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
Expires: July 31, 2015
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
AERCAP HOLDINGS NV COM N00985106 443,169,671 3,082,705 SH DFND 2 0 3,041,645 0
AIR FRANCE KLM COM 009119108 5,977,538 4,580,489 SH DFND 2 0 4,571,399 0
ALLEGIANT TRAVEL CO COM 01748X102 144,779,762 1,697,898 SH DFND 2 0 1,636,138 0
ALLY FINANCIAL INC COM 02005N100 123,320,549 2,722,909 SH DFND 2 0 2,722,909 0
ADVANSIX INC COM 00773T101 4,254,935 245,950 SH SOLE 0 245,950 0 0
ALGOMA STEEL GROUP INC COM 015658107 24,032,687 5,861,631 SH DFND 2 0 5,779,661 0
AZURE POWER GLOBAL LTD COM V0393H103 299,126 299,126 SH SOLE 0 299,126 0 0
BEAZER HOMES USA INC COM 07556Q881 61,109,753 3,014,788 SH DFND 2 0 2,930,088 0
CITIGROUP INC COM 172967424 147,079,577 1,260,430 SH DFND 2 0 1,260,430 0
CENTERRA GOLD INC. COM 152006102 203,452,127 14,158,116 SH DFND 2 0 13,874,406 0
CIVITAS RESOURCES INC COM 17888H103 121,511,545 4,485,476 SH DFND 2 0 4,400,196 0
COOL CO LTD COM G2415A113 7,119,500 737,772 SH DFND 2 0 674,672 0
CHATHAM LODGING TRUST COM 16208T102 31,901,772 4,684,548 SH DFND 2 0 4,337,071 0
COREBRIDGE FINANCIAL INC COM 21871X109 131,065,087 4,344,219 SH DFND 2 0 4,344,219 0
EVEREST GROUP LTD. COM G3223R108 147,853,438 435,696 SH DFND 2 0 435,696 0
ELDORADO GOLD CORP COM 284902509 264,371,990 7,360,022 SH DFND 2 0 7,296,582 0
EQUINOX GOLD CORP COM 29446Y502 98,972,537 7,049,326 SH DFND 2 0 6,998,414 0
GALIANO GOLD INC COM 36352H100 58,079,396 22,956,283 SH DFND 2 0 21,507,408 0
GERDAU SA COM 373737105 89,340,760 24,211,588 SH DFND 2 0 24,211,588 0
GOLAR LNG LTD COM G9456A100 80,062,041 2,151,627 SH DFND 2 0 2,094,937 0
GENERAL MOTORS COM 37045V100 138,441,608 1,702,430 SH DFND 2 0 1,702,430 0
GENWORTH FINANCIAL INC. COM 37247D106 214,695,953 23,775,853 SH DFND 2 0 23,278,083 0
GLOBAL SHIP LEASE INC- CL A COM Y27183600 73,181,005 2,088,499 SH DFND 2 0 2,024,023 0
FERROGLOBE PLC COM G33856108 24,866,099 5,359,073 SH DFND 2 0 5,102,663 0
HAMILTON INSURANCE GROUP - CLASS B COM G42706104 43,325,073 1,552,870 SH DFND 2 0 1,503,450 0
HOWARD HUGHES HOLDINGS INC COM 44267T102 81,442,697 1,020,969 SH DFND 2 0 998,969 0
HONDA MOTOR CO ADR COM 438128308 78,087,449 2,648,828 SH DFND 2 0 2,648,828 0
HOOKER FURNISHINGS CORP COM 439038100 12,043,653 1,066,754 SH DFND 2 0 1,021,354 0
HARLEY-DAVIDSON INC COM 412822108 182,344,690 8,899,204 SH DFND 2 0 8,715,354 0
IAMGOLD Corp. COM 450913108 323,702,113 19,630,207 SH DFND 2 0 19,323,047 0
JAMES RIVER GROUP HOLDINGS COM 46990A102 10,628,959 1,671,220 SH SOLE 0 1,641,220 0 0
JACKSON FINANCIAL INC COM 46817M107 208,436,760 1,954,400 SH DFND 2 0 1,924,690 0
KB HOME COM 48666K109 40,919,476 725,394 SH DFND 2 0 706,994 0
MOHAWK INDUSTRIES INC COM 608190104 31,588,684 289,009 SH DFND 2 0 289,009 0
M/I HOMES COM 55305B101 187,234,353 1,463,340 SH DFND 2 0 1,431,740 0
THE MOSAIC COMPANY COM 61945C103 111,353,736 4,622,405 SH DFND 2 0 4,622,405 0
MOTORCAR PARTS OF AMERICA COM 620071100 11,849,966 960,289 SH DFND 2 0 870,139 0
METALLUS INC COM 887399103 16,536,594 963,671 SH DFND 2 0 942,371 0
NMI HOLDINGS INC COM 629209305 15,304,694 375,207 SH DFND 2 0 363,207 0
NOMURA HOLDINGS INC COM 65535H208 106,515,530 12,695,534 SH DFND 2 0 12,695,534 0
PARK HOTELS & RESORTS INC COM 700517105 152,903,454 14,617,921 SH DFND 2 0 14,617,921 0
RADIAN GROUP INC COM 750236101 108,411,057 3,012,255 SH DFND 2 0 2,945,095 0
RLJ LODGING TRUST COM 74965L101 97,898,543 13,140,744 SH DFND 2 0 12,618,004 0
RYERSON HOLDING CORP COM 783754104 47,550,287 1,889,916 SH DFND 2 0 1,781,126 0
SIRIUSPOINT LTD COM G8192H106 184,510,066 8,428,966 SH DFND 2 0 8,209,576 0
TAYLOR MORRISON HOME CORP COM 87724P106 97,295,921 1,652,725 SH DFND 2 0 1,652,725 0
TUTOR PERINI CORP COM 901109108 121,311,294 1,810,076 SH DFND 2 0 1,757,106 0
TITAN INTERNATIONAL INC COM 88830M102 27,339,612 3,491,649 SH DFND 2 0 3,390,529 0
TERNIUM SA - SPONSORED ADR COM 880890108 145,452,153 3,808,645 SH DFND 2 0 3,781,225 0
UNUM GROUP COM 91529Y106 101,928,930 1,315,212 SH DFND 2 0 1,315,212 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107 38,848,841 1,149,374 SH DFND 2 0 1,085,934 0
BRISTOW GROUP INC COM 11040G103 6,331,488 172,897 SH SOLE 0 171,497 0 0
WEST FRASER TIMBER CO LTD COM 952845105 91,013,690 1,489,342 SH DFND 2 0 1,453,242 0
WATERSTONE FINANCIAL INC COM 94188P101 2,114,594 127,770 SH SOLE 0 127,770 0 0
HUDBAY MINERALS COM 443628102 712,873 35,913 SH SOLE 0 35,913 0 0
RESOLUTE FOREST PRODUCTS - CONTINGENT VALUE RTS WTS 761CVR042 8,330 5,866 SH DFND 2 0 5,866 0
RUSSELL 1000 COM 464287598 2,734,420 13,000 SH DFND 2 0 13,000 0
DAKOTA GOLD CORP COM 46655E100 6,134,400 1,080,000 SH DFND 2 0 1,080,000 0
GREAT PANTHER MINING COM 39115V101 47 472,001 SH DFND 2 0 472,001 0
PERPETUA RESOURCES CORP COM 714266103 5,761,980 238,000 SH DFND 2 0 238,000 0