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
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 37,912 774,023 SH   DFND 1 0 774,023 0
ARES MGMT L P COM UNIT RP IN 03990B101 13,604 289,137 SH   DFND 1 0 289,137 0
BANK AMER CORP COM 060505104 44,980 1,483,986 SH   DFND 1 0 1,483,986 0
FREEPORT-MCMORAN INC CL B 35671D857 66,658 2,561,816 SH   DFND 1 0 2,561,816 0
HOWARD HUGHES CORP COM 44267D107 44,653 565,735 SH   DFND 1 0 565,735 0
JPMORGAN CHASE & CO COM 46625H100 39,792 313,148 SH   DFND 1 0 313,148 0
KKR & CO L P DEL COM UNITS 48248M102 17,682 436,712 SH   DFND 1 0 436,712 0
MASTERCARD INC CL A 57636Q104 29,088 81,492 SH   DFND 1 0 81,492 0
MELCO RESORT ENTERTAINMENT L ADR 585464100 2,342 126,274 SH   DFND 1 0 126,274 0
NEWMONT CORP COM 651639106 8,778 146,570 SH   DFND 1 0 146,570 0
NUTRIEN LIMITED COM 67077M108 20,200 419,444 SH   DFND 1 0 419,444 0
ORACLE CORP COM 68389X105 31,514 487,155 SH   DFND 1 0 487,155 0
TECK RESOURCES CLASS B COM 878742204 37,919 2,089,186 SH   DFND 1 0 2,089,186 0
TRUIST FINANCIAL CORP COM 89832Q109 16,491 344,066 SH   DFND 1 0 344,066 0
TURQUOISE HILL RES LTD COM 900435108 2,343 188,633 SH   DFND 1 0 188,633 0
VISA INC COM CL A 92826C839 34,859 159,368 SH   DFND 1 0 159,368 0
WELLS FARGO & CO NEW COM 949746101 22,408 742,478 SH   DFND 1 0 742,478 0
WYNN RESORTS LTD COM 983134107 40,513 359,066 SH   DFND 1 0 359,066 0