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
ADVANCED MICRO DEVICES INC COMMON 007903107 25,359 835,000 SH   SOLE   835,000 0 0
ALEXANDRIA REAL ESTATE EQUITY COMMON 015271109 30,334 215,000 SH   SOLE   215,000 0 0
AMBEV SA COMMON 02319V103 10,274 2,200,000 SH   SOLE   2,200,000 0 0
AMERICAN HOMES 4 RENT COMMON 02665T306 10,210 420,000 SH   SOLE   420,000 0 0
AMERICAN TOWER CORP NEW COMMON 03027X100 35,779 175,000 SH   SOLE   175,000 0 0
AMERICOLD RLTY TRUST COMMON 03064D108 24,639 760,000 SH   SOLE   760,000 0 0
BANCO BRADESCO S A COMMON 059460303 158,220 16,112,000 SH   SOLE   16,112,000 0 0
BANCO SANTANDER BRASIL S A COMMON 05967A107 61,427 5,175,000 SH   SOLE   5,175,000 0 0
BEST BUY INC COMMON 086516101 8,019 115,000 SH   SOLE   115,000 0 0
CARMAX INC COMMON 143130102 33,430 385,000 SH   SOLE   385,000 0 0
COMPANHIA SIDERURGICA NACIONAL COMMON 20440W105 8,620 2,000,000 SH   SOLE   2,000,000 0 0
Corecivic Inc. COMMON 21871N101 34,358 1,655,000 SH   SOLE   1,655,000 0 0
CROWN CASTLE INTL CORP COMMON 22822V101 35,846 275,000 SH   SOLE   275,000 0 0
DELTA AIR LINES INC DEL COMMON 247361702 2,838 50,000 SH   SOLE   50,000 0 0
DOLLAR TREE INC COMMON 256746108 8,591 80,000 SH   SOLE   80,000 0 0
FEDERAL REALTY INVT TRUST COMMON 313747206 10,945 85,000 SH   SOLE   85,000 0 0
GEO GROUP INC NEW COMMON 36162J106 35,339 1,682,000 SH   SOLE   1,682,000 0 0
HARRIS CORP. COMMON 413875105 34,989 185,000 SH   SOLE   185,000 0 0
INVITATION HOMES INC COMMON 46187W107 18,978 710,000 SH   SOLE   710,000 0 0
ITAU UNIBANCO HOLDING S. A. COMMON 465562106 129,007 13,695,000 SH   SOLE   13,695,000 0 0
KKR REAL ESTATE FIN TR INC COMMON 48251K100 34,541 1,734,000 SH   SOLE   1,734,000 0 0
KIMCO REALTY CORP COMMON 49446R109 28,644 1,550,000 SH   SOLE   1,550,000 0 0
LEVI STRAUSS & CO NEW COMMON 52736R102 11,066 530,000 SH   SOLE   530,000 0 0
LOCKHEED MARTIN CORP COMMON 539830109 45,806 126,000 SH   SOLE   126,000 0 0
MICROSOFT CORP COMMON 594918104 43,403 324,000 SH   SOLE   324,000 0 0
NVR INC COMMON 62944T105 49,880 14,800 SH   SOLE   14,800 0 0
NEW RESIDENTIAL INVT CORP COMMON 64828T201 35,397 2,300,000 SH   SOLE   2,300,000 0 0
NORTHROP GRUMMAN CORP COMMON 666807102 21,325 66,000 SH   SOLE   66,000 0 0
ORACLE CORP COMMON 68389X105 42,728 750,000 SH   SOLE   750,000 0 0
PBF ENERGY INC COMMON 69318G106 12,207 390,000 SH   SOLE   390,000 0 0
PVH CORP COMMON 693656100 2,839 30,000 SH   SOLE   30,000 0 0
PETROLEO BRASILEIRO SA PE COMMON 71654V408 135,459 8,700,000 SH   SOLE   8,700,000 0 0
PROLOGIS COMMON 74340W103 31,239 390,000 SH   SOLE   390,000 0 0
PULTE HOMES INC COMMON 745867101 2,846 90,000 SH   SOLE   90,000 0 0
QUANTA SVCS INC COMMON 74762E102 5,919 155,000 SH   SOLE   155,000 0 0
REGENCY CTRS CORP COMMON 758849103 35,038 525,000 SH   SOLE   525,000 0 0
RETAIL OPPORTUNITY INVTS COMMON 76131N101 35,373 2,065,000 SH   SOLE   2,065,000 0 0
SINCLAIR BROADCAST GROUP COMMON 829226109 33,680 628,000 SH   SOLE   628,000 0 0
SITE CENTERS CORP COMMON 82981J109 19,132 1,445,000 SH   SOLE   1,445,000 0 0
TARGET CORP COMMON 87612E106 35,943 415,000 SH   SOLE   415,000 0 0
TIM PARTICIPACOES S A COMMON 88706P205 6,587 440,000 SH   SOLE   440,000 0 0
TURQUOISE HILL RES LTD COMMON 900435108 37,214 30,011,000 SH   SOLE   30,011,000 0 0