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
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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 170,935,368 562,102 SH SOLE 562,102 0 0
AMGEN INC COM 031162100 247,217,281 586,504 SH SOLE 586,504 0 0
APA CORPORATION COM 03743Q108 320,448,151 7,714,207 SH SOLE 7,714,207 0 0
BANK OF AMER CORP COM 060505104 117,983,291 2,167,615 SH SOLE 2,167,615 0 0
CENOVUS ENERGY INC COM 15135U109 421,759,560 13,568,058 SH SOLE 13,568,058 0 0
CONOCOPHILLIPS COM 20825C104 195,086,899 1,558,825 SH SOLE 1,558,825 0 0
CREDIT ACCEP CORP MICH COM 225310101 104,278,044 196,381 SH SOLE 196,381 0 0
CROCS INC COM 227046109 83,268,496 709,816 SH SOLE 709,816 0 0
D R HORTON INC COM 23331A109 190,860,960 1,396,714 SH SOLE 1,396,714 0 0
DIAMONDBACK ENERGY INC COM 25278X109 183,395,054 997,743 SH SOLE 997,743 0 0
EBAY INC. COM 278642103 85,466,585 805,908 SH SOLE 805,908 0 0
FIFTH THIRD BANCORP COM 316773100 158,076,392 3,125,275 SH SOLE 3,125,275 0 0
FRONTLINE PLC COM M46528101 37,667,493 760,775 SH SOLE 760,775 0 0
GARRETT MOTION INC COM 366505105 11,459,473 440,241 SH SOLE 440,241 0 0
HOME DEPOT INC COM 437076102 81,504,925 286,495 SH SOLE 286,495 0 0
ISHARES TR RUS 1000 VAL ETF 464287598 1,137,007 4,586 SH SOLE 4,586 0 0
JPMORGAN CHASE & CO COM 46625H100 127,563,298 385,586 SH SOLE 385,586 0 0
LENNAR CORP CL A 526057104 186,410,693 2,284,725 SH SOLE 2,284,725 0 0
M & T BK CORP COM 55261F104 59,666,869 274,204 SH SOLE 274,204 0 0
MACERICH CO COM 554382101 252,631,357 11,298,361 SH SOLE 11,298,361 0 0
MERCK & CO INC COM 58933Y105 335,072,670 2,305,916 SH SOLE 2,305,916 0 0
NVR INC COM 62944T105 171,270,962 27,829 SH SOLE 27,829 0 0
OCCIDENTAL PETE CORP COM 674599105 162,623,851 2,939,694 SH SOLE 2,939,694 0 0
SIMON PPTY GROUP INC NEW COM 828806109 251,958,294 1,255,022 SH SOLE 1,255,022 0 0
TARGET CORP COM 87612E106 193,262,945 1,233,410 SH SOLE 1,233,410 0 0
U HAUL HOLDING COMPANY COM SER N 023586506 105,979,494 2,005,288 SH SOLE 2,005,288 0 0
ULTA BEAUTY INC COM 90384S303 63,649,077 116,537 SH SOLE 116,537 0 0
UNITEDHEALTH GROUP INC COM 91324P102 119,077,569 324,391 SH SOLE 324,391 0 0
WEST FRASER TIMBER CO LTD COM 952845105 13,330,572 192,278 SH SOLE 192,278 0 0
WESTERN ALLIANCE BANCORP COM 957638109 141,959,291 1,890,270 SH SOLE 1,890,270 0 0
ZOETIS INC CL A 98978V103 110,400,985 1,580,996 SH SOLE 1,580,996 0 0