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
ARGAN INC COM 04010E109 12,492 250,100 SH   SOLE 31,600 0 218,500
BANK AMER CORP COM 060505104 6,583 238,600 SH   SOLE 0 0 238,600
BHP GROUP LIMITED SPONSORED ADS 088606108 6,549 119,800 SH   SOLE 0 0 119,800
CITIGROUP INC COM NEW 172967424 4,828 77,600 SH   SOLE 0 0 77,600
FOOT LOCKER INC COM 344849104 9,211 152,000 SH   SOLE 24,500 0 127,500
L BRANDS INC COM 501797104 7,822 283,600 SH   SOLE 0 0 283,600
LEGG MASON INC COM 524901105 8,882 324,500 SH   SOLE 42,400 0 282,100
MORGAN STANLEY COM NEW 617446448 4,591 108,803 SH   SOLE 0 0 108,803
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 6,352 101,481 SH   SOLE 0 0 101,481
TEVA PHARMACEUTICAL INDS LTD SPONSORED ADR 881624209 7,043 449,200 SH   SOLE 0 0 449,200
TUPPERWARE BRANDS CORP COM 899896104 7,098 277,500 SH   SOLE 15,100 0 262,400