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
ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 77,258 1,251,946 SH   DFND 2 0 1,242,321 0
ENACT HOLDINGS COM 29249E109 27,684 1,288,814 SH   DFND 2 0 1,276,914 0
AERCAP HOLDINGS COM N00985106 167,735 4,097,092 SH   DFND 2 0 4,083,092 0
AIR FRANCE-KLM COM 009119108 6,809 5,581,366 SH   DFND 2 0 5,572,976 0
AMERICAN INTERNATIONAL GROUP COM 026874784 61,887 1,210,381 SH   DFND 2 0 1,210,381 0
ARGONAUT GOLD INC COM 04016A101 7,450 20,869,233 SH   DFND 2 0 20,693,033 0
ARDMORE SHIPPING CORP COM Y0207T100 4,187 600,753 SH   DFND 2 0 578,843 0
BLUE CAPITAL REINSURANCE COM G1190F107 41 294,004 SH   DFND 2 0 294,004 0
BEAZER HOMES USA INC COM 07556Q881 20,221 1,675,332 SH   DFND 2 0 1,639,632 0
CITIGROUP COM 172967424 50,532 1,098,751 SH   DFND 2 0 1,098,751 0
CONSTELLATION ENERGY GROUP COM 21037T109 53,537 934,975 SH   DFND 2 0 934,975 0
CENTERRA GOLD INC. COM 152006102 14,143 2,095,269 SH   DFND 2 0 2,095,269 0
CIVITAS RESOURCES INC COM 17888H103 95,407 1,824,579 SH   DFND 2 0 1,812,629 0
CELESTICA COM 15101Q108 47,663 4,903,622 SH   DFND 2 0 4,873,014 0
CNA FINANCIAL CORP. COM 126117100 43,920 978,169 SH   DFND 2 0 978,169 0
CAPITAL PRODUCT PARTNERS LP COM Y11082206 19,832 1,309,051 SH   DFND 2 0 1,266,051 0
ELDORADO GOLD COM 284902509 53,816 8,421,934 SH   DFND 2 0 8,312,034 0
EQUINOX GOLD CORP COM 29446Y502 19,970 4,497,818 SH   DFND 2 0 4,497,818 0
EURONAV COM B38564108 3,277 274,726 SH   DFND 2 0 274,726 0
FIFTH THIRD BANCORP COM 316773100 7,786 231,725 SH   DFND 2 0 231,725 0
GALIANO GOLD INC COM 36352H100 3,882 9,655,556 SH   DFND 2 0 9,398,756 0
GREENBRIER COMPANIES INC COM 393657101 7,916 219,954 SH   DFND 2 0 209,854 0
GENERAL MOTORS COM 37045V100 20,157 634,674 SH   DFND 2 0 634,674 0
GENWORTH FINANCIAL INC. COM 37247D106 61,023 17,287,015 SH   DFND 2 0 17,092,215 0
GOLDMAN SACHS GROUP COM 38141G104 16,449 55,381 SH   DFND 2 0 55,381 0
HAWAIIAN HOLDINGS INC COM 419879101 5,719 399,644 SH   DFND 2 0 391,344 0
HOWARD HUGHES CORP COM 44267D107 40,903 601,068 SH   DFND 2 0 601,068 0
HOOKER FURNISHINGS CORP COM 439038100 18,142 1,166,683 SH   DFND 2 0 1,147,583 0
IAMGOLD CORP COM 450913108 64,560 40,099,242 SH   DFND 2 0 39,922,142 0
INTERNATIONAL SEAWAYS COM Y41053102 71,040 3,350,925 SH   DFND 2 0 3,318,225 0
JETBLUE AIRWAYS COM 477143101 67,541 8,069,369 SH   DFND 2 0 8,069,369 0
JEFFERIES FINANCIAL GROUP COM 47233W109 91,876 3,326,443 SH   DFND 2 0 3,326,443 0
JACKSON FINANCIAL INC COM 46817M107 1,624 60,700 SH   DFND 2 0 57,170 0
KB HOME COM 48666K109 8,287 291,189 SH   DFND 2 0 285,289 0
KIMBALL ELECTRONICS COM 49428J109 8,313 413,596 SH   DFND 2 0 403,296 0
KOREA ELECTRIC POWER CORP COM 500631106 17,691 2,014,944 SH   DFND 2 0 2,014,944 0
KINROSS GOLD CORP COM 496902404 61,055 17,054,359 SH   DFND 2 0 17,054,359 0
LOEWS CORP COM 540424108 62,780 1,059,400 SH   DFND 2 0 1,059,400 0
M/I HOMES COM 55305B101 82,681 2,084,757 SH   DFND 2 0 2,071,057 0
THE MOSAIC COMPANY COM 61945C103 15,686 332,129 SH   DFND 2 0 332,129 0
MOTORCAR PARTS OF AMERICA COM 620071100 9,028 688,103 SH   DFND 2 0 657,003 0
MGIC INVESTMENT CORP COM 552848103 40,543 3,217,697 SH   DFND 2 0 3,217,697 0
MICRON TECHNOLOGY COM 595112103 36,384 658,180 SH   DFND 2 0 658,180 0
NAVIENT CORP COM 63938C108 14,530 1,038,565 SH   DFND 2 0 1,030,565 0
PG & E CORP COM 69331C108 9,971 999,050 SH   DFND 2 0 999,050 0
PARK HOTELS & RESORTS INC COM 700517105 27,659 2,038,244 SH   DFND 2 0 2,038,244 0
PHOTRONICS COM 719405102 9,462 485,751 SH   DFND 2 0 473,301 0
RADIAN GROUP INC COM 750236101 63,625 3,237,907 SH   DFND 2 0 3,227,107 0
EVEREST RE GROUP COM G3223R108 14,619 52,159 SH   DFND 2 0 52,159 0
RESOLUTE FOREST PRODUCTS COM 76117W109 16,105 1,262,122 SH   DFND 2 0 1,239,722 0
SIRIUSPOINT LTD COM G8192H106 6,716 1,239,047 SH   DFND 2 0 1,173,147 0
TEXTAINER GROUP HOLDINGS LTD COM G8766E109 63,013 2,298,902 SH   DFND 2 0 2,276,902 0
TAYLOR MORRISON HOME CORP COM 87724P106 125,561 5,375,050 SH   DFND 2 0 5,364,450 0
TUTOR PERINI CORP COM 901109108 26,166 2,980,230 SH   DFND 2 0 2,933,740 0
TRITON INTERNATIONAL COM G9078F107 31,917 606,212 SH   DFND 2 0 606,212 0
UNUM GROUP COM 91529Y106 150,200 4,415,045 SH   DFND 2 0 4,415,045 0
UNIVERSAL INSURANCE HOLDINGS COM 91359V107 13,121 1,006,962 SH   DFND 2 0 963,682 0
BRISTOW GROUP INC COM 11040G103 3,957 169,083 SH   DFND 2 0 162,317 0
UNITED STATES STEEL CORP COM 912909108 45,765 2,555,249 SH   DFND 2 0 2,555,249 0
SANMINA-SCI CORP COM 801056102 943 23,144 SH   DFND 2 0 23,144 0
GREAT PANTHER MINING LTD COM 39115V101 589 4,770,952 SH   DFND 2 0 4,770,952 0
RUSSELL 2000 VALUE I-SHARES COM 464287630 1,202 8,827 SH   DFND 2 0 8,827 0