The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| ALCON INC | ORD SHS | H01301128 | 3,203,240 | 36,285 | SH | SOLE | 36,285 | 0 | 0 | ||
| ESTEE LAUDER | CL A | 518439104 | 5,412,388 | 66,985 | SH | SOLE | 66,985 | 0 | 0 | ||
| HESS CORP | COM | 42809H107 | 8,973,097 | 64,769 | SH | SOLE | 64,769 | 0 | 0 | ||
| MERITAGE HOMES C | COM | 59001A102 | 813,418 | 12,146 | SH | SOLE | 12,146 | 0 | 0 | ||
| PINTEREST INC -A | CL A | 72352L106 | 1,765,603 | 49,236 | SH | SOLE | 49,236 | 0 | 0 | ||
| PROLOGIS INC | COM | 74340W103 | 4,675,002 | 44,473 | SH | SOLE | 44,473 | 0 | 0 | ||
| SMURFIT WESTROCK | SHS | G8267P108 | 1,041,900 | 24,146 | SH | SOLE | 24,146 | 0 | 0 | ||
| TECK RESOURCES-B | CL B | 878742204 | 6,037,496 | 149,517 | SH | SOLE | 149,517 | 0 | 0 | ||
| TOLL BROTHERS | COM | 889478103 | 2,205,334 | 19,323 | SH | SOLE | 19,323 | 0 | 0 | ||
| UBS GROUP AG | SHS | H42097107 | 2,624,062 | 77,510 | SH | SOLE | 77,510 | 0 | 0 | ||
| UDR INC | COM | 902653104 | 3,697,401 | 90,556 | SH | SOLE | 90,556 | 0 | 0 | ||
| UNION PAC CORP | COM | 907818108 | 5,601,758 | 24,347 | SH | SOLE | 24,347 | 0 | 0 | ||
| VANGUARD LT TREA | LONG TERM TREAS | 92206C847 | 3,269,551 | 58,260 | SH | SOLE | 58,260 | 0 | 0 | ||