2.15%	–
ADNT	New	ADIENT PLC	$4,390,000	–	89,245	–	1.83%	–
SWN	New	SOUTHWESTERN ENERGY CO	$3,891,000	–	734,196	–	1.62%	–
YRCW	New	YRC WORLDWIDE INC	$1,135,000	–	113,005	–	0.47%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$1,063,000	–	138,950	–	0.44%	–

Q4 2017

			Value		Shares		↓ Weighting
DNRCQ	Exit	DENBURY RES INCcall	$0	–	-900,000	–	-0.51%	–
QUAD	Exit	QUAD / GRAPHICS INC	$0	–	-107,843	–	-1.03%	–
HOG	Exit	HARLEY DAVIDSON INCput	$0	–	-50,800	–	-1.03%	–
REN	Exit	RESOLUTE ENERGY CORP	$0	–	-102,295	–	-1.28%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-69,444	–	-1.52%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-658,959	–	-1.69%	–
ROL	Exit	ROLLINS INCput	$0	–	-89,000	–	-1.73%	–
QEP	Exit	QEP RES INC	$0	–	-504,317	–	-1.82%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-121,570	–	-2.01%	–
LKSDQ	Exit	LSC COMMUNICATIONS INC	$0	–	-291,065	–	-2.02%	–
RRC	Exit	RANGE RES CORP	$0	–	-287,960	–	-2.37%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-717,816	–	-2.44%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-117,275	–	-2.47%	–
DNRCQ	Exit	DENBURY RES INC	$0	–	-4,759,936	–	-2.68%	–
BPOP	Exit	POPULAR INC	$0	–	-196,990	–	-2.98%	–
MUR	Exit	MURPHY OIL CORP	$0	–	-272,583	–	-3.05%	–
RCII	Exit	RENT A CTR INC NEW	$0	–	-679,608	–	-3.28%	–
HTZGQ	Exit	HERTZ GLOBAL HLDGS INC	$0	–	-352,230	–	-3.31%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-767,676	–	-3.38%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-947,288	–	-4.11%	–
BAC	Exit	BANK AMER CORP	$0	–	-402,209	–	-4.29%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-492,005	–	-4.34%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-171,869	–	-4.44%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-290,806	–	-4.49%	–
APA	Exit	APACHE CORPcall	$0	–	-233,200	–	-4.50%	–
C	Exit	CITIGROUP INC	$0	–	-167,745	–	-5.14%	–
AA	Exit	ALCOA CORP	$0	–	-288,685	–	-5.66%	–
APA	Exit	APACHE CORP	$0	–	-306,985	–	-5.92%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-388,229	–	-6.17%	–
MBI	Exit	MBIA INC	$0	–	-2,827,186	–	-10.35%	–

Q3 2017

			Value		Shares		↓ Weighting
MBI	Sell	MBIA INC	$24,596,000	-23.3%	2,827,186	-16.8%	10.35%	-1.8%
AGO	Sell	ASSURED GUARANTY LTD	$14,656,000	-35.4%	388,229	-28.6%	6.17%	-17.4%
APA	Sell	APACHE CORP	$14,060,000	-13.5%	306,985	-9.5%	5.92%	+10.7%
AA	Sell	ALCOA CORP	$13,458,000	+18.9%	288,685	-16.8%	5.66%	+52.1%
C	Sell	CITIGROUP INC	$12,202,000	-9.5%	167,745	-16.8%	5.14%	+15.8%
APA	Sell	APACHE CORPcall	$10,681,000	-21.3%	233,200	-17.7%	4.50%	+0.6%
DVN	Sell	DEVON ENERGY CORP NEW	$10,675,000	-4.4%	290,806	-16.8%	4.49%	+22.2%
AIG	Sell	AMERICAN INTL GROUP INC	$10,551,000	-18.3%	171,869	-16.8%	4.44%	+4.5%
PTEN	Sell	PATTERSON UTI ENERGY INC	$10,302,000	-3.7%	492,005	-7.2%	4.34%	+23.2%
BAC	Sell	BANK AMER CORP	$10,192,000	-13.1%	402,209	-16.8%	4.29%	+11.2%
RRD	Buy	DONNELLEY R R & SONS CO	$9,757,000	-16.0%	947,288	+2.2%	4.11%	+7.4%
CRCQQ	Sell	CALIFORNIA RES CORP	$8,029,000	+1.7%	767,676	-16.8%	3.38%	+30.2%
HTZGQ	Sell	HERTZ GLOBAL HLDGS INC	$7,876,000	+35.8%	352,230	-30.1%	3.31%	+73.7%
RCII	Sell	RENT A CTR INC NEW	$7,802,000	-8.9%	679,608	-7.0%	3.28%	+16.5%
MUR	Sell	MURPHY OIL CORP	$7,240,000	-33.7%	272,583	-36.0%	3.05%	-15.2%
BPOP	Sell	POPULAR INC	$7,080,000	-21.9%	196,990	-9.4%	2.98%	-0.1%
DNRCQ	Buy	DENBURY RES INC	$6,378,000	+21.5%	4,759,936	+38.8%	2.68%	+55.4%
COP	Sell	CONOCOPHILLIPS	$5,870,000	-31.9%	117,275	-40.2%	2.47%	-12.9%
NBR	Buy	NABORS INDUSTRIES LTD	$5,793,000	+1.8%	717,816	+2.7%	2.44%	+30.3%
RRC	Buy	RANGE RES CORP	$5,636,000	-12.5%	287,960	+3.6%	2.37%	+11.9%
LKSDQ	Buy	LSC COMMUNICATIONS INC	$4,806,000	-0.2%	291,065	+29.3%	2.02%	+27.6%
MU	Sell	MICRON TECHNOLOGY INC	$4,781,000	-14.0%	121,570	-34.7%	2.01%	+10.1%
QEP	Sell	QEP RES INC	$4,322,000	-29.4%	504,317	-16.8%	1.82%	-9.6%
SWN	Sell	SOUTHWESTERN ENERGY CO	$4,026,000	-16.4%	658,959	-16.8%	1.69%	+6.9%
HP	Sell	HELMERICH & PAYNE INC	$3,618,000	-20.2%	69,444	-16.8%	1.52%	+2.1%
REN	Sell	RESOLUTE ENERGY CORP	$3,037,000	-17.0%	102,295	-16.8%	1.28%	+6.2%
HOG	New	HARLEY DAVIDSON INCput	$2,449,000	–	50,800	–	1.03%	–
QUAD	Sell	QUAD / GRAPHICS INC	$2,438,000	-37.1%	107,843	-36.3%	1.03%	-19.6%
SRCL	Exit	STERICYCLE INCput	$0	–	-18,000	–	-0.45%	–
SNA	Exit	SNAP ON INCput	$0	–	-10,000	–	-0.52%	–
NVDA	Exit	NVIDIA CORPput	$0	–	-21,700	–	-1.03%	–
DVN	Exit	DEVON ENERGY CORP NEWcall	$0	–	-100,000	–	-1.05%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INCput	$0	–	-60,000	–	-1.14%	–
MBI	Exit	MBIA INCcall	$0	–	-500,000	–	-1.55%	–
CPB	Exit	CAMPBELL SOUP COput	$0	–	-110,000	–	-1.89%	–
INTU	Exit	INTUITput	$0	–	-50,000	–	-2.18%	–

Q2 2017

			Value		Shares		↓ Weighting
MBI	New	MBIA INC	$32,052,000	–	3,398,935	–	10.54%	–
AGO	New	ASSURED GUARANTY LTD	$22,691,000	–	543,608	–	7.46%	–
APA	New	APACHE CORP	$16,250,000	–	339,051	–	5.35%	–
APA	New	APACHE CORPcall	$13,574,000	–	283,200	–	4.47%	–
C	New	CITIGROUP INC	$13,478,000	–	201,529	–	4.43%	–
AIG	New	AMERICAN INTL GROUP INC	$12,909,000	–	206,487	–	4.25%	–
BAC	New	BANK AMER CORP	$11,723,000	–	483,223	–	3.86%	–
RRD	New	DONNELLEY R R & SONS CO	$11,617,000	–	926,472	–	3.82%	–
AA	New	ALCOA CORP	$11,323,000	–	346,806	–	3.72%	–
DVN	New	DEVON ENERGY CORP NEW	$11,170,000	–	349,399	–	3.68%	–
MUR	New	MURPHY OIL CORP	$10,921,000	–	426,106	–	3.59%	–
PTEN	New	PATTERSON UTI ENERGY INC	$10,699,000	–	529,959	–	3.52%	–
BPOP	New	POPULAR INC	$9,065,000	–	217,338	–	2.98%	–
COP	New	CONOCOPHILLIPS	$8,616,000	–	195,999	–	2.84%	–
RCII	New	RENT A CTR INC NEW	$8,564,000	–	730,742	–	2.82%	–
CRCQQ	New	CALIFORNIA RES CORP	$7,892,000	–	923,054	–	2.60%	–
INTU	New	INTUITput	$6,641,000	–	50,000	–	2.18%	–
RRC	New	RANGE RES CORP	$6,442,000	–	278,053	–	2.12%	–
QEP	New	QEP RES INC	$6,120,000	–	605,892	–	2.01%	–
HTZGQ	New	HERTZ GLOBAL HLDGS INC	$5,798,000	–	504,218	–	1.91%	–
CPB	New	CAMPBELL SOUP COput	$5,737,000	–	110,000	–	1.89%	–
NBR	New	NABORS INDUSTRIES LTD	$5,688,000	–	698,715	–	1.87%	–
MU	New	MICRON TECHNOLOGY INC	$5,557,000	–	186,086	–	1.83%	–
DNRCQ	New	DENBURY RES INC	$5,248,000	–	3,429,905	–	1.73%	–
LKSDQ	New	LSC COMMUNICATIONS INC	$4,817,000	–	225,119	–	1.58%	–
SWN	New	SOUTHWESTERN ENERGY CO	$4,814,000	–	791,670	–	1.58%	–
MBI	New	MBIA INCcall	$4,715,000	–	500,000	–	1.55%	–
HP	New	HELMERICH & PAYNE INC	$4,533,000	–	83,431	–	1.49%	–
QUAD	New	QUAD / GRAPHICS INC	$3,879,000	–	169,243	–	1.28%	–
REN	New	RESOLUTE ENERGY CORP	$3,658,000	–	122,900	–	1.20%	–
ROL	New	ROLLINS INCput	$3,623,000	–	89,000	–	1.19%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INCput	$3,476,000	–	60,000	–	1.14%	–
DVN	New	DEVON ENERGY CORP NEWcall	$3,197,000	–	100,000	–	1.05%	–
NVDA	New	NVIDIA CORPput	$3,137,000	–	21,700	–	1.03%	–
SNA	New	SNAP ON INCput	$1,580,000	–	10,000	–	0.52%	–
DNRCQ	New	DENBURY RES INCcall	$1,377,000	–	900,000	–	0.45%	–
SRCL	New	STERICYCLE INCput	$1,374,000	–	18,000	–	0.45%	–

Q4 2016

			Value		Shares		↓ Weighting
VRX	Exit	VALEANT PHARMACEUTICALS INTLput	$0	–	-79,000	–	-0.46%	–
NMBL	Exit	NIMBLE STORAGE INC	$0	–	-414,203	–	-0.86%	–
DNRCQ	Exit	DENBURY RES INCcall	$0	–	-1,294,000	–	-0.99%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-347,993	–	-1.46%	–
MBI	Exit	MBIA INCcall	$0	–	-841,300	–	-1.54%	–
NAVI	Exit	NAVIENT CORP	$0	–	-486,710	–	-1.66%	–
AA	Exit	ALCOA INC	$0	–	-717,196	–	-1.72%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-111,426	–	-1.77%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-658,709	–	-1.89%	–
HTZGQ	Exit	HERTZ GLOBAL HLDGS INC	$0	–	-219,965	–	-2.08%	–
RCII	Exit	RENT A CTR INC NEW	$0	–	-706,406	–	-2.10%	–
QEP	Exit	QEP RES INC	$0	–	-478,808	–	-2.20%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-749,041	–	-2.21%	–
RRC	Exit	RANGE RES CORP	$0	–	-260,793	–	-2.38%	–
DNRCQ	Exit	DENBURY RES INC	$0	–	-3,199,391	–	-2.44%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-781,417	–	-2.55%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-198,352	–	-2.78%	–
BAC	Exit	BANK AMER CORP	$0	–	-756,135	–	-2.79%	–
BPOP	Exit	POPULAR INC	$0	–	-314,053	–	-2.83%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-834,816	–	-3.09%	–
C	Exit	CITIGROUP INC	$0	–	-278,251	–	-3.10%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-302,156	–	-3.14%	–
QUAD	Exit	QUAD / GRAPHICS INC	$0	–	-506,062	–	-3.19%	–
APA	Exit	APACHE CORPcall	$0	–	-233,200	–	-3.51%	–
MUR	Exit	MURPHY OIL CORP	$0	–	-579,568	–	-4.16%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-847,322	–	-4.47%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-718,491	–	-4.70%	–
APA	Exit	APACHE CORP	$0	–	-342,115	–	-5.15%	–
MBI	Exit	MBIA Inc	$0	–	-3,321,971	–	-6.10%	–
IWM	Exit	ISHARES TRput	$0	–	-774,200	–	-22.68%	–

Q3 2016

			Value		Shares		↓ Weighting
IWM	Buy	ISHARES TRput	$96,163,000	+11.4%	774,200	+3.1%	22.68%	+9.1%
MBI	Sell	MBIA Inc	$25,878,000	+8.4%	3,321,971	-4.9%	6.10%	+6.2%
APA	Sell	APACHE CORP	$21,851,000	+2.3%	342,115	-10.8%	5.15%	+0.2%
AGO	Sell	ASSURED GUARANTY LTD	$19,938,000	+0.7%	718,491	-7.9%	4.70%	-1.4%
PTEN	Buy	PATTERSON UTI ENERGY INC	$18,955,000	+9.5%	847,322	+4.4%	4.47%	+7.2%
MUR	Buy	MURPHY OIL CORP	$17,619,000	+0.5%	579,568	+4.9%	4.16%	-1.6%
APA	New	APACHE CORPcall	$14,894,000	–	233,200	–	3.51%	–
QUAD	Sell	QUAD / GRAPHICS INC	$13,522,000	-27.5%	506,062	-36.8%	3.19%	-29.0%
DVN	Sell	DEVON ENERGY CORP NEW	$13,328,000	+15.7%	302,156	-4.9%	3.14%	+13.3%
C	Sell	CITIGROUP INC	$13,142,000	+6.0%	278,251	-4.9%	3.10%	+3.8%
RRD	Sell	DONNELLEY R R & SONS CO	$13,123,000	-48.0%	834,816	-44.0%	3.09%	-49.1%
BPOP	Sell	POPULAR INC	$12,003,000	+24.1%	314,053	-4.9%	2.83%	+21.5%
BAC	Sell	BANK AMER CORP	$11,834,000	+12.2%	756,135	-4.9%	2.79%	+9.8%
AIG	Sell	AMERICAN INTL GROUP INC	$11,770,000	+6.7%	198,352	-4.9%	2.78%	+4.5%
SWN	Sell	SOUTHWESTERN ENERGY CO	$10,815,000	+4.6%	781,417	-4.9%	2.55%	+2.5%
DNRCQ	Sell	DENBURY RES INC	$10,334,000	-14.4%	3,199,391	-4.9%	2.44%	-16.2%
RRC	Buy	RANGE RES CORP	$10,106,000	-0.2%	260,793	+11.1%	2.38%	-2.3%
CRCQQ	Buy	CALIFORNIA RES CORP	$9,363,000	+24.3%	749,041	+21.3%	2.21%	+21.7%
QEP	Sell	QEP RES INC	$9,351,000	+5.4%	478,808	-4.9%	2.20%	+3.2%
RCII	Buy	RENT A CTR INC NEW	$8,929,000	+6.2%	706,406	+3.2%	2.10%	+4.0%
HTZGQ	New	HERTZ GLOBAL HLDGS INC	$8,834,000	–	219,965	–	2.08%	–
NBR	Sell	NABORS INDUSTRIES LTD	$8,010,000	+15.1%	658,709	-4.9%	1.89%	+12.7%
HP	Sell	HELMERICH & PAYNE INC	$7,499,000	-4.6%	111,426	-4.9%	1.77%	-6.6%
AA	Sell	ALCOA INC	$7,272,000	+4.0%	717,196	-4.9%	1.72%	+1.9%
NAVI	Sell	NAVIENT CORP	$7,043,000	+15.2%	486,710	-4.9%	1.66%	+12.8%
MBI	Sell	MBIA INCcall	$6,554,000	+8.5%	841,300	-4.9%	1.54%	+6.2%
MU	Buy	MICRON TECHNOLOGY INC	$6,187,000	+77.2%	347,993	+37.2%	1.46%	+73.5%
DNRCQ	Sell	DENBURY RES INCcall	$4,180,000	-14.4%	1,294,000	-4.9%	0.99%	-16.1%
NMBL	Sell	NIMBLE STORAGE INC	$3,657,000	+5.5%	414,203	-4.9%	0.86%	+3.2%
VRX	Sell	VALEANT PHARMACEUTICALS INTLput	$1,939,000	+13.9%	79,000	-6.5%	0.46%	+11.5%
ASNA	Exit	ASCENA RETAIL GROUP INC	$0	–	-303,778	–	-0.51%	–
TDG	Exit	TRANSDIGM GROUP INCput	$0	–	-18,300	–	-1.16%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-236,961	–	-1.98%	–
HRI	Exit	HERC HLDGS INC	$0	–	-910,836	–	-2.43%	–

Q2 2016

			Value		Shares		↓ Weighting
IWM	New	ISHARES TRput	$86,304,000	–	750,600	–	20.78%	–
RRD	New	DONNELLEY R R & SONS CO	$25,224,000	–	1,490,806	–	6.07%	–
MBI	New	MBIA INC	$23,869,000	–	3,494,726	–	5.75%	–
APA	New	APACHE CORP	$21,362,000	–	383,716	–	5.14%	–
AGO	New	ASSURED GUARANTY LTD	$19,796,000	–	780,278	–	4.77%	–
QUAD	New	QUAD / GRAPHICS INC	$18,642,000	–	800,428	–	4.49%	–
MUR	New	MURPHY OIL CORP	$17,538,000	–	552,373	–	4.22%	–
PTEN	New	PATTERSON UTI ENERGY INC	$17,311,000	–	811,966	–	4.17%	–
C	New	CITIGROUP INC	$12,400,000	–	292,537	–	2.99%	–
DNRCQ	New	DENBURY RES INC	$12,076,000	–	3,363,682	–	2.91%	–
DVN	New	DEVON ENERGY CORP NEW	$11,521,000	–	317,809	–	2.77%	–
AIG	New	AMERICAN INTL GROUP INC	$11,029,000	–	208,535	–	2.66%	–
BAC	New	BANK AMER CORP	$10,549,000	–	794,956	–	2.54%	–
SWN	New	SOUTHWESTERN ENERGY CO	$10,335,000	–	821,543	–	2.49%	–
RRC	New	RANGE RES CORP	$10,129,000	–	234,775	–	2.44%	–
HRI	New	HERC HLDGS INC	$10,083,000	–	910,836	–	2.43%	–
BPOP	New	POPULAR INC	$9,674,000	–	330,180	–	2.33%	–
QEP	New	QEP RES INC	$8,875,000	–	503,393	–	2.14%	–
RCII	New	RENT A CTR INC NEW	$8,410,000	–	684,819	–	2.02%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$8,206,000	–	236,961	–	1.98%	–
HP	New	HELMERICH & PAYNE INC	$7,864,000	–	117,153	–	1.89%	–
CRCQQ	New	CALIFORNIA RES CORP	$7,534,000	–	617,601	–	1.81%	–
AA	New	ALCOA INC	$6,989,000	–	754,030	–	1.68%	–
NBR	New	NABORS INDUSTRIES LTD	$6,960,000	–	692,551	–	1.68%	–
NAVI	New	NAVIENT CORP	$6,114,000	–	511,703	–	1.47%	–
MBI	New	MBIA INCcall	$6,041,000	–	884,500	–	1.46%	–
DNRCQ	New	DENBURY RES INCcall	$4,882,000	–	1,360,000	–	1.18%	–
TDG	New	TRANSDIGM GROUP INCput	$4,826,000	–	18,300	–	1.16%	–
MU	New	MICRON TECHNOLOGY INC	$3,491,000	–	253,720	–	0.84%	–
NMBL	New	NIMBLE STORAGE INC	$3,466,000	–	435,472	–	0.84%	–
ASNA	New	ASCENA RETAIL GROUP INC	$2,123,000	–	303,778	–	0.51%	–
VRX	New	VALEANT PHARMACEUTICALS INTLput	$1,702,000	–	84,500	–	0.41%	–

Q4 2015

			Value		Shares		↓ Weighting
AROPQ	Exit	AEROPOSTALEcall	$0	–	-1,136,800	–	-0.10%	–
AROPQ	Exit	AEROPOSTALE	$0	–	-3,191,262	–	-0.29%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-168,336	–	-0.38%	–
SGMS	Exit	SCIENTIFIC GAMES CORPcl a	$0	–	-315,372	–	-0.48%	–
ANF	Exit	ABERCROMBIE & FITCH COcl a	$0	–	-397,162	–	-1.22%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-3,514,079	–	-1.33%	–
NAVI	Exit	NAVIENT CORP	$0	–	-850,696	–	-1.39%	–
PRGS	Exit	PROGRESS SOFTWARE CORP	$0	–	-372,319	–	-1.40%	–
UPLMQ	Exit	ULTRA PETROLEUM CORP	$0	–	-1,604,948	–	-1.49%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-698,272	–	-1.49%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-883,463	–	-1.63%	–
ASNA	Exit	ASCENA RETAIL GROUP INC	$0	–	-825,810	–	-1.67%	–
QUAD	Exit	QUAD / GRAPHICS INC	$0	–	-1,047,716	–	-1.84%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-295,630	–	-2.03%	–
BPOP	Exit	POPULAR INC	$0	–	-491,893	–	-2.16%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-919,744	–	-2.24%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-834,621	–	-2.30%	–
DNRCQ	Exit	DENBURY RES INC	$0	–	-6,474,743	–	-2.30%	–
MUR	Exit	MURPHY OIL CORP	$0	–	-675,168	–	-2.38%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-416,815	–	-2.41%	–
QEP	Exit	QEP RES INC	$0	–	-1,331,579	–	-2.43%	–
TEX	Exit	TEREX CORP NEW	$0	–	-994,256	–	-2.60%	–
AA	Exit	ALCOA INC	$0	–	-1,969,240	–	-2.77%	–
RCII	Exit	RENT A CTR INC NEW	$0	–	-786,111	–	-2.77%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,255,059	–	-2.85%	–
JBL	Exit	JABIL CIRCUIT INC	$0	–	-924,090	–	-3.01%	–
C	Exit	CITIGROUP INC	$0	–	-444,273	–	-3.21%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-1,735,191	–	-3.32%	–
APA	Exit	APACHE CORP	$0	–	-675,088	–	-3.85%	–
MBI	Exit	MBIA INC	$0	–	-5,193,539	–	-4.60%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-2,414,585	–	-5.12%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-1,544,700	–	-5.62%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-297,500	–	-8.30%	–
IWM	Exit	ISHARES TRput	$0	–	-1,197,500	–	-19.03%	–

Q3 2015

			Value		Shares		↓ Weighting
IWM	Buy	ISHARES TRput	$130,767,000	+17.0%	1,197,500	+33.8%	19.03%	+36.4%
SPY	Sell	SPDR S&P 500 ETF TRput	$57,010,000	-39.1%	297,500	-34.6%	8.30%	-29.1%
RRD	Buy	DONNELLEY R R & SONS CO	$35,156,000	-5.7%	2,414,585	+12.9%	5.12%	+9.9%
MBI	Buy	MBIA INC	$31,577,000	+3.0%	5,193,539	+1.8%	4.60%	+20.0%
APA	Buy	APACHE CORP	$26,436,000	-22.0%	675,088	+14.8%	3.85%	-9.2%
PTEN	Buy	PATTERSON UTI ENERGY INC	$22,800,000	-9.6%	1,735,191	+29.4%	3.32%	+5.3%
C	Buy	CITIGROUP INC	$22,040,000	-2.8%	444,273	+8.2%	3.21%	+13.2%
JBL	Sell	JABIL CIRCUIT INC	$20,672,000	+3.0%	924,090	-1.9%	3.01%	+20.1%
BAC	New	BANK AMER CORP	$19,554,000	–	1,255,059	–	2.85%	–
RCII	Buy	RENT A CTR INC NEW	$19,063,000	-13.1%	786,111	+1.6%	2.77%	+1.2%
AA	Buy	ALCOA INC	$19,023,000	-10.9%	1,969,240	+2.9%	2.77%	+3.9%
TEX	Buy	TEREX CORP NEW	$17,837,000	-6.6%	994,256	+21.1%	2.60%	+8.8%
QEP	Buy	QEP RES INC	$16,685,000	-16.0%	1,331,579	+24.2%	2.43%	-2.1%
CBI	Buy	CHICAGO BRIDGE & IRON CO N V	$16,531,000	-7.0%	416,815	+17.3%	2.41%	+8.3%
MUR	Sell	MURPHY OIL CORP	$16,339,000	-42.9%	675,168	-1.9%	2.38%	-33.5%
DNRCQ	Buy	DENBURY RES INC	$15,798,000	-49.1%	6,474,743	+32.6%	2.30%	-40.7%
FITB	Buy	FIFTH THIRD BANCORP	$15,783,000	+7.8%	834,621	+18.7%	2.30%	+25.7%
HTZ	Sell	HERTZ GLOBAL HOLDINGS INC	$15,387,000	-15.1%	919,744	-8.0%	2.24%	-1.1%
HP	New	HELMERICH & PAYNE INC	$13,971,000	–	295,630	–	2.03%	–
QUAD	Buy	QUAD / GRAPHICS INC	$12,677,000	-10.0%	1,047,716	+37.7%	1.84%	+4.8%
ASNA	Sell	ASCENA RETAIL GROUP INC	$11,487,000	-48.6%	825,810	-38.5%	1.67%	-40.1%
SWN	New	SOUTHWESTERN ENERGY CO	$11,211,000	–	883,463	–	1.63%	–
AMAT	New	APPLIED MATLS INC	$10,258,000	–	698,272	–	1.49%	–
UPLMQ	Buy	ULTRA PETROLEUM CORP	$10,256,000	-13.1%	1,604,948	+70.2%	1.49%	+1.2%
PRGS	Sell	PROGRESS SOFTWARE CORP	$9,617,000	-7.9%	372,319	-2.0%	1.40%	+7.3%
NAVI	New	NAVIENT CORP	$9,562,000	–	850,696	–	1.39%	–
CRC	Buy	CALIFORNIA RES CORP	$9,137,000	-23.0%	3,514,079	+78.9%	1.33%	-10.3%
ANF	Sell	ABERCROMBIE & FITCH COcl a	$8,416,000	-34.0%	397,162	-33.0%	1.22%	-23.1%
SGMS	Buy	SCIENTIFIC GAMES CORPcl a	$3,296,000	-22.4%	315,372	+15.4%	0.48%	-9.4%
MRO	New	MARATHON OIL CORP	$2,592,000	–	168,336	–	0.38%	–
AROPQ	Sell	AEROPOSTALE	$1,979,000	-62.4%	3,191,262	-1.9%	0.29%	-56.2%
AEIS	Exit	ADVANCED ENERGY INDS	$0	–	-225,205	–	-0.77%	–
TER	Exit	TERADYNE INC	$0	–	-426,715	–	-1.03%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-95,391	–	-2.49%	–
DFODQ	Exit	DEAN FOODS CO NEW	$0	–	-1,383,640	–	-2.80%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-489,931	–	-3.78%	–

Q2 2015

			Value		Shares		↓ Weighting
IWM	New	ISHARES TRput	$111,732,000	–	895,000	–	13.96%	–
SPY	New	SPDR S&P 500 ETF TRput	$93,680,000	–	455,000	–	11.70%	–
RRD	New	DONNELLEY R R & SONS CO	$37,265,000	–	2,137,966	–	4.66%	–
AGO	New	ASSURED GUARANTY LTD	$37,057,000	–	1,544,700	–	4.63%	–
APA	New	APACHE CORP	$33,904,000	–	588,310	–	4.24%	–
DNRCQ	New	DENBURY RES INC	$31,058,000	–	4,883,269	–	3.88%	–
MBI	New	MBIA INC	$30,650,000	–	5,099,789	–	3.83%	–
AIG	New	AMERICAN INTL GROUP INC	$30,288,000	–	489,931	–	3.78%	–
MUR	New	MURPHY OIL CORP	$28,612,000	–	688,273	–	3.57%	–
PTEN	New	PATTERSON UTI ENERGY INC	$25,222,000	–	1,340,509	–	3.15%	–
C	New	CITIGROUP INC	$22,680,000	–	410,564	–	2.83%	–
DFODQ	New	DEAN FOODS CO NEW	$22,373,000	–	1,383,640	–	2.80%	–
ASNA	New	ASCENA RETAIL GROUP INC	$22,361,000	–	1,342,578	–	2.79%	–
RCII	New	RENT A CTR INC NEW	$21,937,000	–	773,785	–	2.74%	–
AA	New	ALCOA INC	$21,344,000	–	1,914,240	–	2.67%	–
JBL	New	JABIL CIRCUIT INC	$20,064,000	–	942,421	–	2.51%	–
GS	New	GOLDMAN SACHS GROUP INC	$19,917,000	–	95,391	–	2.49%	–
QEP	New	QEP RES INC	$19,852,000	–	1,072,480	–	2.48%	–
TEX	New	TEREX CORP NEW	$19,091,000	–	821,103	–	2.38%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$18,120,000	–	1,000,008	–	2.26%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$17,782,000	–	355,358	–	2.22%	–
FITB	New	FIFTH THIRD BANCORP	$14,636,000	–	702,966	–	1.83%	–
BPOP	New	POPULAR INC	$14,196,000	–	491,893	–	1.77%	–
QUAD	New	QUAD / GRAPHICS INC	$14,086,000	–	760,994	–	1.76%	–
ANF	New	ABERCROMBIE & FITCH COcl a	$12,744,000	–	592,469	–	1.59%	–
CRC	New	CALIFORNIA RES CORP	$11,862,000	–	1,963,844	–	1.48%	–
UPLMQ	New	ULTRA PETROLEUM CORP	$11,806,000	–	942,937	–	1.48%	–
PRGS	New	PROGRESS SOFTWARE CORP	$10,447,000	–	379,877	–	1.30%	–
TER	New	TERADYNE INC	$8,231,000	–	426,715	–	1.03%	–
AEIS	New	ADVANCED ENERGY INDS	$6,191,000	–	225,205	–	0.77%	–
AROPQ	New	AEROPOSTALE	$5,270,000	–	3,252,846	–	0.66%	–
SGMS	New	SCIENTIFIC GAMES CORPcl a	$4,246,000	–	273,249	–	0.53%	–
AROPQ	New	AEROPOSTALEcall	$1,842,000	–	1,136,800	–	0.23%	–

Q4 2014

			Value		Shares		↓ Weighting
RRD	Exit	DONNELLEY R R & SONS COcall	$0	–	-220,000	–	-0.36%	–
LEN	Exit	LENNAR CORPcall	$0	–	-100,000	–	-0.38%	–
RH	Exit	RESTORATION HARDWARE HLDGS I	$0	–	-78,131	–	-0.62%	–
UPLMQ	Exit	ULTRA PETROLEUM CORP	$0	–	-490,095	–	-1.13%	–
AROPQ	Exit	AEROPOSTALE	$0	–	-3,698,598	–	-1.20%	–
BPOP	Exit	POPULAR INC	$0	–	-488,269	–	-1.42%	–
GLW	Exit	CORNING INC	$0	–	-759,391	–	-1.45%	–
NFX	Exit	NEWFIELD EXPL CO	$0	–	-447,607	–	-1.64%	–
CCL	Exit	CARNIVAL CORPpaired ctf	$0	–	-416,424	–	-1.66%	–
QUAD	Exit	QUAD / GRAPHICS INC	$0	–	-868,744	–	-1.66%	–
TER	Exit	TERADYNE INC	$0	–	-874,511	–	-1.68%	–
DFODQ	Exit	DEAN FOODS CO NEW	$0	–	-1,292,930	–	-1.70%	–
UFS	Exit	DOMTAR CORP	$0	–	-531,763	–	-1.85%	–
ON	Exit	ON SEMICONDUCTOR CORP	$0	–	-2,126,016	–	-1.88%	–
SVU	Exit	SUPERVALU INC	$0	–	-2,286,007	–	-2.02%	–
JBL	Exit	JABIL CIRCUIT INC	$0	–	-1,073,866	–	-2.14%	–
RCII	Exit	RENT A CTR INC NEW	$0	–	-736,013	–	-2.21%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-396,391	–	-2.32%	–
TIBX	Exit	TIBCO SOFTWARE INC	$0	–	-1,016,817	–	-2.38%	–
C	Exit	CITIGROUP INC	$0	–	-473,896	–	-2.43%	–
IPG	Exit	INTERPUBLIC GROUP COS INC	$0	–	-1,355,513	–	-2.46%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-139,298	–	-2.53%	–
ASNA	Exit	ASCENA RETAIL GROUP INC	$0	–	-1,940,858	–	-2.55%	–
APA	Exit	APACHE CORP	$0	–	-276,563	–	-2.57%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-2,355,788	–	-2.75%	–
V107SC	Exit	WELLPOINT INC	$0	–	-261,285	–	-3.09%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-679,932	–	-3.64%	–
AA	Exit	ALCOA INC	$0	–	-2,330,159	–	-3.71%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-207,494	–	-3.75%	–
LLY	Exit	LILLY ELI & CO	$0	–	-586,915	–	-3.77%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-2,669,509	–	-4.35%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-2,166,717	–	-4.75%	–
MBI	Exit	MBIA INC	$0	–	-5,381,504	–	-4.89%	–
IWM	Exit	ISHARES TRput	$0	–	-807,000	–	-8.73%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-735,000	–	-14.33%	–

Q3 2014

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRput	$144,810,000	-15.9%	735,000	-16.5%	14.33%	-12.0%
IWM	Buy	ISHARES TRput	$88,246,000	+12.5%	807,000	+22.3%	8.73%	+17.8%
MBI	Buy	MBIA INC	$49,403,000	+4.2%	5,381,504	+25.3%	4.89%	+9.1%
AGO	Buy	ASSURED GUARANTY LTD	$48,014,000	+4.8%	2,166,717	+15.9%	4.75%	+9.7%
RRD	Sell	DONNELLEY R R & SONS CO	$43,939,000	-15.2%	2,669,509	-12.7%	4.35%	-11.2%
LLY	Buy	LILLY ELI & CO	$38,062,000	+25.2%	586,915	+20.0%	3.77%	+31.0%
LMT	Buy	LOCKHEED MARTIN CORP	$37,926,000	+33.6%	207,494	+17.5%	3.75%	+39.9%
AA	Sell	ALCOA INC	$37,492,000	+6.3%	2,330,159	-1.6%	3.71%	+11.3%
AIG	Buy	AMERICAN INTL GROUP INC	$36,729,000	-0.7%	679,932	+0.3%	3.64%	+4.0%
V107SC	Buy	WELLPOINT INC	$31,255,000	+11.5%	261,285	+0.3%	3.09%	+16.8%
BSX	Buy	BOSTON SCIENTIFIC CORP	$27,822,000	+23.9%	2,355,788	+34.0%	2.75%	+29.7%
APA	Buy	APACHE CORP	$25,961,000	-6.4%	276,563	+0.3%	2.57%	-2.0%
ASNA	Buy	ASCENA RETAIL GROUP INC	$25,814,000	+76.7%	1,940,858	+127.2%	2.55%	+84.9%
GS	Buy	GOLDMAN SACHS GROUP INC	$25,571,000	+10.0%	139,298	+0.3%	2.53%	+15.2%
IPG	Buy	INTERPUBLIC GROUP COS INC	$24,833,000	-5.8%	1,355,513	+0.3%	2.46%	-1.4%
C	Buy	CITIGROUP INC	$24,557,000	+10.4%	473,896	+0.3%	2.43%	+15.5%
TIBX	New	TIBCO SOFTWARE INC	$24,028,000	–	1,016,817	–	2.38%	–
MRK	Sell	MERCK & CO INC NEW	$23,498,000	-20.3%	396,391	-22.2%	2.32%	-16.6%
RCII	Buy	RENT A CTR INC NEW	$22,338,000	+146.6%	736,013	+133.0%	2.21%	+158.2%
JBL	Buy	JABIL CIRCUIT INC	$21,660,000	-3.2%	1,073,866	+0.3%	2.14%	+1.4%
SVU	Buy	SUPERVALU INC	$20,437,000	+9.1%	2,286,007	+0.3%	2.02%	+14.2%
ON	Buy	ON SEMICONDUCTOR CORP	$19,006,000	-1.9%	2,126,016	+0.3%	1.88%	+2.7%
UFS	Buy	DOMTAR CORP	$18,681,000	+14.9%	531,763	+40.1%	1.85%	+20.3%
DFODQ	New	DEAN FOODS CO NEW	$17,132,000	–	1,292,930	–	1.70%	–
TER	Buy	TERADYNE INC	$16,956,000	+315.4%	874,511	+319.9%	1.68%	+334.7%
QUAD	Buy	QUAD / GRAPHICS INC	$16,723,000	-13.6%	868,744	+0.4%	1.66%	-9.5%
CCL	Buy	CARNIVAL CORPpaired ctf	$16,727,000	+7.0%	416,424	+0.3%	1.66%	+12.1%
NFX	Sell	NEWFIELD EXPL CO	$16,593,000	-39.2%	447,607	-27.5%	1.64%	-36.4%
GLW	Sell	CORNING INC	$14,687,000	-35.8%	759,391	-27.1%	1.45%	-32.8%
BPOP	Buy	POPULAR INC	$14,372,000	-13.6%	488,269	+0.3%	1.42%	-9.5%
AROPQ	Buy	AEROPOSTALE	$12,169,000	+51.9%	3,698,598	+61.1%	1.20%	+59.0%
UPLMQ	New	ULTRA PETROLEUM CORP	$11,399,000	–	490,095	–	1.13%	–
RH	New	RESTORATION HARDWARE HLDGS I	$6,215,000	–	78,131	–	0.62%	–
LEN	New	LENNAR CORPcall	$3,883,000	–	100,000	–	0.38%	–
IP	Exit	INTL PAPER CO	$0	–	-313,058	–	-1.49%	–
ANF	Exit	ABERCROMBIE & FITCH COcl a	$0	–	-371,622	–	-1.52%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-740,860	–	-1.58%	–
FCS	Exit	FAIRCHILD SEMICONDUCTOR INTL	$0	–	-1,114,768	–	-1.64%	–
KSS	Exit	KOHLS CORP	$0	–	-419,437	–	-2.09%	–
TD	Exit	TORONTO DOMINION BK ONTput	$0	–	-440,000	–	-2.14%	–
WFT	Exit	WEATHERFORD INTERNATIONAL LT	$0	–	-1,002,470	–	-2.18%	–

Q2 2014

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$172,234,000	–	880,000	–	16.28%	–
IWM	New	ISHARESput	$78,414,000	–	660,000	–	7.41%	–
RRD	New	DONNELLEY R R & SONS CO	$51,835,000	–	3,056,312	–	4.90%	–
MBI	New	MBIA INC	$47,428,000	–	4,296,052	–	4.48%	–
AGO	New	ASSURED GUARANTY LTD	$45,807,000	–	1,869,658	–	4.33%	–
AIG	New	AMERICAN INTL GROUP INC	$36,990,000	–	677,724	–	3.50%	–
AA	New	ALCOA INC	$35,256,000	–	2,367,719	–	3.33%	–
LLY	New	LILLY ELI & CO	$30,413,000	–	489,190	–	2.87%	–
MRK	New	MERCK & CO INC NEW	$29,491,000	–	509,768	–	2.79%	–
LMT	New	LOCKHEED MARTIN CORP	$28,387,000	–	176,609	–	2.68%	–
V107SC	New	WELLPOINT INC	$28,026,000	–	260,433	–	2.65%	–
APA	New	APACHE CORP	$27,738,000	–	275,663	–	2.62%	–
NFX	New	NEWFIELD EXPL CO	$27,296,000	–	617,555	–	2.58%	–
IPG	New	INTERPUBLIC GROUP COS INC	$26,360,000	–	1,351,108	–	2.49%	–
GS	New	GOLDMAN SACHS GROUP INC	$23,248,000	–	138,845	–	2.20%	–
WFT	New	WEATHERFORD INTERNATIONAL LT	$23,056,000	–	1,002,470	–	2.18%	–
GLW	New	CORNING INC	$22,881,000	–	1,042,380	–	2.16%	–
TD	New	TORONTO DOMINION BK ONTput	$22,620,000	–	440,000	–	2.14%	–
BSX	New	BOSTON SCIENTIFIC CORP	$22,448,000	–	1,757,871	–	2.12%	–
JBL	New	JABIL CIRCUIT INC	$22,371,000	–	1,070,375	–	2.11%	–
C	New	CITIGROUP INC	$22,248,000	–	472,352	–	2.10%	–
KSS	New	KOHLS CORP	$22,096,000	–	419,437	–	2.09%	–
ON	New	ON SEMICONDUCTOR CORP	$19,369,000	–	2,119,113	–	1.83%	–
QUAD	New	QUAD / GRAPHICS INC	$19,354,000	–	865,201	–	1.83%	–
SVU	New	SUPERVALU INC	$18,730,000	–	2,278,587	–	1.77%	–
FCS	New	FAIRCHILD SEMICONDUCTOR INTL	$17,391,000	–	1,114,768	–	1.64%	–
AMAT	New	APPLIED MATLS INC	$16,706,000	–	740,860	–	1.58%	–
BPOP	New	POPULAR INC	$16,635,000	–	486,683	–	1.57%	–
UFS	New	DOMTAR CORP	$16,259,000	–	379,448	–	1.54%	–
ANF	New	ABERCROMBIE & FITCH COcl a	$16,073,000	–	371,622	–	1.52%	–
IP	New	INTL PAPER CO	$15,800,000	–	313,058	–	1.49%	–
CCL	New	CARNIVAL CORPpaired ctf	$15,627,000	–	415,071	–	1.48%	–
ASNA	New	ASCENA RETAIL GROUP INC	$14,611,000	–	854,414	–	1.38%	–
RCII	New	RENT A CTR INC NEW	$9,060,000	–	315,923	–	0.86%	–
AROPQ	New	AEROPOSTALE	$8,013,000	–	2,295,963	–	0.76%	–
TER	New	TERADYNE INC	$4,082,000	–	208,257	–	0.39%	–
RRD	New	DONNELLEY R R & SONS COcall	$3,731,000	–	220,000	–	0.35%	–

Q4 2013

			Value		Shares		↓ Weighting
VMC	Exit	VULCAN MATLS CO	$0	–	-11,651	–	-0.07%	–
EQIX	Exit	EQUINIX INC	$0	–	-6,842	–	-0.14%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-26,698	–	-0.15%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-23,800	–	-0.17%	–
REG	Exit	REGENCY CTRS CORP	$0	–	-34,000	–	-0.18%	–
IPI	Exit	INTREPID POTASH INC	$0	–	-108,200	–	-0.18%	–
RTI	Exit	RTI INTL METALS INC	$0	–	-52,670	–	-0.18%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-120,600	–	-0.29%	–
ADT	Exit	THE ADT CORPORATION	$0	–	-79,245	–	-0.35%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-25,800	–	-0.36%	–
CAB	Exit	CABELAS INC	$0	–	-53,920	–	-0.37%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-25,665	–	-0.39%	–
VAC	Exit	MARRIOTT VACATIONS WRLDWDE C	$0	–	-97,400	–	-0.47%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-80,510	–	-0.48%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-216,585	–	-0.55%	–
CLF	Exit	CLIFFS NAT RES INC	$0	–	-262,000	–	-0.58%	–
USG	Exit	U S G CORP	$0	–	-197,458	–	-0.61%	–
X	Exit	UNITED STATES STL CORP NEW	$0	–	-295,000	–	-0.66%	–
SBY	Exit	SILVER BAY RLTY TR CORP	$0	–	-391,223	–	-0.67%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-165,606	–	-0.70%	–
SVU	Exit	SUPERVALU INC	$0	–	-821,191	–	-0.74%	–
TCBI	Exit	TEXAS CAPITAL BANCSHARES INC	$0	–	-150,234	–	-0.75%	–
UFS	Exit	DOMTAR CORP	$0	–	-89,100	–	-0.77%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-17,072	–	-0.80%	–
UAA	Exit	UNDER ARMOUR INCcl a	$0	–	-103,110	–	-0.89%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-273,642	–	-0.91%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-359,488	–	-0.92%	–
LNN	Exit	LINDSAY CORP	$0	–	-105,134	–	-0.93%	–
MDR	Exit	MCDERMOTT INTL INC	$0	–	-1,212,427	–	-0.98%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-57,700	–	-0.99%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-116,110	–	-1.24%	–
ICUI	Exit	ICU MED INC	$0	–	-170,400	–	-1.26%	–
ULTA	Exit	ULTA SALON COSMETCS & FRAG I	$0	–	-100,000	–	-1.30%	–
TECD	Exit	TECH DATA CORP	$0	–	-243,310	–	-1.32%	–
BCC	Exit	BOISE CASCADE CO DEL	$0	–	-455,652	–	-1.34%	–
C	Exit	CITIGROUP INC	$0	–	-260,288	–	-1.37%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-245,500	–	-1.38%	–
ORCL	Exit	ORACLE CORP	$0	–	-394,200	–	-1.42%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-561,468	–	-1.49%	–
CNQR	Exit	CONCUR TECHNOLOGIES INC	$0	–	-125,387	–	-1.51%	–
FCS	Exit	FAIRCHILD SEMICONDUCTOR INTL	$0	–	-1,015,198	–	-1.53%	–
JBL	Exit	JABIL CIRCUIT INC	$0	–	-680,069	–	-1.60%	–
NAV	Exit	NAVISTAR INTL CORP NEW	$0	–	-416,369	–	-1.65%	–
BP	Exit	BP PLC	$0	–	-364,842	–	-1.67%	–
KSS	Exit	KOHLS CORP	$0	–	-301,140	–	-1.69%	–
ON	Exit	ON SEMICONDUCTOR CORP	$0	–	-2,368,574	–	-1.88%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-1,078,330	–	-1.88%	–
AET	Exit	AETNA INC NEW	$0	–	-275,087	–	-1.92%	–
TD	Exit	TORONTO DOMINION BK ONTput	$0	–	-200,000	–	-1.94%	–
NFX	Exit	NEWFIELD EXPL CO	$0	–	-679,366	–	-2.02%	–
WFT	Exit	WEATHERFORD INTERNATIONAL LT	$0	–	-1,242,205	–	-2.07%	–
LEA	Exit	LEAR CORP	$0	–	-271,254	–	-2.11%	–
V107SC	Exit	WELLPOINT INC	$0	–	-250,618	–	-2.28%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-1,246,912	–	-2.38%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-1,644,306	–	-2.47%	–
GLW	Exit	CORNING INC	$0	–	-1,561,773	–	-2.48%	–
LLY	Exit	LILLY ELI & CO	$0	–	-452,818	–	-2.48%	–
AA	Exit	ALCOA INC	$0	–	-2,938,348	–	-2.59%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-205,891	–	-2.86%	–
MRK	Exit	MERCK & CO INC NEW	$0	–	-568,807	–	-2.94%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-576,436	–	-3.05%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-2,548,167	–	-3.25%	–
SWY	Exit	SAFEWAY INC	$0	–	-1,033,081	–	-3.59%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-1,886,142	–	-3.84%	–
MBI	Exit	MBIA INC	$0	–	-3,815,274	–	-4.24%	–
QUAD	Exit	QUAD / GRAPHICS INC	$0	–	-1,404,083	–	-4.63%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-2,973,336	–	-5.10%	–

Q3 2013

			Value		Shares		↓ Weighting
RRD	Buy	DONNELLEY R R & SONS CO	$46,919,000	+26.7%	2,973,336	+12.5%	5.10%	+16.8%
QUAD	Sell	QUAD / GRAPHICS INC	$42,628,000	+24.8%	1,404,083	-0.9%	4.63%	+15.1%
MBI	Buy	MBIA INC	$39,030,000	-13.9%	3,815,274	+12.0%	4.24%	-20.6%
AGO	Buy	ASSURED GUARANTY LTD	$35,365,000	-1.5%	1,886,142	+15.9%	3.84%	-9.1%
SWY	Sell	SAFEWAY INC	$33,048,000	+7.3%	1,033,081	-20.6%	3.59%	-1.0%
BSX	Sell	BOSTON SCIENTIFIC CORP	$29,915,000	-3.4%	2,548,167	-23.7%	3.25%	-10.9%
AIG	Sell	AMERICAN INTL GROUP INC	$28,032,000	+5.5%	576,436	-3.1%	3.05%	-2.7%
MRK	Sell	MERCK & CO INC NEW	$27,080,000	-2.2%	568,807	-4.6%	2.94%	-9.8%
LMT	Sell	LOCKHEED MARTIN CORP	$26,261,000	-19.6%	205,891	-31.7%	2.86%	-25.9%
AA	Sell	ALCOA INC	$23,859,000	-0.8%	2,938,348	-4.5%	2.59%	-8.5%
LLY	Buy	LILLY ELI & CO	$22,790,000	+80.2%	452,818	+75.8%	2.48%	+66.2%
GLW	Sell	CORNING INC	$22,786,000	-2.1%	1,561,773	-4.6%	2.48%	-9.8%
BAC	Sell	BANK OF AMERICA CORPORATION	$22,691,000	+2.4%	1,644,306	-4.6%	2.47%	-5.6%
AMAT	Sell	APPLIED MATLS INC	$21,860,000	+12.1%	1,246,912	-4.6%	2.38%	+3.4%
V107SC	Sell	WELLPOINT INC	$20,954,000	-2.5%	250,618	-4.6%	2.28%	-10.1%
LEA	Sell	LEAR CORP	$19,414,000	-0.9%	271,254	-16.2%	2.11%	-8.5%
WFT	Buy	WEATHERFORD INTERNATIONAL LT	$19,043,000	+28.4%	1,242,205	+14.7%	2.07%	+18.4%
NFX	Sell	NEWFIELD EXPL CO	$18,594,000	+9.3%	679,366	-4.6%	2.02%	+0.8%
TD	New	TORONTO DOMINION BK ONTput	$17,832,000	–	200,000	–	1.94%	–
AET	Sell	AETNA INC NEW	$17,611,000	-3.8%	275,087	-4.6%	1.92%	-11.3%
NBR	Buy	NABORS INDUSTRIES LTD	$17,318,000	+23.3%	1,078,330	+17.5%	1.88%	+13.7%
ON	Buy	ON SEMICONDUCTOR CORP	$17,312,000	+32.6%	2,368,574	+46.6%	1.88%	+22.3%
KSS	Sell	KOHLS CORP	$15,584,000	-1.8%	301,140	-4.1%	1.69%	-9.4%
BP	Sell	BP PLC	$15,334,000	-3.5%	364,842	-4.1%	1.67%	-11.0%
NAV	Sell	NAVISTAR INTL CORP NEW	$15,189,000	-2.2%	416,369	-25.6%	1.65%	-9.8%
JBL	Buy	JABIL CIRCUIT INC	$14,744,000	+104.5%	680,069	+92.3%	1.60%	+88.6%
FCS	Buy	FAIRCHILD SEMICONDUCTOR INTL	$14,101,000	+80.9%	1,015,198	+79.7%	1.53%	+66.8%
CNQR	Buy	CONCUR TECHNOLOGIES INC	$13,855,000	+82.7%	125,387	+34.6%	1.51%	+68.5%
FAF	Buy	FIRST AMERN FINL CORP	$13,672,000	+103.7%	561,468	+84.3%	1.49%	+87.9%
ORCL	New	ORACLE CORP	$13,076,000	–	394,200	–	1.42%	–
JPM	New	JPMORGAN CHASE & CO	$12,690,000	–	245,500	–	1.38%	–
C	Sell	CITIGROUP INC	$12,627,000	-19.1%	260,288	-20.0%	1.37%	-25.3%
TECD	Buy	TECH DATA CORP	$12,144,000	+99.7%	243,310	+88.4%	1.32%	+84.1%
ICUI	Buy	ICU MED INC	$11,575,000	+44.7%	170,400	+53.5%	1.26%	+33.4%
MLM	Buy	MARTIN MARIETTA MATLS INC	$11,399,000	+12.4%	116,110	+12.7%	1.24%	+3.7%
GS	New	GOLDMAN SACHS GROUP INC	$9,129,000	–	57,700	–	0.99%	–
MDR	Buy	MCDERMOTT INTL INC	$9,008,000	+43.5%	1,212,427	+58.0%	0.98%	+32.3%
LNN	Sell	LINDSAY CORP	$8,581,000	-28.0%	105,134	-33.9%	0.93%	-33.6%
DAL	Sell	DELTA AIR LINES INC DEL	$8,480,000	-15.8%	359,488	-33.2%	0.92%	-22.4%
UAL	Buy	UNITED CONTL HLDGS INC	$8,404,000	+45.7%	273,642	+48.4%	0.91%	+34.4%
UFS	New	DOMTAR CORP	$7,076,000	–	89,100	–	0.77%	–
TCBI	Buy	TEXAS CAPITAL BANCSHARES INC	$6,895,000	+79.6%	150,234	+73.6%	0.75%	+65.6%
SVU	Sell	SUPERVALU INC	$6,758,000	+2.5%	821,191	-22.6%	0.74%	-5.4%
SBY	New	SILVER BAY RLTY TR CORP	$6,127,000	–	391,223	–	0.67%	–
X	New	UNITED STATES STL CORP NEW	$6,074,000	–	295,000	–	0.66%	–
USG	Sell	U S G CORP	$5,643,000	-35.3%	197,458	-47.8%	0.61%	-40.4%
CLF	New	CLIFFS NAT RES INC	$5,371,000	–	262,000	–	0.58%	–
DEI	Sell	DOUGLAS EMMETT INC	$5,083,000	-33.0%	216,585	-28.7%	0.55%	-38.1%
AVB	New	AVALONBAY CMNTYS INC	$3,279,000	–	25,800	–	0.36%	–
ADT	Sell	THE ADT CORPORATION	$3,222,000	-42.5%	79,245	-43.7%	0.35%	-47.0%
HDS	New	HD SUPPLY HLDGS INC	$2,650,000	–	120,600	–	0.29%	–
IPI	Sell	INTREPID POTASH INC	$1,697,000	-17.8%	108,200	-0.2%	0.18%	-24.3%
REG	New	REGENCY CTRS CORP	$1,644,000	–	34,000	–	0.18%	–
TCO	New	TAUBMAN CTRS INC	$1,602,000	–	23,800	–	0.17%	–
EQIX	Sell	EQUINIX INC	$1,257,000	-69.0%	6,842	-68.8%	0.14%	-71.3%
VMC	Sell	VULCAN MATLS CO	$604,000	-86.8%	11,651	-87.7%	0.07%	-87.8%
ITB	Exit	ISHARES TRput	$0	–	-15,000	–	-0.04%	–
AYI	Exit	ACUITY BRANDS INC	$0	–	-11,320	–	-0.10%	–
LL	Exit	LUMBER LIQUIDATORS HLDGS INC	$0	–	-52,058	–	-0.48%	–
ITW	Exit	ILLINOIS TOOL WKS INC	$0	–	-87,473	–	-0.71%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-47,338	–	-0.72%	–
CYT	Exit	CYTEC INDS INC	$0	–	-83,837	–	-0.72%	–
JCI	Exit	JOHNSON CTLS INC	$0	–	-223,720	–	-0.94%	–
BWLD	Exit	BUFFALO WILD WINGS INC	$0	–	-103,500	–	-1.20%	–
FLEX	Exit	FLEXTRONICS INTL LTDord	$0	–	-1,559,792	–	-1.42%	–
DELL	Exit	DELL INC	$0	–	-1,623,406	–	-2.55%	–

Q2 2013

			Value		Shares		↓ Weighting
MBI	New	MBIA INC	$45,355,000	–	3,407,581	–	5.35%	–
RRD	New	DONNELLEY R R & SONS CO	$37,043,000	–	2,644,013	–	4.37%	–
AGO	New	ASSURED GUARANTY LTD	$35,898,000	–	1,627,278	–	4.23%	–
QUAD	New	QUAD / GRAPHICS INC	$34,162,000	–	1,417,526	–	4.03%	–
LMT	New	LOCKHEED MARTIN CORP	$32,681,000	–	301,314	–	3.85%	–
BSX	New	BOSTON SCIENTIFIC CORP	$30,958,000	–	3,339,591	–	3.65%	–
SWY	New	SAFEWAY INC	$30,789,000	–	1,301,326	–	3.63%	–
MRK	New	MERCK & CO INC NEW	$27,682,000	–	595,945	–	3.26%	–
AIG	New	AMERICAN INTL GROUP INC	$26,579,000	–	594,611	–	3.13%	–
AA	New	ALCOA INC	$24,061,000	–	3,076,824	–	2.84%	–
GLW	New	CORNING INC	$23,285,000	–	1,636,357	–	2.74%	–
BAC	New	BANK OF AMERICA CORPORATION	$22,156,000	–	1,722,833	–	2.61%	–
DELL	New	DELL INC	$21,632,000	–	1,623,406	–	2.55%	–
V107SC	New	WELLPOINT INC	$21,500,000	–	262,709	–	2.53%	–
LEA	New	LEAR CORP	$19,581,000	–	323,872	–	2.31%	–
AMAT	New	APPLIED MATLS INC	$19,496,000	–	1,306,720	–	2.30%	–
AET	New	AETNA INC NEW	$18,314,000	–	288,227	–	2.16%	–
NFX	New	NEWFIELD EXPL CO	$17,005,000	–	711,788	–	2.00%	–
BP	New	BP PLCsponsored adr	$15,884,000	–	380,553	–	1.87%	–
KSS	New	KOHLS CORP	$15,864,000	–	314,083	–	1.87%	–
C	New	CITIGROUP INC	$15,602,000	–	325,248	–	1.84%	–
NAV	New	NAVISTAR INTL CORP NEW	$15,525,000	–	559,268	–	1.83%	–
WFT	New	WEATHERFORD INTERNATIONAL LT	$14,833,000	–	1,082,727	–	1.75%	–
NBR	New	NABORS INDUSTRIES LTD	$14,045,000	–	917,398	–	1.66%	–
ON	New	ON SEMICONDUCTOR CORP	$13,054,000	–	1,615,642	–	1.54%	–
LLY	New	LILLY ELI & CO	$12,650,000	–	257,535	–	1.49%	–
FLEX	New	FLEXTRONICS INTL LTDord	$12,073,000	–	1,559,792	–	1.42%	–
LNN	New	LINDSAY CORP	$11,917,000	–	158,934	–	1.40%	–
BCC	New	BOISE CASCADE CO DEL	$11,578,000	–	455,652	–	1.36%	–
BWLD	New	BUFFALO WILD WINGS INC	$10,168,000	–	103,500	–	1.20%	–
MLM	New	MARTIN MARIETTA MATLS INC	$10,138,000	–	103,010	–	1.20%	–
DAL	New	DELTA AIR LINES INC DEL	$10,074,000	–	538,407	–	1.19%	–
ULTA	New	ULTA SALON COSMETCS & FRAG I	$10,012,000	–	100,000	–	1.18%	–
USG	New	U S G CORP	$8,719,000	–	378,258	–	1.03%	–
JCI	New	JOHNSON CTLS INC	$8,007,000	–	223,720	–	0.94%	–
ICUI	New	ICU MED INC	$8,001,000	–	111,028	–	0.94%	–
FCS	New	FAIRCHILD SEMICONDUCTOR INTL	$7,795,000	–	564,889	–	0.92%	–
CNQR	New	CONCUR TECHNOLOGIES INC	$7,584,000	–	93,187	–	0.89%	–
DEI	New	DOUGLAS EMMETT INC	$7,584,000	–	303,958	–	0.89%	–
JBL	New	JABIL CIRCUIT INC	$7,209,000	–	353,727	–	0.85%	–
FAF	New	FIRST AMERN FINL CORP	$6,713,000	–	304,600	–	0.79%	–
SVU	New	SUPERVALU INC	$6,595,000	–	1,060,294	–	0.78%	–
MDR	New	MCDERMOTT INTL INC	$6,277,000	–	767,300	–	0.74%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$6,220,000	–	17,072	–	0.73%	–
UAA	New	UNDER ARMOUR INCcl a	$6,157,000	–	103,110	–	0.73%	–
CYT	New	CYTEC INDS INC	$6,141,000	–	83,837	–	0.72%	–
CSGP	New	COSTAR GROUP INC	$6,110,000	–	47,338	–	0.72%	–
TECD	New	TECH DATA CORP	$6,081,000	–	129,146	–	0.72%	–
ITW	New	ILLINOIS TOOL WKS INC	$6,051,000	–	87,473	–	0.71%	–
UAL	New	UNITED CONTL HLDGS INC	$5,769,000	–	184,357	–	0.68%	–
HXL	New	HEXCEL CORP NEW	$5,639,000	–	165,606	–	0.66%	–
ADT	New	THE ADT CORPORATION	$5,604,000	–	140,630	–	0.66%	–
VMC	New	VULCAN MATLS CO	$4,587,000	–	94,751	–	0.54%	–
VAC	New	MARRIOTT VACATIONS WRLDWDE C	$4,212,000	–	97,400	–	0.50%	–
EQIX	New	EQUINIX INC	$4,053,000	–	21,942	–	0.48%	–
LL	New	LUMBER LIQUIDATORS HLDGS INC	$4,054,000	–	52,058	–	0.48%	–
TDG	New	TRANSDIGM GROUP INC	$4,024,000	–	25,665	–	0.47%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$3,848,000	–	80,510	–	0.45%	–
TCBI	New	TEXAS CAPITAL BANCSHARES INC	$3,839,000	–	86,534	–	0.45%	–
CAB	New	CABELAS INC	$3,492,000	–	53,920	–	0.41%	–
IPI	New	INTREPID POTASH INC	$2,065,000	–	108,393	–	0.24%	–
DLR	New	DIGITAL RLTY TR INC	$1,629,000	–	26,698	–	0.19%	–
RTI	New	RTI INTL METALS INC	$1,459,000	–	52,670	–	0.17%	–
AYI	New	ACUITY BRANDS INC	$855,000	–	11,320	–	0.10%	–
ITB	New	ISHARES TRput	$336,000	–	15,000	–	0.04%	–

Compare quarters

Export Elm Ridge Management, LLC's holdings