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 16,083 135,000 SH   SOLE   135,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 10,082 64,000 SH   SOLE   64,000 0 0
AIR PRODS & CHEMS INC COM 009158106 13,574 53,000 SH   SOLE   53,000 0 0
ALBEMARLE CORP COM 012653101 12,043 55,000 SH   SOLE   55,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,930 125,000 SH   SOLE   125,000 0 0
AMGEN INC COM 031162100 11,270 53,000 SH   SOLE   53,000 0 0
APA CORPORATION COM 03743Q108 4,286 200,000 SH   SOLE   200,000 0 0
APPLIED MOLECULAR TRANS INC COM 03824M109 6,467 250,000 SH   SOLE   250,000 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 9,397 525,000 SH   SOLE   525,000 0 0
AUTODESK INC COM 052769106 15,114 53,000 SH   SOLE   53,000 0 0
AVALONBAY CMNTYS INC COM 053484101 14,407 65,000 SH   SOLE   65,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 8,028 150,000 SH   SOLE   150,000 0 0
BOSTON PPTYS INC COM 101121101 7,043 65,000 SH   SOLE   65,000 0 0
BP PLC SPONSORED ADR 055622104 3,416 125,000 SH   SOLE   125,000 0 0
BROADCOM INC COM 11135F101 20,852 43,000 SH   SOLE   43,000 0 0
CAMECO CORP COM 13321L108 10,865 500,000 SH   SOLE   500,000 0 0
CANADIAN NAT RES LTD COM 136385101 4,567 125,000 SH   SOLE   125,000 0 0
CENTERSPACE COM 15202L107 18,900 200,000 SH   SOLE   200,000 0 0
CHEVRON CORP COM NEW 166764100 12,681 125,000 SH   SOLE   125,000 0 0
CONOCOPHILLIPS COM 20825C104 8,471 125,000 SH   SOLE   125,000 0 0
CORTEXYME INC COM 22053A107 25,206 275,000 SH   SOLE   275,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 23,816 53,000 SH   SOLE   53,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 17,755 500,000 SH   SOLE   500,000 0 0
DIGITAL RLTY TR INC COM 253868103 10,834 75,000 SH   SOLE   75,000 0 0
DISNEY WALT CO COM 254687106 9,304 55,000 SH   SOLE   55,000 0 0
DUKE RLTY CORP COM NEW 264411505 5,984 125,000 SH   SOLE   125,000 0 0
ESSEX PPTY TR INC COM 297178105 20,783 65,000 SH   SOLE   65,000 0 0
EXXON MOBIL CORP COM 30231G102 7,352 125,000 SH   SOLE   125,000 0 0
FACEBOOK INC CL A 30303M102 57,696 170,000 SH   SOLE   170,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 11,799 100,000 SH   SOLE   100,000 0 0
FEDEX CORP COM 31428X106 11,622 53,000 SH   SOLE   53,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 12,537 65,000 SH   SOLE   65,000 0 0
FLUOR CORP NEW COM NEW 343412102 1,709 107,000 SH   SOLE   107,000 0 0
FRANKLIN STREET PPTYS CORP COM 35471R106 4,176 900,000 SH   SOLE   900,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 100,843 3,100,000 SH   SOLE   3,100,000 0 0
HIGHWOODS PPTYS INC COM 431284108 6,579 150,000 SH   SOLE   150,000 0 0
HOLLYFRONTIER CORP COM 436106108 5,466 165,000 SH   SOLE   165,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 13,224 64,000 SH   SOLE   64,000 0 0
INTEL CORP COM 458140100 7,193 135,000 SH   SOLE   135,000 0 0
IPG PHOTONICS CORP COM 44980X109 10,138 64,000 SH   SOLE   64,000 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 14,344 53,000 SH   SOLE   53,000 0 0
KEYCORP NEW COM 493267108 9,513 440,000 SH   SOLE   440,000 0 0
KIMCO RLTY CORP COM 49446R109 5,188 250,000 SH   SOLE   250,000 0 0
LENNAR CORP CL A 526057104 9,836 105,000 SH   SOLE   105,000 0 0
LOCKHEED MARTIN CORP COM 539830109 18,635 54,000 SH   SOLE   54,000 0 0
MORGAN STANLEY COM NEW 617446448 15,570 160,000 SH   SOLE   160,000 0 0
MURPHY OIL CORP COM 626717102 12,485 500,000 SH   SOLE   500,000 0 0
NUCOR CORP COM 670346105 10,440 106,000 SH   SOLE   106,000 0 0
NUTRIEN LTD COM 67077M108 10,049 155,000 SH   SOLE   155,000 0 0
NVIDIA CORP COM 67066G104 33,560 162,000 SH   SOLE   162,000 0 0
OCCIDENTAL PETE CORP COM 674599105 5,916 200,000 SH   SOLE   200,000 0 0
OCCIDENTAL PETROLEUM CORP WARRANT EXP 08/03/2027 674599162 1,185 100,000 SH   SOLE   100,000 0 0
OUTFRONT MEDIA INC COM 69007J106 12,600 500,000 SH   SOLE   500,000 0 0
OVINTIV INC COM 69047Q102 6,905 210,000 SH   SOLE   210,000 0 0
PALANTIR TECHNOLOGIES INC CL A 69608A108 12,501 520,000 SH   SOLE   520,000 0 0
PARKER HANNIFIN CORP COM 701094104 17,896 64,000 SH   SOLE   64,000 0 0
PERSONALIS INC COM 71535D106 5,002 260,000 SH   SOLE   260,000 0 0
PHILLIPS 66 COM 718546104 3,502 50,000 SH   SOLE   50,000 0 0
PROLOGIS INC COM 74340W103 15,679 125,000 SH   SOLE   125,000 0 0
REGENCY CTRS CORP COM 758849103 8,416 125,000 SH   SOLE   125,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 10,023 150,000 SH   SOLE   150,000 0 0
RYDER SYS INC COM 783549108 4,549 55,000 SH   SOLE   55,000 0 0
SAILPOINT TECHNLGIES HLDGS I COM 78781P105 8,576 200,000 SH   SOLE   200,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 11,654 160,000 SH   SOLE   160,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 12,997 100,000 SH   SOLE   100,000 0 0
SOUTH32 LTD ADR 84473L105 6,220 500,000 SH   SOLE   500,000 0 0
STATE STREET CORPORATION COM 857477103 5,507 65,000 SH   SOLE   65,000 0 0
TEXAS PACIFIC LAND CORP COM 88262P102 72,562 60,000 SH   SOLE   60,000 0 0
TWILIO INC CL A 90138F102 55,515 174,000 SH   SOLE   174,000 0 0
UDR INC COM 902653104 6,623 125,000 SH   SOLE   125,000 0 0
UMH PPTYS INC COM 903002103 5,725 250,000 SH   SOLE   250,000 0 0
URSTADT BIDDLE PPTYS INC COM 917286106 3,420 200,000 SH   SOLE   200,000 0 0
URSTADT BIDDLE PPTYS INC CLASS A CL A 917286205 9,465 500,000 SH   SOLE   500,000 0 0
VALE SA ADR 91912E105 3,488 250,000 SH   SOLE   250,000 0 0
VISA INC COM CL A 92826C839 7,128 32,000 SH   SOLE   32,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 4,201 100,000 SH   SOLE   100,000 0 0
WASHINGTON REAL ESTATE INVT TR SH BEN INT 939653101 3,094 125,000 SH   SOLE   125,000 0 0
WEYERHAEUSER CO COM 962166104 5,336 150,000 SH   SOLE   150,000 0 0
WILLIAMS SONOMA INC COM 969904101 9,753 55,000 SH   SOLE   55,000 0 0
WYNN RESORTS LTD COM 983134107 4,661 55,000 SH   SOLE   55,000 0 0
ALGONQUIN PWR UTILS CORP UNIT 015857873 242 5,000 SH   SOLE   5,000 0 0