The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABERCROMBIE & FITCH CO CL A 002896207 578 37,058 SH   SOLE   37,058 0 0
AMC ENTMT HLDGS INC CL A COM 00165C104 628 58,685 SH   SOLE   58,685 0 0
ARDMORE SHIPPING CORP COM Y0207T100 383 57,209 SH   SOLE   57,209 0 0
AZUL S A SPONSR ADR PFD 05501U106 20,141 562,272 SH   SOLE 2,3 562,272 0 0
BASIC ENERGY SVCS INC NEW COM NEW 06985P209 1,141 792,176 SH   SOLE 1 792,176 0 0
BEACON ROOFING SUPPLY INC COM 073685109 510 15,211 SH   SOLE   15,211 0 0
CAESARS ENTMT CORP COM 127686103 20,051 1,719,676 SH   SOLE 1 1,719,676 0 0
CHAPARRAL ENERGY INC COM CL A 15942R208 5,348 3,991,012 SH   SOLE 1 3,991,012 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 13,491 5,353,529 SH   SOLE 1 5,353,529 0 0
CLEVELAND CLIFFS INC COM 185899101 76,207 10,555,025 SH   SOLE 2,3 10,555,025 0 0
CONSTELLIUM SE CL A N22035104 575 45,229 SH   SOLE   45,229 0 0
CROWN HOLDINGS INC COM 228368106 533 8,072 SH   SOLE   8,072 0 0
GERDAU S A SPON ADR REP PFD 373737105 67,023 21,277,018 SH   SOLE 2,3 21,277,018 0 0
GILDAN ACTIVEWEAR INC COM 375916103 596 16,782 SH   SOLE   16,782 0 0
GOL LINHAS AEREAS INTLG S A SPON ADR PFD NEW 38045R206 98,678 6,378,690 SH   SOLE 2,3 6,378,690 0 0
IHEARTMEDIA INC COM CL A 45174J509 34,105 2,273,655 SH   SOLE 1 2,273,655 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 304,587 20,126 SH Put SOLE 1,2,3 20,126 0 0
ISHARES TR PFD AND INCM SEC 464288687 817 21,777 SH   SOLE   21,777 0 0
KEY ENERGY SVCS INC DEL COM 49309J103 2,837 1,903,736 SH   SOLE 1 1,903,736 0 0
KRATON CORPORATION COM 50077C106 646 200 SH Call SOLE   200 0 0
KRATON CORPORATION COM 50077C106 212 6,551 SH   SOLE   6,551 0 0
OLIN CORP COM PAR $1 680665205 512 27,369 SH   SOLE   27,369 0 0
PEABODY ENERGY CORP NEW COM 704551100 120,412 8,180,191 SH   SOLE 1,2,3 8,180,191 0 0
PENN VA CORP NEW COM 70788V102 9,681 333,010 SH   SOLE 1 333,010 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 42,178 2,914,875 SH   SOLE 2,3 2,914,875 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 105,865 8,056,675 SH   SOLE 2,3 8,056,675 0 0
QUORUM HEALTH CORP COM 74909E106 1,210 1,000,000 SH   SOLE 1 1,000,000 0 0
SEABOARD CORP COM 811543107 591 135 SH   SOLE   135 0 0
TEEKAY TANKERS LTD CL A Y8565N102 217 166,875 SH   SOLE   166,875 0 0
TERNIUM SA SPONSORED ADS 880890108 34,537 1,799,716 SH   SOLE 2,3 1,799,716 0 0
TRUECAR INC COM 89785L107 340 1,000 SH Put SOLE   1,000 0 0
VALE S A SPONSORED ADS 91912E105 117,007 10,174,549 SH   SOLE 2,3 10,174,549 0 0
VISTRA ENERGY CORP COM 92840M102 14,745 551,621 SH   SOLE 1 551,621 0 0
WILLSCOT CORP COM 971375126 207 13,305 SH   SOLE   13,305 0 0