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 284,281,175 768,431 SH SOLE 768,431 0 0
AMGEN INC COM 031162100 262,435,784 801,796 SH SOLE 801,796 0 0
APA CORPORATION COM 03743Q108 232,444,335 9,503,039 SH SOLE 9,503,039 0 0
BANK AMERICA CORP COM 060505104 174,339,139 3,169,803 SH SOLE 3,169,803 0 0
CENOVUS ENERGY INC COM 15135U109 283,634,484 16,763,978 SH SOLE 16,763,978 0 0
CONOCOPHILLIPS COM 20825C104 179,501,432 1,917,545 SH SOLE 1,917,545 0 0
CREDIT ACCEP CORP MICH COM 225310101 83,518,435 188,334 SH SOLE 188,334 0 0
CROCS INC COM 227046109 50,857,866 594,690 SH SOLE 594,690 0 0
D R HORTON INC COM 23331A109 247,720,817 1,719,925 SH SOLE 1,719,925 0 0
DIAMONDBACK ENERGY INC COM 25278X109 184,571,004 1,227,772 SH SOLE 1,227,772 0 0
EBAY INC. COM 278642103 177,064,382 2,032,886 SH SOLE 2,032,886 0 0
FIFTH THIRD BANCORP COM 316773100 152,138,996 3,250,139 SH SOLE 3,250,139 0 0
FRONTLINE PLC COM M46528101 12,936,948 586,729 SH SOLE 586,729 0 0
GARRETT MOTION INC COM 366505105 4,257,469 244,261 SH SOLE 244,261 0 0
HOME DEPOT INC COM 437076102 121,404,938 352,819 SH SOLE 352,819 0 0
ISHARES TR RUS 1000 VAL ETF 464287598 923,751 4,392 SH SOLE 4,392 0 0
JPMORGAN CHASE & CO. COM 46625H100 181,342,685 562,792 SH SOLE 562,792 0 0
LENNAR CORP CL A 526057104 187,331,534 1,822,291 SH SOLE 1,822,291 0 0
M & T BK CORP COM 55261F104 68,020,258 337,603 SH SOLE 337,603 0 0
MACERICH CO COM 554382101 257,771,839 13,963,805 SH SOLE 13,963,805 0 0
MERCK & CO INC COM 58933Y105 298,759,494 2,838,300 SH SOLE 2,838,300 0 0
NVR INC COM 62944T105 180,457,931 24,745 SH SOLE 24,745 0 0
OCCIDENTAL PETE CORP COM 674599105 145,777,865 3,545,182 SH SOLE 3,545,182 0 0
OCCIDENTAL PETE CORP *W EXP 08/03/202 674599162 2,948,757 153,047 SH SOLE 153,047 0 0
QUALCOMM INC COM 747525103 107,237,512 626,937 SH SOLE 626,937 0 0
SIMON PPTY GROUP INC NEW COM 828806109 331,593,099 1,791,330 SH SOLE 1,791,330 0 0
TARGET CORP COM 87612E106 167,536,808 1,713,932 SH SOLE 1,713,932 0 0
U HAUL HOLDING COMPANY COM SER N 023586506 115,308,088 2,467,011 SH SOLE 2,467,011 0 0
ULTA BEAUTY INC COM 90384S303 86,805,108 143,477 SH SOLE 143,477 0 0
UNITEDHEALTH GROUP INC COM 91324P102 101,912,437 308,723 SH SOLE 308,723 0 0
WEST FRASER TIMBER CO LTD COM 952845105 3,345,462 54,678 SH SOLE 54,678 0 0
WESTERN ALLIANCE BANCORP COM 957638109 130,892,195 1,556,943 SH SOLE 1,556,943 0 0