Anchor Bolt Capital, LP Activity Q4 2012-Q1 2020

Q1 2020

			Value		Shares		↓ Weighting
GPK	Sell	GRAPHIC PACKAGING HLDG CO	$2,482,000	-83.3%	203,405	-77.2%	13.76%	+256.7%
GFI	Sell	GOLD FIELDS LTD NEWsponsored adr	$2,136,000	-91.2%	449,614	-87.7%	11.84%	+88.4%
BERY	Sell	BERRY GLOBAL GROUP INC	$1,861,000	-94.8%	55,214	-92.7%	10.31%	+10.1%
LNG	Sell	CHENIERE ENERGY INC	$1,447,000	-95.9%	43,206	-92.6%	8.02%	-13.1%
ARCH	Sell	ARCH COAL INCcl a	$1,382,000	-89.8%	47,819	-74.6%	7.66%	+118.3%
EGO	Sell	ELDORADO GOLD CORP NEW	$918,000	-73.6%	148,761	-65.7%	5.09%	+462.7%
URI	Sell	UNITED RENTALS INC	$892,000	-94.3%	8,673	-90.8%	4.94%	+20.9%
STLD	New	STEEL DYNAMICS INC	$835,000	–	37,056	–	4.63%	–
MTOR	New	MERITOR INC	$807,000	–	60,899	–	4.47%	–
CF	New	CF INDS HLDGS INC	$656,000	–	24,122	–	3.64%	–
CCK	Sell	CROWN HLDGS INC	$651,000	-28.2%	11,220	-10.3%	3.61%	+1435.3%
NEM	Sell	NEWMONT CORP	$647,000	-95.4%	14,288	-95.6%	3.58%	-2.6%
COG	New	CABOT OIL & GAS CORP	$519,000	–	30,215	–	2.88%	–
PUMP	Sell	PROPETRO HLDG CORP	$476,000	-94.7%	190,219	-76.3%	2.64%	+12.6%
PCAR	New	PACCAR INC	$407,000	–	6,664	–	2.26%	–
WHR	New	WHIRLPOOL CORP	$386,000	–	4,494	–	2.14%	–
MAS	New	MASCO CORP	$381,000	–	11,029	–	2.11%	–
TRQ	Sell	TURQUOISE HILL RES LTD	$352,000	-90.2%	922,990	-81.1%	1.95%	+109.1%
EAF	Sell	GRAFTECH INTL LTD	$315,000	-86.6%	38,775	-80.9%	1.75%	+185.8%
DAN	Sell	DANA INCORPORATED	$280,000	-97.6%	35,878	-94.5%	1.55%	-49.5%
NEP	New	NEXTERA ENERGY PARTNERS LP	$215,000	–	5,002	–	1.19%	–
CNHI	Exit	CNH INDL N V	$0	–	-27,741	–	-0.08%	–
HCC	Exit	WARRIOR MET COAL INC	$0	–	-17,543	–	-0.10%	–
CEIX	Exit	CONSOL ENERGY INC NEW	$0	–	-94,994	–	-0.36%	–
PVG	Exit	PRETIUM RES INC	$0	–	-130,093	–	-0.38%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-160,579	–	-0.55%	–
AXL	Exit	AMERICAN AXLE & MFG HLDGS IN	$0	–	-198,718	–	-0.56%	–
WRK	Exit	WESTROCK CO	$0	–	-51,577	–	-0.58%	–
MT	Exit	ARCELORMITTAL SA LUXEMBOURGny registry sh	$0	–	-192,412	–	-0.88%	–
TSN	Exit	TYSON FOODS INCcl a	$0	–	-49,311	–	-1.16%	–
TKR	Exit	TIMKEN CO	$0	–	-131,395	–	-1.92%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDG L	$0	–	-155,974	–	-2.36%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-105,727	–	-3.66%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-95,855	–	-3.77%	–
CSTM	Exit	CONSTELLIUM SE	$0	–	-1,219,898	–	-4.24%	–
UAL	Exit	UNITED AIRLINES HLDGS INC	$0	–	-225,880	–	-5.17%	–
GM	Exit	GENERAL MTRS CO	$0	–	-556,929	–	-5.29%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-373,209	–	-5.67%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-150,263	–	-5.84%	–
HES	Exit	HESS CORP	$0	–	-537,778	–	-9.33%	–

Q4 2019

			Value		Shares		↓ Weighting
BERY	Sell	BERRY GLOBAL GROUP INC	$36,076,000	+16.6%	759,657	-3.6%	9.37%	+47.6%
HES	Buy	HESS CORP	$35,929,000	+63.4%	537,778	+48.0%	9.33%	+107.0%
LNG	Sell	CHENIERE ENERGY INC	$35,566,000	-31.9%	582,374	-29.7%	9.23%	-13.7%
GFI	Sell	GOLD FIELDS LTD NEWsponsored adr	$24,203,000	-14.0%	3,667,150	-35.9%	6.28%	+8.9%
UTX	Sell	UNITED TECHNOLOGIES CORP	$22,503,000	-31.6%	150,263	-37.6%	5.84%	-13.3%
DAL	Buy	DELTA AIR LINES INC DEL	$21,825,000	+20.5%	373,209	+18.7%	5.67%	+52.6%
GM	Sell	GENERAL MTRS CO	$20,384,000	-34.4%	556,929	-32.8%	5.29%	-16.9%
UAL	Sell	UNITED AIRLINES HLDGS INC	$19,898,000	-13.7%	225,880	-13.4%	5.17%	+9.3%
CSTM	New	CONSTELLIUM SE	$16,347,000	–	1,219,898	–	4.24%	–
URI	Sell	UNITED RENTALS INC	$15,751,000	-28.9%	94,450	-46.9%	4.09%	-10.0%
GPK	Buy	GRAPHIC PACKAGING HLDG CO	$14,851,000	+47.1%	891,940	+30.3%	3.86%	+86.3%
PXD	New	PIONEER NAT RES CO	$14,510,000	–	95,855	–	3.77%	–
NEM	Sell	NEWMONT GOLDCORP CORPORATION	$14,171,000	-51.6%	326,139	-57.8%	3.68%	-38.7%
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$14,116,000	-43.7%	105,727	-54.3%	3.66%	-28.7%
ARCH	Buy	ARCH COAL INCcl a	$13,514,000	+31.4%	188,370	+35.9%	3.51%	+66.3%
DAN	Sell	DANA INCORPORATED	$11,848,000	-21.4%	650,964	-37.7%	3.08%	-0.5%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDG L	$9,110,000	-33.3%	155,974	-40.9%	2.36%	-15.5%
PUMP	Buy	PROPETRO HLDG CORP	$9,024,000	+94.4%	802,171	+57.1%	2.34%	+146.1%
TKR	New	TIMKEN CO	$7,399,000	–	131,395	–	1.92%	–
TSN	Sell	TYSON FOODS INCcl a	$4,489,000	-67.3%	49,311	-69.1%	1.16%	-58.7%
TRQ	Buy	TURQUOISE HILL RES LTD	$3,593,000	+60.5%	4,880,484	+3.6%	0.93%	+103.3%
EGO	Sell	ELDORADO GOLD CORP NEW	$3,481,000	-21.0%	433,539	-23.6%	0.90%	0.0%
MT	New	ARCELORMITTAL SA LUXEMBOURGny registry sh	$3,375,000	–	192,412	–	0.88%	–
EAF	Sell	GRAFTECH INTL LTD	$2,355,000	-88.9%	202,662	-87.8%	0.61%	-86.0%
WRK	Sell	WESTROCK CO	$2,213,000	-24.9%	51,577	-36.2%	0.58%	-4.8%
AXL	New	AMERICAN AXLE & MFG HLDGS IN	$2,138,000	–	198,718	–	0.56%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$2,107,000	–	160,579	–	0.55%	–
PVG	Sell	PRETIUM RES INC	$1,448,000	-81.9%	130,093	-81.2%	0.38%	-77.0%
CEIX	Sell	CONSOL ENERGY INC NEW	$1,378,000	-38.3%	94,994	-33.6%	0.36%	-21.8%
CCK	Sell	CROWN HOLDINGS INC	$907,000	-86.7%	12,509	-87.9%	0.24%	-83.2%
HCC	Sell	WARRIOR MET COAL INC	$371,000	-88.6%	17,543	-89.5%	0.10%	-85.6%
CNHI	New	CNH INDL N V	$305,000	–	27,741	–	0.08%	–
MAS	Exit	MASCO CORP	$0	–	-9,930	–	-0.08%	–
MDRIQ	Exit	MCDERMOTT INTL INC	$0	–	-680,120	–	-0.28%	–
CLF	Exit	CLEVELAND CLIFFS INCcall	$0	–	-385,300	–	-0.57%	–
LPX	Exit	LOUISIANA PAC CORP	$0	–	-114,359	–	-0.58%	–
VNOM	Exit	VIPER ENERGY PARTNERS LP	$0	–	-110,569	–	-0.63%	–
BA	Exit	BOEING CO	$0	–	-10,696	–	-0.83%	–
CLF	Exit	CLEVELAND CLIFFS INC	$0	–	-1,080,431	–	-1.60%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-489,238	–	-1.68%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-217,470	–	-2.19%	–
CSTM	Exit	CONSTELLIUM SEcl a	$0	–	-1,019,246	–	-2.66%	–

Q3 2019

			Value		Shares		↓ Weighting
LNG	Sell	CHENIERE ENERGY INC	$52,206,000	-13.7%	827,884	-6.3%	10.70%	+83.5%
UTX	Buy	UNITED TECHNOLOGIES CORP	$32,882,000	+69.2%	240,858	+61.4%	6.74%	+260.0%
GM	Sell	GENERAL MTRS CO	$31,055,000	-30.5%	828,584	-28.5%	6.37%	+47.9%
BERY	Sell	BERRY GLOBAL GROUP INC	$30,953,000	-49.6%	788,209	-32.6%	6.35%	+7.1%
NEM	Sell	NEWMONT GOLDCORP CORPORATION	$29,276,000	-4.3%	772,039	-2.9%	6.00%	+103.5%
GFI	Buy	GOLD FIELDS LTD NEWsponsored adr	$28,154,000	+79.9%	5,722,437	+97.8%	5.77%	+282.5%
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$25,064,000	-35.4%	231,370	-27.7%	5.14%	+37.4%
UAL	Sell	UNITED AIRLINES HLDGS INC	$23,048,000	-11.7%	260,689	-12.5%	4.72%	+87.8%
URI	Sell	UNITED RENTALS INC	$22,155,000	-66.1%	177,753	-63.9%	4.54%	-27.9%
HES	Sell	HESS CORP	$21,982,000	-36.8%	363,452	-33.6%	4.51%	+34.4%
EAF	Sell	GRAFTECH INTL LTD	$21,263,000	-46.7%	1,661,210	-52.1%	4.36%	+13.3%
DAL	Sell	DELTA AIR LINES INC DEL	$18,106,000	-42.1%	314,340	-42.9%	3.71%	+23.2%
DAN	Sell	DANA INCORPORATED	$15,083,000	-59.8%	1,044,558	-44.5%	3.09%	-14.5%
TSN	Sell	TYSON FOODS INCcl a	$13,748,000	-6.0%	159,596	-11.9%	2.82%	+99.9%
NCLH	Buy	NORWEGIAN CRUISE LINE HLDG L	$13,659,000	+7.8%	263,849	+11.6%	2.80%	+129.1%
CSTM	Buy	CONSTELLIUM SEcl a	$12,955,000	+67.1%	1,019,246	+32.0%	2.66%	+255.1%
CF	Sell	CF INDS HLDGS INC	$10,700,000	-23.5%	217,470	-27.4%	2.19%	+62.8%
ARCH	Sell	ARCH COAL INCcl a	$10,285,000	-57.6%	138,614	-46.2%	2.11%	-9.9%
GPK	Sell	GRAPHIC PACKAGING HLDG CO	$10,098,000	-72.0%	684,616	-73.5%	2.07%	-40.5%
PE	Sell	PARSLEY ENERGY INCcl a	$8,219,000	-37.7%	489,238	-29.6%	1.68%	+32.4%
PVG	Sell	PRETIUM RES INC	$7,978,000	-25.5%	693,143	-35.2%	1.64%	+58.4%
CLF	Sell	CLEVELAND CLIFFS INC	$7,801,000	-79.9%	1,080,431	-70.2%	1.60%	-57.2%
CCK	Sell	CROWN HOLDINGS INC	$6,830,000	-77.1%	103,392	-78.8%	1.40%	-51.3%
PUMP	Sell	PROPETRO HLDG CORP	$4,643,000	-77.0%	510,769	-47.6%	0.95%	-51.0%
EGO	New	ELDORADO GOLD CORP NEW	$4,408,000	–	567,313	–	0.90%	–
BA	New	BOEING CO	$4,070,000	–	10,696	–	0.83%	–
HCC	Sell	WARRIOR MET COAL INC	$3,258,000	-84.7%	166,925	-79.5%	0.67%	-67.5%
VNOM	New	VIPER ENERGY PARTNERS LP	$3,059,000	–	110,569	–	0.63%	–
WRK	New	WESTROCK CO	$2,945,000	–	80,801	–	0.60%	–
LPX	New	LOUISIANA PAC CORP	$2,811,000	–	114,359	–	0.58%	–
CLF	Sell	CLEVELAND CLIFFS INCcall	$2,782,000	-86.1%	385,300	-79.4%	0.57%	-70.4%
TRQ	Sell	TURQUOISE HILL RES LTD	$2,239,000	-68.6%	4,712,531	-18.0%	0.46%	-33.2%
CEIX	Sell	CONSOL ENERGY INC NEW	$2,235,000	-56.3%	142,994	-25.6%	0.46%	-7.1%
MDRIQ	Sell	MCDERMOTT INTL INC	$1,374,000	-88.6%	680,120	-45.3%	0.28%	-75.7%
MAS	Sell	MASCO CORP	$414,000	-96.2%	9,930	-96.4%	0.08%	-91.9%
METC	Exit	RAMACO RES INC	$0	–	-479,213	–	-0.25%	–
BWA	Exit	BORGWARNER INC	$0	–	-70,805	–	-0.29%	–
CMC	Exit	COMMERCIAL METALS CO	$0	–	-174,842	–	-0.30%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-30,771	–	-0.32%	–
F	Exit	FORD MTR CO DEL	$0	–	-457,041	–	-0.45%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-195,143	–	-0.47%	–
NG	Exit	NOVAGOLD RES INC	$0	–	-980,234	–	-0.56%	–
DE	Exit	DEERE & CO	$0	–	-36,789	–	-0.59%	–
DLPH	Exit	DELPHI TECHNOLOGIES PLC	$0	–	-314,618	–	-0.61%	–
FRAC	Exit	KEANE GROUP INC	$0	–	-1,011,437	–	-0.66%	–
PBF	Exit	PBF ENERGY INCcl a	$0	–	-239,764	–	-0.72%	–
AXL	Exit	AMERICAN AXLE & MFG HLDGS IN	$0	–	-711,470	–	-0.88%	–
KNX	Exit	KNIGHT SWIFT TRANSN HLDGS INcl a	$0	–	-286,892	–	-0.91%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-170,505	–	-1.00%	–
OSK	Exit	OSHKOSH CORP	$0	–	-128,448	–	-1.03%	–
TKR	Exit	TIMKEN CO	$0	–	-213,545	–	-1.06%	–
ETN	Exit	EATON CORP PLC	$0	–	-163,232	–	-1.31%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-70,698	–	-1.36%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-280,316	–	-1.37%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-669,636	–	-1.48%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-364,246	–	-1.68%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-296,647	–	-2.01%	–
MDRIQ	Exit	MCDERMOTT INTL INCcall	$0	–	-3,389,900	–	-3.16%	–

Q2 2019

			Value		Shares		↓ Weighting
URI	New	UNITED RENTALS INC	$65,301,000	–	492,357	–	6.30%	–
BERY	New	BERRY GLOBAL GROUP INC	$61,457,000	–	1,168,610	–	5.92%	–
LNG	New	CHENIERE ENERGY INC	$60,500,000	–	883,851	–	5.83%	–
GM	New	GENERAL MTRS CO	$44,668,000	–	1,159,300	–	4.31%	–
EAF	New	GRAFTECH INTL LTD	$39,912,000	–	3,470,580	–	3.85%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$38,789,000	–	320,013	–	3.74%	–
CLF	New	CLEVELAND CLIFFS INC	$38,721,000	–	3,628,926	–	3.73%	–
DAN	New	DANA INCORPORATED	$37,517,000	–	1,881,513	–	3.62%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$36,104,000	–	2,582,572	–	3.48%	–
HES	New	HESS CORP	$34,777,000	–	547,062	–	3.35%	–
MDRIQ	New	MCDERMOTT INTL INCcall	$32,746,000	–	3,389,900	–	3.16%	–
DAL	New	DELTA AIR LINES INC DEL	$31,262,000	–	550,876	–	3.01%	–
NEM	New	NEWMONT GOLDCORP CORPORATION	$30,597,000	–	795,345	–	2.95%	–
CCK	New	CROWN HOLDINGS INC	$29,806,000	–	487,826	–	2.87%	–
UAL	New	UNITED CONTL HLDGS INC	$26,095,000	–	298,057	–	2.52%	–
ARCH	New	ARCH COAL INCcl a	$24,277,000	–	257,687	–	2.34%	–
HCC	New	WARRIOR MET COAL INC	$21,294,000	–	815,221	–	2.05%	–
ALB	New	ALBEMARLE CORP	$20,887,000	–	296,647	–	2.01%	–
PUMP	New	PROPETRO HLDG CORP	$20,164,000	–	974,128	–	1.94%	–
CLF	New	CLEVELAND CLIFFS INCcall	$19,946,000	–	1,869,400	–	1.92%	–
UTX	New	UNITED TECHNOLOGIES CORP	$19,429,000	–	149,225	–	1.87%	–
SAVE	New	SPIRIT AIRLS INC	$17,385,000	–	364,246	–	1.68%	–
GFI	New	GOLD FIELDS LTD NEWsponsored adr	$15,654,000	–	2,893,579	–	1.51%	–
COG	New	CABOT OIL & GAS CORP	$15,375,000	–	669,636	–	1.48%	–
TSN	New	TYSON FOODS INCcl a	$14,623,000	–	181,114	–	1.41%	–
HP	New	HELMERICH & PAYNE INC	$14,190,000	–	280,316	–	1.37%	–
NSC	New	NORFOLK SOUTHERN CORP	$14,092,000	–	70,698	–	1.36%	–
CF	New	CF INDS HLDGS INC	$13,984,000	–	299,387	–	1.35%	–
ETN	New	EATON CORP PLC	$13,594,000	–	163,232	–	1.31%	–
PE	New	PARSLEY ENERGY INCcl a	$13,202,000	–	694,474	–	1.27%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDG L	$12,675,000	–	236,341	–	1.22%	–
MDRIQ	New	MCDERMOTT INTL INC	$12,020,000	–	1,244,337	–	1.16%	–
TKR	New	TIMKEN CO	$10,963,000	–	213,545	–	1.06%	–
MAS	New	MASCO CORP	$10,886,000	–	277,410	–	1.05%	–
OSK	New	OSHKOSH CORP	$10,724,000	–	128,448	–	1.03%	–
PVG	New	PRETIUM RES INC	$10,715,000	–	1,070,393	–	1.03%	–
COP	New	CONOCOPHILLIPS	$10,401,000	–	170,505	–	1.00%	–
KNX	New	KNIGHT SWIFT TRANSN HLDGS INcl a	$9,422,000	–	286,892	–	0.91%	–
AXL	New	AMERICAN AXLE & MFG HLDGS IN	$9,078,000	–	711,470	–	0.88%	–
CSTM	New	CONSTELLIUM NVcl a	$7,754,000	–	772,347	–	0.75%	–
PBF	New	PBF ENERGY INCcl a	$7,505,000	–	239,764	–	0.72%	–
TRQ	New	TURQUOISE HILL RES LTD	$7,128,000	–	5,748,748	–	0.69%	–
FRAC	New	KEANE GROUP INC	$6,797,000	–	1,011,437	–	0.66%	–
DLPH	New	DELPHI TECHNOLOGIES PLC	$6,292,000	–	314,618	–	0.61%	–
DE	New	DEERE & CO	$6,096,000	–	36,789	–	0.59%	–
NG	New	NOVAGOLD RES INC	$5,793,000	–	980,234	–	0.56%	–
CEIX	New	CONSOL ENERGY INC NEW	$5,112,000	–	192,125	–	0.49%	–
MOS	New	MOSAIC CO NEW	$4,884,000	–	195,143	–	0.47%	–
F	New	FORD MTR CO DEL	$4,676,000	–	457,041	–	0.45%	–
FANG	New	DIAMONDBACK ENERGY INC	$3,353,000	–	30,771	–	0.32%	–
CMC	New	COMMERCIAL METALS CO	$3,121,000	–	174,842	–	0.30%	–
BWA	New	BORGWARNER INC	$2,972,000	–	70,805	–	0.29%	–
METC	New	RAMACO RES INC	$2,549,000	–	479,213	–	0.25%	–

Q4 2018

			Value		Shares		↓ Weighting
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-239,252	–	-0.01%	–
ANDV	Exit	ANDEAVOR	$0	–	-3,698	–	-0.03%	–
METC	Exit	RAMACO RES INC	$0	–	-375,187	–	-0.14%	–
STNG	Exit	SCORPIO TANKERS INC	$0	–	-1,784,728	–	-0.18%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-332,478	–	-0.18%	–
NIO	Exit	NIO INCspon ads	$0	–	-670,866	–	-0.23%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-200,139	–	-0.28%	–
NEP	Exit	NEXTERA ENERGY PARTNERS LP	$0	–	-124,944	–	-0.30%	–
AKS	Exit	AK STL HLDG CORPcall	$0	–	-1,477,400	–	-0.36%	–
AKS	Exit	AK STL HLDG CORP	$0	–	-1,544,861	–	-0.38%	–
SBLK	Exit	STAR BULK CARRIERS CORP	$0	–	-528,460	–	-0.38%	–
AIT	Exit	APPLIED INDL TECHNOLOGIES IN	$0	–	-105,126	–	-0.41%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-278,434	–	-0.43%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-306,659	–	-0.45%	–
RRC	Exit	RANGE RES CORP	$0	–	-550,578	–	-0.47%	–
WTI	Exit	W & T OFFSHORE INC	$0	–	-1,042,994	–	-0.50%	–
PWR	Exit	QUANTA SVCS INC	$0	–	-305,489	–	-0.51%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-187,667	–	-0.60%	–
MTZ	Exit	MASTEC INC	$0	–	-321,577	–	-0.72%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-320,042	–	-0.74%	–
AA	Exit	ALCOA CORP	$0	–	-372,325	–	-0.75%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-312,501	–	-0.78%	–
NUE	Exit	NUCOR CORP	$0	–	-274,271	–	-0.87%	–
PVG	Exit	PRETIUM RES INC	$0	–	-2,305,791	–	-0.88%	–
DAN	Exit	DANA INCORPORATEDcall	$0	–	-987,900	–	-0.92%	–
GM	Exit	GENERAL MTRS CO	$0	–	-554,062	–	-0.93%	–
PCAR	Exit	PACCAR INC	$0	–	-278,623	–	-0.95%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-286,644	–	-0.98%	–
ANDV	Exit	ANDEAVORcall	$0	–	-128,600	–	-0.98%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-122,664	–	-1.10%	–
RIG	Exit	TRANSOCEAN LTDcall	$0	–	-1,626,900	–	-1.13%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-289,503	–	-1.16%	–
CSX	Exit	CSX CORP	$0	–	-314,326	–	-1.16%	–
AIMC	Exit	ALTRA INDL MOTION CORP	$0	–	-600,688	–	-1.24%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-254,562	–	-1.27%	–
X	Exit	UNITED STATES STL CORP NEW	$0	–	-902,482	–	-1.37%	–
AXL	Exit	AMERICAN AXLE & MFG HLDGS INcall	$0	–	-1,622,800	–	-1.41%	–
HCC	Exit	WARRIOR MET COAL INC	$0	–	-1,070,200	–	-1.44%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-549,469	–	-1.49%	–
HUBB	Exit	HUBBELL INC	$0	–	-234,205	–	-1.56%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-976,434	–	-1.58%	–
OSK	Exit	OSHKOSH CORP	$0	–	-455,490	–	-1.62%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-15,336,997	–	-1.62%	–
TSN	Exit	TYSON FOODS INCcl a	$0	–	-622,642	–	-1.85%	–
VALE	Exit	VALE S Aadr	$0	–	-2,638,775	–	-1.95%	–
LEA	Exit	LEAR CORP	$0	–	-270,210	–	-1.95%	–
PVG	Exit	PRETIUM RES INCcall	$0	–	-5,436,500	–	-2.06%	–
KNX	Exit	KNIGHT SWIFT TRANSN HLDGS INcl a	$0	–	-1,216,485	–	-2.09%	–
GM	Exit	GENERAL MTRS COcall	$0	–	-1,272,000	–	-2.14%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-995,921	–	-2.40%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-3,443,862	–	-2.41%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-584,452	–	-2.60%	–
ETN	Exit	EATON CORP PLC	$0	–	-612,075	–	-2.65%	–
CHRW	Exit	C H ROBINSON WORLDWIDE INC	$0	–	-550,921	–	-2.69%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-870,479	–	-2.71%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-431,351	–	-2.80%	–
AXL	Exit	AMERICAN AXLE & MFG HLDGS IN	$0	–	-3,509,469	–	-3.05%	–
HES	Exit	HESS CORP	$0	–	-957,960	–	-3.42%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-1,214,631	–	-3.50%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-1,624,175	–	-3.89%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-566,794	–	-3.95%	–
DAN	Exit	DANA INCORPORATED	$0	–	-4,470,814	–	-4.16%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-575,730	–	-4.38%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-2,552,620	–	-8.85%	–

Q3 2018

			Value		Shares		↓ Weighting
LNG	Sell	CHENIERE ENERGY INC	$177,382,000	-6.2%	2,552,620	-12.0%	8.85%	+6.6%
CAT	Buy	CATERPILLAR INC DEL	$87,793,000	+98.4%	575,730	+76.5%	4.38%	+125.4%
DAN	Buy	DANA INCORPORATED	$83,470,000	+16.6%	4,470,814	+26.1%	4.16%	+32.5%
UTX	Buy	UNITED TECHNOLOGIES CORP	$79,243,000	+29.9%	566,794	+16.2%	3.95%	+47.7%
CCK	Buy	CROWN HOLDINGS INC	$77,960,000	+130.4%	1,624,175	+114.8%	3.89%	+162.0%
DAL	Sell	DELTA AIR LINES INC DEL	$70,242,000	-20.7%	1,214,631	-32.1%	3.50%	-9.9%
HES	Sell	HESS CORP	$68,571,000	-28.9%	957,960	-33.6%	3.42%	-19.2%
AXL	Sell	AMERICAN AXLE & MFG HLDGS IN	$61,205,000	-33.1%	3,509,469	-40.3%	3.05%	-23.9%
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$56,050,000	+24.7%	431,351	-0.6%	2.80%	+41.7%
LUV	Buy	SOUTHWEST AIRLS CO	$54,361,000	+137.0%	870,479	+93.1%	2.71%	+169.5%
CHRW	Buy	C H ROBINSON WORLDWIDE INC	$53,946,000	+178.4%	550,921	+137.8%	2.69%	+216.5%
ETN	Buy	EATON CORP PLC	$53,085,000	+70.1%	612,075	+46.6%	2.65%	+93.4%
UAL	Sell	UNITED CONTL HLDGS INC	$52,051,000	-27.2%	584,452	-43.0%	2.60%	-17.3%
GPK	Buy	GRAPHIC PACKAGING HLDG CO	$48,249,000	+156.7%	3,443,862	+165.9%	2.41%	+191.6%
BERY	Buy	BERRY GLOBAL GROUP INC	$48,193,000	+128.5%	995,921	+116.9%	2.40%	+159.8%
GM	Buy	GENERAL MTRS COcall	$42,828,000	-13.5%	1,272,000	+1.2%	2.14%	-1.7%
KNX	Buy	KNIGHT SWIFT TRANSN HLDGS INcl a	$41,944,000	-3.1%	1,216,485	+7.3%	2.09%	+10.1%
PVG	Buy	PRETIUM RES INCcall	$41,372,000	+12.1%	5,436,500	+8.1%	2.06%	+27.4%
LEA	Sell	LEAR CORP	$39,180,000	-59.2%	270,210	-47.8%	1.95%	-53.7%
VALE	Buy	VALE S Aadr	$39,159,000	+231.4%	2,638,775	+186.3%	1.95%	+277.0%
TSN	Buy	TYSON FOODS INCcl a	$37,066,000	+65.7%	622,642	+91.6%	1.85%	+88.2%
TRQ	Sell	TURQUOISE HILL RES LTD	$32,514,000	-35.6%	15,336,997	-13.7%	1.62%	-26.8%
OSK	Sell	OSHKOSH CORP	$32,449,000	-49.3%	455,490	-49.9%	1.62%	-42.4%
MOS	Buy	MOSAIC CO NEW	$31,715,000	+66.6%	976,434	+43.9%	1.58%	+89.5%
HUBB	Sell	HUBBELL INC	$31,283,000	-0.9%	234,205	-21.6%	1.56%	+12.6%
CF	Buy	CF INDS HLDGS INC	$29,913,000	+348.5%	549,469	+265.8%	1.49%	+409.2%
HCC	Buy	WARRIOR MET COAL INC	$28,938,000	+1.4%	1,070,200	+3.3%	1.44%	+15.3%
AXL	Sell	AMERICAN AXLE & MFG HLDGS INcall	$28,302,000	-3.5%	1,622,800	-13.9%	1.41%	+9.6%
X	Sell	UNITED STATES STL CORP NEW	$27,508,000	-61.1%	902,482	-55.7%	1.37%	-55.8%
ALB	Sell	ALBEMARLE CORP	$25,400,000	-33.4%	254,562	-37.0%	1.27%	-24.3%
AIMC	Buy	ALTRA INDL MOTION CORP	$24,808,000	+31.0%	600,688	+36.7%	1.24%	+48.9%
CSX	Sell	CSX CORP	$23,276,000	-21.7%	314,326	-32.6%	1.16%	-11.0%
MPC	Buy	MARATHON PETE CORP	$23,152,000	+33.1%	289,503	+16.8%	1.16%	+51.4%
RIG	New	TRANSOCEAN LTDcall	$22,695,000	–	1,626,900	–	1.13%	–
NSC	Sell	NORFOLK SOUTHERN CORP	$22,141,000	-1.7%	122,664	-17.9%	1.10%	+11.7%
ANDV	Sell	ANDEAVORcall	$19,740,000	-26.3%	128,600	-37.1%	0.98%	-16.3%
HP	Buy	HELMERICH & PAYNE INC	$19,713,000	+68.7%	286,644	+56.4%	0.98%	+91.6%
PCAR	New	PACCAR INC	$18,999,000	–	278,623	–	0.95%	–
GM	Sell	GENERAL MTRS CO	$18,655,000	-80.9%	554,062	-77.7%	0.93%	-78.3%
DAN	Buy	DANA INCORPORATEDcall	$18,444,000	+142.2%	987,900	+162.0%	0.92%	+175.4%
PVG	Sell	PRETIUM RES INC	$17,547,000	-27.2%	2,305,791	-29.8%	0.88%	-17.3%
NUE	Sell	NUCOR CORP	$17,402,000	-63.8%	274,271	-64.4%	0.87%	-58.9%
ADM	Sell	ARCHER DANIELS MIDLAND CO	$15,709,000	-58.3%	312,501	-62.0%	0.78%	-52.7%
AA	Sell	ALCOA CORP	$15,042,000	-34.6%	372,325	-24.1%	0.75%	-25.7%
LEN	Sell	LENNAR CORPcl a	$14,943,000	-57.0%	320,042	-51.6%	0.74%	-51.1%
MTZ	Buy	MASTEC INC	$14,358,000	+145.7%	321,577	+179.3%	0.72%	+179.7%
DWDP	Sell	DOWDUPONT INC	$12,069,000	-79.0%	187,667	-78.4%	0.60%	-76.1%
PWR	Sell	QUANTA SVCS INC	$10,197,000	-54.4%	305,489	-54.4%	0.51%	-48.2%
WTI	New	W & T OFFSHORE INC	$10,054,000	–	1,042,994	–	0.50%	–
RRC	New	RANGE RES CORP	$9,354,000	–	550,578	–	0.47%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$9,062,000	–	306,659	–	0.45%	–
NBL	Sell	NOBLE ENERGY INC	$8,684,000	-90.2%	278,434	-88.9%	0.43%	-88.9%
AIT	Sell	APPLIED INDL TECHNOLOGIES IN	$8,226,000	-66.5%	105,126	-70.0%	0.41%	-62.0%
SBLK	Buy	STAR BULK CARRIERS CORP	$7,636,000	+65.4%	528,460	+47.2%	0.38%	+88.6%
AKS	New	AK STL HLDG CORP	$7,570,000	–	1,544,861	–	0.38%	–
AKS	New	AK STL HLDG CORPcall	$7,239,000	–	1,477,400	–	0.36%	–
NEP	Sell	NEXTERA ENERGY PARTNERS LP	$6,060,000	-19.5%	124,944	-22.6%	0.30%	-8.5%
GLNG	New	GOLAR LNG LTD BERMUDA	$5,564,000	–	200,139	–	0.28%	–
NIO	New	NIO INCspon ads	$4,683,000	–	670,866	–	0.23%	–
GOLD	New	BARRICK GOLD CORP	$3,684,000	–	332,478	–	0.18%	–
STNG	Buy	SCORPIO TANKERS INC	$3,587,000	-25.8%	1,784,728	+3.7%	0.18%	-15.6%
METC	Sell	RAMACO RES INC	$2,799,000	-51.8%	375,187	-55.1%	0.14%	-45.1%
ANDV	Sell	ANDEAVOR	$568,000	-7.8%	3,698	-21.3%	0.03%	+3.7%
EGO	Sell	ELDORADO GOLD CORP NEW	$211,000	-92.2%	239,252	-91.2%	0.01%	-90.7%
APTV	Exit	APTIV PLC	$0	–	-30,256	–	-0.12%	–
OLN	Exit	OLIN CORP	$0	–	-101,221	–	-0.13%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-31,007	–	-0.15%	–
OC	Exit	OWENS CORNING NEW	$0	–	-55,441	–	-0.15%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-236,891	–	-0.25%	–
GFI	Exit	GOLD FIELDS LTD NEWsponsored adr	$0	–	-1,732,973	–	-0.27%	–
CE	Exit	CELANESE CORP DEL	$0	–	-59,687	–	-0.29%	–
FTI	Exit	TECHNIPFMC PLC	$0	–	-225,554	–	-0.31%	–
URI	Exit	UNITED RENTALS INC	$0	–	-57,213	–	-0.37%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-126,551	–	-0.44%	–
AZUL	Exit	AZUL S Asponsr adr pfd	$0	–	-743,555	–	-0.53%	–
NBLX	Exit	NOBLE MIDSTREAM PARTNERS LP	$0	–	-241,383	–	-0.54%	–
BA	Exit	BOEING CO	$0	–	-41,505	–	-0.61%	–
MT	Exit	ARCELORMITTAL SA LUXEMBOURGny registry sh	$0	–	-584,846	–	-0.74%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-201,384	–	-0.80%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-312,670	–	-0.87%	–

Q2 2018

			Value		Shares		↓ Weighting
LNG	New	CHENIERE ENERGY INC	$189,145,000	–	2,901,448	–	8.30%	–
GM	New	GENERAL MTRS CO	$97,702,000	–	2,479,754	–	4.29%	–
HES	New	HESS CORP	$96,495,000	–	1,442,598	–	4.23%	–
LEA	New	LEAR CORP	$96,128,000	–	517,347	–	4.22%	–
AXL	New	AMERICAN AXLE & MFG HLDGS IN	$91,429,000	–	5,875,911	–	4.01%	–
NBL	New	NOBLE ENERGY INC	$88,585,000	–	2,510,915	–	3.89%	–
DAL	New	DELTA AIR LINES INC DEL	$88,578,000	–	1,788,013	–	3.89%	–
DAN	New	DANA INCORPORATED	$71,604,000	–	3,546,524	–	3.14%	–
UAL	New	UNITED CONTL HLDGS INC	$71,534,000	–	1,025,872	–	3.14%	–
X	New	UNITED STATES STL CORP NEW	$70,747,000	–	2,035,898	–	3.10%	–
OSK	New	OSHKOSH CORP	$63,978,000	–	909,808	–	2.81%	–
UTX	New	UNITED TECHNOLOGIES CORP	$61,007,000	–	487,936	–	2.68%	–
DWDP	New	DOWDUPONT INC	$57,343,000	–	869,888	–	2.52%	–
TRQ	New	TURQUOISE HILL RES LTD	$50,451,000	–	17,764,573	–	2.21%	–
GM	New	GENERAL MTRS COcall	$49,526,000	–	1,257,000	–	2.17%	–
NUE	New	NUCOR CORP	$48,089,000	–	769,431	–	2.11%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$44,947,000	–	433,851	–	1.97%	–
CAT	New	CATERPILLAR INC DEL	$44,258,000	–	326,221	–	1.94%	–
KNX	New	KNIGHT SWIFT TRANSN HLDGS INcl a	$43,305,000	–	1,133,339	–	1.90%	–
ALB	New	ALBEMARLE CORP	$38,126,000	–	404,182	–	1.67%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$37,710,000	–	822,813	–	1.65%	–
PVG	New	PRETIUM RES INCcall	$36,902,000	–	5,027,500	–	1.62%	–
LEN	New	LENNAR CORPcl a	$34,742,000	–	661,747	–	1.52%	–
CCK	New	CROWN HOLDINGS INC	$33,839,000	–	756,001	–	1.48%	–
HUBB	New	HUBBELL INC	$31,572,000	–	298,577	–	1.38%	–
ETN	New	EATON CORP PLC	$31,202,000	–	417,479	–	1.37%	–
CSX	New	CSX CORP	$29,734,000	–	466,194	–	1.30%	–
AXL	New	AMERICAN AXLE & MFG HLDGS INcall	$29,337,000	–	1,885,400	–	1.29%	–
HCC	New	WARRIOR MET COAL INC	$28,549,000	–	1,035,523	–	1.25%	–
ANDV	New	ANDEAVORcall	$26,800,000	–	204,300	–	1.18%	–
AIT	New	APPLIED INDL TECHNOLOGIES IN	$24,587,000	–	350,496	–	1.08%	–
PVG	New	PRETIUM RES INC	$24,117,000	–	3,285,734	–	1.06%	–
AA	New	ALCOA CORP	$22,994,000	–	490,476	–	1.01%	–
LUV	New	SOUTHWEST AIRLS CO	$22,940,000	–	450,862	–	1.01%	–
NSC	New	NORFOLK SOUTHERN CORP	$22,528,000	–	149,319	–	0.99%	–
PWR	New	QUANTA SVCS INC	$22,375,000	–	669,899	–	0.98%	–
TSN	New	TYSON FOODS INCcl a	$22,375,000	–	324,978	–	0.98%	–
BERY	New	BERRY GLOBAL GROUP INC	$21,094,000	–	459,155	–	0.92%	–
J	New	JACOBS ENGR GROUP INC DEL	$19,851,000	–	312,670	–	0.87%	–
CHRW	New	C H ROBINSON WORLDWIDE INC	$19,379,000	–	231,637	–	0.85%	–
MOS	New	MOSAIC CO NEW	$19,036,000	–	678,633	–	0.84%	–
AIMC	New	ALTRA INDL MOTION CORP	$18,935,000	–	439,334	–	0.83%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$18,795,000	–	1,295,330	–	0.82%	–
TEL	New	TE CONNECTIVITY LTD	$18,137,000	–	201,384	–	0.80%	–
MPC	New	MARATHON PETE CORP	$17,397,000	–	247,962	–	0.76%	–
MT	New	ARCELORMITTAL SA LUXEMBOURGny registry sh	$16,832,000	–	584,846	–	0.74%	–
BA	New	BOEING CO	$13,925,000	–	41,505	–	0.61%	–
NBLX	New	NOBLE MIDSTREAM PARTNERS LP	$12,325,000	–	241,383	–	0.54%	–
AZUL	New	AZUL S Asponsr adr pfd	$12,165,000	–	743,555	–	0.53%	–
VALE	New	VALE S Aadr	$11,815,000	–	921,585	–	0.52%	–
HP	New	HELMERICH & PAYNE INC	$11,687,000	–	183,298	–	0.51%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$10,018,000	–	126,551	–	0.44%	–
URI	New	UNITED RENTALS INC	$8,446,000	–	57,213	–	0.37%	–
DAN	New	DANA INCORPORATEDcall	$7,614,000	–	377,100	–	0.33%	–
NEP	New	NEXTERA ENERGY PARTNERS LP	$7,532,000	–	161,379	–	0.33%	–
FTI	New	TECHNIPFMC PLC	$7,159,000	–	225,554	–	0.31%	–
CF	New	CF INDS HLDGS INC	$6,670,000	–	150,215	–	0.29%	–
CE	New	CELANESE CORP DEL	$6,629,000	–	59,687	–	0.29%	–
GFI	New	GOLD FIELDS LTD NEWsponsored adr	$6,187,000	–	1,732,973	–	0.27%	–
MTZ	New	MASTEC INC	$5,843,000	–	115,133	–	0.26%	–
METC	New	RAMACO RES INC	$5,813,000	–	835,160	–	0.26%	–
COG	New	CABOT OIL & GAS CORP	$5,638,000	–	236,891	–	0.25%	–
STNG	New	SCORPIO TANKERS INC	$4,837,000	–	1,721,338	–	0.21%	–
SBLK	New	STAR BULK CARRIERS CORP	$4,616,000	–	358,927	–	0.20%	–
OC	New	OWENS CORNING NEW	$3,513,000	–	55,441	–	0.15%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$3,406,000	–	31,007	–	0.15%	–
OLN	New	OLIN CORP	$2,907,000	–	101,221	–	0.13%	–
APTV	New	APTIV PLC	$2,772,000	–	30,256	–	0.12%	–
EGO	New	ELDORADO GOLD CORP NEW	$2,692,000	–	2,709,372	–	0.12%	–
ANDV	New	ANDEAVOR	$616,000	–	4,696	–	0.03%	–

Q4 2017

			Value		Shares		↓ Weighting
JAG	Exit	JAGGED PEAK ENERGY INC	$0	–	-51,734	–	-0.03%	–
DKL	Exit	DELEK LOGISTICS PARTNERS LP	$0	–	-74,656	–	-0.10%	–
CSL	Exit	CARLISLE COS INC	$0	–	-23,853	–	-0.10%	–
WCC	Exit	WESCO INTL INC	$0	–	-41,762	–	-0.10%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-276,942	–	-0.15%	–
NBLX	Exit	NOBLE MIDSTREAM PARTNERS LP	$0	–	-105,038	–	-0.22%	–
METC	Exit	RAMACO RES INC	$0	–	-847,330	–	-0.23%	–
CSX	Exit	CSX CORP	$0	–	-105,056	–	-0.23%	–
STLD	Exit	STEEL DYNAMICS INC	$0	–	-166,247	–	-0.23%	–
FUL	Exit	FULLER H B CO	$0	–	-103,469	–	-0.24%	–
HUBG	Exit	HUB GROUP INCcl a	$0	–	-142,774	–	-0.25%	–
X	Exit	UNITED STATES STL CORP NEW	$0	–	-257,600	–	-0.27%	–
SKYW	Exit	SKYWEST INC	$0	–	-150,942	–	-0.27%	–
TPC	Exit	TUTOR PERINI CORP	$0	–	-241,502	–	-0.28%	–
AZUL	Exit	AZUL S Asponsr adr pfd	$0	–	-262,877	–	-0.30%	–
CE	Exit	CELANESE CORP DEL	$0	–	-85,943	–	-0.37%	–
VMI	Exit	VALMONT INDS INC	$0	–	-58,172	–	-0.38%	–
DK	Exit	DELEK US HLDGS INC NEW	$0	–	-373,140	–	-0.41%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-225,518	–	-0.44%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-61,607	–	-0.46%	–
ODFL	Exit	OLD DOMINION FGHT LINES INC	$0	–	-105,116	–	-0.47%	–
COL	Exit	ROCKWELL COLLINS INC	$0	–	-94,400	–	-0.50%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-128,048	–	-0.51%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-108,359	–	-0.51%	–
MTOR	Exit	MERITOR INC	$0	–	-497,103	–	-0.53%	–
NEP	Exit	NEXTERA ENERGY PARTNERS LP	$0	–	-331,566	–	-0.55%	–
RSPP	Exit	RSP PERMIAN INC	$0	–	-390,123	–	-0.55%	–
VALE	Exit	VALE S Aadr	$0	–	-1,385,478	–	-0.57%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-593,069	–	-0.58%	–
ARCH	Exit	ARCH COAL INCcl a	$0	–	-200,610	–	-0.59%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-6,910,852	–	-0.62%	–
PWR	Exit	QUANTA SVCS INC	$0	–	-422,195	–	-0.64%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-78,685	–	-0.66%	–
AIMC	Exit	ALTRA INDL MOTION CORP	$0	–	-366,574	–	-0.72%	–
AIT	Exit	APPLIED INDL TECHNOLOGIES IN	$0	–	-276,880	–	-0.74%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-145,490	–	-0.79%	–
RTN	Exit	RAYTHEON CO	$0	–	-105,268	–	-0.80%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-748,927	–	-0.81%	–
HCC	Exit	WARRIOR MET COAL INC	$0	–	-846,197	–	-0.82%	–
LDOS	Exit	LEIDOS HLDGS INC	$0	–	-347,040	–	-0.84%	–
TKR	Exit	TIMKEN CO	$0	–	-425,625	–	-0.84%	–
WRK	Exit	WESTROCK CO	$0	–	-372,043	–	-0.86%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-670,630	–	-0.91%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-305,264	–	-0.95%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-418,203	–	-0.96%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-711,223	–	-1.02%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-216,257	–	-1.10%	–
HAL	Exit	HALLIBURTON CO	$0	–	-588,015	–	-1.11%	–
HKRSQ	Exit	HALCON RES CORP	$0	–	-4,056,601	–	-1.13%	–
PCAR	Exit	PACCAR INC	$0	–	-394,370	–	-1.17%	–
AXL	Exit	AMERICAN AXLE & MFG HLDGS INcall	$0	–	-1,624,300	–	-1.17%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-163,631	–	-1.19%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-656,433	–	-1.27%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-289,043	–	-1.40%	–
URI	Exit	UNITED RENTALS INC	$0	–	-249,522	–	-1.42%	–
PH	Exit	PARKER HANNIFIN CORP	$0	–	-202,765	–	-1.45%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-265,642	–	-1.48%	–
PVG	Exit	PRETIUM RES INC	$0	–	-4,292,467	–	-1.62%	–
MAS	Exit	MASCO CORP	$0	–	-1,074,912	–	-1.71%	–
AXL	Exit	AMERICAN AXLE & MFG HLDGS IN	$0	–	-2,391,042	–	-1.72%	–
EOG	Exit	EOG RES INC	$0	–	-434,856	–	-1.72%	–
ANDV	Exit	ANDEAVOR	$0	–	-419,994	–	-1.77%	–
SEE	Exit	SEALED AIR CORP NEW	$0	–	-1,043,952	–	-1.82%	–
EQT	Exit	EQT CORP	$0	–	-718,550	–	-1.92%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDGS	$0	–	-898,280	–	-1.98%	–
DE	Exit	DEERE & CO	$0	–	-388,613	–	-2.00%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-723,375	–	-2.05%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-885,036	–	-2.05%	–
OSK	Exit	OSHKOSH CORP	$0	–	-628,548	–	-2.12%	–
GFI	Exit	GOLD FIELDS LTD NEWsponsored adr	$0	–	-12,659,944	–	-2.23%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-563,362	–	-2.27%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-686,682	–	-2.33%	–
AA	Exit	ALCOA CORP	$0	–	-1,279,223	–	-2.44%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-2,240,215	–	-2.45%	–
KNX	Exit	KNIGHT SWIFT TRANSN HLDGS INcl a	$0	–	-1,468,056	–	-2.49%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-21,849,113	–	-2.77%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-1,413,132	–	-2.78%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-1,625,502	–	-2.99%	–
DAN	Exit	DANA INCORPORATED	$0	–	-2,666,372	–	-3.05%	–
GM	Exit	GENERAL MTRS CO	$0	–	-1,880,259	–	-3.10%	–
LEA	Exit	LEAR CORP	$0	–	-481,895	–	-3.41%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-3,006,819	–	-3.48%	–
TSN	Exit	TYSON FOODS INCcl a	$0	–	-1,541,468	–	-4.44%	–

Q3 2017

			Value		Shares		↓ Weighting
TSN	Buy	TYSON FOODS INCcl a	$108,596,000	+52.4%	1,541,468	+35.5%	4.44%	+59.2%
NBL	Sell	NOBLE ENERGY INC	$85,273,000	-2.5%	3,006,819	-2.7%	3.48%	+1.8%
LEA	Buy	LEAR CORP	$83,406,000	+34.2%	481,895	+10.2%	3.41%	+40.2%
GM	Sell	GENERAL MTRS CO	$75,925,000	-7.5%	1,880,259	-20.0%	3.10%	-3.3%
DAN	Buy	DANA INCORPORATED	$74,552,000	+152.0%	2,666,372	+101.2%	3.05%	+163.4%
LNG	Buy	CHENIERE ENERGY INC	$73,213,000	+35.8%	1,625,502	+46.9%	2.99%	+41.9%
DAL	New	DELTA AIR LINES INC DEL	$68,141,000	–	1,413,132	–	2.78%	–
TRQ	Sell	TURQUOISE HILL RES LTD	$67,732,000	-24.6%	21,849,113	-35.5%	2.77%	-21.2%
KNX	New	KNIGHT SWIFT TRANSN HLDGS INcl a	$60,998,000	–	1,468,056	–	2.49%	–
COG	Sell	CABOT OIL & GAS CORP	$59,926,000	-19.4%	2,240,215	-24.4%	2.45%	-15.8%
AA	Buy	ALCOA CORP	$59,637,000	+127.4%	1,279,223	+59.2%	2.44%	+137.5%
WLK	Sell	WESTLAKE CHEM CORP	$57,056,000	-31.7%	686,682	-45.6%	2.33%	-28.6%
3106PS	Sell	DELPHI AUTOMOTIVE PLC	$55,435,000	+11.8%	563,362	-0.4%	2.27%	+16.8%
GFI	Buy	GOLD FIELDS LTD NEWsponsored adr	$54,564,000	+87.0%	12,659,944	+51.0%	2.23%	+95.4%
OSK	Sell	OSHKOSH CORP	$51,880,000	-3.1%	628,548	-19.1%	2.12%	+1.2%
BERY	Sell	BERRY GLOBAL GROUP INC	$50,137,000	-14.6%	885,036	-14.0%	2.05%	-10.7%
DWDP	New	DOWDUPONT INC	$50,079,000	–	723,375	–	2.05%	–
DE	Buy	DEERE & CO	$48,806,000	+95.9%	388,613	+92.8%	2.00%	+104.6%
NCLH	Buy	NORWEGIAN CRUISE LINE HLDGS	$48,552,000	+43.7%	898,280	+44.4%	1.98%	+50.2%
EQT	Buy	EQT CORP	$46,878,000	+304.0%	718,550	+262.8%	1.92%	+322.0%
SEE	Sell	SEALED AIR CORP NEW	$44,598,000	-18.1%	1,043,952	-14.2%	1.82%	-14.4%
ANDV	New	ANDEAVOR	$43,322,000	–	419,994	–	1.77%	–
EOG	Sell	EOG RES INC	$42,068,000	-9.1%	434,856	-14.9%	1.72%	-5.0%
AXL	Sell	AMERICAN AXLE & MFG HLDGS IN	$42,035,000	-5.8%	2,391,042	-16.4%	1.72%	-1.6%
MAS	Buy	MASCO CORP	$41,932,000	+5.9%	1,074,912	+3.8%	1.71%	+10.7%
PVG	Sell	PRETIUM RES INC	$39,748,000	-7.7%	4,292,467	-4.2%	1.62%	-3.6%
ALB	Sell	ALBEMARLE CORP	$36,210,000	-16.0%	265,642	-34.9%	1.48%	-12.2%
PH	Sell	PARKER HANNIFIN CORP	$35,488,000	-6.1%	202,765	-14.3%	1.45%	-2.0%
URI	Sell	UNITED RENTALS INC	$34,619,000	-35.9%	249,522	-47.9%	1.42%	-33.0%
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$34,263,000	-29.2%	289,043	-34.8%	1.40%	-26.1%
AAL	Sell	AMERICAN AIRLS GROUP INC	$31,174,000	-58.0%	656,433	-55.5%	1.27%	-56.2%
ROK	Buy	ROCKWELL AUTOMATION INC	$29,161,000	+255.9%	163,631	+223.5%	1.19%	+272.5%
AXL	New	AMERICAN AXLE & MFG HLDGS INcall	$28,555,000	–	1,624,300	–	1.17%	–
PCAR	Sell	PACCAR INC	$28,529,000	-1.8%	394,370	-10.4%	1.17%	+2.6%
HKRSQ	New	HALCON RES CORP	$27,585,000	–	4,056,601	–	1.13%	–
HAL	New	HALLIBURTON CO	$27,066,000	–	588,015	–	1.11%	–
CAT	New	CATERPILLAR INC DEL	$26,969,000	–	216,257	–	1.10%	–
CF	Buy	CF INDS HLDGS INC	$25,007,000	+879.5%	711,223	+679.0%	1.02%	+922.0%
LUV	Sell	SOUTHWEST AIRLS CO	$23,411,000	-75.2%	418,203	-72.4%	0.96%	-74.0%
ALK	Sell	ALASKA AIR GROUP INC	$23,282,000	-74.9%	305,264	-70.4%	0.95%	-73.7%
GT	Sell	GOODYEAR TIRE & RUBR CO	$22,298,000	-67.2%	670,630	-65.5%	0.91%	-65.7%
WRK	Buy	WESTROCK CO	$21,106,000	+123.5%	372,043	+123.2%	0.86%	+133.9%
TKR	Buy	TIMKEN CO	$20,664,000	+168.2%	425,625	+155.5%	0.84%	+180.7%
LDOS	New	LEIDOS HLDGS INC	$20,552,000	–	347,040	–	0.84%	–
HCC	Sell	WARRIOR MET COAL INC	$19,945,000	+1.9%	846,197	-26.0%	0.82%	+6.4%
PE	Sell	PARSLEY ENERGY INCcl a	$19,727,000	-67.8%	748,927	-66.1%	0.81%	-66.4%
RTN	Sell	RAYTHEON CO	$19,641,000	-5.7%	105,268	-18.4%	0.80%	-1.5%
NSC	New	NORFOLK SOUTHERN CORP	$19,240,000	–	145,490	–	0.79%	–
AIT	Sell	APPLIED INDL TECHNOLOGIES IN	$18,219,000	+8.9%	276,880	-2.3%	0.74%	+13.7%
AIMC	Sell	ALTRA INDL MOTION CORP	$17,632,000	-25.7%	366,574	-38.6%	0.72%	-22.4%
GD	Sell	GENERAL DYNAMICS CORP	$16,176,000	-23.9%	78,685	-26.7%	0.66%	-20.5%
PWR	New	QUANTA SVCS INC	$15,777,000	–	422,195	–	0.64%	–
EGO	Buy	ELDORADO GOLD CORP NEW	$15,204,000	+57.6%	6,910,852	+89.1%	0.62%	+64.7%
ARCH	Sell	ARCH COAL INCcl a	$14,392,000	-52.2%	200,610	-54.5%	0.59%	-50.1%
ATI	New	ALLEGHENY TECHNOLOGIES INC	$14,174,000	–	593,069	–	0.58%	–
VALE	New	VALE S Aadr	$13,952,000	–	1,385,478	–	0.57%	–
RSPP	New	RSP PERMIAN INC	$13,494,000	–	390,123	–	0.55%	–
NEP	Buy	NEXTERA ENERGY PARTNERS LP	$13,359,000	+112.6%	331,566	+95.2%	0.55%	+122.0%
MTOR	Sell	MERITOR INC	$12,930,000	-27.8%	497,103	-53.9%	0.53%	-24.7%
UTX	New	UNITED TECHNOLOGIES CORP	$12,578,000	–	108,359	–	0.51%	–
FANG	New	DIAMONDBACK ENERGY INC	$12,544,000	–	128,048	–	0.51%	–
COL	Sell	ROCKWELL COLLINS INC	$12,339,000	-65.4%	94,400	-72.1%	0.50%	-63.8%
ODFL	Sell	OLD DOMINION FGHT LINES INC	$11,574,000	-46.3%	105,116	-53.6%	0.47%	-44.0%
WHR	Sell	WHIRLPOOL CORP	$11,363,000	-68.3%	61,607	-67.1%	0.46%	-67.0%
RIO	New	RIO TINTO PLCsponsored adr	$10,642,000	–	225,518	–	0.44%	–
DK	New	DELEK US HLDGS INC NEW	$9,974,000	–	373,140	–	0.41%	–
VMI	New	VALMONT INDS INC	$9,197,000	–	58,172	–	0.38%	–
CE	Sell	CELANESE CORP DEL	$8,961,000	-66.8%	85,943	-69.8%	0.37%	-65.3%
AZUL	Sell	AZUL S Asponsr adr pfd	$7,216,000	+4.9%	262,877	-19.4%	0.30%	+9.7%
TPC	Sell	TUTOR PERINI CORP	$6,859,000	-50.3%	241,502	-49.7%	0.28%	-48.1%
SKYW	Buy	SKYWEST INC	$6,626,000	+30.0%	150,942	+4.0%	0.27%	+36.2%
X	New	UNITED STATES STL CORP NEW	$6,610,000	–	257,600	–	0.27%	–
HUBG	New	HUB GROUP INCcl a	$6,132,000	–	142,774	–	0.25%	–
FUL	New	FULLER H B CO	$6,007,000	–	103,469	–	0.24%	–
STLD	Sell	STEEL DYNAMICS INC	$5,731,000	-64.7%	166,247	-63.3%	0.23%	-63.1%
CSX	Sell	CSX CORP	$5,700,000	-78.6%	105,056	-78.4%	0.23%	-77.6%
METC	Sell	RAMACO RES INC	$5,618,000	-5.6%	847,330	-13.8%	0.23%	-1.3%
NBLX	Buy	NOBLE MIDSTREAM PARTNERS LP	$5,448,000	+176.0%	105,038	+141.5%	0.22%	+189.6%
GG	New	GOLDCORP INC NEW	$3,589,000	–	276,942	–	0.15%	–
WCC	New	WESCO INTL INC	$2,433,000	–	41,762	–	0.10%	–
CSL	New	CARLISLE COS INC	$2,392,000	–	23,853	–	0.10%	–
DKL	Sell	DELEK LOGISTICS PARTNERS LP	$2,333,000	-19.8%	74,656	-15.9%	0.10%	-16.7%
JAG	New	JAGGED PEAK ENERGY INC	$707,000	–	51,734	–	0.03%	–
HES	Exit	HESS CORP	$0	–	-83,390	–	-0.14%	–
FDX	Exit	FEDEX CORP	$0	–	-27,916	–	-0.24%	–
CSTE	Exit	CAESARSTONE LTD	$0	–	-214,585	–	-0.29%	–
TRN	Exit	TRINITY INDS INC	$0	–	-307,490	–	-0.34%	–
DK	Exit	DELEK US HLDGS INC	$0	–	-438,248	–	-0.45%	–
TSE	Exit	TRINSEO S A	$0	–	-222,857	–	-0.60%	–
TSO	Exit	TESORO CORP	$0	–	-173,761	–	-0.64%	–
MBBYF	Exit	MOBILEYE N V AMSTELVEEN	$0	–	-264,488	–	-0.65%	–
SWFT	Exit	SWIFT TRANSN COcl a	$0	–	-632,512	–	-0.66%	–
NUE	Exit	NUCOR CORP	$0	–	-470,855	–	-1.07%	–
KNX	Exit	KNIGHT TRANSN INC	$0	–	-950,646	–	-1.38%	–
DOW	Exit	DOW CHEM CO	$0	–	-740,571	–	-1.83%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-972,076	–	-1.96%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-660,197	–	-2.36%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-1,172,119	–	-3.45%	–

Q2 2017

			Value		Shares		↓ Weighting
LUV	New	SOUTHWEST AIRLS CO	$94,263,000	–	1,516,944	–	3.69%	–
ALK	New	ALASKA AIR GROUP INC	$92,672,000	–	1,032,441	–	3.62%	–
TRQ	New	TURQUOISE HILL RES LTD	$89,821,000	–	33,894,848	–	3.51%	–
UAL	New	UNITED CONTL HLDGS INC	$88,202,000	–	1,172,119	–	3.45%	–
NBL	New	NOBLE ENERGY INC	$87,491,000	–	3,091,560	–	3.42%	–
WLK	New	WESTLAKE CHEM CORP	$83,519,000	–	1,261,428	–	3.27%	–
GM	New	GENERAL MTRS CO	$82,067,000	–	2,349,475	–	3.21%	–
COG	New	CABOT OIL & GAS CORP	$74,366,000	–	2,965,153	–	2.91%	–
AAL	New	AMERICAN AIRLS GROUP INC	$74,299,000	–	1,476,540	–	2.91%	–
TSN	New	TYSON FOODS INCcl a	$71,263,000	–	1,137,846	–	2.79%	–
GT	New	GOODYEAR TIRE & RUBR CO	$67,973,000	–	1,944,294	–	2.66%	–
LEA	New	LEAR CORP	$62,149,000	–	437,421	–	2.43%	–
PE	New	PARSLEY ENERGY INCcl a	$61,285,000	–	2,208,475	–	2.40%	–
IR	New	INGERSOLL-RAND PLC	$60,335,000	–	660,197	–	2.36%	–
BERY	New	BERRY GLOBAL GROUP INC	$58,680,000	–	1,029,300	–	2.30%	–
SEE	New	SEALED AIR CORP NEW	$54,456,000	–	1,216,623	–	2.13%	–
URI	New	UNITED RENTALS INC	$53,985,000	–	478,971	–	2.11%	–
LNG	New	CHENIERE ENERGY INC	$53,918,000	–	1,106,910	–	2.11%	–
OSK	New	OSHKOSH CORP	$53,548,000	–	777,417	–	2.10%	–
SAVE	New	SPIRIT AIRLS INC	$50,208,000	–	972,076	–	1.96%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$49,585,000	–	565,713	–	1.94%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$48,421,000	–	443,295	–	1.89%	–
DOW	New	DOW CHEM CO	$46,708,000	–	740,571	–	1.83%	–
EOG	New	EOG RES INC	$46,281,000	–	511,276	–	1.81%	–
AXL	New	AMERICAN AXLE & MFG HLDGS IN	$44,622,000	–	2,860,385	–	1.75%	–
ALB	New	ALBEMARLE CORP	$43,095,000	–	408,328	–	1.69%	–
PVG	New	PRETIUM RES INC	$43,052,000	–	4,479,888	–	1.68%	–
MAS	New	MASCO CORP	$39,579,000	–	1,035,826	–	1.55%	–
PH	New	PARKER HANNIFIN CORP	$37,811,000	–	236,587	–	1.48%	–
WHR	New	WHIRLPOOL CORP	$35,885,000	–	187,271	–	1.40%	–
COL	New	ROCKWELL COLLINS INC	$35,612,000	–	338,905	–	1.39%	–
KNX	New	KNIGHT TRANSN INC	$35,221,000	–	950,646	–	1.38%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDGS	$33,778,000	–	622,169	–	1.32%	–
ARCH	New	ARCH COAL INCcl a	$30,117,000	–	440,947	–	1.18%	–
DAN	New	DANA INCORPORATED	$29,588,000	–	1,325,019	–	1.16%	–
GFI	New	GOLD FIELDS LTD NEWsponsored adr	$29,171,000	–	8,382,432	–	1.14%	–
PCAR	New	PACCAR INC	$29,062,000	–	440,060	–	1.14%	–
NUE	New	NUCOR CORP	$27,248,000	–	470,855	–	1.07%	–
CE	New	CELANESE CORP DEL	$27,007,000	–	284,460	–	1.06%	–
CSX	New	CSX CORP	$26,590,000	–	487,358	–	1.04%	–
AA	New	ALCOA CORP	$26,231,000	–	803,405	–	1.03%	–
DE	New	DEERE & CO	$24,914,000	–	201,582	–	0.98%	–
AIMC	New	ALTRA INDL MOTION CORP	$23,743,000	–	596,563	–	0.93%	–
ODFL	New	OLD DOMINION FGHT LINES INC	$21,563,000	–	226,411	–	0.84%	–
GD	New	GENERAL DYNAMICS CORP	$21,253,000	–	107,286	–	0.83%	–
RTN	New	RAYTHEON CO	$20,831,000	–	129,001	–	0.82%	–
HCC	New	WARRIOR MET COAL INC	$19,576,000	–	1,142,772	–	0.77%	–
MTOR	New	MERITOR INC	$17,913,000	–	1,078,432	–	0.70%	–
SWFT	New	SWIFT TRANSN COcl a	$16,762,000	–	632,512	–	0.66%	–
AIT	New	APPLIED INDL TECHNOLOGIES IN	$16,736,000	–	283,429	–	0.66%	–
MBBYF	New	MOBILEYE N V AMSTELVEEN	$16,610,000	–	264,488	–	0.65%	–
TSO	New	TESORO CORP	$16,264,000	–	173,761	–	0.64%	–
STLD	New	STEEL DYNAMICS INC	$16,222,000	–	453,014	–	0.64%	–
TSE	New	TRINSEO S A	$15,310,000	–	222,857	–	0.60%	–
TPC	New	TUTOR PERINI CORP	$13,794,000	–	479,796	–	0.54%	–
EQT	New	EQT CORP	$11,603,000	–	198,038	–	0.45%	–
DK	New	DELEK US HLDGS INC	$11,587,000	–	438,248	–	0.45%	–
EGO	New	ELDORADO GOLD CORP NEW	$9,647,000	–	3,654,002	–	0.38%	–
WRK	New	WESTROCK CO	$9,443,000	–	166,658	–	0.37%	–
TRN	New	TRINITY INDS INC	$8,619,000	–	307,490	–	0.34%	–
ROK	New	ROCKWELL AUTOMATION INC	$8,193,000	–	50,588	–	0.32%	–
TKR	New	TIMKEN CO	$7,705,000	–	166,597	–	0.30%	–
CSTE	New	CAESARSTONE LTD	$7,521,000	–	214,585	–	0.29%	–
AZUL	New	AZUL S Asponsr adr pfd	$6,878,000	–	326,295	–	0.27%	–
NEP	New	NEXTERA ENERGY PARTNERS LP	$6,283,000	–	169,850	–	0.25%	–
FDX	New	FEDEX CORP	$6,067,000	–	27,916	–	0.24%	–
METC	New	RAMACO RES INC	$5,950,000	–	983,551	–	0.23%	–
SKYW	New	SKYWEST INC	$5,095,000	–	145,153	–	0.20%	–
HES	New	HESS CORP	$3,658,000	–	83,390	–	0.14%	–
DKL	New	DELEK LOGISTICS PARTNERS LP	$2,909,000	–	88,823	–	0.11%	–
CF	New	CF INDS HLDGS INC	$2,553,000	–	91,295	–	0.10%	–
NBLX	New	NOBLE MIDSTREAM PARTNERS LP	$1,974,000	–	43,485	–	0.08%	–

Q4 2016

			Value		Shares		↓ Weighting
AL	Exit	AIR LEASE CORPcl a	$0	–	-36,669	–	-0.03%	–
CSTM	Exit	CONSTELLIUM NVcl a	$0	–	-309,729	–	-0.07%	–
MAG	Exit	MAG SILVER CORP	$0	–	-233,198	–	-0.11%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-1,434,931	–	-0.12%	–
GNRC	Exit	GENERAC HLDGS INC	$0	–	-115,990	–	-0.13%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-93,842	–	-0.18%	–
CPN	Exit	CALPINE CORP	$0	–	-523,200	–	-0.20%	–
ESV	Exit	ENSCO PLC	$0	–	-802,118	–	-0.21%	–
AIT	Exit	APPLIED INDL TECHNOLOGIES IN	$0	–	-151,261	–	-0.22%	–
TEX	Exit	TEREX CORP NEW	$0	–	-304,257	–	-0.24%	–
HOSSQ	Exit	HORNBECK OFFSHORE SVCS INC N	$0	–	-1,425,895	–	-0.24%	–
OA	Exit	ORBITAL ATK INC	$0	–	-147,345	–	-0.34%	–
HRI	Exit	HERC HLDGS INC	$0	–	-354,971	–	-0.37%	–
OASPQ	Exit	OASIS PETE INC NEW	$0	–	-1,093,227	–	-0.38%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-3,373,692	–	-0.41%	–
MAS	Exit	MASCO CORP	$0	–	-419,752	–	-0.44%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES LTD	$0	–	-211,469	–	-0.49%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-376,417	–	-0.49%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-1,457,523	–	-0.54%	–
DK	Exit	DELEK US HLDGS INC	$0	–	-1,051,590	–	-0.56%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-584,416	–	-0.57%	–
BG	Exit	BUNGE LIMITED	$0	–	-319,474	–	-0.58%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-366,382	–	-0.59%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-126,237	–	-0.60%	–
AKS	Exit	AK STL HLDG CORP	$0	–	-4,169,228	–	-0.62%	–
LPX	Exit	LOUISIANA PAC CORP	$0	–	-1,128,488	–	-0.65%	–
HA	Exit	HAWAIIAN HOLDINGS INC	$0	–	-443,620	–	-0.66%	–
RTN	Exit	RAYTHEON CO	$0	–	-165,391	–	-0.69%	–
GPRE	Exit	GREEN PLAINS INC	$0	–	-886,490	–	-0.71%	–
DHI	Exit	D R HORTON INC	$0	–	-788,752	–	-0.73%	–
NOC	Exit	NORTHROP GRUMMAN CORP	$0	–	-111,652	–	-0.73%	–
OSK	Exit	OSHKOSH CORP	$0	–	-443,840	–	-0.76%	–
CAA	Exit	CALATLANTIC GROUP INC	$0	–	-780,402	–	-0.80%	–
UNP	Exit	UNION PAC CORP	$0	–	-270,320	–	-0.81%	–
MT	Exit	ARCELORMITTAL SA LUXEMBOURGny registry sh	$0	–	-4,408,279	–	-0.82%	–
MGA	Exit	MAGNA INTL INC	$0	–	-663,041	–	-0.87%	–
DOW	Exit	DOW CHEM CO	$0	–	-560,868	–	-0.89%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-750,801	–	-0.97%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-170,692	–	-0.97%	–
SWFT	Exit	SWIFT TRANSN COcl a	$0	–	-1,491,342	–	-0.98%	–
TSO	Exit	TESORO CORP	$0	–	-412,431	–	-1.01%	–
GFI	Exit	GOLD FIELDS LTD NEWsponsored adr	$0	–	-6,999,304	–	-1.04%	–
SLCA	Exit	U S SILICA HLDGS INC	$0	–	-733,989	–	-1.05%	–
CSTE	Exit	CAESARSTONE LTD	$0	–	-962,519	–	-1.11%	–
MTOR	Exit	MERITOR INC	$0	–	-3,582,765	–	-1.22%	–
MBBYF	Exit	MOBILEYE N V AMSTELVEEN	$0	–	-941,340	–	-1.23%	–
PVG	Exit	PRETIUM RES INC	$0	–	-3,906,623	–	-1.23%	–
X	Exit	UNITED STATES STL CORP NEW	$0	–	-2,168,475	–	-1.26%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-1,274,436	–	-1.40%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-281,243	–	-1.40%	–
STLD	Exit	STEEL DYNAMICS INC	$0	–	-1,921,218	–	-1.47%	–
AXL	Exit	AMERICAN AXLE & MFG HLDGS IN	$0	–	-2,877,881	–	-1.52%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-640,212	–	-1.58%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-17,921,871	–	-1.63%	–
KRA	Exit	KRATON CORPORATION	$0	–	-1,718,485	–	-1.85%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-1,408,220	–	-1.88%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-898,468	–	-1.97%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-1,654,157	–	-2.00%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-1,267,313	–	-2.02%	–
TSE	Exit	TRINSEO S A	$0	–	-1,193,989	–	-2.07%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-1,071,185	–	-2.17%	–
PH	Exit	PARKER HANNIFIN CORP	$0	–	-583,349	–	-2.25%	–
HES	Exit	HESS CORP	$0	–	-1,377,753	–	-2.27%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-997,299	–	-2.62%	–
EQT	Exit	EQT CORP	$0	–	-1,511,360	–	-3.37%	–
SEE	Exit	SEALED AIR CORP NEW	$0	–	-2,645,557	–	-3.72%	–
GM	Exit	GENERAL MTRS CO	$0	–	-4,210,206	–	-4.11%	–
LEA	Exit	LEAR CORP	$0	–	-1,129,455	–	-4.20%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-1,357,480	–	-4.86%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-4,794,476	–	-5.72%	–
BERY	Exit	BERRY PLASTICS GROUP INC	$0	–	-5,108,518	–	-6.88%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-7,129,886	–	-7.07%	–

Q3 2016

			Value		Shares		↓ Weighting
GT	Buy	GOODYEAR TIRE & RUBR CO	$230,295,000	+866.6%	7,129,886	+667.9%	7.07%	+749.8%
BERY	Sell	BERRY PLASTICS GROUP INC	$224,009,000	+6.3%	5,108,518	-5.8%	6.88%	-6.5%
LUV	Buy	SOUTHWEST AIRLS CO	$186,457,000	+13.0%	4,794,476	+13.9%	5.72%	-0.6%
HON	Sell	HONEYWELL INTL INC	$158,269,000	-0.2%	1,357,480	-0.5%	4.86%	-12.2%
LEA	Buy	LEAR CORP	$136,913,000	+101.2%	1,129,455	+68.9%	4.20%	+77.0%
GM	Sell	GENERAL MTRS CO	$133,758,000	-17.6%	4,210,206	-26.6%	4.11%	-27.5%
SEE	Buy	SEALED AIR CORP NEW	$121,219,000	+71.7%	2,645,557	+72.2%	3.72%	+51.0%
EQT	Buy	EQT CORP	$109,755,000	-2.8%	1,511,360	+3.7%	3.37%	-14.5%
ALB	Sell	ALBEMARLE CORP	$85,259,000	+7.6%	997,299	-0.2%	2.62%	-5.4%
HES	Buy	HESS CORP	$73,875,000	+17.3%	1,377,753	+31.5%	2.27%	+3.2%
PH	Sell	PARKER HANNIFIN CORP	$73,228,000	-6.4%	583,349	-19.4%	2.25%	-17.7%
ALK	New	ALASKA AIR GROUP INC	$70,548,000	–	1,071,185	–	2.17%	–
TSE	Buy	TRINSEO S A	$67,532,000	+62.6%	1,193,989	+23.4%	2.07%	+43.0%
CLR	Buy	CONTINENTAL RESOURCES INC	$65,850,000	+47.0%	1,267,313	+28.1%	2.02%	+29.3%
NEM	Sell	NEWMONT MINING CORP	$64,992,000	-16.6%	1,654,157	-17.0%	2.00%	-26.7%
3106PS	Sell	DELPHI AUTOMOTIVE PLC	$64,079,000	-36.5%	898,468	-44.3%	1.97%	-44.2%
LNG	Sell	CHENIERE ENERGY INC	$61,398,000	+13.7%	1,408,220	-2.1%	1.88%	0.0%
KRA	Buy	KRATON CORPORATION	$60,216,000	+414.5%	1,718,485	+310.1%	1.85%	+353.2%
TRQ	Sell	TURQUOISE HILL RES LTD	$53,228,000	-25.0%	17,921,871	-14.6%	1.63%	-34.0%
LYB	Sell	LYONDELLBASELL INDUSTRIES N	$51,639,000	-6.4%	640,212	-13.6%	1.58%	-17.7%
AXL	Buy	AMERICAN AXLE & MFG HLDGS IN	$49,557,000	+37.1%	2,877,881	+15.3%	1.52%	+20.6%
STLD	Sell	STEEL DYNAMICS INC	$48,011,000	-10.9%	1,921,218	-12.6%	1.47%	-21.6%
WHR	Sell	WHIRLPOOL CORP	$45,606,000	-14.5%	281,243	-12.2%	1.40%	-24.9%
NBL	Sell	NOBLE ENERGY INC	$45,548,000	-17.8%	1,274,436	-17.5%	1.40%	-27.8%
X	Sell	UNITED STATES STL CORP NEW	$40,897,000	-48.3%	2,168,475	-53.8%	1.26%	-54.5%
PVG	Buy	PRETIUM RES INC	$40,121,000	+886.3%	3,906,623	+975.6%	1.23%	+767.6%
MBBYF	Sell	MOBILEYE N V AMSTELVEEN	$40,073,000	-44.3%	941,340	-39.7%	1.23%	-51.0%
MTOR	Sell	MERITOR INC	$39,876,000	+37.5%	3,582,765	-11.1%	1.22%	+20.9%
CSTE	Buy	CAESARSTONE LTD	$36,297,000	+11.1%	962,519	+2.4%	1.11%	-2.4%
SLCA	New	U S SILICA HLDGS INC	$34,175,000	–	733,989	–	1.05%	–
GFI	Sell	GOLD FIELDS LTD NEWsponsored adr	$33,947,000	-35.5%	6,999,304	-34.8%	1.04%	-43.2%
TSO	Sell	TESORO CORP	$32,813,000	-34.3%	412,431	-38.1%	1.01%	-42.3%
SWFT	Sell	SWIFT TRANSN COcl a	$32,019,000	+20.4%	1,491,342	-13.6%	0.98%	+5.9%
PXD	New	PIONEER NAT RES CO	$31,689,000	–	170,692	–	0.97%	–
ADM	Buy	ARCHER DANIELS MIDLAND CO	$31,661,000	+63.0%	750,801	+65.8%	0.97%	+43.4%
DOW	Buy	DOW CHEM CO	$29,070,000	+69.4%	560,868	+62.5%	0.89%	+48.9%
MGA	Sell	MAGNA INTL INC	$28,478,000	+12.6%	663,041	-8.1%	0.87%	-1.0%
MT	Sell	ARCELORMITTAL SA LUXEMBOURGny registry sh	$26,626,000	-24.2%	4,408,279	-41.5%	0.82%	-33.3%
UNP	Sell	UNION PAC CORP	$26,364,000	+8.6%	270,320	-2.8%	0.81%	-4.5%
CAA	Sell	CALATLANTIC GROUP INC	$26,097,000	-36.5%	780,402	-30.3%	0.80%	-44.2%
OSK	New	OSHKOSH CORP	$24,855,000	–	443,840	–	0.76%	–
NOC	Buy	NORTHROP GRUMMAN CORP	$23,888,000	+2.2%	111,652	+6.2%	0.73%	-10.2%
DHI	Buy	D R HORTON INC	$23,820,000	+86.4%	788,752	+94.3%	0.73%	+63.9%
GPRE	New	GREEN PLAINS INC	$23,226,000	–	886,490	–	0.71%	–
RTN	Buy	RAYTHEON CO	$22,515,000	+24.5%	165,391	+24.3%	0.69%	+9.5%
HA	Buy	HAWAIIAN HOLDINGS INC	$21,560,000	+247.9%	443,620	+171.7%	0.66%	+206.5%
LPX	Buy	LOUISIANA PAC CORP	$21,249,000	+729.7%	1,128,488	+664.6%	0.65%	+632.6%
AKS	Sell	AK STL HLDG CORP	$20,137,000	-5.0%	4,169,228	-8.4%	0.62%	-16.5%
GD	Sell	GENERAL DYNAMICS CORP	$19,587,000	+10.4%	126,237	-1.0%	0.60%	-2.9%
UAL	New	UNITED CONTL HLDGS INC	$19,224,000	–	366,382	–	0.59%	–
BG	Sell	BUNGE LIMITED	$18,922,000	-60.9%	319,474	-61.0%	0.58%	-65.6%
HDS	Sell	HD SUPPLY HLDGS INC	$18,690,000	-36.0%	584,416	-30.3%	0.57%	-43.7%
DK	New	DELEK US HLDGS INC	$18,182,000	–	1,051,590	–	0.56%	–
NBR	New	NABORS INDUSTRIES LTD	$17,723,000	–	1,457,523	–	0.54%	–
SAVE	New	SPIRIT AIRLS INC	$16,009,000	–	376,417	–	0.49%	–
RCL	Sell	ROYAL CARIBBEAN CRUISES LTD	$15,850,000	+10.2%	211,469	-1.3%	0.49%	-3.0%
MAS	Sell	MASCO CORP	$14,402,000	-31.9%	419,752	-38.6%	0.44%	-40.1%
EGO	New	ELDORADO GOLD CORP NEW	$13,259,000	–	3,373,692	–	0.41%	–
OASPQ	New	OASIS PETE INC NEW	$12,539,000	–	1,093,227	–	0.38%	–
HRI	New	HERC HLDGS INC	$11,963,000	–	354,971	–	0.37%	–
OA	New	ORBITAL ATK INC	$11,232,000	–	147,345	–	0.34%	–
HOSSQ	Sell	HORNBECK OFFSHORE SVCS INC N	$7,842,000	-56.4%	1,425,895	-33.9%	0.24%	-61.6%
TEX	New	TEREX CORP NEW	$7,731,000	–	304,257	–	0.24%	–
AIT	Buy	APPLIED INDL TECHNOLOGIES IN	$7,070,000	+23.0%	151,261	+18.8%	0.22%	+8.0%
ESV	New	ENSCO PLC	$6,818,000	–	802,118	–	0.21%	–
CPN	New	CALPINE CORP	$6,613,000	–	523,200	–	0.20%	–
TEL	New	TE CONNECTIVITY LTD	$6,042,000	–	93,842	–	0.18%	–
GNRC	New	GENERAC HLDGS INC	$4,210,000	–	115,990	–	0.13%	–
PLG	Buy	PLATINUM GROUP METALS LTD	$3,932,000	-17.8%	1,434,931	+1.8%	0.12%	-27.5%
MAG	New	MAG SILVER CORP	$3,517,000	–	233,198	–	0.11%	–
CSTM	New	CONSTELLIUM NVcl a	$2,230,000	–	309,729	–	0.07%	–
AL	Sell	AIR LEASE CORPcl a	$1,048,000	+5.3%	36,669	-1.3%	0.03%	-8.6%
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-46,316	–	-0.08%	–
TSN	Exit	TYSON FOODS INCcl a	$0	–	-134,413	–	-0.31%	–
PHM	Exit	PULTE GROUP INC	$0	–	-781,965	–	-0.53%	–
PPG	Exit	PPG INDS INC	$0	–	-172,618	–	-0.63%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-76,697	–	-0.66%	–
JBLU	Exit	JETBLUE AIRWAYS CORP	$0	–	-1,299,011	–	-0.75%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-456,777	–	-0.88%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-879,663	–	-1.96%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-2,673,731	–	-3.40%	–

Q2 2016

			Value		Shares		↓ Weighting
BERY	New	BERRY PLASTICS GROUP INC	$210,721,000	–	5,423,958	–	7.36%	–
LUV	New	SOUTHWEST AIRLS CO	$165,022,000	–	4,208,667	–	5.76%	–
GM	New	GENERAL MTRS CO	$162,302,000	–	5,735,044	–	5.66%	–
HON	New	HONEYWELL INTL INC	$158,621,000	–	1,363,659	–	5.54%	–
EQT	New	EQT CORP	$112,898,000	–	1,458,061	–	3.94%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$100,917,000	–	1,612,087	–	3.52%	–
DAL	New	DELTA AIR LINES INC DEL	$97,404,000	–	2,673,731	–	3.40%	–
ALB	New	ALBEMARLE CORP	$79,256,000	–	999,321	–	2.77%	–
X	New	UNITED STATES STL CORP NEW	$79,157,000	–	4,694,947	–	2.76%	–
PH	New	PARKER HANNIFIN CORP	$78,218,000	–	723,905	–	2.73%	–
NEM	New	NEWMONT MINING CORP	$77,972,000	–	1,993,160	–	2.72%	–
MBBYF	New	MOBILEYE N V AMSTELVEEN	$71,979,000	–	1,560,005	–	2.51%	–
TRQ	New	TURQUOISE HILL RES LTD	$70,945,000	–	20,989,718	–	2.48%	–
SEE	New	SEALED AIR CORP NEW	$70,619,000	–	1,536,188	–	2.46%	–
LEA	New	LEAR CORP	$68,037,000	–	668,601	–	2.38%	–
HES	New	HESS CORP	$62,973,000	–	1,047,809	–	2.20%	–
IR	New	INGERSOLL-RAND PLC	$56,017,000	–	879,663	–	1.96%	–
NBL	New	NOBLE ENERGY INC	$55,429,000	–	1,545,265	–	1.94%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$55,157,000	–	741,158	–	1.92%	–
LNG	New	CHENIERE ENERGY INC	$54,021,000	–	1,438,652	–	1.88%	–
STLD	New	STEEL DYNAMICS INC	$53,859,000	–	2,198,317	–	1.88%	–
WHR	New	WHIRLPOOL CORP	$53,365,000	–	320,244	–	1.86%	–
GFI	New	GOLD FIELDS LTD NEWsponsored adr	$52,601,000	–	10,734,873	–	1.84%	–
TSO	New	TESORO CORP	$49,958,000	–	666,824	–	1.74%	–
BG	New	BUNGE LIMITED	$48,451,000	–	819,127	–	1.69%	–
CLR	New	CONTINENTAL RESOURCES INC	$44,799,000	–	989,594	–	1.56%	–
TSE	New	TRINSEO S A	$41,532,000	–	967,440	–	1.45%	–
CAA	New	CALATLANTIC GROUP INC	$41,124,000	–	1,120,236	–	1.44%	–
AXL	New	AMERICAN AXLE & MFG HLDGS IN	$36,141,000	–	2,495,935	–	1.26%	–
MT	New	ARCELORMITTAL SA LUXEMBOURGny registry sh	$35,108,000	–	7,533,811	–	1.22%	–
CSTE	New	CAESARSTONE LTD	$32,679,000	–	940,130	–	1.14%	–
HDS	New	HD SUPPLY HLDGS INC	$29,213,000	–	838,960	–	1.02%	–
MTOR	New	MERITOR INC	$29,001,000	–	4,027,905	–	1.01%	–
SWFT	New	SWIFT TRANSN COcl a	$26,588,000	–	1,725,346	–	0.93%	–
MGA	New	MAGNA INTL INC	$25,296,000	–	721,305	–	0.88%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$25,223,000	–	456,777	–	0.88%	–
UNP	New	UNION PAC CORP	$24,271,000	–	278,183	–	0.85%	–
GT	New	GOODYEAR TIRE & RUBR CO	$23,825,000	–	928,494	–	0.83%	–
NOC	New	NORTHROP GRUMMAN CORP	$23,376,000	–	105,166	–	0.82%	–
JBLU	New	JETBLUE AIRWAYS CORP	$21,512,000	–	1,299,011	–	0.75%	–
AKS	New	AK STL HLDG CORP	$21,206,000	–	4,550,738	–	0.74%	–
MAS	New	MASCO CORP	$21,159,000	–	683,864	–	0.74%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$19,425,000	–	452,900	–	0.68%	–
LMT	New	LOCKHEED MARTIN CORP	$19,034,000	–	76,697	–	0.66%	–
RTN	New	RAYTHEON CO	$18,083,000	–	133,011	–	0.63%	–
HOSSQ	New	HORNBECK OFFSHORE SVCS INC N	$18,004,000	–	2,158,778	–	0.63%	–
PPG	New	PPG INDS INC	$17,978,000	–	172,618	–	0.63%	–
GD	New	GENERAL DYNAMICS CORP	$17,748,000	–	127,460	–	0.62%	–
DOW	New	DOW CHEM CO	$17,158,000	–	345,167	–	0.60%	–
PHM	New	PULTE GROUP INC	$15,240,000	–	781,965	–	0.53%	–
RCL	New	ROYAL CARIBBEAN CRUISES LTD	$14,387,000	–	214,249	–	0.50%	–
DHI	New	D R HORTON INC	$12,777,000	–	405,884	–	0.45%	–
KRA	New	KRATON PERFORMANCE POLYMERS	$11,703,000	–	419,013	–	0.41%	–
TSN	New	TYSON FOODS INCcl a	$8,977,000	–	134,413	–	0.31%	–
HA	New	HAWAIIAN HOLDINGS INC	$6,198,000	–	163,274	–	0.22%	–
AIT	New	APPLIED INDL TECHNOLOGIES IN	$5,749,000	–	127,368	–	0.20%	–
PLG	New	PLATINUM GROUP METALS LTD	$4,781,000	–	1,410,194	–	0.17%	–
PVG	New	PRETIUM RES INC	$4,068,000	–	363,189	–	0.14%	–
LPX	New	LOUISIANA PAC CORP	$2,561,000	–	147,584	–	0.09%	–
VLO	New	VALERO ENERGY CORP NEW	$2,362,000	–	46,316	–	0.08%	–
AL	New	AIR LEASE CORPcl a	$995,000	–	37,150	–	0.04%	–

Q4 2015

			Value		Shares		↓ Weighting
HUN	Exit	HUNTSMAN CORP	$0	–	-6,454	–	-0.00%	–
BLD	Exit	TOPBUILD CORP	$0	–	-57,528	–	-0.06%	–
TCPTF	Exit	THOMPSON CREEK METALS CO INC	$0	–	-5,535,481	–	-0.08%	–
HEES	Exit	H & E EQUIPMENT SERVICES INC	$0	–	-203,528	–	-0.11%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-16,858	–	-0.12%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-18,304,119	–	-0.14%	–
X	Exit	UNITED STATES STL CORP NEW	$0	–	-614,850	–	-0.21%	–
R	Exit	RYDER SYS INC	$0	–	-86,806	–	-0.21%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-1,936,248	–	-0.24%	–
URI	Exit	UNITED RENTALS INC	$0	–	-123,564	–	-0.25%	–
RTN	Exit	RAYTHEON CO	$0	–	-86,821	–	-0.32%	–
SCHN	Exit	SCHNITZER STL INDScl a	$0	–	-746,734	–	-0.34%	–
SCS	Exit	STEELCASE INCcl a	$0	–	-591,308	–	-0.36%	–
MGA	Exit	MAGNA INTL INCcall	$0	–	-230,300	–	-0.37%	–
HUN	Exit	HUNTSMAN CORPcall	$0	–	-1,150,600	–	-0.37%	–
AXL	Exit	AMERICAN AXLE & MFG HLDGS INcall	$0	–	-575,300	–	-0.38%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-279,038	–	-0.42%	–
HDS	Exit	HD SUPPLY HLDGS INC	$0	–	-449,541	–	-0.43%	–
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-799,105	–	-0.43%	–
CSTE	Exit	CAESARSTONE SDOT-YAM LTD	$0	–	-481,652	–	-0.49%	–
MLHR	Exit	MILLER HERMAN INC	$0	–	-637,270	–	-0.61%	–
BG	Exit	BUNGE LIMITED	$0	–	-266,151	–	-0.65%	–
FDX	Exit	FEDEX CORP	$0	–	-159,761	–	-0.76%	–
F	Exit	FORD MTR CO DELcall	$0	–	-1,726,000	–	-0.78%	–
EOG	Exit	EOG RES INC	$0	–	-333,991	–	-0.81%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-506,239	–	-0.81%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-2,010,590	–	-0.86%	–
WBC	Exit	WABCO HLDGS INC	$0	–	-248,024	–	-0.86%	–
TEN	Exit	TENNECO INC	$0	–	-581,361	–	-0.86%	–
CTB	Exit	COOPER TIRE & RUBR CO	$0	–	-659,802	–	-0.87%	–
DHI	Exit	D R HORTON INC	$0	–	-914,359	–	-0.89%	–
MTOR	Exit	MERITOR INC	$0	–	-2,609,577	–	-0.92%	–
HOSSQ	Exit	HORNBECK OFFSHORE SVCS INC N	$0	–	-2,301,069	–	-1.04%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-522,519	–	-1.05%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-715,471	–	-1.07%	–
ACM	Exit	AECOM	$0	–	-1,182,445	–	-1.08%	–
SEE	Exit	SEALED AIR CORP NEW	$0	–	-734,201	–	-1.14%	–
DK	Exit	DELEK US HLDGS INC	$0	–	-1,248,522	–	-1.15%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-270,593	–	-1.24%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-15,272,795	–	-1.29%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-1,295,756	–	-1.30%	–
MBBYF	Exit	MOBILEYE N V AMSTELVEEN	$0	–	-866,550	–	-1.31%	–
HES	Exit	HESS CORP	$0	–	-891,282	–	-1.48%	–
PDCE	Exit	PDC ENERGY INC	$0	–	-879,059	–	-1.55%	–
STLD	Exit	STEEL DYNAMICS INC	$0	–	-2,916,833	–	-1.66%	–
AXL	Exit	AMERICAN AXLE & MFG HLDGS IN	$0	–	-2,680,613	–	-1.78%	–
PCAR	Exit	PACCAR INC	$0	–	-1,184,373	–	-2.05%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-1,065,451	–	-2.13%	–
AOS	Exit	SMITH A O	$0	–	-989,812	–	-2.14%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-699,120	–	-2.25%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-898,615	–	-2.27%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-1,349,984	–	-2.38%	–
JBLU	Exit	JETBLUE AIRWAYS CORP	$0	–	-2,813,890	–	-2.41%	–
EQT	Exit	EQT CORP	$0	–	-1,139,064	–	-2.45%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-1,524,447	–	-2.57%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-931,480	–	-2.58%	–
GM	Exit	GENERAL MTRS CO	$0	–	-3,151,857	–	-3.14%	–
LEA	Exit	LEAR CORP	$0	–	-897,132	–	-3.24%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-3,334,227	–	-3.25%	–
TSO	Exit	TESORO CORP	$0	–	-1,129,025	–	-3.65%	–
F	Exit	FORD MTR CO DEL	$0	–	-8,140,961	–	-3.67%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-1,266,185	–	-3.98%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-2,681,361	–	-4.00%	–
MGA	Exit	MAGNA INTL INC	$0	–	-2,523,404	–	-4.03%	–
TSN	Exit	TYSON FOODS INCcl a	$0	–	-3,233,551	–	-4.63%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-3,933,761	–	-4.97%	–
BERY	Exit	BERRY PLASTICS GROUP INC	$0	–	-5,034,150	–	-5.03%	–

Q3 2015

			Value		Shares		↓ Weighting
BERY	Buy	BERRY PLASTICS GROUP INC	$151,377,000	+63.2%	5,034,150	+75.9%	5.03%	+51.6%
LUV	Buy	SOUTHWEST AIRLS CO	$149,640,000	+426.8%	3,933,761	+358.2%	4.97%	+389.0%
TSN	Buy	TYSON FOODS INCcl a	$139,366,000	+12.5%	3,233,551	+11.3%	4.63%	+4.5%
MGA	Buy	MAGNA INTL INC	$121,149,000	+15.6%	2,523,404	+35.1%	4.03%	+7.3%
DAL	Buy	DELTA AIR LINES INC DEL	$120,313,000	+25.8%	2,681,361	+15.2%	4.00%	+16.9%
HON	Buy	HONEYWELL INTL INC	$119,895,000	+92.8%	1,266,185	+107.6%	3.98%	+79.0%
F	New	FORD MTR CO DEL	$110,473,000	–	8,140,961	–	3.67%	–
TSO	Buy	TESORO CORP	$109,786,000	+79.2%	1,129,025	+55.5%	3.65%	+66.4%
GT	Buy	GOODYEAR TIRE & RUBR CO	$97,793,000	+64.0%	3,334,227	+68.6%	3.25%	+52.3%
LEA	Buy	LEAR CORP	$97,590,000	+35.3%	897,132	+39.7%	3.24%	+25.6%
GM	Buy	GENERAL MTRS CO	$94,619,000	-4.5%	3,151,857	+6.0%	3.14%	-11.3%
LYB	Sell	LYONDELLBASELL INDUSTRIES N	$77,648,000	-41.1%	931,480	-26.9%	2.58%	-45.3%
IR	Buy	INGERSOLL-RAND PLC	$77,396,000	+12.2%	1,524,447	+49.0%	2.57%	+4.2%
EQT	Buy	EQT CORP	$73,777,000	+7.1%	1,139,064	+34.5%	2.45%	-0.5%
JBLU	Buy	JETBLUE AIRWAYS CORP	$72,514,000	+42.3%	2,813,890	+14.6%	2.41%	+32.1%
UAL	Buy	UNITED CONTL HLDGS INC	$71,617,000	+5.6%	1,349,984	+5.5%	2.38%	-2.0%
3106PS	Sell	DELPHI AUTOMOTIVE PLC	$68,331,000	-14.8%	898,615	-4.6%	2.27%	-20.9%
SWK	Buy	STANLEY BLACK & DECKER INC	$67,801,000	+66.9%	699,120	+81.2%	2.25%	+55.0%
AOS	Buy	SMITH A O	$64,526,000	+10.1%	989,812	+21.5%	2.14%	+2.2%
VLO	Sell	VALERO ENERGY CORP NEW	$64,034,000	-10.6%	1,065,451	-6.9%	2.13%	-17.0%
PCAR	Buy	PACCAR INC	$61,789,000	-11.1%	1,184,373	+8.7%	2.05%	-17.5%
AXL	Buy	AMERICAN AXLE & MFG HLDGS IN	$53,451,000	+88.2%	2,680,613	+97.4%	1.78%	+74.8%
STLD	Buy	STEEL DYNAMICS INC	$50,111,000	+433.4%	2,916,833	+543.1%	1.66%	+395.5%
PDCE	Buy	PDC ENERGY INC	$46,599,000	+6.3%	879,059	+7.6%	1.55%	-1.3%
HES	Buy	HESS CORP	$44,618,000	+180.6%	891,282	+274.8%	1.48%	+160.6%
MBBYF	Buy	MOBILEYE N V AMSTELVEEN	$39,411,000	+3.3%	866,550	+20.7%	1.31%	-4.1%
NBL	Sell	NOBLE ENERGY INC	$39,106,000	-58.1%	1,295,756	-40.7%	1.30%	-61.0%
TRQ	Buy	TURQUOISE HILL RES LTD	$38,946,000	+50.6%	15,272,795	+123.8%	1.29%	+39.7%
GD	Sell	GENERAL DYNAMICS CORP	$37,328,000	-25.3%	270,593	-23.3%	1.24%	-30.6%
DK	Sell	DELEK US HLDGS INC	$34,584,000	-30.6%	1,248,522	-7.7%	1.15%	-35.6%
SEE	Buy	SEALED AIR CORP NEW	$34,419,000	+1.9%	734,201	+11.6%	1.14%	-5.4%
ACM	Buy	AECOM	$32,529,000	-9.6%	1,182,445	+8.7%	1.08%	-16.1%
CF	Sell	CF INDS HLDGS INC	$32,125,000	-44.6%	715,471	-20.7%	1.07%	-48.6%
APC	Buy	ANADARKO PETE CORP	$31,555,000	-4.6%	522,519	+23.3%	1.05%	-11.3%
HOSSQ	Buy	HORNBECK OFFSHORE SVCS INC N	$31,133,000	+33.7%	2,301,069	+102.8%	1.04%	+24.1%
MTOR	Buy	MERITOR INC	$27,740,000	+21.5%	2,609,577	+50.0%	0.92%	+12.9%
DHI	Buy	D R HORTON INC	$26,846,000	+59.4%	914,359	+48.5%	0.89%	+47.9%
CTB	New	COOPER TIRE & RUBR CO	$26,069,000	–	659,802	–	0.87%	–
TEN	Sell	TENNECO INC	$26,028,000	-42.5%	581,361	-26.3%	0.86%	-46.6%
WBC	Sell	WABCO HLDGS INC	$26,000,000	-31.1%	248,024	-18.6%	0.86%	-36.0%
GPK	New	GRAPHIC PACKAGING HLDG CO	$25,715,000	–	2,010,590	–	0.86%	–
LNG	Sell	CHENIERE ENERGY INC	$24,451,000	-39.9%	506,239	-13.8%	0.81%	-44.2%
EOG	Sell	EOG RES INC	$24,315,000	-42.6%	333,991	-30.9%	0.81%	-46.7%
F	New	FORD MTR CO DELcall	$23,422,000	–	1,726,000	–	0.78%	–
FDX	Sell	FEDEX CORP	$23,002,000	-40.8%	159,761	-29.9%	0.76%	-45.0%
BG	Buy	BUNGE LIMITED	$19,509,000	+12.5%	266,151	+34.7%	0.65%	+4.3%
MLHR	Buy	MILLER HERMAN INC	$18,379,000	+5.9%	637,270	+6.3%	0.61%	-1.6%
CSTE	Buy	CAESARSTONE SDOT-YAM LTD	$14,642,000	-49.5%	481,652	+13.9%	0.49%	-53.0%
RDC	Sell	ROWAN COMPANIES PLC	$12,906,000	-46.0%	799,105	-29.5%	0.43%	-49.9%
HDS	Sell	HD SUPPLY HLDGS INC	$12,866,000	-30.5%	449,541	-14.6%	0.43%	-35.4%
CCK	Sell	CROWN HOLDINGS INC	$12,766,000	-21.4%	279,038	-9.1%	0.42%	-27.0%
AXL	New	AMERICAN AXLE & MFG HLDGS INcall	$11,471,000	–	575,300	–	0.38%	–
HUN	Sell	HUNTSMAN CORPcall	$11,149,000	-57.0%	1,150,600	-2.1%	0.37%	-60.0%
MGA	Sell	MAGNA INTL INCcall	$11,057,000	-16.2%	230,300	-2.0%	0.37%	-22.2%
SCS	Buy	STEELCASE INCcl a	$10,886,000	+15.2%	591,308	+18.3%	0.36%	+7.1%
SCHN	New	SCHNITZER STL INDScl a	$10,111,000	–	746,734	–	0.34%	–
RTN	New	RAYTHEON CO	$9,486,000	–	86,821	–	0.32%	–
URI	Sell	UNITED RENTALS INC	$7,420,000	-86.4%	123,564	-80.2%	0.25%	-87.4%
AGI	New	ALAMOS GOLD INC NEW	$7,145,000	–	1,936,248	–	0.24%	–
R	New	RYDER SYS INC	$6,427,000	–	86,806	–	0.21%	–
X	Buy	UNITED STATES STL CORP NEW	$6,407,000	+5.8%	614,850	+109.3%	0.21%	-1.8%
LMT	New	LOCKHEED MARTIN CORP	$3,495,000	–	16,858	–	0.12%	–
HEES	New	H & E EQUIPMENT SERVICES INC	$3,403,000	–	203,528	–	0.11%	–
TCPTF	Sell	THOMPSON CREEK METALS CO INC	$2,418,000	-47.8%	5,535,481	-2.1%	0.08%	-51.8%
BLD	New	TOPBUILD CORP	$1,782,000	–	57,528	–	0.06%	–
HUN	Sell	HUNTSMAN CORP	$63,000	-99.9%	6,454	-99.8%	0.00%	-99.9%
KOS	Exit	KOSMOS ENERGY LTD	$0	–	-248,438	–	-0.08%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-72,070	–	-0.12%	–
SWC	Exit	STILLWATER MNG CO	$0	–	-293,748	–	-0.12%	–
X	Exit	UNITED STATES STL CORP NEWcall	$0	–	-175,600	–	-0.13%	–
GFI	Exit	GOLD FIELDS LTD NEWsponsored adr	$0	–	-1,485,398	–	-0.17%	–
KS	Exit	KAPSTONE PAPER & PACKAGING C	$0	–	-232,666	–	-0.19%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-1,035,116	–	-0.25%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-194,410	–	-0.30%	–
PPG	Exit	PPG INDS INC	$0	–	-72,770	–	-0.30%	–
AUQ	Exit	AURICO GOLD INC	$0	–	-4,122,277	–	-0.42%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-193,313	–	-0.43%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-89,242	–	-0.55%	–
SUNEQ	Exit	SUNEDISON INC	$0	–	-683,336	–	-0.73%	–
SWFT	Exit	SWIFT TRANSN COcl a	$0	–	-1,354,677	–	-1.10%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-1,245,610	–	-2.09%	–

Q2 2015

			Value		Shares		↓ Weighting
LYB	New	LYONDELLBASELL INDUSTRIES N	$131,930,000	–	1,274,443	–	4.72%	–
TSN	New	TYSON FOODS INCcl a	$123,897,000	–	2,906,342	–	4.43%	–
MGA	New	MAGNA INTL INC	$104,801,000	–	1,868,445	–	3.75%	–
GM	New	GENERAL MTRS CO	$99,087,000	–	2,972,921	–	3.55%	–
DAL	New	DELTA AIR LINES INC DEL	$95,616,000	–	2,327,554	–	3.42%	–
NBL	New	NOBLE ENERGY INC	$93,235,000	–	2,184,508	–	3.34%	–
BERY	New	BERRY PLASTICS GROUP INC	$92,742,000	–	2,862,405	–	3.32%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$80,192,000	–	942,435	–	2.87%	–
LEA	New	LEAR CORP	$72,111,000	–	642,356	–	2.58%	–
VLO	New	VALERO ENERGY CORP NEW	$71,630,000	–	1,144,251	–	2.56%	–
PCAR	New	PACCAR INC	$69,534,000	–	1,089,706	–	2.49%	–
IR	New	INGERSOLL-RAND PLC	$68,991,000	–	1,023,308	–	2.47%	–
EQT	New	EQT CORP	$68,862,000	–	846,591	–	2.46%	–
UAL	New	UNITED CONTL HLDGS INC	$67,833,000	–	1,279,619	–	2.43%	–
HUN	New	HUNTSMAN CORP	$63,266,000	–	2,866,626	–	2.26%	–
HON	New	HONEYWELL INTL INC	$62,183,000	–	609,817	–	2.23%	–
TSO	New	TESORO CORP	$61,270,000	–	725,856	–	2.19%	–
GT	New	GOODYEAR TIRE & RUBR CO	$59,629,000	–	1,977,759	–	2.13%	–
AOS	New	SMITH A O	$58,626,000	–	814,474	–	2.10%	–
MOS	New	MOSAIC CO NEW	$58,357,000	–	1,245,610	–	2.09%	–
CF	New	CF INDS HLDGS INC	$58,030,000	–	902,762	–	2.08%	–
URI	New	UNITED RENTALS INC	$54,756,000	–	624,926	–	1.96%	–
JBLU	New	JETBLUE AIRWAYS CORP	$50,970,000	–	2,455,212	–	1.82%	–
GD	New	GENERAL DYNAMICS CORP	$49,985,000	–	352,778	–	1.79%	–
DK	New	DELEK US HLDGS INC	$49,813,000	–	1,352,890	–	1.78%	–
TEN	New	TENNECO INC	$45,286,000	–	788,406	–	1.62%	–
PDCE	New	PDC ENERGY INC	$43,837,000	–	817,236	–	1.57%	–
EOG	New	EOG RES INC	$42,339,000	–	483,602	–	1.52%	–
LNG	New	CHENIERE ENERGY INC	$40,690,000	–	587,498	–	1.46%	–
SWK	New	STANLEY BLACK & DECKER INC	$40,615,000	–	385,932	–	1.45%	–
FDX	New	FEDEX CORP	$38,840,000	–	227,932	–	1.39%	–
MBBYF	New	MOBILEYE N V AMSTELVEEN	$38,167,000	–	717,826	–	1.37%	–
WBC	New	WABCO HLDGS INC	$37,717,000	–	304,854	–	1.35%	–
ACM	New	AECOM	$35,991,000	–	1,088,009	–	1.29%	–
SEE	New	SEALED AIR CORP NEW	$33,787,000	–	657,592	–	1.21%	–
APC	New	ANADARKO PETE CORP	$33,067,000	–	423,615	–	1.18%	–
SWFT	New	SWIFT TRANSN COcl a	$30,711,000	–	1,354,677	–	1.10%	–
CSTE	New	CAESARSTONE SDOT-YAM LTD	$28,982,000	–	422,846	–	1.04%	–
LUV	New	SOUTHWEST AIRLS CO	$28,406,000	–	858,457	–	1.02%	–
AXL	New	AMERICAN AXLE & MFG HLDGS IN	$28,398,000	–	1,358,126	–	1.02%	–
HUN	New	HUNTSMAN CORPcall	$25,932,000	–	1,175,000	–	0.93%	–
TRQ	New	TURQUOISE HILL RES LTD	$25,866,000	–	6,824,877	–	0.93%	–
RDC	New	ROWAN COMPANIES PLC	$23,918,000	–	1,133,031	–	0.86%	–
HOSSQ	New	HORNBECK OFFSHORE SVCS INC N	$23,293,000	–	1,134,593	–	0.83%	–
MTOR	New	MERITOR INC	$22,829,000	–	1,739,980	–	0.82%	–
SUNEQ	New	SUNEDISON INC	$20,439,000	–	683,336	–	0.73%	–
HDS	New	HD SUPPLY HLDGS INC	$18,513,000	–	526,231	–	0.66%	–
MLHR	New	MILLER HERMAN INC	$17,351,000	–	599,756	–	0.62%	–
BG	New	BUNGE LIMITED	$17,343,000	–	197,528	–	0.62%	–
DHI	New	D R HORTON INC	$16,845,000	–	615,686	–	0.60%	–
CCK	New	CROWN HOLDINGS INC	$16,243,000	–	306,998	–	0.58%	–
HES	New	HESS CORP	$15,903,000	–	237,789	–	0.57%	–
WHR	New	WHIRLPOOL CORP	$15,443,000	–	89,242	–	0.55%	–
MGA	New	MAGNA INTL INCcall	$13,187,000	–	235,100	–	0.47%	–
SAVE	New	SPIRIT AIRLS INC	$12,005,000	–	193,313	–	0.43%	–
AUQ	New	AURICO GOLD INC	$11,707,000	–	4,122,277	–	0.42%	–
SCS	New	STEELCASE INCcl a	$9,452,000	–	499,825	–	0.34%	–
STLD	New	STEEL DYNAMICS INC	$9,395,000	–	453,536	–	0.34%	–
PPG	New	PPG INDS INC	$8,348,000	–	72,770	–	0.30%	–
CLR	New	CONTINENTAL RESOURCES INC	$8,241,000	–	194,410	–	0.30%	–
PLG	New	PLATINUM GROUP METALS LTD	$7,322,000	–	18,304,119	–	0.26%	–
PDS	New	PRECISION DRILLING CORP	$6,956,000	–	1,035,116	–	0.25%	–
X	New	UNITED STATES STL CORP NEW	$6,057,000	–	293,748	–	0.22%	–
KS	New	KAPSTONE PAPER & PACKAGING C	$5,379,000	–	232,666	–	0.19%	–
GFI	New	GOLD FIELDS LTD NEWsponsored adr	$4,798,000	–	1,485,398	–	0.17%	–
TCPTF	New	THOMPSON CREEK METALS CO INC	$4,636,000	–	5,653,152	–	0.17%	–
X	New	UNITED STATES STL CORP NEWcall	$3,621,000	–	175,600	–	0.13%	–
SWC	New	STILLWATER MNG CO	$3,405,000	–	293,748	–	0.12%	–
MTH	New	MERITAGE HOMES CORP	$3,394,000	–	72,070	–	0.12%	–
KOS	New	KOSMOS ENERGY LTD	$2,094,000	–	248,438	–	0.08%	–

Q4 2014

			Value		Shares		↓ Weighting
SLB	Exit	SCHLUMBERGER LTD	$0	–	-11,628	–	-0.08%	–
DHI	Exit	D R HORTON INC	$0	–	-63,002	–	-0.09%	–
KOS	Exit	KOSMOS ENERGY LTDcall	$0	–	-189,000	–	-0.13%	–
AUQ	Exit	AURICO GOLD INC	$0	–	-568,158	–	-0.14%	–
CLDPQ	Exit	CLOUD PEAK ENERGY INC	$0	–	-163,152	–	-0.14%	–
MTRX	Exit	MATRIX SVC CO	$0	–	-99,093	–	-0.16%	–
ESL	Exit	ESTERLINE TECHNOLOGIES CORP	$0	–	-25,200	–	-0.19%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-756,092	–	-0.20%	–
DK	Exit	DELEK US HLDGS INC	$0	–	-114,355	–	-0.26%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-165,040	–	-0.26%	–
GFI	Exit	GOLD FIELDS LTD NEWcall	$0	–	-1,014,500	–	-0.27%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-5,120,355	–	-0.31%	–
ANRZQ	Exit	ALPHA NATURAL RESOURCES INC	$0	–	-1,902,160	–	-0.32%	–
MBBYF	Exit	MOBILEYE N V AMSTELVEEN	$0	–	-88,202	–	-0.32%	–
TKR	Exit	TIMKEN CO	$0	–	-112,787	–	-0.33%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-103,671	–	-0.33%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-176,402	–	-0.34%	–
RRTS	Exit	ROADRUNNER TRNSN SVCS HLDG I	$0	–	-221,737	–	-0.35%	–
PDCE	Exit	PDC ENERGY INC	$0	–	-124,288	–	-0.43%	–
OSK	Exit	OSHKOSH CORP	$0	–	-142,266	–	-0.43%	–
DE	Exit	DEERE & CO	$0	–	-79,746	–	-0.45%	–
CSTM	Exit	CONSTELLIUM NVcl a	$0	–	-265,777	–	-0.45%	–
TCPTF	Exit	THOMPSON CREEK METALS CO INC	$0	–	-3,020,400	–	-0.46%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-66,973	–	-0.49%	–
IPI	Exit	INTREPID POTASH INC	$0	–	-469,805	–	-0.50%	–
TMST	Exit	TIMKENSTEEL CORP	$0	–	-157,764	–	-0.50%	–
CMI	Exit	CUMMINS INC	$0	–	-56,073	–	-0.51%	–
PWR	Exit	QUANTA SVCS INC	$0	–	-213,416	–	-0.53%	–
FCX	Exit	FREEPORT-MCMORAN INCcall	$0	–	-252,400	–	-0.57%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-82,672	–	-0.58%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-193,778	–	-0.58%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-86,243	–	-0.64%	–
GFI	Exit	GOLD FIELDS LTD NEWsponsored adr	$0	–	-2,486,375	–	-0.67%	–
KS	Exit	KAPSTONE PAPER & PACKAGING C	$0	–	-360,127	–	-0.69%	–
SWFT	Exit	SWIFT TRANSN COcl a	$0	–	-492,786	–	-0.71%	–
F	Exit	FORD MTR CO DEL	$0	–	-773,092	–	-0.79%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-79,543	–	-0.80%	–
KOS	Exit	KOSMOS ENERGY LTD	$0	–	-1,177,331	–	-0.81%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-1,177,133	–	-0.87%	–
HEES	Exit	H & E EQUIPMENT SERVICES INC	$0	–	-331,759	–	-0.92%	–
MGA	Exit	MAGNA INTL INC	$0	–	-142,805	–	-0.93%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-134,137	–	-0.94%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-205,630	–	-0.94%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-108,069	–	-0.94%	–
PBF	Exit	PBF ENERGY INCcl a	$0	–	-633,719	–	-1.05%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-678,207	–	-1.05%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-223,852	–	-1.06%	–
CTB	Exit	COOPER TIRE & RUBR CO	$0	–	-541,092	–	-1.07%	–
TEN	Exit	TENNECO INC	$0	–	-301,091	–	-1.08%	–
HAL	Exit	HALLIBURTON CO	$0	–	-248,021	–	-1.10%	–
OASPQ	Exit	OASIS PETE INC NEW	$0	–	-403,100	–	-1.16%	–
HOSSQ	Exit	HORNBECK OFFSHORE SVCS INC N	$0	–	-516,600	–	-1.16%	–
AKS	Exit	AK STL HLDG CORP	$0	–	-2,131,336	–	-1.18%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-296,697	–	-1.25%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-558,684	–	-1.26%	–
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-722,934	–	-1.26%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-425,104	–	-1.30%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-2,829,522	–	-1.31%	–
TSN	Exit	TYSON FOODS INCcl a	$0	–	-488,234	–	-1.32%	–
CSTE	Exit	CAESARSTONE SDOT-YAM LTD	$0	–	-377,149	–	-1.34%	–
HES	Exit	HESS CORP	$0	–	-210,244	–	-1.36%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-816,480	–	-1.46%	–
GM	Exit	GENERAL MTRS CO	$0	–	-670,446	–	-1.47%	–
TRN	Exit	TRINITY INDS INC	$0	–	-459,901	–	-1.48%	–
UNP	Exit	UNION PAC CORP	$0	–	-203,662	–	-1.52%	–
EQT	Exit	EQT CORP	$0	–	-246,383	–	-1.55%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-456,777	–	-1.77%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-713,198	–	-1.77%	–
DAN	Exit	DANA HLDG CORP	$0	–	-1,473,421	–	-1.94%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-268,497	–	-2.01%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-320,274	–	-2.05%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-840,221	–	-2.05%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-453,226	–	-2.13%	–
STLD	Exit	STEEL DYNAMICS INC	$0	–	-1,378,496	–	-2.14%	–
X	Exit	UNITED STATES STL CORP NEWcall	$0	–	-806,600	–	-2.17%	–
AXL	Exit	AMERICAN AXLE & MFG HLDGS IN	$0	–	-1,920,597	–	-2.22%	–
TSO	Exit	TESORO CORP	$0	–	-533,873	–	-2.24%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-2,826,114	–	-2.42%	–
URI	Exit	UNITED RENTALS INC	$0	–	-317,923	–	-2.43%	–
EOG	Exit	EOG RES INC	$0	–	-385,515	–	-2.63%	–
LEA	Exit	LEAR CORP	$0	–	-468,677	–	-2.79%	–
LNG	Exit	CHENIERE ENERGY INCcall	$0	–	-536,000	–	-2.95%	–
CENX	Exit	CENTURY ALUM CO	$0	–	-1,871,008	–	-3.34%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-617,121	–	-3.40%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-206,870	–	-3.98%	–
X	Exit	UNITED STATES STL CORP NEW	$0	–	-1,625,679	–	-4.38%	–

Q3 2014

			Value		Shares		↓ Weighting
X	Buy	UNITED STATES STL CORP NEW	$63,678,000	+689.3%	1,625,679	+424.7%	4.38%	+545.4%
CF	Buy	CF INDS HLDGS INC	$57,762,000	+131.0%	206,870	+99.0%	3.98%	+89.0%
LNG	Sell	CHENIERE ENERGY INC	$49,388,000	-4.3%	617,121	-14.3%	3.40%	-21.7%
CENX	Buy	CENTURY ALUM CO	$48,590,000	+131.9%	1,871,008	+40.0%	3.34%	+89.8%
LNG	Buy	CHENIERE ENERGY INCcall	$42,896,000	+22.1%	536,000	+9.4%	2.95%	-0.1%
LEA	Buy	LEAR CORP	$40,498,000	+33.2%	468,677	+37.7%	2.79%	+9.0%
EOG	Buy	EOG RES INC	$38,174,000	+20.2%	385,515	+41.9%	2.63%	-1.6%
URI	Buy	UNITED RENTALS INC	$35,321,000	+30.2%	317,923	+22.7%	2.43%	+6.5%
GPK	Sell	GRAPHIC PACKAGING HLDG CO	$35,129,000	+4.1%	2,826,114	-2.0%	2.42%	-14.8%
TSO	Buy	TESORO CORP	$32,556,000	+12.8%	533,873	+8.5%	2.24%	-7.8%
AXL	Buy	AMERICAN AXLE & MFG HLDGS IN	$32,208,000	+72.9%	1,920,597	+94.8%	2.22%	+41.6%
X	New	UNITED STATES STL CORP NEWcall	$31,595,000	–	806,600	–	2.17%	–
STLD	Buy	STEEL DYNAMICS INC	$31,168,000	+79.8%	1,378,496	+42.7%	2.14%	+47.1%
NBL	Buy	NOBLE ENERGY INC	$30,983,000	+31.8%	453,226	+49.3%	2.13%	+7.8%
AAL	Sell	AMERICAN AIRLS GROUP INC	$29,811,000	-26.7%	840,221	-11.2%	2.05%	-40.0%
HON	Buy	HONEYWELL INTL INC	$29,824,000	+83.0%	320,274	+82.6%	2.05%	+49.7%
LYB	Buy	LYONDELLBASELL INDUSTRIES N	$29,175,000	+36.4%	268,497	+22.6%	2.01%	+11.6%
DAN	Buy	DANA HLDG CORP	$28,245,000	+60.4%	1,473,421	+104.3%	1.94%	+31.3%
DAL	Sell	DELTA AIR LINES INC DEL	$25,782,000	-17.2%	713,198	-11.3%	1.77%	-32.3%
IR	Buy	INGERSOLL-RAND PLC	$25,744,000	+101.9%	456,777	+123.9%	1.77%	+65.1%
EQT	Buy	EQT CORP	$22,554,000	+65.0%	246,383	+92.6%	1.55%	+35.0%
UNP	Buy	UNION PAC CORP	$22,081,000	+61.4%	203,662	+48.5%	1.52%	+32.2%
TRN	Sell	TRINITY INDS INC	$21,487,000	-2.7%	459,901	-9.0%	1.48%	-20.4%
GM	Sell	GENERAL MTRS CO	$21,414,000	-15.6%	670,446	-4.1%	1.47%	-31.0%
HUN	Buy	HUNTSMAN CORP	$21,220,000	+996.6%	816,480	+1085.8%	1.46%	+795.7%
HES	Buy	HESS CORP	$19,830,000	-4.6%	210,244	+0.1%	1.36%	-21.9%
CSTE	Buy	CAESARSTONE SDOT-YAM LTD	$19,491,000	+108.6%	377,149	+98.1%	1.34%	+70.6%
TSN	New	TYSON FOODS INCcl a	$19,222,000	–	488,234	–	1.32%	–
EGO	Buy	ELDORADO GOLD CORP NEW	$19,071,000	-4.7%	2,829,522	+8.0%	1.31%	-22.1%
MOS	Sell	MOSAIC CO NEW	$18,879,000	-44.9%	425,104	-38.7%	1.30%	-55.0%
RDC	Buy	ROWAN COMPANIES PLC	$18,297,000	+44.2%	722,934	+81.9%	1.26%	+18.0%
FCX	Sell	FREEPORT-MCMORAN INCcl b	$18,241,000	-28.0%	558,684	-19.5%	1.26%	-41.1%
3106PS	Buy	DELPHI AUTOMOTIVE PLC	$18,199,000	-6.8%	296,697	+4.5%	1.25%	-23.8%
AKS	Sell	AK STL HLDG CORP	$17,072,000	-19.1%	2,131,336	-19.6%	1.18%	-33.8%
HOSSQ	Buy	HORNBECK OFFSHORE SVCS INC N	$16,908,000	-4.6%	516,600	+36.7%	1.16%	-21.9%
OASPQ	Buy	OASIS PETE INC NEW	$16,854,000	-14.4%	403,100	+14.5%	1.16%	-29.9%
HAL	Buy	HALLIBURTON CO	$16,000,000	+4.3%	248,021	+14.8%	1.10%	-14.7%
TEN	Buy	TENNECO INC	$15,750,000	+72.1%	301,091	+116.2%	1.08%	+40.8%
CTB	Sell	COOPER TIRE & RUBR CO	$15,529,000	-31.9%	541,092	-28.8%	1.07%	-44.2%
SAVE	Buy	SPIRIT AIRLS INC	$15,477,000	+313.5%	223,852	+278.2%	1.06%	+238.1%
GT	Buy	GOODYEAR TIRE & RUBR CO	$15,314,000	+65.3%	678,207	+103.4%	1.05%	+35.3%
PBF	Buy	PBF ENERGY INCcl a	$15,209,000	+29.2%	633,719	+43.5%	1.05%	+5.8%
GD	Buy	GENERAL DYNAMICS CORP	$13,734,000	+26.9%	108,069	+16.4%	0.94%	+3.8%
CLR	Buy	CONTINENTAL RESOURCES INC	$13,670,000	-11.0%	205,630	+111.7%	0.94%	-27.1%
EXP	Buy	EAGLE MATERIALS INC	$13,659,000	+16.9%	134,137	+8.3%	0.94%	-4.4%
MGA	Sell	MAGNA INTL INC	$13,554,000	-13.5%	142,805	-1.8%	0.93%	-29.2%
HEES	Buy	H & E EQUIPMENT SERVICES INC	$13,363,000	+36.7%	331,759	+23.4%	0.92%	+11.9%
PDS	Buy	PRECISION DRILLING CORP	$12,701,000	+27.2%	1,177,133	+67.0%	0.87%	+4.0%
KOS	New	KOSMOS ENERGY LTD	$11,726,000	–	1,177,331	–	0.81%	–
WHR	New	WHIRLPOOL CORP	$11,585,000	–	79,543	–	0.80%	–
F	Sell	FORD MTR CO DEL	$11,434,000	-48.3%	773,092	-39.7%	0.79%	-57.7%
SWFT	Sell	SWIFT TRANSN COcl a	$10,339,000	-32.2%	492,786	-18.5%	0.71%	-44.5%
KS	Buy	KAPSTONE PAPER & PACKAGING C	$10,073,000	-1.9%	360,127	+16.2%	0.69%	-19.8%
GFI	Buy	GOLD FIELDS LTD NEWsponsored adr	$9,697,000	+125.9%	2,486,375	+115.5%	0.67%	+84.8%
CPA	Buy	COPA HOLDINGS SAcl a	$9,253,000	-7.6%	86,243	+22.8%	0.64%	-24.3%
ATW	Sell	ATWOOD OCEANICS INC	$8,466,000	-18.1%	193,778	-1.6%	0.58%	-32.9%
APC	Buy	ANADARKO PETE CORP	$8,386,000	+51.7%	82,672	+63.7%	0.58%	+24.1%
FCX	Sell	FREEPORT-MCMORAN INCcall	$8,241,000	-12.2%	252,400	-1.8%	0.57%	-28.1%
PWR	Buy	QUANTA SVCS INC	$7,745,000	+36.3%	213,416	+29.9%	0.53%	+11.5%
CMI	Sell	CUMMINS INC	$7,401,000	-39.0%	56,073	-28.7%	0.51%	-50.1%
TMST	New	TIMKENSTEEL CORP	$7,334,000	–	157,764	–	0.50%	–
IPI	New	INTREPID POTASH INC	$7,258,000	–	469,805	–	0.50%	–
UTX	Sell	UNITED TECHNOLOGIES CORP	$7,072,000	-9.6%	66,973	-1.2%	0.49%	-26.0%
TCPTF	Buy	THOMPSON CREEK METALS CO INC	$6,645,000	+74.9%	3,020,400	+135.3%	0.46%	+42.8%
DE	Buy	DEERE & CO	$6,538,000	+3.4%	79,746	+14.2%	0.45%	-15.4%
CSTM	Buy	CONSTELLIUM NVcl a	$6,541,000	-10.1%	265,777	+17.2%	0.45%	-26.5%
OSK	Buy	OSHKOSH CORP	$6,281,000	+21.1%	142,266	+52.3%	0.43%	-0.9%
PDCE	Sell	PDC ENERGY INC	$6,250,000	-22.9%	124,288	-3.2%	0.43%	-37.0%
RRTS	New	ROADRUNNER TRNSN SVCS HLDG I	$5,053,000	–	221,737	–	0.35%	–
NVGS	Buy	NAVIGATOR HOLDINGS LTD	$4,909,000	+30.2%	176,402	+37.4%	0.34%	+6.6%
VLO	Sell	VALERO ENERGY CORP NEW	$4,797,000	-77.8%	103,671	-75.9%	0.33%	-81.8%
TKR	Sell	TIMKEN CO	$4,781,000	-67.1%	112,787	-47.3%	0.33%	-73.1%
ANRZQ	Buy	ALPHA NATURAL RESOURCES INC	$4,717,000	+4.3%	1,902,160	+56.0%	0.32%	-14.5%
MBBYF	New	MOBILEYE N V AMSTELVEEN	$4,727,000	–	88,202	–	0.32%	–
PLG	Buy	PLATINUM GROUP METALS LTD	$4,557,000	-9.9%	5,120,355	+19.5%	0.31%	-26.3%
GFI	New	GOLD FIELDS LTD NEWcall	$3,957,000	–	1,014,500	–	0.27%	–
GG	Buy	GOLDCORP INC NEW	$3,801,000	-16.7%	165,040	+0.9%	0.26%	-31.8%
DK	New	DELEK US HLDGS INC	$3,787,000	–	114,355	–	0.26%	–
TRQ	New	TURQUOISE HILL RES LTD	$2,828,000	–	756,092	–	0.20%	–
ESL	Sell	ESTERLINE TECHNOLOGIES CORP	$2,804,000	-5.1%	25,200	-1.8%	0.19%	-22.5%
MTRX	New	MATRIX SVC CO	$2,390,000	–	99,093	–	0.16%	–
CLDPQ	Sell	CLOUD PEAK ENERGY INC	$2,059,000	-57.3%	163,152	-37.7%	0.14%	-65.0%
AUQ	Sell	AURICO GOLD INC	$1,983,000	-19.6%	568,158	-1.8%	0.14%	-34.3%
KOS	New	KOSMOS ENERGY LTDcall	$1,882,000	–	189,000	–	0.13%	–
DHI	New	D R HORTON INC	$1,293,000	–	63,002	–	0.09%	–
SLB	New	SCHLUMBERGER LTD	$1,182,000	–	11,628	–	0.08%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-70,714	–	-0.11%	–
CE	Exit	CELANESE CORP DEL	$0	–	-30,058	–	-0.16%	–
GTLS	Exit	CHART INDS INC	$0	–	-30,910	–	-0.22%	–
HOSSQ	Exit	HORNBECK OFFSHORE SVCS INC Ncall	$0	–	-64,200	–	-0.25%	–
RICE	Exit	RICE ENERGY INC	$0	–	-101,542	–	-0.26%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-64,173	–	-0.37%	–
MTOR	Exit	MERITOR INC	$0	–	-426,127	–	-0.47%	–
TEX	Exit	TEREX CORP NEW	$0	–	-205,494	–	-0.71%	–
TRW	Exit	TRW AUTOMOTIVE HLDGS CORP	$0	–	-119,279	–	-0.90%	–
AKS	Exit	AK STL HLDG CORPcall	$0	–	-3,209,100	–	-2.15%	–

Q2 2014

			Value		Shares		↓ Weighting
LNG	New	CHENIERE ENERGY INC	$51,625,000	–	720,013	–	4.34%	–
AAL	New	AMERICAN AIRLS GROUP INC	$40,660,000	–	946,471	–	3.42%	–
LNG	New	CHENIERE ENERGY INCcall	$35,126,000	–	489,900	–	2.96%	–
MOS	New	MOSAIC CO NEW	$34,292,000	–	693,477	–	2.88%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$33,747,000	–	2,884,375	–	2.84%	–
EOG	New	EOG RES INC	$31,758,000	–	271,760	–	2.67%	–
DAL	New	DELTA AIR LINES INC DEL	$31,147,000	–	804,407	–	2.62%	–
LEA	New	LEAR CORP	$30,393,000	–	340,270	–	2.56%	–
TSO	New	TESORO CORP	$28,872,000	–	492,113	–	2.43%	–
URI	New	UNITED RENTALS INC	$27,136,000	–	259,102	–	2.28%	–
AKS	New	AK STL HLDG CORPcall	$25,544,000	–	3,209,100	–	2.15%	–
GM	New	GENERAL MTRS CO	$25,384,000	–	699,292	–	2.14%	–
FCX	New	FREEPORT-MCMORAN COPPER & GO	$25,318,000	–	693,639	–	2.13%	–
CF	New	CF INDS HLDGS INC	$25,005,000	–	103,958	–	2.10%	–
NBL	New	NOBLE ENERGY INC	$23,511,000	–	303,521	–	1.98%	–
CTB	New	COOPER TIRE & RUBR CO	$22,792,000	–	759,726	–	1.92%	–
F	New	FORD MTR CO DEL	$22,104,000	–	1,282,133	–	1.86%	–
TRN	New	TRINITY INDS INC	$22,087,000	–	505,190	–	1.86%	–
VLO	New	VALERO ENERGY CORP NEW	$21,594,000	–	431,018	–	1.82%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$21,383,000	–	218,980	–	1.80%	–
AKS	New	AK STL HLDG CORP	$21,109,000	–	2,651,899	–	1.78%	–
CENX	New	CENTURY ALUM CO	$20,951,000	–	1,336,154	–	1.76%	–
HES	New	HESS CORP	$20,776,000	–	210,096	–	1.75%	–
EGO	New	ELDORADO GOLD CORP NEW	$20,021,000	–	2,620,495	–	1.68%	–
OASPQ	New	OASIS PETE INC NEW	$19,679,000	–	352,103	–	1.66%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$19,519,000	–	283,961	–	1.64%	–
AXL	New	AMERICAN AXLE & MFG HLDGS IN	$18,623,000	–	985,853	–	1.57%	–
HOSSQ	New	HORNBECK OFFSHORE SVCS INC N	$17,728,000	–	377,838	–	1.49%	–
DAN	New	DANA HLDG CORP	$17,611,000	–	721,151	–	1.48%	–
STLD	New	STEEL DYNAMICS INC	$17,338,000	–	965,917	–	1.46%	–
HON	New	HONEYWELL INTL INC	$16,300,000	–	175,368	–	1.37%	–
MGA	New	MAGNA INTL INC	$15,673,000	–	145,457	–	1.32%	–
CLR	New	CONTINENTAL RESOURCES INC	$15,354,000	–	97,152	–	1.29%	–
HAL	New	HALLIBURTON CO	$15,341,000	–	216,038	–	1.29%	–
SWFT	New	SWIFT TRANSN COcl a	$15,248,000	–	604,368	–	1.28%	–
TKR	New	TIMKEN CO	$14,533,000	–	214,220	–	1.22%	–
EQT	New	EQT CORP	$13,672,000	–	127,892	–	1.15%	–
UNP	New	UNION PAC CORP	$13,677,000	–	137,114	–	1.15%	–
IR	New	INGERSOLL-RAND PLC	$12,751,000	–	203,979	–	1.07%	–
RDC	New	ROWAN COMPANIES PLC	$12,688,000	–	397,370	–	1.07%	–
CMI	New	CUMMINS INC	$12,140,000	–	78,685	–	1.02%	–
PBF	New	PBF ENERGY INCcl a	$11,768,000	–	441,592	–	0.99%	–
EXP	New	EAGLE MATERIALS INC	$11,682,000	–	123,912	–	0.98%	–
GD	New	GENERAL DYNAMICS CORP	$10,819,000	–	92,825	–	0.91%	–
TRW	New	TRW AUTOMOTIVE HLDGS CORP	$10,678,000	–	119,279	–	0.90%	–
ATW	New	ATWOOD OCEANICS INC	$10,334,000	–	196,904	–	0.87%	–
KS	New	KAPSTONE PAPER & PACKAGING C	$10,271,000	–	310,032	–	0.86%	–
CPA	New	COPA HOLDINGS SAcl a	$10,009,000	–	70,206	–	0.84%	–
PDS	New	PRECISION DRILLING CORP	$9,982,000	–	704,971	–	0.84%	–
HEES	New	H & E EQUIPMENT SERVICES INC	$9,773,000	–	268,941	–	0.82%	–
FCX	New	FREEPORT-MCMORAN COPPER & GOcall	$9,381,000	–	257,000	–	0.79%	–
CSTE	New	CAESARSTONE SDOT-YAM LTD	$9,342,000	–	190,345	–	0.79%	–
GT	New	GOODYEAR TIRE & RUBR CO	$9,265,000	–	333,511	–	0.78%	–
TEN	New	TENNECO INC	$9,150,000	–	139,269	–	0.77%	–
TEX	New	TEREX CORP NEW	$8,446,000	–	205,494	–	0.71%	–
PDCE	New	PDC ENERGY INC	$8,110,000	–	128,429	–	0.68%	–
X	New	UNITED STATES STL CORP NEW	$8,068,000	–	309,821	–	0.68%	–
UTX	New	UNITED TECHNOLOGIES CORP	$7,822,000	–	67,754	–	0.66%	–
CSTM	New	CONSTELLIUM NVcl a	$7,272,000	–	226,827	–	0.61%	–
DE	New	DEERE & CO	$6,322,000	–	69,820	–	0.53%	–
PWR	New	QUANTA SVCS INC	$5,682,000	–	164,314	–	0.48%	–
MTOR	New	MERITOR INC	$5,557,000	–	426,127	–	0.47%	–
APC	New	ANADARKO PETE CORP	$5,529,000	–	50,505	–	0.46%	–
OSK	New	OSHKOSH CORP	$5,188,000	–	93,420	–	0.44%	–
PLG	New	PLATINUM GROUP METALS LTD	$5,059,000	–	4,286,147	–	0.43%	–
CLDPQ	New	CLOUD PEAK ENERGY INC	$4,826,000	–	261,987	–	0.41%	–
GG	New	GOLDCORP INC NEW	$4,563,000	–	163,498	–	0.38%	–
ANRZQ	New	ALPHA NATURAL RESOURCES INC	$4,523,000	–	1,219,244	–	0.38%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$4,377,000	–	64,173	–	0.37%	–
GFI	New	GOLD FIELDS LTD NEWsponsored adr	$4,292,000	–	1,153,779	–	0.36%	–
TCPTF	New	THOMPSON CREEK METALS CO INC	$3,799,000	–	1,283,414	–	0.32%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$3,771,000	–	128,343	–	0.32%	–
SAVE	New	SPIRIT AIRLS INC	$3,743,000	–	59,192	–	0.32%	–
RICE	New	RICE ENERGY INC	$3,092,000	–	101,542	–	0.26%	–
HOSSQ	New	HORNBECK OFFSHORE SVCS INC Ncall	$3,012,000	–	64,200	–	0.25%	–
ESL	New	ESTERLINE TECHNOLOGIES CORP	$2,955,000	–	25,668	–	0.25%	–
GTLS	New	CHART INDS INC	$2,557,000	–	30,910	–	0.22%	–
AUQ	New	AURICO GOLD INC	$2,465,000	–	578,716	–	0.21%	–
HUN	New	HUNTSMAN CORP	$1,935,000	–	68,855	–	0.16%	–
CE	New	CELANESE CORP DEL	$1,932,000	–	30,058	–	0.16%	–
GOLD	New	BARRICK GOLD CORP	$1,294,000	–	70,714	–	0.11%	–

Q4 2013

			Value		Shares		↓ Weighting
GTLS	Exit	CHART INDS INC	$0	–	-3,451	–	-0.12%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-8,093	–	-0.15%	–
SYRG	Exit	SYNERGY RES CORP	$0	–	-52,925	–	-0.15%	–
CTB	Exit	COOPER TIRE & RUBR CO	$0	–	-17,770	–	-0.16%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-7,200	–	-0.20%	–
TSO	Exit	TESORO CORP	$0	–	-17,216	–	-0.22%	–
AKS	Exit	AK STL HLDG CORP	$0	–	-205,318	–	-0.23%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-6,898	–	-0.25%	–
HAL	Exit	HALLIBURTON CO	$0	–	-18,972	–	-0.27%	–
CLF	Exit	CLIFFS NAT RES INC	$0	–	-45,412	–	-0.27%	–
AMWD	Exit	AMERICAN WOODMARK CORP	$0	–	-29,182	–	-0.30%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-13,026	–	-0.30%	–
UNP	Exit	UNION PAC CORP	$0	–	-7,200	–	-0.33%	–
GATX	Exit	GATX CORP	$0	–	-26,706	–	-0.37%	–
PDCE	Exit	PDC ENERGY INC	$0	–	-21,764	–	-0.38%	–
CPA	Exit	COPA HOLDINGS SAcl a	$0	–	-9,483	–	-0.39%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-14,381	–	-0.45%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-39,260	–	-0.50%	–
KS	Exit	KAPSTONE PAPER & PACKAGING C	$0	–	-42,369	–	-0.53%	–
EXPD	Exit	EXPEDITORS INTL WASH INC	$0	–	-42,569	–	-0.55%	–
AUQ	Exit	AURICO GOLD INC	$0	–	-493,879	–	-0.55%	–
AXL	Exit	AMERICAN AXLE & MFG HLDGS IN	$0	–	-104,179	–	-0.60%	–
CSTE	Exit	CAESARSTONE SDOT-YAM LTD	$0	–	-45,708	–	-0.61%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-33,011	–	-0.66%	–
ESV	Exit	ENSCO PLC	$0	–	-44,105	–	-0.70%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-354,653	–	-0.70%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-13,825	–	-0.86%	–
RDC	Exit	ROWAN COMPANIES PLCcall	$0	–	-79,400	–	-0.86%	–
MAS	Exit	MASCO CORP	$0	–	-138,348	–	-0.86%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-20,680	–	-0.89%	–
FWLT	Exit	FOSTER WHEELER AG	$0	–	-115,459	–	-0.89%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-92,022	–	-0.92%	–
9207PS	Exit	ROCK-TENN COcl a	$0	–	-32,759	–	-0.97%	–
DAN	Exit	DANA HLDG CORP	$0	–	-149,548	–	-1.00%	–
FLR	Exit	FLUOR CORP NEW	$0	–	-51,059	–	-1.06%	–
HEES	Exit	H & E EQUIPMENT SERVICES INC	$0	–	-143,700	–	-1.12%	–
VC	Exit	VISTEON CORP	$0	–	-50,839	–	-1.13%	–
ATW	Exit	ATWOOD OCEANICS INC	$0	–	-73,159	–	-1.18%	–
KBR	Exit	KBR INC	$0	–	-124,901	–	-1.20%	–
HES	Exit	HESS CORP	$0	–	-52,765	–	-1.20%	–
NE	Exit	NOBLE CORPORATION BAARnamen -akt	$0	–	-112,123	–	-1.24%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GOcall	$0	–	-129,400	–	-1.26%	–
TRW	Exit	TRW AUTOMOTIVE HLDGS CORP	$0	–	-62,790	–	-1.31%	–
MTW	Exit	MANITOWOC INC	$0	–	-231,197	–	-1.33%	–
TEN	Exit	TENNECO INC	$0	–	-94,461	–	-1.40%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-139,451	–	-1.40%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-86,480	–	-1.48%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-55,225	–	-1.51%	–
EQT	Exit	EQT CORP	$0	–	-58,355	–	-1.52%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-62,848	–	-1.53%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-237,758	–	-1.57%	–
URI	Exit	UNITED RENTALS INC	$0	–	-92,203	–	-1.58%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-158,852	–	-1.59%	–
VLO	Exit	VALERO ENERGY CORP NEWcall	$0	–	-174,300	–	-1.75%	–
GGG	Exit	GRACO INC	$0	–	-80,750	–	-1.75%	–
OASPQ	Exit	OASIS PETE INC NEW	$0	–	-123,616	–	-1.78%	–
X	Exit	UNITED STATES STL CORP NEWcall	$0	–	-309,100	–	-1.87%	–
AXL	Exit	AMERICAN AXLE & MFG HLDGS INcall	$0	–	-345,100	–	-2.00%	–
X	Exit	UNITED STATES STL CORP NEW	$0	–	-334,248	–	-2.02%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-303,391	–	-2.10%	–
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-200,629	–	-2.16%	–
LCC	Exit	U S AIRWAYS GROUP INC	$0	–	-404,934	–	-2.25%	–
F	Exit	FORD MTR CO DEL	$0	–	-475,018	–	-2.35%	–
LEA	Exit	LEAR CORP	$0	–	-121,062	–	-2.54%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GO	$0	–	-286,233	–	-2.78%	–
HOSSQ	Exit	HORNBECK OFFSHORE SVCS INC N	$0	–	-168,286	–	-2.84%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-137,107	–	-2.94%	–
EOG	Exit	EOG RES INC	$0	–	-60,396	–	-3.00%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-1,345,016	–	-3.38%	–
TRN	Exit	TRINITY INDS INC	$0	–	-261,214	–	-3.48%	–
AGCO	Exit	AGCO CORP	$0	–	-199,200	–	-3.53%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-186,349	–	-3.66%	–
GM	Exit	GENERAL MTRS COcall	$0	–	-429,300	–	-4.53%	–
GM	Exit	GENERAL MTRS CO	$0	–	-429,690	–	-4.53%	–

Q3 2013

			Value		Shares		↓ Weighting
GM	Buy	GENERAL MTRS CO	$15,456,000	+149.5%	429,690	+131.0%	4.53%	+71.7%
GM	Sell	GENERAL MTRS COcall	$15,442,000	+1.0%	429,300	-6.4%	4.53%	-30.5%
NBL	Buy	NOBLE ENERGY INC	$12,487,000	+29.7%	186,349	+16.2%	3.66%	-10.7%
AGCO	Buy	AGCO CORP	$12,036,000	+41.9%	199,200	+17.9%	3.53%	-2.3%
TRN	Buy	TRINITY INDS INC	$11,846,000	+20.4%	261,214	+2.1%	3.48%	-17.1%
GPK	Buy	GRAPHIC PACKAGING HLDG CO	$11,513,000	+39.7%	1,345,016	+26.3%	3.38%	-3.9%
EOG	Buy	EOG RES INC	$10,224,000	+44.2%	60,396	+12.2%	3.00%	-0.7%
LYB	Buy	LYONDELLBASELL INDUSTRIES N	$10,040,000	+106.8%	137,107	+87.1%	2.94%	+42.3%
HOSSQ	Buy	HORNBECK OFFSHORE SVCS INC N	$9,666,000	+63.4%	168,286	+52.2%	2.84%	+12.4%
FCX	Buy	FREEPORT-MCMORAN COPPER & GO	$9,469,000	+91.3%	286,233	+59.6%	2.78%	+31.6%
LEA	Buy	LEAR CORP	$8,664,000	+30.7%	121,062	+10.4%	2.54%	-10.1%
F	Buy	FORD MTR CO DEL	$8,014,000	+147.2%	475,018	+126.7%	2.35%	+70.1%
LCC	Buy	U S AIRWAYS GROUP INC	$7,678,000	+168.9%	404,934	+132.9%	2.25%	+85.0%
RDC	Buy	ROWAN COMPANIES PLC	$7,367,000	+83.1%	200,629	+69.9%	2.16%	+26.0%
DAL	Buy	DELTA AIR LINES INC DEL	$7,157,000	+120.0%	303,391	+74.5%	2.10%	+51.4%
X	Buy	UNITED STATES STL CORP NEW	$6,882,000	+1706.3%	334,248	+1437.7%	2.02%	+1146.3%
AXL	Sell	AMERICAN AXLE & MFG HLDGS INcall	$6,805,000	-16.0%	345,100	-20.6%	2.00%	-42.2%
X	Buy	UNITED STATES STL CORP NEWcall	$6,364,000	+651.4%	309,100	+540.0%	1.87%	+417.2%
OASPQ	Buy	OASIS PETE INC NEW	$6,073,000	+65.3%	123,616	+30.8%	1.78%	+13.8%
GGG	Buy	GRACO INC	$5,980,000	+114.7%	80,750	+83.3%	1.75%	+47.8%
VLO	New	VALERO ENERGY CORP NEWcall	$5,952,000	–	174,300	–	1.75%	–
VLO	Buy	VALERO ENERGY CORP NEW	$5,425,000	+151.3%	158,852	+155.8%	1.59%	+72.9%
URI	Sell	UNITED RENTALS INC	$5,375,000	+9.6%	92,203	-6.2%	1.58%	-24.6%
GT	Buy	GOODYEAR TIRE & RUBR CO	$5,338,000	+516.4%	237,758	+320.1%	1.57%	+324.4%
HON	Sell	HONEYWELL INTL INC	$5,219,000	-8.9%	62,848	-12.9%	1.53%	-37.3%
EQT	Sell	EQT CORP	$5,177,000	+2.5%	58,355	-8.3%	1.52%	-29.4%
APC	Buy	ANADARKO PETE CORP	$5,135,000	+58.0%	55,225	+46.0%	1.51%	+8.7%
3106PS	Buy	DELPHI AUTOMOTIVE PLC	$5,052,000	+25.1%	86,480	+8.6%	1.48%	-13.9%
SAVE	Buy	SPIRIT AIRLS INC	$4,779,000	+111.7%	139,451	+96.0%	1.40%	+45.7%
TEN	Sell	TENNECO INC	$4,770,000	-3.8%	94,461	-13.7%	1.40%	-33.8%
MTW	Buy	MANITOWOC INC	$4,522,000	+91.4%	231,197	+75.2%	1.33%	+31.7%
TRW	Buy	TRW AUTOMOTIVE HLDGS CORP	$4,478,000	+37.2%	62,790	+27.8%	1.31%	-5.7%
FCX	Sell	FREEPORT-MCMORAN COPPER & GOcall	$4,281,000	-31.1%	129,400	-42.5%	1.26%	-52.6%
NE	Buy	NOBLE CORPORATION BAARnamen -akt	$4,235,000	+70.7%	112,123	+69.8%	1.24%	+17.5%
HES	Buy	HESS CORP	$4,081,000	+533.7%	52,765	+444.7%	1.20%	+336.9%
KBR	Sell	KBR INC	$4,077,000	-24.9%	124,901	-25.2%	1.20%	-48.3%
ATW	Buy	ATWOOD OCEANICS INC	$4,027,000	+113.6%	73,159	+102.0%	1.18%	+47.1%
VC	New	VISTEON CORP	$3,845,000	–	50,839	–	1.13%	–
HEES	Buy	H & E EQUIPMENT SERVICES INC	$3,817,000	+118.1%	143,700	+73.0%	1.12%	+50.1%
FLR	Buy	FLUOR CORP NEW	$3,623,000	+105.7%	51,059	+72.0%	1.06%	+41.5%
DAN	Sell	DANA HLDG CORP	$3,416,000	-21.8%	149,548	-34.1%	1.00%	-46.2%
9207PS	Sell	ROCK-TENN COcl a	$3,318,000	-18.2%	32,759	-19.3%	0.97%	-43.7%
LNG	Sell	CHENIERE ENERGY INC	$3,142,000	+13.8%	92,022	-7.5%	0.92%	-21.7%
FWLT	New	FOSTER WHEELER AG	$3,041,000	–	115,459	–	0.89%	–
WHR	Sell	WHIRLPOOL CORP	$3,028,000	+23.3%	20,680	-3.7%	0.89%	-15.2%
MAS	New	MASCO CORP	$2,944,000	–	138,348	–	0.86%	–
RDC	Sell	ROWAN COMPANIES PLCcall	$2,916,000	+2.5%	79,400	-4.9%	0.86%	-29.5%
CF	Buy	CF INDS HLDGS INC	$2,915,000	+73.8%	13,825	+41.4%	0.86%	+19.6%
EGO	Buy	ELDORADO GOLD CORP NEW	$2,380,000	+71.5%	354,653	+58.0%	0.70%	+17.9%
ESV	Sell	ENSCO PLC	$2,371,000	-30.7%	44,105	-25.1%	0.70%	-52.3%
CBI	Buy	CHICAGO BRIDGE & IRON CO N V	$2,237,000	+67.4%	33,011	+47.4%	0.66%	+15.3%
CSTE	Sell	CAESARSTONE SDOT-YAM LTD	$2,088,000	+46.4%	45,708	-12.7%	0.61%	+0.7%
AXL	Sell	AMERICAN AXLE & MFG HLDGS IN	$2,054,000	-41.2%	104,179	-44.5%	0.60%	-59.6%
AUQ	Buy	AURICO GOLD INC	$1,882,000	+208.5%	493,879	+253.8%	0.55%	+112.3%
EXPD	Sell	EXPEDITORS INTL WASH INC	$1,876,000	-6.6%	42,569	-19.4%	0.55%	-35.7%
KS	Sell	KAPSTONE PAPER & PACKAGING C	$1,813,000	-38.4%	42,369	-42.2%	0.53%	-57.6%
MOS	New	MOSAIC CO NEW	$1,689,000	–	39,260	–	0.50%	–
CLR	Buy	CONTINENTAL RESOURCES INC	$1,543,000	+135.2%	14,381	+88.7%	0.45%	+61.8%
CPA	Buy	COPA HOLDINGS SAcl a	$1,315,000	+53.8%	9,483	+45.4%	0.39%	+6.0%
PDCE	Sell	PDC ENERGY INC	$1,296,000	-24.3%	21,764	-34.5%	0.38%	-47.9%
GATX	Buy	GATX CORP	$1,269,000	+69.2%	26,706	+68.8%	0.37%	+16.2%
UNP	Sell	UNION PAC CORP	$1,118,000	-6.9%	7,200	-7.5%	0.33%	-35.9%
NOV	Sell	NATIONAL OILWELL VARCO INC	$1,017,000	+4.8%	13,026	-7.5%	0.30%	-27.8%
AMWD	Sell	AMERICAN WOODMARK CORP	$1,011,000	-62.0%	29,182	-62.0%	0.30%	-73.8%
CLF	New	CLIFFS NAT RES INC	$931,000	–	45,412	–	0.27%	–
HAL	New	HALLIBURTON CO	$914,000	–	18,972	–	0.27%	–
CVX	New	CHEVRON CORP NEW	$838,000	–	6,898	–	0.25%	–
AKS	Buy	AK STL HLDG CORP	$770,000	+31.4%	205,318	+6.6%	0.23%	-9.6%
TSO	Sell	TESORO CORP	$757,000	-58.9%	17,216	-51.0%	0.22%	-71.7%
OXY	New	OCCIDENTAL PETE CORP DEL	$673,000	–	7,200	–	0.20%	–
CTB	Sell	COOPER TIRE & RUBR CO	$547,000	-82.0%	17,770	-80.6%	0.16%	-87.6%
SYRG	Sell	SYNERGY RES CORP	$516,000	+8.2%	52,925	-18.8%	0.15%	-25.6%
ALK	Sell	ALASKA AIR GROUP INC	$507,000	-21.2%	8,093	-34.5%	0.15%	-45.6%
GTLS	New	CHART INDS INC	$425,000	–	3,451	–	0.12%	–
MTOR	Exit	MERITOR INCcall	$0	–	-41,500	–	-0.12%	–
BWA	Exit	BORGWARNER INC	$0	–	-10,552	–	-0.39%	–
GNRC	Exit	GENERAC HLDGS INC	$0	–	-26,085	–	-0.41%	–
URI	Exit	UNITED RENTALS INCcall	$0	–	-21,000	–	-0.45%	–
CLF	Exit	CLIFFS NAT RES INCcall	$0	–	-77,200	–	-0.54%	–
MAS	Exit	MASCO CORPcall	$0	–	-70,200	–	-0.58%	–
IPI	Exit	INTREPID POTASH INC	$0	–	-80,156	–	-0.65%	–
OC	Exit	OWENS CORNING NEW	$0	–	-46,532	–	-0.78%	–

Q2 2013

			Value		Shares		↓ Weighting
GM	New	GENERAL MTRS COcall	$15,283,000	–	458,800	–	6.51%	–
TRN	New	TRINITY INDS INC	$9,835,000	–	255,865	–	4.19%	–
NBL	New	NOBLE ENERGY INC	$9,628,000	–	160,366	–	4.10%	–
AGCO	New	AGCO CORP	$8,480,000	–	168,956	–	3.61%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$8,242,000	–	1,064,877	–	3.51%	–
AXL	New	AMERICAN AXLE & MFG HLDGS INcall	$8,098,000	–	434,700	–	3.45%	–
EOG	New	EOG RES INC	$7,089,000	–	53,838	–	3.02%	–
LEA	New	LEAR CORP	$6,628,000	–	109,626	–	2.82%	–
FCX	New	FREEPORT-MCMORAN COPPER & GOcall	$6,212,000	–	225,000	–	2.65%	–
GM	New	GENERAL MTRS CO	$6,195,000	–	185,989	–	2.64%	–
HOSSQ	New	HORNBECK OFFSHORE SVCS INC N	$5,917,000	–	110,603	–	2.52%	–
HON	New	HONEYWELL INTL INC	$5,728,000	–	72,194	–	2.44%	–
KBR	New	KBR INC	$5,426,000	–	166,950	–	2.31%	–
EQT	New	EQT CORP	$5,050,000	–	63,630	–	2.15%	–
TEN	New	TENNECO INC	$4,957,000	–	109,467	–	2.11%	–
FCX	New	FREEPORT-MCMORAN COPPER & GO	$4,951,000	–	179,329	–	2.11%	–
URI	New	UNITED RENTALS INC	$4,906,000	–	98,288	–	2.09%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$4,855,000	–	73,276	–	2.07%	–
DAN	New	DANA HLDG CORP	$4,371,000	–	226,961	–	1.86%	–
9207PS	New	ROCK-TENN COcl a	$4,054,000	–	40,592	–	1.73%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$4,038,000	–	79,660	–	1.72%	–
RDC	New	ROWAN COMPANIES PLC	$4,023,000	–	118,075	–	1.72%	–
OASPQ	New	OASIS PETE INC NEW	$3,673,000	–	94,504	–	1.56%	–
AXL	New	AMERICAN AXLE & MFG HLDGS IN	$3,495,000	–	187,585	–	1.49%	–
ESV	New	ENSCO PLC	$3,422,000	–	58,877	–	1.46%	–
TRW	New	TRW AUTOMOTIVE HLDGS CORP	$3,265,000	–	49,147	–	1.39%	–
DAL	New	DELTA AIR LINES INC DEL	$3,253,000	–	173,871	–	1.39%	–
APC	New	ANADARKO PETE CORP	$3,250,000	–	37,817	–	1.38%	–
F	New	FORD MTR CO DEL	$3,242,000	–	209,559	–	1.38%	–
CTB	New	COOPER TIRE & RUBR CO	$3,037,000	–	91,558	–	1.29%	–
KS	New	KAPSTONE PAPER & PACKAGING C	$2,945,000	–	73,293	–	1.26%	–
LCC	New	U S AIRWAYS GROUP INC	$2,855,000	–	173,853	–	1.22%	–
RDC	New	ROWAN COMPANIES PLCcall	$2,845,000	–	83,500	–	1.21%	–
GGG	New	GRACO INC	$2,785,000	–	44,060	–	1.19%	–
LNG	New	CHENIERE ENERGY INC	$2,762,000	–	99,505	–	1.18%	–
AMWD	New	AMERICAN WOODMARK CORP	$2,663,000	–	76,744	–	1.14%	–
NE	New	NOBLE CORPORATION BAARnamen -akt	$2,481,000	–	66,029	–	1.06%	–
WHR	New	WHIRLPOOL CORP	$2,456,000	–	21,478	–	1.05%	–
MTW	New	MANITOWOC INC	$2,363,000	–	131,960	–	1.01%	–
SAVE	New	SPIRIT AIRLS INC	$2,257,000	–	71,148	–	0.96%	–
VLO	New	VALERO ENERGY CORP NEW	$2,159,000	–	62,097	–	0.92%	–
EXPD	New	EXPEDITORS INTL WASH INC	$2,008,000	–	52,796	–	0.86%	–
ATW	New	ATWOOD OCEANICS INC	$1,885,000	–	36,210	–	0.80%	–
TSO	New	TESORO CORP	$1,840,000	–	35,163	–	0.78%	–
OC	New	OWENS CORNING NEW	$1,818,000	–	46,532	–	0.78%	–
FLR	New	FLUOR CORP NEW	$1,761,000	–	29,685	–	0.75%	–
HEES	New	H & E EQUIPMENT SERVICES INC	$1,750,000	–	83,042	–	0.75%	–
PDCE	New	PDC ENERGY INC	$1,711,000	–	33,242	–	0.73%	–
CF	New	CF INDS HLDGS INC	$1,677,000	–	9,779	–	0.72%	–
IPI	New	INTREPID POTASH INC	$1,527,000	–	80,156	–	0.65%	–
CSTE	New	CAESARSTONE SDOT-YAM LTD	$1,426,000	–	52,357	–	0.61%	–
EGO	New	ELDORADO GOLD CORP NEW	$1,388,000	–	224,518	–	0.59%	–
MAS	New	MASCO CORPcall	$1,368,000	–	70,200	–	0.58%	–
CBI	New	CHICAGO BRIDGE & IRON CO N Vn y registry sh	$1,336,000	–	22,388	–	0.57%	–
CLF	New	CLIFFS NAT RES INCcall	$1,255,000	–	77,200	–	0.54%	–
UNP	New	UNION PAC CORP	$1,201,000	–	7,784	–	0.51%	–
URI	New	UNITED RENTALS INCcall	$1,048,000	–	21,000	–	0.45%	–
NOV	New	NATIONAL OILWELL VARCO INC	$970,000	–	14,079	–	0.41%	–
GNRC	New	GENERAC HLDGS INC	$965,000	–	26,085	–	0.41%	–
BWA	New	BORGWARNER INC	$909,000	–	10,552	–	0.39%	–
GT	New	GOODYEAR TIRE & RUBR CO	$866,000	–	56,602	–	0.37%	–
CPA	New	COPA HOLDINGS SAcl a	$855,000	–	6,521	–	0.36%	–
X	New	UNITED STATES STL CORP NEWcall	$847,000	–	48,300	–	0.36%	–
GATX	New	GATX CORP	$750,000	–	15,821	–	0.32%	–
CLR	New	CONTINENTAL RESOURCES INC	$656,000	–	7,622	–	0.28%	–
ALK	New	ALASKA AIR GROUP INC	$643,000	–	12,365	–	0.27%	–
HES	New	HESS CORP	$644,000	–	9,687	–	0.27%	–
AUQ	New	AURICO GOLD INC	$610,000	–	139,601	–	0.26%	–
AKS	New	AK STL HLDG CORP	$586,000	–	192,684	–	0.25%	–
SYRG	New	SYNERGY RES CORP	$477,000	–	65,210	–	0.20%	–
X	New	UNITED STATES STL CORP NEW	$381,000	–	21,737	–	0.16%	–
MTOR	New	MERITOR INCcall	$293,000	–	41,500	–	0.12%	–

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