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
ADOBE SYSTEMS INCORPORATED COM 00724F101 13,505 28,409 SH   SOLE   28,409 0 0
AFLAC INC COM 001055102 11,006 215,046 SH   SOLE   215,046 0 0
ALLSTATE CORP COM 020002101 57,733 502,465 SH   SOLE   502,465 0 0
ALLY FINL INC COM 02005N100 20,501 453,469 SH   SOLE   453,469 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 6,567 57,559 SH   SOLE   57,559 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 19,890 430,423 SH   SOLE   430,423 0 0
AMERIPRISE FINL INC COM 03076C106 6,064 26,088 SH   SOLE   26,088 0 0
AON PLC SHS CL A G0403H108 30,141 130,986 SH   SOLE   130,986 0 0
APOLLO GLOBAL MGMT INC COM CL A 03768E105 13,244 281,725 SH   SOLE   281,725 0 0
ASSURANT INC COM 04621X108 18,606 131,239 SH   SOLE   131,239 0 0
ATHENE HOLDING LTD CL A G0684D107 13,481 267,471 SH   SOLE   267,471 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 24,132 128,039 SH   SOLE   128,039 0 0
AXIS CAP HLDGS LTD SHS G0692U109 4,991 100,693 SH   SOLE   100,693 0 0
BANK NEW YORK MELLON CORP COM 064058100 37,399 790,846 SH   SOLE   790,846 0 0
BERKLEY W R CORP COM 084423102 1,884 25,000 SH   SOLE   25,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 36,884 144,376 SH   SOLE   144,376 0 0
BLACK KNIGHT INC COM 09215C105 1,199 16,202 SH   SOLE   16,202 0 0
BLACKROCK INC COM 09247X101 8,720 11,566 SH   SOLE   11,566 0 0
BROWN & BROWN INC COM 115236101 4,208 92,054 SH   SOLE   92,054 0 0
CARLYLE GROUP INC COM 14316J108 11,778 320,410 SH   SOLE   320,410 0 0
CHUBB LIMITED COM H1467J104 48,102 304,501 SH   SOLE   304,501 0 0
CIGNA CORP NEW COM 125523100 6,856 28,361 SH   SOLE   28,361 0 0
CITIGROUP INC COM NEW 172967424 16,466 226,338 SH   SOLE   226,338 0 0
CITIZENS FINANCIAL GROUP INC COM 174610105 8,982 203,441 SH   SOLE   203,441 0 0
CME GROUP INC COM 12572Q105 7,239 35,444 SH   SOLE   35,444 0 0
CNA FINL CORP COM 126117100 1,080 24,203 SH   SOLE   24,203 0 0
DISCOVER FINL SVCS COM 254709108 9,893 104,152 SH   SOLE   104,152 0 0
EHEALTH INC COM 28238P109 907 12,466 SH   SOLE   12,466 0 0
EQUITABLE HLDGS INC COM 29452E101 5,991 183,667 SH   SOLE   183,667 0 0
ESSENT GROUP LTD COM G3198U102 6,773 142,625 SH   SOLE   142,625 0 0
EVEREST RE GROUP LTD COM G3223R108 1,375 5,547 SH   SOLE   5,547 0 0
FACTSET RESH SYS INC COM 303075105 12,000 38,888 SH   SOLE   38,888 0 0
FEDERATED HERMES INC CL B 314211103 2,847 90,970 SH   SOLE   90,970 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 24,071 171,187 SH   SOLE   171,187 0 0
GARTNER INC COM 366651107 6,009 32,918 SH   SOLE   32,918 0 0
GLOBAL PMTS INC COM 37940X102 31,154 154,549 SH   SOLE   154,549 0 0
GLOBE LIFE INC COM 37959E102 22,752 235,450 SH   SOLE   235,450 0 0
GOHEALTH INC COM CL A 38046W105 577 49,383 SH   SOLE   49,383 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 26,645 81,484 SH   SOLE   81,484 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 40,060 599,788 SH   SOLE   599,788 0 0
HUMANA INC COM 444859102 9,885 23,578 SH   SOLE   23,578 0 0
HUNTINGTON BANCSHARES INC COM 446150104 7,150 454,838 SH   SOLE   454,838 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 12,321 110,322 SH   SOLE   110,322 0 0
JEFFERIES FINL GROUP INC COM 47233W109 4,727 157,042 SH   SOLE   157,042 0 0
KB HOME COM 48666K109 721 15,502 SH   SOLE   15,502 0 0
KEYCORP COM 493267108 6,012 300,887 SH   SOLE   300,887 0 0
LOWES COS INC COM 548661107 2,146 11,285 SH   SOLE   11,285 0 0
M & T BK CORP COM 55261F104 2,880 18,994 SH   SOLE   18,994 0 0
MARKEL CORP COM 570535104 15,964 14,008 SH   SOLE   14,008 0 0
PAYPAL HLDGS INC COM 70450Y103 24,131 99,371 SH   SOLE   99,371 0 0
PRINCIPAL FINANCIAL GROUP IN COM 74251V102 37,987 633,543 SH   SOLE   633,543 0 0
PRUDENTIAL FINL INC COM 744320102 38,454 422,104 SH   SOLE   422,104 0 0
PULTE GROUP INC COM 745867101 55,786 1,063,815 SH   SOLE   1,063,815 0 0
RAYMOND JAMES FINL INC COM 754730109 10,939 89,253 SH   SOLE   89,253 0 0
REINSURANCE GRP OF AMERICA I COM NEW 759351604 30,767 244,088 SH   SOLE   244,088 0 0
SCHWAB CHARLES CORP COM 808513105 6,746 103,502 SH   SOLE   103,502 0 0
SEI INVTS CO COM 784117103 16,017 262,879 SH   SOLE   262,879 0 0
STATE STR CORP COM 857477103 39,328 468,134 SH   SOLE   468,134 0 0
THOMSON REUTERS CORP. COM NEW 884903709 11,961 136,590 SH   SOLE   136,590 0 0
TOLL BROTHERS INC COM 889478103 9,607 169,353 SH   SOLE   169,353 0 0
TRADEWEB MKTS INC CL A 892672106 4,900 66,210 SH   SOLE   66,210 0 0
TRAVELERS COMPANIES INC COM 89417E109 4,267 28,373 SH   SOLE   28,373 0 0
UNUM GROUP COM 91529Y106 7,680 275,977 SH   SOLE   275,977 0 0
US BANCORP DEL COM NEW 902973304 66,657 1,205,152 SH   SOLE   1,205,152 0 0
UWM HOLDINGS CORPORATION COM CL A 91823B109 4,071 513,406 SH   SOLE   513,406 0 0
VIRTU FINL INC CL A 928254101 625 20,143 SH   SOLE   20,143 0 0
VISA INC COM CL A 92826C839 47,599 224,808 SH   SOLE   224,808 0 0
VOYA FINANCIAL INC COM 929089100 4,904 77,065 SH   SOLE   77,065 0 0
WELLS FARGO CO NEW COM 949746101 66,055 1,690,681 SH   SOLE   1,690,681 0 0
WEX INC COM 96208T104 9,245 44,190 SH   SOLE   44,190 0 0
WILLIS TOWERS WATSON PLC LTD SHS G96629103 39,998 174,755 SH   SOLE   174,755 0 0
ZILLOW GROUP INC CL C CAP STK 98954M200 1,237 9,543 SH   SOLE   9,543 0 0