<SEC-DOCUMENT>0001085146-16-003859.txt : 20160516
<SEC-HEADER>0001085146-16-003859.hdr.sgml : 20160516
<ACCEPTANCE-DATETIME>20160516160917
ACCESSION NUMBER:		0001085146-16-003859
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160331
FILED AS OF DATE:		20160516
DATE AS OF CHANGE:		20160516
EFFECTIVENESS DATE:		20160516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLG LLC
		CENTRAL INDEX KEY:			0001352261
		IRS NUMBER:				030420197
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-11672
		FILM NUMBER:		161653796

	BUSINESS ADDRESS:	
		STREET 1:		452 FIFTH AVENUE
		STREET 2:		27TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		212-649-6700

	MAIL ADDRESS:	
		STREET 1:		452 FIFTH AVENUE
		STREET 2:		27TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ore Hill Partners LLC
		DATE OF NAME CHANGE:	20060206
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
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    <submissionType>13F-HR</submissionType>
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      <liveTestFlag>LIVE</liveTestFlag>
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        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
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      <filer>
        <credentials>
          <cik>0001352261</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>03-31-2016</periodOfReport>
    </filerInfo>
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    <coverPage>
      <reportCalendarOrQuarter>03-31-2016</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>GLG LLC</name>
        <address>
          <ns1:street1>452 FIFTH AVENUE</ns1:street1>
          <ns1:street2>27TH FLOOR</ns1:street2>
          <ns1:city>NEW YORK</ns1:city>
          <ns1:stateOrCountry>NY</ns1:stateOrCountry>
          <ns1:zipCode>10018</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-11672</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Nadine Le Gall</name>
      <title>Chief Compliance Officer</title>
      <phone>212-649-6700</phone>
      <signature>/s/ Nadine Le Gall</signature>
      <city>New York</city>
      <stateOrCountry>NY</stateOrCountry>
      <signatureDate>05-16-2016</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>554</tableEntryTotal>
      <tableValueTotal>1601382</tableValueTotal>
      <otherManagers2Info>
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          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001289643</cik>
            <form13FFileNumber>028-10979</form13FFileNumber>
            <name>GLG Partners LP</name>
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      <sshPrnamt>36633</sshPrnamt>
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    <cusip>00724F101</cusip>
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      <sshPrnamt>34900</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>34900</Sole>
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  <infoTable>
    <nameOfIssuer>ADVANCE AUTO PARTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00751Y106</cusip>
    <value>3876</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24176</sshPrnamt>
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      <Sole>24176</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>AERCAP HOLDINGS NV</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>N00985106</cusip>
    <value>3111</value>
    <shrsOrPrnAmt>
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    <titleOfClass>COM</titleOfClass>
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    <value>391</value>
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    <nameOfIssuer>AETNA INC NEW</nameOfIssuer>
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    <titleOfClass>COM</titleOfClass>
    <cusip>00846U101</cusip>
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    <cusip>009158106</cusip>
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      <sshPrnamt>9393</sshPrnamt>
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    <nameOfIssuer>ALPHABET INC</nameOfIssuer>
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      <sshPrnamt>45125</sshPrnamt>
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    <nameOfIssuer>CLOROX CO DEL</nameOfIssuer>
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    <nameOfIssuer>CRITEO S A</nameOfIssuer>
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    <value>871</value>
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    <nameOfIssuer>CROWN CASTLE INTL CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>53248</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>53248</Sole>
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      <None>0</None>
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    <nameOfIssuer>EOG RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26875P101</cusip>
    <value>2981</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41076</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>41076</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>EQT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26884L109</cusip>
    <value>568</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8440</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>8440</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>EQUINIX INC</nameOfIssuer>
    <titleOfClass>COM PAR $0.001</titleOfClass>
    <cusip>29444U700</cusip>
    <value>1025</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3098</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>3098</Sole>
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      <None>0</None>
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    <nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
    <titleOfClass>SH BEN INT</titleOfClass>
    <cusip>29476L107</cusip>
    <value>1075</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14321</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>14321</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ESSENT GROUP LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G3198U102</cusip>
    <value>927</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44586</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>44586</Sole>
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      <None>0</None>
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    <nameOfIssuer>ESSEX PPTY TR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>297178105</cusip>
    <value>481</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2056</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>2056</Sole>
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      <None>0</None>
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    <nameOfIssuer>EVERSOURCE ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30040W108</cusip>
    <value>1246</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21370</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>21370</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EXELON CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30161N101</cusip>
    <value>2324</value>
    <shrsOrPrnAmt>
      <sshPrnamt>64819</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>64819</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EXPEDITORS INTL WASH INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>302130109</cusip>
    <value>557</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11406</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>11406</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EXPRESS SCRIPTS HLDG CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30219G108</cusip>
    <value>1827</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26604</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>26604</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30231G102</cusip>
    <value>15480</value>
    <shrsOrPrnAmt>
      <sshPrnamt>185184</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>185184</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>F M C CORP</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>302491303</cusip>
    <value>2391</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59227</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>59227</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>F5 NETWORKS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>315616102</cusip>
    <value>551</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5203</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>5203</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>FACEBOOK INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>30303M102</cusip>
    <value>25055</value>
    <shrsOrPrnAmt>
      <sshPrnamt>219592</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>219592</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>FAIRCHILD SEMICONDUCTOR INTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>303726103</cusip>
    <value>11382</value>
    <shrsOrPrnAmt>
      <sshPrnamt>569119</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>569119</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>FASTENAL CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>311900104</cusip>
    <value>699</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14268</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>14268</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FEDEX CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31428X106</cusip>
    <value>3005</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18471</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>18471</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>FIDELITY NATL INFORMATION SV</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31620M106</cusip>
    <value>834</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13171</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>13171</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FIFTH THIRD BANCORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>316773100</cusip>
    <value>1036</value>
    <shrsOrPrnAmt>
      <sshPrnamt>62087</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>62087</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FIREEYE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>31816Q101</cusip>
    <value>303</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16852</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>16852</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FIRST HORIZON NATL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>320517105</cusip>
    <value>312</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23827</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>23827</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>FIRST REP BK SAN FRANCISCO C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>33616C100</cusip>
    <value>556</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8342</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>8342</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FLIR SYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>302445101</cusip>
    <value>299</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9089</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>9089</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FLUOR CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>343412102</cusip>
    <value>489</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9109</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>9109</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FMC TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30249U101</cusip>
    <value>514</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18776</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>18776</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FORD MTR CO DEL</nameOfIssuer>
    <titleOfClass>COM PAR $0.01</titleOfClass>
    <cusip>345370860</cusip>
    <value>2151</value>
    <shrsOrPrnAmt>
      <sshPrnamt>159320</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>159320</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FORTRESS TRANS INFRST INVS L</nameOfIssuer>
    <titleOfClass>COM REP LTD LIAB</titleOfClass>
    <cusip>34960P101</cusip>
    <value>152</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15236</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>15236</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FRANKLIN RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>354613101</cusip>
    <value>848</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21702</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>21702</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>35671D857</cusip>
    <value>553</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53482</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>53482</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GAMESTOP CORP NEW</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>36467W109</cusip>
    <value>203</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6390</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>6390</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GAMING &amp; LEISURE PPTYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36467J108</cusip>
    <value>941</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30435</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>30435</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GAMING &amp; LEISURE PPTYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>36467J108</cusip>
    <value>605</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19565</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>19565</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GARMIN LTD</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>H2906T109</cusip>
    <value>232</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5807</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>5807</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369550108</cusip>
    <value>361</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2749</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>2749</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>369604103</cusip>
    <value>14211</value>
    <shrsOrPrnAmt>
      <sshPrnamt>447025</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>447025</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GENERAL MLS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>370334104</cusip>
    <value>1327</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20949</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>20949</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37045V100</cusip>
    <value>4853</value>
    <shrsOrPrnAmt>
      <sshPrnamt>154407</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>154407</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>375558103</cusip>
    <value>9967</value>
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    <value>420</value>
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    <nameOfIssuer>HCP INC</nameOfIssuer>
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    <nameOfIssuer>HD SUPPLY HLDGS INC</nameOfIssuer>
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    <nameOfIssuer>HERBALIFE LTD</nameOfIssuer>
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    <nameOfIssuer>HERTZ GLOBAL HOLDINGS INC</nameOfIssuer>
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    <cusip>42805T105</cusip>
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    <nameOfIssuer>HEWLETT PACKARD ENTERPRISE C</nameOfIssuer>
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    <nameOfIssuer>HILTON WORLDWIDE HLDGS INC</nameOfIssuer>
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    <cusip>43300A104</cusip>
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    <nameOfIssuer>HUMANA INC</nameOfIssuer>
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    <nameOfIssuer>IDREAMSKY TECHNOLOGY LIMITED</nameOfIssuer>
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    <nameOfIssuer>ILLINOIS TOOL WKS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>452308109</cusip>
    <value>2002</value>
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      <Sole>19538</Sole>
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    <cusip>452327109</cusip>
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    <nameOfIssuer>INCYTE CORP</nameOfIssuer>
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    <cusip>45337C102</cusip>
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    <nameOfIssuer>INGRAM MICRO INC</nameOfIssuer>
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    <nameOfIssuer>INTEL CORP</nameOfIssuer>
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    <nameOfIssuer>INTERCONTINENTAL EXCHANGE IN</nameOfIssuer>
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    <cusip>45866F104</cusip>
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    <nameOfIssuer>INTERNATIONAL BUSINESS MACHS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>L-3 COMMUNICATIONS HLDGS INC</nameOfIssuer>
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    <nameOfIssuer>LADDER CAP CORP</nameOfIssuer>
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    <nameOfIssuer>LAKE SHORE GOLD CORP</nameOfIssuer>
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    <nameOfIssuer>LAM RESEARCH CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>LAS VEGAS SANDS CORP</nameOfIssuer>
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    <titleOfClass>COM</titleOfClass>
    <cusip>524901105</cusip>
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    <cusip>526057104</cusip>
    <value>539</value>
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    <nameOfIssuer>LENNOX INTL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>526107107</cusip>
    <value>336</value>
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      <Sole>2489</Sole>
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    <nameOfIssuer>LEVEL 3 COMMUNICATIONS INC</nameOfIssuer>
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    <cusip>52729N308</cusip>
    <value>514</value>
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      <sshPrnamt>9726</sshPrnamt>
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    <nameOfIssuer>LIBERTY GLOBAL PLC</nameOfIssuer>
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    <cusip>G5480U104</cusip>
    <value>1930</value>
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      <sshPrnamt>51176</sshPrnamt>
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    <nameOfIssuer>LIBERTY INTERACTIVE CORP</nameOfIssuer>
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    <cusip>53071M880</cusip>
    <value>831</value>
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    <nameOfIssuer>LIBERTY MEDIA CORP DELAWARE</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>531229102</cusip>
    <value>655</value>
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      <sshPrnamt>16964</sshPrnamt>
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      <Sole>16964</Sole>
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    <nameOfIssuer>LILLY ELI &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>532457108</cusip>
    <value>4576</value>
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      <sshPrnamt>63541</sshPrnamt>
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      <Sole>63541</Sole>
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      <None>0</None>
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    <nameOfIssuer>LINKEDIN CORP</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>53578A108</cusip>
    <value>949</value>
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      <sshPrnamt>8295</sshPrnamt>
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      <Sole>8295</Sole>
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      <None>0</None>
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    <nameOfIssuer>LOCKHEED MARTIN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>539830109</cusip>
    <value>580</value>
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      <sshPrnamt>2618</sshPrnamt>
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      <Sole>2618</Sole>
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      <None>0</None>
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    <nameOfIssuer>LOWES COS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>548661107</cusip>
    <value>5116</value>
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      <sshPrnamt>67538</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>67538</Sole>
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    <nameOfIssuer>LULULEMON ATHLETICA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>550021109</cusip>
    <value>573</value>
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      <sshPrnamt>8466</sshPrnamt>
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      <Sole>8466</Sole>
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    <nameOfIssuer>LYONDELLBASELL INDUSTRIES N</nameOfIssuer>
    <titleOfClass>SHS - A -</titleOfClass>
    <cusip>N53745100</cusip>
    <value>2384</value>
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      <Sole>27856</Sole>
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    <nameOfIssuer>M &amp; T BK CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55261F104</cusip>
    <value>1351</value>
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      <sshPrnamt>12166</sshPrnamt>
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      <Sole>12166</Sole>
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      <None>0</None>
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    <nameOfIssuer>MACERICH CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>554382101</cusip>
    <value>641</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8091</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>8091</Sole>
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      <None>0</None>
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    <nameOfIssuer>MACYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55616P104</cusip>
    <value>1024</value>
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      <sshPrnamt>23234</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>23234</Sole>
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      <None>0</None>
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    <nameOfIssuer>MALLINCKRODT PUB LTD CO</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G5785G107</cusip>
    <value>545</value>
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      <sshPrnamt>8891</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>8891</Sole>
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    <nameOfIssuer>MANITOWOC INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>563571108</cusip>
    <value>9</value>
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      <sshPrnamt>2076</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>2076</Sole>
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      <None>0</None>
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    <nameOfIssuer>MANPOWERGROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>56418H100</cusip>
    <value>301</value>
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      <sshPrnamt>3691</sshPrnamt>
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      <Sole>3691</Sole>
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    <nameOfIssuer>MARATHON OIL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>565849106</cusip>
    <value>871</value>
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      <sshPrnamt>78242</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>78242</Sole>
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    <nameOfIssuer>MARATHON PETE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>56585A102</cusip>
    <value>2848</value>
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      <sshPrnamt>76595</sshPrnamt>
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    <nameOfIssuer>MARRIOTT INTL INC NEW</nameOfIssuer>
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    <cusip>571903202</cusip>
    <value>949</value>
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    <nameOfIssuer>MARSH &amp; MCLENNAN COS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>571748102</cusip>
    <value>949</value>
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    <nameOfIssuer>MARTIN MARIETTA MATLS INC</nameOfIssuer>
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    <cusip>573284106</cusip>
    <value>1122</value>
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      <Sole>7032</Sole>
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    <nameOfIssuer>MARVELL TECHNOLOGY GROUP LTD</nameOfIssuer>
    <titleOfClass>ORD</titleOfClass>
    <cusip>G5876H105</cusip>
    <value>1323</value>
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    <titleOfClass>COM</titleOfClass>
    <cusip>574599106</cusip>
    <value>732</value>
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      <sshPrnamt>23278</sshPrnamt>
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      <Sole>23278</Sole>
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      <None>0</None>
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    <nameOfIssuer>MASTERCARD INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>57636Q104</cusip>
    <value>7070</value>
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      <sshPrnamt>74821</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>74821</Sole>
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    <nameOfIssuer>MATTEL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>577081102</cusip>
    <value>1485</value>
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      <sshPrnamt>44178</sshPrnamt>
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      <Sole>44178</Sole>
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    <nameOfIssuer>MATTSON TECHNOLOGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>577223100</cusip>
    <value>1661</value>
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      <sshPrnamt>455197</sshPrnamt>
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      <Sole>455197</Sole>
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    <nameOfIssuer>MCCORMICK &amp; CO INC</nameOfIssuer>
    <titleOfClass>COM NON VTG</titleOfClass>
    <cusip>579780206</cusip>
    <value>716</value>
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      <Sole>7200</Sole>
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    <nameOfIssuer>MCDONALDS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>580135101</cusip>
    <value>10315</value>
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      <sshPrnamt>82075</sshPrnamt>
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      <Sole>82075</Sole>
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      <None>0</None>
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    <nameOfIssuer>MCGRAW HILL FINL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>580645109</cusip>
    <value>1452</value>
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      <sshPrnamt>14673</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>14673</Sole>
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    <nameOfIssuer>MCKESSON CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58155Q103</cusip>
    <value>3173</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20178</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>20178</Sole>
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  <infoTable>
    <nameOfIssuer>MEAD JOHNSON NUTRITION CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>582839106</cusip>
    <value>360</value>
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      <sshPrnamt>4235</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>4235</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>MEDIVATION INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58501N101</cusip>
    <value>541</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11774</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>11774</Sole>
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    <nameOfIssuer>MEDTRONIC PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G5960L103</cusip>
    <value>8228</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>109707</Sole>
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  <infoTable>
    <nameOfIssuer>MERCK &amp; CO INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>58933Y105</cusip>
    <value>8407</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>158893</Sole>
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  <infoTable>
    <nameOfIssuer>METHANEX CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>59151K108</cusip>
    <value>1030</value>
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      <sshPrnamt>32070</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>32070</Sole>
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  <infoTable>
    <nameOfIssuer>METLIFE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>6137</value>
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    <nameOfIssuer>MYLAN N V</nameOfIssuer>
    <titleOfClass>SHS EURO</titleOfClass>
    <cusip>N59465109</cusip>
    <value>1386</value>
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    <cusip>655044105</cusip>
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    <value>5189</value>
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    <titleOfClass>COM</titleOfClass>
    <cusip>665859104</cusip>
    <value>894</value>
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    <nameOfIssuer>NORTHROP GRUMMAN CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>666807102</cusip>
    <value>2799</value>
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    <titleOfClass>COM NEW</titleOfClass>
    <cusip>629377508</cusip>
    <value>246</value>
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    <titleOfClass>COM</titleOfClass>
    <cusip>670346105</cusip>
    <value>738</value>
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    <nameOfIssuer>NXP SEMICONDUCTORS N V</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>25</value>
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    <value>348</value>
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    <nameOfIssuer>RING ENERGY INC</nameOfIssuer>
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    <nameOfIssuer>RITE AID CORP</nameOfIssuer>
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    <cusip>767754104</cusip>
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    <nameOfIssuer>RITE AID CORP</nameOfIssuer>
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    <nameOfIssuer>ROBERT HALF INTL INC</nameOfIssuer>
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    <nameOfIssuer>ROSS STORES INC</nameOfIssuer>
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    <nameOfIssuer>RYMAN HOSPITALITY PPTYS INC</nameOfIssuer>
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    <nameOfIssuer>SBA COMMUNICATIONS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78388J106</cusip>
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    <titleOfClass>COM</titleOfClass>
    <cusip>80589M102</cusip>
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    <nameOfIssuer>SCHEIN HENRY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806407102</cusip>
    <value>763</value>
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    <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
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    <cusip>806857108</cusip>
    <value>8049</value>
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    <nameOfIssuer>SCHWAB CHARLES CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808513105</cusip>
    <value>2893</value>
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    <nameOfIssuer>SCORPIO TANKERS INC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
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    <value>777</value>
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    <nameOfIssuer>SEALED AIR CORP NEW</nameOfIssuer>
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    <cusip>81211K100</cusip>
    <value>535</value>
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    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
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    <cusip>81369Y407</cusip>
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    <nameOfIssuer>STARWOOD HOTELS&amp;RESORTS WRLD</nameOfIssuer>
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    <nameOfIssuer>TD AMERITRADE HLDG CORP</nameOfIssuer>
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    <nameOfIssuer>TIME WARNER CABLE INC</nameOfIssuer>
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    <nameOfIssuer>TIME WARNER CABLE INC</nameOfIssuer>
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    <nameOfIssuer>TIME WARNER INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>887317303</cusip>
    <value>7547</value>
    <shrsOrPrnAmt>
      <sshPrnamt>104023</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>104023</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>TJX COS INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>872540109</cusip>
    <value>7212</value>
    <shrsOrPrnAmt>
      <sshPrnamt>92050</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>92050</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TOLL BROTHERS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>889478103</cusip>
    <value>310</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10512</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>10512</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TOTAL SYS SVCS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>891906109</cusip>
    <value>468</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9846</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>9846</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TRACTOR SUPPLY CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>892356106</cusip>
    <value>458</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5066</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>5066</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TRAVELERS COMPANIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89417E109</cusip>
    <value>2404</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20602</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>20602</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TRIPADVISOR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>896945201</cusip>
    <value>441</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6635</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>6635</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TWENTY FIRST CENTY FOX INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>90130A101</cusip>
    <value>1407</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50472</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>50472</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TWO HBRS INVT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>90187B101</cusip>
    <value>158</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19899</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>19899</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TYCO INTL PLC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>G91442106</cusip>
    <value>2481</value>
    <shrsOrPrnAmt>
      <sshPrnamt>67561</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>67561</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TYSON FOODS INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>902494103</cusip>
    <value>1401</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21021</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>21021</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNDER ARMOUR INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>904311107</cusip>
    <value>827</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9752</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>9752</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNION PAC CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>907818108</cusip>
    <value>5425</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68187</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>68187</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED PARCEL SERVICE INC</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>911312106</cusip>
    <value>1163</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11027</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>11027</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED TECHNOLOGIES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>913017109</cusip>
    <value>3684</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>36800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED TECHNOLOGIES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>913017109</cusip>
    <value>11229</value>
    <shrsOrPrnAmt>
      <sshPrnamt>112182</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>112182</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITED THERAPEUTICS CORP DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91307C102</cusip>
    <value>1688</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15147</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>15147</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91324P102</cusip>
    <value>8390</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65090</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>65090</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>UNUM GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91529Y106</cusip>
    <value>442</value>
    <shrsOrPrnAmt>
      <sshPrnamt>14308</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>14308</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>US BANCORP DEL</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>902973304</cusip>
    <value>4780</value>
    <shrsOrPrnAmt>
      <sshPrnamt>117746</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>117746</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>V F CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>918204108</cusip>
    <value>1458</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22510</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>22510</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VALEANT PHARMACEUTICALS INTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91911K102</cusip>
    <value>1381</value>
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      <sshPrnamt>52500</sshPrnamt>
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    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>52500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>VALERO ENERGY CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91913Y100</cusip>
    <value>486</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7579</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>7579</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VALSPAR CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>920355104</cusip>
    <value>3688</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34460</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>34460</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VANTIV INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>92210H105</cusip>
    <value>440</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8171</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>8171</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VENTAS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92276F100</cusip>
    <value>647</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10269</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>10269</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VERISIGN INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92343E102</cusip>
    <value>541</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6114</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>6114</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VERISK ANALYTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92345Y106</cusip>
    <value>842</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10536</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>10536</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92343V104</cusip>
    <value>11688</value>
    <shrsOrPrnAmt>
      <sshPrnamt>216137</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>216137</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VERTEX PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92532F100</cusip>
    <value>4710</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59248</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>59248</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VIACOM INC NEW</nameOfIssuer>
    <titleOfClass>CL B</titleOfClass>
    <cusip>92553P201</cusip>
    <value>896</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21706</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>21706</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VIDEOCON D2H LTD</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>92657J101</cusip>
    <value>10257</value>
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      <sshPrnamt>1393634</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>1393634</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>VISA INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>92826C839</cusip>
    <value>13237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>173076</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>173076</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>VORNADO RLTY TR</nameOfIssuer>
    <titleOfClass>SH BEN INT</titleOfClass>
    <cusip>929042109</cusip>
    <value>466</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4930</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>4930</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VOYA FINL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>929089100</cusip>
    <value>3656</value>
    <shrsOrPrnAmt>
      <sshPrnamt>122806</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>122806</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VULCAN MATLS CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>929160109</cusip>
    <value>2442</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23129</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>23129</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>VWR CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91843L103</cusip>
    <value>541</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>20000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>WALGREENS BOOTS ALLIANCE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>931427108</cusip>
    <value>4072</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48339</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>48339</Sole>
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      <None>0</None>
    </votingAuthority>
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