The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| Academy Sports and Outdoors, Inc. | Common Stocks | 00402L107 | 21,997 | 815,000 | SH | SOLE | 815,000 | 0 | 0 | ||
| American Tower Corporation | Common Stocks | 03027X100 | 9,562 | 40,000 | SH | SOLE | 40,000 | 0 | 0 | ||
| Anglo American plc ADR | ADR | 03485P300 | 20,843 | 1,050,000 | SH | SOLE | 1,050,000 | 0 | 0 | ||
| ArcelorMittal | ADR | 03938L203 | 21,878 | 750,000 | SH | SOLE | 750,000 | 0 | 0 | ||
| Asbury Automotive Group, Inc. | Common Stocks | 043436104 | 14,443 | 73,500 | SH | SOLE | 73,500 | 0 | 0 | ||
| Avis Budget Group, Inc. | Common Stocks | 053774105 | 31,918 | 440,000 | SH | SOLE | 440,000 | 0 | 0 | ||
| Bank of America Corporation | Common Stocks | 060505104 | 39,077 | 1,010,000 | SH | SOLE | 1,010,000 | 0 | 0 | ||
| Best Buy Co., Inc. | Common Stocks | 086516101 | 32,147 | 280,000 | SH | SOLE | 280,000 | 0 | 0 | ||
| Brixmor Property Group, Inc. | Common Stocks | 11120U105 | 19,623 | 970,000 | SH | SOLE | 970,000 | 0 | 0 | ||
| Brunswick Corporation | Common Stocks | 117043109 | 9,060 | 95,000 | SH | SOLE | 95,000 | 0 | 0 | ||
| Bunge Limited | Common Stocks | G16962105 | 10,305 | 130,000 | SH | SOLE | 130,000 | 0 | 0 | ||
| Chubb Limited | Common Stocks | H1467J104 | 11,058 | 70,000 | SH | SOLE | 70,000 | 0 | 0 | ||
| Citigroup Inc. | Common Stocks | 172967424 | 34,556 | 475,000 | SH | SOLE | 475,000 | 0 | 0 | ||
| Companhia Siderurgica Nacional ADR | ADR | 20440W105 | 27,269 | 4,070,000 | SH | SOLE | 4,070,000 | 0 | 0 | ||
| Crown Castle International Corp. | Common Stocks | 22822V101 | 3,443 | 20,000 | SH | SOLE | 20,000 | 0 | 0 | ||
| CubeSmart | Common Stocks | 229663109 | 6,431 | 170,000 | SH | SOLE | 170,000 | 0 | 0 | ||
| DiamondRock Hospitality Company | Common Stocks | 252784301 | 15,450 | 1,500,000 | SH | SOLE | 1,500,000 | 0 | 0 | ||
| Domtar Corporation | Common Stocks | 257559203 | 8,868 | 240,000 | SH | SOLE | 240,000 | 0 | 0 | ||
| FEDEX Corporation | Common Stocks | 31428X106 | 29,824 | 105,000 | SH | SOLE | 105,000 | 0 | 0 | ||
| Forestar Group Inc. | Common Stocks | 346232101 | 14,294 | 614,000 | SH | SOLE | 614,000 | 0 | 0 | ||
| Freeport-McMoRan Inc. | Common Stocks | 35671D857 | 24,698 | 750,000 | SH | SOLE | 750,000 | 0 | 0 | ||
| Gerdau S.A. ADR | ADR | 373737105 | 23,523 | 4,405,000 | SH | SOLE | 4,405,000 | 0 | 0 | ||
| Group 1 Automotive, Inc. | Common Stocks | 398905109 | 4,734 | 30,000 | SH | SOLE | 30,000 | 0 | 0 | ||
| HCA Holdings, Inc. | Common Stocks | 40412C101 | 5,650 | 30,000 | SH | SOLE | 30,000 | 0 | 0 | ||
| Host Hotels & Resorts, Inc. | Common Stocks | 44107P104 | 8,425 | 500,000 | SH | SOLE | 500,000 | 0 | 0 | ||
| JPMorgan Chase & Co. | Common Stocks | 46625H100 | 36,231 | 238,000 | SH | SOLE | 238,000 | 0 | 0 | ||
| Kinross Gold Corporation | Common Stocks | 496902404 | 4,669 | 700,000 | SH | SOLE | 700,000 | 0 | 0 | ||
| Kontoor Brands, Inc. | Common Stocks | 50050N103 | 971 | 20,000 | SH | SOLE | 20,000 | 0 | 0 | ||
| Life Storage, Inc. | Common Stocks | 53223X107 | 16,331 | 190,000 | SH | SOLE | 190,000 | 0 | 0 | ||
| Morgan Stanley | Common Stocks | 617446448 | 11,261 | 145,000 | SH | SOLE | 145,000 | 0 | 0 | ||
| OneMain Holdings, Inc. | Common Stocks | 68268W103 | 34,381 | 640,000 | SH | SOLE | 640,000 | 0 | 0 | ||
| Park Hotels & Resorts Inc. | Common Stocks | 700517105 | 27,622 | 1,280,000 | SH | SOLE | 1,280,000 | 0 | 0 | ||
| Pebblebrook Hotel Trust | Common Stocks | 70509V100 | 19,432 | 800,000 | SH | SOLE | 800,000 | 0 | 0 | ||
| Polaris Industries Inc. | Common Stocks | 731068102 | 26,700 | 200,000 | SH | SOLE | 200,000 | 0 | 0 | ||
| Prudential Financial, Inc. | Common Stocks | 744320102 | 20,498 | 225,000 | SH | SOLE | 225,000 | 0 | 0 | ||
| Regency Centers Corporation | Common Stocks | 758849103 | 16,162 | 285,000 | SH | SOLE | 285,000 | 0 | 0 | ||
| Rio Tinto plc ADR | ADR | 767204100 | 23,295 | 300,000 | SH | SOLE | 300,000 | 0 | 0 | ||
| Ryman Hospitality Properties, Inc. | Common Stocks | 78377T107 | 23,253 | 300,000 | SH | SOLE | 300,000 | 0 | 0 | ||
| SBA Communications Corporation | Common Stocks | 78410G104 | 2,776 | 10,000 | SH | SOLE | 10,000 | 0 | 0 | ||
| Simon Property Group, Inc. | Common Stocks | 828806109 | 23,892 | 210,000 | SH | SOLE | 210,000 | 0 | 0 | ||
| SITE Centers Corp. | Common Stocks | 82981J109 | 20,340 | 1,500,000 | SH | SOLE | 1,500,000 | 0 | 0 | ||
| Southern Copper Corporation | Common Stocks | 84265V105 | 22,736 | 335,000 | SH | SOLE | 335,000 | 0 | 0 | ||
| Stellantis N.V. | Common Stocks | N82405106 | 32,912 | 1,850,000 | SH | SOLE | 1,850,000 | 0 | 0 | ||
| Sunstone Hotel Investors, Inc. | Common Stocks | 867892101 | 25,418 | 2,040,000 | SH | SOLE | 2,040,000 | 0 | 0 | ||
| Tanger Factory Outlet Centers, Inc. | Common Stocks | 875465106 | 22,544 | 1,490,000 | SH | SOLE | 1,490,000 | 0 | 0 | ||
| Tenet Healthcare Corporation | Common Stocks | 88033G407 | 35,360 | 680,000 | SH | SOLE | 680,000 | 0 | 0 | ||
| The Howard Hughes Corporation | Common Stocks | 44267D107 | 3,044 | 32,000 | SH | SOLE | 32,000 | 0 | 0 | ||
| Thor Industries, Inc. | Common Stocks | 885160101 | 24,927 | 185,000 | SH | SOLE | 185,000 | 0 | 0 | ||
| Turquoise Hill Resources Ltd. | Common Stocks | 900435207 | 23,781 | 1,478,000 | SH | SOLE | 1,478,000 | 0 | 0 | ||
| Urban Edge Properties | Common Stocks | 91704F104 | 21,146 | 1,280,000 | SH | SOLE | 1,280,000 | 0 | 0 | ||
| Vale S.A. ADR | ADR | 91912E105 | 27,808 | 1,600,000 | SH | SOLE | 1,600,000 | 0 | 0 | ||
| Weingarten Realty Investors | Common Stocks | 948741103 | 20,183 | 750,000 | SH | SOLE | 750,000 | 0 | 0 | ||
| WEST FRASER TIMBER CO., LTD | Common Stocks | 952845105 | 5,043 | 70,000 | SH | SOLE | 70,000 | 0 | 0 | ||
| WestRock Company | Common Stocks | 96145D105 | 32,792 | 630,000 | SH | SOLE | 630,000 | 0 | 0 | ||
| Williams-Sonoma, Inc. | Common Stocks | 969904101 | 17,024 | 95,000 | SH | SOLE | 95,000 | 0 | 0 | ||
| Winnebago Industries, Inc. | Common Stocks | 974637100 | 23,397 | 305,000 | SH | SOLE | 305,000 | 0 | 0 | ||