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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACADIA RLTY TR COM SH BEN INT 004239109 BBG000BJGD54 6,184,440 295,200 SH   SOLE   295,200 0 0
AIR PRODS & CHEMS INC COM 009158106 BBG000BC4JJ4 10,941,532 37,100 SH   SOLE   37,100 0 0
AMCOR PLC ORD G0250X107 BBG00LNJRQ09 31,711,046 3,269,180 SH   SOLE   3,269,180 0 0
ARES CAPITAL CORP COM 04010L103 BBG000PD6X77 14,355,248 647,800 SH   SOLE   647,800 0 0
AT&T INC COM 00206R102 BBG000BSJK37 8,718,724 308,300 SH   SOLE   308,300 0 0
AVALONBAY CMNTYS INC COM 053484101 BBG000BLPBL5 3,412,458 15,900 SH   SOLE   15,900 0 0
BAIDU INC SPON ADR REP A 056752108 BBG000QXWHD1 44,710,107 485,821 SH   SOLE   485,821 0 0
BLACKSTONE SECD LENDING FD COMMON STOCK 09261X102 BBG00MS80PM3 10,907,520 337,068 SH   SOLE   337,068 0 0
CROWN HLDGS INC COM 228368106 BBG000BF6756 19,780,016 221,600 SH   SOLE   221,600 0 0
DELL TECHNOLOGIES INC CL C 24703L202 BBG00DW3SZS1 14,245,378 156,285 SH   SOLE   156,285 0 0
DOW INC COM 260557103 BBG00BN96922 19,562,184 560,200 SH   SOLE   560,200 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 BBG000BG8M31 3,893,952 54,400 SH   SOLE   54,400 0 0
FEDERAL RLTY INVT TR NEW SH BEN INT NEW 313745101 BBG000BJVN28 6,260,480 64,000 SH   SOLE   64,000 0 0
HONEYWELL INTL INC COM 438516106 BBG000H556T9 16,855,300 79,600 SH   SOLE   79,600 0 0
INTEL CORP COM 458140100 BBG000C0G1D1 11,191,488 492,800 SH   SOLE   492,800 0 0
INTUIT COM 461202103 BBG000BH5DV1 16,620,709 27,070 SH   SOLE   27,070 0 0
IQIYI INC SPONSORED ADS 46267X108 BBG00K6DZBD3 8,309,907 3,676,950 SH   SOLE   3,676,950 0 0
ISHARES INC MSCI MEXICO ETF 464286822 BBG000BK42M9 33,893,496 665,100 SH   SOLE   665,100 0 0
ISHARES INC MSCI STH KOR ETF 464286772 BBG000CDKWX8 49,760,032 920,800 SH   SOLE   920,800 0 0
ISHARES TR CHINA SM-CAP ETF 46429B200 BBG0016RMMX2 19,767,608 712,860 SH   SOLE   712,860 0 0
ISHARES TR CORE S&P MCP ETF 464287507 BBG000BWC7P0 20,206,605 346,300 SH   SOLE   346,300 0 0
KANZHUN LIMITED SPONSORED ADS 48553T106 BBG01163M5L4 20,241,603 1,055,900 SH   SOLE   1,055,900 0 0
MICROSOFT CORP COM 594918104 BBG000BPH459 14,640,210 39,000 SH   SOLE   39,000 0 0
NETEASE INC SPONSORED ADS 64110W102 BBG000BX72V8 5,176,876 50,300 SH   SOLE   50,300 0 0
NVIDIA CORPORATION COM 67066G104 BBG000BBJQV0 19,291,640 178,000 SH   SOLE   178,000 0 0
PAYPAL HLDGS INC COM 70450Y103 BBG0077VNXV6 11,027,250 169,000 SH   SOLE   169,000 0 0
PPG INDS INC COM 693506107 BBG000BRJ809 23,707,080 216,800 SH   SOLE   216,800 0 0
SL GREEN RLTY CORP COM 78440X887 BBG000BVP5P2 2,198,370 38,100 SH   SOLE   38,100 0 0
SPDR SER TR S&P REGL BKG 78464A698 BBG000D82H52 30,232,830 531,800 SH   SOLE   531,800 0 0
SPDR SER TR S&P BK ETF 78464A797 BBG000KMKPY3 20,574,960 388,500 SH   SOLE   388,500 0 0
TARGET CORP COM 87612E106 BBG000H8TVT2 4,435,300 42,500 SH   SOLE   42,500 0 0
UDR INC COM 902653104 BBG000C41023 4,282,116 94,800 SH   SOLE   94,800 0 0
VANECK ETF TRUST JP MRGAN EM LOC 92189H300 BBG000BF8YP3 24,644,994 1,032,900 SH   SOLE   1,032,900 0 0
VANECK ETF TRUST BDC INCOME ETF 92189F411 BBG00440GKJ4 7,957,648 474,800 SH   SOLE   474,800 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 BBG000HS77T5 11,362,680 250,500 SH   SOLE   250,500 0 0
VORNADO RLTY TR SH BEN INT 929042109 BBG000BWHD54 3,258,819 88,100 SH   SOLE   88,100 0 0
WAYFAIR INC CL A 94419L101 BBG001B17MV2 8,254,131 257,700 SH   SOLE   257,700 0 0
ZILLOW GROUP INC CL C CAP STK 98954M200 BBG009NRSWJ4 26,850,838 391,640 SH   SOLE   391,640 0 0
ZOOM COMMUNICATIONS INC CL A 98980L101 BBG0042V6JM8 21,076,089 285,700 SH   SOLE   285,700 0 0