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
AMERICAN AIRLINES GROUP INC COM 02376R102 318,215 29,629 SH SOLE 29,629 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 3,180,517 42,266 SH SOLE 42,266 0 0
ADVANCED MICRO DEVICES INC COM 007903107 1,836,566 9,028 SH SOLE 9,028 0 0
ASHLAND INC COM 044186104 457,893 8,234 SH SOLE 8,234 0 0
BROADCOM INC COM 11135F101 2,266,851 7,324 SH SOLE 7,324 0 0
DAUCH CORP COM 024061103 934,853 157,648 SH SOLE 157,648 0 0
AMERICAN EXPRESS CO COM 025816109 2,792,798 9,233 SH SOLE 9,233 0 0
BOEING CO COM 097023105 4,318,951 21,700 SH SOLE 21,700 0 0
BAXTER INTL INC COM 071813109 1,209,634 72,002 SH SOLE 72,002 0 0
BATH & BODY WORKS INC COM 070830104 543,185 29,094 SH SOLE 29,094 0 0
BEST BUY INC COM 086516101 648,420 10,100 SH SOLE 10,100 0 0
BAUSCH HEALTH COS INC COM 071734107 592,569 109,735 SH SOLE 109,735 0 0
BOSTON SCIENTIFIC CORP COM 101137107 2,580,468 41,123 SH SOLE 41,123 0 0
BOYD GAMING CORP COM 103304101 739,620 9,000 SH SOLE 9,000 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 387,840 20,158 SH SOLE 20,158 0 0
CONAGRA BRANDS INC COM 205887102 323,518 20,580 SH SOLE 20,580 0 0
CARDINAL HEALTH INC COM 14149Y108 802,978 3,800 SH SOLE 3,800 0 0
CELANESE CORP DEL COM 150870103 1,790,128 27,218 SH SOLE 27,218 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101 894,720 105,884 SH SOLE 105,884 0 0
COMCAST CORP NEW CL A 20030N101 617,265 21,500 SH SOLE 21,500 0 0
CAPITAL ONE FINL CORP COM 14040H105 218,916 1,200 SH SOLE 1,200 0 0
COMPASS INC CL A 20464U100 639,800 87,524 SH SOLE 87,524 0 0
THE CAMPBELLS COMPANY COM 134429109 1,318,384 59,200 SH SOLE 59,200 0 0
COREWEAVE INC COM CL A 21873S108 2,942,466 37,982 SH SOLE 37,982 0 0
CARVANA CO CL A 146869102 863,602 2,747 SH SOLE 2,747 0 0
CVS HEALTH CORP COM 126650100 2,642,761 36,797 SH SOLE 36,797 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 55,398 18,843 SH SOLE 18,843 0 0
DANAHER CORP DEL COM 235851102 1,497,840 7,900 SH SOLE 7,900 0 0
DISNEY WALT CO COM 254687106 2,973,516 30,852 SH SOLE 30,852 0 0
DOW HLDGS INC COM 260557103 491,470 11,800 SH SOLE 11,800 0 0
DEVON ENERGY CORP NEW COM 25179M103 754,800 15,000 SH SOLE 15,000 0 0
EASTMAN CHEM CO COM 277432100 465,552 6,100 SH SOLE 6,100 0 0
FORD MTR CO COM 345370860 2,142,978 185,700 SH SOLE 185,700 0 0
GAP INC COM 364760108 313,463 12,953 SH SOLE 12,953 0 0
GE AEROSPACE COM NEW 369604301 1,698,931 5,987 SH SOLE 5,987 0 0
GENERAL MILLS INC COM 370334104 353,590 9,500 SH SOLE 9,500 0 0
GENERAL MTRS CO COM 37045V100 4,345,064 58,323 SH SOLE 58,323 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 238,866 36,028 SH SOLE 36,028 0 0
HCA HEALTHCARE INC COM 40412C101 1,896,746 4,008 SH SOLE 4,008 0 0
BLOCK H & R INC COM 093671105 265,188 8,355 SH SOLE 8,355 0 0
HERTZ GLOBAL HLDGS INC COM NEW 42806J700 1,018,520 220,937 SH SOLE 220,937 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 2,055,467 8,480 SH SOLE 8,480 0 0
INTEL CORP COM 458140100 2,255,308 51,106 SH SOLE 51,106 0 0
KINDER MORGAN INC DEL COM 49456B101 425,227 12,682 SH SOLE 12,682 0 0
LUMEN TECHNOLOGIES INC COM 550241103 494,145 71,100 SH SOLE 71,100 0 0
LAMB WESTON HLDGS INC COM 513272104 701,516 16,600 SH SOLE 16,600 0 0
MACYS INC COM 55616P104 225,637 12,473 SH SOLE 12,473 0 0
MARRIOTT INTL INC NEW CL A 571903202 1,242,866 3,800 SH SOLE 3,800 0 0
MBIA INC COM 55262C100 223,238 37,773 SH SOLE 37,773 0 0
MCDONALDS CORP COM 580135101 1,243,160 4,000 SH SOLE 4,000 0 0
MONDELEZ INTL INC CL A 609207105 448,036 7,773 SH SOLE 7,773 0 0
METLIFE INC COM 59156R108 5,451,593 77,087 SH SOLE 77,087 0 0
MARATHON PETE CORP COM 56585A102 219,762 900 SH SOLE 900 0 0
MEDICAL PROPERTIES TRUST INC COM 58463J304 414,556 89,537 SH SOLE 89,537 0 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 471,240 25,200 SH SOLE 25,200 0 0
NEWELL BRANDS INC COM 651229106 898,674 262,004 SH SOLE 262,004 0 0
ORGANON & CO COMMON STOCK 68622V106 413,610 69,050 SH SOLE 69,050 0 0
OMNICOM GROUP INC COM 681919106 399,143 5,300 SH SOLE 5,300 0 0
ONEMAIN HLDGS INC COM 68268W103 1,861,452 34,800 SH SOLE 34,800 0 0
ORACLE CORP COM 68389X105 757,911 5,152 SH SOLE 5,152 0 0
PITNEY BOWES INC COM 724479100 289,267 26,178 SH SOLE 26,178 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107 3,094,572 35,407 SH SOLE 35,407 0 0
PRUDENTIAL FINL INC COM 744320102 4,989,419 51,074 SH SOLE 51,074 0 0
RADIAN GROUP INC COM 750236101 826,074 24,972 SH SOLE 24,972 0 0
SABRE CORP COM 78573M104 495,490 341,717 SH SOLE 341,717 0 0
SHERWIN WILLIAMS CO COM 824348106 1,025,760 3,200 SH SOLE 3,200 0 0
SM ENERGY COMPANY COM 78454L100 1,234,104 39,580 SH SOLE 39,580 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,351,783 7,247 SH SOLE 7,247 0 0
SERVICE PPTYS TR COM SH BEN INT 81761L102 410,203 302,733 SH SOLE 302,733 0 0
AT&T INC COM 00206R102 1,121,913 38,700 SH SOLE 38,700 0 0
TRANSDIGM GROUP INC COM 893641100 3,029,521 2,614 SH SOLE 2,614 0 0
ISHARES TR 20 YR TR BD ETF 464287432 1,999,938 23,070 SH SOLE 23,070 0 0
T-MOBILE US INC COM 872590104 904,179 4,305 SH SOLE 4,305 0 0
TESLA INC COM 88160R101 520,450 1,400 SH SOLE 1,400 0 0
UNITED AIRLS HLDGS INC COM 910047109 259,729 2,821 SH SOLE 2,821 0 0
UBER TECHNOLOGIES INC COM 90353T100 906,318 12,600 SH SOLE 12,600 0 0
UNISYS CORP COM NEW 909214306 239,727 115,810 SH SOLE 115,810 0 0
UNITEDHEALTH GROUP INC COM 91324P102 4,574,595 16,906 SH SOLE 16,906 0 0
UNITED RENTALS INC COM 911363109 352,623 484 SH SOLE 484 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 1,812,220 36,100 SH SOLE 36,100 0 0
WHIRLPOOL CORP COM 963320106 1,218,592 22,600 SH SOLE 22,600 0 0
WILLIAMS COS INC COM 969457100 298,398 4,100 SH SOLE 4,100 0 0
WEYERHAEUSER CO COM NEW 962166104 666,939 27,300 SH SOLE 27,300 0 0
XEROX HOLDINGS CORP *W EXP 02/11/202 98421M114 2,612 28,865 SH SOLE 28,865 0 0
XEROX HOLDINGS CORP COM NEW 98421M106 226,448 175,541 SH SOLE 175,541 0 0
STATE STR SPDR S&P 500 ETF T TR UNIT 78462F103 68,201,156 104,870 SH SOLE 104,870 0 0
STATE STR SPDR S&P 500 ETF T TR UNIT 78462F103 157,057,110 241,500 SH Put SOLE 241,500 0 0