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
AFFIRM HLDGS INC COM CL A 00827B106 7,779 110,000 SH   SOLE   110,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 8,137 64,000 SH   SOLE   64,000 0 0
AIR PRODS & CHEMS INC COM 009158106 17,724 63,000 SH   SOLE   63,000 0 0
ALBEMARLE CORP COM 012653101 9,497 65,000 SH   SOLE   65,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,099 125,000 SH   SOLE   125,000 0 0
AMGEN INC COM 031162100 15,675 63,000 SH   SOLE   63,000 0 0
APA CORPORATION COM 03743Q108 4,475 250,000 SH   SOLE   250,000 0 0
APPLIED MOLECULAR TRANS INC COM 03824M109 4,401 100,000 SH   SOLE   100,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 6,103 425,000 SH   SOLE   425,000 0 0
AUTODESK INC COM 052769106 17,460 63,000 SH   SOLE   63,000 0 0
AVALONBAY CMNTYS INC COM 053484101 13,838 75,000 SH   SOLE   75,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 13,878 200,000 SH   SOLE   200,000 0 0
BOSTON PPTYS INC COM 101121101 7,595 75,000 SH   SOLE   75,000 0 0
BP PLC SPONSORED ADR 055622104 4,261 175,000 SH   SOLE   175,000 0 0
BROADCOM INC COM 11135F101 17,619 38,000 SH   SOLE   38,000 0 0
CAMECO CORP COM 13321L108 8,305 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 5,402 175,000 SH   SOLE   175,000 0 0
CENTERSPACE COM 15202L107 13,600 200,000 SH   SOLE   200,000 0 0
CHEVRON CORP COM NEW 166764100 18,338 175,000 SH   SOLE   175,000 0 0
CONOCOPHILLIPS COM 20825C104 9,270 175,000 SH   SOLE   175,000 0 0
CORTEXYME INC COM 22053A107 9,908 275,000 SH   SOLE   275,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 18,681 53,000 SH   SOLE   53,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 10,925 500,000 SH   SOLE   500,000 0 0
DIGITAL RLTY TR INC COM 253868103 10,563 75,000 SH   SOLE   75,000 0 0
DISNEY WALT CO COM 254687106 11,994 65,000 SH   SOLE   65,000 0 0
DUKE RLTY CORP COM NEW 264411505 5,241 125,000 SH   SOLE   125,000 0 0
ESSEX PPTY TR INC COM 297178105 20,388 75,000 SH   SOLE   75,000 0 0
EXXON MOBIL CORP COM 30231G102 9,770 175,000 SH   SOLE   175,000 0 0
FACEBOOK INC CL A 30303M102 53,015 180,000 SH   SOLE   180,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 10,145 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 17,895 63,000 SH   SOLE   63,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 10,839 65,000 SH   SOLE   65,000 0 0
FLUOR CORP NEW COM NEW 343412102 2,471 107,000 SH   SOLE   107,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 4,905 900,000 SH   SOLE   900,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 135,013 4,100,000 SH   SOLE   4,100,000 0 0
HIGHWOODS PPTYS INC COM 431284108 6,441 150,000 SH   SOLE   150,000 0 0
HOLLYFRONTIER CORP COM 436106108 5,904 165,000 SH   SOLE   165,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 14,177 64,000 SH   SOLE   64,000 0 0
INTEL CORP COM 458140100 8,640 135,000 SH   SOLE   135,000 0 0
IPG PHOTONICS CORP COM 44980X109 13,500 64,000 SH   SOLE   64,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 16,627 63,000 SH   SOLE   63,000 0 0
KEYCORP NEW COM 493267108 8,791 440,000 SH   SOLE   440,000 0 0
KIMCO RLTY CORP COM 49446R109 4,688 250,000 SH   SOLE   250,000 0 0
LENNAR CORP CL A 526057104 10,629 105,000 SH   SOLE   105,000 0 0
LOCKHEED MARTIN CORP COM 539830109 23,648 64,000 SH   SOLE   64,000 0 0
MORGAN STANLEY COM NEW 617446448 12,426 160,000 SH   SOLE   160,000 0 0
MURPHY OIL CORP COM 626717102 8,205 500,000 SH   SOLE   500,000 0 0
NUCOR CORP COM 670346105 8,509 106,000 SH   SOLE   106,000 0 0
NUTRIEN LTD COM 67077M108 8,353 155,000 SH   SOLE   155,000 0 0
NVIDIA CORP COM 67066G104 20,289 38,000 SH   SOLE   38,000 0 0
OCCIDENTAL PETE CORP COM 674599105 6,655 250,000 SH   SOLE   250,000 0 0
OCCIDENTAL PETROLEUM CORP WARRANT EXP 08/03/2027 674599162 1,191 100,000 SH   SOLE   100,000 0 0
OUTFRONT MEDIA INC COM 69007J106 10,915 500,000 SH   SOLE   500,000 0 0
OVINTIV INC COM 69047Q102 6,193 260,000 SH   SOLE   260,000 0 0
PALANTIR TECHNOLOGIES INC CL A 69608A108 12,111 520,000 SH   SOLE   520,000 0 0
PARKER HANNIFIN CORP COM 701094104 20,188 64,000 SH   SOLE   64,000 0 0
PERSONALIS INC COM 71535D106 4,553 185,000 SH   SOLE   185,000 0 0
PHILLIPS 66 COM 718546104 4,892 60,000 SH   SOLE   60,000 0 0
PROLOGIS INC COM 74340W103 13,250 125,000 SH   SOLE   125,000 0 0
REGENCY CTRS CORP COM 758849103 7,089 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 11,648 150,000 SH   SOLE   150,000 0 0
RYDER SYS INC COM 783549108 4,917 65,000 SH   SOLE   65,000 0 0
SAILPOINT TECHNLGIES HLDGS I COM 78781P105 10,128 200,000 SH   SOLE   200,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 10,429 160,000 SH   SOLE   160,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 11,377 100,000 SH   SOLE   100,000 0 0
SOUTH32 LTD ADR 84473L105 5,390 500,000 SH   SOLE   500,000 0 0
STATE STREET CORPORATION COM 857477103 5,461 65,000 SH   SOLE   65,000 0 0
TEXAS PACIFIC LAND CORP COM 88262P102 111,260 70,000 SH   SOLE   70,000 0 0
TWILIO INC CL A 90138F102 62,700 184,000 SH   SOLE   184,000 0 0
UDR INC COM 902653104 5,483 125,000 SH   SOLE   125,000 0 0
UMH PPTYS INC COM 903002103 4,793 250,000 SH   SOLE   250,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 2,740 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 8,325 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 4,345 250,000 SH   SOLE   250,000 0 0
VISA INC COM CL A 92826C839 6,775 32,000 SH   SOLE   32,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 4,539 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 2,762 125,000 SH   SOLE   125,000 0 0
WEYERHAEUSER CO COM 962166104 5,340 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101 9,856 55,000 SH   SOLE   55,000 0 0
WYNN RESORTS LTD COM 983134107 8,149 65,000 SH   SOLE   65,000 0 0