Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVR	NVR INC	28,248 (+31.2%)	$192M (+35.6%)	4.1%	$4440.00	—	COM	62944T105
FITB	FIFTH THIRD BANCORP	3,171,824 (+12.0%)	$179M (+35.9%)	3.8%	$37.44	—	COM	316773100
LEN	LENNAR CORP	2,020,441 (+27.4%)	$183M (+32.7%)	3.9%	$77.14	—	CL A	526057104
WAL	WESTERN ALLIANCE BANCORP	1,594,678 (+17.6%)	$131M (+36.5%)	2.8%	$60.94	—	COM	957638109
GTX	GARRETT MOTION INC	275,064 (+7.9%)	$9.966M (+115.2%)	0.2%	$17.53	—	COM	366505105
WFG	WEST FRASER TIMBER CO LTD	123,878 (+7.9%)	$8.378M (+11.8%)	0.2%	$73.89	—	COM	952845105
FRO	FRONTLINE PLC	633,773 (+3.8%)	$21.98M (+2.6%)	0.5%	$15.81	—	COM	M46528101

Exited Positions (1)

QCOM QUALCOMM INC 1.5%

Value $70.29M Shares 545,810 Est. Cost $104.95 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QCOM	QUALCOMM INC	545,810	$70.29M	1.5%	$104.95	—	—	747525103

Decreased Positions (24)

APA APA CORPORATION 5.5%

Value $254M (-27.5%) Shares 7,808,568 (-5.6%) Est. Cost $29.84 Unrealized —

EBAY EBAY INC. 2.0%

Value $91.18M (-43.5%) Shares 815,923 (-53.9%) Est. Cost $41.70 Unrealized —

CVE CENOVUS ENERGY INC 7.1%

Value $331M (-16.0%) Shares 13,370,631 (-10.1%) Est. Cost $17.35 Unrealized —

OXY OCCIDENTAL PETE CORP 3.0%

Value $140M (-30.2%) Shares 2,889,985 (-6.6%) Est. Cost $38.61 Unrealized —

MAC MACERICH CO 6.2%

Value $289M (+25.9%) Shares 11,481,712 (-5.5%) Est. Cost $13.76 Unrealized —

COP CONOCOPHILLIPS 3.5%

Value $164M (-25.6%) Shares 1,577,846 (-5.6%) Est. Cost $68.20 Unrealized —

UNH UNITEDHEALTH GROUP INC 2.9%

Value $136M (+45.3%) Shares 328,414 (-5.4%) Est. Cost $351.71 Unrealized —

CACC CREDIT ACCEP CORP MICH 2.7%

Value $127M (+42.0%) Shares 198,808 (-5.5%) Est. Cost $473.19 Unrealized —

FANG DIAMONDBACK ENERGY INC 3.8%

Value $178M (-16.1%) Shares 1,009,989 (-5.5%) Est. Cost $137.08 Unrealized —

DHI D R HORTON INC 4.9%

Value $230M (+12.1%) Shares 1,414,221 (-5.6%) Est. Cost $81.22 Unrealized —

SPG SIMON PPTY GROUP INC NEW 6.7%

Value $313M (+7.6%) Shares 1,399,725 (-10.3%) Est. Cost $96.85 Unrealized —

UHAL/B U HAUL HOLDING COMPANY 2.5%

Value $117M (+22.2%) Shares 2,031,260 (-5.4%) Est. Cost $58.34 Unrealized —

CROX CROCS INC 1.3%

Value $59.02M (+37.5%) Shares 489,245 (-5.4%) Est. Cost $91.29 Unrealized —

BAC BANK OF AMER CORP 3.2%

Value $149M (+10.4%) Shares 2,606,833 (-5.5%) Est. Cost $27.95 Unrealized —

ULTA ULTA BEAUTY INC 1.1%

Value $53.2M (-18.5%) Shares 117,976 (-5.5%) Est. Cost $387.42 Unrealized —

AXP AMERICAN EXPRESS CO 4.1%

Value $192M (+5.6%) Shares 569,063 (-5.6%) Est. Cost $118.42 Unrealized —

AMGN AMGEN INC 5.1%

Value $239M (-2.8%) Shares 659,241 (-5.5%) Est. Cost $193.08 Unrealized —

JPM JPMORGAN CHASE & CO 2.8%

Value $129M (+5.1%) Shares 392,900 (-5.6%) Est. Cost $100.23 Unrealized —

MTB M & T BK CORP 1.4%

Value $66.07M (+8.8%) Shares 277,594 (-5.5%) Est. Cost $120.31 Unrealized —

OXY/WS OCCIDENTAL PETE CORP 0.0%

Value $1.74M (-73.2%) Shares 65,345 (-56.8%) Est. Cost $33.25 Unrealized —

TGT TARGET CORP 4.0%

Value $184M (+1.8%) Shares 1,409,966 (-5.5%) Est. Cost $115.72 Unrealized —

MRK MERCK & CO INC 6.4%

Value $300M (+0.9%) Shares 2,334,468 (-5.5%) Est. Cost $71.96 Unrealized —

HD HOME DEPOT INC 2.2%

Value $102M (+1.2%) Shares 290,159 (-5.6%) Est. Cost $213.76 Unrealized —

IWD ISHARES TR 0.0%

Value $1.201M (-10.3%) Shares 4,956 (-20.9%) Est. Cost $198.39 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APA	APA CORPORATION	7,808,568 (-5.6%)	$254M (-27.5%)	5.5%	$29.84	—	COM	03743Q108
EBAY	EBAY INC.	815,923 (-53.9%)	$91.18M (-43.5%)	2.0%	$41.70	—	COM	278642103
CVE	CENOVUS ENERGY INC	13,370,631 (-10.1%)	$331M (-16.0%)	7.1%	$17.35	—	COM	15135U109
OXY	OCCIDENTAL PETE CORP	2,889,985 (-6.6%)	$140M (-30.2%)	3.0%	$38.61	—	COM	674599105
MAC	MACERICH CO	11,481,712 (-5.5%)	$289M (+25.9%)	6.2%	$13.76	—	COM	554382101
COP	CONOCOPHILLIPS	1,577,846 (-5.6%)	$164M (-25.6%)	3.5%	$68.20	—	COM	20825C104
UNH	UNITEDHEALTH GROUP INC	328,414 (-5.4%)	$136M (+45.3%)	2.9%	$351.71	—	COM	91324P102
CACC	CREDIT ACCEP CORP MICH	198,808 (-5.5%)	$127M (+42.0%)	2.7%	$473.19	—	COM	225310101
FANG	DIAMONDBACK ENERGY INC	1,009,989 (-5.5%)	$178M (-16.1%)	3.8%	$137.08	—	COM	25278X109
DHI	D R HORTON INC	1,414,221 (-5.6%)	$230M (+12.1%)	4.9%	$81.22	—	COM	23331A109
SPG	SIMON PPTY GROUP INC NEW	1,399,725 (-10.3%)	$313M (+7.6%)	6.7%	$96.85	—	COM	828806109
UHAL/B	U HAUL HOLDING COMPANY	2,031,260 (-5.4%)	$117M (+22.2%)	2.5%	$58.34	—	COM SER N	023586506
CROX	CROCS INC	489,245 (-5.4%)	$59.02M (+37.5%)	1.3%	$91.29	—	COM	227046109
BAC	BANK OF AMER CORP	2,606,833 (-5.5%)	$149M (+10.4%)	3.2%	$27.95	—	COM	060505104
ULTA	ULTA BEAUTY INC	117,976 (-5.5%)	$53.2M (-18.5%)	1.1%	$387.42	—	COM	90384S303
AXP	AMERICAN EXPRESS CO	569,063 (-5.6%)	$192M (+5.6%)	4.1%	$118.42	—	COM	025816109
AMGN	AMGEN INC	659,241 (-5.5%)	$239M (-2.8%)	5.1%	$193.08	—	COM	031162100
JPM	JPMORGAN CHASE & CO	392,900 (-5.6%)	$129M (+5.1%)	2.8%	$100.23	—	COM	46625H100
MTB	M & T BK CORP	277,594 (-5.5%)	$66.07M (+8.8%)	1.4%	$120.31	—	COM	55261F104
OXY/WS	OCCIDENTAL PETE CORP	65,345 (-56.8%)	$1.74M (-73.2%)	0.0%	$33.25	—	*W EXP 08/03/202	674599162
TGT	TARGET CORP	1,409,966 (-5.5%)	$184M (+1.8%)	4.0%	$115.72	—	COM	87612E106
MRK	MERCK & CO INC	2,334,468 (-5.5%)	$300M (+0.9%)	6.4%	$71.96	—	COM	58933Y105
HD	HOME DEPOT INC	290,159 (-5.6%)	$102M (+1.2%)	2.2%	$213.76	—	COM	437076102
IWD	ISHARES TR	4,956 (-20.9%)	$1.201M (-10.3%)	0.0%	$198.39	—	RUS 1000 VAL ETF	464287598