The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMAG PHARMACEUTICALS INC COMMON 00163U106 28,533 522,000 SH   SOLE   522,000 0 0
ACUITY BRANDS INC COMMON 00508Y102 64,742 385,000 SH   SOLE   385,000 0 0
AMERIPRISE FINL INC COMMON 03076C106 30,093 230,000 SH   SOLE   230,000 0 0
APPLE INC COMMON 037833100 11,821 95,000 SH   SOLE   95,000 0 0
BANK OF AMERICA CORPORATI COMMON 060505104 21,700 1,410,000 SH   SOLE   1,410,000 0 0
BLACKROCK INC COMMON 09247X101 19,390 53,000 SH   SOLE   53,000 0 0
CBRE GROUP INC COMMON 12504L109 75,291 1,945,000 SH   SOLE   1,945,000 0 0
CARMAX INC COMMON 143130102 7,246 105,000 SH   SOLE   105,000 0 0
CENTURY CMNTYS INC COMMON 156504300 5,026 260,000 SH   SOLE   260,000 0 0
CHESAPEAKE LODGING TR COMMON 165240102 20,633 609,900 SH   SOLE   609,900 0 0
CHOICE HOTELS INTL INC COMMON 169905106 8,842 138,000 SH   SOLE   138,000 0 0
CITIGROUP INC COMMON 172967424 208,141 4,040,000 SH   SOLE   4,040,000 0 0
D R HORTON INC COMMON 23331A109 258,396 9,072,900 SH   SOLE   9,072,900 0 0
DISNEY WALT CO COMMON 254687106 37,760 360,000 SH   SOLE   360,000 0 0
EXTENDED STAY AMER INC UNIT 30224P200 8,203 420,000 SH   SOLE   420,000 0 0
EXTRA SPACE STORAGE INC COMMON 30225T102 44,596 660,000 SH   SOLE   660,000 0 0
FORD MTR CO DEL COMMON 345370860 94,096 5,830,000 SH   SOLE   5,830,000 0 0
G-III APPAREL GROUP LTD COMMON 36237H101 9,575 85,000 SH   SOLE   85,000 0 0
GENERAL MTRS CORP COMMON 37045V100 119,438 3,185,000 SH   SOLE   3,185,000 0 0
HFF INC COMMON 40418F108 13,139 350,000 SH   SOLE   350,000 0 0
HANESBRANDS INC COMMON 410345102 9,383 280,000 SH   SOLE   280,000 0 0
HILTON WORLDWIDE COMMON 43300A104 66,645 2,250,000 SH   SOLE   2,250,000 0 0
HOME DEPOT INC COMMON 437076102 92,024 810,000 SH   SOLE   810,000 0 0
HYATT HOTELS CORP COMMON 448579102 28,426 480,000 SH   SOLE   480,000 0 0
JONES LANG LASALLE INC COMMON 48020Q107 115,872 680,000 SH   SOLE   680,000 0 0
LA QUINTA HLDGS INC COMMON 50420D108 15,392 650,000 SH   SOLE   650,000 0 0
LENNAR CORP CL A 526057104 351,272 6,780,000 SH   SOLE   6,780,000 0 0
LOWES COS INC COMMON 548661107 13,390 180,000 SH   SOLE   180,000 0 0
LUMBER LIQUIDATORS HLDGS COMMON 55003T107 9,234 300,000 SH   SOLE   300,000 0 0
LYON WILLIAM HOMES COMMON 552074700 21,973 851,000 SH   SOLE   851,000 0 0
MARCUS & MILLICHAP INC COMMON 566324109 22,825 609,000 SH   SOLE   609,000 0 0
MARINEMAX INC COMMON 567908108 5,302 200,000 SH   SOLE   200,000 0 0
MARRIOTT INTL INC NEW COMMON 571903202 83,131 1,035,000 SH   SOLE   1,035,000 0 0
MARTIN MARIETTA MATLS INC COMMON 573284106 39,144 280,000 SH   SOLE   280,000 0 0
MASTERCARD INC COMMON 57636Q104 22,461 260,000 SH   SOLE   260,000 0 0
MERITAGE HOME CORP. COMMON 59001A102 17,024 350,000 SH   SOLE   350,000 0 0
MORGAN STANLEY COMMON 617446448 234,840 6,580,000 SH   SOLE   6,580,000 0 0
NVR INC COMMON 62944T105 23,916 18,000 SH   SOLE   18,000 0 0
NEW HOME CO INC COMMON 645370107 941 59,000 SH   SOLE   59,000 0 0
PVH CORP COMMON 693656100 23,976 225,000 SH   SOLE   225,000 0 0
PEBBLEBROOK HOTEL TR COMMON 70509V100 23,984 515,000 SH   SOLE   515,000 0 0
POLARIS INDS INC COMMON 731068102 90,868 644,000 SH   SOLE   644,000 0 0
THE PRICELINE GROUP INC. COMMON 741503403 23,632 20,300 SH   SOLE   20,300 0 0
PULTE HOMES INC COMMON 745867101 27,121 1,220,000 SH   SOLE   1,220,000 0 0
QORVO INC COMMON 74736K101 19,925 250,000 SH   SOLE   250,000 0 0
RLJ LODGING TR COMMON 74965L101 46,777 1,494,000 SH   SOLE   1,494,000 0 0
RYLAND GROUP INC COMMON 783764103 21,446 440,000 SH   SOLE   440,000 0 0
RYMAN HOSPITALITY PPTYS I COMMON 78377T107 53,302 875,100 SH   SOLE   875,100 0 0
SANTANDER CONSUMER USA HD COMMON 80283M101 38,297 1,655,000 SH   SOLE   1,655,000 0 0
SKECHERS U S A INC COMMON 830566105 7,910 110,000 SH   SOLE   110,000 0 0
SKYWORKS SOLUTIONS INC COMMON 83088M102 66,346 675,000 SH   SOLE   675,000 0 0
SPRINGLEAF HLDGS INC COMMON 85172J101 31,580 610,000 SH   SOLE   610,000 0 0
STARWOOD HOTELS & RESORTS W COMMON 85590A401 65,548 785,000 SH   SOLE   785,000 0 0
TRI POINTE HOMES INC COMMON 87265H109 25,768 1,670,000 SH   SOLE   1,670,000 0 0
TAYLOR MORRISON HOME CORP COMMON 87724P106 10,425 500,000 SH   SOLE   500,000 0 0
TOLL BROTHERS INC COMMON 889478103 247,842 6,300,000 SH   SOLE   6,300,000 0 0
UNITED RENTALS INC COMMON 911363109 30,994 340,000 SH   SOLE   340,000 0 0
V F CORP COMMON 918204108 25,605 340,000 SH   SOLE   340,000 0 0
VISA INC COMMON 92826C839 27,472 420,000 SH   SOLE   420,000 0 0
WHIRLPOOL CORP COMMON 963320106 149,929 742,000 SH   SOLE   742,000 0 0
WYNDHAM WORLDWIDE CORP COMMON 98310W108 52,473 580,000 SH   SOLE   580,000 0 0
LAZARD LTD MLP G54050102 43,650 830,000 SH   SOLE   830,000 0 0
NORWEGIAN CRUISE LINE HLD COMMON G66721104 32,946 610,000 SH   SOLE   610,000 0 0
SIGNET JEWELERS LIMITED COMMON G81276100 6,940 50,000 SH   SOLE   50,000 0 0
FIAT CHRYSLER AUTOMOBILES COMMON N31738102 104,058 6,380,000 SH   SOLE   6,380,000 0 0
NXP SEMICONDUCTORS N V COMMON N6596X109 38,137 380,000 SH   SOLE   380,000 0 0
AVAGO TECHNOLOGIES LTD COMMON Y0486S104 59,681 470,000 SH   SOLE   470,000 0 0