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
AMERIS BANCORP Common Stock 03076K108 12,161 409,450 SH   SOLE   409,450 0 0
CALATLANTIC GROUP INC Common Stock 128195104 10,903 297,008 SH   SOLE   297,008 0 0
CARDINAL FINANCIAL CORP(NSM) Common Stock 14149F109 974 44,400 SH   SOLE   44,400 0 0
CORELOGIC INC(NYS) Common Stock 21871D103 2,032 52,800 SH   SOLE   52,800 0 0
CUSTOMERS BANCORP INC (NSM) Common Stock 23204G100 2,477 98,550 SH   SOLE   98,550 0 0
DR HORTON INC(NYS) Common Stock 23331A109 2,052 65,200 SH   SOLE   65,200 0 0
EAST WEST BANCORP INC(NSM) Common Stock 27579R104 7,844 229,500 SH   SOLE   229,500 0 0
FCB FINANCIAL HOLDINGS-CL A Common Stock 30255G103 10,996 323,405 SH   SOLE   323,405 0 0
FIRST AMERICAN FINANCIAL(NYS) Common Stock 31847R102 2,284 56,800 SH   SOLE   56,800 0 0
FIRST HORIZON NATIONAL CORP Common Stock 320517105 7,699 558,700 SH   SOLE   558,700 0 0
GOLDMAN SACHS GROUP INC(NYS) Common Stock 38141G104 4,443 29,900 SH   SOLE   29,900 0 0
HOULIHAN LOKEY INC Common Stock 441593100 1,890 84,494 SH   SOLE   84,494 0 0
IBERIABANK CORP Common Stock 450828108 6,650 111,342 SH   SOLE   111,342 0 0
LEGG MASON INC Common Stock 524901105 4,565 154,800 SH   SOLE   154,800 0 0
MOELIS & CO - CLASS A(NYS) Common Stock 60786M105 1,331 59,177 SH   SOLE   59,177 0 0
NASDAQ INC Common Stock 631103108 4,378 67,700 SH   SOLE   67,700 0 0
NEW HOME CO INC/THE Common Stock 645370107 667 69,868 SH   SOLE   69,868 0 0
NVR INC Common Stock 62944T105 2,101 1,180 SH   SOLE   1,180 0 0
Q2 HOLDINGS INC Common Stock 74736L109 2,277 81,254 SH   SOLE   81,254 0 0
SYNCHRONY FINANCIAL Common Stock 87165B103 7,263 287,300 SH   SOLE   287,300 0 0
T ROWE PRICE GROUP INC(NSM) Common Stock 74144T108 3,145 43,100 SH   SOLE   43,100 0 0
TRUSTMARK CORP Common Stock 898402102 2,664 107,200 SH   SOLE   107,200 0 0
UNITED COMMUNITY BANKS/GA Common Stock 90984P303 2,323 127,000 SH   SOLE   127,000 0 0
VERIFONE SYSTEMS INC(NYS) Common Stock 92342Y109 964 52,000 SH   SOLE   52,000 0 0
WESTERN ALLIANCE BANCORP(NYS) Common Stock 957638109 2,383 73,000 SH   SOLE   73,000 0 0
WINTRUST FINANCIAL CORP(NSM) Common Stock 97650W108 2,953 57,900 SH   SOLE   57,900 0 0