<SEC-DOCUMENT>0001140361-24-045362.txt : 20241106
<SEC-HEADER>0001140361-24-045362.hdr.sgml : 20241106
<ACCEPTANCE-DATETIME>20241106100307
ACCESSION NUMBER:		0001140361-24-045362
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240930
FILED AS OF DATE:		20241106
DATE AS OF CHANGE:		20241106
EFFECTIVENESS DATE:		20241106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ING GROEP NV
		CENTRAL INDEX KEY:			0001039765
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-13263
		FILM NUMBER:		241429490

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 1800
		CITY:			AMSTERDAM
		STATE:			P7
		ZIP:			1000 BV
		BUSINESS PHONE:		01131205639111

	MAIL ADDRESS:	
		STREET 1:		PO BOX 1800
		CITY:			AMSTERDAM
		STATE:			P7
		ZIP:			1000 BV
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
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      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <credentials>
          <cik>0001039765</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2024</periodOfReport>
    </filerInfo>
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    <coverPage>
      <reportCalendarOrQuarter>09-30-2024</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>ING GROEP NV</name>
        <address>
          <com:street1>PO BOX 1800</com:street1>
          <com:city>AMSTERDAM</com:city>
          <com:stateOrCountry>P7</com:stateOrCountry>
          <com:zipCode>1000 BV</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-13263</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>J.A.M. Emke-Petrelluzzi Bojanic</name>
      <title>Senior Compliance Officer</title>
      <phone>31-20-576 6541</phone>
      <signature>/s/ J.A.M Emke-Petrelluzzi Bojanic</signature>
      <city>AMSTERDAM</city>
      <stateOrCountry>P7</stateOrCountry>
      <signatureDate>11-06-2024</signatureDate>
    </signatureBlock>
    <summaryPage>
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        <nameOfIssuer>DECKERS OUTDOOR CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>243537107</cusip>
        <value>3251186</value>
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            <sshPrnamt>20390</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>20390</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>DEERE &amp; CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>244199105</cusip>
        <value>14303986</value>
        <shrsOrPrnAmt>
            <sshPrnamt>34275</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>34275</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>DELEK LOGISTICS PARTNERS LP</nameOfIssuer>
        <titleOfClass>COM UNT RP INT</titleOfClass>
        <cusip>24664T103</cusip>
        <value>524640</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>12000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>DEVON ENERGY CORP NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>25179M103</cusip>
        <value>3276222</value>
        <shrsOrPrnAmt>
            <sshPrnamt>83748</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>83748</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DEXCOM INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>252131107</cusip>
        <value>2206622</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32915</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>32915</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DIAMONDBACK ENERGY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>25278X109</cusip>
        <value>3122336</value>
        <shrsOrPrnAmt>
            <sshPrnamt>18111</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>18111</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DIGITAL RLTY TR INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>253868103</cusip>
        <value>2793348</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17261</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>17261</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DISCOVER FINL SVCS</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>254709108</cusip>
        <value>1775370</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12655</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>12655</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>254687106</cusip>
        <value>46138784</value>
        <shrsOrPrnAmt>
            <sshPrnamt>479663</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>479663</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DOCUSIGN INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>256163106</cusip>
        <value>1099055</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17701</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>17701</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DOLLAR GEN CORP NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>256677105</cusip>
        <value>1641419</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19409</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>19409</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DOLLAR TREE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>256746108</cusip>
        <value>2955409</value>
        <shrsOrPrnAmt>
            <sshPrnamt>42028</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>42028</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DONALDSON INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>257651109</cusip>
        <value>1142350</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15500</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>15500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DOORDASH INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>25809K105</cusip>
        <value>264336</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1852</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1852</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DORCHESTER MINERALS LP</nameOfIssuer>
        <titleOfClass>COM UNIT</titleOfClass>
        <cusip>25820R105</cusip>
        <value>2200950</value>
        <shrsOrPrnAmt>
            <sshPrnamt>73000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>73000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>DOUBLEVERIFY HLDGS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>25862V105</cusip>
        <value>7377604</value>
        <shrsOrPrnAmt>
            <sshPrnamt>438100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>438100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>DOVER CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>260003108</cusip>
        <value>3524948</value>
        <shrsOrPrnAmt>
            <sshPrnamt>18384</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>18384</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>DOW INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>260557103</cusip>
        <value>3952699</value>
        <shrsOrPrnAmt>
            <sshPrnamt>72354</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>72354</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>DUKE ENERGY CORP NEW</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>26441C204</cusip>
        <value>2824735</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24499</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>24499</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>DUPONT DE NEMOURS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26614N102</cusip>
        <value>34542244</value>
        <shrsOrPrnAmt>
            <sshPrnamt>387636</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>387636</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EASTMAN CHEM CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>277432100</cusip>
        <value>19326376</value>
        <shrsOrPrnAmt>
            <sshPrnamt>172634</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>172634</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EATON CORP PLC</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>G29183103</cusip>
        <value>76510272</value>
        <shrsOrPrnAmt>
            <sshPrnamt>230842</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>230842</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ECOLAB INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>278865100</cusip>
        <value>34180516</value>
        <shrsOrPrnAmt>
            <sshPrnamt>133868</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>133868</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EDISON INTL</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>281020107</cusip>
        <value>4715227</value>
        <shrsOrPrnAmt>
            <sshPrnamt>54142</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>54142</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EDWARDS LIFESCIENCES CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>28176E108</cusip>
        <value>5316484</value>
        <shrsOrPrnAmt>
            <sshPrnamt>80565</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>80565</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ELASTIC N V</nameOfIssuer>
        <titleOfClass>ORD SHS</titleOfClass>
        <cusip>N14506104</cusip>
        <value>6754880</value>
        <shrsOrPrnAmt>
            <sshPrnamt>88000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>88000</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ELECTRONIC ARTS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>285512109</cusip>
        <value>17077249</value>
        <shrsOrPrnAmt>
            <sshPrnamt>119055</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>119055</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ELI LILLY &amp; CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>532457108</cusip>
        <value>3811314</value>
        <shrsOrPrnAmt>
            <sshPrnamt>4302</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>4302</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EMCOR GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29084Q100</cusip>
        <value>9471660</value>
        <shrsOrPrnAmt>
            <sshPrnamt>22000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>22000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EMERSON ELEC CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>291011104</cusip>
        <value>8306105</value>
        <shrsOrPrnAmt>
            <sshPrnamt>75945</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>75945</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ENPHASE ENERGY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29355A107</cusip>
        <value>1010964</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8945</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>8945</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EOG RES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26875P101</cusip>
        <value>9348212</value>
        <shrsOrPrnAmt>
            <sshPrnamt>76045</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>76045</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EPAM SYS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29414B104</cusip>
        <value>1515613</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7615</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>7615</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EQUINIX INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29444U700</cusip>
        <value>11271126</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12698</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>12698</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
        <titleOfClass>SH BEN INT</titleOfClass>
        <cusip>29476L107</cusip>
        <value>3397535</value>
        <shrsOrPrnAmt>
            <sshPrnamt>45629</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>45629</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ERIE INDTY CO</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>29530P102</cusip>
        <value>678554</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1257</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1257</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ESSEX PPTY TR INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>297178105</cusip>
        <value>2536772</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8587</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>8587</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EVEREST GROUP LTD</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>G3223R108</cusip>
        <value>854581</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2181</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>2181</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EVERGY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30034W106</cusip>
        <value>21415464</value>
        <shrsOrPrnAmt>
            <sshPrnamt>345355</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>345355</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EVERSOURCE ENERGY</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30040W108</cusip>
        <value>3252586</value>
        <shrsOrPrnAmt>
            <sshPrnamt>47797</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>47797</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EXELON CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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            <sshPrnamt>17093</sshPrnamt>
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        <votingAuthority>
            <Sole>17093</Sole>
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            <None>0</None>
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        <nameOfIssuer>EXPEDIA GROUP INC</nameOfIssuer>
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        <cusip>30212P303</cusip>
        <value>2467789</value>
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            <sshPrnamt>16672</sshPrnamt>
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            <Sole>16672</Sole>
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            <None>0</None>
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        <nameOfIssuer>EXPEDITORS INTL WASH INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>302130109</cusip>
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            <sshPrnamt>9875</sshPrnamt>
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            <Sole>9875</Sole>
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            <None>0</None>
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        <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30231G102</cusip>
        <value>96646014</value>
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            <sshPrnamt>824484</sshPrnamt>
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        <votingAuthority>
            <Sole>824484</Sole>
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            <None>0</None>
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        <nameOfIssuer>FACTSET RESH SYS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>303075105</cusip>
        <value>421682</value>
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            <sshPrnamt>917</sshPrnamt>
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            <Sole>917</Sole>
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            <None>0</None>
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        <nameOfIssuer>FAIR ISAAC CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>303250104</cusip>
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            <sshPrnamt>802</sshPrnamt>
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            <Sole>802</Sole>
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        <nameOfIssuer>FEDERAL RLTY INVT TR NEW</nameOfIssuer>
        <titleOfClass>SH BEN INT NEW</titleOfClass>
        <cusip>313745101</cusip>
        <value>1156828</value>
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            <sshPrnamt>10062</sshPrnamt>
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            <Sole>10062</Sole>
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            <None>0</None>
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        <nameOfIssuer>FEDEX CORP</nameOfIssuer>
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        <cusip>31428X106</cusip>
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            <sshPrnamt>33041</sshPrnamt>
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        <nameOfIssuer>FERGUSON ENTERPRISES INC</nameOfIssuer>
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        <cusip>31488V107</cusip>
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            <sshPrnamt>230900</sshPrnamt>
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            <Sole>230900</Sole>
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        <nameOfIssuer>FIDELITY NATL INFORMATION SV</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>31620M106</cusip>
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            <sshPrnamt>27497</sshPrnamt>
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            <Sole>27497</Sole>
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            <None>0</None>
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        <nameOfIssuer>FIRST INDL RLTY TR INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>32054K103</cusip>
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            <sshPrnamt>500000</sshPrnamt>
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            <Sole>500000</Sole>
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        <nameOfIssuer>FIVE BELOW INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>33829M101</cusip>
        <value>3534000</value>
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            <sshPrnamt>40000</sshPrnamt>
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            <Sole>40000</Sole>
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        <nameOfIssuer>FLOWSERVE CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>34354P105</cusip>
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            <sshPrnamt>58000</sshPrnamt>
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            <Sole>58000</Sole>
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        <nameOfIssuer>FMC CORP</nameOfIssuer>
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        <cusip>302491303</cusip>
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            <Sole>104694</Sole>
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        <nameOfIssuer>FORD MTR CO</nameOfIssuer>
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            <Sole>1181128</Sole>
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        <nameOfIssuer>FORTINET INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>34959E109</cusip>
        <value>46825388</value>
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            <sshPrnamt>603809</sshPrnamt>
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            <Sole>603809</Sole>
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        <nameOfIssuer>FORTIVE CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>34959J108</cusip>
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            <sshPrnamt>132855</sshPrnamt>
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    <infoTable>
        <nameOfIssuer>FOX CORP</nameOfIssuer>
        <titleOfClass>CL B COM</titleOfClass>
        <cusip>35137L204</cusip>
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            <sshPrnamt>961944</sshPrnamt>
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            <Sole>961944</Sole>
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            <None>0</None>
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        <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
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        <cusip>35671D857</cusip>
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            <sshPrnamt>395366</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>395366</Sole>
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    <infoTable>
        <nameOfIssuer>GALLAGHER ARTHUR J &amp; CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>363576109</cusip>
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        <nameOfIssuer>GARTNER INC</nameOfIssuer>
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        <nameOfIssuer>GE AEROSPACE</nameOfIssuer>
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        <cusip>369604301</cusip>
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        <nameOfIssuer>GE HEALTHCARE TECHNOLOGIES I</nameOfIssuer>
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        <cusip>36266G107</cusip>
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        <nameOfIssuer>GE VERNOVA INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>GEN DIGITAL INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>GENERAC HLDGS INC</nameOfIssuer>
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        <nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>369550108</cusip>
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        <nameOfIssuer>GENERAL MLS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>370334104</cusip>
        <value>5511204</value>
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        <nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
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        <cusip>37045V100</cusip>
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        <nameOfIssuer>GENESIS ENERGY L P</nameOfIssuer>
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        <nameOfIssuer>GENPACT LIMITED</nameOfIssuer>
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        <nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>GLOBALFOUNDRIES INC</nameOfIssuer>
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        <cusip>G39387108</cusip>
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        <nameOfIssuer>GLOBE LIFE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>37959E102</cusip>
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        <nameOfIssuer>GODADDY INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>380237107</cusip>
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        <nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>38141G104</cusip>
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            <Sole>469</Sole>
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        <nameOfIssuer>GRAINGER W W INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>384802104</cusip>
        <value>14379208</value>
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        <nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>406216101</cusip>
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        <nameOfIssuer>HASBRO INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>418056107</cusip>
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        <investmentDiscretion>DFND</investmentDiscretion>
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        <nameOfIssuer>HASHICORP INC</nameOfIssuer>
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        <cusip>65249B109</cusip>
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        <cusip>65249B208</cusip>
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        <titleOfClass>COM</titleOfClass>
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        <titleOfClass>COM</titleOfClass>
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            <sshPrnamt>551240</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>551240</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>PFIZER INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>717081103</cusip>
        <value>19732073</value>
        <shrsOrPrnAmt>
            <sshPrnamt>681827</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>681827</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PG&amp;E CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>69331C108</cusip>
        <value>14211961</value>
        <shrsOrPrnAmt>
            <sshPrnamt>718865</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>718865</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PHILIP MORRIS INTL INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>718172109</cusip>
        <value>73390306</value>
        <shrsOrPrnAmt>
            <sshPrnamt>604533</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>604533</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PHILLIPS 66</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>718546104</cusip>
        <value>155502721</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1182980</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1182980</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PHINIA INC</nameOfIssuer>
        <titleOfClass>COMMON STOCK</titleOfClass>
        <cusip>71880K101</cusip>
        <value>2669740</value>
        <shrsOrPrnAmt>
            <sshPrnamt>58000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>58000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PINNACLE WEST CAP CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>723484101</cusip>
        <value>12064806</value>
        <shrsOrPrnAmt>
            <sshPrnamt>136187</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>136187</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PLAINS ALL AMERN PIPELINE L</nameOfIssuer>
        <titleOfClass>UNIT LTD PARTN</titleOfClass>
        <cusip>726503105</cusip>
        <value>22962046</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1321937</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1321937</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PLAINS GP HLDGS L P</nameOfIssuer>
        <titleOfClass>LTD PARTNR INT A</titleOfClass>
        <cusip>72651A207</cusip>
        <value>4292000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>232000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>232000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PLANET FITNESS INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>72703H101</cusip>
        <value>1567546</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19300</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>19300</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PPG INDS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>693506107</cusip>
        <value>13272757</value>
        <shrsOrPrnAmt>
            <sshPrnamt>100202</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>100202</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PPL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>69351T106</cusip>
        <value>1189061</value>
        <shrsOrPrnAmt>
            <sshPrnamt>35945</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>35945</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PREMIER INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>74051N102</cusip>
        <value>252000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12600</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>12600</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PROCTER AND GAMBLE CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>742718109</cusip>
        <value>157565063</value>
        <shrsOrPrnAmt>
            <sshPrnamt>909729</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>909729</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PROLOGIS INC.</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>74340W103</cusip>
        <value>15790935</value>
        <shrsOrPrnAmt>
            <sshPrnamt>125047</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>125047</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PRUDENTIAL FINL INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>744320102</cusip>
        <value>2111863</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17439</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>17439</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PULTE GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>745867101</cusip>
        <value>3983532</value>
        <shrsOrPrnAmt>
            <sshPrnamt>27754</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>27754</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>QORVO INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>74736K101</cusip>
        <value>1310567</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12687</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>12687</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>747525103</cusip>
        <value>127735268</value>
        <shrsOrPrnAmt>
            <sshPrnamt>751163</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>751163</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>QUANTA SVCS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>74762E102</cusip>
        <value>21870495</value>
        <shrsOrPrnAmt>
            <sshPrnamt>73354</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>73354</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>QUEST DIAGNOSTICS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>74834L100</cusip>
        <value>6797932</value>
        <shrsOrPrnAmt>
            <sshPrnamt>43787</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>43787</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>R1 RCM INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>77634L105</cusip>
        <value>2519426</value>
        <shrsOrPrnAmt>
            <sshPrnamt>177800</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>177800</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>REGENCY CTRS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>758849103</cusip>
        <value>1577937</value>
        <shrsOrPrnAmt>
            <sshPrnamt>21846</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>21846</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>REGENERON PHARMACEUTICALS</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>75886F107</cusip>
        <value>22876034</value>
        <shrsOrPrnAmt>
            <sshPrnamt>21761</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>21761</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>REPUBLIC SVCS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>760759100</cusip>
        <value>11709374</value>
        <shrsOrPrnAmt>
            <sshPrnamt>58302</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>58302</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ROBLOX CORP</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>771049103</cusip>
        <value>7568460</value>
        <shrsOrPrnAmt>
            <sshPrnamt>171000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>171000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ROLLINS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>775711104</cusip>
        <value>1900189</value>
        <shrsOrPrnAmt>
            <sshPrnamt>37568</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>37568</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ROPER TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>776696106</cusip>
        <value>25496637</value>
        <shrsOrPrnAmt>
            <sshPrnamt>45821</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>45821</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ROSS STORES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>778296103</cusip>
        <value>29033530</value>
        <shrsOrPrnAmt>
            <sshPrnamt>192901</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>192901</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>RTX CORPORATION</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>75513E101</cusip>
        <value>21555212</value>
        <shrsOrPrnAmt>
            <sshPrnamt>177907</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>177907</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SALESFORCE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>79466L302</cusip>
        <value>82950279</value>
        <shrsOrPrnAmt>
            <sshPrnamt>303059</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>303059</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SBA COMMUNICATIONS CORP NEW</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>78410G104</cusip>
        <value>3459581</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14373</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>14373</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
        <titleOfClass>COM STK</titleOfClass>
        <cusip>806857108</cusip>
        <value>2554839</value>
        <shrsOrPrnAmt>
            <sshPrnamt>60902</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>60902</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SEADRILL 2021 LTD</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>G7997W102</cusip>
        <value>17267547</value>
        <shrsOrPrnAmt>
            <sshPrnamt>434513</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>434513</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SEAGATE TECHNOLOGY HLDNGS PL</nameOfIssuer>
        <titleOfClass>ORD SHS</titleOfClass>
        <cusip>G7997R103</cusip>
        <value>2167051</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19785</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>19785</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SEALED AIR CORP NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>81211K100</cusip>
        <value>3510210</value>
        <shrsOrPrnAmt>
            <sshPrnamt>96700</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>96700</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
        <titleOfClass>INDL</titleOfClass>
        <cusip>81369Y704</cusip>
        <value>210080036</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1551093</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1551093</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
        <titleOfClass>SBI MATERIALS</titleOfClass>
        <cusip>81369Y100</cusip>
        <value>144570000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1500000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1500000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SEMPRA</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>816851109</cusip>
        <value>13172979</value>
        <shrsOrPrnAmt>
            <sshPrnamt>157515</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>157515</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SERVICENOW INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>81762P102</cusip>
        <value>35374019</value>
        <shrsOrPrnAmt>
            <sshPrnamt>39551</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>39551</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SHERWIN WILLIAMS CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>824348106</cusip>
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        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
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        <nameOfIssuer>SPOTIFY TECHNOLOGY S A</nameOfIssuer>
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        <cusip>L8681T102</cusip>
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        <nameOfIssuer>STANLEY BLACK &amp; DECKER INC</nameOfIssuer>
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        <investmentDiscretion>DFND</investmentDiscretion>
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        <nameOfIssuer>TENET HEALTHCARE CORP</nameOfIssuer>
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        <nameOfIssuer>TERADATA CORP DEL</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>88076W103</cusip>
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        <nameOfIssuer>TESLA INC</nameOfIssuer>
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