Donald Smith & Co. Activity Q1 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AER	Buy	AERCAP HOLDINGS NV	$241,789,634	-1.2%	3,858,140	+0.2%	8.31%	-1.3%
UNM	Sell	UNUM GROUP	$173,320,965	-1.6%	3,523,500	-4.6%	5.96%	-1.7%
MHO	Sell	M/I HOMES INC	$170,618,092	-4.9%	2,030,201	-1.3%	5.87%	-4.9%
X	Buy	US STEEL	$132,074,886	+37.0%	4,066,345	+5.5%	4.54%	+36.8%
	Sell	CIVITAS RESOURCES INC	$118,103,599	+4.3%	1,460,413	-10.5%	4.06%	+4.2%
TMHC	Sell	TAYLOR MORRISON HOME CORP	$114,495,669	-17.9%	2,687,061	-6.1%	3.94%	-18.0%
TGH	Buy	TEXTAINER GROUP HOLDINGS LTD	$106,025,010	-5.3%	2,846,309	+0.1%	3.65%	-5.3%
GNW	Buy	GENWORTH FINANCIAL INC	$104,847,952	+22.1%	17,892,142	+4.2%	3.60%	+22.0%
JEF	Sell	JEFFERIES FINANCIAL GROUP	$101,176,419	+1.4%	2,762,119	-8.2%	3.48%	+1.3%
EGO	Buy	ELDORADO GOLD CORP	$94,190,818	-1.1%	10,571,360	+12.1%	3.24%	-1.2%
RDN	Buy	RADIAN GROUP INC	$85,815,484	-0.5%	3,417,582	+0.2%	2.95%	-0.6%
CLS	Sell	CELESTICA INC	$79,014,449	+7.6%	3,222,449	-36.4%	2.72%	+7.5%
AIG	Buy	AMERICAN INTERNATIONAL GROUP	$74,765,451	+5.9%	1,233,753	+0.6%	2.57%	+5.8%
IAG	Buy	IAMGOLD CORP	$67,552,710	-18.1%	31,419,865	+0.1%	2.32%	-18.2%
C	Buy	CITIGROUP	$67,479,852	+15.8%	1,640,648	+29.7%	2.32%	+15.7%
KGC	Buy	KINROSS GOLD CORP	$65,686,148	-4.2%	14,404,857	+0.2%	2.26%	-4.3%
OAS	Buy	CHORD ENERGY CORP	$62,222,401	+5.8%	383,923	+0.4%	2.14%	+5.7%
ALLY	Buy	ALLY FINANCIAL INC	$60,223,323	-0.9%	2,257,246	+0.3%	2.07%	-1.0%
MTG	Buy	MGIC INVESTMENT CORP	$59,545,697	+6.1%	3,567,747	+0.3%	2.05%	+6.0%
PK	Buy	PARK HOTELS & RESORTS INC	$59,145,178	+38.0%	4,800,745	+43.6%	2.03%	+37.9%
INSW	Sell	INTERNATIONAL SEAWAYS	$58,267,845	+14.5%	1,294,841	-2.7%	2.00%	+14.4%
	Buy	JACKSON FINANCIAL INC	$55,427,141	+29.3%	1,450,213	+3.6%	1.91%	+29.2%
	Buy	ALGOMA STEEL GROUP INC	$52,114,853	-2.0%	7,663,949	+2.3%	1.79%	-2.1%
JBLU	Buy	JETBLUE AIRWAYS	$51,041,158	-47.9%	11,095,904	+0.4%	1.76%	-47.9%
NAVI	Buy	NAVIENT CORP	$46,969,461	+73.3%	2,727,611	+87.0%	1.62%	+73.1%
	New	HOWARD HUGHES HOLDINGS INC	$46,634,293	–	629,088	–	1.60%	–
L	Sell	LOEWS CORP	$45,270,892	-25.1%	715,067	-29.8%	1.56%	-25.2%
SPNT	Buy	SIRIUSPOINT LTD	$43,536,712	+26.9%	4,280,896	+12.7%	1.50%	+26.9%
MU	Buy	MICRON TECHNOLOGY	$41,158,558	+7.8%	605,006	+0.0%	1.42%	+7.7%
BZH	Sell	BEAZER HOMES USA INC	$40,549,195	-13.7%	1,627,828	-2.0%	1.39%	-13.8%
CNA	Buy	CNA FINANCIAL CORP	$38,524,398	+1.9%	979,019	+0.0%	1.32%	+1.8%
CGAU	Buy	CENTERRA GOLD INC.	$37,842,876	-3.7%	7,723,036	+18.0%	1.30%	-3.8%
GM	Buy	GENERAL MOTORS	$31,301,883	-14.0%	949,405	+0.6%	1.08%	-14.1%
EQX	Buy	EQUINOX GOLD CORP	$26,512,409	+29.9%	6,267,709	+40.7%	0.91%	+29.9%
TPC	Sell	TUTOR PERINI CORP	$25,371,095	+9.2%	3,240,242	-0.3%	0.87%	+9.0%
CPLP	Sell	CAPITAL PRODUCT PARTNERS LP	$24,936,399	+1.4%	1,779,900	-0.7%	0.86%	+1.2%
HOFT	Sell	HOOKER FURNISHINGS CORP	$22,294,543	+3.4%	1,146,249	-0.8%	0.77%	+3.4%
GLNG	New	GOLAR LNG LTD	$22,180,700	–	914,291	–	0.76%	–
UVE	Buy	UNIVERSAL INSURANCE HOLDINGS	$18,194,343	+0.2%	1,297,742	+10.2%	0.63%	+0.2%
GS	Buy	GOLDMAN SACHS GROUP	$16,990,661	+0.5%	52,510	+0.2%	0.58%	+0.3%
CLDT	Buy	CHATHAM LODGING TRUST	$16,081,782	+35.8%	1,680,437	+32.8%	0.55%	+35.5%
	Buy	COOL CO LTD	$13,155,769	+7.0%	949,875	+5.9%	0.45%	+6.9%
KBH	Buy	KB HOME	$12,959,603	-10.5%	280,026	+0.0%	0.45%	-10.4%
KEP	Sell	KOREA ELECTRIC POWER CORP	$12,386,187	-17.3%	1,923,321	-0.5%	0.43%	-17.3%
MOS	Buy	THE MOSAIC COMPANY	$11,538,636	+1.7%	324,119	+0.0%	0.40%	+1.8%
GSL	Buy	GLOBAL SHIP LEASE INC - CL A	$8,539,232	+12.3%	465,607	+18.8%	0.29%	+12.2%
GAU	Sell	GALIANO GOLD INC	$7,223,525	-1.6%	12,272,384	-1.3%	0.25%	-2.0%
AFLYY	Buy	AIR FRANCE	$6,982,212	-32.6%	5,541,438	+0.0%	0.24%	-32.8%
ARNGF	Sell	ARGONAUT GOLD INC.	$6,529,256	-1.4%	16,255,679	-0.8%	0.22%	-1.3%
MPAA	Sell	MOTORCAR PARTS OF AMERICA	$6,235,473	+3.0%	770,763	-1.5%	0.21%	+2.9%
GHLD	Buy	GUILD HOLDINGS CO- CLASS A	$4,672,693	+142.2%	425,952	+150.8%	0.16%	+143.9%
HBM	New	HUDBAY MINERALS INC	$3,896,000	–	800,000	–	0.13%	–
VTOL	Sell	BRISTOW GROUP INC	$3,604,549	-3.4%	127,957	-1.5%	0.12%	-3.1%
KE	Sell	KIMBALL ELECTRONICS	$3,258,439	-70.4%	119,008	-70.1%	0.11%	-70.4%
NTGR	New	NETGEAR INC	$2,643,900	–	210,000	–	0.09%	–
HA	Sell	HAWAIIAN HOLDINGS INC	$2,387,815	-42.3%	377,222	-1.8%	0.08%	-42.3%
TRTN	Sell	TRITON INTERNATIONAL LTD	$117,495	-99.4%	1,477	-99.4%	0.00%	-99.5%
RE	Sell	EVEREST GROUP	$98,864	-99.1%	266	-99.2%	0.00%	-99.2%
BCRHF	Exit	BLUE CAPITAL REINSURANCE	$0	–	-294,004	–	0.00%	–
UFI	Exit	UNIFI INC	$0	–	-120,600	–	-0.03%	–
GBX	Exit	GREENBRIER COMPANIES INC	$0	–	-131,328	–	-0.20%	–
HHC	Exit	HOWRAD HUGHES CORP	$0	–	-626,493	–	-1.70%	–

Q2 2023

			Value		Shares		↓ Weighting
AER	New	AERCAP HOLDINGS NV	$244,687,361	–	3,852,131	–	8.42%	–
MHO	New	M/I HOMES INC	$179,357,764	–	2,057,091	–	6.17%	–
UNM	New	UNUM GROUP	$176,141,504	–	3,692,694	–	6.06%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$139,542,724	–	2,861,241	–	4.80%	–
	New	CIVITAS RESOURCES INC	$113,221,552	–	1,632,140	–	3.90%	–
TGH	New	TEXTAINER GROUP HOLDINGS LTD	$111,936,784	–	2,842,478	–	3.85%	–
JEF	New	JEFFERIES FINANCIAL GROUP	$99,803,256	–	3,008,841	–	3.44%	–
JBLU	New	JETBLUE AIRWAYS	$97,931,848	–	11,053,256	–	3.37%	–
X	New	US STEEL	$96,434,758	–	3,855,848	–	3.32%	–
EGO	New	ELDORADO GOLD CORP	$95,279,623	–	9,433,626	–	3.28%	–
RDN	New	RADIAN GROUP INC	$86,256,346	–	3,412,039	–	2.97%	–
GNW	New	GENWORTH FINANCIAL INC	$85,886,885	–	17,177,377	–	2.96%	–
IAG	New	IAMGOLD CORP	$82,519,887	–	31,376,383	–	2.84%	–
CLS	New	CELESTICA INC	$73,418,648	–	5,063,355	–	2.53%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$70,575,706	–	1,226,550	–	2.43%	–
KGC	New	KINROSS GOLD CORP	$68,576,134	–	14,376,548	–	2.36%	–
ALLY	New	ALLY FINANCIAL INC	$60,762,236	–	2,249,620	–	2.09%	–
L	New	LOEWS CORP	$60,468,673	–	1,018,334	–	2.08%	–
OAS	New	CHORD ENERGY CORP	$58,823,425	–	382,467	–	2.02%	–
C	New	CITIGROUP	$58,253,629	–	1,265,283	–	2.00%	–
MTG	New	MGIC INVESTMENT CORP	$56,144,645	–	3,555,709	–	1.93%	–
	New	ALGOMA STEEL GROUP INC	$53,183,125	–	7,490,581	–	1.83%	–
INSW	New	INTERNATIONAL SEAWAYS	$50,910,786	–	1,331,349	–	1.75%	–
HHC	New	HOWRAD HUGHES CORP	$49,442,828	–	626,493	–	1.70%	–
BZH	New	BEAZER HOMES USA INC	$46,983,494	–	1,660,781	–	1.62%	–
PK	New	PARK HOTELS & RESORTS INC	$42,864,362	–	3,343,554	–	1.48%	–
	New	JACKSON FINANCIAL INC	$42,853,510	–	1,399,984	–	1.48%	–
CGAU	New	CENTERRA GOLD INC.	$39,283,494	–	6,547,249	–	1.35%	–
MU	New	MICRON TECHNOLOGY	$38,177,448	–	604,935	–	1.31%	–
CNA	New	CNA FINANCIAL CORP	$37,805,311	–	978,905	–	1.30%	–
GM	New	GENERAL MOTORS	$36,383,134	–	943,546	–	1.25%	–
SPNT	New	SIRIUSPOINT LTD	$34,295,344	–	3,797,934	–	1.18%	–
NAVI	New	NAVIENT CORP	$27,100,268	–	1,458,572	–	0.93%	–
CPLP	New	CAPITAL PRODUCT PARTNERS LP	$24,600,083	–	1,793,009	–	0.85%	–
TPC	New	TUTOR PERINI CORP	$23,232,702	–	3,249,329	–	0.80%	–
HOFT	New	HOOKER FURNISHINGS CORP	$21,553,121	–	1,155,044	–	0.74%	–
TRTN	New	TRITON INTERNATIONAL LTD	$21,163,943	–	254,191	–	0.73%	–
EQX	New	EQUINOX GOLD CORP	$20,402,627	–	4,454,722	–	0.70%	–
UVE	New	UNIVERSAL INSURANCE HOLDINGS	$18,163,301	–	1,177,142	–	0.62%	–
GS	New	GOLDMAN SACHS GROUP	$16,902,064	–	52,403	–	0.58%	–
KEP	New	KOREA ELECTRIC POWER CORP	$14,973,527	–	1,932,068	–	0.52%	–
KBH	New	KB HOME	$14,478,438	–	279,993	–	0.50%	–
	New	COOL CO LTD	$12,290,078	–	897,086	–	0.42%	–
CLDT	New	CHATHAM LODGING TRUST	$11,842,272	–	1,265,200	–	0.41%	–
MOS	New	THE MOSAIC COMPANY	$11,342,835	–	324,081	–	0.39%	–
KE	New	KIMBALL ELECTRONICS	$10,993,507	–	397,883	–	0.38%	–
RE	New	EVEREST RE GROUP	$10,950,801	–	32,033	–	0.38%	–
AFLYY	New	AIR FRANCE	$10,361,285	–	5,540,794	–	0.36%	–
GSL	New	GLOBAL SHIP LEASE INC - CL A	$7,601,580	–	391,834	–	0.26%	–
GAU	New	GALIANO GOLD INC	$7,337,443	–	12,432,129	–	0.25%	–
ARNGF	New	ARGONAUT GOLD INC.	$6,620,280	–	16,390,890	–	0.23%	–
MPAA	New	MOTORCAR PARTS OF AMERICA	$6,054,778	–	782,271	–	0.21%	–
GBX	New	GREENBRIER COMPANIES INC	$5,660,237	–	131,328	–	0.20%	–
HA	New	HAWAIIAN HOLDINGS INC	$4,138,663	–	384,277	–	0.14%	–
VTOL	New	BRISTOW GROUP INC	$3,733,234	–	129,942	–	0.13%	–
IWD	New	RUSSELL 1000	$2,367,450	–	15,000	–	0.08%	–
GHLD	New	GUILD HOLDINGS CO- CLASS A	$1,929,223	–	169,826	–	0.07%	–
UFI	New	UNIFI INC	$973,242	–	120,600	–	0.03%	–
AZRE	New	AZURE POWER GLOBAL LTD	$749,006	–	423,167	–	0.03%	–
	New	RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTSwts	$128,583	–	5,866	–	0.00%	–
GPL	New	GREAT PANTHER MINING	$24,356	–	477,095	–	0.00%	–
BCRHF	New	BLUE CAPITAL REINSURANCE	$59	–	294,004	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
BCRHF	Exit	BLUE CAPITAL REINSURANCE	$0	–	-294,004	–	0.00%	–
GPL	Exit	GREAT PANTHER MINING	$0	–	-477,095	–	-0.00%	–
	Exit	JACKSON FINANCIAL INC	$0	–	-60,700	–	-0.08%	–
PLAB	Exit	PHOTRONICS	$0	–	-131,614	–	-0.09%	–
VTOL	Exit	BRISTOW GROUP INC	$0	–	-169,180	–	-0.18%	–
GAU	Exit	GALIANO GOLD INC	$0	–	-9,970,144	–	-0.22%	–
HA	Exit	HAWAIIAN HOLDINGS INC	$0	–	-399,638	–	-0.23%	–
GBX	Exit	GREENBRIER COMPANIES INC	$0	–	-219,968	–	-0.24%	–
ASC	Exit	ARDMORE SHIPPING CORPORATION	$0	–	-600,403	–	-0.24%	–
ARNGF	Exit	ARGONAUT GOLD INC.	$0	–	-20,973,303	–	-0.29%	–
KE	Exit	KIMBALL ELECTRONICS	$0	–	-413,589	–	-0.32%	–
AFLYY	Exit	AIR FRANCE	$0	–	-5,581,277	–	-0.32%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-231,721	–	-0.33%	–
KBH	Exit	KB HOME	$0	–	-291,184	–	-0.34%	–
SPNT	Exit	SIRIUSPOINT LTD	$0	–	-1,734,844	–	-0.38%	–
MPAA	Exit	MOTORCAR PARTS OF AMERICA	$0	–	-690,091	–	-0.47%	–
UVE	Exit	UNIVERSAL INSURANCE HOLDINGS	$0	–	-1,107,709	–	-0.49%	–
PCG	Exit	PGE CORPORATION	$0	–	-999,034	–	-0.56%	–
RE	Exit	EVEREST RE GROUP	$0	–	-52,158	–	-0.61%	–
KEP	Exit	KOREA ELECTRIC POWER CORP	$0	–	-2,014,911	–	-0.61%	–
NAVI	Exit	NAVIENT CORP	$0	–	-1,038,657	–	-0.68%	–
HOFT	Exit	HOOKER FURNISHINGS CORP	$0	–	-1,168,664	–	-0.70%	–
BZH	Exit	BEAZER HOMES USA INC	$0	–	-1,654,723	–	-0.71%	–
MOS	Exit	THE MOSAIC COMPANY	$0	–	-332,123	–	-0.72%	–
GS	Exit	GOLDMAN SACHS GROUP	$0	–	-55,385	–	-0.72%	–
EQX	Exit	EQUINOX GOLD CORP	$0	–	-4,470,738	–	-0.73%	–
TPC	Exit	TUTOR PERINI CORP	$0	–	-3,197,087	–	-0.79%	–
GM	Exit	GENERAL MOTORS	$0	–	-630,117	–	-0.90%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS LP	$0	–	-1,529,718	–	-0.91%	–
	Exit	ALGOMA STEEL GROUP INC	$0	–	-3,210,026	–	-0.92%	–
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-2,086,347	–	-1.05%	–
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-1,175,656	–	-1.05%	–
CGAU	Exit	CENTERRA GOLD INC.	$0	–	-6,211,129	–	-1.22%	–
	Exit	ENACT HOLDINGS	$0	–	-1,288,929	–	-1.27%	–
MU	Exit	MICRON TECHNOLOGY	$0	–	-658,170	–	-1.47%	–
TRTN	Exit	TRITON INTERNATIONAL LTD	$0	–	-606,202	–	-1.48%	–
HHC	Exit	HOWRAD HUGHES CORP	$0	–	-634,055	–	-1.57%	–
CNA	Exit	CNA FINANCIAL CORP	$0	–	-978,153	–	-1.61%	–
MTG	Exit	MGIC INVESTMENT CORP	$0	–	-3,218,904	–	-1.84%	–
CLS	Exit	CELESTICA INC	$0	–	-4,973,137	–	-1.86%	–
IAG	Exit	IAMGOLD CORP	$0	–	-39,915,231	–	-1.90%	–
C	Exit	CITIGROUP	$0	–	-1,088,437	–	-2.02%	–
X	Exit	US STEEL	$0	–	-2,641,825	–	-2.13%	–
L	Exit	LOEWS CORP	$0	–	-1,033,259	–	-2.30%	–
JBLU	Exit	JETBLUE AIRWAYS	$0	–	-8,095,247	–	-2.39%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-1,198,005	–	-2.54%	–
EGO	Exit	ELDORADO GOLD CORP	$0	–	-9,813,620	–	-2.64%	–
TGH	Exit	TEXTAINER GROUP HOLDINGS LTD	$0	–	-2,304,414	–	-2.76%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-3,223,740	–	-2.77%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-16,961,236	–	-2.84%	–
GNW	Exit	GENWORTH FINANCIAL INC	$0	–	-18,416,792	–	-2.87%	–
	Exit	CONSTELLATION ENERGY GROUP	$0	–	-874,959	–	-3.24%	–
MHO	Exit	M/I HOMES INC	$0	–	-2,085,010	–	-3.37%	–
AAWW	Exit	ATLAS AIR WORLDWIDE HOLDINGS	$0	–	-900,434	–	-3.84%	–
INSW	Exit	INTERNATIONAL SEAWAYS	$0	–	-2,766,419	–	-4.33%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP	$0	–	-3,315,289	–	-4.36%	–
	Exit	CIVITAS RESOURCES INC	$0	–	-1,815,158	–	-4.64%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-5,357,219	–	-5.57%	–
UNM	Exit	UNUM GROUP	$0	–	-4,351,582	–	-7.53%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-4,115,667	–	-7.77%	–

Q3 2022

			Value		Shares		↓ Weighting
AER	Buy	AERCAP HOLDINGS NV	$174,216,000	+3.9%	4,115,667	+0.5%	7.77%	+2.9%
UNM	Sell	UNUM GROUP	$168,841,000	+12.4%	4,351,582	-1.4%	7.53%	+11.3%
TMHC	Sell	TAYLOR MORRISON HOME CORP	$124,930,000	-0.5%	5,357,219	-0.3%	5.57%	-1.5%
	Sell	CIVITAS RESOURCES INC	$104,172,000	+9.2%	1,815,158	-0.5%	4.64%	+8.1%
JEF	Sell	JEFFERIES FINANCIAL GROUP	$97,801,000	+6.4%	3,315,289	-0.3%	4.36%	+5.4%
INSW	Sell	INTERNATIONAL SEAWAYS	$97,184,000	+36.8%	2,766,419	-17.4%	4.33%	+35.5%
AAWW	Sell	ATLAS AIR WORLDWIDE HOLDINGS	$86,054,000	+11.4%	900,434	-28.1%	3.84%	+10.3%
MHO	Buy	M/I HOMES INC	$75,540,000	-8.6%	2,085,010	+0.0%	3.37%	-9.5%
	Sell	CONSTELLATION ENERGY GROUP	$72,788,000	+36.0%	874,959	-6.4%	3.24%	+34.6%
GNW	Buy	GENWORTH FINANCIAL INC	$64,459,000	+5.6%	18,416,792	+6.5%	2.87%	+4.6%
KGC	Sell	KINROSS GOLD CORP	$63,774,000	+4.5%	16,961,236	-0.5%	2.84%	+3.5%
RDN	Sell	RADIAN GROUP INC	$62,186,000	-2.3%	3,223,740	-0.4%	2.77%	-3.2%
TGH	Buy	TEXTAINER GROUP HOLDINGS LTD	$61,897,000	-1.8%	2,304,414	+0.2%	2.76%	-2.7%
EGO	Buy	ELDORADO GOLD CORP	$59,176,000	+10.0%	9,813,620	+16.5%	2.64%	+8.9%
AIG	Sell	AMERICAN INTERNATIONAL GROUP	$56,881,000	-8.1%	1,198,005	-1.0%	2.54%	-9.0%
JBLU	Buy	JETBLUE AIRWAYS	$53,671,000	-20.5%	8,095,247	+0.3%	2.39%	-21.3%
L	Sell	LOEWS CORP	$51,498,000	-18.0%	1,033,259	-2.5%	2.30%	-18.8%
X	Buy	US STEEL	$47,870,000	+4.6%	2,641,825	+3.4%	2.13%	+3.6%
C	Sell	CITIGROUP	$45,355,000	-10.2%	1,088,437	-0.9%	2.02%	-11.1%
IAG	Sell	IAMGOLD CORP	$42,709,000	-33.8%	39,915,231	-0.5%	1.90%	-34.5%
CLS	Buy	CELESTICA INC	$41,824,000	-12.3%	4,973,137	+1.4%	1.86%	-13.1%
MTG	Buy	MGIC INVESTMENT CORP	$41,266,000	+1.8%	3,218,904	+0.0%	1.84%	+0.8%
CNA	Sell	CNA FINANCIAL CORP	$36,094,000	-17.8%	978,153	-0.0%	1.61%	-18.6%
HHC	Buy	HOWRAD HUGHES CORP	$35,120,000	-14.1%	634,055	+5.5%	1.57%	-14.9%
TRTN	Sell	TRITON INTERNATIONAL LTD	$33,177,000	+3.9%	606,202	-0.0%	1.48%	+2.9%
MU	Sell	MICRON TECHNOLOGY	$32,974,000	-9.4%	658,170	-0.0%	1.47%	-10.3%
	Buy	ENACT HOLDINGS	$28,576,000	+3.2%	1,288,929	+0.0%	1.27%	+2.2%
CGAU	Buy	CENTERRA GOLD INC.	$27,391,000	+93.7%	6,211,129	+196.4%	1.22%	+91.7%
RFP	Sell	RESOLUTE FOREST PRODUCTS	$23,513,000	+46.0%	1,175,656	-6.9%	1.05%	+44.6%
PK	Buy	PARK HOTELS & RESORTS INC	$23,492,000	-15.1%	2,086,347	+2.4%	1.05%	-15.9%
	New	ALGOMA STEEL GROUP INC	$20,673,000	–	3,210,026	–	0.92%	–
CPLP	Buy	CAPITAL PRODUCT PARTNERS LP	$20,483,000	+3.3%	1,529,718	+16.9%	0.91%	+2.2%
GM	Sell	GENERAL MOTORS	$20,220,000	+0.3%	630,117	-0.7%	0.90%	-0.7%
TPC	Buy	TUTOR PERINI CORP	$17,648,000	-32.6%	3,197,087	+7.3%	0.79%	-33.2%
EQX	Sell	EQUINOX GOLD CORP	$16,318,000	-18.3%	4,470,738	-0.6%	0.73%	-19.1%
GS	Buy	GOLDMAN SACHS GROUP	$16,231,000	-1.3%	55,385	+0.0%	0.72%	-2.2%
MOS	Sell	THE MOSAIC COMPANY	$16,052,000	+2.3%	332,123	-0.0%	0.72%	+1.4%
BZH	Sell	BEAZER HOMES USA INC	$16,001,000	-20.9%	1,654,723	-1.2%	0.71%	-21.6%
HOFT	Buy	HOOKER FURNISHINGS CORP	$15,765,000	-13.1%	1,168,664	+0.2%	0.70%	-14.0%
NAVI	Buy	NAVIENT CORP	$15,258,000	+5.0%	1,038,657	+0.0%	0.68%	+4.0%
KEP	Sell	KOREA ELECTRIC POWER CORP	$13,701,000	-22.6%	2,014,911	-0.0%	0.61%	-23.2%
RE	Sell	EVEREST RE GROUP	$13,688,000	-6.4%	52,158	-0.0%	0.61%	-7.3%
PCG	Sell	PGE CORPORATION	$12,488,000	+25.2%	999,034	-0.0%	0.56%	+24.1%
UVE	Buy	UNIVERSAL INSURANCE HOLDINGS	$10,911,000	-16.8%	1,107,709	+10.0%	0.49%	-17.8%
MPAA	Buy	MOTORCAR PARTS OF AMERICA	$10,503,000	+16.3%	690,091	+0.3%	0.47%	+15.3%
SPNT	Buy	SIRIUSPOINT LTD	$8,587,000	+27.9%	1,734,844	+40.0%	0.38%	+26.8%
KBH	Sell	KB HOME	$7,547,000	-8.9%	291,184	-0.0%	0.34%	-9.9%
FITB	Sell	FIFTH THIRD BANCORP	$7,406,000	-4.9%	231,721	-0.0%	0.33%	-5.7%
AFLYY	Sell	AIR FRANCE	$7,256,000	+6.6%	5,581,277	-0.0%	0.32%	+5.6%
KE	Sell	KIMBALL ELECTRONICS	$7,093,000	-14.7%	413,589	-0.0%	0.32%	-15.5%
ARNGF	Buy	ARGONAUT GOLD INC.	$6,485,000	-13.0%	20,973,303	+0.5%	0.29%	-13.7%
ASC	Sell	ARDMORE SHIPPING CORPORATION	$5,482,000	+30.9%	600,403	-0.1%	0.24%	+29.8%
GBX	Buy	GREENBRIER COMPANIES INC	$5,339,000	-32.6%	219,968	+0.0%	0.24%	-33.1%
HA	Sell	HAWAIIAN HOLDINGS INC	$5,255,000	-8.1%	399,638	-0.0%	0.23%	-8.9%
GAU	Buy	GALIANO GOLD INC	$4,836,000	+24.6%	9,970,144	+3.3%	0.22%	+23.4%
VTOL	Buy	BRISTOW GROUP INC	$3,974,000	+0.4%	169,180	+0.1%	0.18%	-0.6%
PLAB	Sell	PHOTRONICS	$1,924,000	-79.7%	131,614	-72.9%	0.09%	-79.8%
GPL	Sell	GREAT PANTHER MINING	$24,000	-95.9%	477,095	-90.0%	0.00%	-96.3%
SANM	Exit	SANMINA-SCI CORP	$0	–	-23,144	–	-0.04%	–
IWN	Exit	RUSSELL 2000 VALUE I-SHARES	$0	–	-8,827	–	-0.05%	–
EURN	Exit	EURONAV	$0	–	-274,726	–	-0.15%	–

Q2 2022

			Value		Shares		↓ Weighting
AER	New	AERCAP HOLDINGS	$167,735,000	–	4,097,092	–	7.55%	–
UNM	New	UNUM GROUP	$150,200,000	–	4,415,045	–	6.76%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$125,561,000	–	5,375,050	–	5.65%	–
	New	CIVITAS RESOURCES INC	$95,407,000	–	1,824,579	–	4.30%	–
JEF	New	JEFFERIES FINANCIAL GROUP	$91,876,000	–	3,326,443	–	4.14%	–
MHO	New	M/I HOMES	$82,681,000	–	2,084,757	–	3.72%	–
AAWW	New	ATLAS AIR WORLDWIDE HOLDINGS	$77,258,000	–	1,251,946	–	3.48%	–
INSW	New	INTERNATIONAL SEAWAYS	$71,040,000	–	3,350,925	–	3.20%	–
JBLU	New	JETBLUE AIRWAYS	$67,541,000	–	8,069,369	–	3.04%	–
IAG	New	IAMGOLD CORP	$64,560,000	–	40,099,242	–	2.91%	–
RDN	New	RADIAN GROUP INC	$63,625,000	–	3,237,907	–	2.86%	–
TGH	New	TEXTAINER GROUP HOLDINGS LTD	$63,013,000	–	2,298,902	–	2.84%	–
L	New	LOEWS CORP	$62,780,000	–	1,059,400	–	2.83%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$61,887,000	–	1,210,381	–	2.79%	–
KGC	New	KINROSS GOLD CORP	$61,055,000	–	17,054,359	–	2.75%	–
GNW	New	GENWORTH FINANCIAL INC.	$61,023,000	–	17,287,015	–	2.75%	–
EGO	New	ELDORADO GOLD	$53,816,000	–	8,421,934	–	2.42%	–
	New	CONSTELLATION ENERGY GROUP	$53,537,000	–	934,975	–	2.41%	–
C	New	CITIGROUP	$50,532,000	–	1,098,751	–	2.28%	–
CLS	New	CELESTICA	$47,663,000	–	4,903,622	–	2.14%	–
X	New	UNITED STATES STEEL CORP	$45,765,000	–	2,555,249	–	2.06%	–
CNA	New	CNA FINANCIAL CORP.	$43,920,000	–	978,169	–	1.98%	–
HHC	New	HOWARD HUGHES CORP	$40,903,000	–	601,068	–	1.84%	–
MTG	New	MGIC INVESTMENT CORP	$40,543,000	–	3,217,697	–	1.82%	–
MU	New	MICRON TECHNOLOGY	$36,384,000	–	658,180	–	1.64%	–
TRTN	New	TRITON INTERNATIONAL	$31,917,000	–	606,212	–	1.44%	–
	New	ENACT HOLDINGS	$27,684,000	–	1,288,814	–	1.25%	–
PK	New	PARK HOTELS & RESORTS INC	$27,659,000	–	2,038,244	–	1.24%	–
TPC	New	TUTOR PERINI CORP	$26,166,000	–	2,980,230	–	1.18%	–
BZH	New	BEAZER HOMES USA INC	$20,221,000	–	1,675,332	–	0.91%	–
GM	New	GENERAL MOTORS	$20,157,000	–	634,674	–	0.91%	–
EQX	New	EQUINOX GOLD CORP	$19,970,000	–	4,497,818	–	0.90%	–
CPLP	New	CAPITAL PRODUCT PARTNERS LP	$19,832,000	–	1,309,051	–	0.89%	–
HOFT	New	HOOKER FURNISHINGS CORP	$18,142,000	–	1,166,683	–	0.82%	–
KEP	New	KOREA ELECTRIC POWER CORP	$17,691,000	–	2,014,944	–	0.80%	–
GS	New	GOLDMAN SACHS GROUP	$16,449,000	–	55,381	–	0.74%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$16,105,000	–	1,262,122	–	0.72%	–
MOS	New	THE MOSAIC COMPANY	$15,686,000	–	332,129	–	0.71%	–
RE	New	EVEREST RE GROUP	$14,619,000	–	52,159	–	0.66%	–
NAVI	New	NAVIENT CORP	$14,530,000	–	1,038,565	–	0.65%	–
CGAU	New	CENTERRA GOLD INC.	$14,143,000	–	2,095,269	–	0.64%	–
UVE	New	UNIVERSAL INSURANCE HOLDINGS	$13,121,000	–	1,006,962	–	0.59%	–
PCG	New	PG & E CORP	$9,971,000	–	999,050	–	0.45%	–
PLAB	New	PHOTRONICS	$9,462,000	–	485,751	–	0.43%	–
MPAA	New	MOTORCAR PARTS OF AMERICA	$9,028,000	–	688,103	–	0.41%	–
KE	New	KIMBALL ELECTRONICS	$8,313,000	–	413,596	–	0.37%	–
KBH	New	KB HOME	$8,287,000	–	291,189	–	0.37%	–
GBX	New	GREENBRIER COMPANIES INC	$7,916,000	–	219,954	–	0.36%	–
FITB	New	FIFTH THIRD BANCORP	$7,786,000	–	231,725	–	0.35%	–
ARNGF	New	ARGONAUT GOLD INC	$7,450,000	–	20,869,233	–	0.34%	–
AFLYY	New	AIR FRANCE-KLM	$6,809,000	–	5,581,366	–	0.31%	–
SPNT	New	SIRIUSPOINT LTD	$6,716,000	–	1,239,047	–	0.30%	–
HA	New	HAWAIIAN HOLDINGS INC	$5,719,000	–	399,644	–	0.26%	–
ASC	New	ARDMORE SHIPPING CORP	$4,187,000	–	600,753	–	0.19%	–
VTOL	New	BRISTOW GROUP INC	$3,957,000	–	169,083	–	0.18%	–
GAU	New	GALIANO GOLD INC	$3,882,000	–	9,655,556	–	0.18%	–
EURN	New	EURONAV	$3,277,000	–	274,726	–	0.15%	–
	New	JACKSON FINANCIAL INC	$1,624,000	–	60,700	–	0.07%	–
IWN	New	RUSSELL 2000 VALUE I-SHARES	$1,202,000	–	8,827	–	0.05%	–
SANM	New	SANMINA-SCI CORP	$943,000	–	23,144	–	0.04%	–
GPL	New	GREAT PANTHER MINING LTD	$589,000	–	4,770,952	–	0.03%	–
BCRHF	New	BLUE CAPITAL REINSURANCE	$41,000	–	294,004	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	GREAT PANTHER MINING WTS $1.3166 6/27/22wts	$0	–	-2,258,112	–	0.00%	–
	Exit	GREAT PANTHER MINING WTS $1.3166 5/17/22wts	$0	–	-1,270,188	–	0.00%	–
BCRHF	Exit	BLUE CAPITAL REINSURANCE	$0	–	-294,004	–	-0.00%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-31,000	–	-0.01%	–
GNW	Exit	GENWORTH FINANCIAL INC.	$0	–	-265,928	–	-0.04%	–
IWN	Exit	RUSSELL 2000 VALUE I-SHARES	$0	–	-12,300	–	-0.08%	–
KE	Exit	KIMBALL ELECTRONICS	$0	–	-77,730	–	-0.08%	–
GPL	Exit	GREAT PANTHER MINING LTD	$0	–	-4,770,952	–	-0.08%	–
	Exit	ENACT HOLDINGS	$0	–	-113,338	–	-0.10%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-824,054	–	-0.13%	–
KBH	Exit	KB HOME	$0	–	-101,041	–	-0.15%	–
TGH	Exit	TEXTAINER GROUP HOLDINGS LTD	$0	–	-125,000	–	-0.17%	–
GAU	Exit	GALIANO GOLD INC	$0	–	-8,406,744	–	-0.23%	–
VTOL	Exit	BRISTOW GROUP INC	$0	–	-190,783	–	-0.23%	–
HA	Exit	HAWAIIAN HOLDINGS INC	$0	–	-318,000	–	-0.26%	–
PCG	Exit	PG & E CORP	$0	–	-874,593	–	-0.32%	–
CAI	Exit	CAI INTERNATIONAL INC	$0	–	-154,881	–	-0.33%	–
UVE	Exit	UNIVERSAL INSURANCE HOLDINGS	$0	–	-691,864	–	-0.34%	–
CGAU	Exit	CENTERRA GOLD INC.	$0	–	-1,404,808	–	-0.36%	–
GBX	Exit	GREENBRIER COMPANIES INC	$0	–	-232,241	–	-0.38%	–
PLAB	Exit	PHOTRONICS	$0	–	-745,285	–	-0.39%	–
RE	Exit	EVEREST RE GROUP	$0	–	-52,103	–	-0.50%	–
SANM	Exit	SANMINA CORPORATION	$0	–	-347,714	–	-0.51%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS LP	$0	–	-1,118,098	–	-0.56%	–
AAVVF	Exit	ADVANTAGE ENERGY	$0	–	-3,110,934	–	-0.60%	–
TECK	Exit	TECK RESOUCES LTD - CLASS B	$0	–	-718,885	–	-0.68%	–
EXC	Exit	EXELON CORP	$0	–	-371,943	–	-0.69%	–
GS	Exit	GOLDMAN SACHS GROUP	$0	–	-49,027	–	-0.71%	–
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-1,557,654	–	-0.71%	–
ARNGF	Exit	ARGONAUT GOLD INC	$0	–	-8,627,373	–	-0.71%	–
EGO	Exit	ELDORADO GOLD	$0	–	-2,666,610	–	-0.79%	–
BZH	Exit	BEAZER HOMES USA INC	$0	–	-1,213,846	–	-0.80%	–
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-1,120,019	–	-0.82%	–
KEP	Exit	KOREA ELECTRIC POWER CORP	$0	–	-2,253,338	–	-0.85%	–
EQX	Exit	EQUINOX GOLD CORP	$0	–	-3,557,842	–	-0.90%	–
AFLYY	Exit	AIR FRANCE-KLM	$0	–	-5,657,011	–	-1.06%	–
EURN	Exit	EURONAV	$0	–	-2,861,364	–	-1.06%	–
UFS	Exit	DOMTAR CORP	$0	–	-521,792	–	-1.09%	–
NAVI	Exit	NAVIENT CORP	$0	–	-1,445,958	–	-1.09%	–
VRS	Exit	VERSO CORP	$0	–	-1,396,532	–	-1.11%	–
TRTN	Exit	TRITON INTERNATIONAL	$0	–	-605,111	–	-1.20%	–
TPC	Exit	TUTOR PERINI CORP	$0	–	-2,708,101	–	-1.34%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-981,214	–	-1.59%	–
FLNG	Exit	FLEX LNG LTD	$0	–	-2,326,713	–	-1.60%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-493,669	–	-1.65%	–
CLS	Exit	CELESTICA	$0	–	-4,979,498	–	-1.69%	–
MU	Exit	MICRON TECHNOLOGY	$0	–	-698,488	–	-1.89%	–
CNA	Exit	CNA FINANCIAL CORP.	$0	–	-1,225,011	–	-1.96%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-9,615,849	–	-1.97%	–
ANAT	Exit	AMERICAN NATIONAL	$0	–	-288,338	–	-2.08%	–
C	Exit	CITIGROUP	$0	–	-845,497	–	-2.26%	–
INSW	Exit	INTERNATIONAL SEAWAYS	$0	–	-3,525,759	–	-2.45%	–
CPLG	Exit	COREPOINT LODGING INC	$0	–	-4,406,485	–	-2.61%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-1,267,596	–	-2.65%	–
AA	Exit	ALCOA CORP	$0	–	-1,474,625	–	-2.75%	–
GFI	Exit	GOLD FIELDS LTD	$0	–	-8,948,692	–	-2.77%	–
L	Exit	LOEWS CORP	$0	–	-1,361,972	–	-2.80%	–
MHO	Exit	M/I HOMES	$0	–	-1,476,063	–	-3.26%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-1,863,392	–	-3.40%	–
IAG	Exit	IAMGOLD CORP	$0	–	-41,333,683	–	-3.56%	–
MOS	Exit	THE MOSAIC COMPANY	$0	–	-2,937,088	–	-4.00%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP	$0	–	-2,914,706	–	-4.13%	–
JBLU	Exit	JETBLUE AIRWAYS	$0	–	-7,180,905	–	-4.19%	–
AAWW	Exit	ATLAS AIR WORLDWIDE HOLDINGS	$0	–	-1,351,077	–	-4.21%	–
UNM	Exit	UNUM GROUP	$0	–	-5,210,722	–	-4.98%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-5,383,061	–	-5.29%	–
AER	Exit	AERCAP HOLDINGS	$0	–	-3,994,334	–	-8.81%	–

Q3 2021

			Value		Shares		↓ Weighting
AER	Buy	AERCAP HOLDINGS	$230,912,000	+13.9%	3,994,334	+0.9%	8.81%	+11.7%
TMHC	Buy	TAYLOR MORRISON HOME CORP	$138,775,000	-2.3%	5,383,061	+0.1%	5.29%	-4.2%
UNM	Buy	UNUM GROUP	$130,581,000	-11.7%	5,210,722	+0.0%	4.98%	-13.4%
AAWW	Sell	ATLAS AIR WORLDWIDE HOLDINGS	$110,356,000	+19.4%	1,351,077	-0.4%	4.21%	+17.1%
JBLU	Buy	JETBLUE AIRWAYS	$109,796,000	-8.8%	7,180,905	+0.1%	4.19%	-10.6%
JEF	Sell	JEFFERIES FINANCIAL GROUP	$108,223,000	-6.5%	2,914,706	-13.9%	4.13%	-8.3%
MOS	Buy	THE MOSAIC COMPANY	$104,913,000	+12.0%	2,937,088	+0.1%	4.00%	+9.9%
IAG	Buy	IAMGOLD CORP	$93,414,000	-21.5%	41,333,683	+2.4%	3.56%	-23.0%
BCEI	Buy	BONANZA CREEK ENERGY INC	$89,256,000	+34.9%	1,863,392	+32.5%	3.40%	+32.3%
MHO	Buy	M/I HOMES	$85,316,000	+9.9%	1,476,063	+11.6%	3.26%	+7.8%
L	Buy	LOEWS CORP	$73,451,000	-1.2%	1,361,972	+0.1%	2.80%	-3.1%
GFI	Buy	GOLD FIELDS LTD	$72,663,000	-8.7%	8,948,692	+0.1%	2.77%	-10.5%
AA	Buy	ALCOA CORP	$72,168,000	+32.9%	1,474,625	+0.1%	2.75%	+30.4%
AIG	Buy	AMERICAN INTERNATIONAL GROUP	$69,578,000	+15.4%	1,267,596	+0.1%	2.65%	+13.2%
CPLG	Sell	COREPOINT LODGING INC	$68,301,000	+43.2%	4,406,485	-1.2%	2.61%	+40.4%
INSW	Buy	INTERNATIONAL SEAWAYS	$64,239,000	+73.6%	3,525,759	+82.8%	2.45%	+70.3%
C	Buy	CITIGROUP	$59,337,000	-0.7%	845,497	+0.1%	2.26%	-2.5%
ANAT	Sell	AMERICAN NATIONAL	$54,505,000	+11.8%	288,338	-12.2%	2.08%	+9.6%
KGC	Buy	KINROSS GOLD CORP	$51,541,000	+33.1%	9,615,849	+57.7%	1.97%	+30.5%
CNA	Buy	CNA FINANCIAL CORP.	$51,401,000	-7.7%	1,225,011	+0.0%	1.96%	-9.5%
MU	Buy	MICRON TECHNOLOGY	$49,579,000	-16.4%	698,488	+0.1%	1.89%	-18.0%
CLS	Buy	CELESTICA	$44,218,000	+22.9%	4,979,498	+8.6%	1.69%	+20.5%
HHC	Buy	HOWARD HUGHES CORP	$43,349,000	-8.0%	493,669	+2.1%	1.65%	-9.7%
FLNG	Sell	FLEX LNG LTD	$41,881,000	+7.3%	2,326,713	-12.1%	1.60%	+5.2%
FITB	Sell	FIFTH THIRD BANCORP	$41,643,000	-3.7%	981,214	-13.2%	1.59%	-5.5%
TPC	Buy	TUTOR PERINI CORP	$35,151,000	+0.9%	2,708,101	+7.7%	1.34%	-1.0%
TRTN	Buy	TRITON INTERNATIONAL	$31,490,000	+76.7%	605,111	+77.7%	1.20%	+73.3%
VRS	Buy	VERSO CORP	$28,978,000	+20.7%	1,396,532	+3.0%	1.11%	+18.4%
NAVI	Sell	NAVIENT CORP	$28,529,000	-41.1%	1,445,958	-42.3%	1.09%	-42.2%
UFS	Sell	DOMTAR CORP	$28,459,000	-43.9%	521,792	-43.4%	1.09%	-44.9%
EURN	Buy	EURONAV	$27,927,000	+6.8%	2,861,364	+2.0%	1.06%	+4.7%
AFLYY	Sell	AIR FRANCE-KLM	$27,804,000	-2.6%	5,657,011	-2.5%	1.06%	-4.5%
EQX	Sell	EQUINOX GOLD CORP	$23,482,000	-24.8%	3,557,842	-20.9%	0.90%	-26.3%
KEP	Buy	KOREA ELECTRIC POWER CORP	$22,240,000	-8.5%	2,253,338	+0.1%	0.85%	-10.4%
PK	Buy	PARK HOTELS & RESORTS INC	$21,437,000	+23.3%	1,120,019	+32.7%	0.82%	+20.8%
BZH	Buy	BEAZER HOMES USA INC	$20,939,000	-10.4%	1,213,846	+0.2%	0.80%	-12.1%
EGO	Buy	ELDORADO GOLD	$20,613,000	+73.7%	2,666,610	+123.6%	0.79%	+70.1%
ARNGF	Sell	ARGONAUT GOLD INC	$18,721,000	-37.4%	8,627,373	-31.1%	0.71%	-38.7%
RFP	Buy	RESOLUTE FOREST PRODUCTS	$18,536,000	-2.4%	1,557,654	+0.0%	0.71%	-4.3%
GS	Buy	GOLDMAN SACHS GROUP	$18,534,000	-0.2%	49,027	+0.2%	0.71%	-2.1%
EXC	Buy	EXELON CORP	$17,980,000	+9.2%	371,943	+0.1%	0.69%	+7.2%
TECK	New	TECK RESOUCES LTD - CLASS B	$17,907,000	–	718,885	–	0.68%	–
AAVVF	Sell	ADVANTAGE ENERGY	$15,710,000	-5.9%	3,110,934	-24.0%	0.60%	-7.7%
CPLP	Buy	CAPITAL PRODUCT PARTNERS LP	$14,535,000	+46.6%	1,118,098	+37.5%	0.56%	+43.8%
SANM	Buy	SANMINA CORPORATION	$13,401,000	-1.0%	347,714	+0.0%	0.51%	-3.0%
RE	Buy	EVEREST RE GROUP	$13,066,000	-0.5%	52,103	+0.0%	0.50%	-2.5%
PLAB	Sell	PHOTRONICS	$10,158,000	+3.0%	745,285	-0.2%	0.39%	+1.0%
GBX	Buy	GREENBRIER COMPANIES INC	$9,984,000	+81.3%	232,241	+83.8%	0.38%	+78.0%
CGAU	Buy	CENTERRA GOLD INC.	$9,567,000	+22.9%	1,404,808	+37.7%	0.36%	+20.5%
UVE	Buy	UNIVERSAL INSURANCE HOLDINGS	$9,022,000	+77.4%	691,864	+88.8%	0.34%	+73.7%
CAI	Sell	CAI INTERNATIONAL INC	$8,659,000	-8.4%	154,881	-8.2%	0.33%	-10.3%
PCG	Buy	PG & E CORP	$8,396,000	-5.5%	874,593	+0.1%	0.32%	-7.2%
HA	Sell	HAWAIIAN HOLDINGS INC	$6,888,000	-11.2%	318,000	-0.1%	0.26%	-12.9%
VTOL	Buy	BRISTOW GROUP INC	$6,073,000	+238.5%	190,783	+172.4%	0.23%	+231.4%
GAU	Buy	GALIANO GOLD INC	$6,053,000	-26.7%	8,406,744	+10.9%	0.23%	-28.0%
TGH	New	TEXTAINER GROUP HOLDINGS LTD	$4,364,000	–	125,000	–	0.17%	–
KBH	Buy	KB HOME	$3,933,000	-4.4%	101,041	+0.0%	0.15%	-6.2%
ASC	Sell	ARDMORE SHIPPING CORP	$3,420,000	-1.9%	824,054	-0.2%	0.13%	-4.4%
	New	ENACT HOLDINGS	$2,486,000	–	113,338	–	0.10%	–
IWN	New	RUSSELL 2000 VALUE I-SHARES	$1,971,000	–	12,300	–	0.08%	–
GNW	New	GENWORTH FINANCIAL INC.	$997,000	–	265,928	–	0.04%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-38,000	–	-0.08%	–
MFA	Exit	MFA FINANCIAL INC.	$0	–	-492,612	–	-0.09%	–
FLY	Exit	FLY LEASING	$0	–	-1,549,933	–	-1.02%	–
DSSI	Exit	DIAMOND S SHIPPING	$0	–	-2,885,892	–	-1.12%	–

Q2 2021

			Value		Shares		↓ Weighting
AER	New	AERCAP HOLDINGS	$202,740,000	–	3,958,999	–	7.89%	–
UNM	New	UNUM GROUP	$147,912,000	–	5,208,184	–	5.75%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$142,049,000	–	5,376,567	–	5.53%	–
JBLU	New	JETBLUE AIRWAYS	$120,430,000	–	7,177,005	–	4.68%	–
IAG	New	IAMGOLD CORP	$119,055,000	–	40,357,534	–	4.63%	–
JEF	New	JEFFERIES FINANCIAL GROUP	$115,726,000	–	3,383,797	–	4.50%	–
MOS	New	THE MOSAIC COMPANY	$93,654,000	–	2,934,933	–	3.64%	–
AAWW	New	ATLAS AIR WORLDWIDE HOLDINGS	$92,437,000	–	1,357,178	–	3.60%	–
GFI	New	GOLD FIELDS LTD	$79,600,000	–	8,943,774	–	3.10%	–
MHO	New	M/I HOMES	$77,619,000	–	1,322,972	–	3.02%	–
L	New	LOEWS CORP	$74,367,000	–	1,360,787	–	2.89%	–
BCEI	New	BONANZA CREEK ENERGY INC	$66,173,000	–	1,405,839	–	2.57%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$60,273,000	–	1,266,245	–	2.34%	–
C	New	CITIGROUP	$59,732,000	–	844,268	–	2.32%	–
MU	New	MICRON TECHNOLOGY	$59,309,000	–	697,912	–	2.31%	–
CNA	New	CNA FINANCIAL CORP.	$55,711,000	–	1,224,689	–	2.17%	–
AA	New	ALCOA CORP	$54,287,000	–	1,473,584	–	2.11%	–
UFS	New	DOMTAR CORP	$50,698,000	–	922,445	–	1.97%	–
ANAT	New	AMERICAN NATIONAL	$48,763,000	–	328,262	–	1.90%	–
NAVI	New	NAVIENT CORP	$48,414,000	–	2,504,623	–	1.88%	–
CPLG	New	COREPOINT LODGING INC	$47,707,000	–	4,458,604	–	1.86%	–
HHC	New	HOWARD HUGHES CORP	$47,102,000	–	483,294	–	1.83%	–
FITB	New	FIFTH THIRD BANCORP	$43,235,000	–	1,130,918	–	1.68%	–
FLNG	New	FLEX LNG LTD	$39,044,000	–	2,647,074	–	1.52%	–
KGC	New	KINROSS GOLD CORP	$38,730,000	–	6,099,202	–	1.51%	–
INSW	New	INTERNATIONAL SEAWAYS	$36,994,000	–	1,928,796	–	1.44%	–
CLS	New	CELESTICA	$35,986,000	–	4,584,259	–	1.40%	–
TPC	New	TUTOR PERINI CORP	$34,832,000	–	2,514,954	–	1.36%	–
EQX	New	EQUINOX GOLD CORP	$31,243,000	–	4,495,427	–	1.22%	–
ARNGF	New	ARGONAUT GOLD INC	$29,915,000	–	12,516,725	–	1.16%	–
DSSI	New	DIAMOND S SHIPPING	$28,743,000	–	2,885,892	–	1.12%	–
AFLYY	New	AIR FRANCE-KLM	$28,549,000	–	5,802,588	–	1.11%	–
FLY	New	FLY LEASING	$26,256,000	–	1,549,933	–	1.02%	–
EURN	New	EURONAV	$26,149,000	–	2,805,649	–	1.02%	–
KEP	New	KOREA ELECTRIC POWER CORP	$24,312,000	–	2,251,078	–	0.95%	–
VRS	New	VERSO CORP	$24,000,000	–	1,355,956	–	0.93%	–
BZH	New	BEAZER HOMES USA INC	$23,375,000	–	1,211,782	–	0.91%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$18,998,000	–	1,557,219	–	0.74%	–
GS	New	GOLDMAN SACHS GROUP	$18,568,000	–	48,923	–	0.72%	–
TRTN	New	TRITON INTERNATIONAL	$17,825,000	–	340,570	–	0.69%	–
PK	New	PARK HOTELS & RESORTS INC	$17,393,000	–	843,920	–	0.68%	–
AAVVF	New	ADVANTAGE ENERGY	$16,697,000	–	4,092,371	–	0.65%	–
EXC	New	EXELON CORP	$16,462,000	–	371,526	–	0.64%	–
SANM	New	SANMINA CORPORATION	$13,543,000	–	347,612	–	0.53%	–
RE	New	EVEREST RE GROUP	$13,127,000	–	52,090	–	0.51%	–
EGO	New	ELDORADO GOLD	$11,865,000	–	1,192,501	–	0.46%	–
CPLP	New	CAPITAL PRODUCT PARTNERS LP	$9,918,000	–	812,987	–	0.39%	–
PLAB	New	PHOTRONICS	$9,864,000	–	746,697	–	0.38%	–
CAI	New	CAI INTERNATIONAL INC	$9,452,000	–	168,793	–	0.37%	–
PCG	New	PG & E CORP	$8,882,000	–	873,393	–	0.34%	–
GAU	New	GALIANO GOLD INC	$8,262,000	–	7,579,937	–	0.32%	–
CGAU	New	CENTERRA GOLD INC.	$7,784,000	–	1,020,140	–	0.30%	–
HA	New	HAWAIIAN HOLDINGS INC	$7,755,000	–	318,219	–	0.30%	–
GBX	New	GREENBRIER COMPANIES INC	$5,508,000	–	126,383	–	0.21%	–
UVE	New	UNIVERSAL INSURANCE HOLDINGS	$5,086,000	–	366,460	–	0.20%	–
KBH	New	KB HOME	$4,113,000	–	101,012	–	0.16%	–
ASC	New	ARDMORE SHIPPING CORP	$3,485,000	–	825,939	–	0.14%	–
GPL	New	GREAT PANTHER MINING LTD	$2,981,000	–	4,770,952	–	0.12%	–
MFA	New	MFA FINANCIAL INC.	$2,261,000	–	492,612	–	0.09%	–
CHK	New	CHESAPEAKE ENERGY CORP	$1,973,000	–	38,000	–	0.08%	–
VTOL	New	BRISTOW GROUP INC	$1,794,000	–	70,045	–	0.07%	–
KE	New	KIMBALL ELECTRONICS	$1,690,000	–	77,730	–	0.07%	–
HBM	New	HUDBAY MINERALS INC	$206,000	–	31,000	–	0.01%	–
BCRHF	New	BLUE CAPITAL REINSURANCE	$121,000	–	294,004	–	0.01%	–
	New	GREAT PANTHER MINING WTS $1.3166 6/27/22wts	$30,000	–	2,258,112	–	0.00%	–
	New	GREAT PANTHER MINING WTS $1.3166 5/17/22wts	$13,000	–	1,270,188	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
TOL	Exit	TOLL BROTHERS	$0	–	-415	–	-0.00%	–
STLY	Exit	HG HOLDINGS	$0	–	-120,892	–	-0.00%	–
	Exit	GREAT PANTHER MINING WTS $1.3166 5/17/22wts	$0	–	-1,270,188	–	-0.01%	–
BCRHF	Exit	BLUE CAPITAL REINSURANCE	$0	–	-559,751	–	-0.01%	–
	Exit	GREAT PANTHER MINING WTS $1.3166 6/27/22wts	$0	–	-2,258,112	–	-0.01%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-148,700	–	-0.03%	–
VRTV	Exit	VERITIV CORP	$0	–	-84,211	–	-0.06%	–
IWM	Exit	RUSSELL 2000 I SHARES	$0	–	-7,000	–	-0.06%	–
WPX	Exit	WPX ENERGY INC	$0	–	-254,758	–	-0.06%	–
PLG	Exit	PLATINUM GROUP METALS	$0	–	-676,902	–	-0.07%	–
MFA	Exit	MFA FINANCIAL INC.	$0	–	-1,022,472	–	-0.14%	–
EURN	Exit	EURONAV	$0	–	-311,450	–	-0.14%	–
KE	Exit	KIMBALL ELECTRONICS	$0	–	-364,899	–	-0.22%	–
GPL	Exit	GREAT PANTHER MINING LTD	$0	–	-4,984,359	–	-0.23%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-1,363,645	–	-0.25%	–
VTOL	Exit	BRISTOW GROUP INC	$0	–	-303,593	–	-0.34%	–
KBH	Exit	KB HOME	$0	–	-175,550	–	-0.35%	–
PCG	Exit	PG & E CORP	$0	–	-816,049	–	-0.40%	–
AAVVF	Exit	ADVANTAGE OIL & GAS	$0	–	-5,977,843	–	-0.42%	–
ARNGF	Exit	ARGONAUT GOLD INC	$0	–	-4,127,485	–	-0.43%	–
TRTN	Exit	TRITON INTERNATIONAL	$0	–	-212,773	–	-0.45%	–
GBX	Exit	GREENBRIER COMPANIES INC	$0	–	-313,235	–	-0.48%	–
VRS	Exit	VERSO CORP	$0	–	-1,202,115	–	-0.49%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS LP	$0	–	-1,445,975	–	-0.50%	–
CAI	Exit	CAI INTERNATIONAL INC	$0	–	-357,641	–	-0.51%	–
RE	Exit	EVEREST RE GROUP	$0	–	-52,082	–	-0.54%	–
PLAB	Exit	PHOTRONICS	$0	–	-1,128,602	–	-0.58%	–
HA	Exit	HAWAIIAN HOLDINGS INC	$0	–	-930,065	–	-0.62%	–
EGO	Exit	ELDORADO GOLD	$0	–	-1,162,127	–	-0.64%	–
GS	Exit	GOLDMAN SACHS GROUP	$0	–	-67,608	–	-0.71%	–
SANM	Exit	SANMINA CORPORATION	$0	–	-514,819	–	-0.72%	–
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-3,282,463	–	-0.76%	–
PK	Exit	PARK HOTELS & RESORTS INC	$0	–	-1,484,351	–	-0.77%	–
FLNG	Exit	FLEX LNG LTD	$0	–	-2,798,560	–	-0.84%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-879,946	–	-0.86%	–
GAU	Exit	GALIANO GOLD INC	$0	–	-12,160,839	–	-0.87%	–
AA	Exit	ALCOA CORP	$0	–	-1,527,514	–	-0.92%	–
FLY	Exit	FLY LEASING	$0	–	-2,768,501	–	-1.04%	–
KEP	Exit	KOREA ELECTRIC POWER CORP	$0	–	-2,309,346	–	-1.05%	–
CLS	Exit	CELESTICA	$0	–	-3,170,335	–	-1.14%	–
DSSI	Exit	DIAMOND S SHIPPING	$0	–	-3,277,071	–	-1.17%	–
ANAT	Exit	AMERICAN NATIONAL	$0	–	-347,724	–	-1.22%	–
INSW	Exit	INTERNATIONAL SEAWAYS	$0	–	-1,740,325	–	-1.32%	–
CPLG	Exit	COREPOINT LODGING INC	$0	–	-4,817,814	–	-1.37%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-499,188	–	-1.50%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-3,339,491	–	-1.53%	–
TPC	Exit	TUTOR PERINI CORP	$0	–	-2,695,672	–	-1.56%	–
BZH	Exit	BEAZER HOMES USA INC	$0	–	-2,328,214	–	-1.60%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-1,468,390	–	-1.63%	–
C	Exit	CITIGROUP	$0	–	-738,020	–	-1.66%	–
AFLYY	Exit	AIR FRANCE-KLM	$0	–	-10,236,049	–	-1.84%	–
UFS	Exit	DOMTAR CORP	$0	–	-1,367,044	–	-1.87%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-1,355,497	–	-1.94%	–
L	Exit	LOEWS CORP	$0	–	-1,352,456	–	-2.44%	–
CNA	Exit	CNA FINANCIAL CORP.	$0	–	-1,585,887	–	-2.47%	–
MHO	Exit	M/I HOMES	$0	–	-1,084,863	–	-2.60%	–
EQX	Exit	EQUINOX GOLD CORP	$0	–	-4,539,404	–	-2.76%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP	$0	–	-3,538,332	–	-3.31%	–
MU	Exit	MICRON TECHNOLOGY	$0	–	-1,388,344	–	-3.39%	–
AAWW	Exit	ATLAS AIR WORLDWIDE HOLDINGS	$0	–	-1,160,344	–	-3.68%	–
MOS	Exit	THE MOSAIC COMPANY	$0	–	-4,692,589	–	-4.46%	–
GFI	Exit	GOLD FIELDS LTD	$0	–	-7,487,663	–	-4.79%	–
UNM	Exit	UNUM GROUP	$0	–	-6,010,562	–	-5.26%	–
JBLU	Exit	JETBLUE AIRWAYS	$0	–	-9,385,687	–	-5.53%	–
AER	Exit	AERCAP HOLDINGS	$0	–	-5,095,287	–	-6.68%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-5,703,042	–	-7.29%	–
IAG	Exit	IAMGOLD CORP	$0	–	-37,065,829	–	-7.38%	–

Q3 2020

			Value		Shares		↓ Weighting
IAG	Sell	IAMGOLD CORP	$141,962,000	-14.3%	37,065,829	-11.6%	7.38%	-9.5%
TMHC	Sell	TAYLOR MORRISON HOME CORP	$140,238,000	+8.3%	5,703,042	-15.1%	7.29%	+14.3%
AER	Buy	AERCAP HOLDINGS	$128,350,000	-11.3%	5,095,287	+8.5%	6.68%	-6.3%
JBLU	Sell	JETBLUE AIRWAYS	$106,340,000	-3.5%	9,385,687	-7.2%	5.53%	+1.9%
UNM	Sell	UNUM GROUP	$101,158,000	-5.9%	6,010,562	-7.2%	5.26%	-0.6%
GFI	Sell	GOLD FIELDS LTD	$92,023,000	-42.0%	7,487,663	-55.6%	4.79%	-38.7%
MOS	Sell	THE MOSAIC COMPANY	$85,734,000	+28.2%	4,692,589	-12.2%	4.46%	+35.4%
AAWW	Sell	ATLAS AIR WORLDWIDE HOLDINGS	$70,665,000	+4.6%	1,160,344	-26.1%	3.68%	+10.5%
MU	Sell	MICRON TECHNOLOGY	$65,197,000	-24.3%	1,388,344	-17.0%	3.39%	-20.1%
JEF	Buy	JEFFERIES FINANCIAL GROUP	$63,690,000	+16.0%	3,538,332	+0.2%	3.31%	+22.5%
EQX	Sell	EQUINOX GOLD CORP	$53,156,000	-2.9%	4,539,404	-7.0%	2.76%	+2.5%
MHO	Sell	M/I HOMES	$49,958,000	+18.4%	1,084,863	-11.5%	2.60%	+25.0%
CNA	Sell	CNA FINANCIAL CORP.	$47,561,000	-19.4%	1,585,887	-13.6%	2.47%	-14.9%
L	Buy	LOEWS CORP	$46,998,000	+40.1%	1,352,456	+38.2%	2.44%	+48.0%
AIG	Buy	AMERICAN INTERNATIONAL GROUP	$37,317,000	-4.1%	1,355,497	+8.6%	1.94%	+1.3%
UFS	Sell	DOMTAR CORP	$35,912,000	+9.4%	1,367,044	-12.1%	1.87%	+15.6%
AFLYY	Sell	AIR FRANCE-KLM	$35,408,000	-52.5%	10,236,049	-37.3%	1.84%	-49.8%
C	Buy	CITIGROUP	$31,816,000	-1.8%	738,020	+16.5%	1.66%	+3.8%
FITB	Buy	FIFTH THIRD BANCORP	$31,306,000	+106.6%	1,468,390	+86.8%	1.63%	+117.9%
BZH	Sell	BEAZER HOMES USA INC	$30,732,000	+4.5%	2,328,214	-20.3%	1.60%	+10.4%
TPC	Sell	TUTOR PERINI CORP	$30,003,000	-14.9%	2,695,672	-6.8%	1.56%	-10.1%
KGC	Sell	KINROSS GOLD CORP	$29,454,000	-19.7%	3,339,491	-34.3%	1.53%	-15.2%
HHC	Buy	HOWARD HUGHES CORP	$28,753,000	+129.4%	499,188	+106.9%	1.50%	+142.5%
CPLG	Sell	COREPOINT LODGING INC	$26,257,000	+22.6%	4,817,814	-5.3%	1.37%	+29.5%
INSW	Sell	INTERNATIONAL SEAWAYS	$25,426,000	-13.2%	1,740,325	-2.9%	1.32%	-8.3%
ANAT	New	AMERICAN NATIONAL	$23,482,000	–	347,724	–	1.22%	–
DSSI	Buy	DIAMOND S SHIPPING	$22,513,000	+9.4%	3,277,071	+27.2%	1.17%	+15.5%
CLS	Sell	CELESTICA	$21,875,000	-7.4%	3,170,335	-8.3%	1.14%	-2.2%
KEP	Buy	KOREA ELECTRIC POWER CORP	$20,114,000	+11.2%	2,309,346	+1.9%	1.05%	+17.4%
FLY	Sell	FLY LEASING	$20,099,000	-19.6%	2,768,501	-9.1%	1.04%	-15.2%
AA	Buy	ALCOA CORP	$17,765,000	+4.8%	1,527,514	+1.3%	0.92%	+10.7%
GAU	Sell	GALIANO GOLD INC	$16,782,000	-38.2%	12,160,839	-40.4%	0.87%	-34.7%
BCEI	Sell	BONANZA CREEK ENERGY INC	$16,543,000	+17.7%	879,946	-7.2%	0.86%	+24.3%
FLNG	Buy	FLEX LNG LTD	$16,061,000	+32.3%	2,798,560	+6.5%	0.84%	+39.6%
PK	Buy	PARK HOTELS & RESORTS INC	$14,829,000	+19.4%	1,484,351	+18.2%	0.77%	+26.0%
RFP	Sell	RESOLUTE FOREST PRODUCTS	$14,705,000	+44.8%	3,282,463	-31.8%	0.76%	+53.0%
SANM	Sell	SANMINA CORPORATION	$13,926,000	-15.6%	514,819	-21.9%	0.72%	-10.9%
GS	Sell	GOLDMAN SACHS GROUP	$13,587,000	-13.5%	67,608	-15.0%	0.71%	-8.7%
EGO	Sell	ELDORADO GOLD	$12,260,000	-31.8%	1,162,127	-37.3%	0.64%	-28.0%
HA	Buy	HAWAIIAN HOLDINGS INC	$11,989,000	+99.0%	930,065	+116.7%	0.62%	+110.1%
PLAB	Sell	PHOTRONICS	$11,241,000	-35.8%	1,128,602	-28.2%	0.58%	-32.1%
RE	Buy	EVEREST RE GROUP	$10,288,000	-4.1%	52,082	+0.1%	0.54%	+1.1%
CAI	Sell	CAI INTERNATIONAL INC	$9,846,000	+45.9%	357,641	-11.7%	0.51%	+54.2%
CPLP	Buy	CAPITAL PRODUCT PARTNERS LP	$9,543,000	+9.8%	1,445,975	+34.4%	0.50%	+15.9%
VRS	Buy	VERSO CORP	$9,485,000	-26.9%	1,202,115	+10.8%	0.49%	-22.8%
GBX	New	GREENBRIER COMPANIES INC	$9,209,000	–	313,235	–	0.48%	–
TRTN	Buy	TRITON INTERNATIONAL	$8,653,000	+34.6%	212,773	+0.1%	0.45%	+42.0%
ARNGF	New	ARGONAUT GOLD INC	$8,338,000	–	4,127,485	–	0.43%	–
AAVVF	Sell	ADVANTAGE OIL & GAS	$8,130,000	-22.9%	5,977,843	-28.7%	0.42%	-18.5%
PCG	New	PG & E CORP	$7,663,000	–	816,049	–	0.40%	–
KBH	Buy	KB HOME	$6,739,000	+25.2%	175,550	+0.1%	0.35%	+32.5%
VTOL	Sell	BRISTOW GROUP INC	$6,451,000	+41.3%	303,593	-7.4%	0.34%	+49.3%
ASC	Sell	ARDMORE SHIPPING CORP	$4,855,000	-39.9%	1,363,645	-26.8%	0.25%	-36.4%
GPL	Sell	GREAT PANTHER MINING LTD	$4,426,000	+18.1%	4,984,359	-33.5%	0.23%	+24.3%
KE	Buy	KIMBALL ELECTRONICS	$4,218,000	-0.9%	364,899	+16.1%	0.22%	+4.3%
EURN	Sell	EURONAV	$2,750,000	+8.3%	311,450	-0.1%	0.14%	+14.4%
MFA	Buy	MFA FINANCIAL INC.	$2,740,000	+8.3%	1,022,472	+0.6%	0.14%	+14.4%
PLG	Sell	PLATINUM GROUP METALS	$1,354,000	+6.4%	676,902	-22.3%	0.07%	+11.1%
WPX	Sell	WPX ENERGY INC	$1,248,000	-23.9%	254,758	-0.8%	0.06%	-19.8%
IWM	New	RUSSELL 2000 I SHARES	$1,049,000	–	7,000	–	0.06%	–
HBM	Sell	HUDBAY MINERALS INC	$629,000	-37.5%	148,700	-55.3%	0.03%	-34.0%
TOL	Sell	TOLL BROTHERS	$20,000	-99.8%	415	-99.9%	0.00%	-99.8%
AVHOQ	Exit	AVIANCA HOLDINGS	$0	–	-780,323	–	-0.01%	–
ALO	Exit	ALIO GOLD INC.	$0	–	-6,241,258	–	-0.39%	–
ANAT	Exit	AMERICAN NATIONAL	$0	–	-344,063	–	-1.22%	–

Q2 2020

			Value		Shares		↓ Weighting
IAG	New	IAMGOLD CORP	$165,653,000	–	41,937,466	–	8.16%	–
GFI	New	GOLD FIELDS LTD	$158,584,000	–	16,870,687	–	7.81%	–
AER	New	AERCAP HOLDINGS	$144,625,000	–	4,695,616	–	7.12%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$129,534,000	–	6,715,093	–	6.38%	–
JBLU	New	JETBLUE AIRWAYS	$110,248,000	–	10,114,462	–	5.43%	–
UNM	New	UNUM GROUP	$107,485,000	–	6,478,877	–	5.29%	–
MU	New	MICRON TECHNOLOGY	$86,150,000	–	1,672,164	–	4.24%	–
AFLYY	New	AIR FRANCE-KLM	$74,495,000	–	16,336,657	–	3.67%	–
AAWW	New	ATLAS AIR WORLDWIDE HOLDINGS	$67,560,000	–	1,570,065	–	3.33%	–
MOS	New	THE MOSAIC COMPANY	$66,873,000	–	5,345,539	–	3.29%	–
CNA	New	CNA FINANCIAL CORP.	$59,025,000	–	1,835,929	–	2.91%	–
JEF	New	JEFFERIES FINANCIAL GROUP	$54,926,000	–	3,532,231	–	2.70%	–
EQX	New	EQUINOX GOLD CORP	$54,765,000	–	4,881,016	–	2.70%	–
MHO	New	M/I HOMES	$42,198,000	–	1,225,261	–	2.08%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$38,903,000	–	1,247,706	–	1.92%	–
KGC	New	KINROSS GOLD CORP	$36,687,000	–	5,081,271	–	1.81%	–
TPC	New	TUTOR PERINI CORP	$35,242,000	–	2,893,436	–	1.74%	–
L	New	LOEWS CORP	$33,546,000	–	978,301	–	1.65%	–
UFS	New	DOMTAR CORP	$32,815,000	–	1,554,469	–	1.62%	–
C	New	CITIGROUP	$32,384,000	–	633,733	–	1.60%	–
BZH	New	BEAZER HOMES USA INC	$29,405,000	–	2,920,042	–	1.45%	–
INSW	New	INTERNATIONAL SEAWAYS	$29,279,000	–	1,791,882	–	1.44%	–
GAU	New	GALIANO GOLD INC	$27,141,000	–	20,406,415	–	1.34%	–
FLY	New	FLY LEASING	$25,005,000	–	3,045,725	–	1.23%	–
ANAT	New	AMERICAN NATIONAL	$24,797,000	–	344,063	–	1.22%	–
CLS	New	CELESTICA	$23,622,000	–	3,458,602	–	1.16%	–
CPLG	New	COREPOINT LODGING INC	$21,410,000	–	5,085,561	–	1.06%	–
DSSI	New	DIAMOND S SHIPPING	$20,586,000	–	2,576,413	–	1.01%	–
KEP	New	KOREA ELECTRIC POWER CORP	$18,083,000	–	2,266,033	–	0.89%	–
EGO	New	ELDORADO GOLD	$17,980,000	–	1,853,595	–	0.89%	–
PLAB	New	PHOTRONICS	$17,504,000	–	1,572,685	–	0.86%	–
AA	New	ALCOA CORP	$16,948,000	–	1,507,824	–	0.84%	–
SANM	New	SANMINA CORPORATION	$16,501,000	–	659,003	–	0.81%	–
GS	New	GOLDMAN SACHS GROUP	$15,715,000	–	79,520	–	0.77%	–
FITB	New	FIFTH THIRD BANCORP	$15,156,000	–	786,079	–	0.75%	–
BCEI	New	BONANZA CREEK ENERGY INC	$14,057,000	–	948,512	–	0.69%	–
VRS	New	VERSO CORP	$12,974,000	–	1,084,779	–	0.64%	–
HHC	New	HOWARD HUGHES CORP	$12,533,000	–	241,252	–	0.62%	–
PK	New	PARK HOTELS & RESORTS INC	$12,418,000	–	1,255,588	–	0.61%	–
FLNG	New	FLEX LNG LTD	$12,144,000	–	2,628,517	–	0.60%	–
RE	New	EVEREST RE GROUP	$10,731,000	–	52,041	–	0.53%	–
AAVVF	New	ADVANTAGE OIL & GAS	$10,545,000	–	8,378,711	–	0.52%	–
TOL	New	TOLL BROTHERS INC.	$10,448,000	–	320,584	–	0.52%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$10,156,000	–	4,813,419	–	0.50%	–
CPLP	New	CAPITAL PRODUCT PARTNERS LP	$8,694,000	–	1,076,009	–	0.43%	–
ASC	New	ARDMORE SHIPPING CORP	$8,082,000	–	1,862,326	–	0.40%	–
ALO	New	ALIO GOLD INC.	$7,864,000	–	6,241,258	–	0.39%	–
CAI	New	CAI INTERNATIONAL INC	$6,747,000	–	405,004	–	0.33%	–
TRTN	New	TRITON INTERNATIONAL	$6,429,000	–	212,603	–	0.32%	–
HA	New	HAWAIIAN HOLDINGS INC	$6,025,000	–	429,098	–	0.30%	–
KBH	New	KB HOME	$5,382,000	–	175,410	–	0.26%	–
VTOL	New	BRISTOW GROUP INC	$4,567,000	–	327,828	–	0.22%	–
KE	New	KIMBALL ELECTRONICS	$4,256,000	–	314,348	–	0.21%	–
GPL	New	GREAT PANTHER MINING LTD	$3,747,000	–	7,493,907	–	0.18%	–
EURN	New	EURONAV	$2,540,000	–	311,643	–	0.12%	–
MFA	New	MFA FINANCIAL INC.	$2,531,000	–	1,016,357	–	0.12%	–
WPX	New	WPX ENERGY INC	$1,639,000	–	256,849	–	0.08%	–
VRTV	New	VERITIV CORP	$1,428,000	–	84,211	–	0.07%	–
PLG	New	PLATINUM GROUP METALS	$1,272,000	–	871,277	–	0.06%	–
HBM	New	HUDBAY MINERALS INC	$1,007,000	–	332,360	–	0.05%	–
BCRHF	New	BLUE CAPITAL REINSURANCE	$705,000	–	559,751	–	0.04%	–
AVHOQ	New	AVIANCA HOLDINGS	$273,000	–	780,323	–	0.01%	–
STLY	New	HG HOLDINGS	$78,000	–	120,892	–	0.00%	–
	New	GREAT PANTHER MINING WTS $1.3166 6/27/22wts	$51,000	–	2,258,112	–	0.00%	–
	New	GREAT PANTHER MINING WTS $1.3166 5/17/22wts	$25,000	–	1,270,188	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
STLY	Exit	HG HOLDINGS	$0	–	-120,892	–	-0.00%	–
	Exit	GREAT PANTHER MINING WTS $1.3166 5/17/22wts	$0	–	-1,270,188	–	-0.01%	–
	Exit	GREAT PANTHER MINING WTS $1.3166 6/27/22wts	$0	–	-2,258,112	–	-0.01%	–
NTZ	Exit	NATUZZI SPA	$0	–	-441,523	–	-0.03%	–
CAI	Exit	CAI INTERNATIONAL INC	$0	–	-49,640	–	-0.04%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-379,660	–	-0.05%	–
PLG	Exit	PLATINUM GROUP METALS	$0	–	-945,961	–	-0.05%	–
SMHI	Exit	SEACOR MARINE HOLDINGS	$0	–	-113,069	–	-0.05%	–
VRTV	Exit	VERITIV CORP	$0	–	-120,711	–	-0.08%	–
NEBLQ	Exit	NOBLE CORP	$0	–	-2,016,560	–	-0.10%	–
GPRE	Exit	GREEN PLAINS INC	$0	–	-295,000	–	-0.12%	–
AYR	Exit	AIRCASTLE	$0	–	-172,121	–	-0.15%	–
ALO	Exit	ALIO GOLD INC.	$0	–	-6,259,719	–	-0.15%	–
USAS	Exit	AMERICAS SILVER CORP	$0	–	-1,629,419	–	-0.16%	–
WPX	Exit	WPX ENERGY INC	$0	–	-402,989	–	-0.16%	–
TOL	Exit	TOLL BROTHERS INC.	$0	–	-119,546	–	-0.19%	–
GPL	Exit	GREAT PANTHER MINING LTD	$0	–	-7,490,907	–	-0.20%	–
BCRHF	Exit	BLUE CAPITAL REINSURANCE	$0	–	-855,536	–	-0.24%	–
KE	Exit	KIMBALL ELECTRONICS	$0	–	-437,179	–	-0.24%	–
VRS	Exit	VERSO CORP	$0	–	-520,822	–	-0.25%	–
GS	Exit	GOLDMAN SACHS GROUP	$0	–	-33,080	–	-0.26%	–
KBH	Exit	KB HOME	$0	–	-214,840	–	-0.28%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-331,330	–	-0.28%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS LP	$0	–	-718,620	–	-0.29%	–
PYXSQ	Exit	PYXUS INTERNATIONAL	$0	–	-674,988	–	-0.34%	–
DSSI	Exit	DIAMOND S SHIPPING	$0	–	-833,338	–	-0.35%	–
AUY	Exit	YAMANA GOLD	$0	–	-3,114,856	–	-0.38%	–
AVHOQ	Exit	AVIANCA HOLDINGS	$0	–	-2,878,037	–	-0.40%	–
ERA	Exit	ERA GROUP	$0	–	-1,135,018	–	-0.46%	–
MFA	Exit	MFA FINANCIAL INC.	$0	–	-1,828,631	–	-0.51%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-2,191,812	–	-0.56%	–
ANAT	Exit	AMERICAN NATIONAL	$0	–	-128,541	–	-0.61%	–
AAVVF	Exit	ADVANTAGE OIL & GAS	$0	–	-11,222,302	–	-0.69%	–
AKG	Exit	ASANKO GOLD	$0	–	-22,685,980	–	-0.79%	–
PLAB	Exit	PHOTRONICS	$0	–	-2,183,284	–	-0.91%	–
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-5,141,385	–	-0.92%	–
KEP	Exit	KOREA ELECTRIC POWER CORP	$0	–	-2,266,141	–	-0.94%	–
L	Exit	LOEWS CORP	$0	–	-498,138	–	-0.98%	–
EGO	Exit	ELDORADO GOLD	$0	–	-3,479,311	–	-1.03%	–
SANM	Exit	SANMINA CORPORATION	$0	–	-843,112	–	-1.03%	–
CLS	Exit	CELESTICA	$0	–	-3,892,765	–	-1.07%	–
AAWW	Exit	ATLAS AIR WORLDWIDE HOLDINGS	$0	–	-1,206,039	–	-1.16%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP	$0	–	-1,656,904	–	-1.16%	–
RE	Exit	EVEREST RE GROUP	$0	–	-141,854	–	-1.44%	–
TPC	Exit	TUTOR PERINI CORP	$0	–	-2,685,276	–	-1.47%	–
BZH	Exit	BEAZER HOMES USA INC	$0	–	-2,686,267	–	-1.53%	–
FLY	Exit	FLY LEASING	$0	–	-2,108,354	–	-1.65%	–
C	Exit	CITIGROUP	$0	–	-725,188	–	-1.91%	–
INSW	Exit	INTERNATIONAL SEAWAYS	$0	–	-2,604,359	–	-1.92%	–
CPLG	Exit	COREPOINT LODGING INC	$0	–	-5,044,114	–	-1.95%	–
MHO	Exit	M/I HOMES	$0	–	-1,396,275	–	-2.01%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-12,883,096	–	-2.26%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-1,458,560	–	-3.10%	–
MU	Exit	MICRON TECHNOLOGY	$0	–	-2,302,634	–	-3.77%	–
CNA	Exit	CNA FINANCIAL CORP.	$0	–	-2,077,280	–	-3.91%	–
IAG	Exit	IAMGOLD CORP	$0	–	-48,522,050	–	-6.32%	–
UNM	Exit	UNUM GROUP	$0	–	-5,872,187	–	-6.66%	–
JBLU	Exit	JETBLUE AIRWAYS	$0	–	-10,834,220	–	-6.93%	–
GFI	Exit	GOLD FIELDS LTD	$0	–	-37,922,465	–	-7.12%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-7,320,811	–	-7.25%	–
AFLYY	Exit	AIR FRANCE-KLM	$0	–	-23,014,940	–	-9.27%	–
AER	Exit	AERCAP HOLDINGS	$0	–	-5,657,014	–	-11.83%	–

Q3 2019

			Value		Shares		↓ Weighting
AER	Sell	AERCAP HOLDINGS	$309,722,000	+4.8%	5,657,014	-0.4%	11.83%	+0.5%
AFLYY	Buy	AIR FRANCE-KLM	$242,808,000	+11.1%	23,014,940	+0.8%	9.27%	+6.6%
TMHC	Sell	TAYLOR MORRISON HOME CORP	$189,902,000	+21.3%	7,320,811	-2.0%	7.25%	+16.3%
GFI	Buy	GOLD FIELDS LTD	$186,579,000	+31.6%	37,922,465	+44.7%	7.12%	+26.2%
JBLU	Buy	JETBLUE AIRWAYS	$181,473,000	+6.9%	10,834,220	+18.0%	6.93%	+2.5%
UNM	Buy	UNUM GROUP	$174,521,000	-5.9%	5,872,187	+6.2%	6.66%	-9.8%
IAG	Buy	IAMGOLD CORP	$165,460,000	+27.1%	48,522,050	+26.0%	6.32%	+21.9%
CNA	Buy	CNA FINANCIAL CORP.	$102,306,000	+4.7%	2,077,280	+0.0%	3.91%	+0.4%
MU	Sell	MICRON TECHNOLOGY	$98,668,000	-41.7%	2,302,634	-47.5%	3.77%	-44.1%
AIG	Sell	AMERICAN INTERNATIONAL GROUP	$81,242,000	+2.2%	1,458,560	-2.2%	3.10%	-2.0%
KGC	Sell	KINROSS GOLD CORP	$59,262,000	-57.8%	12,883,096	-64.4%	2.26%	-59.6%
MHO	Sell	M/I HOMES	$52,570,000	+4.2%	1,396,275	-21.0%	2.01%	-0.0%
CPLG	Buy	COREPOINT LODGING INC	$50,996,000	+44.8%	5,044,114	+77.5%	1.95%	+38.9%
INSW	Buy	INTERNATIONAL SEAWAYS	$50,160,000	+20.0%	2,604,359	+18.4%	1.92%	+15.1%
C	Buy	CITIGROUP	$50,096,000	-1.3%	725,188	+0.0%	1.91%	-5.4%
FLY	Sell	FLY LEASING	$43,242,000	+12.9%	2,108,354	-4.2%	1.65%	+8.3%
BZH	Sell	BEAZER HOMES USA INC	$40,025,000	+55.0%	2,686,267	-0.0%	1.53%	+48.7%
TPC	Buy	TUTOR PERINI CORP	$38,480,000	+53.6%	2,685,276	+48.7%	1.47%	+47.4%
RE	Sell	EVEREST RE GROUP	$37,746,000	-14.9%	141,854	-20.9%	1.44%	-18.4%
JEF	Buy	JEFFERIES FINANCIAL GROUP	$30,487,000	+68.3%	1,656,904	+75.9%	1.16%	+61.4%
AAWW	New	ATLAS AIR WORLDWIDE HOLDINGS	$30,428,000	–	1,206,039	–	1.16%	–
CLS	Buy	CELESTICA	$27,911,000	+8.4%	3,892,765	+3.3%	1.07%	+4.0%
SANM	Sell	SANMINA CORPORATION	$27,072,000	+6.0%	843,112	-0.0%	1.03%	+1.7%
EGO	Sell	ELDORADO GOLD	$27,034,000	+21.9%	3,479,311	-8.7%	1.03%	+16.9%
L	Buy	LOEWS CORP	$25,644,000	-5.8%	498,138	+0.1%	0.98%	-9.7%
KEP	Buy	KOREA ELECTRIC POWER CORP	$24,565,000	-2.3%	2,266,141	+0.0%	0.94%	-6.3%
RFP	Buy	RESOLUTE FOREST PRODUCTS	$24,165,000	-29.3%	5,141,385	+8.3%	0.92%	-32.2%
PLAB	Buy	PHOTRONICS	$23,754,000	+37.1%	2,183,284	+3.3%	0.91%	+31.4%
AKG	Buy	ASANKO GOLD	$20,751,000	+52.2%	22,685,980	+4.1%	0.79%	+45.9%
AAVVF	Buy	ADVANTAGE OIL & GAS	$18,068,000	+35.1%	11,222,302	+3.3%	0.69%	+29.5%
ASC	Sell	ARDMORE SHIPPING CORP	$14,663,000	-20.0%	2,191,812	-2.6%	0.56%	-23.3%
MFA	Sell	MFA FINANCIAL INC.	$13,459,000	-23.3%	1,828,631	-25.2%	0.51%	-26.5%
ERA	Buy	ERA GROUP	$11,986,000	+26.6%	1,135,018	+0.0%	0.46%	+21.5%
AVHOQ	Buy	AVIANCA HOLDINGS	$10,476,000	-6.2%	2,878,037	+0.0%	0.40%	-10.1%
AUY	Sell	YAMANA GOLD	$9,905,000	-20.2%	3,114,856	-36.8%	0.38%	-23.5%
DSSI	Buy	DIAMOND S SHIPPING	$9,183,000	+20.4%	833,338	+39.5%	0.35%	+15.5%
PYXSQ	Buy	PYXUS INTERNATIONAL	$8,829,000	-11.9%	674,988	+2.4%	0.34%	-15.5%
CPLP	Buy	CAPITAL PRODUCT PARTNERS LP	$7,689,000	+8.3%	718,620	+6.2%	0.29%	+3.9%
BCEI	Buy	BONANZA CREEK ENERGY INC	$7,418,000	+255.3%	331,330	+231.3%	0.28%	+241.0%
KBH	Sell	KB HOME	$7,305,000	+5.8%	214,840	-19.9%	0.28%	+1.5%
GS	Buy	GOLDMAN SACHS GROUP	$6,855,000	+1.3%	33,080	+0.0%	0.26%	-2.6%
VRS	Buy	VERSO CORP	$6,448,000	+49.2%	520,822	+129.5%	0.25%	+43.0%
KE	Buy	KIMBALL ELECTRONICS	$6,343,000	-10.6%	437,179	+0.0%	0.24%	-14.5%
BCRHF	Buy	BLUE CAPITAL REINSURANCE	$6,305,000	+16.6%	855,536	+4.2%	0.24%	+12.1%
GPL	Buy	GREAT PANTHER MINING LTD	$5,283,000	-17.4%	7,490,907	+0.1%	0.20%	-20.8%
TOL	Buy	TOLL BROTHERS INC.	$4,907,000	+12.1%	119,546	+0.0%	0.19%	+7.5%
WPX	Buy	WPX ENERGY INC	$4,268,000	-7.9%	402,989	+0.0%	0.16%	-11.9%
USAS	Sell	AMERICAS SILVER CORP	$4,106,000	-24.7%	1,629,419	-30.1%	0.16%	-27.6%
ALO	Buy	ALIO GOLD INC.	$3,875,000	-20.5%	6,259,719	+0.3%	0.15%	-23.7%
AYR	Buy	AIRCASTLE	$3,861,000	+5.5%	172,121	+0.0%	0.15%	+0.7%
GPRE	Buy	GREEN PLAINS INC	$3,126,000	+14.5%	295,000	+16.5%	0.12%	+9.2%
NEBLQ	Sell	NOBLE CORP	$2,561,000	-45.6%	2,016,560	-19.9%	0.10%	-47.9%
CAI	New	CAI INTERNATIONAL INC	$1,081,000	–	49,640	–	0.04%	–
AGI	Exit	ALAMOS GOLD INC - CLASS A	$0	–	-3,353	–	-0.00%	–
NBR	Exit	NABORS INDUSTRIES	$0	–	-1,749,548	–	-0.20%	–

Q2 2019

			Value		Shares		↓ Weighting
AER	New	AERCAP HOLDINGS	$295,454,000	–	5,680,714	–	11.77%	–
AFLYY	New	AIR FRANCE-KLM	$218,473,000	–	22,828,973	–	8.70%	–
UNM	New	UNUM GROUP	$185,495,000	–	5,528,922	–	7.39%	–
JBLU	New	JETBLUE AIRWAYS	$169,739,000	–	9,180,033	–	6.76%	–
MU	New	MICRON TECHNOLOGY	$169,243,000	–	4,385,678	–	6.74%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$156,505,000	–	7,466,819	–	6.23%	–
GFI	New	GOLD FIELDS LTD	$141,831,000	–	26,216,509	–	5.65%	–
KGC	New	KINROSS GOLD CORP	$140,545,000	–	36,222,996	–	5.60%	–
IAG	New	IAMGOLD CORP	$130,136,000	–	38,501,844	–	5.18%	–
CNA	New	CNA FINANCIAL CORP.	$97,733,000	–	2,076,332	–	3.89%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$79,477,000	–	1,491,685	–	3.16%	–
C	New	CITIGROUP	$50,762,000	–	724,858	–	2.02%	–
MHO	New	M/I HOMES	$50,457,000	–	1,767,953	–	2.01%	–
RE	New	EVEREST RE GROUP	$44,346,000	–	179,408	–	1.77%	–
INSW	New	INTERNATIONAL SEAWAYS	$41,788,000	–	2,199,382	–	1.66%	–
FLY	New	FLY LEASING	$38,302,000	–	2,200,009	–	1.52%	–
CPLG	New	COREPOINT LODGING INC	$35,216,000	–	2,842,317	–	1.40%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$34,176,000	–	4,746,672	–	1.36%	–
L	New	LOEWS CORP	$27,211,000	–	497,730	–	1.08%	–
BZH	New	BEAZER HOMES USA INC	$25,823,000	–	2,687,129	–	1.03%	–
CLS	New	CELESTICA	$25,743,000	–	3,769,139	–	1.02%	–
SANM	New	SANMINA CORPORATION	$25,532,000	–	843,182	–	1.02%	–
KEP	New	KOREA ELECTRIC POWER CORP	$25,143,000	–	2,265,107	–	1.00%	–
TPC	New	TUTOR PERINI CORP	$25,046,000	–	1,805,778	–	1.00%	–
EGO	New	ELDORADO GOLD	$22,185,000	–	3,811,844	–	0.88%	–
ASC	New	ARDMORE SHIPPING CORP	$18,332,000	–	2,249,331	–	0.73%	–
JEF	New	JEFFERIES FINANCIAL GROUP	$18,115,000	–	942,005	–	0.72%	–
MFA	New	MFA FINANCIAL INC.	$17,543,000	–	2,443,342	–	0.70%	–
PLAB	New	PHOTRONICS	$17,327,000	–	2,113,097	–	0.69%	–
ANAT	New	AMERICAN NATIONAL	$14,971,000	–	128,541	–	0.60%	–
AKG	New	ASANKO GOLD	$13,633,000	–	21,802,567	–	0.54%	–
AAVVF	New	ADVANTAGE OIL & GAS	$13,373,000	–	10,868,111	–	0.53%	–
AUY	New	YAMANA GOLD	$12,415,000	–	4,926,627	–	0.49%	–
AVHOQ	New	AVIANCA HOLDINGS	$11,163,000	–	2,877,147	–	0.44%	–
PYXSQ	New	PYXUS INTERNATIONAL	$10,024,000	–	659,465	–	0.40%	–
ERA	New	ERA GROUP	$9,464,000	–	1,134,714	–	0.38%	–
DSSI	New	DIAMOND S SHIPPING	$7,629,000	–	597,384	–	0.30%	–
CPLP	New	CAPITAL PRODUCT PARTNERS LP	$7,103,000	–	676,482	–	0.28%	–
KE	New	KIMBALL ELECTRONICS	$7,097,000	–	436,980	–	0.28%	–
KBH	New	KB HOME	$6,902,000	–	268,266	–	0.28%	–
GS	New	GOLDMAN SACHS GROUP	$6,765,000	–	33,065	–	0.27%	–
GPL	New	GREAT PANTHER MINING LTD	$6,394,000	–	7,480,107	–	0.26%	–
USAS	New	AMERICAS SILVER CORP	$5,451,000	–	2,329,419	–	0.22%	–
BCRHF	New	BLUE CAPITAL REINSURANCE	$5,408,000	–	820,687	–	0.22%	–
NBR	New	NABORS INDUSTRIES	$5,074,000	–	1,749,548	–	0.20%	–
ALO	New	ALIO GOLD INC.	$4,875,000	–	6,243,363	–	0.19%	–
NEBLQ	New	NOBLE CORP	$4,709,000	–	2,518,043	–	0.19%	–
WPX	New	WPX ENERGY INC	$4,636,000	–	402,805	–	0.18%	–
TOL	New	TOLL BROTHERS INC.	$4,376,000	–	119,491	–	0.17%	–
VRS	New	VERSO CORP	$4,323,000	–	226,936	–	0.17%	–
AYR	New	AIRCASTLE	$3,658,000	–	172,043	–	0.15%	–
GPRE	New	GREEN PLAINS INC	$2,730,000	–	253,211	–	0.11%	–
VRTV	New	VERITIV CORP	$2,344,000	–	120,711	–	0.09%	–
BCEI	New	BONANZA CREEK ENERGY INC	$2,088,000	–	100,000	–	0.08%	–
HBM	New	HUDBAY MINERALS INC	$2,054,000	–	379,660	–	0.08%	–
SMHI	New	SEACOR MARINE HOLDINGS	$1,692,000	–	113,069	–	0.07%	–
PLG	New	PLATINUM GROUP METALS	$1,239,000	–	945,961	–	0.05%	–
NTZ	New	NATUZZI SPA	$1,068,000	–	441,523	–	0.04%	–
	New	GREAT PANTHER MINING WTS $1.3166 6/27/22wts	$431,000	–	2,258,112	–	0.02%	–
	New	GREAT PANTHER MINING WTS $1.3166 5/17/22wts	$235,000	–	1,270,188	–	0.01%	–
STLY	New	HG HOLDINGS	$74,000	–	120,892	–	0.00%	–
AGI	New	ALAMOS GOLD INC - CLASS A	$20,000	–	3,353	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
	Exit	PERSHING GOLD WARRANTSwts	$0	–	-925,000	–	0.00%	–
STLY	Exit	HG HOLDINGS	$0	–	-120,892	–	-0.00%	–
	Exit	DORIAN LPG LTD	$0	–	-17,333	–	-0.00%	–
CDE	Exit	COEUR MINING	$0	–	-89,200	–	-0.02%	–
PKDSQ	Exit	PARKER DRILLING COMPANY	$0	–	-275,960	–	-0.03%	–
CLDPQ	Exit	CLOUD PEAK ENERGY	$0	–	-440,859	–	-0.03%	–
PLG	Exit	PLATINUM GROUP METALS	$0	–	-12,208,244	–	-0.07%	–
SMHI	Exit	SEACOR MARINE HOLDINGS	$0	–	-126,139	–	-0.09%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-569,960	–	-0.09%	–
PGLC	Exit	PERSHING GOLD CORP	$0	–	-3,251,930	–	-0.12%	–
NTZ	Exit	NATUZZI SPA	$0	–	-2,934,725	–	-0.12%	–
VRTV	Exit	VERITIV CORP	$0	–	-121,069	–	-0.14%	–
VRS	Exit	VERSO CORP	$0	–	-151,912	–	-0.16%	–
ALO	Exit	ALIO GOLD INC.	$0	–	-6,440,309	–	-0.16%	–
CPLP	Exit	CAPITAL PRODUCT PARTNERS LP	$0	–	-2,260,676	–	-0.20%	–
AGI	Exit	ALAMOS GOLD	$0	–	-1,508,175	–	-0.22%	–
EURN	Exit	EURONAV SA	$0	–	-837,445	–	-0.23%	–
KE	Exit	KIMBALL ELECTRONICS	$0	–	-436,150	–	-0.27%	–
EGO	Exit	ELDORADO GOLD	$0	–	-10,018,948	–	-0.28%	–
BCRHF	Exit	BLUE CAPITAL REINSURANCE	$0	–	-879,285	–	-0.28%	–
ERA	Exit	ERA GROUP	$0	–	-805,852	–	-0.31%	–
TOL	Exit	TOLL BROTHERS INC.	$0	–	-316,394	–	-0.33%	–
GS	Exit	GOLDMAN SACHS GROUP	$0	–	-49,514	–	-0.35%	–
TPC	Exit	TUTOR PERINI CORP	$0	–	-600,652	–	-0.35%	–
AVHOQ	Exit	AVIANCA HOLDINGS	$0	–	-2,071,149	–	-0.36%	–
WPX	Exit	WPX ENERGY INC	$0	–	-578,921	–	-0.36%	–
AYR	Exit	AIRCASTLE	$0	–	-543,500	–	-0.37%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP	$0	–	-601,739	–	-0.41%	–
NBR	Exit	NABORS INDUSTRIES	$0	–	-2,457,099	–	-0.47%	–
PYXSQ	Exit	PYXUS INTERNATIONAL	$0	–	-666,885	–	-0.48%	–
KBH	Exit	KB HOME	$0	–	-703,798	–	-0.52%	–
AKG	Exit	ASANKO GOLD	$0	–	-21,232,924	–	-0.53%	–
NEBLQ	Exit	NOBLE CORP	$0	–	-2,513,261	–	-0.55%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-2,905,913	–	-0.59%	–
MFA	Exit	MFA FINANCIAL INC.	$0	–	-3,080,557	–	-0.71%	–
AAVVF	Exit	ADVANTAGE OIL & GAS	$0	–	-10,966,331	–	-0.95%	–
BZH	Exit	BEAZER HOMES USA INC	$0	–	-3,001,034	–	-0.98%	–
L	Exit	LOEWS CORP	$0	–	-648,671	–	-1.02%	–
FLY	Exit	FLY LEASING	$0	–	-2,551,223	–	-1.12%	–
CLS	Exit	CELESTICA	$0	–	-3,340,030	–	-1.13%	–
SANM	Exit	SANMINA CORPORATION	$0	–	-1,431,419	–	-1.23%	–
PLAB	Exit	PHOTRONICS	$0	–	-4,273,216	–	-1.31%	–
KEP	Exit	KOREA ELECTRIC POWER CORP	$0	–	-3,239,885	–	-1.33%	–
INSW	Exit	INTERNATIONAL SEAWAYS	$0	–	-2,375,005	–	-1.48%	–
MHO	Exit	M/I HOMES	$0	–	-2,030,436	–	-1.52%	–
ANAT	Exit	AMERICAN NATIONAL	$0	–	-403,305	–	-1.63%	–
AXS	Exit	AXIS CAPITAL HOLDINGS	$0	–	-917,702	–	-1.65%	–
AUY	Exit	YAMANA GOLD	$0	–	-21,845,224	–	-1.70%	–
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-5,004,916	–	-2.02%	–
GFI	Exit	GOLD FIELDS LTD	$0	–	-31,183,692	–	-2.35%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-1,511,565	–	-2.51%	–
RE	Exit	EVEREST RE GROUP	$0	–	-379,813	–	-2.71%	–
AHL	Exit	ASPEN INSURANCE	$0	–	-2,181,769	–	-2.84%	–
C	Exit	CITIGROUP	$0	–	-1,294,952	–	-2.90%	–
CNA	Exit	CNA FINANCIAL CORP.	$0	–	-2,072,389	–	-2.95%	–
IAG	Exit	IAMGOLD CORP	$0	–	-30,987,347	–	-3.56%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-50,328,706	–	-4.24%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-8,524,035	–	-4.80%	–
JBLU	Exit	JETBLUE AIRWAYS	$0	–	-8,450,339	–	-5.10%	–
UNM	Exit	UNUM GROUP	$0	–	-5,555,352	–	-6.77%	–
AFLYY	Exit	AIR FRANCE-KLM	$0	–	-23,893,263	–	-7.67%	–
MU	Exit	MICRON TECHNOLOGY	$0	–	-7,668,083	–	-10.81%	–
AER	Exit	AERCAP HOLDINGS	$0	–	-6,994,839	–	-12.54%	–

Q3 2018

			Value		Shares		↓ Weighting
AER	Sell	AERCAP HOLDINGS	$402,343,000	+0.4%	6,994,839	-5.5%	12.54%	+8.2%
MU	Sell	MICRON TECHNOLOGY	$346,827,000	-14.7%	7,668,083	-1.2%	10.81%	-8.1%
AFLYY	Buy	AIR FRANCE-KLM	$246,101,000	+43.5%	23,893,263	+14.0%	7.67%	+54.8%
UNM	Buy	UNUM GROUP	$217,048,000	+10.1%	5,555,352	+4.3%	6.77%	+18.8%
JBLU	Buy	JETBLUE AIRWAYS	$163,599,000	+24.2%	8,450,339	+21.7%	5.10%	+33.9%
TMHC	Sell	TAYLOR MORRISON HOME CORP	$153,774,000	-13.3%	8,524,035	-0.2%	4.80%	-6.5%
KGC	Sell	KINROSS GOLD CORP	$135,888,000	-29.5%	50,328,706	-1.9%	4.24%	-24.0%
IAG	Sell	IAMGOLD CORP	$114,033,000	-39.6%	30,987,347	-4.6%	3.56%	-34.8%
CNA	Buy	CNA FINANCIAL CORP.	$94,605,000	+10.5%	2,072,389	+10.6%	2.95%	+19.2%
C	Sell	CITIGROUP	$92,900,000	-0.4%	1,294,952	-7.1%	2.90%	+7.4%
AHL	Sell	ASPEN INSURANCE	$91,198,000	+2.7%	2,181,769	-0.0%	2.84%	+10.8%
RE	Sell	EVEREST RE GROUP	$86,776,000	-2.1%	379,813	-1.3%	2.71%	+5.6%
AIG	Sell	AMERICAN INTERNATIONAL GROUP	$80,476,000	-5.5%	1,511,565	-5.9%	2.51%	+2.0%
GFI	Buy	GOLD FIELDS LTD	$75,465,000	-7.0%	31,183,692	+37.1%	2.35%	+0.3%
RFP	Sell	RESOLUTE FOREST PRODUCTS	$64,814,000	+17.6%	5,004,916	-6.1%	2.02%	+26.8%
AUY	Sell	YAMANA GOLD	$54,395,000	-56.5%	21,845,224	-49.3%	1.70%	-53.0%
AXS	Sell	AXIS CAPITAL HOLDINGS	$52,961,000	-16.6%	917,702	-19.6%	1.65%	-10.0%
ANAT	Sell	AMERICAN NATIONAL	$52,143,000	-25.4%	403,305	-31.0%	1.63%	-19.5%
MHO	Buy	M/I HOMES	$48,588,000	-4.0%	2,030,436	+6.3%	1.52%	+3.6%
INSW	Buy	INTERNATIONAL SEAWAYS	$47,548,000	-12.3%	2,375,005	+1.3%	1.48%	-5.4%
KEP	Sell	KOREA ELECTRIC POWER CORP	$42,669,000	-11.9%	3,239,885	-4.1%	1.33%	-5.1%
PLAB	Buy	PHOTRONICS	$42,091,000	+25.4%	4,273,216	+1.5%	1.31%	+35.3%
SANM	Sell	SANMINA CORPORATION	$39,507,000	-7.8%	1,431,419	-2.1%	1.23%	-0.6%
CLS	Sell	CELESTICA	$36,173,000	-8.8%	3,340,030	-0.0%	1.13%	-1.6%
FLY	Sell	FLY LEASING	$35,972,000	+0.0%	2,551,223	-0.0%	1.12%	+8.0%
L	Sell	LOEWS CORP	$32,583,000	-1.1%	648,671	-4.9%	1.02%	+6.7%
BZH	Buy	BEAZER HOMES USA INC	$31,511,000	-0.1%	3,001,034	+40.3%	0.98%	+7.8%
AAVVF	Buy	ADVANTAGE OIL & GAS	$30,469,000	+1.8%	10,966,331	+13.5%	0.95%	+9.7%
MFA	Buy	MFA FINANCIAL INC.	$22,642,000	-3.0%	3,080,557	+0.0%	0.71%	+4.6%
ASC	Sell	ARDMORE SHIPPING CORP	$18,888,000	-22.4%	2,905,913	-2.1%	0.59%	-16.3%
NEBLQ	Buy	NOBLE CORP	$17,668,000	+11.1%	2,513,261	+0.0%	0.55%	+19.8%
AKG	Buy	ASANKO GOLD	$17,135,000	-21.6%	21,232,924	+4.0%	0.53%	-15.5%
KBH	Sell	KB HOME	$16,828,000	-12.3%	703,798	-0.0%	0.52%	-5.2%
PYXSQ	New	PYXUS INTERNATIONAL	$15,338,000	–	666,885	–	0.48%	–
NBR	Buy	NABORS INDUSTRIES	$15,136,000	-3.9%	2,457,099	+0.0%	0.47%	+3.7%
JEF	Buy	JEFFERIES FINANCIAL GROUP	$13,214,000	-3.4%	601,739	+0.0%	0.41%	+4.3%
AYR	Buy	AIRCASTLE	$11,908,000	+6.9%	543,500	+0.0%	0.37%	+15.2%
AVHOQ	Buy	AVIANCA HOLDINGS	$11,640,000	+32.9%	2,071,149	+52.8%	0.36%	+43.5%
WPX	Sell	WPX ENERGY INC	$11,648,000	-45.3%	578,921	-51.0%	0.36%	-41.1%
TPC	New	TUTOR PERINI CORP	$11,292,000	–	600,652	–	0.35%	–
GS	Buy	GOLDMAN SACHS GROUP	$11,103,000	+1.7%	49,514	+0.0%	0.35%	+9.5%
TOL	Buy	TOLL BROTHERS INC.	$10,450,000	-10.7%	316,394	+0.0%	0.33%	-3.6%
ERA	Buy	ERA GROUP	$9,952,000	-4.6%	805,852	+0.0%	0.31%	+2.6%
BCRHF	Buy	BLUE CAPITAL REINSURANCE	$8,969,000	-1.1%	879,285	+7.2%	0.28%	+6.9%
EGO	Buy	ELDORADO GOLD	$8,848,000	-10.8%	10,018,948	+0.3%	0.28%	-3.8%
KE	Sell	KIMBALL ELECTRONICS	$8,570,000	+7.3%	436,150	-0.0%	0.27%	+15.6%
EURN	Buy	EURONAV SA	$7,286,000	-5.4%	837,445	+0.0%	0.23%	+1.8%
AGI	Buy	ALAMOS GOLD	$6,953,000	+2.9%	1,508,175	+27.0%	0.22%	+11.3%
CPLP	New	CAPITAL PRODUCT PARTNERS LP	$6,285,000	–	2,260,676	–	0.20%	–
ALO	Buy	ALIO GOLD INC.	$5,137,000	+470.8%	6,440,309	+945.1%	0.16%	+515.4%
VRS	Sell	VERSO CORP	$5,115,000	-80.6%	151,912	-87.4%	0.16%	-79.1%
VRTV	Sell	VERITIV CORP	$4,407,000	-47.9%	121,069	-43.0%	0.14%	-44.1%
NTZ	Sell	NATUZZI SPA	$4,021,000	-13.9%	2,934,725	-0.0%	0.12%	-7.4%
HBM	Sell	HUDBAY MINERALS INC	$2,878,000	-10.1%	569,960	-0.3%	0.09%	-3.2%
PKDSQ	New	PARKER DRILLING COMPANY	$822,000	–	275,960	–	0.03%	–
CDE	Sell	COEUR MINING	$475,000	-74.5%	89,200	-63.5%	0.02%	-72.2%
BPI	Exit	BRIDGEPOINT EDUCATION	$0	–	-186,862	–	-0.04%	–
GRPU	Exit	GRANITE REAL ESTATE INVESTMENT TRUST	$0	–	-30,700	–	-0.04%	–
PKD	Exit	PARKER DRILLING COMPANY	$0	–	-4,139,483	–	-0.04%	–
AOI	Exit	ALLIANCE ONE	$0	–	-883,488	–	-0.40%	–
XL	Exit	XL GROUP	$0	–	-553,863	–	-0.90%	–

Q2 2018

			Value		Shares		↓ Weighting
MU	New	MICRON TECHNOLOGY	$406,825,000	–	7,757,905	–	11.76%	–
AER	New	AERCAP HOLDINGS	$400,924,000	–	7,403,952	–	11.59%	–
UNM	New	UNUM GROUP	$197,086,000	–	5,328,092	–	5.70%	–
KGC	New	KINROSS GOLD CORP	$192,855,000	–	51,291,334	–	5.58%	–
IAG	New	IAMGOLD CORP	$188,755,000	–	32,487,878	–	5.46%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$177,442,000	–	8,539,084	–	5.13%	–
AFLYY	New	AIR FRANCE-KLM	$171,510,000	–	20,966,988	–	4.96%	–
JBLU	New	JETBLUE AIRWAYS	$131,749,000	–	6,941,452	–	3.81%	–
AUY	New	YAMANA GOLD	$124,937,000	–	43,081,848	–	3.61%	–
C	New	CITIGROUP	$93,288,000	–	1,394,029	–	2.70%	–
AHL	New	ASPEN INSURANCE	$88,809,000	–	2,182,041	–	2.57%	–
RE	New	EVEREST RE GROUP	$88,667,000	–	384,708	–	2.56%	–
CNA	New	CNA FINANCIAL CORP.	$85,585,000	–	1,873,570	–	2.47%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$85,131,000	–	1,605,630	–	2.46%	–
GFI	New	GOLD FIELDS LTD	$81,171,000	–	22,736,936	–	2.35%	–
ANAT	New	AMERICAN NATIONAL	$69,870,000	–	584,245	–	2.02%	–
AXS	New	AXIS CAPITAL HOLDINGS	$63,486,000	–	1,141,426	–	1.84%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$55,137,000	–	5,327,233	–	1.59%	–
INSW	New	INTERNATIONAL SEAWAYS	$54,244,000	–	2,344,169	–	1.57%	–
MHO	New	M/I HOMES	$50,601,000	–	1,910,918	–	1.46%	–
KEP	New	KOREA ELECTRIC POWER CORP	$48,445,000	–	3,378,333	–	1.40%	–
SANM	New	SANMINA CORPORATION	$42,843,000	–	1,462,206	–	1.24%	–
CLS	New	CELESTICA	$39,648,000	–	3,340,174	–	1.15%	–
FLY	New	FLY LEASING	$35,955,000	–	2,551,808	–	1.04%	–
PLAB	New	PHOTRONICS	$33,564,000	–	4,208,591	–	0.97%	–
L	New	LOEWS CORP	$32,940,000	–	682,262	–	0.95%	–
BZH	New	BEAZER HOMES USA INC	$31,551,000	–	2,139,068	–	0.91%	–
XL	New	XL GROUP	$30,989,000	–	553,863	–	0.90%	–
AAVVF	New	ADVANTAGE OIL & GAS	$29,944,000	–	9,659,286	–	0.87%	–
VRS	New	VERSO CORP	$26,339,000	–	1,210,451	–	0.76%	–
ASC	New	ARDMORE SHIPPING CORP	$24,347,000	–	2,969,095	–	0.70%	–
MFA	New	MFA FINANCIAL INC.	$23,350,000	–	3,080,517	–	0.68%	–
AKG	New	ASANKO GOLD	$21,845,000	–	20,415,757	–	0.63%	–
WPX	New	WPX ENERGY INC	$21,308,000	–	1,181,796	–	0.62%	–
KBH	New	KB HOME	$19,178,000	–	704,020	–	0.55%	–
NEBLQ	New	NOBLE CORP	$15,909,000	–	2,513,228	–	0.46%	–
NBR	New	NABORS INDUSTRIES	$15,750,000	–	2,457,067	–	0.46%	–
AOI	New	ALLIANCE ONE	$14,003,000	–	883,488	–	0.40%	–
JEF	New	JEFFERIES FINANCIAL GROUP	$13,677,000	–	601,442	–	0.40%	–
TOL	New	TOLL BROTHERS INC.	$11,703,000	–	316,390	–	0.34%	–
AYR	New	AIRCASTLE	$11,142,000	–	543,493	–	0.32%	–
GS	New	GOLDMAN SACHS GROUP	$10,921,000	–	49,513	–	0.32%	–
ERA	New	ERA GROUP	$10,436,000	–	805,842	–	0.30%	–
EGO	New	ELDORADO GOLD	$9,923,000	–	9,987,740	–	0.29%	–
BCRHF	New	BLUE CAPITAL REINSURANCE	$9,067,000	–	820,565	–	0.26%	–
AVHOQ	New	AVIANCA HOLDINGS	$8,758,000	–	1,355,772	–	0.25%	–
VRTV	New	VERITIV CORP	$8,461,000	–	212,310	–	0.24%	–
KE	New	KIMBALL ELECTRONICS	$7,985,000	–	436,347	–	0.23%	–
EURN	New	EURONAV SA	$7,704,000	–	837,435	–	0.22%	–
AGI	New	ALAMOS GOLD	$6,758,000	–	1,187,622	–	0.20%	–
PGLC	New	PERSHING GOLD CORP	$5,951,000	–	3,251,930	–	0.17%	–
NTZ	New	NATUZZI SPA	$4,668,000	–	2,935,910	–	0.14%	–
HBM	New	HUDBAY MINERALS INC	$3,202,000	–	571,826	–	0.09%	–
SMHI	New	SEACOR MARINE HOLDINGS	$2,913,000	–	126,139	–	0.08%	–
CDE	New	COEUR MINING	$1,860,000	–	244,675	–	0.05%	–
PKD	New	PARKER DRILLING COMPANY	$1,573,000	–	4,139,483	–	0.04%	–
CLDPQ	New	CLOUD PEAK ENERGY	$1,539,000	–	440,859	–	0.04%	–
PLG	New	PLATINUM GROUP METALS	$1,267,000	–	12,208,244	–	0.04%	–
GRPU	New	GRANITE REAL ESTATE INVESTMENT TRUST	$1,252,000	–	30,700	–	0.04%	–
BPI	New	BRIDGEPOINT EDUCATION	$1,220,000	–	186,862	–	0.04%	–
ALO	New	ALIO GOLD INC.	$900,000	–	616,254	–	0.03%	–
	New	DORIAN LPG LTD	$132,000	–	17,333	–	0.00%	–
STLY	New	HG HOLDINGS	$79,000	–	120,892	–	0.00%	–
	New	PERSHING GOLD WARRANTSwts	$41,000	–	925,000	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
	Exit	PRIMERO MINING CORP WARRANTSwts	$0	–	-2,170,700	–	0.00%	–
STLY	Exit	STANLEY FURNITURE	$0	–	-120,892	–	-0.00%	–
	Exit	PERSHING GOLD WARRANTSwts	$0	–	-925,000	–	-0.01%	–
PPPMF	Exit	PRIMERO MINING CORP	$0	–	-17,920,695	–	-0.03%	–
CLDPQ	Exit	CLOUD PEAK ENERGY	$0	–	-495,859	–	-0.04%	–
VRTV	Exit	VERITIV CORP	$0	–	-57,381	–	-0.04%	–
ALO	Exit	ALIO GOLD	$0	–	-515,420	–	-0.06%	–
BPI	Exit	BRIDGEPOINT EDUCATION	$0	–	-242,217	–	-0.06%	–
SMHI	Exit	SEACOR MARINE HOLDINGS	$0	–	-150,870	–	-0.06%	–
NGD	Exit	NEW GOLD INC.	$0	–	-792,987	–	-0.07%	–
PAAS	Exit	PAN AMERICAN SILVER	$0	–	-237,138	–	-0.10%	–
PKD	Exit	PARKER DRILLING COMPANY	$0	–	-4,769,509	–	-0.13%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-713,663	–	-0.13%	–
PLG	Exit	PLATINUM GROUP METALS	$0	–	-13,942,809	–	-0.14%	–
NEM	Exit	NEWMONT MINING	$0	–	-179,541	–	-0.16%	–
CKH	Exit	SEACOR HOLDINGS	$0	–	-150,697	–	-0.17%	–
NTZ	Exit	NATUZZI SPA	$0	–	-3,564,282	–	-0.18%	–
BCRHF	Exit	BLUE CAPITAL REINSURANCE	$0	–	-450,065	–	-0.18%	–
AGI	Exit	ALAMOS GOLD	$0	–	-1,333,706	–	-0.22%	–
AOI	Exit	ALLIANCE ONE	$0	–	-846,696	–	-0.22%	–
PGLC	Exit	PERSHING GOLD CORP	$0	–	-3,251,930	–	-0.23%	–
VRS	Exit	VERSO CORP	$0	–	-2,061,173	–	-0.25%	–
KELYA	Exit	KELLY SERVICES INC	$0	–	-432,618	–	-0.26%	–
EURN	Exit	EURONAV SA	$0	–	-1,512,394	–	-0.30%	–
RT	Exit	RUBY TUESDAY	$0	–	-5,829,170	–	-0.30%	–
ARCTF	Exit	AURICO METALS	$0	–	-12,660,031	–	-0.30%	–
HMN	Exit	HORACE MANN EDUCATORS	$0	–	-349,878	–	-0.33%	–
NWSA	Exit	NEWS CORP - CLASS A	$0	–	-1,143,351	–	-0.36%	–
KE	Exit	KIMBALL ELECTRONICS	$0	–	-733,381	–	-0.38%	–
AYR	Exit	AIRCASTLE	$0	–	-743,298	–	-0.40%	–
INSW	Exit	INTERNATIONAL SEAWAYS	$0	–	-847,222	–	-0.40%	–
NBR	Exit	NABORS INDUSTRIES	$0	–	-2,158,781	–	-0.42%	–
NEBLQ	Exit	NOBLE CORP	$0	–	-4,008,342	–	-0.44%	–
GRPU	Exit	GRANITE REAL ESTATE INVESTMENT TRUST	$0	–	-460,949	–	-0.45%	–
AKG	Exit	ASANKO GOLD	$0	–	-20,273,390	–	-0.46%	–
AAVVF	Exit	ADVANTAGE OIL AND GAS	$0	–	-3,621,825	–	-0.55%	–
AXS	Exit	AXIS CAPITAL HOLDINGS	$0	–	-406,611	–	-0.56%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-3,194,910	–	-0.63%	–
MFA	Exit	MFA FINANCIAL INC.	$0	–	-3,084,202	–	-0.65%	–
CLS	Exit	CELESTICA	$0	–	-2,736,724	–	-0.82%	–
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-7,753,044	–	-0.94%	–
FLY	Exit	FLY LEASING	$0	–	-2,834,640	–	-0.96%	–
PLAB	Exit	PHOTRONICS	$0	–	-4,752,583	–	-1.01%	–
XL	Exit	XL GROUP	$0	–	-1,074,702	–	-1.02%	–
WPX	Exit	WPX ENERGY INC	$0	–	-3,691,688	–	-1.02%	–
CDE	Exit	COEUR MINING	$0	–	-4,934,210	–	-1.09%	–
TOL	Exit	TOLL BROTHERS INC.	$0	–	-1,124,825	–	-1.12%	–
AHL	Exit	ASPEN INSURANCE	$0	–	-1,227,032	–	-1.19%	–
GS	Exit	GOLDMAN SACHS GROUP	$0	–	-247,760	–	-1.41%	–
ACLS	Exit	AXCELIS TECHNOLOGIES	$0	–	-2,282,471	–	-1.50%	–
MHO	Exit	M/I HOMES	$0	–	-2,338,617	–	-1.50%	–
CAA	Exit	CALATLANTIC GROUP	$0	–	-1,752,049	–	-1.54%	–
SANM	Exit	SANMINA CORPORATION	$0	–	-1,810,119	–	-1.62%	–
L	Exit	LOEWS CORP	$0	–	-1,430,997	–	-1.65%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-3,339,931	–	-1.77%	–
RE	Exit	EVEREST RE GROUP	$0	–	-341,290	–	-1.88%	–
KEP	Exit	KOREA ELECTRIC POWER CORP	$0	–	-4,888,673	–	-1.97%	–
CNA	Exit	CNA FINANCIAL CORP.	$0	–	-2,150,633	–	-2.60%	–
ANAT	Exit	AMERICAN NATIONAL	$0	–	-933,337	–	-2.65%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-1,806,428	–	-2.67%	–
JBLU	Exit	JETBLUE AIRWAYS	$0	–	-6,460,428	–	-2.88%	–
C	Exit	CITIGROUP	$0	–	-1,802,064	–	-3.16%	–
KBH	Exit	KB HOME	$0	–	-5,977,784	–	-3.47%	–
AUY	Exit	YAMANA GOLD	$0	–	-63,945,807	–	-4.08%	–
UNM	Exit	UNUM GROUP	$0	–	-3,391,096	–	-4.17%	–
IAG	Exit	IAMGOLD CORP	$0	–	-41,948,540	–	-6.16%	–
AFLYY	Exit	AIR FRANCE-KLM	$0	–	-16,392,737	–	-6.18%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-62,323,960	–	-6.36%	–
AER	Exit	AERCAP HOLDINGS	$0	–	-8,496,762	–	-10.45%	–
MU	Exit	MICRON TECHNOLOGY	$0	–	-12,109,847	–	-11.46%	–

Q3 2017

			Value		Shares		↓ Weighting
MU	Sell	MICRON TECHNOLOGY	$476,280,000	+19.5%	12,109,847	-9.3%	11.46%	+18.0%
AER	Sell	AERCAP HOLDINGS	$434,270,000	+6.0%	8,496,762	-3.7%	10.45%	+4.7%
KGC	Sell	KINROSS GOLD CORP	$264,254,000	+2.6%	62,323,960	-1.5%	6.36%	+1.3%
AFLYY	Sell	AIR FRANCE-KLM	$256,710,000	+1.3%	16,392,737	-6.8%	6.18%	0.0%
IAG	Sell	IAMGOLD CORP	$255,886,000	+11.0%	41,948,540	-6.1%	6.16%	+9.6%
UNM	Sell	UNUM GROUP	$173,387,000	+4.3%	3,391,096	-4.9%	4.17%	+3.0%
AUY	Sell	YAMANA GOLD	$169,456,000	+8.6%	63,945,807	-0.4%	4.08%	+7.3%
KBH	Sell	KB HOME	$144,184,000	-9.4%	5,977,784	-10.0%	3.47%	-10.5%
C	Buy	CITIGROUP	$131,082,000	+15.3%	1,802,064	+6.0%	3.16%	+13.8%
JBLU	Buy	JETBLUE AIRWAYS	$119,712,000	-14.7%	6,460,428	+5.1%	2.88%	-15.8%
AIG	Buy	AMERICAN INTERNATIONAL GROUP	$110,897,000	+4.6%	1,806,428	+6.6%	2.67%	+3.3%
ANAT	Sell	AMERICAN NATIONAL	$110,208,000	-7.0%	933,337	-8.3%	2.65%	-8.2%
CNA	Sell	CNA FINANCIAL CORP.	$108,069,000	+3.1%	2,150,633	-0.0%	2.60%	+1.8%
KEP	Buy	KOREA ELECTRIC POWER CORP	$81,934,000	+0.9%	4,888,673	+8.2%	1.97%	-0.4%
RE	Sell	EVEREST RE GROUP	$77,947,000	-10.3%	341,290	-0.0%	1.88%	-11.4%
TMHC	Sell	TAYLOR MORRISON HOME CORP	$73,645,000	-8.2%	3,339,931	-0.0%	1.77%	-9.3%
L	Sell	LOEWS CORP	$68,488,000	+1.2%	1,430,997	-1.0%	1.65%	-0.1%
SANM	Sell	SANMINA CORPORATION	$67,246,000	-12.9%	1,810,119	-10.7%	1.62%	-14.0%
CAA	New	CALATLANTIC GROUP	$64,178,000	–	1,752,049	–	1.54%	–
MHO	Buy	M/I HOMES	$62,511,000	+34.3%	2,338,617	+43.4%	1.50%	+32.6%
ACLS	Sell	AXCELIS TECHNOLOGIES	$62,426,000	+13.1%	2,282,471	-13.4%	1.50%	+11.7%
GS	Sell	GOLDMAN SACHS GROUP	$58,766,000	+5.6%	247,760	-1.2%	1.41%	+4.2%
AHL	Buy	ASPEN INSURANCE	$49,572,000	+54.8%	1,227,032	+91.0%	1.19%	+52.8%
TOL	Sell	TOLL BROTHERS INC.	$46,646,000	-48.6%	1,124,825	-51.0%	1.12%	-49.3%
CDE	Sell	COEUR MINING	$45,345,000	+2.2%	4,934,210	-4.6%	1.09%	+0.8%
WPX	Sell	WPX ENERGY INC	$42,454,000	+19.0%	3,691,688	-0.0%	1.02%	+17.6%
XL	Sell	XL GROUP	$42,397,000	-17.6%	1,074,702	-8.6%	1.02%	-18.7%
PLAB	Sell	PHOTRONICS	$42,060,000	-15.1%	4,752,583	-9.8%	1.01%	-16.2%
FLY	Sell	FLY LEASING	$39,742,000	-6.0%	2,834,640	-9.8%	0.96%	-7.1%
RFP	Sell	RESOLUTE FOREST PRODUCTS	$39,153,000	+10.5%	7,753,044	-3.7%	0.94%	+9.2%
CLS	Sell	CELESTICA	$33,881,000	-8.9%	2,736,724	-0.0%	0.82%	-10.0%
MFA	Sell	MFA FINANCIAL INC.	$27,018,000	+4.4%	3,084,202	-0.0%	0.65%	+3.0%
ASC	Sell	ARDMORE SHIPPING CORP	$26,358,000	-3.8%	3,194,910	-5.0%	0.63%	-5.1%
AXS	Sell	AXIS CAPITAL HOLDINGS	$23,303,000	-11.4%	406,611	-0.0%	0.56%	-12.5%
AAVVF	Sell	ADVANTAGE OIL AND GAS	$22,817,000	-17.7%	3,621,825	-11.8%	0.55%	-18.8%
AKG	Buy	ASANKO GOLD	$19,327,000	-24.8%	20,273,390	+20.7%	0.46%	-25.7%
GRPU	Sell	GRANITE REAL ESTATE INVESTMENT TRUST	$18,655,000	-62.2%	460,949	-62.8%	0.45%	-62.6%
NEBLQ	Sell	NOBLE CORP	$18,438,000	+27.0%	4,008,342	-0.0%	0.44%	+25.4%
NBR	Buy	NABORS INDUSTRIES	$17,421,000	+3.2%	2,158,781	+4.1%	0.42%	+1.9%
INSW	Buy	INTERNATIONAL SEAWAYS	$16,690,000	+38.6%	847,222	+52.5%	0.40%	+37.2%
AYR	Sell	AIRCASTLE	$16,568,000	-12.2%	743,298	-14.4%	0.40%	-13.3%
KE	Sell	KIMBALL ELECTRONICS	$15,878,000	-6.4%	733,381	-21.9%	0.38%	-7.5%
NWSA	Sell	NEWS CORP - CLASS A	$15,161,000	-3.2%	1,143,351	-0.0%	0.36%	-4.5%
HMN	Sell	HORACE MANN EDUCATORS	$13,768,000	-8.9%	349,878	-12.5%	0.33%	-10.1%
ARCTF	Sell	AURICO METALS	$12,671,000	+11.0%	12,660,031	-3.5%	0.30%	+9.7%
RT	Sell	RUBY TUESDAY	$12,474,000	+4.4%	5,829,170	-1.9%	0.30%	+3.1%
EURN	Sell	EURONAV SA	$12,250,000	-9.1%	1,512,394	-11.4%	0.30%	-10.3%
KELYA	Sell	KELLY SERVICES INC	$10,854,000	+3.7%	432,618	-7.2%	0.26%	+2.4%
VRS	Sell	VERSO CORP	$10,491,000	+8.5%	2,061,173	-0.0%	0.25%	+7.2%
AOI	Sell	ALLIANCE ONE	$9,229,000	-28.4%	846,696	-5.4%	0.22%	-29.3%
AGI	Sell	ALAMOS GOLD	$9,016,000	-29.5%	1,333,706	-25.2%	0.22%	-30.4%
BCRHF	Sell	BLUE CAPITAL REINSURANCE	$7,404,000	-12.0%	450,065	-2.1%	0.18%	-13.2%
NTZ	Sell	NATUZZI SPA	$7,307,000	-24.7%	3,564,282	-2.6%	0.18%	-25.4%
CKH	Sell	SEACOR HOLDINGS	$6,949,000	+29.7%	150,697	-3.5%	0.17%	+27.5%
NEM	Sell	NEWMONT MINING	$6,735,000	-24.9%	179,541	-35.1%	0.16%	-26.0%
PLG	Sell	PLATINUM GROUP METALS	$5,717,000	-52.5%	13,942,809	-3.2%	0.14%	-52.9%
HBM	Buy	HUDBAY MINERALS INC	$5,317,000	+30.1%	713,663	+0.4%	0.13%	+28.0%
PKD	Sell	PARKER DRILLING COMPANY	$5,246,000	-23.2%	4,769,509	-5.7%	0.13%	-24.1%
PAAS	Sell	PAN AMERICAN SILVER	$4,043,000	-78.3%	237,138	-78.6%	0.10%	-78.7%
NGD	Sell	NEW GOLD INC.	$2,942,000	-91.9%	792,987	-93.1%	0.07%	-92.0%
SMHI	Sell	SEACOR MARINE HOLDINGS	$2,360,000	-26.2%	150,870	-3.9%	0.06%	-26.9%
BPI	Sell	BRIDGEPOINT EDUCATION	$2,325,000	-45.8%	242,217	-16.7%	0.06%	-46.7%
ALO	New	ALIO GOLD	$2,283,000	–	515,420	–	0.06%	–
VRTV	New	VERITIV CORP	$1,865,000	–	57,381	–	0.04%	–
CLDPQ	Sell	CLOUD PEAK ENERGY	$1,815,000	-10.9%	495,859	-14.0%	0.04%	-12.0%
PPPMF	Buy	PRIMERO MINING CORP	$1,185,000	-78.8%	17,920,695	+11.0%	0.03%	-78.7%
	Sell	PRIMERO MINING CORP WARRANTSwts	$9,000	-74.3%	2,170,700	-3.6%	0.00%	-100.0%
BAC	Exit	BANK OF AMERICA CORP	$0	–	-351,499	–	-0.21%	–

Q2 2017

			Value		Shares		↓ Weighting
AER	New	AERCAP HOLDINGS	$409,695,000	–	8,823,926	–	9.99%	–
MU	New	MICRON TECHNOLOGY	$398,609,000	–	13,349,250	–	9.72%	–
KGC	New	KINROSS GOLD CORP	$257,560,000	–	63,282,652	–	6.28%	–
AFLYY	New	AIR FRANCE-KLM	$253,499,000	–	17,579,655	–	6.18%	–
IAG	New	IAMGOLD CORP	$230,524,000	–	44,675,275	–	5.62%	–
UNM	New	UNUM GROUP	$166,291,000	–	3,566,186	–	4.05%	–
KBH	New	KB HOME	$159,145,000	–	6,639,339	–	3.88%	–
AUY	New	YAMANA GOLD	$156,022,000	–	64,206,675	–	3.80%	–
JBLU	New	JETBLUE AIRWAYS	$140,301,000	–	6,145,467	–	3.42%	–
ANAT	New	AMERICAN NATIONAL	$118,516,000	–	1,017,396	–	2.89%	–
C	New	CITIGROUP	$113,715,000	–	1,700,284	–	2.77%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$105,990,000	–	1,695,296	–	2.58%	–
CNA	New	CNA FINANCIAL CORP.	$104,861,000	–	2,150,997	–	2.56%	–
TOL	New	TOLL BROTHERS INC.	$90,785,000	–	2,297,774	–	2.21%	–
RE	New	EVEREST RE GROUP	$86,904,000	–	341,348	–	2.12%	–
KEP	New	KOREA ELECTRIC POWER CORP	$81,187,000	–	4,517,922	–	1.98%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$80,205,000	–	3,340,496	–	1.96%	–
SANM	New	SANMINA CORPORATION	$77,194,000	–	2,026,079	–	1.88%	–
L	New	LOEWS CORP	$67,654,000	–	1,445,287	–	1.65%	–
GS	New	GOLDMAN SACHS GROUP	$55,653,000	–	250,802	–	1.36%	–
ACLS	New	AXCELIS TECHNOLOGIES	$55,218,000	–	2,635,698	–	1.35%	–
XL	New	XL GROUP	$51,479,000	–	1,175,309	–	1.26%	–
PLAB	New	PHOTRONICS	$49,518,000	–	5,267,874	–	1.21%	–
GRPU	New	GRANITE REAL ESTATE INVESTMENT TRUST	$49,309,000	–	1,237,670	–	1.20%	–
MHO	New	M/I HOMES	$46,549,000	–	1,630,431	–	1.14%	–
CDE	New	COEUR MINING	$44,387,000	–	5,173,365	–	1.08%	–
FLY	New	FLY LEASING	$42,275,000	–	3,143,086	–	1.03%	–
CLS	New	CELESTICA	$37,171,000	–	2,737,187	–	0.91%	–
NGD	New	NEW GOLD INC.	$36,292,000	–	11,412,647	–	0.88%	–
WPX	New	WPX ENERGY INC	$35,668,000	–	3,692,312	–	0.87%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$35,423,000	–	8,050,600	–	0.86%	–
AHL	New	ASPEN INSURANCE	$32,030,000	–	642,529	–	0.78%	–
AAVVF	New	ADVANTAGE OIL AND GAS	$27,717,000	–	4,106,162	–	0.68%	–
ASC	New	ARDMORE SHIPPING CORP	$27,403,000	–	3,362,353	–	0.67%	–
AXS	New	AXIS CAPITAL HOLDINGS	$26,297,000	–	406,700	–	0.64%	–
MFA	New	MFA FINANCIAL INC.	$25,881,000	–	3,084,725	–	0.63%	–
AKG	New	ASANKO GOLD	$25,700,000	–	16,797,571	–	0.63%	–
AYR	New	AIRCASTLE	$18,880,000	–	868,045	–	0.46%	–
PAAS	New	PAN AMERICAN SILVER	$18,654,000	–	1,109,061	–	0.46%	–
KE	New	KIMBALL ELECTRONICS	$16,959,000	–	939,584	–	0.41%	–
NBR	New	NABORS INDUSTRIES	$16,873,000	–	2,072,870	–	0.41%	–
NWSA	New	NEWS CORP - CLASS A	$15,667,000	–	1,143,544	–	0.38%	–
HMN	New	HORACE MANN EDUCATORS	$15,116,000	–	399,882	–	0.37%	–
NEBLQ	New	NOBLE CORP	$14,513,000	–	4,009,020	–	0.35%	–
EURN	New	EURONAV SA	$13,478,000	–	1,706,107	–	0.33%	–
AOI	New	ALLIANCE ONE	$12,882,000	–	894,556	–	0.31%	–
AGI	New	ALAMOS GOLD	$12,797,000	–	1,782,319	–	0.31%	–
INSW	New	INTERNATIONAL SEAWAYS	$12,039,000	–	555,566	–	0.29%	–
PLG	New	PLATINUM GROUP METALS	$12,033,000	–	14,400,146	–	0.29%	–
RT	New	RUBY TUESDAY	$11,943,000	–	5,941,592	–	0.29%	–
ARCTF	New	AURICO METALS	$11,413,000	–	13,117,914	–	0.28%	–
KELYA	New	KELLY SERVICES INC	$10,462,000	–	466,003	–	0.26%	–
NTZ	New	NATUZZI SPA	$9,700,000	–	3,660,488	–	0.24%	–
VRS	New	VERSO CORP	$9,670,000	–	2,061,732	–	0.24%	–
PGLC	New	PERSHING GOLD CORP	$9,073,000	–	3,251,930	–	0.22%	–
NEM	New	NEWMONT MINING	$8,965,000	–	276,770	–	0.22%	–
BAC	New	BANK OF AMERICA CORP	$8,527,000	–	351,499	–	0.21%	–
BCRHF	New	BLUE CAPITAL REINSURANCE	$8,416,000	–	459,877	–	0.20%	–
PKD	New	PARKER DRILLING COMPANY	$6,827,000	–	5,057,056	–	0.17%	–
PPPMF	New	PRIMERO MINING CORP	$5,580,000	–	16,145,160	–	0.14%	–
CKH	New	SEACOR HOLDINGS	$5,356,000	–	156,164	–	0.13%	–
BPI	New	BRIDGEPOINT EDUCATION	$4,292,000	–	290,790	–	0.10%	–
HBM	New	HUDBAY MINERALS INC	$4,087,000	–	710,760	–	0.10%	–
SMHI	New	SEACOR MARINE HOLDINGS	$3,197,000	–	157,004	–	0.08%	–
CLDPQ	New	CLOUD PEAK ENERGY	$2,036,000	–	576,859	–	0.05%	–
	New	PERSHING GOLD WARRANTSwts	$221,000	–	925,000	–	0.01%	–
STLY	New	STANLEY FURNITURE	$138,000	–	120,892	–	0.00%	–
	New	PRIMERO MINING CORP WARRANTSwts	$35,000	–	2,251,950	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
NRDSQ	Exit	NORD RESOURCES	$0	–	-67,600	–	0.00%	–
TM	Exit	TOYOTA MOTOR	$0	–	-330	–	-0.00%	–
TECD	Exit	TECH DATA	$0	–	-1,248	–	-0.00%	–
STLY	Exit	STANLEY FURNITURE	$0	–	-121,292	–	-0.01%	–
	Exit	PRIMERO MINING CORP - WARRANTSwts	$0	–	-2,350,000	–	-0.03%	–
	Exit	KANSAS CITY LIFE	$0	–	-36,408	–	-0.04%	–
	Exit	PERSHING GOLD WARRANTSwts	$0	–	-925,000	–	-0.04%	–
TDW	Exit	TIDEWATER INC.	$0	–	-880,299	–	-0.07%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-718,660	–	-0.08%	–
BPI	Exit	BRIDGEPOINT EDUCATION	$0	–	-423,760	–	-0.08%	–
CLDPQ	Exit	CLOUD PEAK ENERGY	$0	–	-627,259	–	-0.09%	–
VRTV	Exit	VERITIV CORP	$0	–	-69,430	–	-0.10%	–
PGNPQ	Exit	PARAGON OFFSHORE LTD	$0	–	-5,874,716	–	-0.10%	–
DAN	Exit	DANA HOLDING CORP	$0	–	-248,600	–	-0.11%	–
NEM	Exit	NEWMONT MINING	$0	–	-139,255	–	-0.15%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-351,672	–	-0.15%	–
GM	Exit	GENERAL MOTORS	$0	–	-189,563	–	-0.16%	–
VRS	Exit	VERSO CORP	$0	–	-1,084,294	–	-0.19%	–
NTZ	Exit	NATUZZI SPA	$0	–	-4,133,402	–	-0.20%	–
PKD	Exit	PARKER DRILLING COMPANY	$0	–	-3,778,313	–	-0.22%	–
AKG	Exit	ASANKO GOLD	$0	–	-2,009,500	–	-0.23%	–
KELYA	Exit	KELLY SERVICES INC	$0	–	-480,073	–	-0.25%	–
AGI	Exit	ALAMOS GOLD	$0	–	-1,154,226	–	-0.26%	–
CKH	Exit	SEACOR HOLDINGS	$0	–	-161,264	–	-0.26%	–
ARCTF	Exit	AURICO METALS	$0	–	-11,604,529	–	-0.26%	–
NBR	Exit	NABORS INDUSTRIES	$0	–	-954,512	–	-0.32%	–
NRG	Exit	NRG ENERGY	$0	–	-1,051,524	–	-0.32%	–
NWSA	Exit	NEWS CORP - CLASS A	$0	–	-862,779	–	-0.33%	–
BCRHF	Exit	BLUE CAPITAL REINSURANCE	$0	–	-660,724	–	-0.33%	–
EURN	Exit	EURONAV SA	$0	–	-1,831,987	–	-0.38%	–
PGLC	Exit	PERSHING GOLD	$0	–	-3,258,100	–	-0.40%	–
RT	Exit	RUBY TUESDAY	$0	–	-6,046,821	–	-0.41%	–
KE	Exit	KIMBALL ELECTRONICS	$0	–	-1,138,413	–	-0.43%	–
AOI	Exit	ALLIANCE ONE	$0	–	-833,155	–	-0.44%	–
AYR	Exit	AIRCASTLE	$0	–	-854,106	–	-0.46%	–
PAAS	Exit	PAN AMERICAN SILVER	$0	–	-1,109,608	–	-0.54%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-3,327,613	–	-0.64%	–
NEBLQ	Exit	NOBLE CORP	$0	–	-4,033,103	–	-0.70%	–
ENH	Exit	ENDURANCE SPECIALTY HOLDINGS	$0	–	-400,634	–	-0.72%	–
HMN	Exit	HORACE MANN EDUCATORS	$0	–	-839,259	–	-0.84%	–
PPPMF	Exit	PRIMERO MINING CORP	$0	–	-18,664,139	–	-0.85%	–
MHO	Exit	M/I HOMES	$0	–	-1,397,261	–	-0.90%	–
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-7,474,418	–	-0.97%	–
MFA	Exit	MFA FINANCIAL INC.	$0	–	-4,936,754	–	-1.01%	–
FLY	Exit	FLY LEASING	$0	–	-3,217,641	–	-1.02%	–
AAVVF	Exit	ADVANTAGE OIL & GAS	$0	–	-5,370,183	–	-1.03%	–
ACLS	Exit	AXCELIS TECHNOLOGIES	$0	–	-2,987,305	–	-1.08%	–
AHL	Exit	ASPEN INSURANCE	$0	–	-874,465	–	-1.11%	–
PLAB	Exit	PHOTRONICS	$0	–	-3,965,171	–	-1.12%	–
GS	Exit	GOLDMAN SACHS GROUP	$0	–	-265,515	–	-1.17%	–
AXS	Exit	AXIS CAPITAL HOLDINGS	$0	–	-819,532	–	-1.22%	–
WPX	Exit	WPX ENERGY INC	$0	–	-3,768,486	–	-1.36%	–
XL	Exit	XL GROUP	$0	–	-1,678,264	–	-1.54%	–
CLS	Exit	CELESTICA	$0	–	-5,347,479	–	-1.58%	–
GRPU	Exit	GRANITE REAL ESTATE INVESTMENT TRUST	$0	–	-2,033,178	–	-1.70%	–
CDE	Exit	COEUR MINING	$0	–	-5,430,029	–	-1.76%	–
KBH	Exit	KB HOME	$0	–	-4,407,489	–	-1.94%	–
RE	Exit	EVEREST RE GROUP	$0	–	-394,981	–	-2.05%	–
C	Exit	CITIGROUP	$0	–	-1,702,483	–	-2.20%	–
CNA	Exit	CNA FINANCIAL CORP.	$0	–	-2,353,009	–	-2.21%	–
L	Exit	LOEWS CORP	$0	–	-2,008,243	–	-2.26%	–
KEP	Exit	KOREA ELECTRIC POWER CORP	$0	–	-3,432,390	–	-2.29%	–
JBLU	Exit	JETBLUE AIRWAYS	$0	–	-5,570,766	–	-2.63%	–
AFLYY	Exit	AIR FRANCE-KLM	$0	–	-18,360,962	–	-2.71%	–
AUY	Exit	YAMANA GOLD	$0	–	-24,000,259	–	-2.83%	–
ANAT	Exit	AMERICAN NATIONAL	$0	–	-900,689	–	-3.00%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-1,856,791	–	-3.01%	–
SANM	Exit	SANMINA CORPORATION	$0	–	-3,979,379	–	-3.10%	–
IAG	Exit	IAMGOLD CORP	$0	–	-31,693,908	–	-3.51%	–
IM	Exit	INGRAM MICRO	$0	–	-5,907,663	–	-5.76%	–
UNM	Exit	UNUM GROUP	$0	–	-6,803,042	–	-6.57%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-62,367,511	–	-7.18%	–
MU	Exit	MICRON TECHNOLOGY	$0	–	-15,248,006	–	-7.41%	–
AER	Exit	AERCAP HOLDINGS	$0	–	-9,085,087	–	-9.56%	–

Q3 2016

			Value		Shares		↓ Weighting
AER	Buy	AERCAP HOLDINGS	$349,685,000	+15.2%	9,085,087	+0.5%	9.56%	+13.3%
MU	Sell	MICRON TECHNOLOGY	$271,110,000	+29.2%	15,248,006	-0.0%	7.41%	+27.0%
KGC	Sell	KINROSS GOLD CORP	$262,567,000	-22.7%	62,367,511	-10.2%	7.18%	-24.0%
UNM	Sell	UNUM GROUP	$240,215,000	+11.1%	6,803,042	-0.0%	6.57%	+9.2%
IM	Buy	INGRAM MICRO	$210,667,000	+5.8%	5,907,663	+3.2%	5.76%	+4.1%
IAG	Buy	IAMGOLD CORP	$128,360,000	+271.4%	31,693,908	+279.6%	3.51%	+265.2%
SANM	Sell	SANMINA CORPORATION	$113,293,000	+1.6%	3,979,379	-4.3%	3.10%	-0.1%
AIG	Buy	AMERICAN INTERNATIONAL GROUP	$110,182,000	+12.2%	1,856,791	+0.0%	3.01%	+10.4%
ANAT	Buy	AMERICAN NATIONAL	$109,848,000	+7.8%	900,689	+0.0%	3.00%	+6.0%
AUY	Sell	YAMANA GOLD	$103,441,000	-20.8%	24,000,259	-4.5%	2.83%	-22.2%
AFLYY	Buy	AIR FRANCE-KLM	$99,186,000	-14.4%	18,360,962	+1.4%	2.71%	-15.8%
JBLU	Sell	JETBLUE AIRWAYS	$96,040,000	+4.1%	5,570,766	-0.0%	2.63%	+2.4%
KEP	Buy	KOREA ELECTRIC POWER CORP	$83,682,000	-2.6%	3,432,390	+3.6%	2.29%	-4.2%
L	Sell	LOEWS CORP	$82,639,000	+0.1%	2,008,243	-0.0%	2.26%	-1.6%
CNA	Sell	CNA FINANCIAL CORP.	$80,967,000	+9.5%	2,353,009	-0.0%	2.21%	+7.7%
C	Sell	CITIGROUP	$80,408,000	+11.4%	1,702,483	-0.0%	2.20%	+9.5%
RE	Buy	EVEREST RE GROUP	$75,035,000	+4.0%	394,981	+0.0%	2.05%	+2.3%
KBH	Sell	KB HOME	$71,049,000	+5.9%	4,407,489	-0.0%	1.94%	+4.2%
CDE	Sell	COEUR MINING	$64,237,000	-20.3%	5,430,029	-28.1%	1.76%	-21.6%
GRPU	Sell	GRANITE REAL ESTATE INVESTMENT TRUST	$62,337,000	-7.8%	2,033,178	-9.2%	1.70%	-9.4%
CLS	Buy	CELESTICA	$57,913,000	+17.2%	5,347,479	+0.6%	1.58%	+15.2%
XL	Sell	XL GROUP	$56,440,000	+1.0%	1,678,264	-0.0%	1.54%	-0.8%
WPX	Sell	WPX ENERGY INC	$49,706,000	+41.7%	3,768,486	-0.0%	1.36%	+39.2%
AXS	Sell	AXIS CAPITAL HOLDINGS	$44,525,000	-1.2%	819,532	-0.0%	1.22%	-2.9%
GS	Buy	GOLDMAN SACHS GROUP	$42,820,000	+9.1%	265,515	+0.5%	1.17%	+7.2%
PLAB	Sell	PHOTRONICS	$40,881,000	+15.7%	3,965,171	-0.0%	1.12%	+13.7%
AHL	Sell	ASPEN INSURANCE	$40,741,000	+0.4%	874,465	-0.0%	1.11%	-1.2%
ACLS	Sell	AXCELIS TECHNOLOGIES	$39,671,000	+29.9%	2,987,305	-73.7%	1.08%	+27.8%
AAVVF	Sell	ADVANTAGE OIL & GAS	$37,752,000	+23.5%	5,370,183	-1.8%	1.03%	+21.4%
FLY	Buy	FLY LEASING	$37,292,000	+52.7%	3,217,641	+30.8%	1.02%	+50.2%
MFA	Sell	MFA FINANCIAL INC.	$36,927,000	+2.8%	4,936,754	-0.1%	1.01%	+1.1%
RFP	Buy	RESOLUTE FOREST PRODUCTS	$35,354,000	-9.9%	7,474,418	+0.8%	0.97%	-11.4%
MHO	Buy	M/I HOMES	$32,933,000	+25.2%	1,397,261	+0.0%	0.90%	+23.1%
PPPMF	Buy	PRIMERO MINING CORP	$30,982,000	-9.3%	18,664,139	+13.6%	0.85%	-10.8%
HMN	Sell	HORACE MANN EDUCATORS	$30,759,000	-11.9%	839,259	-18.8%	0.84%	-13.4%
ENH	Sell	ENDURANCE SPECIALTY HOLDINGS	$26,221,000	-2.6%	400,634	-0.1%	0.72%	-4.3%
NEBLQ	Sell	NOBLE CORP	$25,570,000	-23.1%	4,033,103	-0.0%	0.70%	-24.4%
ASC	Buy	ARDMORE SHIPPING CORP	$23,426,000	+18.2%	3,327,613	+13.7%	0.64%	+16.2%
PAAS	Sell	PAN AMERICAN SILVER	$19,551,000	+5.1%	1,109,608	-1.9%	0.54%	+3.5%
AYR	Sell	AIRCASTLE	$16,963,000	+1.5%	854,106	-0.0%	0.46%	-0.2%
AOI	Buy	ALLIANCE ONE	$15,930,000	+24.2%	833,155	+0.0%	0.44%	+22.1%
KE	Sell	KIMBALL ELECTRONICS	$15,778,000	+11.3%	1,138,413	-0.0%	0.43%	+9.4%
RT	Buy	RUBY TUESDAY	$15,117,000	-23.3%	6,046,821	+10.7%	0.41%	-24.6%
PGLC	Sell	PERSHING GOLD	$14,759,000	+2.8%	3,258,100	-2.7%	0.40%	+1.3%
EURN	Buy	EURONAV SA	$13,978,000	-5.9%	1,831,987	+13.1%	0.38%	-7.5%
BCRHF	Sell	BLUE CAPITAL REINSURANCE	$12,104,000	-1.0%	660,724	-0.0%	0.33%	-2.6%
NWSA	Sell	NEWS CORP - CLASS A	$12,062,000	+23.2%	862,779	-0.0%	0.33%	+21.3%
NRG	Sell	NRG ENERGY	$11,788,000	-25.3%	1,051,524	-0.1%	0.32%	-26.7%
NBR	Sell	NABORS INDUSTRIES	$11,607,000	+21.0%	954,512	-0.0%	0.32%	+18.7%
ARCTF	Sell	AURICO METALS	$9,669,000	+6.7%	11,604,529	-0.1%	0.26%	+4.8%
CKH	Sell	SEACOR HOLDINGS	$9,594,000	+2.7%	161,264	-0.0%	0.26%	+0.8%
AGI	Sell	ALAMOS GOLD	$9,465,000	-79.9%	1,154,226	-78.9%	0.26%	-80.2%
KELYA	Sell	KELLY SERVICES INC	$9,227,000	+1.3%	480,073	-0.0%	0.25%	-0.4%
AKG	Sell	ASANKO GOLD	$8,440,000	+10.2%	2,009,500	-0.0%	0.23%	+8.5%
PKD	Sell	PARKER DRILLING COMPANY	$8,199,000	-5.3%	3,778,313	-0.1%	0.22%	-7.1%
NTZ	Sell	NATUZZI SPA	$7,233,000	+20.7%	4,133,402	-0.0%	0.20%	+18.6%
VRS	New	VERSO CORP	$6,994,000	–	1,084,294	–	0.19%	–
NEM	Sell	NEWMONT MINING	$5,471,000	-22.9%	139,255	-23.3%	0.15%	-23.9%
BAC	Sell	BANK OF AMERICA CORP	$5,504,000	+17.9%	351,672	-0.0%	0.15%	+15.4%
DAN	Sell	DANA HOLDING CORP	$3,876,000	+46.4%	248,600	-0.8%	0.11%	+43.2%
PGNPQ	Sell	PARAGON OFFSHORE LTD	$3,642,000	-17.8%	5,874,716	-0.5%	0.10%	-18.7%
VRTV	Sell	VERITIV CORP	$3,483,000	-74.7%	69,430	-81.0%	0.10%	-75.1%
TDW	Sell	TIDEWATER INC.	$2,482,000	-36.4%	880,299	-0.5%	0.07%	-37.6%
	Sell	KANSAS CITY LIFE	$1,465,000	-47.0%	36,408	-48.0%	0.04%	-48.1%
TECD	Sell	TECH DATA	$106,000	-99.5%	1,248	-99.5%	0.00%	-99.5%
TM	Sell	TOYOTA MOTOR	$38,000	-99.9%	330	-100.0%	0.00%	-99.9%
NAK	Exit	NORTHERN DYNASTY MINERALS (restricted)	$0	–	-4,407,531	–	-0.04%	–
KBAL	Exit	KIMBALL INTERNATIONAL	$0	–	-132,260	–	-0.04%	–

Q2 2016

			Value		Shares		↓ Weighting
KGC	New	KINROSS GOLD CORP	$339,629,000	–	69,453,803	–	9.44%	–
AER	New	AERCAP HOLDINGS	$303,570,000	–	9,037,516	–	8.44%	–
UNM	New	UNUM GROUP	$216,273,000	–	6,803,180	–	6.01%	–
MU	New	MICRON TECHNOLOGY	$209,838,000	–	15,249,832	–	5.84%	–
IM	New	INGRAM MICRO	$199,053,000	–	5,723,215	–	5.54%	–
AUY	New	YAMANA GOLD	$130,675,000	–	25,129,752	–	3.63%	–
AFLYY	New	AIR FRANCE-KLM	$115,864,000	–	18,103,779	–	3.22%	–
SANM	New	SANMINA CORPORATION	$111,478,000	–	4,158,057	–	3.10%	–
ANAT	New	AMERICAN NATIONAL	$101,901,000	–	900,586	–	2.83%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$98,171,000	–	1,856,134	–	2.73%	–
JBLU	New	JETBLUE AIRWAYS	$92,255,000	–	5,570,984	–	2.56%	–
KEP	New	KOREA ELECTRIC POWER CORP	$85,928,000	–	3,313,864	–	2.39%	–
L	New	LOEWS CORP	$82,522,000	–	2,008,322	–	2.30%	–
CDE	New	COEUR MINING	$80,560,000	–	7,557,241	–	2.24%	–
CNA	New	CNA FINANCIAL CORP.	$73,934,000	–	2,353,101	–	2.06%	–
C	New	CITIGROUP	$72,171,000	–	1,702,550	–	2.01%	–
RE	New	EVEREST RE GROUP	$72,150,000	–	394,973	–	2.01%	–
TM	New	TOYOTA MOTOR CORP	$70,165,000	–	701,723	–	1.95%	–
GRPU	New	GRANITE REAL ESTATE INVESTMENT TRUST	$67,635,000	–	2,239,577	–	1.88%	–
KBH	New	KB HOME	$67,069,000	–	4,409,525	–	1.86%	–
XL	New	XL GROUP	$55,905,000	–	1,678,330	–	1.56%	–
CLS	New	CELESTICA	$49,428,000	–	5,314,834	–	1.37%	–
AGI	New	ALAMOS GOLD	$47,019,000	–	5,467,330	–	1.31%	–
AXS	New	AXIS CAPITAL HOLDINGS	$45,076,000	–	819,564	–	1.25%	–
AHL	New	ASPEN INSURANCE	$40,559,000	–	874,499	–	1.13%	–
GS	New	GOLDMAN SACHS GROUP	$39,264,000	–	264,260	–	1.09%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$39,225,000	–	7,414,879	–	1.09%	–
MFA	New	MFA FINANCIAL INC.	$35,913,000	–	4,939,924	–	1.00%	–
PLAB	New	PHOTRONICS	$35,339,000	–	3,966,272	–	0.98%	–
WPX	New	WPX ENERGY INC	$35,086,000	–	3,768,634	–	0.98%	–
HMN	New	HORACE MANN EDUCATORS	$34,928,000	–	1,033,687	–	0.97%	–
IAG	New	IAMGOLD CORP	$34,563,000	–	8,348,447	–	0.96%	–
PPPMF	New	PRIMERO MINING CORP	$34,177,000	–	16,431,450	–	0.95%	–
NEBLQ	New	NOBLE CORP	$33,234,000	–	4,033,262	–	0.92%	–
AAVVF	New	ADVANTAGE OIL & GAS	$30,563,000	–	5,467,465	–	0.85%	–
ACLS	New	AXCELIS TECHNOLOGY	$30,539,000	–	11,352,669	–	0.85%	–
ENH	New	ENDURANCE SPECIALTY HOLDINGS	$26,924,000	–	400,889	–	0.75%	–
MHO	New	M/I HOMES	$26,301,000	–	1,396,758	–	0.73%	–
FLY	New	FLY LEASING	$24,427,000	–	2,459,903	–	0.68%	–
ASC	New	ARDMORE SHIPPING CORP	$19,811,000	–	2,926,262	–	0.55%	–
TECD	New	TECHDATA	$19,746,000	–	274,829	–	0.55%	–
RT	New	RUBY TUESDAY	$19,716,000	–	5,461,572	–	0.55%	–
PAAS	New	PAN AMERICAN SILVER	$18,604,000	–	1,130,938	–	0.52%	–
AYR	New	AIRCASTLE	$16,707,000	–	854,139	–	0.46%	–
NRG	New	NRG ENERGY	$15,777,000	–	1,052,523	–	0.44%	–
EURN	New	EURONAV SA	$14,858,000	–	1,620,275	–	0.41%	–
PGLC	New	PERSHING GOLD	$14,363,000	–	3,348,100	–	0.40%	–
KE	New	KIMBALL ELECTRONICS	$14,174,000	–	1,138,444	–	0.39%	–
VRTV	New	VERITIV CORP	$13,750,000	–	365,880	–	0.38%	–
AOI	New	ALLIANCE ONE	$12,826,000	–	832,882	–	0.36%	–
BCRHF	New	BLUE CAPITAL REINSURANCE	$12,230,000	–	660,744	–	0.34%	–
NWSA	New	NEWS CORP - CLASS A	$9,793,000	–	862,813	–	0.27%	–
NBR	New	NABORS INDUSTRIES	$9,593,000	–	954,550	–	0.27%	–
CKH	New	SEACOR HOLDINGS	$9,346,000	–	161,271	–	0.26%	–
KELYA	New	KELLY SERVICES INC	$9,107,000	–	480,091	–	0.25%	–
ARCTF	New	AURICO METALS	$9,058,000	–	11,612,209	–	0.25%	–
PKD	New	PARKER DRILLING COMPANY	$8,660,000	–	3,781,730	–	0.24%	–
AKG	New	ASANKO GOLD	$7,656,000	–	2,009,579	–	0.21%	–
NEM	New	NEWMONT MINING	$7,099,000	–	181,462	–	0.20%	–
NTZ	New	NATUZZI SPA	$5,994,000	–	4,133,564	–	0.17%	–
GM	New	GENERAL MOTORS	$5,365,000	–	189,563	–	0.15%	–
BAC	New	BANK OF AMERICA CORP	$4,667,000	–	351,686	–	0.13%	–
PGNPQ	New	PARAGON OFFSHORE LTD	$4,430,000	–	5,906,352	–	0.12%	–
TDW	New	TIDEWATER INC.	$3,903,000	–	884,981	–	0.11%	–
HBM	New	HUDBAY MINERALS INC	$3,435,000	–	718,660	–	0.10%	–
BPI	New	BRIDGEPOINT EDUCATION	$3,068,000	–	423,760	–	0.08%	–
	New	KANSAS CITY LIFE	$2,765,000	–	69,952	–	0.08%	–
DAN	New	DANA HOLDING CORP	$2,647,000	–	250,643	–	0.07%	–
	New	PRIMERO MINING CORP - WARRANTSwts	$1,670,000	–	2,350,000	–	0.05%	–
	New	PERSHING GOLD WARRANTSwts	$1,553,000	–	925,000	–	0.04%	–
KBAL	New	KIMBALL INTERNATIONAL	$1,505,000	–	132,260	–	0.04%	–
NAK	New	NORTHERN DYNASTY MINERALS (restricted)	$1,374,000	–	4,407,531	–	0.04%	–
CLDPQ	New	CLOUD PEAK ENERGY	$1,292,000	–	627,259	–	0.04%	–
STLY	New	STANLEY FURNITURE	$297,000	–	121,292	–	0.01%	–
NRDSQ	New	NORD RESOURCES	$0	–	67,600	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
NRDSQ	Exit	PAN AMERICAN SILVER	$0	–	-507,100	–	0.00%	–
IMN	Exit	INTERNATIONAL SEAWAYS	$0	–	-153,538	–	-0.01%	–
AKG	Exit	ASANKO GOLD	$0	–	-1,247,539	–	-0.06%	–
PGNPQ	Exit	EVEREST RE GROUP	$0	–	-8,111,476	–	-0.06%	–
CLDPQ	Exit	SEACOR HOLDINGS	$0	–	-778,000	–	-0.06%	–
BTG	Exit	BLUE CAPITAL REINSURANCE	$0	–	-1,974,100	–	-0.06%	–
ARCTF	Exit	AURICO METALS	$0	–	-6,528,954	–	-0.10%	–
BPI	Exit	BANK OF AMERICA CORP	$0	–	-473,296	–	-0.11%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-1,003,815	–	-0.11%	–
	Exit	KOREA ELECTRIC POWER CORP	$0	–	-90,712	–	-0.13%	–
EURN	Exit	FLY LEASING	$0	–	-361,671	–	-0.15%	–
PPPMF	Exit	SANMINA CORPORATION	$0	–	-2,547,086	–	-0.18%	–
NTZ	Exit	PHOTRONICS	$0	–	-3,051,430	–	-0.19%	–
MFA	Exit	NABORS INDUSTRIES	$0	–	-932,061	–	-0.19%	–
KBAL	Exit	KIMBALL ELECTRONICS	$0	–	-671,892	–	-0.19%	–
KELYA	Exit	LOEWS CORP	$0	–	-460,626	–	-0.20%	–
KBH	Exit	KELLY SERVICES INC	$0	–	-551,526	–	-0.22%	–
NBR	Exit	NEW GOLD INC.	$0	–	-953,624	–	-0.27%	–
MHO	Exit	NOBLE CORP	$0	–	-434,930	–	-0.31%	–
NWS	Exit	PLATINUM GROUP METALS	$0	–	-861,976	–	-0.33%	–
CKH	Exit	COEUR MINING	$0	–	-193,577	–	-0.35%	–
PAAS	Exit	PRIMERO MINING CORP	$0	–	-1,831,868	–	-0.35%	–
TDW	Exit	STANLEY FURNITURE	$0	–	-1,046,477	–	-0.42%	–
KE	Exit	KINROSS GOLD CORP	$0	–	-1,155,634	–	-0.42%	–
BCRHF	Exit	AIRCASTLE	$0	–	-835,509	–	-0.43%	–
PBY	Exit	PRIMERO MINING CORP WARRANTS	$0	–	-1,197,964	–	-0.44%	–
PKD	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-5,745,168	–	-0.46%	–
AOI	Exit	ALLIANCE ONE	$0	–	-808,496	–	-0.50%	–
FLY	Exit	GRANITE REAL ESTATE INVESTMENT TRUST	$0	–	-1,290,435	–	-0.51%	–
NGD	Exit	NEWS CORP - CLASS A	$0	–	-7,668,666	–	-0.52%	–
RT	Exit	WPX ENERGY INC	$0	–	-2,814,696	–	-0.53%	–
RNR	Exit	VERSO CORP	$0	–	-166,481	–	-0.53%	–
DAN	Exit	CNA FINANCIAL CORP.	$0	–	-1,138,604	–	-0.54%	–
NRG	Exit	PARKER DRILLING COMPANY	$0	–	-1,372,101	–	-0.62%	–
ACLS	Exit	AXCELIS TECHNOLOGIES	$0	–	-11,695,785	–	-0.94%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-2,597,521	–	-0.95%	–
CDE	Exit	CITIGROUP	$0	–	-12,822,255	–	-1.09%	–
ISSI	Exit	JETBLUE AIRWAYS	$0	–	-1,737,564	–	-1.13%	–
CLS	Exit	CLOUD PEAK ENERGY	$0	–	-2,907,081	–	-1.13%	–
AYR	Exit	AXIS CAPITAL HOLDINGS	$0	–	-1,902,919	–	-1.18%	–
NEBLQ	Exit	NATUZZI SPA	$0	–	-4,072,514	–	-1.34%	–
TECD	Exit	PERSHING GOLD CORP	$0	–	-692,799	–	-1.43%	–
AAVVF	Exit	ADVANTAGE OIL AND GAS	$0	–	-9,184,507	–	-1.44%	–
HMN	Exit	HORACE MANN EDUCATORS	$0	–	-1,565,032	–	-1.57%	–
AGI	Exit	ALAMOS GOLD	$0	–	-15,685,968	–	-1.75%	–
ENH	Exit	EURONAV SA	$0	–	-950,050	–	-1.75%	–
PLAB	Exit	RUBY TUESDAY	$0	–	-6,690,284	–	-1.83%	–
C	Exit	BRIDGEPOINT EDUCATION	$0	–	-1,253,791	–	-1.88%	–
AUY	Exit	YAMANA GOLD	$0	–	-37,249,826	–	-1.91%	–
RCL	Exit	TAYLOR MORRISON HOME CORP	$0	–	-718,877	–	-1.93%	–
RE	Exit	TOLL BROTHERS INC.	$0	–	-390,176	–	-2.04%	–
KEP	Exit	MFA FINANCIAL INC.	$0	–	-3,302,448	–	-2.04%	–
TM	Exit	PERSHING GOLD WARRANTS	$0	–	-620,351	–	-2.20%	–
L	Exit	MICRON TECHNOLOGY	$0	–	-2,059,420	–	-2.24%	–
RFP	Exit	UNUM GROUP	$0	–	-9,055,636	–	-2.27%	–
AHL	Exit	ASPEN INSURANCE	$0	–	-1,629,892	–	-2.28%	–
CNA	Exit	CELESTICA	$0	–	-2,306,585	–	-2.43%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-1,693,179	–	-2.90%	–
GRPU	Exit	GOLDMAN SACHS GROUP	$0	–	-3,585,164	–	-3.05%	–
KGC	Exit	M/I HOMES	$0	–	-70,725,792	–	-3.67%	–
AFLYY	Exit	AIR FRANCE-KLM	$0	–	-17,939,424	–	-3.70%	–
ANAT	Exit	AMERICAN NATIONAL	$0	–	-1,402,952	–	-4.13%	–
SANM	Exit	XL GROUP	$0	–	-7,440,828	–	-4.80%	–
JBLU	Exit	KB HOME	$0	–	-7,142,357	–	-5.55%	–
MU	Exit	NEWMONT MINING	$0	–	-14,168,008	–	-6.40%	–
IM	Exit	IAMGOLD CORP	$0	–	-7,838,765	–	-6.44%	–
AER	Exit	AERCAP HOLDINGS	$0	–	-9,575,953	–	-11.05%	–

Q3 2015

			Value		Shares		↓ Weighting
AER	Sell	AERCAP HOLDINGS	$366,184,000	-22.8%	9,575,953	-7.6%	11.05%	+5.1%
IM	Sell	IAMGOLD CORP	$213,528,000	+3.2%	7,838,765	-5.2%	6.44%	+40.5%
MU	Sell	NEWMONT MINING	$212,237,000	-26.2%	14,168,008	-7.2%	6.40%	+0.5%
JBLU	Sell	KB HOME	$184,059,000	+2.6%	7,142,357	-17.4%	5.55%	+39.6%
SANM	Sell	XL GROUP	$159,010,000	+4.3%	7,440,828	-1.6%	4.80%	+42.0%
ANAT	Sell	AMERICAN NATIONAL	$136,984,000	-22.5%	1,402,952	-18.8%	4.13%	+5.5%
AFLYY	Sell	AIR FRANCE-KLM	$122,706,000	-8.7%	17,939,424	-7.6%	3.70%	+24.2%
KGC	Buy	M/I HOMES	$121,648,000	-11.9%	70,725,792	+18.9%	3.67%	+20.0%
GRPU	Buy	GOLDMAN SACHS GROUP	$100,958,000	-4.1%	3,585,164	+16.3%	3.05%	+30.6%
AIG	Sell	AMERICAN INTERNATIONAL GROUP	$96,206,000	-29.9%	1,693,179	-23.7%	2.90%	-4.6%
CNA	Buy	CELESTICA	$80,569,000	-8.5%	2,306,585	+0.1%	2.43%	+24.5%
AHL	Buy	ASPEN INSURANCE	$75,741,000	+45.3%	1,629,892	+49.7%	2.28%	+97.7%
RFP	Buy	UNUM GROUP	$75,252,000	-23.1%	9,055,636	+4.1%	2.27%	+4.7%
L	Buy	MICRON TECHNOLOGY	$74,427,000	+10.3%	2,059,420	+17.5%	2.24%	+50.2%
TM	Buy	PERSHING GOLD WARRANTS	$72,755,000	-9.9%	620,351	+2.7%	2.20%	+22.6%
KEP	Sell	MFA FINANCIAL INC.	$67,667,000	-25.0%	3,302,448	-25.5%	2.04%	+2.0%
RE	Sell	TOLL BROTHERS INC.	$67,633,000	-5.0%	390,176	-0.3%	2.04%	+29.3%
RCL	Sell	TAYLOR MORRISON HOME CORP	$64,045,000	-16.5%	718,877	-26.2%	1.93%	+13.6%
AUY	Buy	YAMANA GOLD	$63,325,000	-43.1%	37,249,826	+0.3%	1.91%	-22.6%
C	Buy	BRIDGEPOINT EDUCATION	$62,201,000	+1524.0%	1,253,791	+1708.4%	1.88%	+2107.1%
PLAB	Buy	RUBY TUESDAY	$60,614,000	-4.1%	6,690,284	+0.6%	1.83%	+30.5%
ENH	New	EURONAV SA	$57,982,000	–	950,050	–	1.75%	–
AGI	New	ALAMOS GOLD	$57,881,000	–	15,685,968	–	1.75%	–
HMN	Sell	HORACE MANN EDUCATORS	$51,990,000	-13.7%	1,565,032	-5.5%	1.57%	+17.5%
AAVVF	Buy	ADVANTAGE OIL AND GAS	$47,851,000	-17.5%	9,184,507	+0.0%	1.44%	+12.3%
TECD	Sell	PERSHING GOLD CORP	$47,457,000	-24.6%	692,799	-36.7%	1.43%	+2.7%
NEBLQ	Sell	NATUZZI SPA	$44,431,000	-39.5%	4,072,514	-14.6%	1.34%	-17.6%
AYR	Buy	AXIS CAPITAL HOLDINGS	$39,219,000	-9.1%	1,902,919	+0.0%	1.18%	+23.7%
CLS	Sell	CLOUD PEAK ENERGY	$37,472,000	+9.1%	2,907,081	-1.4%	1.13%	+48.5%
ISSI	Sell	JETBLUE AIRWAYS	$37,340,000	-2.9%	1,737,564	-0.0%	1.13%	+32.0%
CDE	Buy	CITIGROUP	$36,159,000	-40.8%	12,822,255	+19.9%	1.09%	-19.4%
ASC	Buy	ARDMORE SHIPPING CORP	$31,378,000	+0.1%	2,597,521	+0.3%	0.95%	+36.3%
ACLS	New	AXCELIS TECHNOLOGIES	$31,228,000	–	11,695,785	–	0.94%	–
NRG	Sell	PARKER DRILLING COMPANY	$20,376,000	-46.3%	1,372,101	-17.2%	0.62%	-26.9%
DAN	Buy	CNA FINANCIAL CORP.	$18,081,000	-22.8%	1,138,604	+0.0%	0.54%	+5.0%
RNR	Sell	VERSO CORP	$17,700,000	-42.1%	166,481	-44.7%	0.53%	-21.1%
RT	Buy	WPX ENERGY INC	$17,479,000	+25.0%	2,814,696	+26.2%	0.53%	+70.0%
NGD	Sell	NEWS CORP - CLASS A	$17,408,000	-24.8%	7,668,666	-10.9%	0.52%	+2.3%
FLY	Buy	GRANITE REAL ESTATE INVESTMENT TRUST	$17,034,000	+5046.2%	1,290,435	+6015.8%	0.51%	+7242.9%
AOI	New	ALLIANCE ONE	$16,477,000	–	808,496	–	0.50%	–
PKD	Buy	RESOLUTE FOREST PRODUCTS	$15,110,000	-20.8%	5,745,168	+0.0%	0.46%	+7.8%
PBY	Buy	PRIMERO MINING CORP WARRANTS	$14,603,000	-0.6%	1,197,964	+0.0%	0.44%	+35.3%
BCRHF	Buy	AIRCASTLE	$14,387,000	-3.8%	835,509	+0.4%	0.43%	+31.1%
KE	Buy	KINROSS GOLD CORP	$13,787,000	-13.6%	1,155,634	+5.7%	0.42%	+17.5%
TDW	Buy	STANLEY FURNITURE	$13,751,000	-42.2%	1,046,477	+0.0%	0.42%	-21.3%
PAAS	Buy	PRIMERO MINING CORP	$11,632,000	-26.1%	1,831,868	+0.0%	0.35%	+0.6%
CKH	Buy	COEUR MINING	$11,578,000	-15.7%	193,577	+0.0%	0.35%	+14.8%
NWS	Buy	PLATINUM GROUP METALS	$11,051,000	-9.9%	861,976	+0.0%	0.33%	+22.4%
MHO	Sell	NOBLE CORP	$10,256,000	-6.2%	434,930	-1.9%	0.31%	+27.7%
NBR	Buy	NEW GOLD INC.	$9,012,000	-22.2%	953,624	+18.8%	0.27%	+5.8%
KBH	New	KELLY SERVICES INC	$7,473,000	–	551,526	–	0.22%	–
KELYA	New	LOEWS CORP	$6,513,000	–	460,626	–	0.20%	–
KBAL	Sell	KIMBALL ELECTRONICS	$6,356,000	-22.8%	671,892	-0.8%	0.19%	+4.9%
MFA	Buy	NABORS INDUSTRIES	$6,347,000	-7.8%	932,061	+0.0%	0.19%	+24.8%
NTZ	Buy	PHOTRONICS	$6,255,000	-4.2%	3,051,430	+0.0%	0.19%	+30.3%
PPPMF	Buy	SANMINA CORPORATION	$5,935,000	-40.1%	2,547,086	+0.0%	0.18%	-18.6%
EURN	Buy	FLY LEASING	$5,027,000	-5.8%	361,671	+0.4%	0.15%	+28.8%
	New	KOREA ELECTRIC POWER CORP	$4,263,000	–	90,712	–	0.13%	–
HBM	Buy	HUDBAY MINERALS INC	$3,694,000	-50.9%	1,003,815	+11.1%	0.11%	-33.5%
ARCTF	New	AURICO METALS	$3,297,000	–	6,528,954	–	0.10%	–
PGNPQ	Sell	EVEREST RE GROUP	$1,947,000	-78.6%	8,111,476	-2.8%	0.06%	-70.8%
AKG	Buy	ASANKO GOLD	$1,834,000	+189.7%	1,247,539	+237.3%	0.06%	+292.9%
UTSI	Exit	UTSTARCOM	$0	–	-86,517	–	-0.00%	–
SYPR	Exit	SYPRIS SOLUTIONS	$0	–	-263,911	–	-0.01%	–
STLY	Exit	STANLEY FURNITURE	$0	–	-121,292	–	-0.01%	–
BSET	Exit	BASSETT FURNITURE	$0	–	-44,734	–	-0.03%	–
TECU	Exit	TECUMSEH PRODUCTS	$0	–	-1,553,908	–	-0.08%	–
BTU	Exit	PEABODY ENERGY CORP	$0	–	-1,744,866	–	-0.08%	–
KCLI	Exit	KANSAS CITY LIFE	$0	–	-90,712	–	-0.09%	–
AGI	Exit	ALAMOS GOLD	$0	–	-815,000	–	-0.10%	–
BH	Exit	BIGLARI HOLDINGS	$0	–	-14,449	–	-0.13%	–
GM	Exit	GENERAL MOTORS	$0	–	-239,963	–	-0.18%	–
MTSN	Exit	MATTSON TECHNOLOGY	$0	–	-2,792,460	–	-0.21%	–
VRTV	Exit	VERITIV CORP	$0	–	-523,103	–	-0.42%	–
AOI	Exit	ALLIANCE ONE	$0	–	-808,561	–	-0.43%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-373,821	–	-0.52%	–
ACLS	Exit	AXCELIS TECHNOLOGY	$0	–	-11,027,916	–	-0.72%	–
VR	Exit	VALIDUS HOLDINGS	$0	–	-1,115,739	–	-1.09%	–
AUQ	Exit	AURICO GOLD	$0	–	-27,814,569	–	-1.75%	–
MRH	Exit	MONTPELIER RE HOLDINGS	$0	–	-2,213,098	–	-1.94%	–
WPX	Exit	WPX ENERGY INC	$0	–	-10,690,865	–	-2.91%	–
XL	Exit	XL GROUP	$0	–	-5,300,545	–	-4.37%	–
UNM	Exit	UNUM GROUP	$0	–	-6,311,600	–	-5.00%	–

Q2 2015

			Value		Shares		↓ Weighting
AER	New	AERCAP HOLDINGS	$474,486,000	–	10,362,221	–	10.52%	–
MU	New	MICRON TECHNOLOGY	$287,586,000	–	15,264,632	–	6.37%	–
UNM	New	UNUM GROUP	$225,640,000	–	6,311,600	–	5.00%	–
IM	New	INGRAM MICRO	$206,870,000	–	8,264,877	–	4.58%	–
XL	New	XL GROUP	$197,180,000	–	5,300,545	–	4.37%	–
JBLU	New	JETBLUE AIRWAYS	$179,465,000	–	8,644,750	–	3.98%	–
ANAT	New	AMERICAN NATIONAL	$176,794,000	–	1,727,856	–	3.92%	–
SANM	New	SANMINA CORPORATION	$152,405,000	–	7,559,762	–	3.38%	–
KGC	New	KINROSS GOLD CORP	$138,034,000	–	59,497,356	–	3.06%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$137,228,000	–	2,219,801	–	3.04%	–
AFLYY	New	AIR FRANCE-KLM	$134,461,000	–	19,425,218	–	2.98%	–
WPX	New	WPX ENERGY INC	$131,284,000	–	10,690,865	–	2.91%	–
AUY	New	YAMANA GOLD	$111,369,000	–	37,122,877	–	2.47%	–
GRPU	New	GRANITE REAL ESTATE INVESTMENT TRUST	$105,262,000	–	3,083,254	–	2.33%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$97,843,000	–	8,697,112	–	2.17%	–
KEP	New	KOREA ELECTRIC POWER CORP	$90,236,000	–	4,432,011	–	2.00%	–
CNA	New	CNA FINANCIAL CORP.	$88,074,000	–	2,305,007	–	1.95%	–
MRH	New	MONTPELIER RE HOLDINGS	$87,417,000	–	2,213,098	–	1.94%	–
TM	New	TOYOTA MOTOR CORP	$80,772,000	–	603,902	–	1.79%	–
AUQ	New	AURICO GOLD	$78,993,000	–	27,814,569	–	1.75%	–
RCL	New	ROYAL CARIBBEAN CRUISES	$76,693,000	–	974,622	–	1.70%	–
NEBLQ	New	NOBLE CORP	$73,409,000	–	4,769,892	–	1.63%	–
RE	New	EVEREST RE GROUP	$71,226,000	–	391,332	–	1.58%	–
L	New	LOEWS CORP	$67,479,000	–	1,752,240	–	1.50%	–
PLAB	New	PHOTRONICS	$63,230,000	–	6,648,760	–	1.40%	–
TECD	New	TECHDATA	$62,955,000	–	1,093,732	–	1.40%	–
CDE	New	COEUR MINING	$61,066,000	–	10,694,598	–	1.35%	–
HMN	New	HORACE MANN EDUCATORS	$60,247,000	–	1,656,040	–	1.34%	–
AAVVF	New	ADVANTAGE OIL AND GAS	$58,031,000	–	9,182,066	–	1.29%	–
AHL	New	ASPEN INSURANCE HOLDINGS	$52,143,000	–	1,088,582	–	1.16%	–
VR	New	VALIDUS HOLDINGS	$49,081,000	–	1,115,739	–	1.09%	–
AYR	New	AIRCASTLE	$43,128,000	–	1,902,409	–	0.96%	–
ISSI	New	INTEGRATED SILICON SOLUTIONS, INC	$38,475,000	–	1,737,816	–	0.85%	–
NRG	New	NRG ENERGY	$37,934,000	–	1,657,946	–	0.84%	–
CLS	New	CELESTICA	$34,336,000	–	2,949,852	–	0.76%	–
ACLS	New	AXCELIS TECHNOLOGY	$32,643,000	–	11,027,916	–	0.72%	–
ASC	New	ARDMORE SHIPPING CORP	$31,354,000	–	2,589,102	–	0.70%	–
RNR	New	RENAISSANCERE HOLDINGS	$30,570,000	–	301,150	–	0.68%	–
TDW	New	TIDEWATER INC	$23,780,000	–	1,046,197	–	0.53%	–
DAN	New	DANA HOLDING CORP	$23,426,000	–	1,138,299	–	0.52%	–
VLO	New	VALERO ENERGY CORP	$23,401,000	–	373,821	–	0.52%	–
NGD	New	NEW GOLD INC.	$23,154,000	–	8,607,396	–	0.51%	–
AOI	New	ALLIANCE ONE	$19,333,000	–	808,561	–	0.43%	–
PKD	New	PARKER DRILLING COMPANY	$19,069,000	–	5,743,630	–	0.42%	–
VRTV	New	VERITIV CORP	$19,072,000	–	523,103	–	0.42%	–
KE	New	KIMBALL ELECTRONICS	$15,952,000	–	1,093,385	–	0.35%	–
PAAS	New	PAN AMERICAN SILVER	$15,732,000	–	1,831,427	–	0.35%	–
BCRHF	New	BLUE CAPITAL REINSURANCE	$14,950,000	–	831,923	–	0.33%	–
PBY	New	PEPBOYS AUTO	$14,695,000	–	1,197,643	–	0.33%	–
RT	New	RUBY TUESDAY	$13,983,000	–	2,230,190	–	0.31%	–
CKH	New	SEACOR HOLDINGS	$13,729,000	–	193,525	–	0.30%	–
NWS	New	NEWS CORP - CLASS B	$12,271,000	–	861,745	–	0.27%	–
NBR	New	NABORS INDUSTRIES	$11,585,000	–	802,837	–	0.26%	–
MHO	New	M/I HOMES	$10,933,000	–	443,173	–	0.24%	–
PPPMF	New	PRIMERO MINING CORP	$9,906,000	–	2,546,404	–	0.22%	–
MTSN	New	MATTSON TECHNOLOGY	$9,355,000	–	2,792,460	–	0.21%	–
PGNPQ	New	PARAGON OFFSHORE LTD	$9,093,000	–	8,342,126	–	0.20%	–
KBAL	New	KIMBALL INTERNATIONAL	$8,238,000	–	677,448	–	0.18%	–
GM	New	GENERAL MOTORS	$7,998,000	–	239,963	–	0.18%	–
HBM	New	HUDBAY MINERALS INC.	$7,524,000	–	903,192	–	0.17%	–
MFA	New	MFA FINANCIAL INC.	$6,886,000	–	931,812	–	0.15%	–
NTZ	New	NATUZZI SPA	$6,528,000	–	3,050,614	–	0.14%	–
BH	New	BIGLARI HOLDINGS	$5,978,000	–	14,449	–	0.13%	–
EURN	New	EURONAV SA	$5,336,000	–	360,297	–	0.12%	–
AGI	New	ALAMOS GOLD	$4,613,000	–	815,000	–	0.10%	–
BPI	New	BRIDGEPOINT EDUCATION	$4,525,000	–	473,296	–	0.10%	–
KCLI	New	KANSAS CITY LIFE	$4,146,000	–	90,712	–	0.09%	–
C	New	CITIGROUP	$3,830,000	–	69,332	–	0.08%	–
TECU	New	TECUMSEH PRODUCTS	$3,838,000	–	1,553,908	–	0.08%	–
BTU	New	PEABODY ENERGY CORP	$3,821,000	–	1,744,866	–	0.08%	–
CLDPQ	New	CLOUD PEAK ENERGY	$3,625,000	–	778,000	–	0.08%	–
BTG	New	B2GOLD CORP	$3,020,000	–	1,974,100	–	0.07%	–
BSET	New	BASSETT FURNITURE	$1,271,000	–	44,734	–	0.03%	–
IMN	New	IMATION CORP	$623,000	–	153,538	–	0.01%	–
AKG	New	ASANKO GOLD	$633,000	–	369,900	–	0.01%	–
STLY	New	STANLEY FURNITURE	$360,000	–	121,292	–	0.01%	–
SYPR	New	SYPRIS SOLUTIONS	$383,000	–	263,911	–	0.01%	–
FLY	New	FLY LEASING	$331,000	–	21,100	–	0.01%	–
UTSI	New	UTSTARCOM	$172,000	–	86,517	–	0.00%	–
NRDSQ	New	NORD RESOURCES	$1,000	–	507,100	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
NRDSQ	Exit	NORD RESOURCES	$0	–	-507,100	–	0.00%	–
STLY	Exit	STANLEY FURNITURE	$0	–	-121,292	–	-0.01%	–
UTSI	Exit	UTSTARCOM	$0	–	-136,417	–	-0.01%	–
IMN	Exit	IMATION CORP	$0	–	-153,538	–	-0.01%	–
ANVGQ	Exit	ALLIED NEVADA	$0	–	-150,350	–	-0.01%	–
SYPR	Exit	SYPRIS SOLUTIONS	$0	–	-230,098	–	-0.02%	–
KCLI	Exit	KANSAS CITY LIFE	$0	–	-90,712	–	-0.08%	–
BPI	Exit	BRIDGEPOINT EDUCATION	$0	–	-403,296	–	-0.09%	–
OPLK	Exit	OPLINK COMMUNICATIONS	$0	–	-307,498	–	-0.11%	–
HBM	Exit	HUDBAY MINERALS INC.	$0	–	-626,400	–	-0.11%	–
DRH	Exit	DIAMONDROCK HOSPITALITY	$0	–	-482,378	–	-0.13%	–
NTZ	Exit	NATUZZI SPA	$0	–	-3,051,400	–	-0.13%	–
TECU	Exit	TECUMSEH PRODUCTS	$0	–	-1,610,259	–	-0.14%	–
MTSN	Exit	MATTSON TECHNOLOGY	$0	–	-3,012,550	–	-0.15%	–
GM	Exit	GENERAL MOTORS	$0	–	-239,945	–	-0.16%	–
MFA	Exit	MFA FINANCIAL INC.	$0	–	-1,077,604	–	-0.17%	–
MHO	Exit	M/I HOMES	$0	–	-429,500	–	-0.18%	–
BSET	Exit	BASSETT FURNITURE	$0	–	-659,459	–	-0.19%	–
BTU	Exit	PEABODY ENERGY CORP	$0	–	-764,000	–	-0.20%	–
CLDPQ	Exit	CLOUD PEAK ENERGY	$0	–	-800,000	–	-0.21%	–
PBY	Exit	PEPBOYS AUTO	$0	–	-1,148,264	–	-0.21%	–
PPPMF	Exit	PRIMERO MINING CORP	$0	–	-2,295,349	–	-0.23%	–
NAT	Exit	NORDIC AMERICAN TANKERS	$0	–	-1,633,784	–	-0.27%	–
NWS	Exit	NEWS CORP - CLASS B	$0	–	-860,564	–	-0.29%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-4,364,367	–	-0.30%	–
BCRHF	Exit	BLUE CAPITAL REINSURANCE	$0	–	-833,815	–	-0.30%	–
CKH	Exit	SEACOR HOLDINGS	$0	–	-209,400	–	-0.32%	–
AOI	Exit	ALLIANCE ONE	$0	–	-8,859,906	–	-0.36%	–
PAAS	Exit	PAN AMERICAN SILVER	$0	–	-1,775,698	–	-0.40%	–
ACLS	Exit	AXCELIS TECHNOLOGY	$0	–	-10,602,318	–	-0.44%	–
KBAL	Exit	KIMBALL	$0	–	-1,428,620	–	-0.44%	–
NBR	Exit	NABORS INDUSTRIES	$0	–	-953,615	–	-0.45%	–
RT	Exit	RUBY TUESDAY	$0	–	-3,903,211	–	-0.47%	–
DAN	Exit	DANA HOLDING CORP	$0	–	-1,255,742	–	-0.50%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-542,557	–	-0.52%	–
ISSI	Exit	INTEGRATED SILICON SOLUTIONS, INC	$0	–	-1,927,267	–	-0.55%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-2,617,188	–	-0.59%	–
PKD	Exit	PARKER DRILLING COMPANY	$0	–	-5,998,944	–	-0.61%	–
VRTV	Exit	VERITIV CORP	$0	–	-626,871	–	-0.65%	–
TDW	Exit	TIDEWATER INC	$0	–	-838,847	–	-0.68%	–
AYR	Exit	AIRCASTLE	$0	–	-2,125,309	–	-0.72%	–
L	Exit	LOEWS CORP	$0	–	-1,042,832	–	-0.90%	–
AAVVF	Exit	ADVANTAGE OIL AND GAS	$0	–	-8,731,639	–	-0.92%	–
PLAB	Exit	PHOTRONICS	$0	–	-5,900,744	–	-0.98%	–
NGD	Exit	NEW GOLD INC.	$0	–	-9,728,850	–	-1.01%	–
NRG	Exit	NRG ENERGY	$0	–	-1,658,373	–	-1.04%	–
CDE	Exit	COEUR MINING	$0	–	-10,386,275	–	-1.06%	–
PGNPQ	Exit	PARAGON OFFSHORE LTD	$0	–	-8,444,938	–	-1.07%	–
EXC	Exit	EXELON CORP	$0	–	-1,552,973	–	-1.09%	–
TECD	Exit	TECHDATA	$0	–	-924,968	–	-1.12%	–
KEP	Exit	KOREA ELECTRIC POWER CORP	$0	–	-2,435,037	–	-1.13%	–
HMN	Exit	HORACE MANN EDUCATORS	$0	–	-1,923,300	–	-1.13%	–
VR	Exit	VALIDUS HOLDINGS	$0	–	-1,684,538	–	-1.36%	–
RE	Exit	EVEREST RE GROUP	$0	–	-429,778	–	-1.44%	–
MRH	Exit	MONTPELIER RE HOLDINGS	$0	–	-2,271,703	–	-1.46%	–
TM	Exit	TOYOTA MOTOR CORP	$0	–	-650,917	–	-1.58%	–
AUQ	Exit	AURICO GOLD	$0	–	-22,533,711	–	-1.62%	–
CNA	Exit	CNA FINANCIAL CORP.	$0	–	-2,213,074	–	-1.74%	–
NEBLQ	Exit	NOBLE CORP	$0	–	-4,001,938	–	-1.83%	–
CLS	Exit	CELESTICA	$0	–	-9,166,214	–	-1.92%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES	$0	–	-1,394,499	–	-1.94%	–
JBLU	Exit	JETBLUE AIRWAYS	$0	–	-10,453,607	–	-2.29%	–
GRPU	Exit	GRANITE REAL ESTATE INVESTMENT TRUST	$0	–	-3,288,341	–	-2.34%	–
PTP	Exit	PLATINUM UNDERWRITERS	$0	–	-2,015,144	–	-2.53%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-2,344,067	–	-2.61%	–
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-8,486,281	–	-2.74%	–
SANM	Exit	SANMINA CORPORATION	$0	–	-6,440,511	–	-2.77%	–
UNM	Exit	UNUM GROUP	$0	–	-4,614,793	–	-3.27%	–
ANAT	Exit	AMERICAN NATIONAL	$0	–	-1,504,759	–	-3.49%	–
IM	Exit	INGRAM MICRO	$0	–	-6,735,286	–	-3.58%	–
AFLYY	Exit	AIR FRANCE-KLM	$0	–	-18,922,986	–	-3.64%	–
AUY	Exit	YAMANA GOLD	$0	–	-29,570,012	–	-3.66%	–
XL	Exit	XL GROUP	$0	–	-7,617,657	–	-5.21%	–
WPX	Exit	WPX ENERGY INC	$0	–	-10,633,413	–	-5.28%	–
AER	Exit	AERCAP HOLDINGS	$0	–	-8,576,374	–	-7.23%	–
MU	Exit	MICRON TECHNOLOGY	$0	–	-16,534,957	–	-11.68%	–

Q3 2014

			Value		Shares		↓ Weighting
MU	Sell	MICRON TECHNOLOGY	$566,488,000	-8.0%	16,534,957	-11.5%	11.68%	+1.3%
AER	Sell	AERCAP HOLDINGS	$350,774,000	-10.9%	8,576,374	-0.2%	7.23%	-1.9%
WPX	Sell	WPX ENERGY INC	$255,840,000	-15.4%	10,633,413	-15.9%	5.28%	-6.8%
XL	Sell	XL GROUP	$252,678,000	+1.3%	7,617,657	-0.0%	5.21%	+11.6%
AUY	Buy	YAMANA GOLD	$177,420,000	-21.8%	29,570,012	+7.2%	3.66%	-13.8%
AFLYY	Buy	AIR FRANCE-KLM	$176,551,000	-25.7%	18,922,986	+0.3%	3.64%	-18.1%
IM	Sell	INGRAM MICRO	$173,838,000	-12.4%	6,735,286	-0.9%	3.58%	-3.6%
ANAT	Buy	AMERICAN NATIONAL	$169,135,000	-1.3%	1,504,759	+0.3%	3.49%	+8.7%
UNM	Buy	UNUM GROUP	$158,657,000	+12.8%	4,614,793	+14.1%	3.27%	+24.2%
SANM	Sell	SANMINA CORPORATION	$134,349,000	-14.2%	6,440,511	-6.3%	2.77%	-5.5%
RFP	Sell	RESOLUTE FOREST PRODUCTS	$132,725,000	-7.1%	8,486,281	-0.3%	2.74%	+2.3%
AIG	Sell	AMERICAN INTERNATIONAL GROUP	$126,626,000	-1.0%	2,344,067	-0.0%	2.61%	+9.0%
PTP	Sell	PLATINUM UNDERWRITERS	$122,662,000	-7.5%	2,015,144	-1.4%	2.53%	+1.9%
GRPU	Sell	GRANITE REAL ESTATE INVESTMENT TRUST	$113,546,000	-9.4%	3,288,341	-2.3%	2.34%	-0.2%
JBLU	Sell	JETBLUE AIRWAYS	$111,017,000	-45.3%	10,453,607	-44.1%	2.29%	-39.7%
RCL	Sell	ROYAL CARIBBEAN CRUISES	$93,836,000	+10.1%	1,394,499	-9.0%	1.94%	+21.3%
CLS	Buy	CELESTICA	$93,037,000	-10.2%	9,166,214	+11.1%	1.92%	-1.1%
NEBLQ	Buy	NOBLE CORP	$88,923,000	-31.0%	4,001,938	+4.3%	1.83%	-24.0%
CNA	Sell	CNA FINANCIAL CORP.	$84,163,000	-5.9%	2,213,074	-0.0%	1.74%	+3.6%
AUQ	Buy	AURICO GOLD	$78,643,000	-16.0%	22,533,711	+2.5%	1.62%	-7.5%
TM	Sell	TOYOTA MOTOR CORP	$76,502,000	-1.8%	650,917	-0.0%	1.58%	+8.1%
MRH	Buy	MONTPELIER RE HOLDINGS	$70,627,000	-0.5%	2,271,703	+2.2%	1.46%	+9.6%
RE	Sell	EVEREST RE GROUP	$69,628,000	+0.9%	429,778	-0.0%	1.44%	+11.1%
VR	Buy	VALIDUS HOLDINGS	$65,933,000	+111.2%	1,684,538	+106.3%	1.36%	+132.3%
HMN	Sell	HORACE MANN EDUCATORS	$54,833,000	-8.8%	1,923,300	-0.0%	1.13%	+0.4%
KEP	Buy	KOREA ELECTRIC POWER CORP	$54,642,000	+24.5%	2,435,037	+2.1%	1.13%	+37.3%
TECD	Sell	TECHDATA	$54,444,000	-26.1%	924,968	-21.5%	1.12%	-18.7%
EXC	Buy	EXELON CORP	$52,941,000	-6.5%	1,552,973	+0.0%	1.09%	+2.8%
PGNPQ	New	PARAGON OFFSHORE LTD	$51,936,000	–	8,444,938	–	1.07%	–
CDE	Sell	COEUR MINING	$51,516,000	-46.0%	10,386,275	-0.0%	1.06%	-40.5%
NRG	Sell	NRG ENERGY	$50,547,000	-19.6%	1,658,373	-1.9%	1.04%	-11.5%
NGD	Sell	NEW GOLD INC.	$49,131,000	-20.7%	9,728,850	-0.0%	1.01%	-12.7%
PLAB	Buy	PHOTRONICS	$47,501,000	-5.9%	5,900,744	+0.5%	0.98%	+3.6%
AAVVF	Sell	ADVANTAGE OIL AND GAS	$44,444,000	-27.9%	8,731,639	-4.9%	0.92%	-20.7%
L	Buy	LOEWS CORP	$43,444,000	+2.5%	1,042,832	+8.3%	0.90%	+13.0%
AYR	Buy	AIRCASTLE	$34,770,000	-7.9%	2,125,309	+0.0%	0.72%	+1.4%
TDW	Buy	TIDEWATER INC	$32,740,000	+16.1%	838,847	+67.1%	0.68%	+27.8%
VRTV	New	VERITIV CORP	$31,381,000	–	626,871	–	0.65%	–
PKD	Buy	PARKER DRILLING COMPANY	$29,635,000	-2.7%	5,998,944	+28.4%	0.61%	+7.2%
ASC	Sell	ARDMORE SHIPPING CORP	$28,527,000	-21.2%	2,617,188	-0.0%	0.59%	-13.3%
ISSI	Sell	INTEGRATED SILICON SOLUTIONS, INC	$26,481,000	-13.3%	1,927,267	-6.5%	0.55%	-4.5%
VLO	Sell	VALERO ENERGY CORP	$25,104,000	-7.7%	542,557	-0.0%	0.52%	+1.8%
DAN	Sell	DANA HOLDING CORP	$24,073,000	-21.5%	1,255,742	-0.0%	0.50%	-13.6%
RT	Sell	RUBY TUESDAY	$22,990,000	-22.4%	3,903,211	-0.0%	0.47%	-14.6%
NBR	Sell	NABORS INDUSTRIES	$21,704,000	-29.9%	953,615	-9.5%	0.45%	-22.9%
KBAL	Sell	KIMBALL	$21,501,000	-13.6%	1,428,620	-4.1%	0.44%	-4.9%
ACLS	Buy	AXCELIS TECHNOLOGY	$21,099,000	+2.4%	10,602,318	+2.9%	0.44%	+12.7%
PAAS	Sell	PAN AMERICAN SILVER	$19,497,000	-28.5%	1,775,698	-0.0%	0.40%	-21.2%
AOI	Buy	ALLIANCE ONE	$17,454,000	-20.9%	8,859,906	+0.3%	0.36%	-12.8%
CKH	Buy	SEACOR HOLDINGS	$15,663,000	+194.7%	209,400	+224.0%	0.32%	+223.0%
BCRHF	Buy	BLUE CAPITAL REINSURANCE	$14,750,000	-10.2%	833,815	+0.0%	0.30%	-1.0%
KGC	New	KINROSS GOLD CORP	$14,402,000	–	4,364,367	–	0.30%	–
NWS	Buy	NEWS CORP - CLASS B	$13,881,000	+165.2%	860,564	+186.9%	0.29%	+191.8%
NAT	Sell	NORDIC AMERICAN TANKERS	$12,989,000	-16.6%	1,633,784	-0.0%	0.27%	-8.2%
PPPMF	Buy	PRIMERO MINING CORP	$11,132,000	-33.7%	2,295,349	+9.5%	0.23%	-26.8%
PBY	Sell	PEPBOYS AUTO	$10,231,000	-22.3%	1,148,264	-0.0%	0.21%	-14.2%
CLDPQ	New	CLOUD PEAK ENERGY	$10,096,000	–	800,000	–	0.21%	–
BTU	New	PEABODY ENERGY CORP	$9,458,000	–	764,000	–	0.20%	–
BSET	Sell	BASSETT FURNITURE	$9,008,000	+3.8%	659,459	-0.0%	0.19%	+14.8%
MHO	Sell	M/I HOMES	$8,513,000	-18.3%	429,500	-0.0%	0.18%	-9.7%
MFA	Sell	MFA FINANCIAL INC.	$8,384,000	-5.3%	1,077,604	-0.0%	0.17%	+4.2%
TECU	Sell	TECUMSEH PRODUCTS	$6,924,000	-15.5%	1,610,259	-0.0%	0.14%	-6.5%
NTZ	Buy	NATUZZI SPA	$6,194,000	-20.4%	3,051,400	+0.8%	0.13%	-12.3%
DRH	Sell	DIAMONDROCK HOSPITALITY	$6,117,000	-70.4%	482,378	-70.1%	0.13%	-67.4%
HBM	New	HUDBAY MINERALS INC.	$5,362,000	–	626,400	–	0.11%	–
UTSI	Sell	UTSTARCOM	$416,000	-13.2%	136,417	-16.6%	0.01%	0.0%
TSO	Exit	TESORO CORP	$0	–	-619	–	-0.00%	–
LUV	Exit	SOUTHWEST AIRLINES	$0	–	-5,237	–	-0.00%	–
TAST	Exit	CARROL'S RESTAURANT GROUP	$0	–	-211,143	–	-0.03%	–
BANR	Exit	BANNER CORPORATION	$0	–	-62,541	–	-0.05%	–
CVLG	Exit	COVENANT TRANSPORT	$0	–	-572,277	–	-0.14%	–

Q2 2014

			Value		Shares		↓ Weighting
MU	New	MICRON TECHNOLOGY	$615,880,000	–	18,691,359	–	11.53%	–
AER	New	AERCAP HOLDINGS	$393,667,000	–	8,595,356	–	7.37%	–
WPX	New	WPX ENERGY INC	$302,245,000	–	12,640,948	–	5.66%	–
XL	New	XL GROUP	$249,377,000	–	7,619,232	–	4.67%	–
AFLYY	New	AIR FRANCE-KLM	$237,477,000	–	18,862,360	–	4.45%	–
AUY	New	YAMANA GOLD	$226,787,000	–	27,589,638	–	4.25%	–
JBLU	New	JETBLUE AIRWAYS	$202,879,000	–	18,698,496	–	3.80%	–
IM	New	INGRAM MICRO	$198,520,000	–	6,796,297	–	3.72%	–
ANAT	New	AMERICAN NATIONAL	$171,371,000	–	1,500,621	–	3.21%	–
SANM	New	SANMINA CORPORATION	$156,521,000	–	6,870,965	–	2.93%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$142,822,000	–	8,511,471	–	2.67%	–
UNM	New	UNUM GROUP	$140,645,000	–	4,046,171	–	2.63%	–
PTP	New	PLATINUM UNDERWRITERS	$132,580,000	–	2,044,416	–	2.48%	–
NEBLQ	New	NOBLE CORP	$128,826,000	–	3,838,679	–	2.41%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$127,966,000	–	2,344,551	–	2.40%	–
GRPU	New	GRANITE REAL ESTATE INVESTMENT TRUST	$125,279,000	–	3,366,815	–	2.34%	–
CLS	New	CELESTICA	$103,598,000	–	8,248,224	–	1.94%	–
CDE	New	COEUR MINING	$95,350,000	–	10,386,723	–	1.78%	–
AUQ	New	AURICO GOLD	$93,657,000	–	21,985,271	–	1.75%	–
CNA	New	CNA FINANCIAL CORP.	$89,471,000	–	2,213,532	–	1.68%	–
RCL	New	ROYAL CARIBBEAN CRUISES	$85,220,000	–	1,532,739	–	1.60%	–
TM	New	TOYOTA MOTOR CORP	$77,905,000	–	651,052	–	1.46%	–
TECD	New	TECHDATA	$73,714,000	–	1,179,041	–	1.38%	–
MRH	New	MONTPELIER RE HOLDINGS	$70,992,000	–	2,221,972	–	1.33%	–
RE	New	EVEREST RE GROUP	$69,009,000	–	429,991	–	1.29%	–
NRG	New	NRG ENERGY	$62,869,000	–	1,690,040	–	1.18%	–
NGD	New	NEW GOLD INC.	$61,986,000	–	9,730,860	–	1.16%	–
AAVVF	New	ADVANTAGE OIL AND GAS	$61,669,000	–	9,176,927	–	1.16%	–
HMN	New	HORACE MANN EDUCATORS	$60,154,000	–	1,923,698	–	1.13%	–
EXC	New	EXELON CORP	$56,646,000	–	1,552,794	–	1.06%	–
PLAB	New	PHOTRONICS	$50,500,000	–	5,872,146	–	0.94%	–
KEP	New	KOREA ELECTRIC POWER CORP	$43,878,000	–	2,384,687	–	0.82%	–
L	New	LOEWS CORP	$42,366,000	–	962,636	–	0.79%	–
AYR	New	AIRCASTLE	$37,762,000	–	2,125,066	–	0.71%	–
ASC	New	ARDMORE SHIPPING CORP	$36,203,000	–	2,617,729	–	0.68%	–
VR	New	VALIDUS HOLDINGS	$31,224,000	–	816,534	–	0.58%	–
NBR	New	NABORS INDUSTRIES	$30,962,000	–	1,054,213	–	0.58%	–
DAN	New	DANA HOLDING CORP	$30,672,000	–	1,256,002	–	0.57%	–
ISSI	New	INTEGRATED SILICON SOLUTIONS, INC	$30,540,000	–	2,061,633	–	0.57%	–
PKD	New	PARKER DRILLING COMPANY	$30,453,000	–	4,670,727	–	0.57%	–
RT	New	RUBY TUESDAY	$29,631,000	–	3,904,018	–	0.56%	–
TDW	New	TIDEWATER INC	$28,188,000	–	502,006	–	0.53%	–
PAAS	New	PAN AMERICAN SILVER	$27,262,000	–	1,776,045	–	0.51%	–
VLO	New	VALERO ENERGY CORP	$27,188,000	–	542,669	–	0.51%	–
KBAL	New	KIMBALL	$24,899,000	–	1,489,157	–	0.47%	–
AOI	New	ALLIANCE ONE	$22,079,000	–	8,831,619	–	0.41%	–
DRH	New	DIAMONDROCK HOSPITALITY	$20,696,000	–	1,614,371	–	0.39%	–
ACLS	New	AXCELIS TECHNOLOGY	$20,607,000	–	10,303,509	–	0.39%	–
PPPMF	New	PRIMERO MINING CORP	$16,787,000	–	2,095,782	–	0.31%	–
BCRHF	New	BLUE CAPITAL REINSURANCE	$16,424,000	–	833,684	–	0.31%	–
NAT	New	NORDIC AMERICAN TANKERS	$15,573,000	–	1,634,122	–	0.29%	–
PBY	New	PEPBOYS AUTO	$13,162,000	–	1,148,501	–	0.25%	–
MHO	New	M/I HOMES	$10,426,000	–	429,589	–	0.20%	–
MFA	New	MFA FINANCIAL INC.	$8,849,000	–	1,077,827	–	0.17%	–
GM	New	GENERAL MOTORS	$8,710,000	–	239,945	–	0.16%	–
BSET	New	BASSETT FURNITURE	$8,679,000	–	659,471	–	0.16%	–
TECU	New	TECUMSEH PRODUCTS	$8,198,000	–	1,610,591	–	0.15%	–
NTZ	New	NATUZZI SPA	$7,779,000	–	3,026,659	–	0.15%	–
CVLG	New	COVENANT TRANSPORT	$7,371,000	–	572,277	–	0.14%	–
MTSN	New	MATTSON TECHNOLOGY	$6,597,000	–	3,012,550	–	0.12%	–
BPI	New	BRIDGEPOINT EDUCATION	$5,356,000	–	403,296	–	0.10%	–
CKH	New	SEACOR HOLDINGS	$5,315,000	–	64,626	–	0.10%	–
OPLK	New	OPLINK COMMUNICATIONS	$5,218,000	–	307,498	–	0.10%	–
NWS	New	NEWS CORP - CLASS B	$5,235,000	–	300,000	–	0.10%	–
KCLI	New	KANSAS CITY LIFE	$4,126,000	–	90,712	–	0.08%	–
BANR	New	BANNER CORPORATION	$2,478,000	–	62,541	–	0.05%	–
TAST	New	CARROL'S RESTAURANT GROUP	$1,503,000	–	211,143	–	0.03%	–
SYPR	New	SYPRIS SOLUTIONS	$1,284,000	–	230,098	–	0.02%	–
ANVGQ	New	ALLIED NEVADA	$565,000	–	150,350	–	0.01%	–
IMN	New	IMATION CORP	$528,000	–	153,538	–	0.01%	–
UTSI	New	UTSTARCOM	$479,000	–	163,586	–	0.01%	–
STLY	New	STANLEY FURNITURE	$325,000	–	121,292	–	0.01%	–
LUV	New	SOUTHWEST AIRLINES	$141,000	–	5,237	–	0.00%	–
TSO	New	TESORO CORP	$36,000	–	619	–	0.00%	–
NRDSQ	New	NORD RESOURCES	$20,000	–	507,100	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
NRDSQ	Exit	NORD RESOURCES	$0	–	-507,100	–	0.00%	–
NEM	Exit	NEWMONT MINING	$0	–	-12,000	–	-0.01%	–
STLY	Exit	STANLEY FURNITURE	$0	–	-121,292	–	-0.01%	–
ANVGQ	Exit	ALLIED NEVADA	$0	–	-150,350	–	-0.01%	–
SYPR	Exit	SYPRIS SOLUTIONS	$0	–	-223,933	–	-0.02%	–
UTSI	Exit	UTSTARCOM	$0	–	-399,454	–	-0.02%	–
TAST	Exit	CARROL'S RESTAURANT GROUP	$0	–	-211,143	–	-0.03%	–
IMN	Exit	IMATION CORP	$0	–	-322,833	–	-0.03%	–
USU	Exit	USEC, INC.	$0	–	-135,473	–	-0.03%	–
MPAA	Exit	MOTORCAR PARTS OF AMERICA	$0	–	-130,023	–	-0.04%	–
CST	Exit	CST BRANDS	$0	–	-60,909	–	-0.04%	–
CENX	Exit	CENTURY ALUMINUM COMPANY	$0	–	-353,817	–	-0.06%	–
TECUB	Exit	TECUMSEH PRODUCTS - B	$0	–	-463,239	–	-0.08%	–
ZINCQ	Exit	HORSEHEAD HOLDING CORP	$0	–	-349,952	–	-0.09%	–
KCLI	Exit	KANSAS CITY LIFE	$0	–	-108,712	–	-0.10%	–
PNM	Exit	PNM RESOURCES	$0	–	-231,806	–	-0.11%	–
NTZ	Exit	NATUZZI SPA	$0	–	-3,197,686	–	-0.12%	–
PTEN	Exit	PATTERSON-UTI ENERGY INC	$0	–	-275,913	–	-0.12%	–
USAK	Exit	USA TRUCK INC	$0	–	-735,487	–	-0.14%	–
PTSI	Exit	P.A.M. TRANSPORTATION SVCS	$0	–	-390,997	–	-0.14%	–
OSGIQ	Exit	OVERSEAS SHIPHOLDG GRP	$0	–	-4,197,719	–	-0.16%	–
CVLG	Exit	COVENANT TRANSPORT	$0	–	-1,198,005	–	-0.16%	–
UFI	Exit	UNIFI INC	$0	–	-335,805	–	-0.17%	–
GM	Exit	GENERAL MOTORS	$0	–	-240,522	–	-0.18%	–
MTSN	Exit	MATTSON TECHNOLOGY	$0	–	-3,633,556	–	-0.18%	–
MHO	Exit	M/I HOMES	$0	–	-454,234	–	-0.20%	–
TECUA	Exit	TECUMSEH PRODUCTS - A	$0	–	-1,147,159	–	-0.22%	–
NAT	Exit	NORDIC AMERICAN TANKERS	$0	–	-1,281,834	–	-0.22%	–
PPPMF	Exit	PRIMERO MINING CORP	$0	–	-1,954,885	–	-0.22%	–
BSET	Exit	BASSETT FURNITURE	$0	–	-687,735	–	-0.24%	–
MFA	Exit	MFA FINANCIAL INC.	$0	–	-1,590,985	–	-0.25%	–
ORI	Exit	OLD REPUBLIC INTL	$0	–	-796,157	–	-0.26%	–
RT	Exit	RUBY TUESDAY	$0	–	-1,723,735	–	-0.27%	–
PBY	Exit	PEPBOYS AUTO	$0	–	-1,196,973	–	-0.32%	–
TQNT	Exit	TRIQUINT SEMICONDUCTOR	$0	–	-1,988,582	–	-0.34%	–
BANR	Exit	BANNER CORPORATION	$0	–	-425,403	–	-0.34%	–
TSO	Exit	TESORO CORP	$0	–	-375,543	–	-0.35%	–
KBAL	Exit	KIMBALL	$0	–	-1,634,416	–	-0.38%	–
BPI	Exit	BRIDGEPOINT EDUCATION	$0	–	-1,044,302	–	-0.40%	–
HVT	Exit	HAVERTY'S FURNITURE	$0	–	-769,205	–	-0.40%	–
ASC	Exit	ARDMORE SHIPPING CORP	$0	–	-1,805,860	–	-0.46%	–
ACLS	Exit	AXCELIS TECHNOLOGY	$0	–	-10,846,575	–	-0.48%	–
AOI	Exit	ALLIANCE ONE	$0	–	-8,437,929	–	-0.52%	–
NBR	Exit	NABORS INDUSTRIES	$0	–	-1,564,077	–	-0.53%	–
DRH	Exit	DIAMONDROCK HOSPITALITY	$0	–	-2,352,506	–	-0.53%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-752,179	–	-0.54%	–
ISSI	Exit	INTEGRATED SILICON SOLUTIONS, INC	$0	–	-2,454,119	–	-0.56%	–
LCC	Exit	U S AIRWAYS GROUP INC	$0	–	-1,577,777	–	-0.63%	–
L	Exit	LOEWS CORP	$0	–	-685,950	–	-0.68%	–
PKD	Exit	PARKER DRILLING COMPANY	$0	–	-5,713,711	–	-0.69%	–
RSHCQ	Exit	RADIOSHACK CORP	$0	–	-9,997,731	–	-0.72%	–
KEP	Exit	KOREA ELECTRIC POWER CORP	$0	–	-2,607,528	–	-0.77%	–
TM	Exit	TOYOTA MOTOR CORP	$0	–	-297,836	–	-0.81%	–
DAN	Exit	DANA HOLDING CORP	$0	–	-1,927,115	–	-0.93%	–
PLAB	Exit	PHOTRONICS	$0	–	-5,666,413	–	-0.94%	–
AYR	Exit	AIRCASTLE	$0	–	-3,249,980	–	-1.20%	–
HMN	Exit	HORACE MANN EDUCATORS	$0	–	-2,256,838	–	-1.36%	–
AAVVF	Exit	ADVANTAGE OIL AND GAS	$0	–	-16,898,260	–	-1.37%	–
NRG	Exit	NRG ENERGY	$0	–	-2,425,442	–	-1.40%	–
EXC	Exit	EXELON CORP	$0	–	-2,270,201	–	-1.42%	–
MRH	Exit	MONTPELIER RE HOLDINGS	$0	–	-2,585,736	–	-1.42%	–
RE	Exit	EVEREST RE GROUP	$0	–	-475,723	–	-1.46%	–
DDS	Exit	DILLARD'S INC.	$0	–	-933,258	–	-1.55%	–
AUQ	Exit	AURICO GOLD	$0	–	-19,605,247	–	-1.58%	–
CDE	Exit	COEUR MINING	$0	–	-7,120,221	–	-1.82%	–
RCL	Exit	ROYAL CARIBBEAN CRUISES	$0	–	-2,447,096	–	-1.98%	–
TECD	Exit	TECHDATA	$0	–	-1,901,034	–	-2.01%	–
CLS	Exit	CELESTICA	$0	–	-9,351,087	–	-2.18%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-2,164,001	–	-2.23%	–
CNA	Exit	CNA FINANCIAL CORP.	$0	–	-2,871,923	–	-2.32%	–
XL	Exit	XL GROUP	$0	–	-3,745,570	–	-2.44%	–
UNM	Exit	UNUM GROUP	$0	–	-3,921,681	–	-2.52%	–
RFP	Exit	RESOLUTE FOREST PRODUCTS	$0	–	-9,263,791	–	-2.59%	–
PTP	Exit	PLATINUM UNDERWRITERS	$0	–	-2,166,255	–	-2.74%	–
SANM	Exit	SANMINA CORPORATION	$0	–	-7,489,508	–	-2.77%	–
GRPU	Exit	GRANITE REAL ESTATE INVESTMENT TRUST	$0	–	-3,834,050	–	-2.89%	–
ANAT	Exit	AMERICAN NATIONAL	$0	–	-1,525,673	–	-3.16%	–
AUY	Exit	YAMANA GOLD	$0	–	-18,123,467	–	-3.99%	–
JBLU	Exit	JETBLUE AIRWAYS	$0	–	-28,779,721	–	-4.06%	–
AFLYY	Exit	AIR FRANCE-KLM	$0	–	-19,484,437	–	-4.12%	–
AER	Exit	AERCAP HOLDINGS	$0	–	-10,153,916	–	-4.18%	–
LUV	Exit	SOUTHWEST AIRLINES	$0	–	-14,493,018	–	-4.46%	–
IM	Exit	INGRAM MICRO	$0	–	-9,565,236	–	-4.66%	–
WPX	Exit	WPX ENERGY INC	$0	–	-13,580,392	–	-5.53%	–
MU	Exit	MICRON TECHNOLOGY	$0	–	-22,502,594	–	-8.31%	–

Q3 2013

			Value		Shares		↓ Weighting
MU	Sell	MICRON TECHNOLOGY	$393,098,000	+1.5%	22,502,594	-16.7%	8.31%	-1.1%
WPX	Buy	WPX ENERGY INC	$261,558,000	+43.0%	13,580,392	+40.6%	5.53%	+39.2%
IM	Sell	INGRAM MICRO	$220,479,000	-15.0%	9,565,236	-30.0%	4.66%	-17.2%
LUV	Sell	SOUTHWEST AIRLINES	$211,018,000	+10.1%	14,493,018	-2.5%	4.46%	+7.3%
AER	Sell	AERCAP HOLDINGS	$197,595,000	+9.1%	10,153,916	-2.1%	4.18%	+6.3%
AFLYY	Buy	AIR FRANCE-KLM	$194,844,000	+36.5%	19,484,437	+23.5%	4.12%	+32.9%
JBLU	Sell	JETBLUE AIRWAYS	$191,817,000	+4.0%	28,779,721	-1.8%	4.06%	+1.3%
AUY	Buy	YAMANA GOLD	$188,484,000	+37.2%	18,123,467	+25.5%	3.99%	+33.7%
ANAT	Sell	AMERICAN NATIONAL	$149,577,000	-5.5%	1,525,673	-4.1%	3.16%	-7.9%
GRPU	Sell	GRANITE REAL ESTATE INVESTMENT TRUST	$136,684,000	+0.7%	3,834,050	-2.4%	2.89%	-1.9%
SANM	Sell	SANMINA CORPORATION	$130,991,000	+15.0%	7,489,508	-5.7%	2.77%	+12.0%
PTP	Sell	PLATINUM UNDERWRITERS	$129,390,000	-18.9%	2,166,255	-22.3%	2.74%	-21.0%
RFP	Sell	RESOLUTE FOREST PRODUCTS	$122,467,000	-4.4%	9,263,791	-4.8%	2.59%	-6.9%
UNM	Sell	UNUM GROUP	$119,376,000	+3.3%	3,921,681	-0.3%	2.52%	+0.7%
XL	Sell	XL GROUP	$115,438,000	-1.5%	3,745,570	-3.1%	2.44%	-4.0%
CNA	Sell	CNA FINANCIAL CORP.	$109,650,000	-9.2%	2,871,923	-22.4%	2.32%	-11.5%
AIG	Sell	AMERICAN INTERNATIONAL GROUP	$105,235,000	+5.0%	2,164,001	-3.5%	2.23%	+2.3%
CLS	Sell	CELESTICA	$103,142,000	-11.3%	9,351,087	-24.0%	2.18%	-13.6%
TECD	Buy	TECHDATA	$94,881,000	+18.7%	1,901,034	+12.0%	2.01%	+15.6%
RCL	Sell	ROYAL CARIBBEAN CRUISES	$93,675,000	+11.6%	2,447,096	-2.8%	1.98%	+8.7%
CDE	Sell	COEUR MINING	$85,799,000	-15.2%	7,120,221	-6.4%	1.82%	-17.3%
AUQ	Buy	AURICO GOLD	$74,696,000	+5.2%	19,605,247	+20.7%	1.58%	+2.5%
DDS	Buy	DILLARD'S INC.	$73,074,000	-2.1%	933,258	+2.5%	1.55%	-4.6%
RE	Sell	EVEREST RE GROUP	$69,175,000	+6.6%	475,723	-6.0%	1.46%	+3.8%
MRH	Sell	MONTPELIER RE HOLDINGS	$67,358,000	-0.2%	2,585,736	-4.2%	1.42%	-2.8%
EXC	Buy	EXELON CORP	$67,289,000	-4.0%	2,270,201	+0.0%	1.42%	-6.5%
NRG	Sell	NRG ENERGY	$66,287,000	-13.3%	2,425,442	-15.3%	1.40%	-15.5%
AAVVF	Buy	ADVANTAGE OIL AND GAS	$64,720,000	+1.6%	16,898,260	+4.5%	1.37%	-1.0%
HMN	Sell	HORACE MANN EDUCATORS	$64,049,000	+12.7%	2,256,838	-3.1%	1.36%	+9.9%
AYR	Sell	AIRCASTLE	$56,582,000	-37.4%	3,249,980	-42.6%	1.20%	-39.1%
PLAB	Sell	PHOTRONICS	$44,425,000	-6.8%	5,666,413	-4.2%	0.94%	-9.3%
DAN	Sell	DANA HOLDING CORP	$44,015,000	-4.1%	1,927,115	-19.2%	0.93%	-6.6%
TM	Sell	TOYOTA MOTOR CORP	$38,132,000	+6.1%	297,836	-0.0%	0.81%	+3.2%
KEP	Sell	KOREA ELECTRIC POWER CORP	$36,610,000	+19.5%	2,607,528	-3.8%	0.77%	+16.4%
RSHCQ	Buy	RADIOSHACK CORP	$34,092,000	+8.1%	9,997,731	+0.2%	0.72%	+5.3%
PKD	Sell	PARKER DRILLING COMPANY	$32,568,000	+14.4%	5,713,711	-0.0%	0.69%	+11.5%
L	Sell	LOEWS CORP	$32,061,000	+5.2%	685,950	-0.0%	0.68%	+2.4%
LCC	Buy	U S AIRWAYS GROUP INC	$29,915,000	+39.6%	1,577,777	+20.9%	0.63%	+36.1%
ISSI	Sell	INTEGRATED SILICON SOLUTIONS, INC	$26,725,000	-4.0%	2,454,119	-3.4%	0.56%	-6.5%
VLO	Buy	VALERO ENERGY CORP	$25,687,000	+12.2%	752,179	+14.2%	0.54%	+9.3%
DRH	Sell	DIAMONDROCK HOSPITALITY	$25,101,000	+14.4%	2,352,506	-0.0%	0.53%	+11.6%
NBR	Buy	NABORS INDUSTRIES	$25,119,000	+12.1%	1,564,077	+6.8%	0.53%	+9.0%
AOI	Buy	ALLIANCE ONE	$24,554,000	-20.1%	8,437,929	+4.4%	0.52%	-22.2%
ACLS	Buy	AXCELIS TECHNOLOGY	$22,886,000	+18.6%	10,846,575	+2.3%	0.48%	+15.5%
ASC	New	ARDMORE SHIPPING CORP	$21,923,000	–	1,805,860	–	0.46%	–
HVT	Sell	HAVERTY'S FURNITURE	$18,869,000	-16.8%	769,205	-22.0%	0.40%	-19.1%
BPI	Sell	BRIDGEPOINT EDUCATION	$18,839,000	-10.6%	1,044,302	-39.7%	0.40%	-13.1%
KBAL	Sell	KIMBALL	$18,126,000	+9.7%	1,634,416	-3.9%	0.38%	+6.7%
TSO	Sell	TESORO CORP	$16,516,000	-16.0%	375,543	-0.0%	0.35%	-18.3%
BANR	Sell	BANNER CORPORATION	$16,233,000	+12.9%	425,403	-0.0%	0.34%	+9.9%
TQNT	Sell	TRIQUINT SEMICONDUCTOR	$16,147,000	+7.9%	1,988,582	-7.9%	0.34%	+5.2%
PBY	Sell	PEPBOYS AUTO	$14,926,000	+7.4%	1,196,973	-0.2%	0.32%	+4.6%
RT	Sell	RUBY TUESDAY	$12,928,000	-22.2%	1,723,735	-4.3%	0.27%	-24.4%
ORI	Sell	OLD REPUBLIC INTL	$12,261,000	-3.8%	796,157	-19.6%	0.26%	-6.5%
MFA	Sell	MFA FINANCIAL INC.	$11,853,000	-11.9%	1,590,985	-0.0%	0.25%	-14.0%
BSET	Sell	BASSETT FURNITURE	$11,134,000	+4.2%	687,735	-0.0%	0.24%	+1.3%
PPPMF	Buy	PRIMERO MINING CORP	$10,654,000	+61.4%	1,954,885	+33.0%	0.22%	+57.3%
NAT	Buy	NORDIC AMERICAN TANKERS	$10,562,000	+15.6%	1,281,834	+6.2%	0.22%	+12.6%
TECUA	Sell	TECUMSEH PRODUCTS - A	$10,267,000	-21.4%	1,147,159	-4.0%	0.22%	-23.6%
MHO	Sell	M/I HOMES	$9,366,000	-12.9%	454,234	-3.0%	0.20%	-15.0%
GM	Sell	GENERAL MOTORS	$8,652,000	+7.8%	240,522	-0.2%	0.18%	+5.2%
UFI	Sell	UNIFI INC	$7,844,000	-13.0%	335,805	-23.0%	0.17%	-15.3%
CVLG	Sell	COVENANT TRANSPORT	$7,595,000	+1.6%	1,198,005	-0.0%	0.16%	-0.6%
OSGIQ	Sell	OVERSEAS SHIPHOLDG GRP	$7,346,000	-58.1%	4,197,719	-0.7%	0.16%	-59.3%
PTSI	Buy	P.A.M. TRANSPORTATION SVCS	$6,839,000	+71.2%	390,997	+0.3%	0.14%	+66.7%
USAK	Sell	USA TRUCK INC	$6,590,000	+18.8%	735,487	-14.6%	0.14%	+15.8%
PTEN	Sell	PATTERSON-UTI ENERGY INC	$5,899,000	+10.4%	275,913	-0.0%	0.12%	+7.8%
NTZ	Buy	NATUZZI SPA	$5,756,000	+26.6%	3,197,686	+52.7%	0.12%	+23.2%
PNM	Sell	PNM RESOURCES	$5,246,000	-54.9%	231,806	-55.8%	0.11%	-56.1%
ZINCQ	Sell	HORSEHEAD HOLDING CORP	$4,360,000	-29.9%	349,952	-28.0%	0.09%	-31.9%
TECUB	Sell	TECUMSEH PRODUCTS - B	$4,026,000	-24.7%	463,239	-4.1%	0.08%	-26.7%
CENX	Sell	CENTURY ALUMINUM COMPANY	$2,841,000	-51.2%	353,817	-43.6%	0.06%	-52.4%
CST	Sell	CST BRANDS	$1,815,000	-19.2%	60,909	-16.4%	0.04%	-22.4%
MPAA	New	MOTORCAR PARTS OF AMERICA	$1,647,000	–	130,023	–	0.04%	–
USU	Sell	USEC, INC.	$1,425,000	+43.1%	135,473	-96.0%	0.03%	+36.4%
UTSI	Buy	UTSTARCOM	$1,098,000	+59.8%	399,454	+54.6%	0.02%	+53.3%
SYPR	Buy	SYPRIS SOLUTIONS	$699,000	+52.0%	223,933	+56.4%	0.02%	+50.0%
ANVGQ	Sell	ALLIED NEVADA	$628,000	-36.0%	150,350	-0.7%	0.01%	-38.1%
NEM	Sell	NEWMONT MINING	$337,000	-90.9%	12,000	-90.3%	0.01%	-91.4%
	Exit	Marriott International Fractional cusipwts	$0	–	-84,954	–	0.00%	–
	Exit	Kinder Morgan fractional cusipwts	$0	–	-3,667	–	0.00%	–
TUESQ	Exit	TUESDAY MORNING	$0	–	-5,938	–	-0.00%	–
HTCH	Exit	HUTCHINSON TECHNOLOGY	$0	–	-96,800	–	-0.01%	–
VOXX	Exit	VOXX INTERNATIONAL CORP	$0	–	-112,600	–	-0.03%	–
SXCL	Exit	STEEL EXCEL INC	$0	–	-89,360	–	-0.06%	–
	Exit	SCORPIO TANKERS	$0	–	-460,259	–	-0.09%	–
SFG	Exit	STANCORP FINANCIAL GROUP	$0	–	-314,812	–	-0.34%	–

Q2 2013

			Value		Shares		↓ Weighting
MU	New	MICRON TECHNOLOGY	$387,271,000	–	27,025,194	–	8.41%	–
IM	New	INGRAM MICRO	$259,387,000	–	13,659,131	–	5.63%	–
LUV	New	SOUTHWEST AIRLINES	$191,640,000	–	14,867,327	–	4.16%	–
JBLU	New	JETBLUE AIRWAYS	$184,383,000	–	29,313,713	–	4.00%	–
WPX	New	WPX ENERGY INC	$182,964,000	–	9,660,214	–	3.97%	–
AER	New	AERCAP HOLDINGS	$181,082,000	–	10,371,253	–	3.93%	–
PTP	New	PLATINUM UNDERWRITERS	$159,570,000	–	2,788,718	–	3.46%	–
ANAT	New	AMERICAN NATIONAL	$158,285,000	–	1,591,286	–	3.44%	–
AFLYY	New	AIR FRANCE-KLM	$142,792,000	–	15,778,152	–	3.10%	–
AUY	New	YAMANA GOLD	$137,351,000	–	14,442,835	–	2.98%	–
GRPU	New	GRANITE REAL ESTATE INVESTMENT TRUST	$135,753,000	–	3,929,165	–	2.95%	–
RFP	New	RESOLUTE FOREST PRODUCTS	$128,119,000	–	9,728,069	–	2.78%	–
CNA	New	CNA FINANCIAL CORP.	$120,710,000	–	3,700,493	–	2.62%	–
XL	New	XL GROUP	$117,182,000	–	3,864,853	–	2.54%	–
CLS	New	CELESTICA	$116,255,000	–	12,302,151	–	2.52%	–
UNM	New	UNUM GROUP	$115,513,000	–	3,933,021	–	2.51%	–
SANM	New	SANMINA CORPORATION	$113,928,000	–	7,939,250	–	2.47%	–
CDE	New	COEUR MINING	$101,123,000	–	7,603,259	–	2.20%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$100,204,000	–	2,241,694	–	2.18%	–
AYR	New	AIRCASTLE	$90,458,000	–	5,657,171	–	1.96%	–
RCL	New	ROYAL CARIBBEAN CRUISES	$83,901,000	–	2,516,538	–	1.82%	–
TECD	New	TECHDATA	$79,953,000	–	1,697,877	–	1.74%	–
NRG	New	NRG ENERGY	$76,466,000	–	2,863,898	–	1.66%	–
DDS	New	DILLARD'S INC.	$74,614,000	–	910,264	–	1.62%	–
AUQ	New	AURICO GOLD	$71,004,000	–	16,248,026	–	1.54%	–
EXC	New	EXELON CORP	$70,096,000	–	2,269,955	–	1.52%	–
MRH	New	MONTPELIER RE HOLDINGS	$67,502,000	–	2,698,982	–	1.47%	–
RE	New	EVEREST RE GROUP	$64,886,000	–	505,891	–	1.41%	–
AAVVF	New	ADVANTAGE OIL AND GAS	$63,687,000	–	16,164,160	–	1.38%	–
HMN	New	HORACE MANN EDUCATORS	$56,807,000	–	2,330,057	–	1.23%	–
PLAB	New	PHOTRONICS	$47,691,000	–	5,916,965	–	1.04%	–
DAN	New	DANA HOLDING CORP	$45,917,000	–	2,384,055	–	1.00%	–
TM	New	TOYOTA MOTOR CORP	$35,949,000	–	297,935	–	0.78%	–
RSHCQ	New	RADIOSHACK CORP	$31,531,000	–	9,978,081	–	0.68%	–
AOI	New	ALLIANCE ONE	$30,720,000	–	8,084,091	–	0.67%	–
KEP	New	KOREA ELECTRIC POWER CORP	$30,648,000	–	2,709,782	–	0.66%	–
L	New	LOEWS CORP	$30,466,000	–	686,178	–	0.66%	–
PKD	New	PARKER DRILLING COMPANY	$28,462,000	–	5,715,309	–	0.62%	–
ISSI	New	INTEGRATED SILICON SOLUTIONS, INC	$27,830,000	–	2,539,231	–	0.60%	–
VLO	New	VALERO ENERGY CORP	$22,892,000	–	658,397	–	0.50%	–
HVT	New	HAVERTY'S FURNITURE	$22,684,000	–	985,813	–	0.49%	–
NBR	New	NABORS INDUSTRIES	$22,417,000	–	1,464,231	–	0.49%	–
DRH	New	DIAMONDROCK HOSPITALITY	$21,933,000	–	2,353,288	–	0.48%	–
LCC	New	U S AIRWAYS GROUP INC	$21,424,000	–	1,304,777	–	0.46%	–
BPI	New	BRIDGEPOINT EDUCATION	$21,080,000	–	1,730,726	–	0.46%	–
TSO	New	TESORO CORP	$19,655,000	–	375,668	–	0.43%	–
ACLS	New	AXCELIS TECHNOLOGY	$19,303,000	–	10,605,887	–	0.42%	–
OSGIQ	New	OVERSEAS SHIPHOLDG GRP	$17,544,000	–	4,227,487	–	0.38%	–
RT	New	RUBY TUESDAY	$16,619,000	–	1,800,510	–	0.36%	–
KBAL	New	KIMBALL	$16,516,000	–	1,700,882	–	0.36%	–
SFG	New	STANCORP FINANCIAL GROUP	$15,555,000	–	314,812	–	0.34%	–
TQNT	New	TRIQUINT SEMICONDUCTOR	$14,968,000	–	2,159,864	–	0.32%	–
BANR	New	BANNER CORPORATION	$14,379,000	–	425,544	–	0.31%	–
PBY	New	PEPBOYS AUTO	$13,895,000	–	1,199,874	–	0.30%	–
MFA	New	MFA FINANCIAL INC.	$13,448,000	–	1,591,514	–	0.29%	–
TECUA	New	TECUMSEH PRODUCTS - A	$13,061,000	–	1,194,950	–	0.28%	–
ORI	New	OLD REPUBLIC INTL	$12,739,000	–	989,806	–	0.28%	–
PNM	New	PNM RESOURCES	$11,638,000	–	524,485	–	0.25%	–
MHO	New	M/I HOMES	$10,751,000	–	468,238	–	0.23%	–
BSET	New	BASSETT FURNITURE	$10,684,000	–	687,964	–	0.23%	–
NAT	New	NORDIC AMERICAN TANKERS	$9,134,000	–	1,206,591	–	0.20%	–
UFI	New	UNIFI INC	$9,014,000	–	436,115	–	0.20%	–
GM	New	GENERAL MOTORS	$8,027,000	–	240,971	–	0.17%	–
MTSN	New	MATTSON TECHNOLOGY	$7,957,000	–	3,633,556	–	0.17%	–
CVLG	New	COVENANT TRANSPORT	$7,478,000	–	1,198,403	–	0.16%	–
PPPMF	New	PRIMERO MINING CORP	$6,600,000	–	1,469,962	–	0.14%	–
ZINCQ	New	HORSEHEAD HOLDING CORP	$6,222,000	–	485,721	–	0.14%	–
CENX	New	CENTURY ALUMINUM COMPANY	$5,821,000	–	627,284	–	0.13%	–
USAK	New	USA TRUCK INC	$5,546,000	–	861,240	–	0.12%	–
PTEN	New	PATTERSON-UTI ENERGY INC	$5,342,000	–	276,005	–	0.12%	–
TECUB	New	TECUMSEH PRODUCTS - B	$5,345,000	–	483,239	–	0.12%	–
NTZ	New	NATUZZI SPA	$4,546,000	–	2,094,722	–	0.10%	–
KCLI	New	KANSAS CITY LIFE	$4,160,000	–	108,712	–	0.09%	–
	New	SCORPIO TANKERS	$4,133,000	–	460,259	–	0.09%	–
PTSI	New	P.A.M. TRANSPORTATION SVCS	$3,994,000	–	389,703	–	0.09%	–
NEM	New	NEWMONT MINING	$3,715,000	–	124,040	–	0.08%	–
SXCL	New	STEEL EXCEL INC	$2,591,000	–	89,360	–	0.06%	–
CST	New	CST BRANDS	$2,246,000	–	72,885	–	0.05%	–
TAST	New	CARROL'S RESTAURANT GROUP	$1,364,000	–	211,143	–	0.03%	–
VOXX	New	VOXX INTERNATIONAL CORP	$1,382,000	–	112,600	–	0.03%	–
IMN	New	IMATION CORP	$1,366,000	–	322,833	–	0.03%	–
USU	New	USEC, INC.	$996,000	–	3,396,850	–	0.02%	–
ANVGQ	New	ALLIED NEVADA	$981,000	–	151,350	–	0.02%	–
UTSI	New	UTSTARCOM	$687,000	–	258,300	–	0.02%	–
STLY	New	STANLEY FURNITURE	$485,000	–	121,292	–	0.01%	–
SYPR	New	SYPRIS SOLUTIONS	$460,000	–	143,212	–	0.01%	–
HTCH	New	HUTCHINSON TECHNOLOGY	$458,000	–	96,800	–	0.01%	–
TUESQ	New	TUESDAY MORNING	$62,000	–	5,938	–	0.00%	–
	New	Marriott International Fractional cusipwts	$0	–	84,954	–	0.00%	–
NRDSQ	New	NORD RESOURCES	$10,000	–	507,100	–	0.00%	–
	New	Kinder Morgan fractional cusipwts	$0	–	3,667	–	0.00%	–

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