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
Abbvie Inc COM 00287Y109 76,504 1,221,723 SH   DFND   1,221,723 0 0
Ac Immune Sa SHS H00263105 20,496 1,579,031 SH   DFND   1,579,031 0 0
Agrium Inc COM 008916108 3,919 38,974 SH   DFND   38,974 0 0
Alcoa Corp COM 013872106 33,718 1,200,800 SH   DFND   1,200,800 0 0
Aspen Technology Inc COM 045327103 11,477 209,900 SH   DFND   209,900 0 0
Bank Amer Corp COM 060505104 56,629 2,562,400 SH   DFND   2,562,400 0 0
Bhp Billiton Ltd SPONSORED ADR 088606108 11,629 325,000 SH   DFND   325,000 0 0
Cabot Oil & Gas Corp COM 127097103 10,038 429,700 SH   DFND   429,700 0 0
Citigroup Inc COM NEW 172967424 55,098 927,100 SH   DFND   927,100 0 0
Dover Corp COM 260003108 10,161 135,600 SH   DFND   135,600 0 0
Emerson Elec Co COM 291011104 9,756 175,000 SH   DFND   175,000 0 0
Eog Res Inc COM 26875P101 38,499 380,800 SH   DFND   380,800 0 0
Eqt Corp COM 26884L109 9,300 142,200 SH   DFND   142,200 0 0
Freeport-Mcmoran Inc CL B 35671D857 38,021 2,882,600 SH   DFND   2,882,600 0 0
Halliburton Co COM 406216101 56,324 1,041,300 SH   DFND   1,041,300 0 0
Ishares Tr RUSSELL 2000 ETF 464287655 133,758 991,900 SH   DFND   991,900 0 0
Jpmorgan Chase & Co COM 46625H100 28,260 327,500 SH   DFND   327,500 0 0
Lyondellbasell Industries N SHS - A - N53745100 48,766 568,500 SH   DFND   568,500 0 0
Merck & Co Inc COM 58933Y105 40,255 683,800 SH   DFND   683,800 0 0
Nucor Corp COM 670346105 21,546 362,000 SH   DFND   362,000 0 0
Pioneer Nat Res Co COM 723787107 20,222 112,300 SH   DFND   112,300 0 0
Pnc Finl Svcs Group Inc COM 693475105 54,503 466,000 SH   DFND   466,000 0 0
Pure Storage Inc CL A 74624M102 10,475 926,133 SH   DFND   926,133 0 0
Range Res Corp COM 75281A109 9,277 270,000 SH   DFND   270,000 0 0
Select Sector Spdr Tr SBI INT-FINL 81369Y605 55,742 2,397,500 SH   DFND   2,397,500 0 0
Select Sector Spdr Tr SBI INT-INDS 81369Y704 51,462 827,100 SH   DFND   827,100 0 0
Southwestern Energy Co COM 845467109 8,967 828,700 SH   DFND   828,700 0 0
Transocean Ltd REG SHS H8817H100 10,343 701,700 SH   DFND   701,700 0 0
United States Stl Corp New COM 912909108 9,078 275,000 SH   DFND   275,000 0 0
Wells Fargo & Co New COM 949746101 52,928 960,400 SH   DFND   960,400 0 0
Williams Cos Inc Del COM 969457100 10,192 327,300 SH   DFND   327,300 0 0
Yahoo Inc COM 984332106 18,681 483,100 SH   DFND   483,100 0 0