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 EXPRESS CO COM 025816109 192,485,405 569,063 SH SOLE 569,063 0 0
AMGEN INC COM 031162100 238,724,236 659,241 SH SOLE 659,241 0 0
APA CORPORATION COM 03743Q108 254,325,060 7,808,568 SH SOLE 7,808,568 0 0
BANK OF AMER CORP COM 060505104 148,537,359 2,606,833 SH SOLE 2,606,833 0 0
CENOVUS ENERGY INC COM 15135U109 331,448,279 13,370,631 SH SOLE 13,370,631 0 0
CONOCOPHILLIPS COM 20825C104 164,032,850 1,577,846 SH SOLE 1,577,846 0 0
CREDIT ACCEP CORP MICH COM 225310101 126,589,081 198,808 SH SOLE 198,808 0 0
CROCS INC COM 227046109 59,022,491 489,245 SH SOLE 489,245 0 0
D R HORTON INC COM 23331A109 230,348,292 1,414,221 SH SOLE 1,414,221 0 0
DIAMONDBACK ENERGY INC COM 25278X109 177,535,807 1,009,989 SH SOLE 1,009,989 0 0
EBAY INC. COM 278642103 91,179,346 815,923 SH SOLE 815,923 0 0
FIFTH THIRD BANCORP COM 316773100 178,795,730 3,171,824 SH SOLE 3,171,824 0 0
FRONTLINE PLC COM M46528101 21,978,273 633,773 SH SOLE 633,773 0 0
GARRETT MOTION INC COM 366505105 9,965,569 275,064 SH SOLE 275,064 0 0
HOME DEPOT INC COM 437076102 102,333,258 290,159 SH SOLE 290,159 0 0
ISHARES TR RUS 1000 VAL ETF 464287598 1,201,387 4,956 SH SOLE 4,956 0 0
JPMORGAN CHASE & CO COM 46625H100 128,608,001 392,900 SH SOLE 392,900 0 0
LENNAR CORP CL A 526057104 182,829,716 2,020,441 SH SOLE 2,020,441 0 0
M & T BK CORP COM 55261F104 66,070,229 277,594 SH SOLE 277,594 0 0
MACERICH CO COM 554382101 289,224,315 11,481,712 SH SOLE 11,481,712 0 0
MERCK & CO INC COM 58933Y105 299,979,141 2,334,468 SH SOLE 2,334,468 0 0
NVR INC COM 62944T105 192,467,935 28,248 SH SOLE 28,248 0 0
OCCIDENTAL PETE CORP *W EXP 08/03/202 674599162 1,740,137 65,345 SH SOLE 65,345 0 0
OCCIDENTAL PETE CORP COM 674599105 140,366,556 2,889,985 SH SOLE 2,889,985 0 0
SIMON PPTY GROUP INC NEW COM 828806109 313,048,462 1,399,725 SH SOLE 1,399,725 0 0
TARGET CORP COM 87612E106 184,155,643 1,409,966 SH SOLE 1,409,966 0 0
U HAUL HOLDING COMPANY COM SER N 023586506 117,203,697 2,031,260 SH SOLE 2,031,260 0 0
ULTA BEAUTY INC COM 90384S303 53,204,621 117,976 SH SOLE 117,976 0 0
UNITEDHEALTH GROUP INC COM 91324P102 136,498,628 328,414 SH SOLE 328,414 0 0
WEST FRASER TIMBER CO LTD COM 952845105 8,378,083 123,878 SH SOLE 123,878 0 0
WESTERN ALLIANCE BANCORP COM 957638109 131,082,512 1,594,678 SH SOLE 1,594,678 0 0
ZOETIS INC CL A 98978V103 88,618,456 1,233,210 SH SOLE 1,233,210 0 0