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 7,345 174,100 SH   SOLE   174,100 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 3,155 188,800 SH   SOLE   188,800 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 7,717 154,300 SH   SOLE   154,300 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 3,654 34,700 SH   SOLE   34,700 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 2,454 38,200 SH   SOLE   38,200 0 0
CAPITAL ONE FINL CORP COM 14040H105 12,901 167,200 SH   SOLE   167,200 0 0
CONTINENTAL BLDG PRODS INC COM 211171103 4,909 260,550 SH   SOLE   260,550 0 0
CYRUSONE INC COM 23283R100 3,783 181,619 SH   SOLE   181,619 0 0
D R HORTON INC COM 23331A109 1,998 92,300 SH   SOLE   92,300 0 0
FIRST CASH FINL SVCS INC COM 31942D107 4,254 84,300 SH   SOLE   84,300 0 0
GAP INC DEL COM 364760108 1,755 43,800 SH   SOLE   43,800 0 0
GENERAL MTRS CO COM 37045V100 6,196 180,000 SH   SOLE   180,000 0 0
ING U S INC COM 45685E106 3,866 106,600 SH   SOLE   106,600 0 0
INTERCONTINENTALEXCHANGE GRO COM 45866F104 4,649 23,500 SH   SOLE   23,500 0 0
LADDER CAP CORP CL A 505743104 1,888 100,000 SH   SOLE   100,000 0 0
LOUISIANA PAC CORP COM 546347105 4,039 239,400 SH   SOLE   239,400 0 0
LPL FINL HLDGS INC COM 50212V100 8,033 152,900 SH   SOLE   152,900 0 0
LYON WILLIAM HOMES CL A NEW 552074700 4,812 174,300 SH   SOLE   174,300 0 0
MACK CALI RLTY CORP COM 554489104 3,738 179,800 SH   SOLE   179,800 0 0
MACK CALI RLTY CORP COM 554489104 5,135 247,000 SH Call SOLE   247,000 0 0
MGIC INVT CORP WIS COM 552848103 8,833 1,036,700 SH   SOLE   1,036,700 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 6,559 406,400 SH   SOLE   406,400 0 0
NOVAGOLD RES INC COM NEW 66987E206 986 273,200 SH   SOLE   273,200 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 3,501 210,400 SH   SOLE   210,400 0 0
REALOGY HLDGS CORP COM 75605Y106 5,531 127,300 SH   SOLE   127,300 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 4,277 148,560 SH   SOLE   148,560 0 0
STEWART INFORMATION SVCS COR COM 860372101 9,739 277,229 SH   SOLE   277,229 0 0
VECTOR GROUP LTD COM 92240M108 6,336 294,172 SH   SOLE   294,172 0 0
VIRTUS INVT PARTNERS INC COM 92828Q109 9,403 54,300 SH   SOLE   54,300 0 0
VISA INC COM CL A 92826C839 7,814 36,200 SH   SOLE   36,200 0 0