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
AMN HEALTHCARE SERVICES INC COMMON 001744101 2,842 70,000 SH   SOLE   70,000 0 0
ANALOG DEVICES INC COMMON 032654105 6,146 75,000 SH   SOLE   75,000 0 0
ANGLO AMERN PLC COMMON 03485P300 23,210 3,050,000 SH   SOLE   3,050,000 0 0
APPLIED OPTOELECTRONICS INC COMMON 03823U102 2,246 40,000 SH   SOLE   40,000 0 0
BANCO BRADESCO S A COMMON 059460303 35,840 3,500,000 SH   SOLE   3,500,000 0 0
BANK OF AMERICA CORPORATION COMMON 060505104 177,161 7,510,000 SH   SOLE   7,510,000 0 0
CENTURY CMNTYS INC COMMON 156504300 4,064 160,000 SH   SOLE   160,000 0 0
CHOICE HOTELS INTL INC COMMON 169905106 40,064 640,000 SH   SOLE   640,000 0 0
CITIGROUP INC COMMON 172967424 159,121 2,660,000 SH   SOLE   2,660,000 0 0
CORESITE RLTY CORP COMMON 21870Q105 44,124 490,000 SH   SOLE   490,000 0 0
CYRUSONE INC COMMON 23283R100 45,294 880,000 SH   SOLE   880,000 0 0
D R HORTON INC COMMON 23331A109 110,589 3,320,000 SH   SOLE   3,320,000 0 0
DIGITAL RLTY TR INC COMMON 253868103 44,152 415,000 SH   SOLE   415,000 0 0
DUPONT FABROS TECHNOLOGY COMMON 26613Q106 43,639 880,000 SH   SOLE   880,000 0 0
EQUINIX INC COMMON 29444U700 28,026 70,000 SH   SOLE   70,000 0 0
EXTENDED STAY AMER INC UNIT 30224P200 17,534 1,100,000 SH   SOLE   1,100,000 0 0
FINISAR CORP COMMON 31787A507 5,195 190,000 SH   SOLE   190,000 0 0
FREEPORT-MCMORAN COPPER COMMON 35671D857 71,743 5,370,000 SH   SOLE   5,370,000 0 0
GEO GROUP INC NEW COMMON 36162J106 15,302 330,000 SH   SOLE   330,000 0 0
GOLDMAN SACHS GROUP INC COMMON 38141G104 76,956 335,000 SH   SOLE   335,000 0 0
GRAND CANYON ED INC COMMON 38526M106 11,816 165,000 SH   SOLE   165,000 0 0
ITAU UNIBANCO HOLDING S. A. COMMON 465562106 10,018 830,000 SH   SOLE   830,000 0 0
JP MORGAN CHASE & CO COMMON 46625H100 50,069 570,000 SH   SOLE   570,000 0 0
KLA-TENCOR CORP COMMON 482480100 53,239 560,000 SH   SOLE   560,000 0 0
LA QUINTA HLDGS INC COMMON 50420D108 11,086 820,000 SH   SOLE   820,000 0 0
LAM RESEARCH CORP COMMON 512807108 63,538 495,000 SH   SOLE   495,000 0 0
LENNAR CORP CL A 526057104 109,035 2,130,000 SH   SOLE   2,130,000 0 0
MICROCHIP TECHNOLOGY INC COMMON 595017104 19,183 260,000 SH   SOLE   260,000 0 0
MICRON TECHNOLOGY INC COMMON 595112103 76,007 2,630,000 SH   SOLE   2,630,000 0 0
MORGAN STANLEY COMMON 617446448 116,096 2,710,000 SH   SOLE   2,710,000 0 0
NVR INC COMMON 62944T105 21,069 10,000 SH   SOLE   10,000 0 0
NETEASE COM INC COMMON 64110W102 67,592 238,000 SH   SOLE   238,000 0 0
NVIDIA CORP COMMON 67066G104 67,646 621,000 SH   SOLE   621,000 0 0
NUTRI SYS INC NEW COMMON 67069D108 2,220 40,000 SH   SOLE   40,000 0 0
OCLARO INC COMMON 67555N206 5,892 600,000 SH   SOLE   600,000 0 0
POTLATCH CORP NEW COMMON 737630103 2,422 53,000 SH   SOLE   53,000 0 0
PRUDENTIAL FINL INC COMMON 744320102 64,328 603,000 SH   SOLE   603,000 0 0
PULTE HOMES INC COMMON 745867101 8,714 370,000 SH   SOLE   370,000 0 0
QTS RLTY TR INC COMMON 74736A103 21,450 440,000 SH   SOLE   440,000 0 0
SKECHERS U S A INC COMMON 830566105 4,941 180,000 SH   SOLE   180,000 0 0
SOUTHERN COPPER CORP COMMON 84265V105 45,580 1,270,000 SH   SOLE   1,270,000 0 0
STAMPS COM INC COMMON 852857200 3,550 30,000 SH   SOLE   30,000 0 0
TRI POINTE GROUP INC COMMON 87265H109 4,389 350,000 SH   SOLE   350,000 0 0
TECH DATA CORP COMMON 878237106 7,512 80,000 SH   SOLE   80,000 0 0
TERADYNE INC COMMON 880770102 55,047 1,770,000 SH   SOLE   1,770,000 0 0
TOLL BROTHERS INC COMMON 889478103 106,524 2,950,000 SH   SOLE   2,950,000 0 0
VALE S A COMMON 91912E105 192,375 20,250,000 SH   SOLE   20,250,000 0 0
WESTERN DIGITAL CORP COMMON 958102105 72,626 880,000 SH   SOLE   880,000 0 0
WESTROCK CO COMMON 96145D105 35,380 680,000 SH   SOLE   680,000 0 0
FABRINET COMMON G3323L100 3,993 95,000 SH   SOLE   95,000 0 0