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 63,718 1,355,414 SH   DFND 1 0 1,355,414 0
BANK AMER CORP COM 060505104 51,093 1,320,578 SH   DFND 1 0 1,320,578 0
FREEPORT-MCMORAN INC CL B 35671D857 81,131 2,463,736 SH   DFND 1 0 2,463,736 0
HOWARD HUGHES CORP COM 44267D107 54,294 570,735 SH   DFND 1 0 570,735 0
JPMORGAN CHASE & CO COM 46625H100 40,303 264,748 SH   DFND 1 0 264,748 0
MELCO RESORT ENTERTAINMENT L ADR 585464100 2,514 126,274 SH   DFND 1 0 126,274 0
NEWMONT CORP COM 651639106 8,844 146,745 SH   DFND 1 0 146,745 0
NUTRIEN LIMITED COM 67077M108 18,573 344,644 SH   DFND 1 0 344,644 0
ORACLE CORP COM 68389X105 34,563 492,555 SH   DFND 1 0 492,555 0
TECK RESOURCES CLASS B COM 878742204 51,517 2,685,966 SH   DFND 1 0 2,685,966 0
TRUIST FINANCIAL CORP COM 89832Q109 20,066 344,066 SH   DFND 1 0 344,066 0
TURQUOISE HILL RES LTD COM 900435108 3,035 188,633 SH   DFND 1 0 188,633 0
VISA INC COM CL A 92826C839 21,683 102,410 SH   DFND 1 0 102,410 0
WELLS FARGO & CO NEW COM 949746101 48,147 1,232,336 SH   DFND 1 0 1,232,336 0
WYNN RESORTS LTD COM 983134107 47,962 382,566 SH   DFND 1 0 382,566 0