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
Agnc Invt Corp COM 00123Q104 1,264 70,219 SH   DFND   70,219 0 0
Alibaba Group Hldg Ltd SPONSORED ADS 01609W102 1,368 7,500 SH   DFND   7,500 0 0
Alphabet Inc CAP STK CL A 02079K305 471 400 SH   DFND   400 0 0
Alphabet Inc CAP STK CL C 02079K107 1,643 1,400 SH   DFND   1,400 0 0
Amazon Com Inc COM 023135106 1,781 1,000 SH   DFND   1,000 0 0
Anthem Inc COM 036752103 3,042 10,600 SH   DFND   10,600 0 0
Apple Inc COM 037833100 665 3,500 SH   DFND   3,500 0 0
Banco Santander Sa ADR 05964H105 651 140,670 SH   DFND   140,670 0 0
Bank Amer Corp COM 060505104 1,490 54,000 SH   DFND   54,000 0 0
Caesars Entmt Corp COM 127686103 130 15,000 SH   DFND   15,000 0 0
Carvana Co CL A 146869102 232 4,000 SH   DFND   4,000 0 0
D R Horton Inc COM 23331A109 2,367 57,200 SH   DFND   57,200 0 0
E Trade Financial Corp COM NEW 269246401 8,852 190,660 SH   DFND   190,660 0 0
Ericsson ADR B SEK 10 294821608 413 45,000 SH   DFND   45,000 0 0
Essent Group Ltd COM G3198U102 8,212 189,000 SH   DFND   189,000 0 0
Hawaiian Holdings Inc COM 419879101 1,050 40,000 SH   DFND   40,000 0 0
Ing Groep N V SPONSORED ADR 456837103 425 35,000 SH   DFND   35,000 0 0
Ishares Tr EXPANDED TECH 464287515 1,160 5,500 SH   DFND   5,500 0 0
Ishares Tr MSCI CHINA ETF 46429B671 2,716 43,500 SH   DFND   43,500 0 0
Ishares Tr MSCI EMG MKT ETF 464287234 5,408 126,000 SH   DFND   126,000 0 0
Ishares Tr MSCI INDIA ETF 46429B598 1,234 35,000 SH   DFND   35,000 0 0
Keysight Technologies Inc COM 49338L103 523 6,000 SH   DFND   6,000 0 0
Lowes Cos Inc COM 548661107 701 6,400 SH   DFND   6,400 0 0
Lpl Finl Hldgs Inc COM 50212V100 7,480 107,400 SH   DFND   107,400 0 0
Marvell Technology Group Ltd ORD G5876H105 1,460 73,400 SH   DFND   73,400 0 0
Mgic Invt Corp Wis COM 552848103 923 70,000 SH   DFND   70,000 0 0
Microsoft Corp COM 594918104 2,772 23,500 SH   DFND   23,500 0 0
Nexstar Media Group Inc CL A 65336K103 596 5,500 SH   DFND   5,500 0 0
Nokia Corp SPONSORED ADR 654902204 343 60,000 SH   DFND   60,000 0 0
Norfolk Southern Corp COM 655844108 2,990 16,000 SH   DFND   16,000 0 0
Paypal Hldgs Inc COM 70450Y103 1,298 12,500 SH   DFND   12,500 0 0
Radian Group Inc COM 750236101 1,452 70,000 SH   DFND   70,000 0 0
Sea Ltd SPONSORED ADS 81141R100 423 18,000 SH   DFND   18,000 0 0
Select Sector Spdr Tr SBI INT-FINL 81369Y605 1,671 65,000 SH   DFND   65,000 0 0
Spirit Airls Inc COM 848577102 4,229 80,000 SH   DFND   80,000 0 0
Square Inc CL A 852234103 262 3,500 SH   DFND   3,500 0 0
Vale S A SPONSORED ADS 91912E105 313 24,000 SH   DFND   24,000 0 0
Walmart Inc COM 931142103 1,560 16,000 SH   DFND   16,000 0 0
Wells Fargo Co New COM 949746101 725 15,000 SH   DFND   15,000 0 0
Worldpay Inc CL A 981558109 341 3,000 SH   DFND   3,000 0 0