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
Expires: July 31, 2015
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 25,927,500 375,000 SH SOLE 375,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 12,037,020 102,000 SH SOLE 102,000 0 0
AIR PRODS & CHEMS INC COM 009158106 18,898,020 67,000 SH SOLE 67,000 0 0
ALBEMARLE CORP COM 012653101 8,147,100 130,000 SH SOLE 130,000 0 0
ALEXANDER & BALDWIN INC COM NEW 014491104 2,228,750 125,000 SH SOLE 125,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 22,102,000 100,000 SH SOLE 100,000 0 0
AMGEN INC COM 031162100 18,427,860 66,000 SH SOLE 66,000 0 0
APA CORPORATION COM 03743Q108 7,316,000 400,000 SH SOLE 400,000 0 0
APPLOVIN CORP COM CL A 03831W108 23,455,360 67,000 SH SOLE 67,000 0 0
ARM HOLDINGS PLC SPONSORED ADS 042068205 22,643,600 140,000 SH SOLE 140,000 0 0
AUTODESK INC COM 052769106 20,741,190 67,000 SH SOLE 67,000 0 0
AVALONBAY CMNTYS INC COM 053484101 12,210,000 60,000 SH SOLE 60,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 16,831,500 350,000 SH SOLE 350,000 0 0
BIRCHCLIFF ENERGY LTD COM 090697103 11,505,900 2,100,000 SH SOLE 2,100,000 0 0
BP PLC SPONSORED ADR 055622104 8,979,000 300,000 SH SOLE 300,000 0 0
BROADCOM INC COM 11135F101 60,643,000 220,000 SH SOLE 220,000 0 0
BXP INC (formerly Boston Properties, Inc.) COM 101121101 10,120,500 150,000 SH SOLE 150,000 0 0
CAMECO CORP COM 13321L108 37,115,000 500,000 SH SOLE 500,000 0 0
CANADIAN NAT RES LTD COM 136385101 15,700,000 500,000 SH SOLE 500,000 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108 13,079,550 165,000 SH SOLE 165,000 0 0
CENTERSPACE COM 15202L107 12,038,000 200,000 SH SOLE 200,000 0 0
CHEVRON CORP COM NEW 166764100 28,638,000 200,000 SH SOLE 200,000 0 0
CONOCOPHILLIPS COM 20825C104 17,948,000 200,000 SH SOLE 200,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 51,476,880 52,000 SH SOLE 52,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 15,905,000 500,000 SH SOLE 500,000 0 0
DIGITAL RLTY TR INC COM 253868103 17,433,000 100,000 SH SOLE 100,000 0 0
DISNEY WALT CO COM 254687106 14,013,130 113,000 SH SOLE 113,000 0 0
ESSEX PPTY TR INC COM 297178105 17,004,000 60,000 SH SOLE 60,000 0 0
EXXON MOBIL CORP COM 30231G102 21,560,000 200,000 SH SOLE 200,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313745101 9,499,000 100,000 SH SOLE 100,000 0 0
FEDEX CORP COM 31428X106 14,775,150 65,000 SH SOLE 65,000 0 0
FLUOR CORP NEW COM NEW 343412102 12,304,800 240,000 SH SOLE 240,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 94,936,500 2,190,000 SH SOLE 2,190,000 0 0
HF SINCLAIR CORPORATION COM 403949100 12,324,000 300,000 SH SOLE 300,000 0 0
HIGHWOODS PPTYS INC COM 431284108 4,663,500 150,000 SH SOLE 150,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 22,499,750 91,000 SH SOLE 91,000 0 0
IPG PHOTONICS CORP COM 44980X109 11,670,500 170,000 SH SOLE 170,000 0 0
KIMCO RLTY CORP COM 49446R109 6,306,000 300,000 SH SOLE 300,000 0 0
LENNAR CORP CL A 526057104 15,485,400 140,000 SH SOLE 140,000 0 0
LOCKHEED MARTIN CORP COM 539830109 25,935,840 56,000 SH SOLE 56,000 0 0
LULULEMON ATHLETICA INC COM 550021109 10,691,100 45,000 SH SOLE 45,000 0 0
META PLATFORMS INC CL A 30303M102 115,142,040 156,000 SH SOLE 156,000 0 0
MILLROSE PPTYS INC COM CL A 601137102 9,978,500 350,000 SH SOLE 350,000 0 0
MORGAN STANLEY COM NEW 617446448 29,580,600 210,000 SH SOLE 210,000 0 0
MURPHY OIL CORP COM 626717102 11,250,000 500,000 SH SOLE 500,000 0 0
NUCOR CORP COM 670346105 18,394,680 142,000 SH SOLE 142,000 0 0
NUTRIEN LTD COM 67077M108 12,812,800 220,000 SH SOLE 220,000 0 0
NVIDIA CORP COM 67066G104 135,871,400 860,000 SH SOLE 860,000 0 0
OCCIDENTAL PETE CORP COM 674599105 14,703,500 350,000 SH SOLE 350,000 0 0
OCCIDENTAL PETROLEUM CORP WARRANT EXP 08/03/2027 674599162 2,071,000 100,000 SH SOLE 100,000 0 0
OUTFRONT MEDIA INC COM NEW 69007J304 8,160,000 500,000 SH SOLE 500,000 0 0
OVINTIV INC COM 69047Q102 14,839,500 390,000 SH SOLE 390,000 0 0
PALANTIR TECHNOLOGIES INC CL A 69608A108 201,072,000 1,475,000 SH SOLE 1,475,000 0 0
PARKER HANNIFIN CORP COM 701094104 44,003,610 63,000 SH SOLE 63,000 0 0
PHILLIPS 66 COM 718546104 10,737,000 90,000 SH SOLE 90,000 0 0
PROLOGIS INC COM 74340W103 18,396,000 175,000 SH SOLE 175,000 0 0
QUANTUM COMPUTING INC COM 74766W108 7,668,000 400,000 SH SOLE 400,000 0 0
REGENCY CTRS CORP COM 758849103 10,684,500 150,000 SH SOLE 150,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 18,957,250 325,000 SH SOLE 325,000 0 0
RYDER SYS INC COM 783549108 13,197,000 83,000 SH SOLE 83,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 19,616,600 215,000 SH SOLE 215,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 16,076,000 100,000 SH SOLE 100,000 0 0
SOUTH32 LTD ADR 84473L105 4,760,000 500,000 SH SOLE 500,000 0 0
STAG INDL INC COM 85254J102 10,884,000 300,000 SH SOLE 300,000 0 0
STATE STREET CORPORATION COM 857477103 14,887,600 140,000 SH SOLE 140,000 0 0
STRUCTURE THERAPEUTICS INC SPONSORED ADS 86366E106 9,540,400 460,000 SH SOLE 460,000 0 0
TEXAS PACIFIC LAND CORP COM 88262P102 174,304,350 165,000 SH SOLE 165,000 0 0
TWILIO INC CL A 90138F102 19,897,600 160,000 SH SOLE 160,000 0 0
UBER TECHNOLOGIES INC COM 90353T100 20,526,000 220,000 SH SOLE 220,000 0 0
UDR INC COM 902653104 5,103,750 125,000 SH SOLE 125,000 0 0
UMH PPTYS INC COM 903002103 4,197,500 250,000 SH SOLE 250,000 0 0
VALE SA ADR 91912E105 4,855,000 500,000 SH SOLE 500,000 0 0
VIPER ENERGY INC CL A 927959106 11,439,000 300,000 SH SOLE 300,000 0 0
VISA INC COM CL A 92826C839 19,172,700 54,000 SH SOLE 54,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 4,780,000 125,000 SH SOLE 125,000 0 0
WEYERHAEUSER CO COM 962166104 5,138,000 200,000 SH SOLE 200,000 0 0
WILLIAMS SONOMA INC COM 969904101 17,970,700 110,000 SH SOLE 110,000 0 0
WYNN RESORTS LTD COM 983134107 10,772,050 115,000 SH SOLE 115,000 0 0