Nikko Asset Management Americas 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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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
3M Co	COM	88579Y101	982	5,500	SH		SOLE		0	0	5,500
Abbott Laboratories	COM	002824100	338	8,800	SH		SOLE		0	0	8,800
AbbVie Inc	COM	00287Y109	2,167	34,600	SH		SOLE		34,600	0	0
Accenture PLC	COM	G1151C101	597	5,100	SH		SOLE		0	0	5,100
Adobe Systems Inc	COM	00724F101	309	3,000	SH		SOLE		0	0	3,000
Advance Auto Parts Inc	COM	00751Y106	1,353	8,000	SH		SOLE		0	0	8,000
AerCap Holdings NV	COM	N00985106	108	2,600	SH		SOLE		0	0	2,600
Aetna Inc	COM	00817Y108	211	1,700	SH		SOLE		0	0	1,700
Aflac Inc	COM	001055102	223	3,200	SH		SOLE		0	0	3,200
Agrium Inc	COM	008916108	19,078	189,738	SH		SOLE		189,738	0	0
Allergan PLC	COM	G0177J108	420	2,000	SH		SOLE		0	0	2,000
Allstate Corp/The	COM	020002101	771	10,400	SH		SOLE		0	0	10,400
Alphabet Inc	COM	02079K305	1,268	1,600	SH		SOLE		0	0	1,600
Alphabet Inc	COM	02079K107	1,856	2,404	SH		SOLE		0	0	2,404
Altria Group Inc	COM	02209S103	3,733	55,200	SH		SOLE		55,200	0	0
Amazon.com Inc	COM	023135106	1,950	2,600	SH		SOLE		0	0	2,600
Ambarella Inc	COM	G037AX101	195	3,600	SH		SOLE		0	0	3,600
American International Group	COM	026874784	536	8,200	SH		SOLE		0	0	8,200
Ameriprise Financial Inc	COM	03076C106	399	3,600	SH		SOLE		0	0	3,600
Amgen Inc	COM	031162100	468	3,200	SH		SOLE		0	0	3,200
AMT US	COM	03027X100	1,733	16,400	SH		SOLE		0	0	16,400
Anadarko Petroleum Corp	COM	032511107	27,114	388,836	SH		SOLE		372,136	0	16,700
Analog Devices Inc	COM	032654105	479	6,600	SH		SOLE		0	0	6,600
Apple Inc	COM	037833100	4,193	36,200	SH		SOLE		0	0	36,200
Applied Materials Inc	COM	038222105	210	6,500	SH		SOLE		6,500	0	0
Archer-Daniels-Midland Co	COM	039483102	17,698	387,699	SH		SOLE		387,699	0	0
Arrow Electronics Inc	COM	042735100	235	3,300	SH		SOLE		0	0	3,300
Assurant Inc	COM	04621X108	37	400	SH		SOLE		0	0	400
AT&T Inc	COM	00206R102	2,633	61,900	SH		SOLE		5,200	0	56,700
athenahealth Inc	COM	04685W103	389	3,700	SH		SOLE		0	0	3,700
AU US	COM	035128206	11,051	1,051,500	SH		SOLE		1,051,500	0	0
Automatic Data Processing Inc	COM	053015103	236	2,300	SH		SOLE		0	0	2,300
B2Gold Corp	COM	11777Q209	5,507	2,323,707	SH		SOLE		2,323,707	0	0
BABA US	COM	01609W102	632	7,200	SH		SOLE		0	0	7,200
Baker Hughes Inc	COM	057224107	13,341	205,345	SH		SOLE		201,145	0	4,200
Bank of America Corp	COM	060505104	1,218	55,100	SH		SOLE		0	0	55,100
Bank of Montreal	COM	063671101	230	3,200	SH		SOLE		0	0	3,200
Bank of New York Mellon Corp/	COM	064058100	360	7,600	SH		SOLE		0	0	7,600
Bank of Nova Scotia/The	COM	064149107	779	14,000	SH		SOLE		8,100	0	5,900
Barrick Gold Corp	COM	067901108	23,249	1,454,900	SH		SOLE		1,454,900	0	0
BBD US	COM	059460303	440	50,542	SH		SOLE		0	0	50,542
BBL US	COM	05545E209	60,174	1,913,312	SH		SOLE		1,913,312	0	0
BCE Inc	COM	05534B760	1,074	24,900	SH		SOLE		24,900	0	0
BIDU US	COM	056752108	181	1,100	SH		SOLE		0	0	1,100
Biogen Inc	COM	09062X103	199	700	SH		SOLE		0	0	700
BlackRock Inc	COM	09247X101	342	900	SH		SOLE		0	0	900
BP US	COM	055622104	28,791	770,238	SH		SOLE		770,238	0	0
Bristol-Myers Squibb Co	COM	110122108	561	9,600	SH		SOLE		0	0	9,600
Cabot Oil & Gas Corp	COM	127097103	16,255	695,857	SH		SOLE		662,257	0	33,600
Campbell Soup Co	COM	134429109	351	5,800	SH		SOLE		0	0	5,800
Canadian Imperial Bank of Com	COM	136069101	1,589	19,500	SH		SOLE		19,500	0	0
Canadian Natural Resources Lt	COM	136385101	617	19,400	SH		SOLE		0	0	19,400
Canadian Natural Resources Lt	COM	136385101	8,924	279,930	SH		SOLE		279,930	0	0
Capital One Financial Corp	COM	14040H105	497	5,700	SH		SOLE		0	0	5,700
Caterpillar Inc	COM	149123101	649	7,000	SH		SOLE		0	0	7,000
CBOE Holdings Inc	COM	12503M108	236	3,200	SH		SOLE		0	0	3,200
Celanese Corp	COM	150870103	472	6,000	SH		SOLE		0	0	6,000
Celgene Corp	COM	151020104	2,073	17,900	SH		SOLE		0	0	17,900
CEO US	COM	126132109	6,039	48,752	SH		SOLE		48,752	0	0
CF Industries Holdings Inc	COM	125269100	14,466	459,530	SH		SOLE		459,530	0	0
CGI Group Inc	COM	39945C109	254	5,300	SH		SOLE		0	0	5,300
CH Robinson Worldwide Inc	COM	12541W209	1,128	15,400	SH		SOLE		0	0	15,400
Charles Schwab Corp/The	COM	808513105	616	15,600	SH		SOLE		0	0	15,600
Chevron Corp	COM	166764100	26,145	222,130	SH		SOLE		205,230	0	16,900
Cigna Corp	COM	125509109	240	1,800	SH		SOLE		0	0	1,800
Cisco Systems Inc	COM	17275R102	4,696	155,300	SH		SOLE		119,600	0	35,700
Citrix Systems Inc	COM	177376100	143	1,600	SH		SOLE		0	0	1,600
CME Group Inc	COM	12572Q105	265	2,300	SH		SOLE		0	0	2,300
Coach Inc	COM	189754104	1,180	33,700	SH		SOLE		33,700	0	0
Coca-Cola Co/The	COM	191216100	3,172	76,500	SH		SOLE		46,800	0	29,700
Cognizant Technology Solution	COM	192446102	325	5,800	SH		SOLE		0	0	5,800
Colgate-Palmolive Co	COM	194162103	537	8,200	SH		SOLE		0	0	8,200
Comcast Corp	COM	20030N101	906	13,100	SH		SOLE		0	0	13,100
Concho Resources Inc	COM	20605P101	10,807	81,500	SH		SOLE		77,200	0	4,300
ConocoPhillips	COM	20825C104	7,780	155,168	SH		SOLE		145,000	0	10,168
Continental Resources Inc/OK	COM	212015101	26	500	SH		SOLE		0	0	500
Cooper Cos Inc/The	COM	216648402	1,294	7,400	SH		SOLE		0	0	7,400
CVS Health Corp	COM	126650100	702	8,900	SH		SOLE		0	0	8,900
Devon Energy Corp	COM	25179M103	192	4,200	SH		SOLE		0	0	4,200
Discover Financial Services	COM	254709108	94	1,300	SH		SOLE		0	0	1,300
Dollar Tree Inc	COM	256746108	93	1,200	SH		SOLE		0	0	1,200
Domino's Pizza Inc	COM	25754A201	96	600	SH		SOLE		0	0	600
Dow Chemical Co/The	COM	260543103	21,421	374,368	SH		SOLE		367,168	0	7,200
Dr Pepper Snapple Group Inc	COM	26138E109	308	3,400	SH		SOLE		0	0	3,400
Dril-Quip Inc	COM	262037104	6,188	103,049	SH		SOLE		103,049	0	0
Duke Energy Corp	COM	26441C204	310	4,000	SH		SOLE		0	0	4,000
Dun & Bradstreet Corp/The	COM	26483E100	194	1,600	SH		SOLE		0	0	1,600
Eaton Corp PLC	COM	G29183103	2,348	35,000	SH		SOLE		23,200	0	11,800
eBay Inc	COM	278642103	238	8,000	SH		SOLE		0	0	8,000
Ebix Inc	COM	278715206	297	5,200	SH		SOLE		0	0	5,200
Edison International	COM	281020107	461	6,400	SH		SOLE		0	0	6,400
Eldorado Gold Corp	COM	284902103	7,327	2,275,483	SH		SOLE		2,275,483	0	0
Eldorado Gold Corp	COM	284902103	142	44,300	SH		SOLE		0	0	44,300
Eli Lilly & Co	COM	532457108	368	5,000	SH		SOLE		0	0	5,000
Enbridge Inc	COM	29250N105	357	8,500	SH		SOLE		0	0	8,500
Encana Corp	COM	292505104	84	7,200	SH		SOLE		0	0	7,200
Entergy Corp	COM	29364G103	1,873	25,500	SH		SOLE		15,400	0	10,100
EOG Resources Inc	COM	26875P101	10,777	106,600	SH		SOLE		98,400	0	8,200
EQT Corp	COM	26884L109	14,183	216,864	SH		SOLE		207,464	0	9,400
Equifax Inc	COM	294429105	225	1,900	SH		SOLE		0	0	1,900
Exxon Mobil Corp	COM	30231G102	41,203	456,493	SH		SOLE		422,321	0	34,172
Facebook Inc	COM	30303M102	3,017	26,200	SH		SOLE		0	0	26,200
FactSet Research Systems Inc	COM	303075105	212	1,300	SH		SOLE		0	0	1,300
FedEx Corp	COM	31428X106	484	2,600	SH		SOLE		0	0	2,600
Ferrari NV	COM	N3167Y103	180	3,100	SH		SOLE		0	0	3,100
FirstEnergy Corp	COM	337932107	362	11,700	SH		SOLE		0	0	11,700
Fiserv Inc	COM	337738108	978	9,200	SH		SOLE		0	0	9,200
FNF US	COM	31620R303	177	5,200	SH		SOLE		0	0	5,200
Ford Motor Co	COM	345370860	232	19,100	SH		SOLE		0	0	19,100
Fortis Inc/Canada	COM	349553107	71	2,300	SH		SOLE		0	0	2,300
Freeport-McMoRan Inc	COM	35671D857	23,248	1,762,547	SH		SOLE		1,754,447	0	8,100
Frontier Communications Corp	COM	35906A108	0	1	SH		SOLE		0	0	1
Garmin Ltd	COM	H2906T109	1,009	20,800	SH		SOLE		20,800	0	0
General Electric Co	COM	369604103	837	26,500	SH		SOLE		0	0	26,500
General Mills Inc	COM	370334104	191	3,100	SH		SOLE		0	0	3,100
General Motors Co	COM	37045V100	2,160	62,000	SH		SOLE		51,600	0	10,400
GGB US	COM	373737105	0	0	SH		SOLE		0	0	0
GGP US	COM	36174X101	125	5,000	SH		SOLE		0	0	5,000
Gilead Sciences Inc	COM	375558103	415	5,800	SH		SOLE		0	0	5,800
GOLD US	COM	752344309	3,492	45,743	SH		SOLE		45,743	0	0
Goldcorp Inc	COM	380956409	12,839	944,063	SH		SOLE		944,063	0	0
Grupo Mexico SAB de CV	COM	84265V105	7,569	236,970	SH		SOLE		236,970	0	0
Guidewire Software Inc	COM	40171V100	424	8,600	SH		SOLE		0	0	8,600
Gulfport Energy Corp	COM	402635304	10,829	500,400	SH		SOLE		486,400	0	14,000
Halliburton Co	COM	406216101	28,803	532,500	SH		SOLE		523,100	0	9,400
Harman International Industri	COM	413086109	122	1,100	SH		SOLE		0	0	1,100
Harris Corp	COM	413875105	502	4,900	SH		SOLE		0	0	4,900
HCP US	COM	40414L109	265	8,900	SH		SOLE		0	0	8,900
HD Supply Holdings Inc	COM	40416M105	1,008	23,700	SH		SOLE		0	0	23,700
HDB US	COM	40415F101	413	6,800	SH		SOLE		0	0	6,800
Hess Corp	COM	42809H107	10,506	168,670	SH		SOLE		168,670	0	0
Hewlett Packard Enterprise Co	COM	42824C109	208	9,000	SH		SOLE		0	0	9,000
HollyFrontier Corp	COM	436106108	7,135	217,800	SH		SOLE		217,800	0	0
Home Depot Inc/The	COM	437076102	751	5,600	SH		SOLE		0	0	5,600
Honeywell International Inc	COM	438516106	452	3,900	SH		SOLE		0	0	3,900
Hormel Foods Corp	COM	440452100	139	4,000	SH		SOLE		0	0	4,000
Hortonworks Inc	COM	440894103	382	46,000	SH		SOLE		0	0	46,000
HP Inc	COM	40434L105	187	12,600	SH		SOLE		0	0	12,600
Huntington Bancshares Inc/OH	COM	446150104	2,106	159,400	SH		SOLE		0	0	159,400
ICON PLC	COM	G4705A100	1,263	16,800	SH		SOLE		0	0	16,800
Illinois Tool Works Inc	COM	452308109	698	5,700	SH		SOLE		0	0	5,700
Ingersoll-Rand PLC	COM	G47791101	608	8,100	SH		SOLE		0	0	8,100
Intel Corp	COM	458140100	5,505	151,700	SH		SOLE		117,700	0	34,000
International Business Machin	COM	459200101	1,162	7,000	SH		SOLE		1,400	0	5,600
International Paper Co	COM	460146103	34,983	659,319	SH		SOLE		651,119	0	8,200
Intuit Inc	COM	461202103	814	7,100	SH		SOLE		0	0	7,100
Invesco Ltd	COM	G491BT108	352	11,600	SH		SOLE		6,400	0	5,200
Israel Corp Ltd/The	COM	M5920A109	3,746	911,526	SH		SOLE		911,526	0	0
JD US	COM	47215P106	226	8,900	SH		SOLE		0	0	8,900
JM Smucker Co/The	COM	832696405	166	1,300	SH		SOLE		0	0	1,300
Johnson & Johnson	COM	478160104	1,659	14,400	SH		SOLE		0	0	14,400
Johnson Controls Internationa	COM	G51502105	346	8,400	SH		SOLE		0	0	8,400
JPMorgan Chase & Co	COM	46625H100	1,704	19,749	SH		SOLE		0	0	19,749
Kellogg Co	COM	487836108	295	4,000	SH		SOLE		0	0	4,000
KeyCorp	COM	493267108	1,748	95,700	SH		SOLE		0	0	95,700
Kimberly-Clark Corp	COM	494368103	1,198	10,500	SH		SOLE		7,900	0	2,600
Kinder Morgan Inc/DE	COM	49456B101	5,082	245,400	SH		SOLE		235,600	0	9,800
KKR & Co LP	COM	32008D106	61	4,300	SH		SOLE		0	0	4,300
KLA-Tencor Corp	COM	482480100	1,251	15,900	SH		SOLE		15,900	0	0
Kroger Co/The	COM	501044101	190	5,500	SH		SOLE		0	0	5,500
Laboratory Corp of America Ho	COM	50540R409	1,553	12,100	SH		SOLE		0	0	12,100
Lam Research Corp	COM	512807108	307	2,900	SH		SOLE		0	0	2,900
Lear Corp	COM	521865204	278	2,100	SH		SOLE		0	0	2,100
LendingClub Corp	COM	52603A109	572	109,000	SH		SOLE		0	0	109,000
LendingTree Inc	COM	52603B107	577	5,700	SH		SOLE		0	0	5,700
Liberty Media Corp	COM	82968B103	304	68,500	SH		SOLE		0	0	68,500
LivaNova PLC	COM	G5509L101	81	1,800	SH		SOLE		0	0	1,800
LKQ Corp	COM	501889208	1,459	47,600	SH		SOLE		0	0	47,600
Lowe's Cos Inc	COM	548661107	135	1,900	SH		SOLE		0	0	1,900
LyondellBasell Industries NV	COM	N53745100	292	3,400	SH		SOLE		0	0	3,400
Manulife Financial Corp	COM	56501R106	344	19,370	SH		SOLE		0	0	19,370
Marathon Petroleum Corp	COM	56585A102	1,536	30,500	SH		SOLE		22,100	0	8,400
Martin Marietta Materials Inc	COM	573284106	5,341	24,111	SH		SOLE		24,111	0	0
Mastercard Inc	COM	57636Q104	733	7,100	SH		SOLE		0	0	7,100
Matador Resources Co	COM	576485205	8,339	323,700	SH		SOLE		323,700	0	0
Maxim Integrated Products Inc	COM	57772K101	1,304	33,800	SH		SOLE		31,300	0	2,500
McDonald's Corp	COM	580135101	2,982	24,500	SH		SOLE		19,400	0	5,100
Medtronic PLC	COM	G5960L103	435	6,100	SH		SOLE		0	0	6,100
MercadoLibre Inc	COM	58733R102	390	2,500	SH		SOLE		0	0	2,500
Merck & Co Inc	COM	58933Y105	3,426	58,200	SH		SOLE		43,900	0	14,300
MetLife Inc	COM	59156R108	370	6,860	SH		SOLE		0	0	6,860
Microsoft Corp	COM	594918104	4,960	79,800	SH		SOLE		8,800	0	71,000
Monsanto Co	COM	61166W101	40,380	383,800	SH		SOLE		383,800	0	0
Morgan Stanley	COM	617446448	317	7,500	SH		SOLE		0	0	7,500
Mosaic Co/The	COM	61945C103	25,770	878,629	SH		SOLE		878,629	0	0
MSCI Inc	COM	55354G100	173	2,200	SH		SOLE		0	0	2,200
Murphy Oil Corp	COM	626717102	44	1,400	SH		SOLE		0	0	1,400
Nasdaq Inc	COM	631103108	362	5,400	SH		SOLE		0	0	5,400
NetApp Inc	COM	64110D104	28	800	SH		SOLE		0	0	800
Newmont Mining Corp	COM	651639106	6,371	187,000	SH		SOLE		184,100	0	2,900
Noble Energy Inc	COM	655044105	20,632	542,100	SH		SOLE		521,600	0	20,500
Nucor Corp	COM	670346105	20,455	343,662	SH		SOLE		337,862	0	5,800
NVIDIA Corp	COM	67066G104	470	4,400	SH		SOLE		0	0	4,400
Occidental Petroleum Corp	COM	674599105	17,658	247,900	SH		SOLE		215,300	0	32,600
Oceaneering International Inc	COM	675232102	8,205	290,857	SH		SOLE		287,657	0	3,200
OGE Energy Corp	COM	670837103	592	17,700	SH		SOLE		0	0	17,700
Oil States International Inc	COM	678026105	9,855	252,700	SH		SOLE		245,100	0	7,600
ONEOK Inc	COM	682680103	126	2,200	SH		SOLE		0	0	2,200
Oracle Corp	COM	68389X105	781	20,300	SH		SOLE		0	0	20,300
Packaging Corp of America	COM	695156109	1,400	16,500	SH		SOLE		15,600	0	900
Parker-Hannifin Corp	COM	701094104	462	3,300	SH		SOLE		0	0	3,300
Patterson-UTI Energy Inc	COM	703481101	361	13,400	SH		SOLE		0	0	13,400
Paychex Inc	COM	704326107	438	7,200	SH		SOLE		7,200	0	0
PayPal Holdings Inc	COM	70450Y103	951	24,100	SH		SOLE		0	0	24,100
PBR US	COM	71654V408	6,963	688,700	SH		SOLE		688,700	0	0
PepsiCo Inc	COM	713448108	1,904	18,200	SH		SOLE		0	0	18,200
Pfizer Inc	COM	717081103	2,259	69,541	SH		SOLE		35,800	0	33,741
Philip Morris International I	COM	718172109	4,108	44,900	SH		SOLE		44,900	0	0
Phillips 66	COM	718546104	4,632	53,600	SH		SOLE		53,600	0	0
Pioneer Natural Resources Co	COM	723787107	14,532	80,700	SH		SOLE		77,500	0	3,200
Plains GP Holdings LP	COM	72651A207	31	900	SH		SOLE		0	0	900
Potash Corp of Saskatchewan I	COM	73755L107	18,056	998,096	SH		SOLE		998,096	0	0
PPL Corp	COM	69351T106	123	3,600	SH		SOLE		0	0	3,600
Priceline Group Inc/The	COM	741503403	440	300	SH		SOLE		0	0	300
Procter & Gamble Co/The	COM	742718109	6,128	72,888	SH		SOLE		58,100	0	14,788
Prudential Financial Inc	COM	744320102	437	4,200	SH		SOLE		0	0	4,200
PSA US	COM	74460D109	313	1,400	SH		SOLE		0	0	1,400
PTR US	COM	71646E100	6,290	85,333	SH		SOLE		85,333	0	0
Public Service Enterprise Gro	COM	744573106	0	0	SH		SOLE		0	0	0
QUALCOMM Inc	COM	747525103	3,684	56,500	SH		SOLE		44,100	0	12,400
RDS/A US	COM	780259206	43,120	792,650	SH		SOLE		792,650	0	0
Red Hat Inc	COM	756577102	251	3,600	SH		SOLE		0	0	3,600
ResMed Inc	COM	761152107	1,378	22,200	SH		SOLE		0	0	22,200
Restaurant Brands Internation	COM	76131D103	328	6,900	SH		SOLE		0	0	6,900
RIO US	COM	767204100	41,043	1,067,164	SH		SOLE		1,067,164	0	0
Rogers Communications Inc	COM	775109200	1,337	34,700	SH		SOLE		33,800	0	900
Rowan Cos Plc	COM	G7665A101	6,069	321,300	SH		SOLE		314,500	0	6,800
Royal Bank of Canada	COM	780087102	602	8,900	SH		SOLE		0	0	8,900
S&P Global Inc	COM	78409V104	312	2,900	SH		SOLE		0	0	2,900
salesforce.com Inc	COM	79466L302	548	8,000	SH		SOLE		0	0	8,000
SBAC US	COM	78410G104	62	600	SH		SOLE		0	0	600
Schlumberger Ltd	COM	806857108	35,634	424,471	SH		SOLE		409,471	0	15,000
Seagate Technology PLC	COM	G7945M107	107	2,800	SH		SOLE		0	0	2,800
Skyworks Solutions Inc	COM	83088M102	37	500	SH		SOLE		0	0	500
SLG US	COM	78440X101	462	4,300	SH		SOLE		0	0	4,300
SM Energy Co	COM	78454L100	8,672	251,507	SH		SOLE		251,507	0	0
SNP US	COM	16941R108	5,458	76,890	SH		SOLE		76,890	0	0
Southern Co/The	COM	842587107	192	3,900	SH		SOLE		0	0	3,900
Spectra Energy Corp	COM	847560109	1,512	36,800	SH		SOLE		36,800	0	0
SPG US	COM	828806109	675	3,800	SH		SOLE		0	0	3,800
Splunk Inc	COM	848637104	169	3,300	SH		SOLE		0	0	3,300
Square Inc	COM	852234103	705	51,700	SH		SOLE		0	0	51,700
Starbucks Corp	COM	855244109	761	13,700	SH		SOLE		0	0	13,700
Steel Dynamics Inc	COM	858119100	13,243	372,100	SH		SOLE		372,100	0	0
Summit Materials Inc	COM	86614U100	1,049	44,100	SH		SOLE		0	0	44,100
Suncor Energy Inc	COM	867224107	1,133	34,700	SH		SOLE		0	0	34,700
Suncor Energy Inc	COM	867224107	11,853	362,600	SH		SOLE		347,300	0	15,300
Superior Energy Services Inc	COM	868157108	14,846	879,492	SH		SOLE		860,692	0	18,800
SVB Financial Group	COM	78486Q101	1,717	10,000	SH		SOLE		0	0	10,000
Synchrony Financial	COM	87165B103	91	2,500	SH		SOLE		0	0	2,500
Synergy Resources Corp	COM	87164P103	9,234	1,036,400	SH		SOLE		1,036,400	0	0
SYNNEX Corp	COM	87162W100	1,392	11,500	SH		SOLE		0	0	11,500
Sysco Corp	COM	871829107	288	5,200	SH		SOLE		0	0	5,200
SYT US	COM	87160A100	16,875	213,523	SH		SOLE		213,523	0	0
T Rowe Price Group Inc	COM	74144T108	241	3,200	SH		SOLE		0	0	3,200
Tahoe Resources Inc	COM	873868103	10,660	1,131,650	SH		SOLE		1,131,650	0	0
Target Corp	COM	87612E106	231	3,200	SH		SOLE		0	0	3,200
Teck Resources Ltd	COM	878742204	174	8,700	SH		SOLE		0	0	8,700
Teck Resources Ltd	COM	878742204	3,494	174,451	SH		SOLE		174,451	0	0
TELUS Corp	COM	87971M103	1,219	38,400	SH		SOLE		38,400	0	0
Texas Instruments Inc	COM	882508104	555	7,600	SH		SOLE		0	0	7,600
Thermo Fisher Scientific Inc	COM	883556102	296	2,100	SH		SOLE		0	0	2,100
Time Warner Inc	COM	887317303	600	6,211	SH		SOLE		0	0	6,211
TJX Cos Inc/The	COM	872540109	218	2,900	SH		SOLE		0	0	2,900
Toronto-Dominion Bank/The	COM	891160509	557	11,300	SH		SOLE		0	0	11,300
TOT US	COM	89151E109	41,780	820,512	SH		SOLE		820,512	0	0
Total System Services Inc	COM	891906109	201	4,100	SH		SOLE		0	0	4,100
TransUnion	COM	89400J107	217	7,000	SH		SOLE		0	0	7,000
Travelers Cos Inc/The	COM	89417E109	416	3,400	SH		SOLE		0	0	3,400
Twenty-First Century Fox Inc	COM	90130A101	244	8,700	SH		SOLE		0	0	8,700
Tyson Foods Inc	COM	902494103	839	13,600	SH		SOLE		0	0	13,600
UBS Group AG	COM	H42097107	256	16,400	SH		SOLE		0	0	16,400
Union Pacific Corp	COM	907818108	456	4,400	SH		SOLE		0	0	4,400
United Parcel Service Inc	COM	911312106	413	3,600	SH		SOLE		0	0	3,600
United States Steel Corp	COM	912909108	5,011	151,800	SH		SOLE		151,800	0	0
UnitedHealth Group Inc	COM	91324P102	800	5,000	SH		SOLE		0	0	5,000
US Bancorp	COM	902973304	308	6,000	SH		SOLE		0	0	6,000
Valero Energy Corp	COM	91913Y100	10,309	150,900	SH		SOLE		137,700	0	13,200
Verisk Analytics Inc	COM	92345Y106	268	3,300	SH		SOLE		0	0	3,300
Verizon Communications Inc	COM	92343V104	747	14,000	SH		SOLE		0	0	14,000
Visa Inc	COM	92826C839	257	3,300	SH		SOLE		0	0	3,300
VTR US	COM	92276F100	156	2,500	SH		SOLE		0	0	2,500
Walgreens Boots Alliance Inc	COM	931427108	166	2,000	SH		SOLE		0	0	2,000
Wal-Mart Stores Inc	COM	931142103	605	8,749	SH		SOLE		0	0	8,749
Walt Disney Co/The	COM	254687106	1,157	11,100	SH		SOLE		0	0	11,100
Weatherford International PLC	COM	G48833100	5,987	1,199,700	SH		SOLE		1,199,700	0	0
Wells Fargo & Co	COM	949746101	1,416	25,700	SH		SOLE		0	0	25,700
Western Union Co/The	COM	959802109	308	14,200	SH		SOLE		0	0	14,200
Whirlpool Corp	COM	963320106	236	1,300	SH		SOLE		0	0	1,300
WisdomTree Investments Inc	COM	97717P104	223	20,000	SH		SOLE		0	0	20,000
Workday Inc	COM	98138H101	198	3,000	SH		SOLE		0	0	3,000
WY US	COM	962166104	21,247	706,107	SH		SOLE		706,107	0	0
Wyndham Worldwide Corp	COM	98310W108	374	4,900	SH		SOLE		0	0	4,900
Xerox Corp	COM	984121103	247	28,300	SH		SOLE		0	0	28,300
Xilinx Inc	COM	983919101	435	7,200	SH		SOLE		0	0	7,200
Yamana Gold Inc	COM	98462Y100	220	78,500	SH		SOLE		0	0	78,500
Yum! Brands Inc	COM	988498101	247	3,900	SH		SOLE		0	0	3,900