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
AFFIRM HLDGS INC COM CL A 00827B106 9,092 135,000 SH   SOLE   135,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 9,460 64,000 SH   SOLE   64,000 0 0
AIR PRODS & CHEMS INC COM 009158106 15,247 53,000 SH   SOLE   53,000 0 0
ALBEMARLE CORP COM 012653101 9,265 55,000 SH   SOLE   55,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,290 125,000 SH   SOLE   125,000 0 0
AMGEN INC COM 031162100 12,919 53,000 SH   SOLE   53,000 0 0
APA CORPORATION COM 03743Q108 4,326 200,000 SH   SOLE   200,000 0 0
APPLIED MOLECULAR TRANS INC COM 03824M109 8,004 175,000 SH   SOLE   175,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 8,164 525,000 SH   SOLE   525,000 0 0
AUTODESK INC COM 052769106 15,471 53,000 SH   SOLE   53,000 0 0
AVALONBAY CMNTYS INC COM 053484101 13,565 65,000 SH   SOLE   65,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 10,925 150,000 SH   SOLE   150,000 0 0
BOSTON PPTYS INC COM 101121101 7,448 65,000 SH   SOLE   65,000 0 0
BP PLC SPONSORED ADR 055622104 3,302 125,000 SH   SOLE   125,000 0 0
BROADCOM INC COM 11135F101 18,120 38,000 SH   SOLE   38,000 0 0
CAMECO CORP COM 13321L108 9,590 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 4,535 125,000 SH   SOLE   125,000 0 0
CENTERSPACE COM 15202L107 15,780 200,000 SH   SOLE   200,000 0 0
CHEVRON CORP COM NEW 166764100 13,092 125,000 SH   SOLE   125,000 0 0
CONOCOPHILLIPS COM 20825C104 7,612 125,000 SH   SOLE   125,000 0 0
CORTEXYME INC COM 22053A107 14,575 275,000 SH   SOLE   275,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 20,971 53,000 SH   SOLE   53,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 14,595 500,000 SH   SOLE   500,000 0 0
DIGITAL RLTY TR INC COM 253868103 11,284 75,000 SH   SOLE   75,000 0 0
DISNEY WALT CO COM 254687106 9,667 55,000 SH   SOLE   55,000 0 0
DUKE RLTY CORP COM NEW 264411505 5,919 125,000 SH   SOLE   125,000 0 0
ESSEX PPTY TR INC COM 297178105 19,501 65,000 SH   SOLE   65,000 0 0
EXXON MOBIL CORP COM 30231G102 7,885 125,000 SH   SOLE   125,000 0 0
FACEBOOK INC CL A 30303M102 59,111 170,000 SH   SOLE   170,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 11,717 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 15,811 53,000 SH   SOLE   53,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 12,166 65,000 SH   SOLE   65,000 0 0
FLUOR CORP NEW COM NEW 343412102 1,894 107,000 SH   SOLE   107,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 4,734 900,000 SH   SOLE   900,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 115,041 3,100,000 SH   SOLE   3,100,000 0 0
HIGHWOODS PPTYS INC COM 431284108 6,775 150,000 SH   SOLE   150,000 0 0
HOLLYFRONTIER CORP COM 436106108 5,428 165,000 SH   SOLE   165,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 14,308 64,000 SH   SOLE   64,000 0 0
INTEL CORP COM 458140100 7,579 135,000 SH   SOLE   135,000 0 0
IPG PHOTONICS CORP COM 44980X109 13,489 64,000 SH   SOLE   64,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 15,019 53,000 SH   SOLE   53,000 0 0
KEYCORP NEW COM 493267108 9,086 440,000 SH   SOLE   440,000 0 0
KIMCO RLTY CORP COM 49446R109 5,212 250,000 SH   SOLE   250,000 0 0
LENNAR CORP CL A 526057104 10,432 105,000 SH   SOLE   105,000 0 0
LOCKHEED MARTIN CORP COM 539830109 20,431 54,000 SH   SOLE   54,000 0 0
MORGAN STANLEY COM NEW 617446448 14,670 160,000 SH   SOLE   160,000 0 0
MURPHY OIL CORP COM 626717102 11,640 500,000 SH   SOLE   500,000 0 0
NUCOR CORP COM 670346105 10,169 106,000 SH   SOLE   106,000 0 0
NUTRIEN LTD COM 67077M108 9,395 155,000 SH   SOLE   155,000 0 0
NVIDIA CORP COM 67066G104 30,404 38,000 SH   SOLE   38,000 0 0
OCCIDENTAL PETE CORP COM 674599105 6,254 200,000 SH   SOLE   200,000 0 0
OCCIDENTAL PETROLEUM CORP WARRANT EXP 08/03/2027 674599162 1,391 100,000 SH   SOLE   100,000 0 0
OUTFRONT MEDIA INC COM 69007J106 12,015 500,000 SH   SOLE   500,000 0 0
OVINTIV INC COM 69047Q102 6,609 210,000 SH   SOLE   210,000 0 0
PALANTIR TECHNOLOGIES INC CL A 69608A108 13,707 520,000 SH   SOLE   520,000 0 0
PARKER HANNIFIN CORP COM 701094104 19,655 64,000 SH   SOLE   64,000 0 0
PERSONALIS INC COM 71535D106 5,313 210,000 SH   SOLE   210,000 0 0
PHILLIPS 66 COM 718546104 4,291 50,000 SH   SOLE   50,000 0 0
PROLOGIS INC COM 74340W103 14,941 125,000 SH   SOLE   125,000 0 0
REGENCY CTRS CORP COM 758849103 8,009 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 12,583 150,000 SH   SOLE   150,000 0 0
RYDER SYS INC COM 783549108 4,088 55,000 SH   SOLE   55,000 0 0
SAILPOINT TECHNLGIES HLDGS I COM 78781P105 10,214 200,000 SH   SOLE   200,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 11,650 160,000 SH   SOLE   160,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 13,048 100,000 SH   SOLE   100,000 0 0
SOUTH32 LTD ADR 84473L105 5,508 500,000 SH   SOLE   500,000 0 0
STATE STREET CORPORATION COM 857477103 5,348 65,000 SH   SOLE   65,000 0 0
TEXAS PACIFIC LAND CORP COM 88262P102 95,984 60,000 SH   SOLE   60,000 0 0
TWILIO INC CL A 90138F102 68,584 174,000 SH   SOLE   174,000 0 0
UDR INC COM 902653104 6,123 125,000 SH   SOLE   125,000 0 0
UMH PPTYS INC COM 903002103 5,455 250,000 SH   SOLE   250,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,212 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 9,690 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 5,703 250,000 SH   SOLE   250,000 0 0
VISA INC COM CL A 92826C839 7,482 32,000 SH   SOLE   32,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 4,667 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 2,875 125,000 SH   SOLE   125,000 0 0
WEYERHAEUSER CO COM 962166104 5,163 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101 8,781 55,000 SH   SOLE   55,000 0 0
WYNN RESORTS LTD COM 983134107 6,727 55,000 SH   SOLE   55,000 0 0