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
AERCAP HOLDINGS NV SHS N00985106   189,330,497 2,547,504 SH   SOLE   2,547,504 0 0
AMERICAN HOMES 4 RENT CL A 02665T306   80,955,166 2,251,256 SH   SOLE   2,251,256 0 0
AXALTA COATING SYS LTD COM G0750C108   73,111,219 2,152,229 SH   SOLE   2,152,229 0 0
CONSTELLATION ENERGY CORP COM 21037T109   117,301,102 1,003,517 SH   SOLE   1,003,517 0 0
FERGUSON PLC NEW SHS G3421J106   107,900,645 558,868 SH   SOLE   558,868 0 0
HCA HEALTHCARE INC COM 40412C101   115,477,502 426,620 SH   SOLE   426,620 0 0
ISHARES TR RUSSELL 2000 ETF 464287655   97,175,352 484,158 SH   SOLE   484,158 0 0
KNIFE RIVER CORP COMMON STOCK 498894104   87,672,815 1,324,763 SH   SOLE   1,324,763 0 0
LAMAR ADVERTISING CO NEW CL A 512816109   38,063,438 358,143 SH   SOLE   358,143 0 0
MDU RES GROUP INC COM 552690109   31,370,882 1,584,388 SH   SOLE   1,584,388 0 0
MSC INDL DIRECT INC CL A 553530106   72,809,282 719,033 SH   SOLE   719,033 0 0
NEWS CORP NEW CL A 65249B109   98,224,746 4,001,008 SH   SOLE   4,001,008 0 0
NEWS CORP NEW CL B 65249B208   62,071,671 2,413,362 SH   SOLE   2,413,362 0 0
SPDR SER TR S&P OILGAS EXP 78468R556   68,473,346 500,134 SH   SOLE   500,134 0 0