Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WCN	WASTE CONNECTIONS INC	1,510,000	$252M	10.8%	$166.69	—	COM	94106B101
CX	CEMEX SAB-SPONS ADR PART CER	2,120,000	$25.44M	1.1%	$12.00	—	SPON ADR NEW	151290889
MTH	MERITAGE HOMES CORP	220,000	$18.45M	0.8%	$83.85	—	COM	59001A102
JBI	JANUS INTERNATIONAL GROUP IN ⚠	3,240,000	$17.98M	0.8%	$5.55	—	COMMON STOCK	47103N106
SON	SONOCO PRODUCTS CO	50,000	$2.817M	0.1%	$56.35	—	COM	835495102
VMC	VULCAN MATERIALS CO	5,000	$1.475M	0.1%	$295.01	—	COM	929160109

Increased Positions (13)

IP INTERNATIONAL PAPER CO 16.1%

Value $375M (+38.4%) Shares 9,840,000 (+29.6%) Est. Cost $38.82 Unrealized —

RYN Rayonier Inc 3.6%

Value $83.84M (+747.1%) Shares 3,940,000 (+720.8%) Est. Cost $21.20 Unrealized —

WY Weyerhaeuser Co 3.1%

Value $72.78M (+1467.9%) Shares 3,040,000 (+1500.0%) Est. Cost $23.93 Unrealized —

BLDR Builders FirstSource Inc 2.8%

Value $64.25M (+913.4%) Shares 718,000 (+832.5%) Est. Cost $92.49 Unrealized —

WFG West Fraser Timber Co Ltd 2.1%

Value $50.09M (+1270.0%) Shares 740,000 (+1221.4%) Est. Cost $67.82 Unrealized —

ATR APTARGROUP INC 3.6%

Value $83.88M (+90.2%) Shares 670,000 (+91.4%) Est. Cost $127.75 Unrealized —

MBC MASTERBRAND INC 2.0%

Value $47.59M (+340.5%) Shares 4,624,400 (+255.7%) Est. Cost $10.81 Unrealized —

LGIH LGI HOMES INC 2.6%

Value $61.58M (+143.4%) Shares 967,000 (+51.1%) Est. Cost $56.58 Unrealized —

BCC BOISE CASCADE CO 1.5%

Value $34.55M (+1010.8%) Shares 445,000 (+985.4%) Est. Cost $78.19 Unrealized —

GBX GREENBRIER COMPANIES INC 1.7%

Value $38.6M (+193.8%) Shares 787,588 (+215.6%) Est. Cost $50.11 Unrealized —

SLGN SILGAN HOLDINGS INC 2.1%

Value $48.25M (+42.9%) Shares 1,040,000 (+19.5%) Est. Cost $44.52 Unrealized —

FND FLOOR & DECOR HOLDINGS INC-A 2.4%

Value $55.2M (+21.6%) Shares 930,000 (+4.0%) Est. Cost $67.93 Unrealized —

SUZ SUZANO SA - ADR 8.1%

Value $189M (-1.4%) Shares 24,320,000 (+27.2%) Est. Cost $10.17 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IP	INTERNATIONAL PAPER CO	9,840,000 (+29.6%)	$375M (+38.4%)	16.1%	$38.82	—	COM	460146103
RYN	Rayonier Inc	3,940,000 (+720.8%)	$83.84M (+747.1%)	3.6%	$21.20	—	COM	754907103
WY	Weyerhaeuser Co	3,040,000 (+1500.0%)	$72.78M (+1467.9%)	3.1%	$23.93	—	COM NEW	962166104
BLDR	Builders FirstSource Inc	718,000 (+832.5%)	$64.25M (+913.4%)	2.8%	$92.49	—	COM	12008R107
WFG	West Fraser Timber Co Ltd	740,000 (+1221.4%)	$50.09M (+1270.0%)	2.1%	$67.82	—	COM	952845105
ATR	APTARGROUP INC	670,000 (+91.4%)	$83.88M (+90.2%)	3.6%	$127.75	—	COM	038336103
MBC	MASTERBRAND INC	4,624,400 (+255.7%)	$47.59M (+340.5%)	2.0%	$10.81	—	COMMON STOCK	57638P104
LGIH	LGI HOMES INC	967,000 (+51.1%)	$61.58M (+143.4%)	2.6%	$56.58	—	COM	50187T106
BCC	BOISE CASCADE CO	445,000 (+985.4%)	$34.55M (+1010.8%)	1.5%	$78.19	—	COM	09739D100
GBX	GREENBRIER COMPANIES INC	787,588 (+215.6%)	$38.6M (+193.8%)	1.7%	$50.11	—	COM	393657101
SLGN	SILGAN HOLDINGS INC	1,040,000 (+19.5%)	$48.25M (+42.9%)	2.1%	$44.52	—	COM	827048109
FND	FLOOR & DECOR HOLDINGS INC-A	930,000 (+4.0%)	$55.2M (+21.6%)	2.4%	$67.93	—	CL A	339750101
SUZ	SUZANO SA - ADR	24,320,000 (+27.2%)	$189M (-1.4%)	8.1%	$10.17	—	SPON ADS	86959K105

Exited Positions (4)

HRL HORMEL FOODS CORP 2.7%

Value $63.99M Shares 2,825,000 Est. Cost $24.24 Unrealized —

MHK MOHAWK INDS INC 0.7%

Value $16.25M Shares 165,000 Est. Cost $132.13 Unrealized —

AMWD AMERICAN WOODMARK CORP 0.5%

Value $11.79M Shares 296,000 Est. Cost $74.01 Unrealized —

XLP SELECT SECTOR SPDR TR 0.2%

Value $4.099M Shares 50,000 Est. Cost $81.98 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HRL	HORMEL FOODS CORP	2,825,000	$63.99M	2.7%	$24.24	—	—	440452100
MHK	MOHAWK INDS INC	165,000	$16.25M	0.7%	$132.13	—	—	608190104
AMWD	AMERICAN WOODMARK CORP	296,000	$11.79M	0.5%	$74.01	—	—	030506109
XLP	SELECT SECTOR SPDR TR	50,000	$4.099M	0.2%	$81.98	—	—	81369Y308

Decreased Positions (2)

FBIN FORTUNE BRANDS INNOVATIONS INC 4.3%

Value $100M (+18.2%) Shares 1,825,000 (-16.1%) Est. Cost $56.84 Unrealized —

MERC MERCER INTERNATIONAL INC 0.0%

Value $394K (-91.2%) Shares 596,791 (-81.1%) Est. Cost $10.86 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FBIN	FORTUNE BRANDS INNOVATIONS INC	1,825,000 (-16.1%)	$100M (+18.2%)	4.3%	$56.84	—	COM	34964C106
MERC	MERCER INTERNATIONAL INC	596,791 (-81.1%)	$394K (-91.2%)	0.0%	$10.86	—	COM	588056101

Unchanged Positions (4)

PKG PACKAGING CORP OF AMERICA 15.6%

Value $365M Shares 1,532,500 Est. Cost $205.75 Unrealized —

SLVM SYLVAMO CORP 10.2%

Value $239M Shares 6,312,454 Est. Cost $34.16 Unrealized —

EZPW EZCORP INC-CL A(NSM) 2.1%

Value $50.13M Shares 1,450,000 Est. Cost $21.91 Unrealized —

FCFS FIRSTCASH HOLDINGS INC 2.5%

Value $58.41M Shares 270,000 Est. Cost $170.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PKG	PACKAGING CORP OF AMERICA	1,532,500	$365M	15.6%	$205.75	—	COM	695156109
SLVM	SYLVAMO CORP	6,312,454	$239M	10.2%	$34.16	—	COMMON STOCK	871332102
EZPW	EZCORP INC-CL A(NSM)	1,450,000	$50.13M	2.1%	$21.91	—	CL A NON VTG	302301106
FCFS	FIRSTCASH HOLDINGS INC	270,000	$58.41M	2.5%	$170.40	—	COM	33768G107