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
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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
ALEXANDRIA REAL ESTATE EQUITY COMMON 015271109 44,194 310,000 SH   SOLE   310,000 0 0
ALTRIA GROUP INC COMMON 02209S103 23,259 405,000 SH   SOLE   405,000 0 0
AMERICAN TOWER CORP NEW COMMON 03027X100 49,265 250,000 SH   SOLE   250,000 0 0
AMERICOLD RLTY TRUST COMMON 03064D108 13,730 450,000 SH   SOLE   450,000 0 0
AVIS BUDGET GROUP COMMON 053774105 3,486 100,000 SH   SOLE   100,000 0 0
AZUL S A COMMON 05501U106 5,842 200,000 SH   SOLE   200,000 0 0
BANCO BRADESCO S A COMMON 059460303 154,213 14,135,000 SH   SOLE   14,135,000 0 0
BANCO SANTANDER BRASIL S A COMMON 05967A107 58,115 5,175,000 SH   SOLE   5,175,000 0 0
BANK OF AMERICA CORPORATION COMMON 060505104 2,759 100,000 SH   SOLE   100,000 0 0
CBRE GROUP INC COMMON 12504L109 39,560 800,000 SH   SOLE   800,000 0 0
COMPANHIA BRASILEIRA DE DIS COMMON 20440T201 29,333 1,260,000 SH   SOLE   1,260,000 0 0
COMPANHIA SIDERURGICA NACIONAL COMMON 20440W105 47,676 11,600,000 SH   SOLE   11,600,000 0 0
CONTINENTAL RESOURCES INC COMMON 212015101 3,582 80,000 SH   SOLE   80,000 0 0
Corecivic Inc. COMMON 21871N101 31,412 1,615,000 SH   SOLE   1,615,000 0 0
CROWN CASTLE INTL CORP COMMON 22822V101 43,520 340,000 SH   SOLE   340,000 0 0
D R HORTON INC COMMON 23331A109 20,690 500,000 SH   SOLE   500,000 0 0
DOLLAR TREE INC COMMON 256746108 44,117 420,000 SH   SOLE   420,000 0 0
FEDERAL REALTY INVT TRUST COMMON 313747206 35,152 255,000 SH   SOLE   255,000 0 0
FORESTAR GROUP INC COMMON 346232101 2,853 165,000 SH   SOLE   165,000 0 0
GEO GROUP INC NEW COMMON 36162J106 31,910 1,662,000 SH   SOLE   1,662,000 0 0
GERDAU S A COMMON 373737105 26,772 6,900,000 SH   SOLE   6,900,000 0 0
GOL LINHAS AEREAS INTLG S COMMON 38045R206 5,742 440,000 SH   SOLE   440,000 0 0
ITAU UNIBANCO HOLDING S. A. COMMON 465562106 125,058 14,195,000 SH   SOLE   14,195,000 0 0
JONES LANG LASALLE INC COMMON 48020Q107 37,003 240,000 SH   SOLE   240,000 0 0
KKR REAL ESTATE FIN TR INC COMMON 48251K100 17,217 860,000 SH   SOLE   860,000 0 0
KOHLS CORP COMMON 500255104 7,909 115,000 SH   SOLE   115,000 0 0
LGI HOMES INC COMMON 50187T106 19,277 320,000 SH   SOLE   320,000 0 0
LENNAR CORP CL A 526057104 8,345 170,000 SH   SOLE   170,000 0 0
LOCKHEED MARTIN CORP COMMON 539830109 30,016 100,000 SH   SOLE   100,000 0 0
MARATHON PETE CORP COMMON 56585A102 18,554 310,000 SH   SOLE   310,000 0 0
NMI HLDGS INC COMMON 629209305 2,328 90,000 SH   SOLE   90,000 0 0
NEW RESIDENTIAL INVT CORP COMMON 64828T201 36,356 2,150,000 SH   SOLE   2,150,000 0 0
NORTHROP GRUMMAN CORP COMMON 666807102 35,048 130,000 SH   SOLE   130,000 0 0
PBF ENERGY INC COMMON 69318G106 8,408 270,000 SH   SOLE   270,000 0 0
PVH CORP COMMON 693656100 3,658 30,000 SH   SOLE   30,000 0 0
PETROLEO BRASILEIRO SA PE COMMON 71654V408 140,892 8,850,000 SH   SOLE   8,850,000 0 0
PHILLIPS 66 COMMON 718546104 45,206 475,000 SH   SOLE   475,000 0 0
REGENCY CTRS CORP COMMON 758849103 34,757 515,000 SH   SOLE   515,000 0 0
RETAIL OPPORTUNITY INVTS COMMON 76131N101 15,866 915,000 SH   SOLE   915,000 0 0
SITE CENTERS CORP COMMON 82981J109 42,767 3,140,000 SH   SOLE   3,140,000 0 0
SOUTHERN COPPER CORP COMMON 84265V105 33,926 855,000 SH   SOLE   855,000 0 0
TIFFANY & CO NEW COMMON 886547108 1,056 10,000 SH   SOLE   10,000 0 0
TURQUOISE HILL RES LTD COMMON 900435108 36,621 22,061,000 SH   SOLE   22,061,000 0 0
V F CORP COMMON 918204108 8,691 100,000 SH   SOLE   100,000 0 0
VALERO ENERGY CORP NEW COMMON 91913Y100 42,415 500,000 SH   SOLE   500,000 0 0
ZEBRA TECHNOLOGIES CORP COMMON 989207105 71,073 339,200 SH   SOLE   339,200 0 0
CUSHMAN WAKEFIELD PLC COMMON G2717B108 36,846 2,070,000 SH   SOLE   2,070,000 0 0
HORIZON PHARMA PLC COMMON G4617B105 5,418 205,000 SH   SOLE   205,000 0 0
MALLINCKRODT PUB LTD CO COMMON G5785G107 652 30,000 SH   SOLE   30,000 0 0
PAGSEGURO DIGITAL LTD COMMON G68707101 40,745 1,365,000 SH   SOLE   1,365,000 0 0