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
AERCAP HOLDINGS NV SHS N00985106 36,681 959,221 SH   DFND 1, 2, 3 0 0 0
AIR PRODS & CHEMS INC COM 009158106 3,827 30,000 SH   DFND 1, 2, 3 0 0 0
ALLERGAN PLC SHS G0177J108 33,157 121,986 SH   DFND 1, 2, 3 0 0 0
ALTERA CORP COM 021441100 16,589 331,243 SH   DFND 1, 2, 3 0 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 16,932 298,000 SH   DFND 1, 2, 3 0 0 0
ANADARKO PETE CORP COM 032511107 5,012 83,000 SH   DFND 1, 2, 3 0 0 0
ANTHEM INC COM 036752103 11,762 84,015 SH   DFND 1, 2, 3 0 0 0
ASSURED GUARANTY LTD COM G0585R106 13,638 545,500 SH   DFND 1, 2, 3 0 0 0
AUTONATION INC COM 05329W102 27,822 478,197 SH   DFND 1, 2, 3 0 0 0
AVIS BUDGET GROUP COM 053774105 24,341 557,263 SH   DFND 1, 2, 3 0 0 0
BAKER HUGHES INC COM 057224107 27,734 532,940 SH   DFND 1, 2, 3 0 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 16,384 597,072 SH   DFND 1, 2, 3 0 0 0
BOSTON SCIENTIFIC CORP COM 101137107 27,232 1,659,500 SH   DFND 1, 2, 3 0 0 0
CARMAX INC COM 143130102 2,373 40,000 SH   DFND 1, 2, 3 0 0 0
CHENIERE ENERGY INC COM NEW 16411R208 10,175 210,664 SH   DFND 1, 2, 3 0 0 0
CHIMERA INVT CORP COM NEW 16934Q208 2,674 200,000 SH   DFND 1, 2, 3 0 0 0
CIGNA CORPORATION COM 125509109 35,896 265,855 SH   DFND 1, 2, 3 0 0 0
COLONY CAP INC CL A 19624R106 40,051 2,047,572 SH   DFND 1, 2, 3 0 0 0
DANAHER CORP DEL COM 235851102 4,985 58,500 SH   DFND 1, 2, 3 0 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 53,789 1,198,766 SH   DFND 1, 2, 3 0 0 0
DIAMOND RESORTS INTL INC COM 25272T104 234 10,000 SH   DFND 1, 2, 3 0 0 0
DOW CHEM CO COM 260543103 17,002 401,000 SH   DFND 1, 2, 3 0 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 33,170 1,259,782 SH   DFND 1, 2, 3 0 0 0
ENDO INTL PLC SHS G30401106 19,204 277,200 SH   DFND 1, 2, 3 0 0 0
EOG RES INC COM 26875P101 12,158 167,000 SH   DFND 1, 2, 3 0 0 0
FEDEX CORP COM 31428X106 16,414 114,000 SH   DFND 1, 2, 3 0 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 10,426 60,000 SH   DFND 1, 2, 3 0 0 0
GOOGLE INC CL C 38259P706 16,853 27,700 SH   DFND 1, 2, 3 0 0 0
GRACE W R & CO DEL NEW COM 38388F108 26,687 286,800 SH   DFND 1, 2, 3 0 0 0
GULFPORT ENERGY CORP COM NEW 402635304 1,900 64,000 SH   DFND 1, 2, 3 0 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 27,697 605,000 SH   DFND 1, 2, 3 0 0 0
HCA HOLDINGS INC COM 40412C101 18,798 243,000 SH   DFND 1, 2, 3 0 0 0
HOLLYFRONTIER CORP COM 436106108 2,442 50,000 SH   DFND 1, 2, 3 0 0 0
HUNTSMAN CORP COM 447011107 194 20,000 SH   DFND 1, 2, 3 0 0 0
KAR AUCTION SVCS INC COM 48238T109 25,723 724,597 SH   DFND 1, 2, 3 0 0 0
MAGNA INTL INC COM 559222401 26,396 549,800 SH   DFND 1, 2, 3 0 0 0
MBIA INC COM 55262C100 3,253 535,000 SH   DFND 1, 2, 3 0 0 0
MEDTRONIC PLC SHS G5960L103 13,221 197,500 SH   DFND 1, 2, 3 0 0 0
MENS WEARHOUSE INC COM 587118100 1,984 46,659 SH   DFND 1, 2, 3 0 0 0
MFA FINL INC COM 55272X102 5,925 870,000 SH   DFND 1, 2, 3 0 0 0
MGIC INVT CORP WIS COM 552848103 30,846 3,331,098 SH   DFND 1, 2, 3 0 0 0
MOSAIC CO NEW COM 61945C103 3,497 112,400 SH   DFND 1, 2, 3 0 0 0
NEWMONT MINING CORP COM 651639106 4,821 300,000 SH   DFND 1, 2, 3 0 0 0
PHILLIPS 66 COM 718546104 24,080 313,381 SH   DFND 1, 2, 3 0 0 0
PPG INDS INC COM 693506107 26,314 300,076 SH   DFND 1, 2, 3 0 0 0
PRUDENTIAL FINL INC COM 744320102 4,573 60,000 SH   DFND 1, 2, 3 0 0 0
QUALCOMM INC COM 747525103 4,164 77,500 SH   DFND 1, 2, 3 0 0 0
RADIAN GROUP INC COM 750236101 19,466 1,223,500 SH   DFND 1, 2, 3 0 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104 705 115,155 SH   DFND 1, 2, 3 0 0 0
RESOURCE AMERICA INC CL A 761195205 638 96,000 SH   DFND 1, 2, 3 0 0 0
SANDISK CORP COM 80004C101 543 10,000 SH   DFND 1, 2, 3 0 0 0
SOUTHWEST AIRLS CO COM 844741108 35,354 929,400 SH   DFND 1, 2, 3 0 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 46,292 433,200 SH   DFND 1, 2, 3 0 0 0
SPIRIT AIRLS INC COM 848577102 2,933 62,000 SH   DFND 1, 2, 3 0 0 0
STARWOOD PPTY TR INC COM 85571B105 19,840 966,852 SH   DFND 1, 2, 3 0 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 413 17,338 SH   DFND 1, 2, 3 0 0 0
SUNEDISON INC COM 86732Y109 7,288 1,015,084 SH   DFND 1, 2, 3 0 0 0
TEEKAY CORPORATION COM Y8564W103 7,932 267,613 SH   DFND 1, 2, 3 0 0 0
TESLA MTRS INC COM 88160R101 3,726 15,000 SH   DFND 1, 2, 3 0 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 20,396 166,800 SH   DFND 1, 2, 3 0 0 0
TRIPADVISOR INC COM 896945201 630 10,000 SH   DFND 1, 2, 3 0 0 0
U S G CORP COM NEW 903293405 8,008 300,813 SH   DFND 1, 2, 3 0 0 0
VALERO ENERGY CORP NEW COM 91913Y100 4,147 69,000 SH   DFND 1, 2, 3 0 0 0
VISA INC COM CL A 92826C839 16,844 241,800 SH   DFND 1, 2, 3 0 0 0
VISTEON CORP COM NEW 92839U206 31,482 310,960 SH   DFND 1, 2, 3 0 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 16,982 349,000 SH   DFND 1, 2, 3 0 0 0