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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
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 HOMES 4 RENT CL A 02665T306 31,484 888,362 SH   SOLE   888,362 0 0
BROOKDALE SR LIVING INC COM 112463104 36,588 8,058,946 SH   SOLE   8,058,946 0 0
D R HORTON INC COM 23331A109 25,238 381,293 SH   SOLE   381,293 0 0
DECKERS OUTDOOR CORP COM 243537107 36,712 143,772 SH   SOLE   143,772 0 0
MDU RES GROUP INC COM 552690109 17,908 663,520 SH   SOLE   663,520 0 0
MSC INDL DIRECT INC CL A 553530106 31,268 416,291 SH   SOLE   416,291 0 0
NEWS CORP NEW CL A 65249B109 45,251 2,904,459 SH   SOLE   2,904,459 0 0
NORTONLIFELOCK INC COM 668771108 19,736 898,716 SH   SOLE   898,716 0 0
SPDR SER TR S&P OILGAS EXP 78468R556 15,937 133,386 SH   SOLE   133,386 0 0
VIAD CORP COM 92552R406 22,282 807,021 SH   SOLE   807,021 0 0
WESCO INTL INC COM 95082P105 31,721 296,183 SH   SOLE   296,183 0 0
ZIONS BANCORPORATION N A COM 989701107 34,848 684,646 SH   SOLE   684,646 0 0