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
OM ASSET MANAGEMENT PLC SHS G67506108 147 9,057 SH   SOLE   9,057 0 0
CITY OFFICE REIT INC COM 178587101 128 10,000 SH   SOLE   10,000 0 0
BLACKROCK INC-CLASS A COM 09247X101 4,362 12,200 SH   SOLE   12,200 0 0
JAMES RIVER GROUP HOLDINGS LTD COM G5005R107 341 15,000 SH   SOLE   15,000 0 0
CAPITAL ONE FINANCIAL CORP COM 14040H105 2,485 30,100 SH   SOLE   30,100 0 0
WEBSTER FINANCIAL CORP COM 947890109 1,256 38,600 SH   SOLE   38,600 0 0
SYNOVUS FINANCIAL CORP COM NEW 87161C501 1,387 51,200 SH   SOLE   51,200 0 0
EAST WEST BANCORP INC COM 27579R104 2,005 51,800 SH   SOLE   51,800 0 0
LAZARD LTD-CL A SHS A G54050102 3,032 60,600 SH   SOLE   60,600 0 0
MERITAGE HOMES CORP COM 59001A102 2,240 62,231 SH   SOLE   62,231 0 0
BANK OF HAWAII CORP COM 62540109 4,395 74,100 SH   SOLE   74,100 0 0
POPULAR INC (NSM) COM NEW 733174700 2,793 82,021 SH   SOLE   82,021 0 0
EVERCORE PARTNERS INC-CL A (NYS) CLASS A 29977A105 4,975 95,000 SH   SOLE   95,000 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 5,683 99,200 SH   SOLE   99,200 0 0
CITIZENS FINANCIAL GROUP COM 174610105 2,644 106,373 SH   SOLE   106,373 0 0
MGIC INVESTMENT CORP COM 552848103 1,018 109,200 SH   SOLE   109,200 0 0
NAVIENT CORP COM 63938C108 2,461 113,900 SH   SOLE   113,900 0 0
CVB FINANCIAL CORP COM 126600105 2,199 137,297 SH   SOLE   137,297 0 0
WILLIAM LYON HOMES-CL A CL A NEW 552074700 3,529 174,090 SH   SOLE   174,090 0 0
RAYONIER INC COM 754907103 5,038 180,300 SH   SOLE   180,300 0 0
PRIVATEBANCORP INC COM 742962103 6,025 180,400 SH   SOLE   180,400 0 0
BANK OF THE OZARKS COM 63904106 6,980 184,068 SH   SOLE   184,068 0 0
TCF FINANCIAL CORP COM 872275102 3,002 188,900 SH   SOLE   188,900 0 0
RYLAND GROUP INC/THE [NYS] COM 783764103 7,789 202,001 SH   SOLE   202,001 0 0
CITIGROUP INC COM NEW 172967424 11,190 206,800 SH   SOLE   206,800 0 0
WESTERN ALLIANCE BANCORP COM 957638109 6,020 216,530 SH   SOLE   216,530 0 0
MOELIS & CO CL A 60786M105 7,839 224,420 SH   SOLE   224,420 0 0
NORTHSTAR REALTY FINANCE COM NEW 66704R704 5,299 301,400 SH   SOLE   301,400 0 0
UMPQUA HOLDINGS CORP COM 904214103 5,416 318,430 SH   SOLE   318,430 0 0
KB HOME COM 48666K109 5,518 333,433 SH   SOLE   333,433 0 0
STANDARD-PACIFIC CORP COM 85375C101 2,549 349,600 SH   SOLE   349,600 0 0