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
Canadian Natural Resources	COM	136385101	14,672	459,822	SH		SOLE		459,822	0	0
Gran Tierra Energy, Inc.	COM	38500T101	105,791	34,943,600	SH		SOLE		34,943,600	0	0
Gran Tierra Energy, Inc. Sub R	COM	GTJQSR103	9,082	3,000,000	SH		SOLE		3,000,000	0	0
HudBay Minerals, Inc.	COM	443628102	151,204	26,402,700	SH		SOLE		26,402,700	0	0
AMC Networks Inc.	COM	00164V103	24,281	463,900	SH		SOLE		463,900	0	0
AU Optronics Corp.	COM	002255107	2,696	761,500	SH		SOLE		761,500	0	0
Accretive Health Inc	COM	00438V103	2,012	894,200	SH		SOLE		894,200	0	0
Akamai Technologies	COM	00971T101	11,882	178,200	SH		SOLE		178,200	0	0
Alico	COM	016230104	15,331	564,680	SH		SOLE		564,680	0	0
American Axle	COM	024061103	49,788	2,579,700	SH		SOLE		2,579,700	0	0
American International Group,	COM	026874784	35,372	541,600	SH		SOLE		541,600	0	0
Apollo Global Management, LLC	COM	037612306	32,365	1,671,741	SH		SOLE		1,671,741	0	0
Arrow Electronics Inc	COM	042735100	108,469	1,521,300	SH		SOLE		1,521,300	0	0
Athene Holding Ltd.	COM	G0684D107	4,596	95,773	SH		SOLE		95,773	0	0
AtriCure, Inc.	COM	04963C209	1,432	73,193	SH		SOLE		73,193	0	0
Aware	COM	05453N100	150	24,600	SH		SOLE		24,600	0	0
BMC Stock Holdings Inc	COM	86101X104	20,197	1,035,752	SH		SOLE		1,035,752	0	0
Baidu, Inc.	COM	056752108	47,584	289,420	SH		SOLE		289,420	0	0
Bancolombia S.A. Adr	COM	05968L102	20,859	568,672	SH		SOLE		568,672	0	0
Beazer Homes USA, Inc.	COM	07556Q881	10,556	793,700	SH		SOLE		793,700	0	0
Benefitfocus Inc	COM	08180D106	4,318	145,392	SH		SOLE		145,392	0	0
Berkshire Hathaway Inc	COM	084670702	88,042	540,200	SH		SOLE		540,200	0	0
Biogen Inc.	COM	09062X103	56,120	197,900	SH		SOLE		197,900	0	0
Bitauto Holdings Ltd.	COM	091727107	1,890	99,800	SH		SOLE		99,800	0	0
BofI Holding, Inc.	COM	05566U108	5,179	181,400	SH		SOLE		181,400	0	0
Briggs and Stratton	COM	109043109	16,773	753,500	SH		SOLE		753,500	0	0
Brocade Communications System	COM	111621306	3,791	303,495	SH		SOLE		303,495	0	0
CDW Corporation of Delaware	COM	12514G108	61,310	1,177,000	SH		SOLE		1,177,000	0	0
CalAtlantic Group, Inc.	COM	128195104	34,204	1,005,715	SH		SOLE		1,005,715	0	0
Capital One Financial Co	COM	14040H105	149,660	1,715,500	SH		SOLE		1,715,500	0	0
Capstone Turbine	COM	14067D102	128	187,860	SH		SOLE		187,860	0	0
Cavium Inc.	COM	14964U108	36,324	581,736	SH		SOLE		581,736	0	0
Celanese Corp	COM	150870103	353,897	4,494,500	SH		SOLE		4,494,500	0	0
Cemex SAB de CV	COM	151290889	91,806	11,432,900	SH		SOLE		11,432,900	0	0
Centene Corporation	COM	15135B101	41,224	729,500	SH		SOLE		729,500	0	0
Chefs' Warehouse Inc.	COM	163086101	4,768	301,777	SH		SOLE		301,777	0	0
China Lodging Group Ltd.	COM	16949N109	43,804	844,985	SH		SOLE		844,985	0	0
Cigna Corp	COM	125509109	81,501	611,000	SH		SOLE		611,000	0	0
Citigroup Inc.	COM	172967424	161,939	2,724,875	SH		SOLE		2,724,875	0	0
Coeur D' Alene Mines Corp	COM	192108504	72,312	7,955,089	SH		SOLE		7,955,089	0	0
Cogentix Medical(Frmly Vision	COM	19243A104	43	21,360	SH		SOLE		21,360	0	0
Cousins Properties, Inc	COM	222795106	2,846	334,475	SH		SOLE		334,475	0	0
Covanta Holding Corporation	COM	22282E102	23,489	1,505,700	SH		SOLE		1,505,700	0	0
Cutera	COM	232109108	583	33,600	SH		SOLE		33,600	0	0
DXP Enterprises, Inc.	COM	233377407	36,338	1,045,988	SH		SOLE		1,045,988	0	0
DaVita Inc.	COM	23918K108	4,000	62,300	SH		SOLE		62,300	0	0
Delta Airlines Inc	COM	247361702	154,024	3,131,200	SH		SOLE		3,131,200	0	0
Dynavax Technologies Corp	COM	268158201	2,793	707,200	SH		SOLE		707,200	0	0
Eastman Chemical Company	COM	277432100	25,120	334,000	SH		SOLE		334,000	0	0
Egalet Corporation	COM	25226B104	8,812	1,151,905	SH		SOLE		1,151,905	0	0
Electronic Arts	COM	285512109	1,837	23,320	SH		SOLE		23,320	0	0
Emcore Corp	COM	290846203	238	27,405	SH		SOLE		27,405	0	0
Entegris Inc	COM	29362U104	228,107	12,743,400	SH		SOLE		12,743,400	0	0
FTD Companies, Inc.	COM	30281V108	44,608	1,871,134	SH		SOLE		1,871,134	0	0
Financial Engines Inc	COM	317485100	353	9,600	SH		SOLE		9,600	0	0
First Citizens BancShares, Inc	COM	31946M103	1,445	4,070	SH		SOLE		4,070	0	0
Flextronics	COM	Y2573F102	119,538	8,318,600	SH		SOLE		8,318,600	0	0
Gamestop Corp	COM	36467W109	2,385	94,400	SH		SOLE		94,400	0	0
Gilead Sciences, Inc.	COM	375558103	29,768	415,700	SH		SOLE		415,700	0	0
Gogo Inc	COM	38046C109	460	49,900	SH		SOLE		49,900	0	0
Google Inc. - Cl A	COM	02079K305	79,633	100,490	SH		SOLE		100,490	0	0
Google Inc. - Cl C	COM	02079K107	123,063	159,445	SH		SOLE		159,445	0	0
Grana y Montero SAA	COM	38500P208	1,490	208,358	SH		SOLE		208,358	0	0
Green Dot Corp	COM	39304D102	3,043	129,200	SH		SOLE		129,200	0	0
Helix Energy Solutions Corp	COM	42330P107	60,858	6,900,023	SH		SOLE		6,900,023	0	0
Installed Building Products In	COM	45780R101	6,003	145,340	SH		SOLE		145,340	0	0
Interoil Corporation	COM	460951106	9,591	201,578	SH		SOLE		201,578	0	0
InvenSense Inc.	COM	46123D205	1,279	100,000	SH		SOLE		100,000	0	0
JP Morgan Chase & Co	COM	46625H100	30,020	347,900	SH		SOLE		347,900	0	0
KBR, Inc.	COM	48242W106	23,928	1,433,700	SH		SOLE		1,433,700	0	0
KKR & Co. L.P.	COM	48248M102	20,441	1,328,200	SH		SOLE		1,328,200	0	0
KVH Industries Inc	COM	482738101	9,518	806,625	SH		SOLE		806,625	0	0
LKQ Corporation	COM	501889208	32,716	1,067,400	SH		SOLE		1,067,400	0	0
Lam Research Corp	COM	512807108	67,593	639,300	SH		SOLE		639,300	0	0
Linn Energy LLC	COM	536020100	26	253,800	SH		SOLE		253,800	0	0
Lions Gate Entertainment Corp	COM	535919401	3,381	125,700	SH		SOLE		125,700	0	0
Lions Gate Entertainment corp	COM	535919500	3,085	125,700	SH		SOLE		125,700	0	0
Live Nation Entertainment, Inc	COM	538034109	66,367	2,495,000	SH		SOLE		2,495,000	0	0
Luxfer Holdings PLC	COM	550678106	15,321	1,406,920	SH		SOLE		1,406,920	0	0
MDC Partners Inc.	COM	552697104	10,995	1,678,629	SH		SOLE		1,678,629	0	0
MGM Resorts International	COM	552953101	53,128	1,842,800	SH		SOLE		1,842,800	0	0
Makemytrip Ltd.	COM	V5633W109	27,661	1,245,992	SH		SOLE		1,245,992	0	0
Metabolix	COM	591018882	110	314,154	SH		SOLE		314,154	0	0
Mylan Laboratories	COM	628530107	16,916	443,400	SH		SOLE		443,400	0	0
New Oriental Education & Techn	COM	647581107	31,908	757,900	SH		SOLE		757,900	0	0
Newmont Mining Corporation	COM	651639106	2,756	80,900	SH		SOLE		80,900	0	0
Nutri Systems	COM	67069D108	1,459	42,100	SH		SOLE		42,100	0	0
Oasis Petroleum Inc.,	COM	674215108	32,619	2,154,500	SH		SOLE		2,154,500	0	0
Oclaro Inc	COM	67555N206	1,212	135,400	SH		SOLE		135,400	0	0
OvaScience, Inc.	COM	69014Q101	807	527,395	SH		SOLE		527,395	0	0
Overstock. com	COM	690370101	854	48,800	SH		SOLE		48,800	0	0
P10 Industries Inc (frmly Acti	COM	69372U108	3	15,074	SH		SOLE		15,074	0	0
Parkway Inc (frmly Parkway Pro	COM	70156Q107	930	41,802	SH		SOLE		41,802	0	0
Penn West Petroleum Ltd.	COM	707887105	2,230	1,260,081	SH		SOLE		1,260,081	0	0
Priceline.com Incorporated	COM	741503403	75,920	51,785	SH		SOLE		51,785	0	0
REX American Resources Corpora	COM	761624105	12,225	123,800	SH		SOLE		123,800	0	0
Ralph Lauren Corporation	COM	751212101	16,312	180,600	SH		SOLE		180,600	0	0
Range Resources Corporation	COM	75281A109	54,835	1,595,900	SH		SOLE		1,595,900	0	0
Realogy Holding Corp	COM	75605Y106	69,389	2,696,800	SH		SOLE		2,696,800	0	0
Red Robin Gourmet Burger	COM	75689M101	16,655	295,295	SH		SOLE		295,295	0	0
SPDR S&P Biotech ETF	COM	78464A870	1,935	32,690	SH		SOLE		32,690	0	0
SeaWorld Entertainment Inc	COM	81282V100	72,759	3,843,564	SH		SOLE		3,843,564	0	0
Signature Group Holdings Inc	COM	75601W104	888	145,580	SH		SOLE		145,580	0	0
Silver Springs Network	COM	82817Q103	1,993	149,700	SH		SOLE		149,700	0	0
Sinclair Broadcast Group, Inc.	COM	829226109	125,469	3,762,200	SH		SOLE		3,762,200	0	0
Sprint Corporation	COM	85207U105	5,690	675,800	SH		SOLE		675,800	0	0
St Joe	COM	790148100	3,701	194,774	SH		SOLE		194,774	0	0
Stereotaxis	COM	85916J409	82	126,580	SH		SOLE		126,580	0	0
Stillwater Mining Co	COM	86074Q102	81,505	5,059,249	SH		SOLE		5,059,249	0	0
Straight Path Communications I	COM	862578101	1,014	29,906	SH		SOLE		29,906	0	0
Superior Energy Services Inc	COM	868157108	4,924	291,730	SH		SOLE		291,730	0	0
The Chemours Company	COM	163851108	39,693	1,796,874	SH		SOLE		1,796,874	0	0
The Habit Restaurants Inc	COM	40449J103	10,317	598,087	SH		SOLE		598,087	0	0
Time Warner Inc	COM	887317303	32,625	337,979	SH		SOLE		337,979	0	0
TopBuild Corp.	COM	89055F103	26,277	738,105	SH		SOLE		738,105	0	0
Trilogy Metals Inc. (frmly Nov	COM	89621C105	337	664,006	SH		SOLE		664,006	0	0
TrueBlue, Inc.	COM	89785X101	50,512	2,049,173	SH		SOLE		2,049,173	0	0
Tutor Perini Corp	COM	901109108	15,491	553,267	SH		SOLE		553,267	0	0
Twitter, Inc.	COM	90184L102	8,706	534,100	SH		SOLE		534,100	0	0
USG Corporation	COM	903293405	57,835	2,002,600	SH		SOLE		2,002,600	0	0
United Continental Holdings In	COM	910047109	171,969	2,359,615	SH		SOLE		2,359,615	0	0
United Insurance Holdings Corp	COM	910710102	9,947	657,022	SH		SOLE		657,022	0	0
VMWare, Inc.	COM	928563402	107,821	1,369,500	SH		SOLE		1,369,500	0	0
Viad Corp	COM	92552R406	68,964	1,563,812	SH		SOLE		1,563,812	0	0
Videocon d2h Limited	COM	92657J101	26,549	3,229,838	SH		SOLE		3,229,838	0	0
Vitamin Shoppe, Inc.	COM	92849E101	7,533	317,167	SH		SOLE		317,167	0	0
Walgreens Boots Alliance Inc	COM	931427108	37,623	454,600	SH		SOLE		454,600	0	0
WestRock Company (Frmly RockTe	COM	96145D105	21,391	421,332	SH		SOLE		421,332	0	0
William Lyon Homes	COM	552074700	91,465	4,806,347	SH		SOLE		4,806,347	0	0
Willis Towers Watson PLC	COM	G96629103	36,024	294,600	SH		SOLE		294,600	0	0
World Wrestling Entertainment,	COM	98156Q108	8,428	458,059	SH		SOLE		458,059	0	0
Zillow Inc. - A	COM	98954M101	4,064	111,500	SH		SOLE		111,500	0	0
Zillow Inc. - C	COM	98954M200	5,543	152,000	SH		SOLE		152,000	0	0
Zix Corporation (Custom Tracks	COM	98974P100	777	157,330	SH		SOLE		157,330	0	0
Healthsouth Warrants 1/17/17	W	421924127	16	23,443	SH		SOLE		23,443	0	0