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 53,007,500 650,000 SH SOLE 650,000 0 0
AGILENT TECHNOLOGIES INC COM 00846U101 19,924,500 150,000 SH SOLE 150,000 0 0
AIR PRODS & CHEMS INC COM 009158106 29,318,000 100,000 SH SOLE 100,000 0 0
ALBEMARLE CORP COM 012653101 27,006,000 200,000 SH SOLE 200,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 32,714,000 200,000 SH SOLE 200,000 0 0
AMGEN INC COM 031162100 32,590,800 90,000 SH SOLE 90,000 0 0
APA CORPORATION COM 03743Q108 19,542,000 600,000 SH SOLE 600,000 0 0
APPLOVIN CORP COM CL A 03831W108 90,165,250 175,000 SH SOLE 175,000 0 0
ARM HOLDINGS PLC SPONSORED ADS 042068205 115,235,250 325,000 SH SOLE 325,000 0 0
AUTODESK INC COM 052769106 24,302,500 125,000 SH SOLE 125,000 0 0
AVALONBAY CMNTYS INC COM 053484101 28,303,500 150,000 SH SOLE 150,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 37,489,500 450,000 SH SOLE 450,000 0 0
BIRCHCLIFF ENERGY LTD COM 090697103 15,267,000 3,500,000 SH SOLE 3,500,000 0 0
BP PLC SPONSORED ADR 055622104 14,780,000 400,000 SH SOLE 400,000 0 0
BROADCOM INC COM 11135F101 98,215,000 260,000 SH SOLE 260,000 0 0
BXP INC (formerly Boston Properties, Inc.) COM 101121101 19,893,000 300,000 SH SOLE 300,000 0 0
CAMECO CORP COM 13321L108 50,930,000 500,000 SH SOLE 500,000 0 0
CANADIAN NAT RES LTD COM 136385101 23,700,000 600,000 SH SOLE 600,000 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108 28,161,250 325,000 SH SOLE 325,000 0 0
CENTERSPACE COM 15202L107 16,857,000 300,000 SH SOLE 300,000 0 0
CHEVRON CORP COM NEW 166764100 49,728,000 300,000 SH SOLE 300,000 0 0
CONOCOPHILLIPS COM 20825C104 31,188,000 300,000 SH SOLE 300,000 0 0
COSTCO WHSL CORP NEW COM NEW 22160K105 65,482,900 70,000 SH SOLE 70,000 0 0
CUBESMART COM 229663109 19,885,000 500,000 SH SOLE 500,000 0 0
DEVON ENERGY CORPORATION COM NEW 25179M103 24,792,000 600,000 SH SOLE 600,000 0 0
DIGITAL RLTY TR INC COM 253868103 26,937,000 150,000 SH SOLE 150,000 0 0
DISNEY WALT CO COM 254687106 19,250,000 200,000 SH SOLE 200,000 0 0
ESSEX PPTY TR INC COM 297178105 29,159,000 100,000 SH SOLE 100,000 0 0
EXXON MOBIL CORP COM 30231G102 41,016,000 300,000 SH SOLE 300,000 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313745101 24,688,000 200,000 SH SOLE 200,000 0 0
FEDEX CORP COM 31428X106 26,616,050 85,000 SH SOLE 85,000 0 0
FEDEX FGHT HLDG CO INC COMMON STOCK 314352105 6,417,500 42,500 SH SOLE 42,500 0 0
FLUOR CORP NEW COM NEW 343412102 20,956,000 400,000 SH SOLE 400,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 166,658,500 2,650,000 SH SOLE 2,650,000 0 0
HF SINCLAIR CORPORATION COM 403949100 31,342,500 450,000 SH SOLE 450,000 0 0
HIGHWOODS PPTYS INC COM 431284108 12,064,000 400,000 SH SOLE 400,000 0 0
ILLINOIS TOOL WKS INC COM 452308109 31,104,050 115,000 SH SOLE 115,000 0 0
IPG PHOTONICS CORP COM 44980X109 26,397,000 225,000 SH SOLE 225,000 0 0
KIMCO RLTY CORP COM 49446R109 15,210,000 600,000 SH SOLE 600,000 0 0
LENNAR CORP CL A 526057104 24,884,750 275,000 SH SOLE 275,000 0 0
LOCKHEED MARTIN CORP COM 539830109 58,587,900 115,000 SH SOLE 115,000 0 0
META PLATFORMS INC CL A 30303M102 129,556,700 230,000 SH SOLE 230,000 0 0
MILLROSE PPTYS INC COM CL A 601137102 22,537,500 750,000 SH SOLE 750,000 0 0
MORGAN STANLEY COM NEW 617446448 58,531,200 280,000 SH SOLE 280,000 0 0
MURPHY OIL CORP COM 626717102 19,536,000 600,000 SH SOLE 600,000 0 0
NUCOR CORP COM 670346105 38,981,250 175,000 SH SOLE 175,000 0 0
NUTRIEN LTD COM 67077M108 25,180,000 400,000 SH SOLE 400,000 0 0
NVIDIA CORP COM 67066G104 175,078,750 875,000 SH SOLE 875,000 0 0
OCCIDENTAL PETE CORP COM 674599105 24,285,000 500,000 SH SOLE 500,000 0 0
OUTFRONT MEDIA INC COM NEW 69007J304 29,484,000 900,000 SH SOLE 900,000 0 0
OVINTIV INC COM 69047Q102 34,222,500 650,000 SH SOLE 650,000 0 0
PALANTIR TECHNOLOGIES INC CL A 69608A108 166,254,750 1,425,000 SH SOLE 1,425,000 0 0
PARKER HANNIFIN CORP COM 701094104 63,577,800 65,000 SH SOLE 65,000 0 0
PHILLIPS 66 COM 718546104 16,905,000 100,000 SH SOLE 100,000 0 0
PROLOGIS INC COM 74340W103 30,480,750 225,000 SH SOLE 225,000 0 0
QUANTUM COMPUTING INC COM 74766W108 9,700,000 1,000,000 SH SOLE 1,000,000 0 0
REGENCY CTRS CORP COM 758849103 23,922,000 300,000 SH SOLE 300,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 42,718,500 450,000 SH SOLE 450,000 0 0
RYDER SYS INC COM 783549108 26,377,000 100,000 SH SOLE 100,000 0 0
SCHWAB CHARLES CORP COM NEW 808513105 32,294,500 350,000 SH SOLE 350,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 27,956,250 125,000 SH SOLE 125,000 0 0
SOUTH32 LTD ADR 84473L105 6,760,000 500,000 SH SOLE 500,000 0 0
STAG INDL INC COM 85254J102 19,030,000 500,000 SH SOLE 500,000 0 0
STATE STREET CORPORATION COM 857477103 42,400,000 250,000 SH SOLE 250,000 0 0
STRUCTURE THERAPEUTICS INC SPONSORED ADS 86366E106 42,936,000 800,000 SH SOLE 800,000 0 0
TEXAS PACIFIC LAND CORP COM 88262P102 258,207,600 590,000 SH SOLE 590,000 0 0
TWILIO INC CL A 90138F102 56,740,750 275,000 SH SOLE 275,000 0 0
UBER TECHNOLOGIES INC COM 90353T100 27,060,000 375,000 SH SOLE 375,000 0 0
UDR INC COM 902653104 15,968,000 400,000 SH SOLE 400,000 0 0
UMH PPTYS INC COM 903002103 10,598,000 700,000 SH SOLE 700,000 0 0
VALE SA ADR 91912E105 7,520,000 500,000 SH SOLE 500,000 0 0
VIPER ENERGY INC CL A 64361Q101 21,200,000 500,000 SH SOLE 500,000 0 0
VISA INC COM CL A 92826C839 34,309,000 100,000 SH SOLE 100,000 0 0
VORNADO RLTY TR SH BEN INT 929042109 15,720,000 400,000 SH SOLE 400,000 0 0
WEYERHAEUSER CO COM 962166104 17,955,000 750,000 SH SOLE 750,000 0 0
WILLIAMS SONOMA INC COM 969904101 34,965,000 150,000 SH SOLE 150,000 0 0
WYNN RESORTS LTD COM 983134107 19,418,000 200,000 SH SOLE 200,000 0 0