<SEC-DOCUMENT>0000897069-25-001186.txt : 20250721
<SEC-HEADER>0000897069-25-001186.hdr.sgml : 20250721
<ACCEPTANCE-DATETIME>20250721142430
ACCESSION NUMBER:		0000897069-25-001186
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250721
DATE AS OF CHANGE:		20250721
EFFECTIVENESS DATE:		20250721

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HENNESSY ADVISORS INC
		CENTRAL INDEX KEY:			0001145255
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		ORGANIZATION NAME:           	02 Finance
		EIN:				680176227
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-06715
		FILM NUMBER:		251136840

	BUSINESS ADDRESS:	
		STREET 1:		7250 REDWOOD BLVD.
		STREET 2:		SUITE 200
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945
		BUSINESS PHONE:		415-899-1555

	MAIL ADDRESS:	
		STREET 1:		7250 REDWOOD BLVD.
		STREET 2:		SUITE 200
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
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          <cik>0001145255</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>06-30-2025</periodOfReport>
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      <reportCalendarOrQuarter>06-30-2025</reportCalendarOrQuarter>
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      <filingManager>
        <name>HENNESSY ADVISORS INC</name>
        <address>
          <com:street1>7250 REDWOOD BLVD.</com:street1>
          <com:street2>SUITE 200</com:street2>
          <com:city>NOVATO</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>94945</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-06715</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Teresa M. Nilsen</name>
      <title>President and Chief Operating Officer</title>
      <phone>415-899-1555</phone>
      <signature>Teresa M. Nilsen</signature>
      <city>NOVATO</city>
      <stateOrCountry>CA</stateOrCountry>
      <signatureDate>07-21-2025</signatureDate>
    </signatureBlock>
    <summaryPage>
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        <nameOfIssuer>Allete Inc</nameOfIssuer>
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            <Shared>103600</Shared>
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            <sshPrnamt>233000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>233000</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Bancorp Inc Del</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>05969A105</cusip>
        <value>968490</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>17000</Shared>
            <None>0</None>
        </votingAuthority>
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        <titleOfClass>COM</titleOfClass>
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        <value>7221032</value>
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            <sshPrnamt>152600</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>152600</Shared>
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        <nameOfIssuer>BankUnited Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>06652K103</cusip>
        <value>3203100</value>
        <shrsOrPrnAmt>
            <sshPrnamt>90000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>90000</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Banner Corp</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>06652V208</cusip>
        <value>1283000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>20000</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Bentley Sys Inc</nameOfIssuer>
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        <cusip>08265T208</cusip>
        <value>129312</value>
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            <sshPrnamt>2396</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>2396</Shared>
            <None>0</None>
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        <cusip>084670702</cusip>
        <value>1457310</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>3000</Shared>
            <None>0</None>
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        <nameOfIssuer>Berkshire Halthaway Inc Del</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>084670108</cusip>
        <value>24050400</value>
        <shrsOrPrnAmt>
            <sshPrnamt>33</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>33</Shared>
            <None>0</None>
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        <nameOfIssuer>Best Buy Co Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>086516101</cusip>
        <value>2188438</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32600</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>32600</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>BJS Whsl Club Hldgs Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>05550J101</cusip>
        <value>9456691</value>
        <shrsOrPrnAmt>
            <sshPrnamt>87700</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>87700</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Black Hills Corp</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>092113109</cusip>
        <value>3009597</value>
        <shrsOrPrnAmt>
            <sshPrnamt>53647</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>53647</Shared>
            <None>0</None>
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        <nameOfIssuer>BlackLine Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>09239B109</cusip>
        <value>125243</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2212</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>2212</Shared>
            <None>0</None>
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        <nameOfIssuer>Block Inc</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>852234103</cusip>
        <value>1698250</value>
        <shrsOrPrnAmt>
            <sshPrnamt>25000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>25000</Shared>
            <None>0</None>
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        <nameOfIssuer>Booz Allen Hamilton Holding Corp</nameOfIssuer>
        <titleOfClass>CLA</titleOfClass>
        <cusip>099502106</cusip>
        <value>2020122</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19400</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>19400</Shared>
            <None>0</None>
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        <nameOfIssuer>BP PLC</nameOfIssuer>
        <titleOfClass>SPONSORED ADR</titleOfClass>
        <cusip>055622104</cusip>
        <value>5168911</value>
        <shrsOrPrnAmt>
            <sshPrnamt>172700</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>172700</Shared>
            <None>0</None>
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        <nameOfIssuer>Bread Financial Holdings Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>018581108</cusip>
        <value>3427200</value>
        <shrsOrPrnAmt>
            <sshPrnamt>60000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>60000</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Brighthouse Finl nc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>10922N103</cusip>
        <value>9326245</value>
        <shrsOrPrnAmt>
            <sshPrnamt>173447</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>173447</Shared>
            <None>0</None>
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        <nameOfIssuer>BrightSpring Health Services Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>10950A106</cusip>
        <value>13701072</value>
        <shrsOrPrnAmt>
            <sshPrnamt>580800</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>580800</Shared>
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        <nameOfIssuer>Brinker International Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>109641100</cusip>
        <value>104158608</value>
        <shrsOrPrnAmt>
            <sshPrnamt>577600</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>577600</Shared>
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        <nameOfIssuer>Bristol-Myers Squibb Co</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>110122108</cusip>
        <value>4499388</value>
        <shrsOrPrnAmt>
            <sshPrnamt>97200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>97200</Shared>
            <None>0</None>
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        <nameOfIssuer>Brookline Bancorp Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>11373M107</cusip>
        <value>1107750</value>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>105000</Shared>
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        <nameOfIssuer>Builders FirstSource Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>12008R107</cusip>
        <value>1878709</value>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Shared>16100</Shared>
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        <nameOfIssuer>California BanCorp</nameOfIssuer>
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        <cusip>84252A106</cusip>
        <value>1970000</value>
        <shrsOrPrnAmt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>125000</Shared>
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        <nameOfIssuer>Canadian Nat Res Ltd</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>136385101</cusip>
        <value>6138700</value>
        <shrsOrPrnAmt>
            <sshPrnamt>195500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>195500</Shared>
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        <titleOfClass>ADR</titleOfClass>
        <cusip>136635109</cusip>
        <value>143288</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12979</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>12979</Shared>
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        <nameOfIssuer>Capital One Financial Corp</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>14040H105</cusip>
        <value>1595700</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>7500</Shared>
            <None>0</None>
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        <nameOfIssuer>Cardinal Health Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>14149Y108</cusip>
        <value>15523200</value>
        <shrsOrPrnAmt>
            <sshPrnamt>92400</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>92400</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Carlisle Cos Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>142339100</cusip>
        <value>2464440</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6600</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>6600</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Caseys Gen Stores Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>147528103</cusip>
        <value>11225940</value>
        <shrsOrPrnAmt>
            <sshPrnamt>22000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>22000</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Caterpillar Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>149123101</cusip>
        <value>2678649</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6900</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>6900</Shared>
            <None>0</None>
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        <nameOfIssuer>CDW Corp/DE</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>12514G108</cusip>
        <value>2631166</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14733</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>14733</Shared>
            <None>0</None>
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        <nameOfIssuer>Cellebrite DI Ltd</nameOfIssuer>
        <titleOfClass>ORDINARY SHARES</titleOfClass>
        <cusip>M2197Q107</cusip>
        <value>82704</value>
        <shrsOrPrnAmt>
            <sshPrnamt>5169</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>5169</Shared>
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        <nameOfIssuer>Cencora Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>03073E105</cusip>
        <value>3268365</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10900</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>10900</Shared>
            <None>0</None>
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        <nameOfIssuer>CenterPoint Energy Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>15189T107</cusip>
        <value>14891751</value>
        <shrsOrPrnAmt>
            <sshPrnamt>405328</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>405328</Shared>
            <None>0</None>
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        <nameOfIssuer>Schwab Charles Corp</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>808513105</cusip>
        <value>273720</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>3000</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Charter Communications Inc N</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>16119P108</cusip>
        <value>10751703</value>
        <shrsOrPrnAmt>
            <sshPrnamt>26300</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>26300</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Cheesecake Factory Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>163072101</cusip>
        <value>68387124</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1091400</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>1091400</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Chefs Whse Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>163086101</cusip>
        <value>11804722</value>
        <shrsOrPrnAmt>
            <sshPrnamt>184998</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>184998</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Cheniere Energy Inc</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>16411R208</cusip>
        <value>32988924</value>
        <shrsOrPrnAmt>
            <sshPrnamt>135467</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>135467</Shared>
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        </votingAuthority>
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        <nameOfIssuer>Chesapeake Utilities Corp</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>165303108</cusip>
        <value>3553463</value>
        <shrsOrPrnAmt>
            <sshPrnamt>29558</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>29558</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Chevron Corp</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>65482</Shared>
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        <nameOfIssuer>Chime Financial Inc</nameOfIssuer>
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        <cusip>16935C109</cusip>
        <value>207060</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>6000</Shared>
            <None>0</None>
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        <nameOfIssuer>Chubb Limited</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>H1467J104</cusip>
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            <sshPrnamt>4500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>4500</Shared>
            <None>0</None>
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        <nameOfIssuer>Cinemark Holdings Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>17243V102</cusip>
        <value>49253760</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1632000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>1632000</Shared>
            <None>0</None>
        </votingAuthority>
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        <value>36258</value>
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            <sshPrnamt>200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Shared>200</Shared>
            <None>0</None>
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        <nameOfIssuer>Cisco Systems Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>17275R102</cusip>
        <value>10632485</value>
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            <sshPrnamt>153250</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>153250</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Citigroup Inc</nameOfIssuer>
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        <cusip>172967424</cusip>
        <value>7694848</value>
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            <sshPrnamt>90400</sshPrnamt>
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        <votingAuthority>
            <Sole>0</Sole>
            <Shared>90400</Shared>
            <None>0</None>
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        <nameOfIssuer>Citizens Financial Group Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>174610105</cusip>
        <value>358000</value>
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            <sshPrnamt>8000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>8000</Shared>
            <None>0</None>
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        <nameOfIssuer>Clear Secure Inc</nameOfIssuer>
        <titleOfClass>COM CL A</titleOfClass>
        <cusip>18467V109</cusip>
        <value>106737</value>
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            <sshPrnamt>3845</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>3845</Shared>
            <None>0</None>
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        <nameOfIssuer>CMS Energy Corp</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>125896100</cusip>
        <value>11604261</value>
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            <sshPrnamt>167498</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>167498</Shared>
            <None>0</None>
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        <nameOfIssuer>CNO Finll Group Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>12621E103</cusip>
        <value>8140380</value>
        <shrsOrPrnAmt>
            <sshPrnamt>211000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>211000</Shared>
            <None>0</None>
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        <nameOfIssuer>Coca Cola Co</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>191216100</cusip>
        <value>10552363</value>
        <shrsOrPrnAmt>
            <sshPrnamt>149150</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>149150</Shared>
            <None>0</None>
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        <nameOfIssuer>Coinbase Global Inc</nameOfIssuer>
        <titleOfClass>COM CL A</titleOfClass>
        <cusip>19260Q107</cusip>
        <value>2102940</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>6000</Shared>
            <None>0</None>
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        <nameOfIssuer>Colgate-Palmolive Co</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>194162103</cusip>
        <value>5608530</value>
        <shrsOrPrnAmt>
            <sshPrnamt>61700</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>61700</Shared>
            <None>0</None>
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        <nameOfIssuer>Comcast Corp New</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>20030N101</cusip>
        <value>5339224</value>
        <shrsOrPrnAmt>
            <sshPrnamt>149600</sshPrnamt>
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        <votingAuthority>
            <Sole>0</Sole>
            <Shared>149600</Shared>
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        <nameOfIssuer>Commvault Systems Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>204166102</cusip>
        <value>112617</value>
        <shrsOrPrnAmt>
            <sshPrnamt>646</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>646</Shared>
            <None>0</None>
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        <nameOfIssuer>Compass Inc</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>20464U100</cusip>
        <value>8373752</value>
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            <sshPrnamt>1333400</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>1333400</Shared>
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        <nameOfIssuer>ConnectOne Bancorp Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>20786W107</cusip>
        <value>3126600</value>
        <shrsOrPrnAmt>
            <sshPrnamt>135000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>135000</Shared>
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        <nameOfIssuer>ConocoPhillips</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>20825C104</cusip>
        <value>8141572</value>
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            <sshPrnamt>90724</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>90724</Shared>
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        <nameOfIssuer>Consolidated Edison Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>209115104</cusip>
        <value>13942228</value>
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            <sshPrnamt>138936</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>138936</Shared>
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        <nameOfIssuer>Crowdstrike Hldgs Inc</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>22788C105</cusip>
        <value>141588</value>
        <shrsOrPrnAmt>
            <sshPrnamt>278</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>278</Shared>
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        <nameOfIssuer>CSG Systems International Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>126349109</cusip>
        <value>10858898</value>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Shared>166267</Shared>
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        <nameOfIssuer>Customers Bancorp Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>23204G100</cusip>
        <value>2173380</value>
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        <nameOfIssuer>CVS Health Corp</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <value>7173920</value>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>104000</Shared>
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        <nameOfIssuer>Daktronics Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <value>124559</value>
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            <sshPrnamt>8238</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>8238</Shared>
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        <nameOfIssuer>Darden Restaurants Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>237194105</cusip>
        <value>3182362</value>
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            <sshPrnamt>14600</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>14600</Shared>
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        <nameOfIssuer>Deere &amp; Co</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>244199105</cusip>
        <value>3000091</value>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>5900</Shared>
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        <nameOfIssuer>Dell Technologies Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>24703L202</cusip>
        <value>2954660</value>
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            <sshPrnamt>24100</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>24100</Shared>
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        <nameOfIssuer>Delta Air Lines Inc Del</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>247361702</cusip>
        <value>1967200</value>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>40000</Shared>
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        <nameOfIssuer>Devon Energy Corp</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>25179M103</cusip>
        <value>2229881</value>
        <shrsOrPrnAmt>
            <sshPrnamt>70100</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>70100</Shared>
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        <nameOfIssuer>Diamondback Energy Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>25278X109</cusip>
        <value>566088</value>
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            <sshPrnamt>4120</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>4120</Shared>
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        <nameOfIssuer>Dime Cmnty Bancshares Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>25432X102</cusip>
        <value>134700</value>
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        <votingAuthority>
            <Sole>0</Sole>
            <Shared>5000</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Docusign Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>256163106</cusip>
        <value>99543</value>
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            <sshPrnamt>1278</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>1278</Shared>
            <None>0</None>
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        <nameOfIssuer>Dominion Energy Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>25746U109</cusip>
        <value>4774640</value>
        <shrsOrPrnAmt>
            <sshPrnamt>84477</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>84477</Shared>
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        <nameOfIssuer>Dow Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>260557103</cusip>
        <value>210516</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7950</sshPrnamt>
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        <votingAuthority>
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            <Shared>7950</Shared>
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        <nameOfIssuer>DR Horton Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>23331A109</cusip>
        <value>2320560</value>
        <shrsOrPrnAmt>
            <sshPrnamt>18000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>18000</Shared>
            <None>0</None>
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        <nameOfIssuer>Driven Brands Holdings Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26210V102</cusip>
        <value>10562340</value>
        <shrsOrPrnAmt>
            <sshPrnamt>601500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>601500</Shared>
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        <nameOfIssuer>DT Midstream Inc</nameOfIssuer>
        <titleOfClass>COMMON STOCK</titleOfClass>
        <cusip>23345M107</cusip>
        <value>19062790</value>
        <shrsOrPrnAmt>
            <sshPrnamt>173440</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>173440</Shared>
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        <nameOfIssuer>DTE Energy Co</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>233331107</cusip>
        <value>6795728</value>
        <shrsOrPrnAmt>
            <sshPrnamt>51304</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>51304</Shared>
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        <nameOfIssuer>Duke Energy Corp</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26441C204</cusip>
        <value>13497666</value>
        <shrsOrPrnAmt>
            <sshPrnamt>114387</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>0</Sole>
            <Shared>114387</Shared>
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        </votingAuthority>
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        <nameOfIssuer>DXC Technology Co</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>23355L106</cusip>
        <value>97000</value>
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            <sshPrnamt>6344</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>6344</Shared>
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        <titleOfClass>COM</titleOfClass>
        <cusip>267475101</cusip>
        <value>57847113</value>
        <shrsOrPrnAmt>
            <sshPrnamt>236700</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>236700</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Eagle Bancorp Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>268948106</cusip>
        <value>2727200</value>
        <shrsOrPrnAmt>
            <sshPrnamt>140000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>140000</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Eastern Bankshares Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>27627N105</cusip>
        <value>1985100</value>
        <shrsOrPrnAmt>
            <sshPrnamt>130000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>130000</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Enbridge Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29250N105</cusip>
        <value>24584514</value>
        <shrsOrPrnAmt>
            <sshPrnamt>542465</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>542465</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Energy Transfer LP</nameOfIssuer>
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        <cusip>29273V100</cusip>
        <value>10532261</value>
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            <sshPrnamt>580930</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>580930</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Entergy Corp NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29364G103</cusip>
        <value>51534</value>
        <shrsOrPrnAmt>
            <sshPrnamt>620</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>620</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Enterprise Prods Partners L</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>293792107</cusip>
        <value>9614651</value>
        <shrsOrPrnAmt>
            <sshPrnamt>310050</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>310050</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EOG Resources Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26875P101</cusip>
        <value>2993838</value>
        <shrsOrPrnAmt>
            <sshPrnamt>25030</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>25030</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EQT Corp</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26884L109</cusip>
        <value>30314619</value>
        <shrsOrPrnAmt>
            <sshPrnamt>519798</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>519798</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Equinor ASA</nameOfIssuer>
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        <cusip>29446M102</cusip>
        <value>5520744</value>
        <shrsOrPrnAmt>
            <sshPrnamt>219600</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>219600</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Equitable Hldgs Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29452E101</cusip>
        <value>1514700</value>
        <shrsOrPrnAmt>
            <sshPrnamt>27000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>27000</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Essential Utilities Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29670G102</cusip>
        <value>4538508</value>
        <shrsOrPrnAmt>
            <sshPrnamt>122200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>122200</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Etoro Group Ltd</nameOfIssuer>
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        <cusip>G32089107</cusip>
        <value>998850</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>15000</Shared>
            <None>0</None>
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        <nameOfIssuer>EverQuote Inc</nameOfIssuer>
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        <cusip>30041R108</cusip>
        <value>10170108</value>
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            <sshPrnamt>420600</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>420600</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Everus Constr Group</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>300426103</cusip>
        <value>25054644</value>
        <shrsOrPrnAmt>
            <sshPrnamt>394375</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>394375</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Exelon Corp</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30161N101</cusip>
        <value>6588160</value>
        <shrsOrPrnAmt>
            <sshPrnamt>151731</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>151731</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Expand Energy Corp</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>165167735</cusip>
        <value>573006</value>
        <shrsOrPrnAmt>
            <sshPrnamt>4900</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>4900</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Exxon Mobil Corp</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30231G102</cusip>
        <value>6135114</value>
        <shrsOrPrnAmt>
            <sshPrnamt>56912</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>56912</Shared>
            <None>0</None>
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        <nameOfIssuer>EZCORP Inc</nameOfIssuer>
        <titleOfClass>CL A NOW VTG</titleOfClass>
        <cusip>302301106</cusip>
        <value>7103784</value>
        <shrsOrPrnAmt>
            <sshPrnamt>511800</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>511800</Shared>
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        </votingAuthority>
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        <nameOfIssuer>Ferguson Enterprises Inc</nameOfIssuer>
        <titleOfClass>COMMON STOCK NEW</titleOfClass>
        <cusip>31488V107</cusip>
        <value>3222700</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14800</sshPrnamt>
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        <votingAuthority>
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            <Shared>14800</Shared>
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            <sshPrnamt>133300</sshPrnamt>
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        <votingAuthority>
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        <titleOfClass>COM</titleOfClass>
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            <sshPrnamt>853700</sshPrnamt>
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            <Shared>853700</Shared>
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        <value>5832960</value>
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        <votingAuthority>
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            <Shared>537600</Shared>
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        <titleOfClass>COM</titleOfClass>
        <cusip>34959E109</cusip>
        <value>112275</value>
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        <votingAuthority>
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            <Shared>1062</Shared>
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        <titleOfClass>COM</titleOfClass>
        <cusip>349553107</cusip>
        <value>5363706</value>
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            <sshPrnamt>112376</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>112376</Shared>
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        <nameOfIssuer>Fox Corp</nameOfIssuer>
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        <cusip>35137L105</cusip>
        <value>11157564</value>
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        <votingAuthority>
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            <Shared>199100</Shared>
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        <nameOfIssuer>Freeport-McMoRan Inc</nameOfIssuer>
        <titleOfClass>CL B</titleOfClass>
        <cusip>35671D857</cusip>
        <value>3616257</value>
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            <sshPrnamt>83420</sshPrnamt>
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        <votingAuthority>
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            <Shared>83420</Shared>
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        <nameOfIssuer>Fresenius Medical Care AG</nameOfIssuer>
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        <cusip>358029106</cusip>
        <value>11479426</value>
        <shrsOrPrnAmt>
            <sshPrnamt>401800</sshPrnamt>
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        <votingAuthority>
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            <Shared>401800</Shared>
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        <nameOfIssuer>Fresh Del Monte Produce Inc</nameOfIssuer>
        <titleOfClass>ORD</titleOfClass>
        <cusip>G36738105</cusip>
        <value>9254127</value>
        <shrsOrPrnAmt>
            <sshPrnamt>285445</sshPrnamt>
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        <votingAuthority>
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            <Shared>285445</Shared>
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        <nameOfIssuer>Gartner Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>366651107</cusip>
        <value>98225</value>
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            <sshPrnamt>243</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>243</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Gilat Satellite Networks Ltd</nameOfIssuer>
        <titleOfClass>SHS NEW</titleOfClass>
        <cusip>M51474118</cusip>
        <value>116418</value>
        <shrsOrPrnAmt>
            <sshPrnamt>16420</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>16420</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Gilead Sciences Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>375558103</cusip>
        <value>6607852</value>
        <shrsOrPrnAmt>
            <sshPrnamt>59600</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>59600</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GoDaddy Inc</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>380237107</cusip>
        <value>2376792</value>
        <shrsOrPrnAmt>
            <sshPrnamt>13200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>13200</Shared>
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        <nameOfIssuer>Goldman Sachs Group Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>38141G104</cusip>
        <value>1486275</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>2100</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Graham Hldgs Co</nameOfIssuer>
        <titleOfClass>COM CL B</titleOfClass>
        <cusip>384637104</cusip>
        <value>10206336</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10787</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
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            <Shared>10787</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Granite Construction Inc</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>387328107</cusip>
        <value>53394210</value>
        <shrsOrPrnAmt>
            <sshPrnamt>571000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>571000</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Graphic Packaging Holding Co</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>388689101</cusip>
        <value>32867093</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1559900</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>1559900</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>Groupon Inc</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>399473206</cusip>
        <value>16524300</value>
        <shrsOrPrnAmt>
            <sshPrnamt>494000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>0</Sole>
            <Shared>494000</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GSK PLC</nameOfIssuer>
        <titleOfClass>SPONSORED ADR</titleOfClass>
        <cusip>37733W204</cusip>
        <value>6284544</value>
        <shrsOrPrnAmt>
            <sshPrnamt>163660</sshPrnamt>
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        <nameOfIssuer>JPMORGAN CHASE &amp; CO.</nameOfIssuer>
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            <sshPrnamt>1779</sshPrnamt>
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            <sshPrnamt>62241</sshPrnamt>
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        <nameOfIssuer>Tenaris S A</nameOfIssuer>
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