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    <nameOfIssuer>ABBOTT LABS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>002824100</cusip>
    <value>231314</value>
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    <nameOfIssuer>ABBVIE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00287Y109</cusip>
    <value>226678</value>
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      <Sole>979</Sole>
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    <nameOfIssuer>ADVANCED MICRO DEVICES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>007903107</cusip>
    <value>5427246</value>
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    <nameOfIssuer>AECOM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00766T100</cusip>
    <value>2267569</value>
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      <Sole>17380</Sole>
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    <nameOfIssuer>AES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00130H105</cusip>
    <value>540271</value>
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      <Sole>41054</Sole>
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    <nameOfIssuer>AFFILIATED MANAGERS GROUP IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>008252108</cusip>
    <value>14346810</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>60172</Sole>
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      <None>0</None>
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    <nameOfIssuer>AGNICO EAGLE MINES LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>008474108</cusip>
    <value>2431309</value>
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    <otherManager>N/A</otherManager>
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      <Sole>14424</Sole>
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      <None>0</None>
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    <nameOfIssuer>ALLIANT ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>018802108</cusip>
    <value>1792095</value>
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      <sshPrnamt>26585</sshPrnamt>
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      <Sole>26585</Sole>
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      <None>0</None>
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    <nameOfIssuer>ALLSTATE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>020002101</cusip>
    <value>10149940</value>
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      <sshPrnamt>47286</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>47286</Sole>
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      <None>0</None>
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    <nameOfIssuer>ALPHABET INC</nameOfIssuer>
    <titleOfClass>CAP STK CL A</titleOfClass>
    <cusip>02079K305</cusip>
    <value>9299061</value>
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    <otherManager>N/A</otherManager>
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      <Sole>38252</Sole>
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    <nameOfIssuer>AMAZON COM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>023135106</cusip>
    <value>24041378</value>
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    <otherManager>N/A</otherManager>
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      <Sole>109493</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMERICOLD REALTY TRUST INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03064D108</cusip>
    <value>548230</value>
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    <otherManager>N/A</otherManager>
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      <Sole>44790</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMETEK INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>031100100</cusip>
    <value>7614000</value>
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      <sshPrnamt>40500</sshPrnamt>
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    <otherManager>N/A</otherManager>
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      <Sole>40500</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMPHENOL CORP NEW</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>032095101</cusip>
    <value>10627403</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85878</sshPrnamt>
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    <otherManager>N/A</otherManager>
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      <Sole>85878</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMRIZE LTD</nameOfIssuer>
    <titleOfClass>COM SHS</titleOfClass>
    <cusip>H2927K103</cusip>
    <value>7636729</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>157361</Sole>
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      <None>0</None>
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    <nameOfIssuer>ANTERO RESOURCES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03674X106</cusip>
    <value>1711963</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51012</sshPrnamt>
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    <otherManager>N/A</otherManager>
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      <Sole>51012</Sole>
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      <None>0</None>
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    <nameOfIssuer>APELLIS PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03753U106</cusip>
    <value>406865</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>17979</Sole>
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      <None>0</None>
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    <nameOfIssuer>APOLLO GLOBAL MGMT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03769M106</cusip>
    <value>1325903</value>
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    <otherManager>N/A</otherManager>
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      <Sole>9949</Sole>
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      <None>0</None>
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    <nameOfIssuer>APPLE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>037833100</cusip>
    <value>28028397</value>
    <shrsOrPrnAmt>
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    <otherManager>N/A</otherManager>
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      <Sole>110075</Sole>
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    <nameOfIssuer>APPLIED DIGITAL CORP</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>038169207</cusip>
    <value>1313934</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57277</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>57277</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARES MANAGEMENT CORPORATION</nameOfIssuer>
    <titleOfClass>CL A COM STK</titleOfClass>
    <cusip>03990B101</cusip>
    <value>1852486</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11586</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>11586</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>ARGAN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>04010E109</cusip>
    <value>1719948</value>
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      <sshPrnamt>6369</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>6369</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ARISTA NETWORKS INC</nameOfIssuer>
    <titleOfClass>COM SHS</titleOfClass>
    <cusip>040413205</cusip>
    <value>8813124</value>
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    <otherManager>N/A</otherManager>
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      <Sole>60484</Sole>
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      <None>0</None>
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    <nameOfIssuer>ARK ETF TR</nameOfIssuer>
    <titleOfClass>INNOVATION ETF</titleOfClass>
    <cusip>00214Q104</cusip>
    <value>535060</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>62</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ASP ISOTOPES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00218A105</cusip>
    <value>2097679</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>218054</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>AUTODESK INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>052769106</cusip>
    <value>9098704</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28642</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>28642</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>AZZ INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>002474104</cusip>
    <value>2200716</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20166</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>20166</Sole>
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      <None>0</None>
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    <nameOfIssuer>BANK AMERICA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>060505104</cusip>
    <value>337863</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <None>0</None>
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    <nameOfIssuer>BARCLAYS BANK PLC</nameOfIssuer>
    <titleOfClass>IPATH S&amp;P 500 SH</titleOfClass>
    <cusip>06748M196</cusip>
    <value>6939692</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>209279</Sole>
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      <None>0</None>
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    <nameOfIssuer>BAXTER INTL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>071813109</cusip>
    <value>445131</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <None>0</None>
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    <nameOfIssuer>BLACKROCK INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09290D101</cusip>
    <value>12071418</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>10354</Sole>
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      <None>0</None>
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    <nameOfIssuer>BLACKSTONE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09260D107</cusip>
    <value>11074155</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64818</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>64818</Sole>
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      <None>0</None>
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    <nameOfIssuer>BLUE OWL CAPITAL INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>09581B103</cusip>
    <value>1141945</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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    <nameOfIssuer>BLUELINX HLDGS INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>09624H208</cusip>
    <value>2300851</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <None>0</None>
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    <nameOfIssuer>BOISE CASCADE CO DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09739D100</cusip>
    <value>10884568</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <None>0</None>
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    <nameOfIssuer>BROOKFIELD ASSET MANAGMT LTD</nameOfIssuer>
    <titleOfClass>CL A LMT VTG SHS</titleOfClass>
    <cusip>113004105</cusip>
    <value>1201719</value>
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    <otherManager>N/A</otherManager>
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      <None>0</None>
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    <nameOfIssuer>BUILDERS FIRSTSOURCE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12008R107</cusip>
    <value>10680306</value>
    <shrsOrPrnAmt>
      <sshPrnamt>88085</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>88085</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BWX TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05605H100</cusip>
    <value>9998201</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54229</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>54229</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CALIFORNIA RES CORP</nameOfIssuer>
    <titleOfClass>COM STOCK</titleOfClass>
    <cusip>13057Q305</cusip>
    <value>4519502</value>
    <shrsOrPrnAmt>
      <sshPrnamt>84985</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>84985</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAMECO CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>13321L108</cusip>
    <value>9682559</value>
    <shrsOrPrnAmt>
      <sshPrnamt>115461</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>115461</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CARLYLE GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14316J108</cusip>
    <value>1266916</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20206</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>20206</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CARNIVAL CORP</nameOfIssuer>
    <titleOfClass>UNIT 99/99/9999</titleOfClass>
    <cusip>143658300</cusip>
    <value>1935409</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66946</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>66946</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CARPENTER TECHNOLOGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>144285103</cusip>
    <value>3209453</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13071</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>13071</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CELESTICA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>15101Q207</cusip>
    <value>3588032</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14563</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>14563</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CENTURI HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM SHS</titleOfClass>
    <cusip>155923105</cusip>
    <value>2293833</value>
    <shrsOrPrnAmt>
      <sshPrnamt>108353</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>108353</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CENTURY CMNTYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>156504300</cusip>
    <value>474071</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7481</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>7481</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CHECK POINT SOFTWARE TECH LT</nameOfIssuer>
    <titleOfClass>ORD</titleOfClass>
    <cusip>M22465104</cusip>
    <value>2237525</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10814</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>10814</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CHEMOURS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>163851108</cusip>
    <value>2012092</value>
    <shrsOrPrnAmt>
      <sshPrnamt>127026</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>127026</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CIENA CORP</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>171779309</cusip>
    <value>3815534</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26193</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>26193</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CIPHER MINING INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17253J106</cusip>
    <value>1648648</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130949</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>130949</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CISCO SYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>17275R102</cusip>
    <value>9683483</value>
    <shrsOrPrnAmt>
      <sshPrnamt>141530</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>141530</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CITIGROUP INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>172967424</cusip>
    <value>11665903</value>
    <shrsOrPrnAmt>
      <sshPrnamt>114935</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>114935</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CIVITAS RESOURCES INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>17888H103</cusip>
    <value>333905</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10274</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>10274</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CLEAN HARBORS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>184496107</cusip>
    <value>14481936</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62363</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>62363</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CLEANSPARK INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>18452B209</cusip>
    <value>1717902</value>
    <shrsOrPrnAmt>
      <sshPrnamt>118476</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>118476</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COINBASE GLOBAL INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>19260Q107</cusip>
    <value>22668866</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67169</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>67169</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>COMFORT SYS USA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>199908104</cusip>
    <value>5687966</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6893</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>6893</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>COMMERCIAL METALS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>201723103</cusip>
    <value>2628923</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45896</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>45896</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CONFLUENT INC</nameOfIssuer>
    <titleOfClass>CLASS A COM</titleOfClass>
    <cusip>20717M103</cusip>
    <value>2997086</value>
    <shrsOrPrnAmt>
      <sshPrnamt>151368</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>151368</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>20825C104</cusip>
    <value>1741213</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18408</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>18408</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CONSTELLATION BRANDS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>21036P108</cusip>
    <value>561035</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4166</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>4166</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CONSTELLATION ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>21037T109</cusip>
    <value>10036635</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>30500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CORE &amp; MAIN INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>21874C102</cusip>
    <value>12299132</value>
    <shrsOrPrnAmt>
      <sshPrnamt>228481</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>228481</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COREWEAVE INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>21873S108</cusip>
    <value>4986814</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36440</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>36440</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CORNING INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>219350105</cusip>
    <value>12323695</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150234</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>150234</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>COSTCO WHSL CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22160K105</cusip>
    <value>7834532</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8464</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>8464</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CRANE COMPANY</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>224408104</cusip>
    <value>6027270</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32732</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>32732</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CREDO TECHNOLOGY GROUP HOLDI</nameOfIssuer>
    <titleOfClass>ORDINARY SHARES</titleOfClass>
    <cusip>G25457105</cusip>
    <value>3032911</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20829</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>20829</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CRESCENT ENERGY COMPANY</nameOfIssuer>
    <titleOfClass>CL A COM</titleOfClass>
    <cusip>44952J104</cusip>
    <value>1661796</value>
    <shrsOrPrnAmt>
      <sshPrnamt>186300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>186300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CRH PLC</nameOfIssuer>
    <titleOfClass>ORD</titleOfClass>
    <cusip>G25508105</cusip>
    <value>15732319</value>
    <shrsOrPrnAmt>
      <sshPrnamt>131212</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>131212</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CSX CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126408103</cusip>
    <value>9580669</value>
    <shrsOrPrnAmt>
      <sshPrnamt>269802</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>269802</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CURTISS WRIGHT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>231561101</cusip>
    <value>2887898</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5319</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5319</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CYTOKINETICS INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>23282W605</cusip>
    <value>482988</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8788</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>8788</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DANAHER CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>235851102</cusip>
    <value>459170</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2316</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2316</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>DEXCOM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>252131107</cusip>
    <value>431194</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6408</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>6408</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>DIGITALBRIDGE GROUP INC</nameOfIssuer>
    <titleOfClass>CL A NEW</titleOfClass>
    <cusip>25401T603</cusip>
    <value>13277453</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1134825</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1134825</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>DIGITALBRIDGE GROUP INC</nameOfIssuer>
    <titleOfClass>CL A NEW</titleOfClass>
    <cusip>25401T603</cusip>
    <value>3074760</value>
    <shrsOrPrnAmt>
      <sshPrnamt>262800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2628</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>DXP ENTERPRISES INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>233377407</cusip>
    <value>1199630</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10075</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>10075</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>DYCOM INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>267475101</cusip>
    <value>2344583</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8036</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>8036</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>DYNATRACE INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>268150109</cusip>
    <value>3521734</value>
    <shrsOrPrnAmt>
      <sshPrnamt>72688</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>72688</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EAGLE MATLS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26969P108</cusip>
    <value>7845991</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33668</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>33668</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ECOLAB INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>278865100</cusip>
    <value>16831709</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61461</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>61461</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EDGEWELL PERS CARE CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>28035Q102</cusip>
    <value>641259</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31496</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>31496</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ELASTIC N V</nameOfIssuer>
    <titleOfClass>ORD SHS</titleOfClass>
    <cusip>N14506104</cusip>
    <value>3137367</value>
    <shrsOrPrnAmt>
      <sshPrnamt>37133</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>37133</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ELEMENT SOLUTIONS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>28618M106</cusip>
    <value>9329412</value>
    <shrsOrPrnAmt>
      <sshPrnamt>370656</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>370656</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ELI LILLY &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>532457108</cusip>
    <value>621845</value>
    <shrsOrPrnAmt>
      <sshPrnamt>815</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>815</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EMCOR GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29084Q100</cusip>
    <value>2445518</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3765</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>3765</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ENERGY FUELS INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>292671708</cusip>
    <value>536575</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34956</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>34956</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ENTERGY CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29364G103</cusip>
    <value>1824567</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19579</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>19579</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EOG RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26875P101</cusip>
    <value>690771</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6161</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>6161</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EOS ENERGY ENTERPRISES INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>29415C101</cusip>
    <value>3786036</value>
    <shrsOrPrnAmt>
      <sshPrnamt>332400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>3324</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EOS ENERGY ENTERPRISES INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>29415C101</cusip>
    <value>214360</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18820</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>18820</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EVOLENT HEALTH INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>30050B101</cusip>
    <value>376259</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44475</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>44475</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>377713</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>3350</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FASTENAL CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>311900104</cusip>
    <value>6507608</value>
    <shrsOrPrnAmt>
      <sshPrnamt>132700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1327</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FASTENAL CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>311900104</cusip>
    <value>1609836</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32827</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>32827</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FERGUSON ENTERPRISES INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK NEW</titleOfClass>
    <cusip>31488V107</cusip>
    <value>9324112</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41518</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>41518</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FLEX LTD</nameOfIssuer>
    <titleOfClass>ORD</titleOfClass>
    <cusip>Y2573F102</cusip>
    <value>12526795</value>
    <shrsOrPrnAmt>
      <sshPrnamt>216091</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>216091</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FLUOR CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>343412102</cusip>
    <value>7346095</value>
    <shrsOrPrnAmt>
      <sshPrnamt>174616</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>174616</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FRESHPET INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>358039105</cusip>
    <value>402248</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7299</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>7299</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FTAI AVIATION LTD</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G3730V105</cusip>
    <value>3324852</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19926</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>19926</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GALAXY DIGITAL INC.</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>36317J209</cusip>
    <value>9120653</value>
    <shrsOrPrnAmt>
      <sshPrnamt>269762</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>269762</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GE AEROSPACE</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>369604301</cusip>
    <value>7742505</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25738</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>25738</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GE VERNOVA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36828A101</cusip>
    <value>1419189</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2308</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2308</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369550108</cusip>
    <value>9649277</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28297</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>28297</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GFL ENVIRONMENTAL INC</nameOfIssuer>
    <titleOfClass>SUB VTG SHS</titleOfClass>
    <cusip>36168Q104</cusip>
    <value>5842902</value>
    <shrsOrPrnAmt>
      <sshPrnamt>123320</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>123320</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GOLD FIELDS LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38059T106</cusip>
    <value>2942949</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70137</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>70137</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>38141G104</cusip>
    <value>12297237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15442</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>15442</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GRAFTECH INTL LTD</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>384313607</cusip>
    <value>541453</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42235</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>42235</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GUIDEWIRE SOFTWARE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>40171V100</cusip>
    <value>8493097</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36949</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>36949</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HARLEY DAVIDSON INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>412822108</cusip>
    <value>566956</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20321</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>20321</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>HEICO CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>422806109</cusip>
    <value>8466277</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26226</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>26226</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HEWLETT PACKARD ENTERPRISE C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42824C109</cusip>
    <value>12659820</value>
    <shrsOrPrnAmt>
      <sshPrnamt>515465</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>515465</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HEXCEL CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>428291108</cusip>
    <value>3250870</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51848</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>51848</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOLOGIC INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>436440101</cusip>
    <value>2168454</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32130</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>32130</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HOVNANIAN ENTERPRISES INC</nameOfIssuer>
    <titleOfClass>CL A NEW</titleOfClass>
    <cusip>442487401</cusip>
    <value>295270</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2298</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2298</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>HUBBELL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>443510607</cusip>
    <value>9116548</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21186</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>21186</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HUMANA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>444859102</cusip>
    <value>460241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1769</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1769</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HUNTSMAN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>447011107</cusip>
    <value>5888186</value>
    <shrsOrPrnAmt>
      <sshPrnamt>655700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>6557</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>HUT 8 CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>44812J104</cusip>
    <value>1672377</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48043</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>48043</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IDAHO STRATEGIC RESOURCES</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>645827205</cusip>
    <value>568652</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16829</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>16829</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IES HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>44951W106</cusip>
    <value>2332615</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5866</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5866</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INSIGHT ENTERPRISES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45765U103</cusip>
    <value>608104</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5362</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5362</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTEL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>458140100</cusip>
    <value>1737420</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51786</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>51786</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INTREPID POTASH INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46121Y201</cusip>
    <value>970579</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31739</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>31739</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>INVESCO EXCHANGE TRADED FD T</nameOfIssuer>
    <titleOfClass>S&amp;P500 EQL WGT</titleOfClass>
    <cusip>46137V357</cusip>
    <value>2070955</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10917</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>10917</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IREN LIMITED</nameOfIssuer>
    <titleOfClass>ORDINARY SHARES</titleOfClass>
    <cusip>Q4982L109</cusip>
    <value>4491436</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95705</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>95705</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>RUSSELL 2000 ETF</titleOfClass>
    <cusip>464287655</cusip>
    <value>1524348</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>63</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ITRON INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>465741106</cusip>
    <value>2276459</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18276</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>18276</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ITT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45073V108</cusip>
    <value>202535</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1133</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1133</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JABIL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>466313103</cusip>
    <value>1869182</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8607</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>8607</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JACOBS SOLUTIONS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46982L108</cusip>
    <value>2277273</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15196</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>15196</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>478160104</cusip>
    <value>550327</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2968</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2968</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JPMORGAN CHASE &amp; CO.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46625H100</cusip>
    <value>17096621</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54201</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>54201</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KARMAN HLDGS INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>485924104</cusip>
    <value>6877628</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95258</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>95258</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KB HOME</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>48666K109</cusip>
    <value>502820</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7901</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>7901</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KELLANOVA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>487836108</cusip>
    <value>45307848</value>
    <shrsOrPrnAmt>
      <sshPrnamt>552400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5524</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KENVUE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49177J102</cusip>
    <value>11124042</value>
    <shrsOrPrnAmt>
      <sshPrnamt>685400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>6854</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KENVUE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49177J102</cusip>
    <value>292059</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17995</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>17995</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KEURIG DR PEPPER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49271V100</cusip>
    <value>470736</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18453</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>18453</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KEYSIGHT TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49338L103</cusip>
    <value>9423815</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53875</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>53875</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KKR &amp; CO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>48251W104</cusip>
    <value>1360187</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10467</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>10467</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>L3HARRIS TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>502431109</cusip>
    <value>23394101</value>
    <shrsOrPrnAmt>
      <sshPrnamt>76599</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>76599</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LENNAR CORP</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>526057104</cusip>
    <value>354677</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2814</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2814</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LGI HOMES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50187T106</cusip>
    <value>363470</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7029</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>7029</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIBERTY ENERGY INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>53115L104</cusip>
    <value>1723207</value>
    <shrsOrPrnAmt>
      <sshPrnamt>139644</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>139644</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LIBERTY GLOBAL LTD</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>G61188101</cusip>
    <value>6231948</value>
    <shrsOrPrnAmt>
      <sshPrnamt>543800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5438</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LINDE PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G54950103</cusip>
    <value>3002950</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6322</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>6322</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LINEAGE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>53566V106</cusip>
    <value>558889</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14464</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>14464</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LISTED FDS TR</nameOfIssuer>
    <titleOfClass>ROUNDHILL MAGNIF</titleOfClass>
    <cusip>53656G498</cusip>
    <value>12757638</value>
    <shrsOrPrnAmt>
      <sshPrnamt>196695</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>196695</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LITHIUM AMERS CORP NEW</nameOfIssuer>
    <titleOfClass>COM SHS</titleOfClass>
    <cusip>53681J103</cusip>
    <value>526890</value>
    <shrsOrPrnAmt>
      <sshPrnamt>92275</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>92275</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LITTELFUSE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>537008104</cusip>
    <value>6748247</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26054</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>26054</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LOANDEPOT INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>53946R106</cusip>
    <value>1224399</value>
    <shrsOrPrnAmt>
      <sshPrnamt>398827</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>398827</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LOCKHEED MARTIN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>539830109</cusip>
    <value>1000417</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2004</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2004</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LOUISIANA PAC CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>546347105</cusip>
    <value>5592300</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62948</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>62948</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LUMENTUM HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55024U109</cusip>
    <value>9201739</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56553</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>56553</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LYFT INC</nameOfIssuer>
    <titleOfClass>CL A COM</titleOfClass>
    <cusip>55087P104</cusip>
    <value>1801210</value>
    <shrsOrPrnAmt>
      <sshPrnamt>81836</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>81836</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LYONDELLBASELL INDUSTRIES N</nameOfIssuer>
    <titleOfClass>SHS - A -</titleOfClass>
    <cusip>N53745100</cusip>
    <value>15427984</value>
    <shrsOrPrnAmt>
      <sshPrnamt>314600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>3146</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>LYONDELLBASELL INDUSTRIES N</nameOfIssuer>
    <titleOfClass>SHS - A -</titleOfClass>
    <cusip>N53745100</cusip>
    <value>3217024</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>656</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MACOM TECH SOLUTIONS HLDGS I</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55405Y100</cusip>
    <value>1868346</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15008</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>15008</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MADISON SQUARE GRDN SPRT COR</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>55825T103</cusip>
    <value>24796799</value>
    <shrsOrPrnAmt>
      <sshPrnamt>109237</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>109237</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MARTIN MARIETTA MATLS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>573284106</cusip>
    <value>19001051</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30147</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>30147</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MARVELL TECHNOLOGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>573874104</cusip>
    <value>4979550</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59231</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>59231</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MASTEC INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>576323109</cusip>
    <value>6815027</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32024</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>32024</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MCDONALDS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>580135101</cusip>
    <value>9263783</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30484</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>30484</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MERCK &amp; CO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58933Y105</cusip>
    <value>9839114</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117230</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>117230</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>META PLATFORMS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>30303M102</cusip>
    <value>19002817</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25876</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>25876</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
    <value>34563839</value>
    <shrsOrPrnAmt>
      <sshPrnamt>66732</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>66732</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MIDDLEBY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>596278101</cusip>
    <value>4695221</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35321</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>35321</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MIRION TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>60471A101</cusip>
    <value>2662875</value>
    <shrsOrPrnAmt>
      <sshPrnamt>114483</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>114483</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MKS INC.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55306N104</cusip>
    <value>9271982</value>
    <shrsOrPrnAmt>
      <sshPrnamt>74913</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>74913</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MODINE MFG CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>607828100</cusip>
    <value>8679437</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61054</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>61054</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOHAWK INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>608190104</cusip>
    <value>10433238</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80928</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>80928</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MONGODB INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>60937P106</cusip>
    <value>1580765</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5093</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5093</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MONOLITHIC PWR SYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>609839105</cusip>
    <value>5117838</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5559</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5559</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOOG INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>615394202</cusip>
    <value>916448</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4413</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>4413</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MOSAIC CO NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>61945C103</cusip>
    <value>12664096</value>
    <shrsOrPrnAmt>
      <sshPrnamt>365170</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>365170</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MSC INDL DIRECT INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>553530106</cusip>
    <value>18886304</value>
    <shrsOrPrnAmt>
      <sshPrnamt>204974</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>204974</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MURPHY OIL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>626717102</cusip>
    <value>1758636</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61902</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>61902</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>MYR GROUP INC DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55405W104</cusip>
    <value>2633036</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12657</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>12657</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NABORS INDUSTRIES LTD</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G6359F137</cusip>
    <value>259647</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6353</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>6353</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEBIUS GROUP N.V.</nameOfIssuer>
    <titleOfClass>SHS CLASS A</titleOfClass>
    <cusip>N97284108</cusip>
    <value>6722503</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59878</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>59878</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NEWMONT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>651639106</cusip>
    <value>1461767</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17338</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>17338</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NIOCORP DEVS LTD</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>654484609</cusip>
    <value>572115</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85646</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>85646</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NOBLE CORP PLC</nameOfIssuer>
    <titleOfClass>ORD SHS A</titleOfClass>
    <cusip>G65431127</cusip>
    <value>505901</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17889</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>17889</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NRG ENERGY INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>629377508</cusip>
    <value>7987698</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49322</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>49322</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NUTANIX INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>67059N108</cusip>
    <value>4885117</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65669</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>65669</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NVENT ELECTRIC PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G6700G107</cusip>
    <value>6310198</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63972</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>63972</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>NVIDIA CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67066G104</cusip>
    <value>19444435</value>
    <shrsOrPrnAmt>
      <sshPrnamt>104215</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>104215</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OKTA INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>679295105</cusip>
    <value>9148451</value>
    <shrsOrPrnAmt>
      <sshPrnamt>99765</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>99765</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OPENLANE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>48238T109</cusip>
    <value>6389707</value>
    <shrsOrPrnAmt>
      <sshPrnamt>222019</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>222019</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ORACLE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>68389X105</cusip>
    <value>1536695</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5464</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5464</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>OVINTIV INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69047Q102</cusip>
    <value>1669390</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41342</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>41342</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PACKAGING CORP AMER</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>695156109</cusip>
    <value>31534471</value>
    <shrsOrPrnAmt>
      <sshPrnamt>144700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>144700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PARKER-HANNIFIN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>701094104</cusip>
    <value>15874145</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20938</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>20938</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PATTERSON-UTI ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>703481101</cusip>
    <value>400533</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77323</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>77323</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PENNYMAC FINL SVCS INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70932M107</cusip>
    <value>2058886</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16620</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>16620</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PENTAIR PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G7S00T104</cusip>
    <value>2251197</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20325</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>20325</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PERFORMANCE FOOD GROUP CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>71377A103</cusip>
    <value>4447294</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42746</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>42746</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>717081103</cusip>
    <value>9878545</value>
    <shrsOrPrnAmt>
      <sshPrnamt>387698</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>387698</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PLUG POWER INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>72919P202</cusip>
    <value>574247</value>
    <shrsOrPrnAmt>
      <sshPrnamt>246458</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>246458</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POLARIS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>731068102</cusip>
    <value>471492</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8111</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>8111</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POTLATCHDELTIC CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>737630103</cusip>
    <value>23545350</value>
    <shrsOrPrnAmt>
      <sshPrnamt>577800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5778</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POTLATCHDELTIC CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>737630103</cusip>
    <value>14684100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>360346</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>360346</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>POWELL INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>739128106</cusip>
    <value>2509196</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8232</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>8232</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PPL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69351T106</cusip>
    <value>1774501</value>
    <shrsOrPrnAmt>
      <sshPrnamt>47753</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>47753</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PRIMORIS SVCS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74164F103</cusip>
    <value>1694240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12337</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>12337</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROCTER AND GAMBLE CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>742718109</cusip>
    <value>444049</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2890</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2890</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PROGRESSIVE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>743315103</cusip>
    <value>11199429</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45351</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>45351</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PTC INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>69370C100</cusip>
    <value>12044568</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59327</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>59327</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QORVO INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74736K101</cusip>
    <value>9229501</value>
    <shrsOrPrnAmt>
      <sshPrnamt>101334</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>101334</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUANTA SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74762E102</cusip>
    <value>2657675</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6413</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>6413</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QXO INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>82846H405</cusip>
    <value>8156098</value>
    <shrsOrPrnAmt>
      <sshPrnamt>427917</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>427917</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAMACO RES INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>75134P600</cusip>
    <value>616836</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18585</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>18585</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYONIER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>754907103</cusip>
    <value>16205324</value>
    <shrsOrPrnAmt>
      <sshPrnamt>610600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>6106</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYONIER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>754907103</cusip>
    <value>10728636</value>
    <shrsOrPrnAmt>
      <sshPrnamt>404244</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>404244</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REDDIT INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>75734B100</cusip>
    <value>13539051</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58868</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>58868</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REPUBLIC SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>760759100</cusip>
    <value>440602</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1920</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1920</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RIOT PLATFORMS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>767292105</cusip>
    <value>1787526</value>
    <shrsOrPrnAmt>
      <sshPrnamt>93932</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>93932</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RITHM CAPITAL CORP</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>64828T201</cusip>
    <value>1879145</value>
    <shrsOrPrnAmt>
      <sshPrnamt>164982</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>164982</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROBLOX CORP</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>771049103</cusip>
    <value>16540396</value>
    <shrsOrPrnAmt>
      <sshPrnamt>119408</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>119408</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROCKET COS INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>77311W101</cusip>
    <value>1855209</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95728</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>95728</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROCKWELL AUTOMATION INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>773903109</cusip>
    <value>2291868</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6557</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>6557</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROGERS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>775133101</cusip>
    <value>5287188</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65712</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>65712</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROKU INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>77543R102</cusip>
    <value>9490021</value>
    <shrsOrPrnAmt>
      <sshPrnamt>94777</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>94777</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RTX CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75513E101</cusip>
    <value>12622371</value>
    <shrsOrPrnAmt>
      <sshPrnamt>75434</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>75434</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RXO INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>74982T103</cusip>
    <value>399157</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25953</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>25953</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>S&amp;P GLOBAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78409V104</cusip>
    <value>1046913</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2151</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>2151</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
    <titleOfClass>COM STK</titleOfClass>
    <cusip>806857108</cusip>
    <value>204295</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5944</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5944</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHWAB CHARLES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808513105</cusip>
    <value>9046164</value>
    <shrsOrPrnAmt>
      <sshPrnamt>94754</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>94754</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEADRILL LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G7997W102</cusip>
    <value>472333</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15635</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>15635</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEALED AIR CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81211K100</cusip>
    <value>15578392</value>
    <shrsOrPrnAmt>
      <sshPrnamt>440690</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>440690</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>ENERGY</titleOfClass>
    <cusip>81369Y506</cusip>
    <value>1041972</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11663</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>11663</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>FINANCIAL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>4761138</value>
    <shrsOrPrnAmt>
      <sshPrnamt>88382</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>88382</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI HEALTHCARE</titleOfClass>
    <cusip>81369Y209</cusip>
    <value>18996566</value>
    <shrsOrPrnAmt>
      <sshPrnamt>136499</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>136499</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI INT-UTILS</titleOfClass>
    <cusip>81369Y886</cusip>
    <value>10752819</value>
    <shrsOrPrnAmt>
      <sshPrnamt>123298</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>123298</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>TECHNOLOGY</titleOfClass>
    <cusip>81369Y803</cusip>
    <value>4582198</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16257</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>16257</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEMTECH CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>816850101</cusip>
    <value>5681418</value>
    <shrsOrPrnAmt>
      <sshPrnamt>79516</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>79516</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICETITAN INC</nameOfIssuer>
    <titleOfClass>SHS CL A</titleOfClass>
    <cusip>81764X103</cusip>
    <value>1272878</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12624</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>12624</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHOPIFY INC</nameOfIssuer>
    <titleOfClass>CL A SUB VTG SHS</titleOfClass>
    <cusip>82509L107</cusip>
    <value>9398542</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63243</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>63243</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SILICON MOTION TECHNOLOGY CO</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>82706C108</cusip>
    <value>9376235</value>
    <shrsOrPrnAmt>
      <sshPrnamt>98895</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>98895</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SKYWORKS SOLUTIONS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83088M102</cusip>
    <value>1465006</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19031</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>19031</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SM ENERGY CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78454L100</cusip>
    <value>409583</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16403</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>16403</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SNOWFLAKE INC</nameOfIssuer>
    <titleOfClass>COM SHS</titleOfClass>
    <cusip>833445109</cusip>
    <value>292087</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1295</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1295</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOLARIS ENERGY INFRAS INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>83418M103</cusip>
    <value>11989721</value>
    <shrsOrPrnAmt>
      <sshPrnamt>299968</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>299968</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHERN CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>842587107</cusip>
    <value>585584</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6179</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>6179</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>1665450</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>25</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>488212678</value>
    <shrsOrPrnAmt>
      <sshPrnamt>732854</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>732854</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPOTIFY TECHNOLOGY S A</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>L8681T102</cusip>
    <value>18651258</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26721</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>26721</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SS&amp;C TECHNOLOGIES HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78467J100</cusip>
    <value>5605815</value>
    <shrsOrPrnAmt>
      <sshPrnamt>63157</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>63157</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STEEL DYNAMICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>858119100</cusip>
    <value>24348661</value>
    <shrsOrPrnAmt>
      <sshPrnamt>174630</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>174630</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNDAX PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87164F105</cusip>
    <value>337608</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21944</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>21944</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYSCO CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871829107</cusip>
    <value>9144186</value>
    <shrsOrPrnAmt>
      <sshPrnamt>111054</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>111054</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TAKE-TWO INTERACTIVE SOFTWAR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>874054109</cusip>
    <value>14078553</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54492</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>54492</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TALEN ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87422Q109</cusip>
    <value>9878174</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23222</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>23222</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TARGET CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87612E106</cusip>
    <value>2297486</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25613</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>25613</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TD SYNNEX CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87162W100</cusip>
    <value>18035916</value>
    <shrsOrPrnAmt>
      <sshPrnamt>110143</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>110143</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TE CONNECTIVITY PLC</nameOfIssuer>
    <titleOfClass>ORD SHS</titleOfClass>
    <cusip>G87052109</cusip>
    <value>5033384</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22928</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>22928</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TELEDYNE TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>879360105</cusip>
    <value>9363747</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15978</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>15978</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TELEFLEX INCORPORATED</nameOfIssuer>
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    <otherManager>N/A</otherManager>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>88080T104</cusip>
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      <sshPrnamt>143324</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>143324</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>88160R101</cusip>
    <value>9524568</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21417</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>21417</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>TETRA TECHNOLOGIES INC DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88162F105</cusip>
    <value>570228</value>
    <shrsOrPrnAmt>
      <sshPrnamt>99170</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>99170</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>883203101</cusip>
    <value>11104098</value>
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      <sshPrnamt>131425</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>131425</Sole>
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      <None>0</None>
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    <nameOfIssuer>THERMO FISHER SCIENTIFIC INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>883556102</cusip>
    <value>214379</value>
    <shrsOrPrnAmt>
      <sshPrnamt>442</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>442</Sole>
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      <None>0</None>
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    <nameOfIssuer>THOMSON REUTERS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>884903808</cusip>
    <value>764534</value>
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      <sshPrnamt>4922</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>4922</Sole>
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      <None>0</None>
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    <nameOfIssuer>TIDEWATER INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88642R109</cusip>
    <value>398855</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7479</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>7479</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TMC THE METALS COMPANY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87261Y106</cusip>
    <value>585034</value>
    <shrsOrPrnAmt>
      <sshPrnamt>91842</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>91842</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>TRADEWEB MKTS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>892672106</cusip>
    <value>583644</value>
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      <sshPrnamt>5259</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>5259</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TRANSUNION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89400J107</cusip>
    <value>1465228</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17489</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>17489</Sole>
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      <None>0</None>
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    <nameOfIssuer>TRONOX HOLDINGS PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G9087Q102</cusip>
    <value>1679781</value>
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      <sshPrnamt>417856</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>417856</Sole>
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      <None>0</None>
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    <nameOfIssuer>UBER TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90353T100</cusip>
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    <shrsOrPrnAmt>
      <sshPrnamt>111827</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>111827</Sole>
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      <None>0</None>
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    <nameOfIssuer>UGI CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>902681105</cusip>
    <value>1667390</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50132</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>50132</Sole>
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      <None>0</None>
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    <nameOfIssuer>ULTRAGENYX PHARMACEUTICAL IN</nameOfIssuer>
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    <cusip>90400D108</cusip>
    <value>593659</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19736</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>19736</Sole>
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      <None>0</None>
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    <nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91324P102</cusip>
    <value>453724</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1314</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
    <votingAuthority>
      <Sole>1314</Sole>
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      <None>0</None>
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    <nameOfIssuer>UPWORK INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91688F104</cusip>
    <value>4778172</value>
    <shrsOrPrnAmt>
      <sshPrnamt>257306</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>257306</Sole>
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      <None>0</None>
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    <nameOfIssuer>USA RARE EARTH INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91733P107</cusip>
    <value>579544</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33714</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>33714</Sole>
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      <None>0</None>
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    <nameOfIssuer>UWM HOLDINGS CORPORATION</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>91823B109</cusip>
    <value>2256442</value>
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      <sshPrnamt>370516</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>370516</Sole>
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      <None>0</None>
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    <nameOfIssuer>VALMONT INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>920253101</cusip>
    <value>2250385</value>
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      <sshPrnamt>5804</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>5804</Sole>
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      <None>0</None>
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    <nameOfIssuer>VARONIS SYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>922280102</cusip>
    <value>3078208</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53562</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>53562</Sole>
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      <None>0</None>
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    <nameOfIssuer>VERALTO CORP</nameOfIssuer>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>25203</Sole>
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      <None>0</None>
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    <nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92343V104</cusip>
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      <sshPrnamt>246763</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>246763</Sole>
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      <None>0</None>
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    <nameOfIssuer>VERTIV HOLDINGS CO</nameOfIssuer>
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    <cusip>92537N108</cusip>
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      <sshPrnamt>3101</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>3101</Sole>
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      <None>0</None>
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    <nameOfIssuer>VULCAN MATLS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>929160109</cusip>
    <value>5388887</value>
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      <sshPrnamt>17518</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>17518</Sole>
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      <None>0</None>
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    <nameOfIssuer>WABTEC</nameOfIssuer>
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    <cusip>929740108</cusip>
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      <sshPrnamt>24072</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>24072</Sole>
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      <None>0</None>
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    <nameOfIssuer>WALMART INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>38438</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>38438</Sole>
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      <None>0</None>
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    <nameOfIssuer>WASTE MGMT INC DEL</nameOfIssuer>
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    <cusip>94106L109</cusip>
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    <nameOfIssuer>WEDBUSH SER TR</nameOfIssuer>
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    <nameOfIssuer>WESCO INTL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>95082P105</cusip>
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      <None>0</None>
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    <nameOfIssuer>WESTERN DIGITAL CORP</nameOfIssuer>
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    <cusip>958102105</cusip>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>101834</Sole>
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    <nameOfIssuer>WESTLAKE CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <None>0</None>
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    <cusip>G96115103</cusip>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>67780</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>983793100</cusip>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>24121</Sole>
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      <None>0</None>
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    <nameOfIssuer>XYLEM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>44968</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>44968</Sole>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <otherManager>N/A</otherManager>
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      <Sole>7489</Sole>
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      <None>0</None>
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</informationTable>
