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
AMERICAN HOMES 4 RENT CL A 02665T306   29,415,917 975,976 SH   SOLE   975,976 0 0
BROOKDALE SR LIVING INC COM 112463104   19,536,767 7,156,325 SH   SOLE   7,156,325 0 0
CONSTELLATION ENERGY CORP COM 21037T109   28,913,110 335,380 SH   SOLE   335,380 0 0
D R HORTON INC COM 23331A109   30,629,485 343,611 SH   SOLE   343,611 0 0
DECKERS OUTDOOR CORP COM 243537107   63,383,016 158,791 SH   SOLE   158,791 0 0
FERGUSON PLC NEW SHS G3421J106   53,458,941 421,036 SH   SOLE   421,036 0 0
IAC INC COM NEW 44891N208   18,934,957 426,463 SH   SOLE   426,463 0 0
MDU RES GROUP INC COM 552690109   76,947,944 2,536,188 SH   SOLE   2,536,188 0 0
MSC INDL DIRECT INC CL A 553530106   43,625,267 533,969 SH   SOLE   533,969 0 0
NEWS CORP NEW CL A 65249B109   69,776,816 3,833,891 SH   SOLE   3,833,891 0 0
NEWS CORP NEW CL B 65249B208   6,567,277 356,143 SH   SOLE   356,143 0 0
SPDR SER TR S&P OILGAS EXP 78468R556   45,104,143 331,941 SH   SOLE   331,941 0 0
WESCO INTL INC COM 95082P105   35,850,895 286,349 SH   SOLE   286,349 0 0
ZIONS BANCORPORATION N A COM 989701107   35,937,533 731,032 SH   SOLE   731,032 0 0