GMT Capital 13F-HR Quarterly holdings report by institutional manager

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

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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
Amaya Inc.	COM	BT8J595	27,857	1,722,884	SH		SOLE		1,722,884	0	0
Canadian Natural Resources	COM	2171573	14,674	459,822	SH		SOLE		459,822	0	0
Gran Tierra Energy, Inc.	COM	B2PPCS5	77,469	25,906,900	SH		SOLE		25,906,900	0	0
Gran Tierra Energy, Inc. Sub R	COM	GTJQSR103	8,971	3,000,000	SH		SOLE		3,000,000	0	0
HudBay Minerals, Inc.	COM	B05BDX1	63,176	15,998,000	SH		SOLE		15,998,000	0	0
3D Systems Corp	COM	88554D205	4,331	241,300	SH		SOLE		241,300	0	0
AMC Networks Inc.	COM	00164V103	31,759	612,400	SH		SOLE		612,400	0	0
AP Alternative Assets LP	COM	B15Y0C5	21,259	664,342	SH		SOLE		664,342	0	0
AU Optronics Corp.	COM	002255107	2,779	761,500	SH		SOLE		761,500	0	0
Accretive Health Inc	COM	00438V103	2,713	1,111,800	SH		SOLE		1,111,800	0	0
Active Power	COM	00504W308	4	15,074	SH		SOLE		15,074	0	0
Akamai Technologies	COM	00971T101	26,389	498,000	SH		SOLE		498,000	0	0
Alico	COM	016230104	15,624	581,681	SH		SOLE		581,681	0	0
American Axle	COM	024061103	57,761	3,354,270	SH		SOLE		3,354,270	0	0
American International Group,	COM	026874784	41,842	705,120	SH		SOLE		705,120	0	0
Apollo Global Management, LLC	COM	037612306	66,628	6,598,833	SH		SOLE		6,598,833	0	0
Arrow Electronics Inc	COM	042735100	91,792	1,434,930	SH		SOLE		1,434,930	0	0
AtriCure, Inc.	COM	04963C209	1,166	73,693	SH		SOLE		73,693	0	0
Aware	COM	05453N100	130	24,600	SH		SOLE		24,600	0	0
BHP Billiton Limited	COM	088606108	5,336	154,000	SH		SOLE		154,000	0	0
BMC Stock Holdings Inc	COM	86101X104	19,034	1,073,552	SH		SOLE		1,073,552	0	0
Baidu, Inc.	COM	056752108	54,683	300,340	SH		SOLE		300,340	0	0
Bancolombia S.A. Adr	COM	05968L102	27,061	693,172	SH		SOLE		693,172	0	0
Beazer Homes USA, Inc.	COM	07556Q881	13,467	1,154,990	SH		SOLE		1,154,990	0	0
Benefitfocus Inc	COM	08180D106	5,804	145,392	SH		SOLE		145,392	0	0
Berkshire Hathaway Inc	COM	084670702	93,784	649,160	SH		SOLE		649,160	0	0
Biogen Inc.	COM	09062X103	60,537	193,390	SH		SOLE		193,390	0	0
Bitauto Holdings Ltd.	COM	091727107	2,902	99,800	SH		SOLE		99,800	0	0
Blackberry Ltd	COM	09228F103	468	58,600	SH		SOLE		58,600	0	0
BofI Holding, Inc.	COM	05566U108	4,063	181,400	SH		SOLE		181,400	0	0
Briggs and Stratton	COM	109043109	14,053	753,500	SH		SOLE		753,500	0	0
Brocade Communications System	COM	111621306	2,801	303,496	SH		SOLE		303,496	0	0
CDW Corporation of Delaware	COM	12514G108	56,083	1,226,400	SH		SOLE		1,226,400	0	0
CalAtlantic Group, Inc.	COM	128195104	34,453	1,030,294	SH		SOLE		1,030,294	0	0
Capital One Financial Co	COM	14040H105	142,124	1,978,620	SH		SOLE		1,978,620	0	0
Capstone Turbine	COM	14067D102	376	274,742	SH		SOLE		274,742	0	0
Cavium Inc.	COM	14964U108	34,299	589,336	SH		SOLE		589,336	0	0
Celanese Corp	COM	150870103	316,680	4,757,810	SH		SOLE		4,757,810	0	0
Cemex SAB de CV	COM	151290889	83,110	10,467,300	SH		SOLE		10,467,300	0	0
Centene Corporation	COM	15135B101	50,434	753,200	SH		SOLE		753,200	0	0
Chefs' Warehouse Inc.	COM	163086101	3,374	302,877	SH		SOLE		302,877	0	0
China Lodging Group Ltd.	COM	16949N109	47,249	1,047,885	SH		SOLE		1,047,885	0	0
Ciena Corporation	COM	171779309	205	9,408	SH		SOLE		9,408	0	0
Cigna Corp	COM	125509109	92,261	707,960	SH		SOLE		707,960	0	0
Citigroup Inc.	COM	172967424	137,307	2,907,203	SH		SOLE		2,907,203	0	0
Coeur D' Alene Mines Corp	COM	192108504	56,100	4,742,139	SH		SOLE		4,742,139	0	0
Cogentix Medical(Frmly Vision	COM	19243A104	39	21,360	SH		SOLE		21,360	0	0
Conoco Phillips	COM	20825C104	22,722	522,700	SH		SOLE		522,700	0	0
Cosi Inc.	COM	22122P200	22	305,676	SH		SOLE		305,676	0	0
Cutera	COM	232109108	401	33,600	SH		SOLE		33,600	0	0
DXP Enterprises, Inc.	COM	233377407	44,978	1,595,545	SH		SOLE		1,595,545	0	0
DecisionPoint Systems Inc	COM	24345A101	1	35,165	SH		SOLE		35,165	0	0
Delta Airlines Inc	COM	247361702	145,328	3,692,280	SH		SOLE		3,692,280	0	0
Eastman Chemical Company	COM	277432100	24,581	363,200	SH		SOLE		363,200	0	0
Electronic Arts	COM	285512109	1,992	23,320	SH		SOLE		23,320	0	0
Emcore Corp	COM	290846104	156	27,405	SH		SOLE		27,405	0	0
Entegris Inc	COM	29362U104	240,300	13,794,510	SH		SOLE		13,794,510	0	0
FTD Companies, Inc.	COM	30281V108	33,228	1,615,338	SH		SOLE		1,615,338	0	0
Fairway Group Holdings Corp.	COM	30603D109	0	1,046,637	SH		SOLE		1,046,637	0	0
Financial Engines Inc	COM	317485100	285	9,600	SH		SOLE		9,600	0	0
First Citizens BancShares, Inc	COM	31946M103	4,282	14,570	SH		SOLE		14,570	0	0
First Solar Inc	COM	336433107	2,749	69,600	SH		SOLE		69,600	0	0
Flextronics	COM	Y2573F102	117,847	8,652,500	SH		SOLE		8,652,500	0	0
Gamestop Corp	COM	36467W109	2,604	94,400	SH		SOLE		94,400	0	0
Gilead Sciences, Inc.	COM	375558103	15,017	189,800	SH		SOLE		189,800	0	0
Global Power Equipment	COM	37941P306	466	111,969	SH		SOLE		111,969	0	0
Gogo Inc	COM	38046C109	551	49,900	SH		SOLE		49,900	0	0
Goodrich Petroleum	COM	382410405	13	1,024,400	SH		SOLE		1,024,400	0	0
Google Inc. - Cl A	COM	02079K305	85,339	106,135	SH		SOLE		106,135	0	0
Google Inc. - Cl C	COM	02079K107	129,504	166,609	SH		SOLE		166,609	0	0
Green Dot Corp	COM	39304D102	1,411	61,200	SH		SOLE		61,200	0	0
Helix Energy Solutions Corp	COM	42330P107	59,113	7,271,023	SH		SOLE		7,271,023	0	0
Installed Building Products In	COM	45780R101	18,862	525,840	SH		SOLE		525,840	0	0
Interoil Corporation	COM	460951106	10,365	203,552	SH		SOLE		203,552	0	0
InvenSense Inc.	COM	46123D205	742	100,000	SH		SOLE		100,000	0	0
JA Solar Hldgs	COM	466090206	87	14,520	SH		SOLE		14,520	0	0
JP Morgan Chase & Co	COM	46625H100	27,068	406,490	SH		SOLE		406,490	0	0
KKR & Co. L.P.	COM	48248M102	74,146	6,585,960	SH		SOLE		6,585,960	0	0
KVH Industries Inc	COM	482738101	8,122	921,907	SH		SOLE		921,907	0	0
LKQ Corporation	COM	501889208	38,325	1,080,800	SH		SOLE		1,080,800	0	0
Lam Research Corp	COM	512807108	76,166	804,200	SH		SOLE		804,200	0	0
Linn Energy LLC	COM	536020100	14	253,800	SH		SOLE		253,800	0	0
Lions Gate Entertainment Corp	COM	535919203	5,025	251,400	SH		SOLE		251,400	0	0
Live Nation Entertainment, Inc	COM	538034109	74,383	2,706,800	SH		SOLE		2,706,800	0	0
Luxfer Holdings PLC	COM	550678106	17,496	1,509,587	SH		SOLE		1,509,587	0	0
MDC Partners Inc.	COM	552697104	30,720	2,865,699	SH		SOLE		2,865,699	0	0
MGM Resorts International	COM	552953101	34,123	1,310,900	SH		SOLE		1,310,900	0	0
Magnum Hunter Resources Corp	COM	55973B102	0	70,450	SH		SOLE		70,450	0	0
Makemytrip Ltd.	COM	B552PC2	33,283	1,410,292	SH		SOLE		1,410,292	0	0
Metabolix	COM	591018882	151	335,617	SH		SOLE		335,617	0	0
NeuroDerm Ltd.	COM	BSHZ401	646	34,938	SH		SOLE		34,938	0	0
New Oriental Education & Techn	COM	647581107	40,963	883,580	SH		SOLE		883,580	0	0
Newmont Mining Corporation	COM	651639106	1,992	50,700	SH		SOLE		50,700	0	0
Novacopper Inc	COM	66988K102	364	664,006	SH		SOLE		664,006	0	0
Nutri Systems	COM	67069D108	1,250	42,100	SH		SOLE		42,100	0	0
Oasis Petroleum Inc.,	COM	674215108	24,905	2,171,300	SH		SOLE		2,171,300	0	0
Oclaro Inc	COM	67555N206	1,158	135,400	SH		SOLE		135,400	0	0
OvaScience, Inc.	COM	69014Q101	3,078	429,845	SH		SOLE		429,845	0	0
Overstock. com	COM	690370101	748	48,800	SH		SOLE		48,800	0	0
Parkway Properties Inc	COM	70159Q104	3,490	205,200	SH		SOLE		205,200	0	0
PayPal Holdings, Inc.	COM	70450Y103	12,176	297,200	SH		SOLE		297,200	0	0
Penn Virginia Group	COM	707882502	0	1,635,200	SH		SOLE		1,635,200	0	0
Penn West Petroleum Ltd.	COM	707887105	2,281	1,260,081	SH		SOLE		1,260,081	0	0
Priceline.com Incorporated	COM	741503403	79,747	54,195	SH		SOLE		54,195	0	0
REX American Resources Corpora	COM	761624105	10,493	123,800	SH		SOLE		123,800	0	0
Ralph Lauren Corporation	COM	751212101	18,266	180,600	SH		SOLE		180,600	0	0
Range Resources Corporation	COM	75281A109	48,538	1,252,600	SH		SOLE		1,252,600	0	0
Realogy Holding Corp	COM	75605Y106	55,783	2,157,100	SH		SOLE		2,157,100	0	0
Red Robin Gourmet Burger	COM	75689M101	13,271	295,295	SH		SOLE		295,295	0	0
Robert Half Int'l Inc	COM	770323103	1,378	36,400	SH		SOLE		36,400	0	0
Rocket Fuel Inc.	COM	773111109	118	44,616	SH		SOLE		44,616	0	0
SEACOR Holdings Inc.	COM	811904101	47,687	801,600	SH		SOLE		801,600	0	0
SPDR S&P 500 ETF Trust	COM	78462F103	10,923	50,500	SH		SOLE		50,500	0	0
SPDR S&P Biotech ETF	COM	78464A870	25,041	377,750	SH		SOLE		377,750	0	0
Sandridge Energy	COM	80007P307	91	7,552,200	SH		SOLE		7,552,200	0	0
SeaWorld Entertainment Inc	COM	81282V100	44,451	3,297,564	SH		SOLE		3,297,564	0	0
Seachange International	COM	811699107	114	38,180	SH		SOLE		38,180	0	0
Sigma Design	COM	826565103	475	61,000	SH		SOLE		61,000	0	0
Signature Group Holdings Inc	COM	75601W104	891	145,580	SH		SOLE		145,580	0	0
Silver Springs Network	COM	82817Q103	2,123	149,700	SH		SOLE		149,700	0	0
Sinclair Broadcast Group, Inc.	COM	829226109	120,453	4,170,800	SH		SOLE		4,170,800	0	0
Sprint Corporation	COM	85207U105	4,481	675,800	SH		SOLE		675,800	0	0
St Joe	COM	790148100	3,609	196,374	SH		SOLE		196,374	0	0
Stereotaxis	COM	85916J409	111	127,480	SH		SOLE		127,480	0	0
Stillwater Mining Co	COM	86074Q102	53,682	4,018,149	SH		SOLE		4,018,149	0	0
Straight Path Communications I	COM	862578101	766	29,906	SH		SOLE		29,906	0	0
Tesla Motors Inc	COM	88160R101	6,182	30,300	SH		SOLE		30,300	0	0
The Chemours Company	COM	163851108	93,942	5,871,394	SH		SOLE		5,871,394	0	0
The Habit Restaurants Inc	COM	40449J103	8,376	598,287	SH		SOLE		598,287	0	0
Time Warner Inc	COM	887317303	40,347	506,811	SH		SOLE		506,811	0	0
TopBuild Corp.	COM	89055F103	25,617	771,605	SH		SOLE		771,605	0	0
TrueBlue, Inc.	COM	89785X101	39,634	1,749,073	SH		SOLE		1,749,073	0	0
Twitter, Inc.	COM	90184L102	15,570	675,500	SH		SOLE		675,500	0	0
USG Corporation	COM	903293405	45,804	1,771,900	SH		SOLE		1,771,900	0	0
United Continental Holdings In	COM	910047109	242,763	4,626,710	SH		SOLE		4,626,710	0	0
United Insurance Holdings Corp	COM	910710102	13,516	796,010	SH		SOLE		796,010	0	0
VMWare, Inc.	COM	928563402	114,319	1,558,540	SH		SOLE		1,558,540	0	0
Viad Corp	COM	92552R406	70,861	1,921,912	SH		SOLE		1,921,912	0	0
Videocon d2h Limited	COM	92657J101	17,056	1,743,929	SH		SOLE		1,743,929	0	0
Vitamin Shoppe, Inc.	COM	92849E101	7,586	282,540	SH		SOLE		282,540	0	0
Voltari Corp	COM	92870X309	217	82,071	SH		SOLE		82,071	0	0
Walgreens Boots Alliance Inc	COM	931427108	38,109	472,700	SH		SOLE		472,700	0	0
WestRock Company (Frmly RockTe	COM	96145D105	29,561	609,752	SH		SOLE		609,752	0	0
William Lyon Homes	COM	552074700	89,658	4,833,317	SH		SOLE		4,833,317	0	0
Willis Towers Watson PLC	COM	G96629103	41,657	313,750	SH		SOLE		313,750	0	0
World Wrestling Entertainment,	COM	98156Q108	9,757	458,059	SH		SOLE		458,059	0	0
Zillow Inc. - A	COM	98954M101	3,841	111,500	SH		SOLE		111,500	0	0
Zillow Inc. - C	COM	98954M200	5,267	152,000	SH		SOLE		152,000	0	0
Zix Corporation (Custom Tracks	COM	98974P100	672	163,860	SH		SOLE		163,860	0	0
Healthsouth Warrants 1/17/17	COM	421924127	57	23,743	SH		SOLE		23,743	0	0