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
ABBVIE INC COMMON 00287Y109 15,218 155,000 SH   SOLE   155,000 0 0
ADOBE SYS INC COMMON 00724F101 22,201 51,000 SH   SOLE   51,000 0 0
ALAMOS GOLD INC NEW COMMON 011532108 20,167 2,150,000 SH   SOLE   2,150,000 0 0
AMERICAN HOMES 4 RENT COMMON 02665T306 15,333 570,000 SH   SOLE   570,000 0 0
BARRICK GOLD CORPORATION COMMON 067901108 14,817 550,000 SH   SOLE   550,000 0 0
BEST BUY INC COMMON 086516101 11,345 130,000 SH   SOLE   130,000 0 0
BRUNSWICK CORP COMMON 117043109 20,483 320,000 SH   SOLE   320,000 0 0
CENTENE CORP DEL COMMON 15135B101 13,981 220,000 SH   SOLE   220,000 0 0
D R HORTON INC COMMON 23331A109 49,628 895,000 SH   SOLE   895,000 0 0
DECKERS OUTDOOR CORP COMMON 243537107 16,300 83,000 SH   SOLE   83,000 0 0
DOLLAR GEN CORP NEW COMMON 256677105 24,766 130,000 SH   SOLE   130,000 0 0
EQUITY LIFESTYLE PPTYS INC COMMON 29472R108 6,248 100,000 SH   SOLE   100,000 0 0
GOLD FIELDS LTD NEW COMMON 38059T106 21,150 2,250,000 SH   SOLE   2,250,000 0 0
INNOVATIVE INDL PPTYS INC COMMON 45781V101 4,401 50,000 SH   SOLE   50,000 0 0
KB HOME COMMON 48666K109 50,008 1,630,000 SH   SOLE   1,630,000 0 0
KINROSS GOLD CORP COMMON 496902404 22,382 3,100,000 SH   SOLE   3,100,000 0 0
LGI HOMES INC COMMON 50187T106 33,451 380,000 SH   SOLE   380,000 0 0
LENNAR CORP CL A 526057104 51,761 840,000 SH   SOLE   840,000 0 0
LILLY ELI & CO COMMON 532457108 11,493 70,000 SH   SOLE   70,000 0 0
M D C HLDGS INC COMMON 552676108 13,566 380,000 SH   SOLE   380,000 0 0
MERITAGE HOME CORP. COMMON 59001A102 60,135 790,000 SH   SOLE   790,000 0 0
MOLINA HEALTHCARE INC COMMON 60855R100 7,119 40,000 SH   SOLE   40,000 0 0
NEWMONT MINING CORP COMMON 651639106 1,235 20,000 SH   SOLE   20,000 0 0
NOKIA CORP COMMON 654902204 14,520 3,300,000 SH   SOLE   3,300,000 0 0
PENNYMAC FINL SVCS INC COMMON 70932M107 27,581 660,000 SH   SOLE   660,000 0 0
POTLATCH DELTIC CORP COMMON 737630103 3,423 90,000 SH   SOLE   90,000 0 0
PULTE HOMES INC COMMON 745867101 21,779 640,000 SH   SOLE   640,000 0 0
SSR MNG INC COMMON 784730103 20,264 950,000 SH   SOLE   950,000 0 0
SANDSTORM GOLD LTD COMMON 80013R206 22,126 2,300,000 SH   SOLE   2,300,000 0 0
SITE CENTERS CORP COMMON 82981J109 12,150 1,500,000 SH   SOLE   1,500,000 0 0
SUN CMNTYS INC COMMON 866674104 6,106 45,000 SH   SOLE   45,000 0 0
TRI POINTE GROUP INC COMMON 87265H109 22,182 1,510,000 SH   SOLE   1,510,000 0 0
TAYLOR MORRISON HOME CORP COMMON 87724P106 31,057 1,610,000 SH   SOLE   1,610,000 0 0
TEMPUR SEALY INTL INC COMMON 88023U101 1,799 25,000 SH   SOLE   25,000 0 0
TERADYNE INC COMMON 880770102 26,621 315,000 SH   SOLE   315,000 0 0
THOR INDS INC COMMON 885160101 28,763 270,000 SH   SOLE   270,000 0 0
TOLL BROTHERS INC COMMON 889478103 25,094 770,000 SH   SOLE   770,000 0 0
VALE S A COMMON 91912E105 22,682 2,200,000 SH   SOLE   2,200,000 0 0
VERTEX PHARMACEUTICALS INC COMMON 92532F100 10,741 37,000 SH   SOLE   37,000 0 0
WINNEBAGO INDS INC COMMON 974637100 26,315 395,000 SH   SOLE   395,000 0 0
HORIZON THERAPEUTICS PLC COMMON G46188101 30,013 540,000 SH   SOLE   540,000 0 0