D.C. Capital Advisors, Ltd Activity Q1 2013-Q4 2020

Q4 2020

			Value		Shares		↓ Weighting
MOD	Sell	MODINE MFG CO	$11,164,000	+78.6%	888,855	-11.1%	38.65%	+9.1%
CVGI	Sell	COMMERCIAL VEH GROUP INC	$3,460,000	+6.0%	400,000	-20.0%	11.98%	-35.3%
CVEO	New	CIVEO CORP	$2,780,000	–	200,000	–	9.62%	–
TECK	Buy	TECK RES LTDcl b	$1,815,000	+62.9%	100,000	+25.0%	6.28%	-0.5%
LGIH	Buy	LGI HOMES INC	$1,588,000	+13.9%	15,000	+25.0%	5.50%	-30.4%
CHX	Buy	CHAMPIONX CORP	$1,530,000	+139.4%	100,000	+25.0%	5.30%	+46.3%
CHWY	Buy	CHEWY INCcl a	$899,000	+82.4%	10,000	+11.1%	3.11%	+11.4%
HNRG	Exit	HALLADOR ENERGY COMPANY	$0	–	-100,000	–	-0.37%	–
TDW	Exit	TIDEWATER INC	$0	–	-50,000	–	-1.90%	–
CVEO	Exit	CIVEO CORP	$0	–	-3,000,000	–	-11.48%	–

Q3 2020

			Value		Shares		↓ Weighting
LGIH	Sell	LGI HOMES INC	$1,394,000	+13.1%	12,000	-14.3%	7.90%	-5.2%
TECK	Buy	TECK RES LTDcl b	$1,114,000	+113.8%	80,000	+60.0%	6.31%	+79.2%
CHX	Buy	CHAMPIONX CORP	$639,000	+30.9%	80,000	+60.0%	3.62%	+9.7%
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-50,000	–	-0.11%	–
WFRD	Exit	WEATHERFORD INTL	$0	–	-30,000	–	-0.40%	–
LKNCY	Exit	LUCKIN COFFEE INCadr	$0	–	-50,000	–	-0.79%	–
BTU	Exit	PEABODY ENERGY CORP	$0	–	-50,000	–	-0.97%	–

Q2 2020

			Value		Shares		↓ Weighting
MOD	New	MODINE MFG CO	$5,520,000	–	1,000,000	–	37.32%	–
SUP	New	SUPERIOR INDS INTL INC	$2,040,000	–	1,200,000	–	13.79%	–
CVEO	New	CIVEO CORP	$1,850,000	–	3,000,000	–	12.51%	–
CVGI	New	COMMERCIAL VEH GROUP INC	$1,445,000	–	500,000	–	9.77%	–
LGIH	New	LGI HOMES INC	$1,233,000	–	14,004	–	8.34%	–
TECK	New	TECK RES LTDcl b	$521,000	–	50,000	–	3.52%	–
CHX	New	CHAMPIONX CORP	$488,000	–	50,000	–	3.30%	–
CHWY	New	CHEWY INCcl a	$402,000	–	9,000	–	2.72%	–
TDW	New	TIDEWATER INC	$280,000	–	50,000	–	1.89%	–
GOOS	New	CANADA GOOSE HLDGS INC	$232,000	–	10,000	–	1.57%	–
OII	New	OCEANEERING INTL INC	$192,000	–	30,000	–	1.30%	–
NOV	New	NATIONAL OILWELL VARCO INC	$184,000	–	15,000	–	1.24%	–
BTU	New	PEABODY ENERGY CORP	$144,000	–	50,000	–	0.97%	–
LKNCY	New	LUCKIN COFFEE INCadr	$117,000	–	50,000	–	0.79%	–
HNRG	New	HALLADOR ENERGY COMPANY	$66,000	–	100,000	–	0.45%	–
WFRD	New	WEATHERFORD INTL	$59,000	–	30,000	–	0.40%	–
NEBLQ	New	NOBLE CORP PLC	$16,000	–	50,000	–	0.11%	–

Q4 2019

			Value		Shares		↓ Weighting
CHWY	Exit	CHEWY INCcl a	$0	–	-10,000	–	-0.22%	–
WFTIQ	Exit	WEATHERFORD INTL PLC	$0	–	-10,000,000	–	-0.24%	–
HOSSQ	Exit	HORNBECK OFFSHORE SVCS INC	$0	–	-1,000,000	–	-0.67%	–
FRANQ	Exit	FRANCESCAS HLDGS CORP	$0	–	-70,000	–	-0.86%	–
TWIN	Exit	TWIN DISC INC	$0	–	-100,000	–	-0.93%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-50,000	–	-1.95%	–
TDW	Exit	TIDEWATER INC	$0	–	-200,000	–	-2.65%	–
GNCIQ	Exit	GNC HLDGS INCcl a	$0	–	-1,500,000	–	-2.82%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-100,000	–	-3.00%	–
SUP	Exit	SUPERIOR INDUSTRIES INTL INC	$0	–	-1,200,000	–	-3.04%	–
CVEO	Exit	CIVEO CORP CDA	$0	–	-3,000,000	–	-3.34%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-250,000	–	-3.56%	–
CVGI	Exit	COMMERCIAL VEHICLE GROUP INC	$0	–	-600,000	–	-3.80%	–
AKS	Exit	AK STEEL HLDG CORP	$0	–	-2,000,000	–	-3.98%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-4,000,000	–	-4.46%	–
CIR	Exit	CIRCOR INTL INC	$0	–	-250,000	–	-8.24%	–
ELY	Exit	CALLAWAY GOLF CO	$0	–	-500,000	–	-8.52%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-500,000	–	-8.89%	–
MOD	Exit	MODINE MFG CO	$0	–	-1,000,000	–	-9.98%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS INC	$0	–	-1,000,000	–	-14.23%	–
LGIH	Exit	LGI HOMES INC	$0	–	-200,000	–	-14.62%	–

Q3 2019

			Value		Shares		↓ Weighting
LGIH	Sell	LGI HOMES INC	$16,664,000	-13.5%	200,000	-25.8%	14.62%	-12.2%
ATI	Buy	ALLEGHENY TECHNOLOGIES INC	$10,125,000	+0.4%	500,000	+25.0%	8.89%	+1.9%
CIR	Buy	CIRCOR INTL INC	$9,388,000	+126.8%	250,000	+177.8%	8.24%	+130.1%
TECK	New	TECK RESOURCES LTDcl b	$4,058,000	–	250,000	–	3.56%	–
SLB	New	SCHLUMBERGER LTD	$3,417,000	–	100,000	–	3.00%	–
OXY	New	OCCIDENTAL PETE CORP	$2,224,000	–	50,000	–	1.95%	–
FRANQ	New	FRANCESCAS HLDGS CORP	$979,000	–	70,000	–	0.86%	–
CHWY	New	CHEWY INCcl a	$246,000	–	10,000	–	0.22%	–
FRAN	Exit	FRANCESCAS HOLDINGS CORP	$0	–	-1,000,000	–	-0.43%	–
JWN	Exit	NORDSTROM INC	$0	–	-60,000	–	-1.65%	–
IAG	Exit	IAMGOLD CORP	$0	–	-1,000,000	–	-2.92%	–

Q2 2019

			Value		Shares		↓ Weighting
LGIH	New	LGI HOMES INC	$19,258,000	–	269,612	–	16.66%	–
AEO	New	AMERICAN EAGLE OUTFITTERS INC	$16,900,000	–	1,000,000	–	14.62%	–
MOD	New	MODINE MFG CO	$14,310,000	–	1,000,000	–	12.38%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$10,080,000	–	400,000	–	8.72%	–
ELY	New	CALLAWAY GOLF CO	$8,580,000	–	500,000	–	7.42%	–
NEBLQ	New	NOBLE CORP PLC	$7,480,000	–	4,000,000	–	6.47%	–
CVEO	New	CIVEO CORP	$5,160,000	–	3,000,000	–	4.46%	–
CVGI	New	COMMERCIAL VEHICLE GROUP INC	$4,812,000	–	600,000	–	4.16%	–
AKS	New	AK STEEL HOLDING CORP	$4,740,000	–	2,000,000	–	4.10%	–
TDW	New	TIDEWATER INC	$4,696,000	–	200,000	–	4.06%	–
SUP	New	SUPERIOR INDUSTRIES INTERNATIONAL INC	$4,152,000	–	1,200,000	–	3.59%	–
CIR	New	CIRCOR INTL INC	$4,140,000	–	90,000	–	3.58%	–
IAG	New	IAMGOLD CORP	$3,380,000	–	1,000,000	–	2.92%	–
GNCIQ	New	GNC HOLDINGS INCcl a	$2,250,000	–	1,500,000	–	1.95%	–
JWN	New	NORDSTROM INC	$1,912,000	–	60,000	–	1.65%	–
TWIN	New	TWIN DISC INC	$1,510,000	–	100,000	–	1.31%	–
HOSSQ	New	HORNBECK OFFSHORE SERVICES INC	$1,250,000	–	1,000,000	–	1.08%	–
WFTIQ	New	WEATHERFORD INTERNATIONAL PLC	$500,000	–	10,000,000	–	0.43%	–
FRAN	New	FRANCESCAS HOLDINGS CORP	$495,000	–	1,000,000	–	0.43%	–

Q4 2018

			Value		Shares		↓ Weighting
SPY	Exit	SPDR S AND P 500 ETF TRput	$0	–	-800,000	–	-0.48%	–
RAD	Exit	RITE AID CORP	$0	–	-800,000	–	-0.48%	–
FRAN	Exit	FRANCESCAS HOLDINGS CORP	$0	–	-400,000	–	-0.70%	–
TWIN	Exit	TWIN DISC INC	$0	–	-100,000	–	-1.08%	–
IAG	Exit	IAMGOLD CORPORATION	$0	–	-1,000,000	–	-1.73%	–
NNBR	Exit	NN INC	$0	–	-250,000	–	-1.83%	–
FL	Exit	FOOT LOCKER INC	$0	–	-100,000	–	-2.39%	–
TDW	Exit	TIDEWATER INC	$0	–	-175,000	–	-2.56%	–
CVGI	Exit	COMMERCIAL VEHICLE GROUP INC	$0	–	-600,000	–	-2.58%	–
HOSSQ	Exit	HORNBECK OFFSHORE SERVICES INC	$0	–	-1,000,000	–	-2.76%	–
BBBY	Exit	BED BATH AND BEYOND INC	$0	–	-400,000	–	-2.82%	–
GNCIQ	Exit	GNC HOLDINGS INCcl a	$0	–	-1,650,000	–	-3.21%	–
CIR	Exit	CIRCOR INTERNATIONAL INC	$0	–	-150,000	–	-3.35%	–
TXT	Exit	TEXTRON INC	$0	–	-100,000	–	-3.36%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-300,000	–	-4.16%	–
AKS	Exit	AK STEEL HLDG CORP	$0	–	-2,000,000	–	-4.60%	–
SUP	Exit	SUPERIOR INDUSTRIES INTERNATIONAL INC	$0	–	-600,000	–	-4.80%	–
CVEO	Exit	CIVEO CORP CDA	$0	–	-3,000,000	–	-5.85%	–
LGIH	Exit	LGI HOMES INC	$0	–	-300,000	–	-6.68%	–
MOD	Exit	MODINE MFG CO	$0	–	-1,000,000	–	-7.00%	–
ELY	Exit	CALLAWAY GOLF CO	$0	–	-650,000	–	-7.41%	–
TRN	Exit	TRINITY INDUSTRIES INC	$0	–	-500,000	–	-8.60%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-3,000,000	–	-9.90%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS INC	$0	–	-1,000,000	–	-11.66%	–

Q3 2018

			Value		Shares		↓ Weighting
AEO	Buy	AMERICAN EAGLE OUTFITTERS INC	$24,830,000	+25.6%	1,000,000	+17.6%	11.66%	+29.3%
ATI	Buy	ALLEGHENY TECHNOLOGIES INC	$8,865,000	+76.5%	300,000	+50.0%	4.16%	+81.6%
BBBY	Buy	BED BATH AND BEYOND INC	$6,000,000	+50.6%	400,000	+100.0%	2.82%	+55.0%
TDW	Buy	TIDEWATER INC	$5,458,000	+25.8%	175,000	+16.7%	2.56%	+29.4%
NNBR	New	NN INC	$3,900,000	–	250,000	–	1.83%	–
TWIN	New	TWIN DISC INC	$2,304,000	–	100,000	–	1.08%	–
FRAN	Buy	FRANCESCAS HOLDINGS CORP	$1,484,000	-38.6%	400,000	+25.0%	0.70%	-36.8%
SPY	New	SPDR S AND P 500 ETF TRput	$1,024,000	–	800,000	–	0.48%	–
RAD	Sell	RITE AID CORP	$1,024,000	-40.8%	800,000	-20.0%	0.48%	-39.0%
SOI	Exit	SOLARIS OILFIELD INFRASTRUCTURE INCcl a	$0	–	-50,000	–	-0.33%	–
WFTIQ	Exit	WEATHERFORD INTERNATIONAL PLC	$0	–	-500,000	–	-0.75%	–
TLRDQ	Exit	TAILORED BRANDS INC	$0	–	-100,000	–	-1.16%	–
WBC	Exit	WABCO HOLDINGS INC	$0	–	-25,000	–	-1.34%	–
LB	Exit	L BRANDS INC	$0	–	-80,000	–	-1.35%	–
MYE	Exit	MYERS INDUSTRIES INC	$0	–	-200,000	–	-1.75%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-200,000	–	-6.12%	–

Q2 2018

			Value		Shares		↓ Weighting
AEO	New	AMERICAN EAGLE OUTFITTERS INC	$19,763,000	–	850,000	–	9.02%	–
NEBLQ	New	NOBLE CORP PLC	$18,990,000	–	3,000,000	–	8.66%	–
MOD	New	MODINE MFG CO	$18,250,000	–	1,000,000	–	8.33%	–
LGIH	New	LGI HOMES INC	$17,319,000	–	300,000	–	7.90%	–
TRN	New	TRINITY INDUSTRIES	$17,130,000	–	500,000	–	7.82%	–
SLB	New	SCHLUMBERGER LIMITED	$13,406,000	–	200,000	–	6.12%	–
CVEO	New	CIVEO CORP CDA	$13,080,000	–	3,000,000	–	5.97%	–
ELY	New	CALLAWAY GOLF CO	$12,331,000	–	650,000	–	5.63%	–
SUP	New	SUPERIOR INDUSTRIES INTERNATIONAL INC	$10,740,000	–	600,000	–	4.90%	–
AKS	New	AK STEEL HLDG CORP	$8,680,000	–	2,000,000	–	3.96%	–
TXT	New	TEXTRON INC	$6,591,000	–	100,000	–	3.01%	–
IAG	New	IAMGOLD CORPORATION	$5,810,000	–	1,000,000	–	2.65%	–
GNCIQ	New	GNC HOLDINGS INCcl a	$5,808,000	–	1,650,000	–	2.65%	–
CIR	New	CIRCOR INTERNATIONAL INC	$5,544,000	–	150,000	–	2.53%	–
FL	New	FOOT LOCKER INC	$5,265,000	–	100,000	–	2.40%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$5,024,000	–	200,000	–	2.29%	–
CVGI	New	COMMERCIAL VEHICLE GROUP INC	$4,404,000	–	600,000	–	2.01%	–
TDW	New	TIDEWATER INC	$4,340,000	–	150,000	–	1.98%	–
BBBY	New	BED BATH AND BEYOND INC	$3,985,000	–	200,000	–	1.82%	–
HOSSQ	New	HORNBECK OFFSHORE SERVICES INC	$3,960,000	–	1,000,000	–	1.81%	–
MYE	New	MYERS INDUSTRIES INC	$3,840,000	–	200,000	–	1.75%	–
LB	New	L BRANDS INC	$2,950,000	–	80,000	–	1.35%	–
WBC	New	WABCO HOLDINGS INC	$2,926,000	–	25,000	–	1.34%	–
TLRDQ	New	TAILORED BRANDS INC	$2,552,000	–	100,000	–	1.16%	–
FRAN	New	FRANCESCAS HOLDINGS CORP	$2,416,000	–	320,000	–	1.10%	–
RAD	New	RITE AID CORP	$1,730,000	–	1,000,000	–	0.79%	–
WFTIQ	New	WEATHERFORD INTERNATIONAL PLC	$1,645,000	–	500,000	–	0.75%	–
SOI	New	SOLARIS OILFIELD INFRASTRUCTURE INCcl a	$715,000	–	50,000	–	0.33%	–

Q4 2017

			Value		Shares		↓ Weighting
HIBB	Exit	HIBBETT SPORTS INC	$0	–	-40,000	–	-0.38%	–
MAT	Exit	MATTEL INC	$0	–	-50,000	–	-0.51%	–
SUP	Exit	SUPERIOR INDUSTRIES INTL INC	$0	–	-50,000	–	-0.55%	–
RAD	Exit	RITE AID	$0	–	-500,000	–	-0.65%	–
MOV	Exit	MOVADO GROUP INC	$0	–	-50,000	–	-0.92%	–
WFTIQ	Exit	WEATHERFORD INTERNATIONAL PLC	$0	–	-500,000	–	-1.51%	–
CVGI	Exit	COMMERCIAL VEHICLE GROUP INC	$0	–	-400,000	–	-1.94%	–
TDW	Exit	TIDEWATER INC	$0	–	-125,000	–	-2.40%	–
MOD	Exit	MODINE MFG CO	$0	–	-221,692	–	-2.82%	–
L100PS	Exit	ARCONIC INC	$0	–	-200,000	–	-3.29%	–
HOSSQ	Exit	HORNBECK OFFSHORE SERVICES INC	$0	–	-1,250,000	–	-3.34%	–
IAG	Exit	IAMGOLD CORPORATION	$0	–	-1,000,000	–	-4.03%	–
AKS	Exit	AK STEEL HOLDING CORP	$0	–	-1,200,000	–	-4.43%	–
DECK	Exit	DECKERS OUTDOOR CORP	$0	–	-100,000	–	-4.52%	–
WBC	Exit	WABCO HOLDINGS INC	$0	–	-50,000	–	-4.89%	–
CVEO	Exit	CIVEO CORP CDA	$0	–	-3,000,000	–	-5.65%	–
ELY	Exit	CALLAWAY GOLF CO	$0	–	-650,000	–	-6.20%	–
NEM	Exit	NEWMONT MINING CORPORATION	$0	–	-300,000	–	-7.44%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS INC	$0	–	-800,000	–	-7.56%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-2,500,000	–	-7.60%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-200,000	–	-9.22%	–
LGIH	Exit	LGI HOMES INC	$0	–	-300,000	–	-9.63%	–
TRN	Exit	TRINITY INDUSTRIES	$0	–	-500,000	–	-10.54%	–

Q3 2017

			Value		Shares		↓ Weighting
AEO	Buy	AMERICAN EAGLE OUTFITTERS INC	$11,440,000	+35.6%	800,000	+14.3%	7.56%	+29.5%
AKS	Buy	AK STEEL HOLDING CORP	$6,708,000	+2.1%	1,200,000	+20.0%	4.43%	-2.5%
TDW	New	TIDEWATER INC	$3,635,000	–	125,000	–	2.40%	–
CVGI	New	COMMERCIAL VEHICLE GROUP INC	$2,940,000	–	400,000	–	1.94%	–
MOV	Sell	MOVADO GROUP INC	$1,400,000	-44.6%	50,000	-50.0%	0.92%	-47.1%
RAD	Buy	RITE AID	$980,000	+66.1%	500,000	+150.0%	0.65%	+58.6%
SUP	New	SUPERIOR INDUSTRIES INTL INC	$833,000	–	50,000	–	0.55%	–
MAT	New	MATTEL INC	$774,000	–	50,000	–	0.51%	–
HIBB	New	HIBBETT SPORTS INC	$570,000	–	40,000	–	0.38%	–
NOC	Exit	NORTHROP GRUMMAN CORP	$0	–	-1,000	–	-0.18%	–
PACB	Exit	PACIFIC BIOSCIENCES CALIF INC	$0	–	-100,000	–	-0.25%	–
BB	Exit	BLACKBERRY LTD	$0	–	-100,000	–	-0.69%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-100,000	–	-1.18%	–
RL	Exit	RALPH LAUREN CORPcl a	$0	–	-100,000	–	-5.11%	–
WFC	Exit	WELLS FARGO and CO	$0	–	-200,000	–	-7.67%	–

Q2 2017

			Value		Shares		↓ Weighting
TRN	New	TRINITY INDUSTRIES	$14,015,000	–	500,000	–	9.70%	–
SLB	New	SCHLUMBERGER LIMITED	$13,168,000	–	200,000	–	9.11%	–
LGIH	New	LGI HOMES INC	$12,054,000	–	300,000	–	8.34%	–
WFC	New	WELLS FARGO and CO	$11,082,000	–	200,000	–	7.67%	–
NEM	New	NEWMONT MINING CORPORATION	$9,717,000	–	300,000	–	6.72%	–
NEBLQ	New	NOBLE CORP PLC	$9,050,000	–	2,500,000	–	6.26%	–
AEO	New	AMERICAN EAGLE OUTFITTERS INC	$8,435,000	–	700,000	–	5.84%	–
ELY	New	CALLAWAY GOLF CO	$8,307,000	–	650,000	–	5.75%	–
RL	New	RALPH LAUREN CORPcl a	$7,380,000	–	100,000	–	5.11%	–
DECK	New	DECKERS OUTDOOR CORP	$6,826,000	–	100,000	–	4.72%	–
AKS	New	AK STEEL HOLDING CORP	$6,570,000	–	1,000,000	–	4.54%	–
WBC	New	WABCO HOLDINGS INC	$6,376,000	–	50,000	–	4.41%	–
CVEO	New	CIVEO CORP CDA	$6,300,000	–	3,000,000	–	4.36%	–
IAG	New	IAMGOLD CORPORATION	$5,160,000	–	1,000,000	–	3.57%	–
L100PS	New	ARCONIC INC	$4,530,000	–	200,000	–	3.13%	–
MOD	New	MODINE MFG CO	$3,669,000	–	221,692	–	2.54%	–
HOSSQ	New	HORNBECK OFFSHORE SERVICES INC	$3,538,000	–	1,250,000	–	2.45%	–
MOV	New	MOVADO GROUP INC	$2,525,000	–	100,000	–	1.75%	–
WFTIQ	New	WEATHERFORD INTERNATIONAL PLC	$1,935,000	–	500,000	–	1.34%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$1,701,000	–	100,000	–	1.18%	–
BB	New	BLACKBERRY LTD	$999,000	–	100,000	–	0.69%	–
RAD	New	RITE AID	$590,000	–	200,000	–	0.41%	–
PACB	New	PACIFIC BIOSCIENCES CALIF INC	$356,000	–	100,000	–	0.25%	–
NOC	New	NORTHROP GRUMMAN CORP	$257,000	–	1,000	–	0.18%	–

Q4 2016

			Value		Shares		↓ Weighting
ASNA	Exit	ASCENA RETAIL GROUP INC	$0	–	-25,000	–	-0.08%	–
PGNPQ	Exit	PARAGON OFFSHORE PLC	$0	–	-2,000,000	–	-0.76%	–
TDW	Exit	TIDEWATER INC	$0	–	-500,000	–	-0.86%	–
TECK	Exit	TECK RESOURCES LIMITEDcl b	$0	–	-100,000	–	-1.10%	–
MOV	Exit	MOVADO GROUP INC	$0	–	-100,000	–	-1.31%	–
CVEO	Exit	CIVEO CORP CDA	$0	–	-2,000,000	–	-1.39%	–
HOSSQ	Exit	HORNBECK OFFSHORE SERVICES INC	$0	–	-650,000	–	-2.18%	–
IAG	Exit	IAMGOLD CORPORATION	$0	–	-1,000,000	–	-2.47%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS INC	$0	–	-250,000	–	-2.72%	–
AKS	Exit	AK STEEL HOLDING CORP	$0	–	-1,000,000	–	-2.94%	–
DECK	Exit	DECKERS OUTDOOR CORP	$0	–	-100,000	–	-3.63%	–
DYN	Exit	DYNEGY INC	$0	–	-500,000	–	-3.78%	–
LGIH	Exit	LGI HOMES INC	$0	–	-200,000	–	-4.49%	–
ELY	Exit	CALLAWAY GOLF CO	$0	–	-750,000	–	-5.31%	–
AA	Exit	ALCOA INC	$0	–	-1,000,000	–	-6.18%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-1,600,000	–	-6.18%	–
NOC	Exit	NORTHROP GRUMMAN CORP	$0	–	-50,000	–	-6.52%	–
TRN	Exit	TRINITY INDUSTRIES	$0	–	-500,000	–	-7.37%	–
NEM	Exit	NEWMONT MINING CORPORATION	$0	–	-400,000	–	-9.58%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-500,000	–	-11.99%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-400,000	–	-19.17%	–

Q3 2016

			Value		Shares		↓ Weighting
SLB	Sell	SCHLUMBERGER LIMITED	$31,456,000	-50.3%	400,000	-50.0%	19.17%	+3.6%
DAL	Sell	DELTA AIR LINES INC	$19,680,000	-46.0%	500,000	-50.0%	11.99%	+12.5%
NEM	Sell	NEWMONT MINING CORPORATION	$15,716,000	-55.4%	400,000	-55.6%	9.58%	-7.0%
TRN	Sell	TRINITY INDUSTRIES	$12,090,000	-34.9%	500,000	-90.9%	7.37%	+35.6%
NOC	Sell	NORTHROP GRUMMAN CORP	$10,698,000	-51.9%	50,000	-50.0%	6.52%	+0.3%
NEBLQ	Sell	NOBLE CORP PLC	$10,144,000	-50.8%	1,600,000	-36.0%	6.18%	+2.6%
AA	Sell	ALCOA INC	$10,140,000	-45.3%	1,000,000	-50.0%	6.18%	+13.9%
ELY	Sell	CALLAWAY GOLF CO	$8,708,000	-43.1%	750,000	-50.0%	5.31%	+18.5%
LGIH	Sell	LGI HOMES INC	$7,368,000	-42.3%	200,000	-50.0%	4.49%	+20.1%
DYN	Sell	DYNEGY INC	$6,195,000	-64.1%	500,000	-50.0%	3.78%	-25.1%
DECK	Sell	DECKERS OUTDOOR CORP	$5,955,000	-48.2%	100,000	-50.0%	3.63%	+7.8%
AKS	Sell	AK STEEL HOLDING CORP	$4,830,000	-48.2%	1,000,000	-50.0%	2.94%	+8.0%
AEO	Sell	AMERICAN EAGLE OUTFITTERS INC	$4,465,000	-65.0%	250,000	-68.8%	2.72%	-27.0%
IAG	Sell	IAMGOLD CORPORATION	$4,050,000	-51.1%	1,000,000	-50.0%	2.47%	+1.9%
HOSSQ	Sell	HORNBECK OFFSHORE SERVICES INC	$3,575,000	-57.1%	650,000	-35.0%	2.18%	-10.7%
CVEO	Sell	CIVEO CORP CDA	$2,280,000	-57.8%	2,000,000	-33.3%	1.39%	-12.1%
MOV	New	MOVADO GROUP INC	$2,148,000	–	100,000	–	1.31%	–
TECK	Sell	TECK RESOURCES LIMITEDcl b	$1,803,000	-65.8%	100,000	-75.0%	1.10%	-28.7%
TDW	New	TIDEWATER INC	$1,410,000	–	500,000	–	0.86%	–
PGNPQ	Sell	PARAGON OFFSHORE PLC	$1,240,000	-58.7%	2,000,000	-50.0%	0.76%	-13.9%
ASNA	New	ASCENA RETAIL GROUP INC	$140,000	–	25,000	–	0.08%	–
ANRZQ	Exit	ALPHA NATURAL RESOURCES INC	$0	–	-2,000,000	–	-0.01%	–
NORNQ	Exit	NORANDA ALUMINUM HOLDING CORP	$0	–	-800,000	–	-0.01%	–
ACIIQ	Exit	ARCH COAL INC	$0	–	-800,000	–	-0.07%	–
ICD	Exit	INDEPENDENCE CONTRACT DRILLING INC	$0	–	-60,000	–	-0.10%	–
TIF	Exit	TIFFANY & COMPANY	$0	–	-10,000	–	-0.18%	–
CVGI	Exit	COMMERICAL VEHICLE GROUP INC	$0	–	-200,000	–	-0.30%	–
CMCO	Exit	COLUMBUS MCKINNON CORP	$0	–	-100,000	–	-0.41%	–
SWFT	Exit	SWIFT TRANSPORATION COcl a	$0	–	-100,000	–	-0.45%	–
TEX	Exit	TEREX CORP	$0	–	-80,000	–	-0.48%	–
JOY	Exit	JOY GLOBAL INC	$0	–	-200,000	–	-1.24%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-200,000	–	-1.97%	–

Q2 2016

			Value		Shares		↓ Weighting
SLB	New	SCHLUMBERGER LIMITED	$63,264,000	–	800,000	–	18.51%	–
DAL	New	DELTA AIR LINES INC	$36,430,000	–	1,000,000	–	10.66%	–
NEM	New	NEWMONT MINING CORPORATION	$35,208,000	–	900,000	–	10.30%	–
NOC	New	NORTHROP GRUMMAN CORP	$22,228,000	–	100,000	–	6.50%	–
NEBLQ	New	NOBLE CORP PLC	$20,600,000	–	2,500,000	–	6.03%	–
TRN	New	TRINITY INDUSTRIES	$18,570,000	–	5,500,000	–	5.43%	–
AA	New	ALCOA INC	$18,540,000	–	2,000,000	–	5.42%	–
DYN	New	DYNEGY INC	$17,240,000	–	1,000,000	–	5.04%	–
ELY	New	CALLAWAY GOLF CO	$15,316,000	–	1,500,000	–	4.48%	–
LGIH	New	LGI HOMES INC	$12,776,000	–	400,000	–	3.74%	–
AEO	New	AMERICAN EAGLE OUTFITTERS INC	$12,744,000	–	800,000	–	3.73%	–
DECK	New	DECKERS OUTDOOR CORP	$11,504,000	–	200,000	–	3.36%	–
AKS	New	AK STEEL HOLDING CORP	$9,320,000	–	2,000,000	–	2.73%	–
HOSSQ	New	HORNBECK OFFSHORE SERVICES INC	$8,340,000	–	1,000,000	–	2.44%	–
IAG	New	IAMGOLD CORPORATION	$8,280,000	–	2,000,000	–	2.42%	–
NOV	New	NATIONAL OILWELL VARCO INC	$6,730,000	–	200,000	–	1.97%	–
CVEO	New	CIVEO CORP CDA	$5,400,000	–	3,000,000	–	1.58%	–
TECK	New	TECK RESOURCES LTDcl b	$5,268,000	–	400,000	–	1.54%	–
JOY	New	JOY GLOBAL INC	$4,228,000	–	200,000	–	1.24%	–
PGNPQ	New	PARAGON OFFSHORE PLC	$3,000,000	–	4,000,000	–	0.88%	–
TEX	New	TEREX CORP	$1,624,000	–	80,000	–	0.48%	–
SWFT	New	SWIFT TRANSPORATION COcl a	$1,542,000	–	100,000	–	0.45%	–
CMCO	New	COLUMBUS MCKINNON CORP	$1,416,000	–	100,000	–	0.41%	–
CVGI	New	COMMERICAL VEHICLE GROUP INC	$1,040,000	–	200,000	–	0.30%	–
TIF	New	TIFFANY & COMPANY	$606,000	–	10,000	–	0.18%	–
ICD	New	INDEPENDENCE CONTRACT DRILLING INC	$326,000	–	60,000	–	0.10%	–
ACIIQ	New	ARCH COAL INC	$240,000	–	800,000	–	0.07%	–
NORNQ	New	NORANDA ALUMINUM HOLDING CORP	$48,000	–	800,000	–	0.01%	–
ANRZQ	New	ALPHA NATURAL RESOURCES INC	$36,000	–	2,000,000	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
ANRZQ	Exit	ALPHA NATURAL RESOURCES INC	$0	–	-1,000,000	–	-0.02%	–
PGNPQ	Exit	PARAGON OFFSHORE PLC	$0	–	-200,000	–	-0.03%	–
TPLMQ	Exit	TRIANGLE PETROLEUM CORPORATION	$0	–	-75,000	–	-0.07%	–
NOR	Exit	NORANDA ALUMINUM HOLDING CORP	$0	–	-400,000	–	-0.42%	–
USG	Exit	USG CORP	$0	–	-25,000	–	-0.42%	–
CVEO	Exit	CIVEO CORP	$0	–	-1,000,000	–	-0.94%	–
JOY	Exit	JOY GLOBAL INC	$0	–	-100,000	–	-0.95%	–
IAG	Exit	IAMGOLD CORPORATION	$0	–	-1,000,000	–	-1.04%	–
ACI	Exit	ARCH COAL INC	$0	–	-500,000	–	-1.05%	–
TRN	Exit	TRINITY INDUSTRIES	$0	–	-100,000	–	-1.44%	–
DECK	Exit	DECKERS OUTDOOR CORP	$0	–	-50,000	–	-1.84%	–
JCI	Exit	JOHNSON CTLS INC	$0	–	-100,000	–	-2.63%	–
LPX	Exit	LOUISIANA PACIFIC CORP	$0	–	-300,000	–	-2.71%	–
ETN	Exit	EATON CORPORATION	$0	–	-100,000	–	-3.26%	–
DYN	Exit	DYNEGY INC	$0	–	-280,000	–	-3.68%	–
NOC	Exit	NORTHROP GRUMMAN CORP	$0	–	-35,000	–	-3.69%	–
ELY	Exit	CALLAWAY GOLF	$0	–	-750,000	–	-3.98%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO NV	$0	–	-160,000	–	-4.03%	–
WMT	Exit	WAL MART STORES INC	$0	–	-100,000	–	-4.12%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS INC	$0	–	-500,000	–	-4.96%	–
AA	Exit	ALCOA INC	$0	–	-870,000	–	-5.34%	–
NEM	Exit	NEWMONT MINING CORPORATION	$0	–	-600,000	–	-6.12%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-1,000,000	–	-6.93%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-400,000	–	-17.53%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-800,000	–	-22.80%	–

Q3 2015

			Value		Shares		↓ Weighting
DAL	Sell	DELTA AIR LINES INC	$35,896,000	-12.6%	800,000	-20.0%	22.80%	-4.2%
SLB	Sell	SCHLUMBERGER LIMITED	$27,588,000	-36.0%	400,000	-20.0%	17.53%	-29.8%
NEBLQ	Buy	NOBLE CORP PLC	$10,910,000	-11.4%	1,000,000	+25.0%	6.93%	-2.8%
AA	Sell	ALCOA INC	$8,404,000	-24.6%	870,000	-13.0%	5.34%	-17.3%
WMT	New	WAL MART STORES INC	$6,484,000	–	100,000	–	4.12%	–
CBI	New	CHICAGO BRIDGE & IRON CO NV	$6,346,000	–	160,000	–	4.03%	–
ELY	Buy	CALLAWAY GOLF	$6,263,000	-5.3%	750,000	+1.4%	3.98%	+3.8%
NOC	New	NORTHROP GRUMMAN CORP	$5,808,000	–	35,000	–	3.69%	–
DYN	Sell	DYNEGY INC	$5,788,000	-34.0%	280,000	-6.7%	3.68%	-27.7%
ETN	New	EATON CORPORATION	$5,130,000	–	100,000	–	3.26%	–
LPX	Sell	LOUISIANA PACIFIC CORP	$4,272,000	-68.6%	300,000	-62.5%	2.71%	-65.6%
JCI	New	JOHNSON CTLS INC	$4,136,000	–	100,000	–	2.63%	–
DECK	Buy	DECKERS OUTDOOR CORP	$2,903,000	+303.2%	50,000	+400.0%	1.84%	+342.2%
TRN	New	TRINITY INDUSTRIES	$2,267,000	–	100,000	–	1.44%	–
ACI	Sell	ARCH COAL INC	$1,650,000	-2.9%	500,000	-90.0%	1.05%	+6.4%
JOY	New	JOY GLOBAL INC	$1,493,000	–	100,000	–	0.95%	–
USG	New	USG CORP	$666,000	–	25,000	–	0.42%	–
NOR	Sell	NORANDA ALUMINUM HOLDING CORP	$656,000	-72.4%	400,000	-85.7%	0.42%	-69.8%
PGNPQ	Sell	PARAGON OFFSHORE PLC	$48,000	-95.6%	200,000	-80.0%	0.03%	-95.2%
ANRZQ	Sell	ALPHA NATURAL RESOURCES INC	$33,000	-96.4%	1,000,000	-66.7%	0.02%	-96.0%
BTU	Exit	PEABODY ENERGY CORP	$0	–	-500,000	–	-0.63%	–

Q2 2015

			Value		Shares		↓ Weighting
SLB	New	SCHLUMBERGER LIMITED	$43,095,000	–	500,000	–	24.97%	–
DAL	New	DELTA AIR LINES INC	$41,080,000	–	1,000,000	–	23.80%	–
NEM	New	NEWMONT MINING CORP	$14,016,000	–	600,000	–	8.12%	–
LPX	New	LOUISIANA PACIFIC CORP	$13,624,000	–	800,000	–	7.89%	–
NEBLQ	New	NOBLE CORP PLC	$12,312,000	–	800,000	–	7.13%	–
AA	New	ALCOA INC	$11,150,000	–	1,000,000	–	6.46%	–
DYN	New	DYNEGY INC	$8,775,000	–	300,000	–	5.08%	–
AEO	New	AMERICAN EAGLE OUTFITTERS INC	$8,610,000	–	500,000	–	4.99%	–
ELY	New	CALLAWAY GOLF	$6,616,000	–	740,000	–	3.83%	–
CVEO	New	CIVEO CORP	$3,070,000	–	1,000,000	–	1.78%	–
NOR	New	NORANDA ALUMINUM HOLDING CORP	$2,380,000	–	2,800,000	–	1.38%	–
IAG	New	IAMGOLD CORPORATION	$2,000,000	–	1,000,000	–	1.16%	–
ACI	New	ARCH COAL INC	$1,700,000	–	5,000,000	–	0.98%	–
BTU	New	PEABODY ENERGY CORP	$1,095,000	–	500,000	–	0.63%	–
PGNPQ	New	PARAGON OFFSHORE PLC	$1,090,000	–	1,000,000	–	0.63%	–
ANRZQ	New	ALPHA NATURAL RESOURCES INC	$906,000	–	3,000,000	–	0.52%	–
DECK	New	DECKERS OUTDOOR CORP	$720,000	–	10,000	–	0.42%	–
TPLMQ	New	TRIANGLE PETROLEUM CORP	$377,000	–	75,000	–	0.22%	–

Q4 2014

			Value		Shares		↓ Weighting
SWFT	Exit	SWIFT TRANSPORTATIONcl a	$0	–	-100,000	–	-0.91%	–
IAG	Exit	IAMGOLD CORPORATION	$0	–	-1,000,000	–	-1.19%	–
WLTGQ	Exit	WALTER ENERGY INC	$0	–	-2,000,000	–	-2.02%	–
CLF	Exit	CLIFFS NATURAL RESOURCES INC	$0	–	-500,000	–	-2.24%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-250,000	–	-2.40%	–
CBI	Exit	CHICAGO BRIDGE AND IRON CO	$0	–	-100,000	–	-2.50%	–
ELY	Exit	CALLAWAY GOLF	$0	–	-800,000	–	-2.50%	–
NPO	Exit	ENPRO INDUSTRIES INC	$0	–	-100,000	–	-2.61%	–
DYN	Exit	DYNEGY INC	$0	–	-250,000	–	-3.12%	–
AEO	Exit	AMERICAN EAGLE OUTFITTERS INC	$0	–	-500,000	–	-3.14%	–
GOLD	Exit	BARRICK GOLD CORPORATION	$0	–	-500,000	–	-3.16%	–
ANRZQ	Exit	ALPHA NATURAL RESOURCES INC	$0	–	-3,250,000	–	-3.48%	–
NOR	Exit	NORANDA ALUMINUM HOLDING CORP	$0	–	-2,200,000	–	-4.29%	–
ACI	Exit	ARCH COAL INC	$0	–	-5,000,000	–	-4.58%	–
NEM	Exit	NEWMONT MINING CORPORATION	$0	–	-500,000	–	-4.98%	–
LPX	Exit	LOUISIANA PACIFIC CORP	$0	–	-1,000,000	–	-5.87%	–
JCPNQ	Exit	JC PENNEY CO INC	$0	–	-1,500,000	–	-6.50%	–
AA	Exit	ALCOA INC	$0	–	-1,000,000	–	-6.95%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-1,000,000	–	-15.61%	–
SLB	Exit	SCHLUMBERGER LIMITED	$0	–	-500,000	–	-21.96%	–

Q3 2014

			Value		Shares		↓ Weighting
NOR	Buy	NORANDA ALUMINUM HOLDING CORP	$9,944,000	+40.8%	2,200,000	+10.0%	4.29%	+55.1%
ANRZQ	New	ALPHA NATURAL RESOURCES INC	$8,060,000	–	3,250,000	–	3.48%	–
DYN	Buy	DYNEGY INC	$7,215,000	+3.7%	250,000	+25.0%	3.12%	+14.1%
ELY	Buy	CALLAWAY GOLF	$5,792,000	-0.5%	800,000	+14.3%	2.50%	+9.5%
CBI	New	CHICAGO BRIDGE AND IRON CO	$5,785,000	–	100,000	–	2.50%	–
NEBLQ	New	NOBLE CORP PLC	$5,555,000	–	250,000	–	2.40%	–
CLF	Sell	CLIFFS NATURAL RESOURCES INC	$5,190,000	-65.5%	500,000	-50.0%	2.24%	-62.0%
WLTGQ	Sell	WALTER ENERGY INC	$4,680,000	-65.7%	2,000,000	-20.0%	2.02%	-62.2%
SWFT	New	SWIFT TRANSPORTATIONcl a	$2,098,000	–	100,000	–	0.91%	–
GBX	Exit	GREENBRIER COMPANIES INC	$0	–	-70,000	–	-1.58%	–
LULU	Exit	LULULEMON ATHLETICA INC	$0	–	-100,000	–	-1.59%	–

Q2 2014

			Value		Shares		↓ Weighting
SLB	New	SCHLUMBERGER LIMITED	$58,975,000	–	500,000	–	23.13%	–
DAL	New	DELTA AIR LINES INC	$38,720,000	–	1,000,000	–	15.19%	–
ACI	New	ARCH COAL INC	$18,250,000	–	5,000,000	–	7.16%	–
CLF	New	CLIFFS NATURAL RESOURCES INC	$15,050,000	–	1,000,000	–	5.90%	–
LPX	New	LOUISIANA PACIFIC CORP	$15,020,000	–	1,000,000	–	5.89%	–
AA	New	ALCOA INC	$14,890,000	–	1,000,000	–	5.84%	–
WLTGQ	New	WALTER ENERGY INC	$13,625,000	–	2,500,000	–	5.34%	–
JCPNQ	New	JC PENNEY CO INC	$13,575,000	–	1,500,000	–	5.32%	–
NEM	New	NEWMONT MINING CORPORATION	$12,720,000	–	500,000	–	4.99%	–
GOLD	New	BARRICK GOLD CORPORATION	$9,150,000	–	500,000	–	3.59%	–
NPO	New	ENPRO INDUSTRIES INC	$7,316,000	–	100,000	–	2.87%	–
NOR	New	NORANDA ALUMINUM HOLDING CORP	$7,060,000	–	2,000,000	–	2.77%	–
DYN	New	DYNEGY INC	$6,960,000	–	200,000	–	2.73%	–
ELY	New	CALLAWAY GOLF	$5,824,000	–	700,000	–	2.28%	–
AEO	New	AMERICAN EAGLE OUTFITTERS INC	$5,610,000	–	500,000	–	2.20%	–
IAG	New	IAMGOLD CORPORATION	$4,120,000	–	1,000,000	–	1.62%	–
LULU	New	LULULEMON ATHLETICA INC	$4,048,000	–	100,000	–	1.59%	–
GBX	New	GREENBRIER COMPANIES INC	$4,032,000	–	70,000	–	1.58%	–

Q4 2013

			Value		Shares		↓ Weighting
LOGI	Exit	LOGITECH INTERNATIONAL SA	$0	–	-25,000	–	-0.09%	–
ZQKSQ	Exit	QUIKSILVER INC	$0	–	-50,100	–	-0.14%	–
WW	Exit	WEIGHT WATCHERS INTERNATIONAL INC	$0	–	-10,000	–	-0.15%	–
URBN	Exit	URBAN OUTFITTERS INC	$0	–	-12,000	–	-0.18%	–
AAMRQ	Exit	AMR CORPORATION	$0	–	-200,000	–	-0.33%	–
MFB	Exit	MAIDENFORM BRANDS INC	$0	–	-39,100	–	-0.37%	–
BDBD	Exit	BOULDER BRANDS INC	$0	–	-62,500	–	-0.40%	–
X	Exit	UNITED STATES STEEL CORP	$0	–	-50,000	–	-0.41%	–
JNY	Exit	THE JONES GROUP INC	$0	–	-82,500	–	-0.50%	–
ELY	Exit	CALLAWAY GOLF	$0	–	-500,000	–	-1.43%	–
NOR	Exit	NORANDA ALUMINUM HOLDING CORP	$0	–	-1,500,000	–	-1.48%	–
CVGI	Exit	COMMERICAL VEHICLE GROUP INC	$0	–	-500,000	–	-1.59%	–
JCPNQ	Exit	JC PENNEY CO INC	$0	–	-500,000	–	-1.76%	–
AA	Exit	ALCOA INC	$0	–	-1,000,000	–	-3.26%	–
CLF	Exit	CLIFFS NATURAL RESOURCES INC	$0	–	-500,000	–	-4.11%	–
WLTGQ	Exit	WALTER ENERGY INC	$0	–	-900,000	–	-5.06%	–
GBX	Exit	GREENBRIER COMPANIES INC	$0	–	-600,000	–	-5.95%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-500,000	–	-6.12%	–
ACI	Exit	ARCH COAL INC	$0	–	-4,000,000	–	-6.59%	–
CBI	Exit	CHICAGO BRIDGE AND IRON	$0	–	-250,000	–	-6.79%	–
LPX	Exit	LOUSIANA PACIFIC CORP	$0	–	-1,000,000	–	-7.05%	–
FB	Exit	FACEBOOK INCclass a	$0	–	-400,000	–	-8.05%	–
DAL	Exit	DELTA AIRLINES INC	$0	–	-1,000,000	–	-9.46%	–
ETN	Exit	EATON CORPORATION	$0	–	-400,000	–	-11.04%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-500,000	–	-17.71%	–

Q3 2013

			Value		Shares		↓ Weighting
ETN	Sell	EATON CORPORATION	$27,536,000	-16.3%	400,000	-20.0%	11.04%	-29.7%
FB	Sell	FACEBOOK INCclass a	$20,092,000	+61.5%	400,000	-20.0%	8.05%	+35.8%
LPX	Buy	LOUSIANA PACIFIC CORP	$17,590,000	+137.9%	1,000,000	+100.0%	7.05%	+99.9%
ACI	Buy	ARCH COAL INC	$16,440,000	+45.0%	4,000,000	+33.3%	6.59%	+21.9%
ATI	Sell	ALLEGHENY TECHNOLOGIES INC	$15,260,000	-3.3%	500,000	-16.7%	6.12%	-18.7%
GBX	Buy	GREENBRIER COMPANIES INC	$14,838,000	+21.8%	600,000	+20.0%	5.95%	+2.4%
WLTGQ	Buy	WALTER ENERGY INC	$12,627,000	+1114.1%	900,000	+800.0%	5.06%	+920.4%
AA	New	ALCOA INC	$8,120,000	–	1,000,000	–	3.26%	–
JCPNQ	New	JC PENNEY CO INC	$4,403,000	–	500,000	–	1.76%	–
ELY	Buy	CALLAWAY GOLF	$3,560,000	+66.5%	500,000	+53.8%	1.43%	+40.0%
JNY	Buy	THE JONES GROUP INC	$1,238,000	+501.0%	82,500	+450.0%	0.50%	+406.1%
X	New	UNITED STATES STEEL CORP	$1,030,000	–	50,000	–	0.41%	–
AAMRQ	New	AMR CORPORATION	$822,000	–	200,000	–	0.33%	–
URBN	New	URBAN OUTFITTERS INC	$441,000	–	12,000	–	0.18%	–
WW	New	WEIGHT WATCHERS INTERNATIONAL INC	$374,000	–	10,000	–	0.15%	–
LOGI	New	LOGITECH INTERNATIONAL SA	$221,000	–	25,000	–	0.09%	–
FNP	Exit	FIFTH AND PACIFIC COMPANIES INC	$0	–	-50,000	–	-0.53%	–
SWI	Exit	SOLARWINDS INC	$0	–	-30,000	–	-0.56%	–
LULU	Exit	LULULEMON ATHLETICA INC	$0	–	-50,000	–	-1.56%	–
WY	Exit	WEYERHAUSER COMPANY	$0	–	-120,000	–	-1.63%	–
JCI	Exit	JOHNSON CONTROLS INC	$0	–	-150,000	–	-2.56%	–
SPY	Exit	SPDR S&P 500 ETF TRUST	$0	–	-75,000	–	-5.74%	–

Q2 2013

			Value		Shares		↓ Weighting
SLB	New	SCHLUMBERGER LTD	$35,830,000	–	500,000	–	17.08%	–
ETN	New	EATON CORPORATION	$32,905,000	–	500,000	–	15.69%	–
DAL	New	DELTA AIRLINES INC	$18,710,000	–	1,000,000	–	8.92%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$15,786,000	–	600,000	–	7.53%	–
CBI	New	CHICAGO BRIDGE AND Iron	$14,915,000	–	250,000	–	7.11%	–
FB	New	FACEBOOK INCclass a	$12,440,000	–	500,000	–	5.93%	–
GBX	New	GREENBRIER COMPANIES INC	$12,185,000	–	500,000	–	5.81%	–
SPY	New	SPDR S&P 500 ETF TRUST	$12,031,000	–	75,000	–	5.74%	–
ACI	New	ARCH COAL INC	$11,340,000	–	3,000,000	–	5.41%	–
CLF	New	CLIFFS NATURAL RESOURCES INC	$8,125,000	–	500,000	–	3.87%	–
LPX	New	LOUSIANA PACIFIC COPR	$7,395,000	–	500,000	–	3.53%	–
JCI	New	JOHNSON CONTROLS INC	$5,368,000	–	150,000	–	2.56%	–
NOR	New	NORANDA ALUMINUM HOLDING COPR	$4,845,000	–	1,500,000	–	2.31%	–
CVGI	New	COMMERICAL VEHICLE GROUP INC	$3,730,000	–	500,000	–	1.78%	–
WY	New	WEYERHAUSER COMPANY	$3,419,000	–	120,000	–	1.63%	–
LULU	New	LULULEMON ATHLETICA INC	$3,275,000	–	50,000	–	1.56%	–
ELY	New	CALLAWAY GOLF	$2,138,000	–	325,000	–	1.02%	–
SWI	New	SOLARWINDS INC	$1,164,000	–	30,000	–	0.56%	–
FNP	New	FIFTH AND PACIFIC COMPANIES INC	$1,117,000	–	50,000	–	0.53%	–
WLTGQ	New	WALTER ENERGY INC	$1,040,000	–	100,000	–	0.50%	–
BDBD	New	BOULDER BRANDS INC	$753,000	–	62,500	–	0.36%	–
MFB	New	MAIDENFORM BRANDS INC	$677,000	–	39,100	–	0.32%	–
ZQKSQ	New	QUIKSILVER INC	$322,000	–	50,100	–	0.15%	–
JNY	New	THE JONES GROUP INC	$206,000	–	15,000	–	0.10%	–

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