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
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
ACCURAY INC COM 004397105 1,662 600,000 SH   SOLE 600,000 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 16,880 109,585 SH   SOLE 109,585 0 0
ALKERMES PLC SHS G01767105 2,000 102,500 SH   SOLE 102,500 0 0
ALLSTATE CORP COM 020002101 4,368 40,187 SH   SOLE 40,187 0 0
ALLY FINL INC COM 02005N100 2,874 86,656 SH   SOLE 86,656 0 0
AMERICAN ASSETS TR INC COM 024013104 15,345 328,316 SH   SOLE 328,316 0 0
AMERICAN EXPRESS CO COM 025816109 2,020 17,075 SH   SOLE 17,075 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 15,553 600,743 SH   SOLE 600,743 0 0
AMERISOURCEBERGEN CORP COM 03073E105 1,441 17,500 SH   SOLE 17,500 0 0
APOLLO GLOBAL MGMT INC COM CL A 03768E105 837 22,131 SH   SOLE 22,131 0 0
ARCH CAP GROUP LTD ORD G0450A105 4,342 103,428 SH   SOLE 103,428 0 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 2,626 39,359 SH   SOLE 39,359 0 0
AXOGEN INC COM 05463X106 250 20,000 SH   SOLE 20,000 0 0
BLACKROCK INC COM 09247X101 5,967 13,389 SH   SOLE 13,389 0 0
CARDINAL HEALTH INC COM 14149Y108 2,595 55,000 SH   SOLE 55,000 0 0
CENTENE CORP DEL COM 15135B101 4,434 102,500 SH   SOLE 102,500 0 0
CHUBB LIMITED COM H1467J104 1,709 10,588 SH   SOLE 10,588 0 0
CIGNA CORP NEW COM 125523100 10,246 67,500 SH   SOLE 67,500 0 0
CISCO SYS INC COM 17275R102 1,026 20,770 SH   SOLE 20,770 0 0
CITIZENS FINL GROUP INC COM 174610105 1,944 54,952 SH   SOLE 54,952 0 0
COMERICA INC COM 200340107 1,757 26,625 SH   SOLE 26,625 0 0
CORECIVIC INC COM 21871N101 3,283 190,000 SH   SOLE 190,000 0 0
DENALI THERAPEUTICS INC COM 24823R105 298,165 19,462,500 SH   SOLE 19,462,500 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 1,617 37,009 SH   SOLE 37,009 0 0
ENCOMPASS HEALTH CORP COM 29261A100 633 10,000 SH   SOLE 10,000 0 0
ENVISTA HLDGS CORP COM 29415F104 318 11,392 SH   SOLE 11,392 0 0
EVERCORE INC CLASS A 29977A105 5,120 63,917 SH   SOLE 63,917 0 0
EVOLENT HEALTH INC CL A 30050B101 2,409 335,000 SH   SOLE 335,000 0 0
FACEBOOK INC CL A 30303M102 2,636 14,800 SH   SOLE 14,800 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 13,382 98,293 SH   SOLE 98,293 0 0
FIFTH THIRD BANCORP COM 316773100 1,740 63,557 SH   SOLE 63,557 0 0
FIRST AMERN FINL CORP COM 31847R102 1,492 25,278 SH   SOLE 25,278 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 4,747 167,857 SH   SOLE 167,857 0 0
GILEAD SCIENCES INC COM 375558103 3,169 50,000 SH   SOLE 50,000 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 1,188 19,605 SH   SOLE 19,605 0 0
HIGHWOODS PPTYS INC COM 431284108 8,082 179,830 SH   SOLE 179,830 0 0
HORACE MANN EDUCATORS CORP N COM 440327104 747 16,128 SH   SOLE 16,128 0 0
HOST HOTELS & RESORTS INC COM 44107P104 3,968 229,520 SH   SOLE 229,520 0 0
HUDSON PAC PPTYS INC COM 444097109 14,585 435,897 SH   SOLE 435,897 0 0
HUTCHISON CHINA MEDITECH LTD SPONSORED ADR 44842L103 1,131 63,400 SH   SOLE 63,400 0 0
INTRICON CORP COM 46121H109 816 42,000 SH   SOLE 42,000 0 0
INVESCO CURRENCYSHARES EURO EURO SHS 46138K103 4,228 40,825 SH   SOLE 40,825 0 0
INVITATION HOMES INC COM 46187W107 3,814 128,795 SH   SOLE 128,795 0 0
IRONWOOD PHARMACEUTICALS INC COM CL A 46333X108 1,202 140,000 SH   SOLE 140,000 0 0
JANUS HENDERSON GROUP PLC ORD SHS G4474Y214 903 40,204 SH   SOLE 40,204 0 0
KEMPER CORP DEL COM 488401100 1,875 24,056 SH   SOLE 24,056 0 0
LEGG MASON INC COM 524901105 765 20,021 SH   SOLE 20,021 0 0
LINCOLN NATL CORP IND COM 534187109 3,550 58,849 SH   SOLE 58,849 0 0
LPL FINL HLDGS INC COM 50212V100 5,639 68,850 SH   SOLE 68,850 0 0
MACYS INC COM 55616P104 292 18,800 SH   SOLE 18,800 0 0
MEDNAX INC COM 58502B106 724 32,000 SH   SOLE 32,000 0 0
MYLAN N V SHS EURO N59465109 5,934 300,000 SH   SOLE 300,000 0 0
NATIONAL RETAIL PPTYS INC COM 637417106 10,863 192,600 SH   SOLE 192,600 0 0
NETFLIX INC COM 64110L106 3,027 11,310 SH   SOLE 11,310 0 0
NUVECTRA CORP COM 67075N108 544 400,000 SH   SOLE 400,000 0 0
PARAMOUNT GROUP INC COM 69924R108 13,468 1,008,851 SH   SOLE 1,008,851 0 0
PATTERSON COMPANIES INC COM 703395103 1,871 105,000 SH   SOLE 105,000 0 0
PAYPAL HLDGS INC COM 70450Y103 5,724 55,253 SH   SOLE 55,253 0 0
PDL BIOPHARMA INC COM 69329Y104 1,890 875,000 SH   SOLE 875,000 0 0
PLYMOUTH INDL REIT INC COM 729640102 2,544 138,888 SH   SOLE 138,888 0 0
PREMIER INC CL A 74051N102 5,206 180,000 SH   SOLE 180,000 0 0
PRUDENTIAL FINL INC COM 744320102 3,735 41,521 SH   SOLE 41,521 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 2,102 25,493 SH   SOLE 25,493 0 0
REGENERON PHARMACEUTICALS COM 75886F107 7,906 28,500 SH   SOLE 28,500 0 0
REGIONS FINL CORP NEW COM 7591EP100 2,707 171,126 SH   SOLE 171,126 0 0
REINSURANCE GRP OF AMERICA I COM NEW 759351604 1,636 10,230 SH   SOLE 10,230 0 0
SMILEDIRECTCLUB INC CL A COM 83192H106 278 20,000 SH   SOLE 20,000 0 0
SONOS INC COM 83570H108 303 22,600 SH   SOLE 22,600 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 11,494 38,730 SH   SOLE 38,730 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 7,466 156,000 SH   SOLE 156,000 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 8,652 629,700 SH   SOLE 629,700 0 0
SYNCHRONY FINL COM 87165B103 6,758 198,236 SH   SOLE 198,236 0 0
TARO PHARMACEUTICAL INDS LTD SHS M8737E108 2,792 37,000 SH   SOLE 37,000 0 0
TIVITY HEALTH INC COM 88870R102 2,495 150,000 SH   SOLE 150,000 0 0
TPG RE FIN TR INC COM 87266M107 7,425 374,266 SH   SOLE 374,266 0 0
TRIPLE-S MGMT CORP CL B 896749108 3,886 290,000 SH   SOLE 290,000 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 2,991 37,500 SH   SOLE 37,500 0 0
UNITEDHEALTH GROUP INC COM 91324P102 4,890 22,500 SH   SOLE 22,500 0 0
WRIGHT MED GROUP N V ORD SHS N96617118 206 10,000 SH   SOLE 10,000 0 0