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
AGREE REALTY CORP COM 008492100 929 15,000 SH   SOLE 15,000 0 0
AMERICAN ASSETS TR INC COM 024013104 2,950 118,000 SH   SOLE 118,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 3,596 155,000 SH   SOLE 155,000 0 0
ANALOG DEVICES INC COM 032654105 1,972 22,000 SH   SOLE 22,000 0 0
APPLIED MATLS INC COM 038222105 4,095 89,366 SH   SOLE 89,366 0 0
BARRICK GOLD CORPORATION COM 067901108 740 40,400 SH   SOLE 40,400 0 0
BOSTON PROPERTIES INC COM 101121101 4,095 44,400 SH   SOLE 44,400 0 0
COMMERCIAL METALS CO COM 201723103 2,264 143,382 SH   SOLE 143,382 0 0
CROWN HLDGS INC COM 228368106 1,654 28,500 SH   SOLE 28,500 0 0
DENALI THERAPEUTICS INC COM 24823R105 272,591 15,567,736 SH   SOLE 15,567,736 0 0
EURONAV NV ANTWERPEN SHS B38564108 902 80,000 SH   SOLE 80,000 0 0
FRONTLINE LTD SHS NEW G3682E192 577 60,000 SH   SOLE 60,000 0 0
INTEL CORP COM 458140100 5,304 98,000 SH   SOLE 98,000 0 0
INVITATION HOMES INC COM 46187W107 1,849 86,500 SH   SOLE 86,500 0 0
KILROY RLTY CORP COM 49427F108 7,005 109,965 SH   SOLE 109,965 0 0
KLA CORPORATION COM NEW 482480100 3,835 26,679 SH   SOLE 26,679 0 0
KNOWLES CORP COM 49926D109 507 37,900 SH   SOLE 37,900 0 0
LAM RESEARCH CORP COM 512807108 3,548 14,782 SH   SOLE 14,782 0 0
LUMENTUM HLDGS INC COM 55024U109 2,137 29,000 SH   SOLE 29,000 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 2,066 30,466 SH   SOLE 30,466 0 0
MICRON TECHNOLOGY INC COM 595112103 6,181 146,949 SH   SOLE 146,949 0 0
NEWMONT CORP COM 651639106 3,030 66,916 SH   SOLE 66,916 0 0
NXP SEMICONDUCTORS N V COM N6596X109 2,910 35,092 SH   SOLE 35,092 0 0
PLYMOUTH INDL REIT INC COM 729640102 1,138 102,009 SH   SOLE 102,009 0 0
REALTY INCOME CORP COM 756109104 1,496 30,000 SH   SOLE 30,000 0 0
RETAIL PPTYS AMER INC CL A 76131V202 517 100,000 SH   SOLE 100,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 3,326 73,000 SH   SOLE 73,000 0 0
TPG RE FIN TR INC COM 87266M107 1,623 295,601 SH   SOLE 295,601 0 0
TWILIO INC CL A 90138F102 895 10,000 SH   SOLE 10,000 0 0
VALE S A SPONSORED ADS 91912E105 829 100,000 SH   SOLE 100,000 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 2,304 100,000 SH   SOLE 100,000 0 0
XPO LOGISTICS INC COM 983793100 609 12,500 SH   SOLE 12,500 0 0