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 2,454 64,276 SH   DFND   64,276 0 0
BERKLEY W R CORP COM 084423102 3,173 43,353 SH   DFND   43,353 0 0
CARTERS INC COM 146229109 3,250 33,422 SH   DFND   33,422 0 0
COMPASS INC CL A 20464U100 1,382 104,200 SH Put DFND   104,200 0 0
EMERSON ELEC CO COM 291011104 15,355 163,000 SH   DFND   163,000 0 0
ESSENT GROUP LTD COM G3198U102 2,473 56,197 SH   DFND   56,197 0 0
HUNTSMAN CORP COM 447011107 4,949 167,248 SH   DFND   167,248 0 0
ISHARES TR S&P 500 VAL ETF 464287408 1,163 8,000 SH   DFND   8,000 0 0
ISHARES TR US HOME CONS ETF 464288752 20,814 314,500 SH   DFND   314,500 0 0
JPMORGAN CHASE & CO COM 46625H100 2,328 14,224 SH   DFND   14,224 0 0
KRANESHARES TR CSI CHI INTERNET 500767306 3,076 65,000 SH Call DFND   65,000 0 0
LOUISIANA PAC CORP COM 546347105 4,551 74,162 SH   DFND   74,162 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 6,737 71,782 SH   DFND   71,782 0 0
MARTIN MARIETTA MATLS INC COM 573284106 3,224 9,435 SH   DFND   9,435 0 0
MARTIN MARIETTA MATLS INC COM 573284106 10,250 30,000 SH Call DFND   30,000 0 0
MASTERCARD INCORPORATED CL A 57636Q104 8,344 24,000 SH   DFND   24,000 0 0
MGIC INVT CORP WIS COM 552848103 3,045 203,518 SH   DFND   203,518 0 0
NMI HLDGS INC CL A 629209305 1,766 78,098 SH   DFND   78,098 0 0
ONEMAIN HLDGS INC COM 68268W103 949 17,159 SH   DFND   17,159 0 0
PPG INDS INC COM 693506107 5,928 41,450 SH   DFND   41,450 0 0
PRUDENTIAL FINL INC COM 744320102 3,495 33,221 SH   DFND   33,221 0 0
PTC INC COM 69370C100 7,786 65,000 SH   DFND   65,000 0 0
RADIAN GROUP INC COM 750236101 2,733 120,280 SH   DFND   120,280 0 0
REALOGY HLDGS CORP COM 75605Y106 535 30,480 SH   DFND   30,480 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 3,557 166,901 SH   DFND   166,901 0 0
ROCKWELL AUTOMATION INC COM 773903109 15,290 52,000 SH   DFND   52,000 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 38,387 736,930 SH   DFND   736,930 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 391,747 10,438,231 SH   DFND   10,438,231 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 20,625 210,806 SH   DFND   210,806 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 11,257 142,290 SH   DFND   142,290 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506 169,292 3,250,000 SH Call DFND   3,250,000 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 66,832 525,000 SH Call DFND   525,000 0 0
TRONOX HOLDINGS PLC SHS G9087Q102 2,931 118,900 SH Call DFND   118,900 0 0
UNITED RENTALS INC COM 911363109 9,128 26,010 SH   DFND   26,010 0 0
VANECK VECTORS ETF TR OIL SVCS ETF 92189H607 5,655 28,706 SH   DFND   28,706 0 0
VISA INC COM CL A 92826C839 8,019 36,000 SH   DFND   36,000 0 0
VULCAN MATLS CO COM 929160109 3,307 19,550 SH   DFND   19,550 0 0
VULCAN MATLS CO COM 929160109 8,458 50,000 SH Call DFND   50,000 0 0