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
ARCH CAP GROUP LTD ORD G0450A105 4,026 103,400 SH   DFND   103,400 0 0
BOEING CO COM 097023105 4,308 17,981 SH   DFND   17,981 0 0
BURLINGTON STORES INC COM 122017106 8,372 26,000 SH   DFND   26,000 0 0
CARTERS INC COM 146229109 6,197 60,070 SH   DFND   60,070 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 3,845 88,872 SH   DFND   88,872 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 46,576 864,603 SH   DFND   864,603 0 0
ESSENT GROUP LTD COM G3198U102 3,959 88,081 SH   DFND   88,081 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 398,946 10,873,420 SH   DFND   10,873,420 0 0
HUNTSMAN CORP COM 447011107 7,048 265,763 SH   DFND   265,763 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 47,104 460,000 SH   DFND   460,000 0 0
ISHARES TR S&P 500 GRWT ETF 464287309 13,673 188,000 SH   DFND   188,000 0 0
ISHARES TR US HOME CONS ETF 464288752 25,611 370,000 SH   DFND   370,000 0 0
JPMORGAN CHASE & CO COM 46625H100 7,606 48,900 SH   DFND   48,900 0 0
LOUISIANA PAC CORP COM 546347105 5,260 87,250 SH   DFND   87,250 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 13,547 131,691 SH   DFND   131,691 0 0
MARRIOTT INTL INC NEW CL A 571903202 4,356 31,906 SH   DFND   31,906 0 0
MARTIN MARIETTA MATLS INC COM 573284106 14,372 40,853 SH   DFND   40,853 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 27,985 340,000 SH   DFND   340,000 0 0
MGIC INVT CORP WIS COM 552848103 4,230 311,048 SH   DFND   311,048 0 0
NMI HLDGS INC CL A 629209305 2,455 109,206 SH   DFND   109,206 0 0
PPG INDS INC COM 693506107 13,411 78,993 SH   DFND   78,993 0 0
PRUDENTIAL FINL INC COM 744320102 11,783 114,985 SH   DFND   114,985 0 0
RADIAN GROUP INC COM 750236101 4,081 183,431 SH   DFND   183,431 0 0
REALOGY HLDGS CORP COM 75605Y106 555 30,480 SH   DFND   30,480 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 11,399 564,870 SH   DFND   564,870 0 0
ROSS STORES INC COM 778296103 11,532 93,000 SH   DFND   93,000 0 0
ROYAL CARIBBEAN GROUP COM V7780T103 4,155 48,724 SH   DFND   48,724 0 0
SL GREEN RLTY CORP COM 78440X804 7,464 93,300 SH   DFND   93,300 0 0
SYSCO CORP COM 871829107 4,476 57,564 SH   DFND   57,564 0 0
TJX COS INC NEW COM 872540109 13,012 193,000 SH   DFND   193,000 0 0
UNITED RENTALS INC COM 911363109 15,622 48,969 SH   DFND   48,969 0 0
US FOODS HLDG CORP COM 912008109 2,221 57,906 SH   DFND   57,906 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 29,054 459,500 SH   DFND   459,500 0 0
VANECK VECTORS ETF TR OIL SVCS ETF 92189H607 14,012 64,000 SH   DFND   64,000 0 0
VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 6,687 25,500 SH   DFND   25,500 0 0
VORNADO RLTY TR SH BEN INT 929042109 6,800 145,700 SH   DFND   145,700 0 0
VULCAN MATLS CO COM 929160109 14,527 83,453 SH   DFND   83,453 0 0
DISNEY WALT CO COM 254687106 4,577 26,038 SH   DFND   26,038 0 0
BERKLEY W R CORP COM 084423102 6,628 89,053 SH   DFND   89,053 0 0
COMPASS INC CL A 20464U100 1,426 108,500 SH Put DFND   108,500 0 0
ISHARES TR U.S. REAL ES ETF 464287739 29,563 290,000 SH Put DFND   290,000 0 0
KRANESHARES TR CSI CHI INTERNET 500767306 10,467 150,000 SH Call DFND   150,000 0 0
VANECK VECTORS ETF TR SEMICONDUCTOR ET 92189F676 55,070 210,000 SH Call DFND   210,000 0 0