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
AFFILIATED MANAGERS GROUP COM 008252108 4,282 25,042 SH   DFND 1,2 0 25,042 0
ALLIED WRLD ASSUR COM HLDG A SHS H01531104 3,996 104,688 SH   DFND 1,2 0 104,688 0
AMAZON COM INC COM 023135106 28,611 55,892 SH   DFND 1,2 0 55,892 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 8,718 81,999 SH   DFND 1,2 0 81,999 0
ASTORIA FINL CORP COM 046265104 1,418 88,082 SH   DFND 1,2 0 88,082 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 4,835 90,000 SH   DFND 1,2 0 90,000 0
BERKLEY W R CORP COM 084423102 4,958 91,187 SH   DFND 1,2 0 91,187 0
BLACK KNIGHT FINL SVCS INC CL A 09214X100 2,470 75,880 SH   DFND 1,2 0 75,880 0
CBOE HLDGS INC COM 12503M108 1,677 25,000 SH   DFND 1,2 0 25,000 0
CITIGROUP INC COM NEW 172967424 2,728 54,988 SH   DFND 1,2 0 54,988 0
CITIZENS FINL GROUP INC COM 174610105 1,624 68,072 SH   DFND 1,2 0 68,072 0
CNO FINL GROUP INC COM 12621E103 477 25,336 SH   DFND 1,2 0 25,336 0
COMERICA INC COM 200340107 158 3,852 SH   DFND 1,2 0 3,852 0
CONAGRA FOODS INC COM 205887102 5,746 141,850 SH   DFND 1,2 0 141,850 0
COPART INC COM 217204106 8,225 250,000 SH   DFND 1,2 0 250,000 0
DISCOVER FINL SVCS COM 254709108 5,979 115,000 SH   DFND 1,2 0 115,000 0
E TRADE FINANCIAL CORP COM NEW 269246401 1,448 55,000 SH   DFND 1,2 0 55,000 0
EBAY INC COM 278642103 2,259 92,446 SH   DFND 1,2 0 92,446 0
EVERCORE PARTNERS INC CLASS A 29977A105 2,996 59,627 SH   DFND 1,2 0 59,627 0
FIRST HORIZON NATL CORP COM 320517105 281 19,827 SH   DFND 1,2 0 19,827 0
FIRST NIAGARA FINL GP INC COM 33582V108 4,221 413,400 SH   DFND 1,2 0 413,400 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 514 25,000 SH   DFND 1,2 0 25,000 0
GALLAGHER ARTHUR J & CO COM 363576109 9,527 230,800 SH   DFND 1,2 0 230,800 0
GOLDMAN SACHS GROUP INC COM 38141G104 440 2,530 SH   DFND 1,2 0 2,530 0
GREAT WESTN BANCORP INC COM 391416104 3,040 119,838 SH   DFND 1,2 0 119,838 0
HARTFORD FINL SVCS GROUP INC COM 416515104 16,481 360,000 SH   DFND 1,2 0 360,000 0
JAMES RIV GROUP LTD COM G5005R107 1,344 50,000 SH   DFND 1,2 0 50,000 0
JANUS CAP GROUP INC COM 47102X105 2,108 155,000 SH   DFND 1,2 0 155,000 0
KAR AUCTION SVCS INC COM 48238T109 16,511 465,100 SH   DFND 1,2 0 465,100 0
KEYCORP NEW COM 493267108 5,204 400,000 SH   DFND 1,2 0 400,000 0
KLX INC COM 482539103 11,794 330,000 SH   DFND 1,2 0 330,000 0
LINCOLN NATL CORP IND COM 534187109 10,898 229,635 SH   DFND 1,2 0 229,635 0
LULULEMON ATHLETICA INC COM 550021109 13,718 270,842 SH   DFND 1,2 0 270,842 0
LYON WILLIAM HOMES CL A NEW 552074700 206 10,000 SH   DFND 1,2 0 10,000 0
MCDONALDS CORP COM 580135101 21,719 220,427 SH   DFND 1,2 0 220,427 0
MOHAWK INDS INC COM 608190104 6,363 35,000 SH   DFND 1,2 0 35,000 0
MOLSON COORS BREWING CO CL B 60871R209 16,604 200,000 SH   DFND 1,2 0 200,000 0
NASDAQ INC COM 631103108 1,600 30,000 SH   DFND 1,2 0 30,000 0
NORDSTROM INC COM 655664100 15,986 222,931 SH   DFND 1,2 0 222,931 0
ONEBEACON INSURANCE GROUP LT CL A G67742109 409 29,106 SH   DFND 1,2 0 29,106 0
ORITANI FINL CORP DEL COM 68633D103 703 45,000 SH   DFND 1,2 0 45,000 0
PIPER JAFFRAY COS COM 724078100 362 10,000 SH   DFND 1,2 0 10,000 0
POPULAR INC COM NEW 733174700 6,042 199,876 SH   DFND 1,2 0 199,876 0
PROGRESSIVE CORP OHIO COM 743315103 3,687 120,325 SH   DFND 1,2 0 120,325 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 821 7,718 SH   DFND 1,2 0 7,718 0
RLI CORP COM 749607107 268 5,000 SH   DFND 1,2 0 5,000 0
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 7,210 80,928 SH   DFND 1,2 0 80,928 0
SANTANDER CONSUMER USA HDG I COM 80283M101 1,370 67,100 SH   DFND 1,2 0 67,100 0
SEI INVESTMENTS CO COM 784117103 2,028 42,047 SH   DFND 1,2 0 42,047 0
SELECTIVE INS GROUP INC COM 816300107 311 10,000 SH   DFND 1,2 0 10,000 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467Y107 7,559 30,372 SH   DFND 1,2 0 30,372 0
STIFEL FINL CORP COM 860630102 2,629 62,452 SH   DFND 1,2 0 62,452 0
SYNOVUS FINL CORP COM NEW 87161C501 3,777 127,607 SH   DFND 1,2 0 127,607 0
TEXAS ROADHOUSE INC COM 882681109 1,676 45,055 SH   DFND 1,2 0 45,055 0
TIFFANY & CO NEW COM 886547108 965 12,500 SH   DFND 1,2 0 12,500 0
UMPQUA HLDGS CORP COM 904214103 2,608 160,000 SH   DFND 1,2 0 160,000 0
V F CORP COM 918204108 10,232 150,000 SH   DFND 1,2 0 150,000 0
VAIL RESORTS INC COM 91879Q109 241 2,306 SH   DFND 1,2 0 2,306 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 4,146 92,000 SH   DFND 1,2 0 92,000 0
VCA INC COM 918194101 8,698 165,198 SH   DFND 1,2 0 165,198 0
VIRTU FINL INC CL A 928254101 459 20,035 SH   DFND 1,2 0 20,035 0
VOYA FINL INC COM 929089100 1,357 35,000 SH   DFND 1,2 0 35,000 0
WADDELL & REED FINL INC CL A 930059100 1,739 50,000 SH   DFND 1,2 0 50,000 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 6,107 73,493 SH   DFND 1,2 0 73,493 0
WESTERN ALLIANCE BANCORP COM 957638109 4,116 134,025 SH   DFND 1,2 0 134,025 0
WHIRLPOOL CORP COM 963320106 11,781 80,000 SH   DFND 1,2 0 80,000 0
WILLIAMS SONOMA INC COM 969904101 638 8,362 SH   DFND 1,2 0 8,362 0
YUM BRANDS INC COM 988498101 8,000 100,067 SH   DFND 1,2 0 100,067 0
YUM BRANDS INC COM 988498101 7,995 100,000 SH Call DFND 1,2 0 0 100,000
ZIONS BANCORPORATION COM 989701107 9,675 351,300 SH   DFND 1,2 0 351,300 0