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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 15,760 151,624 SH   SOLE   151,624 0 0
APACHE CORP COM 037411105 8,884 141,751 SH   SOLE   141,751 0 0
AVOLON HLDGS LTD COM G52237107 2,792 141,000 SH   SOLE   141,000 0 0
AVON PRODS INC COM 054303102 8,877 945,387 SH   SOLE   945,387 0 0
AXALTA COATING SYS LTD COM G0750C108 12,360 475,000 SH   SOLE   475,000 0 0
CITIZENS FINL GROUP INC COM 174610105 16,452 661,797 SH   SOLE   661,797 0 0
COACH INC COM 189754104 8,946 238,171 SH   SOLE   238,171 0 0
D R HORTON INC COM 23331A109 45,996 1,818,730 SH   SOLE   1,818,730 0 0
DENBURY RES INC COM NEW 247916208 8,911 1,096,124 SH   SOLE   1,096,124 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 8,575 233,589 SH   SOLE   233,589 0 0
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 8,803 255,535 SH   SOLE   255,535 0 0
ENSCO PLC SHS CLASS A G3157S106 8,791 293,525 SH   SOLE   293,525 0 0
FLOWSERVE CORP COM 34354P105 8,916 149,027 SH   SOLE   149,027 0 0
F M C CORP COM NEW 302491303 8,907 156,174 SH   SOLE   156,174 0 0
FMSA HLDGS INC COM 30255X106 1,419 205,092 SH   SOLE   205,092 0 0
FREEPORT-MCMORAN INC CL B 35671D857 8,967 383,841 SH   SOLE   383,841 0 0
GAMESTOP CORP NEW CL A 36467W109 9,039 267,418 SH   SOLE   267,418 0 0
GENWORTH FINL INC COM CL A 37247D106 8,991 1,057,731 SH   SOLE   1,057,731 0 0
GREAT WESTN BANCORP INC COM 391416104 3,328 146,019 SH   SOLE   146,019 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 8,911 199,385 SH   SOLE   199,385 0 0
KB HOME COM 48666K109 8,360 505,115 SH   SOLE   505,115 0 0
LENNAR CORP CL A 526057104 43,759 976,540 SH   SOLE   976,540 0 0
M D C HLDGS INC COM 552676108 5,698 215,275 SH   SOLE   215,275 0 0
M/I HOMES INC COM 55305B101 2,526 110,010 SH   SOLE   110,010 0 0
MATTEL INC COM 577081102 9,046 292,332 SH   SOLE   292,332 0 0
MERITAGE HOMES CORP COM 59001A102 7,414 206,015 SH   SOLE   206,015 0 0
MURPHY OIL CORP COM 626717102 8,980 177,754 SH   SOLE   177,754 0 0
NOBLE CORP PLC SHS USD G65431101 8,655 522,331 SH   SOLE   522,331 0 0
NOBLE ENERGY INC COM 655044105 8,951 188,727 SH   SOLE   188,727 0 0
NVR INC COM 62944T105 19,385 15,200 SH   SOLE   15,200 0 0
OM ASSET MGMT PLC SHS G67506108 3,205 197,356 SH   SOLE   197,356 0 0
OWENS ILL INC COM NEW 690768403 8,919 330,445 SH   SOLE   330,445 0 0
PARAMOUNT GROUP INC COM 69924R108 20,263 1,090,000 SH   SOLE   1,090,000 0 0
PRA HEALTH SCIENCES INC COM 69354M108 3,875 160,000 SH   SOLE   160,000 0 0
PULTE GROUP INC COM 745867101 39,573 1,844,040 SH   SOLE   1,844,040 0 0
QEP RES INC COM 74733V100 9,154 452,741 SH   SOLE   452,741 0 0
RYLAND GROUP INC COM 783764103 10,043 260,445 SH   SOLE   260,445 0 0
STANDARD PAC CORP NEW COM 85375C101 6,059 831,110 SH   SOLE   831,110 0 0
STORE CAP CORP COM 862121100 5,619 260,000 SH   SOLE   260,000 0 0
TOLL BROTHERS INC COM 889478103 27,729 809,135 SH   SOLE   809,135 0 0
TRANSOCEAN LTD REG SHS H8817H100 8,771 478,517 SH   SOLE   478,517 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 3,816 212,004 SH   SOLE   212,004 0 0
VIRGIN AMER INC COM VTG 92765X208 4,714 109,000 SH   SOLE   109,000 0 0
VIVINT SOLAR INC COM 92854Q106 1,578 171,203 SH   SOLE   171,203 0 0
VWR CORP COM 91843L103 5,483 211,958 SH   SOLE   211,958 0 0
WAYFAIR INC CL A 94419L101 1,441 72,578 SH   SOLE   72,578 0 0
ZAYO GROUP HLDGS INC COM 98919V105 5,319 173,981 SH   SOLE   173,981 0 0