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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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
ALCOA INC COMMON 013817101 66,558 4,470,000 SH   SOLE   4,470,000 0 0
AMERICAN AIRLS GROUP INC - 02376R102 111,481 2,595,000 SH   SOLE   2,595,000 0 0
AMERIPRISE FINL INC - 03076C106 31,200 260,000 SH   SOLE   260,000 0 0
ASHFORD HOSPITALITY TR IN COMMON 044103109 11,886 1,030,000 SH   SOLE   1,030,000 0 0
AVIANCA HLDGS SA COMMON 05367G100 10,914 680,000 SH   SOLE   680,000 0 0
AVIS BUDGET GROUP COMMON 053774105 17,907 300,000 SH   SOLE   300,000 0 0
BAKER HUGHES INC COMMON 057224107 23,824 320,000 SH   SOLE   320,000 0 0
BANK OF AMERICA CORPORATI - 060505104 39,347 2,560,000 SH   SOLE   2,560,000 0 0
BLACKROCK INC - 09247X101 17,258 54,000 SH   SOLE   54,000 0 0
CBRE GROUP INC - 12504L109 63,760 1,990,000 SH   SOLE   1,990,000 0 0
CANADIAN NAT RES LTD - 136385101 5,968 130,000 SH   SOLE   130,000 0 0
CHESAPEAKE LODGING TR - 165240102 36,213 1,197,900 SH   SOLE   1,197,900 0 0
CITIGROUP INC COMMON 172967424 192,639 4,090,000 SH   SOLE   4,090,000 0 0
COLONY FINL INC - 19624R106 15,325 660,000 SH   SOLE   660,000 0 0
CONTINENTAL RESOURCES INC - 212015101 4,741 30,000 SH   SOLE   30,000 0 0
CUMMINS INC - 231021106 23,915 155,000 SH   SOLE   155,000 0 0
D R HORTON INC COMMON 23331A109 217,113 8,832,900 SH   SOLE   8,832,900 0 0
DELTA AIR LINES INC DEL - 247361702 22,458 580,000 SH   SOLE   580,000 0 0
DIAMONDROCK HOSPITALITY C COMMON 252784301 32,947 2,570,000 SH   SOLE   2,570,000 0 0
DISNEY WALT CO COMMON 254687106 30,866 360,000 SH   SOLE   360,000 0 0
EOG RES INC COMMON 26875P101 7,012 60,000 SH   SOLE   60,000 0 0
EXTRA SPACE STORAGE INC - 30225T102 80,834 1,518,000 SH   SOLE   1,518,000 0 0
FORD MTR CO DEL - 345370860 69,994 4,060,000 SH   SOLE   4,060,000 0 0
G-III APPAREL GROUP LTD COMMON 36237H101 6,941 85,000 SH   SOLE   85,000 0 0
GILEAD SCIENCES INC - 375558103 141,776 1,710,000 SH   SOLE   1,710,000 0 0
HARMAN INTL INDS INC COMMON 413086109 67,681 630,000 SH   SOLE   630,000 0 0
HERTZ GLOBAL HOLDINGS INC COMMON 42805T105 13,174 470,000 SH   SOLE   470,000 0 0
HOST HOTELS & RESORTS INC COMMON 44107P104 59,438 2,700,490 SH   SOLE   2,700,490 0 0
JONES LANG LASALLE INC COMMON 48020Q107 85,945 680,000 SH   SOLE   680,000 0 0
LAM RESEARCH CORP COMMON 512807108 74,338 1,100,000 SH   SOLE   1,100,000 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 58,758 1,665,000 SH   SOLE   1,665,000 0 0
LENNAR CORP CL A 526057104 284,624 6,780,000 SH   SOLE   6,780,000 0 0
LYON WILLIAM HOMES COMMON 552074700 14,916 490,000 SH   SOLE   490,000 0 0
MAGNA INTL INC - 559222401 56,030 520,000 SH   SOLE   520,000 0 0
MARRIOTT INTL INC NEW - 571903202 28,204 440,000 SH   SOLE   440,000 0 0
MERITAGE HOME CORP. COMMON 59001A102 12,663 300,000 SH   SOLE   300,000 0 0
METLIFE INC COMMON 59156R108 23,891 430,000 SH   SOLE   430,000 0 0
MICRON TECHNOLOGY INC - 595112103 161,669 4,906,500 SH   SOLE   4,906,500 0 0
MORGAN STANLEY COMMON 617446448 212,731 6,580,000 SH   SOLE   6,580,000 0 0
NORTHSTAR RLTY FIN CORP - 66704R704 68,303 3,930,000 SH   SOLE   3,930,000 0 0
NUTRI SYS INC NEW COMMON 67069D108 16,853 985,000 SH   SOLE   985,000 0 0
PRUDENTIAL FINL INC COMMON 744320102 29,738 335,000 SH   SOLE   335,000 0 0
RLJ LODGING TR - 74965L101 104,697 3,624,000 SH   SOLE   3,624,000 0 0
RADIAN GROUP INC COMMON 750236101 3,258 220,000 SH   SOLE   220,000 0 0
RYMAN HOSPITALITY PPTYS I COMMON 78377T107 61,637 1,280,100 SH   SOLE   1,280,100 0 0
SANDISK CORP COMMON 80004C101 113,829 1,090,000 SH   SOLE   1,090,000 0 0
SCHLUMBERGER LTD - 806857108 30,667 260,000 SH   SOLE   260,000 0 0
SCHWAB CHARLES CORP NEW COMMON 808513105 28,546 1,060,000 SH   SOLE   1,060,000 0 0
SKECHERS U S A INC COMMON 830566105 15,081 330,000 SH   SOLE   330,000 0 0
SOVRAN SELF STORAGE INC - 84610H108 34,361 444,800 SH   SOLE   444,800 0 0
STAG INDL INC - 85254J102 4,082 170,000 SH   SOLE   170,000 0 0
STANDARD PAC CORP NEW COMMON 85375C101 16,340 1,900,000 SH   SOLE   1,900,000 0 0
STRATEGIC HOTELS & RESORT COMMON 86272T106 45,669 3,900,000 SH   SOLE   3,900,000 0 0
SUMMIT HOTEL PPTYS COMMON 866082100 15,391 1,452,000 SH   SOLE   1,452,000 0 0
SUNCOR ENERGY INC COMMON 867224107 55,419 1,300,000 SH   SOLE   1,300,000 0 0
TATA MTRS LTD - 876568502 34,763 890,000 SH   SOLE   890,000 0 0
TAYLOR MORRISON HOME CORP COMMON 87724P106 7,623 340,000 SH   SOLE   340,000 0 0
TIFFANY & CO NEW - 886547108 15,539 155,000 SH   SOLE   155,000 0 0
TOLL BROTHERS INC COMMON 889478103 232,470 6,300,000 SH   SOLE   6,300,000 0 0
UNITED CONTL HLDGS INC COMMON 910047109 46,409 1,130,000 SH   SOLE   1,130,000 0 0
UNITED RENTALS INC COMMON 911363109 60,743 580,000 SH   SOLE   580,000 0 0
V F CORP - 918204108 6,930 110,000 SH   SOLE   110,000 0 0
WISDOMTREE INVTS INC COMMON 97717P104 1,236 100,000 SH   SOLE   100,000 0 0
WYNDHAM WORLDWIDE CORP - 98310W108 32,938 435,000 SH   SOLE   435,000 0 0
ACTAVIS INC COMMON G0083B108 82,528 370,000 SH   SOLE   370,000 0 0
DELPHI AUTOMOTIVE PLC COMMON G27823106 28,871 420,000 SH   SOLE   420,000 0 0
SIGNET JEWELERS LIMITED COMMON G81276100 74,095 670,000 SH   SOLE   670,000 0 0
NXP SEMICONDUCTORS N V COMMON N6596X109 62,209 940,000 SH   SOLE   940,000 0 0