<SEC-DOCUMENT>0001140361-25-002810.txt : 20250203
<SEC-HEADER>0001140361-25-002810.hdr.sgml : 20250203
<ACCEPTANCE-DATETIME>20250203112437
ACCESSION NUMBER:		0001140361-25-002810
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250203
DATE AS OF CHANGE:		20250203
EFFECTIVENESS DATE:		20250203

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:		25581181

	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>12-31-2024</periodOfReport>
    </filerInfo>
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  <formData>
    <coverPage>
      <reportCalendarOrQuarter>12-31-2024</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>R.Loof</name>
      <title>Compliance Officer</title>
      <phone>31-6-1398 5805</phone>
      <signature>/s/ R. Loof</signature>
      <city>AMSTERDAM</city>
      <stateOrCountry>P7</stateOrCountry>
      <signatureDate>02-03-2025</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>559</tableEntryTotal>
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        <nameOfIssuer>10X GENOMICS INC</nameOfIssuer>
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        <nameOfIssuer>ADVANCED MICRO DEVICES INC</nameOfIssuer>
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        <cusip>007903107</cusip>
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        <nameOfIssuer>AECOM</nameOfIssuer>
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        <titleOfClass>COM</titleOfClass>
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            <None>0</None>
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        <titleOfClass>COM</titleOfClass>
        <cusip>126650100</cusip>
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            <sshPrnamt>148447</sshPrnamt>
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        <titleOfClass>COM</titleOfClass>
        <cusip>235851102</cusip>
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            <sshPrnamt>137402</sshPrnamt>
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            <Sole>137402</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DARDEN RESTAURANTS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>237194105</cusip>
        <value>2801657</value>
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            <sshPrnamt>15007</sshPrnamt>
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            <Sole>15007</Sole>
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            <None>0</None>
        </votingAuthority>
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        <titleOfClass>COM</titleOfClass>
        <cusip>237266101</cusip>
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            <sshPrnamt>171600</sshPrnamt>
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            <None>0</None>
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        <titleOfClass>COM</titleOfClass>
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            <Sole>20142</Sole>
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        <nameOfIssuer>DECKERS OUTDOOR CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>243537107</cusip>
        <value>6316911</value>
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            <sshPrnamt>31104</sshPrnamt>
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            <Sole>31104</Sole>
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        <cusip>244199105</cusip>
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            <Sole>32337</Sole>
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        <nameOfIssuer>DELEK LOGISTICS PARTNERS LP</nameOfIssuer>
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        <cusip>24664T103</cusip>
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            <sshPrnamt>311000</sshPrnamt>
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            <Sole>311000</Sole>
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            <None>0</None>
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        <nameOfIssuer>DELL TECHNOLOGIES INC</nameOfIssuer>
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        <cusip>24703L202</cusip>
        <value>4520980</value>
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            <sshPrnamt>39231</sshPrnamt>
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            <Sole>39231</Sole>
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            <None>0</None>
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        <nameOfIssuer>DEXCOM INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>252131107</cusip>
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            <sshPrnamt>76603</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>76603</Sole>
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            <None>0</None>
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        <nameOfIssuer>DIAMONDBACK ENERGY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>25278X109</cusip>
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            <sshPrnamt>31001</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>31001</Sole>
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            <None>0</None>
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        <nameOfIssuer>DICKS SPORTING GOODS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>253393102</cusip>
        <value>5789652</value>
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            <sshPrnamt>25300</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>25300</Sole>
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            <None>0</None>
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        <nameOfIssuer>DIGITAL RLTY TR INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>253868103</cusip>
        <value>7062167</value>
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            <sshPrnamt>39825</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>39825</Sole>
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            <None>0</None>
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        <nameOfIssuer>DISCOVER FINL SVCS</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>254709108</cusip>
        <value>1965641</value>
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            <sshPrnamt>11347</sshPrnamt>
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            <Sole>11347</Sole>
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            <None>0</None>
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        <nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>254687106</cusip>
        <value>84633460</value>
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            <sshPrnamt>760067</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>760067</Sole>
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            <None>0</None>
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        <nameOfIssuer>DIVERSIFIED HEALTHCARE TR</nameOfIssuer>
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        <cusip>25525P107</cusip>
        <value>460000</value>
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            <sshPrnamt>200000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>200000</Sole>
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            <None>0</None>
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        <nameOfIssuer>DOLLAR GEN CORP NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>256677105</cusip>
        <value>14010626</value>
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            <sshPrnamt>184788</sshPrnamt>
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        <nameOfIssuer>DOLLAR TREE INC</nameOfIssuer>
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            <sshPrnamt>20869</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>20869</Sole>
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        <nameOfIssuer>DOMINION ENERGY INC</nameOfIssuer>
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            <Sole>15500</Sole>
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        <nameOfIssuer>DOORDASH INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>25809K105</cusip>
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            <sshPrnamt>7633</sshPrnamt>
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        <nameOfIssuer>DOUBLEVERIFY HLDGS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>25862V105</cusip>
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        <nameOfIssuer>DOVER CORP</nameOfIssuer>
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        <cusip>260003108</cusip>
        <value>3287127</value>
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            <sshPrnamt>17522</sshPrnamt>
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        <nameOfIssuer>DOW INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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            <Sole>32067</Sole>
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            <None>0</None>
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        <nameOfIssuer>DUKE ENERGY CORP NEW</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
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            <Sole>203913</Sole>
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        <nameOfIssuer>DUPONT DE NEMOURS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26614N102</cusip>
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            <Sole>53382</Sole>
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        <nameOfIssuer>DUTCH BROS INC</nameOfIssuer>
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        <value>2168532</value>
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            <sshPrnamt>41400</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>41400</Sole>
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            <None>0</None>
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        <nameOfIssuer>EASTMAN CHEM CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>277432100</cusip>
        <value>1351993</value>
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            <sshPrnamt>14805</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>14805</Sole>
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        <nameOfIssuer>EATON CORP PLC</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>G29183103</cusip>
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            <Sole>76575</Sole>
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            <None>0</None>
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        <nameOfIssuer>EBAY INC.</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>278642103</cusip>
        <value>1355342</value>
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            <sshPrnamt>21878</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>21878</Sole>
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        <nameOfIssuer>ECOLAB INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>278865100</cusip>
        <value>15945007</value>
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            <sshPrnamt>68048</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>68048</Sole>
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        <nameOfIssuer>EDISON INTL</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>281020107</cusip>
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            <sshPrnamt>50694</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>50694</Sole>
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            <None>0</None>
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        <nameOfIssuer>EDWARDS LIFESCIENCES CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>28176E108</cusip>
        <value>5576680</value>
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            <sshPrnamt>75330</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>75330</Sole>
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        <nameOfIssuer>ELECTRONIC ARTS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>285512109</cusip>
        <value>4758700</value>
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            <sshPrnamt>32527</sshPrnamt>
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            <Sole>32527</Sole>
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        <nameOfIssuer>ELEVANCE HEALTH INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>036752103</cusip>
        <value>10927187</value>
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            <sshPrnamt>29621</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>29621</Sole>
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        <nameOfIssuer>ELI LILLY &amp; CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>532457108</cusip>
        <value>82863392</value>
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            <sshPrnamt>107336</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>107336</Sole>
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        </votingAuthority>
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        <nameOfIssuer>EMERSON ELEC CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>291011104</cusip>
        <value>8863226</value>
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            <sshPrnamt>71518</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>71518</Sole>
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        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ENPHASE ENERGY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29355A107</cusip>
        <value>1185142</value>
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            <sshPrnamt>17256</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>17256</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>18550889</value>
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            <sshPrnamt>151337</sshPrnamt>
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            <Sole>151337</Sole>
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            <None>0</None>
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        <nameOfIssuer>EPAM SYS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29414B104</cusip>
        <value>1693792</value>
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            <sshPrnamt>7244</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>7244</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EQT CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26884L109</cusip>
        <value>9148639</value>
        <shrsOrPrnAmt>
            <sshPrnamt>198409</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>198409</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EQUIFAX INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>294429105</cusip>
        <value>4034530</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15831</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>15831</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EQUINIX INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29444U700</cusip>
        <value>15101326</value>
        <shrsOrPrnAmt>
            <sshPrnamt>16016</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>16016</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>3129167</value>
        <shrsOrPrnAmt>
            <sshPrnamt>43606</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>43606</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ERIE INDTY CO</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>29530P102</cusip>
        <value>454690</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1103</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1103</Sole>
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            <None>0</None>
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        <nameOfIssuer>ESSEX PPTY TR INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>297178105</cusip>
        <value>2342892</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8208</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>8208</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ETSY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29786A106</cusip>
        <value>13235617</value>
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            <sshPrnamt>250248</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>250248</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EVEREST GROUP LTD</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>G3223R108</cusip>
        <value>703897</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1942</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1942</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EVERGY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30034W106</cusip>
        <value>9840183</value>
        <shrsOrPrnAmt>
            <sshPrnamt>159873</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>159873</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EVERSOURCE ENERGY</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30040W108</cusip>
        <value>2687552</value>
        <shrsOrPrnAmt>
            <sshPrnamt>46797</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>46797</Sole>
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            <None>0</None>
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        <nameOfIssuer>EVERUS CONSTR GROUP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>300426103</cusip>
        <value>2383438</value>
        <shrsOrPrnAmt>
            <sshPrnamt>36250</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>36250</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EXELON CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30161N101</cusip>
        <value>14032719</value>
        <shrsOrPrnAmt>
            <sshPrnamt>372814</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>372814</Sole>
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            <None>0</None>
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        <nameOfIssuer>EXPEDITORS INTL WASH INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>302130109</cusip>
        <value>562439</value>
        <shrsOrPrnAmt>
            <sshPrnamt>5078</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>5078</Sole>
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            <None>0</None>
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        <nameOfIssuer>EXTRA SPACE STORAGE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30225T102</cusip>
        <value>4050420</value>
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            <sshPrnamt>27075</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>27075</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30231G102</cusip>
        <value>56565469</value>
        <shrsOrPrnAmt>
            <sshPrnamt>525848</sshPrnamt>
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            <Sole>525848</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>F5 INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>315616102</cusip>
        <value>1865907</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7420</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>7420</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>708413</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1475</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1475</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FAIR ISAAC CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>303250104</cusip>
        <value>7290786</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3662</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>3662</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FASTENAL CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>311900104</cusip>
        <value>1162497</value>
        <shrsOrPrnAmt>
            <sshPrnamt>16166</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>16166</Sole>
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            <None>0</None>
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        <nameOfIssuer>FEDEX CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>31428X106</cusip>
        <value>21496144</value>
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            <sshPrnamt>76409</sshPrnamt>
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        <nameOfIssuer>FERGUSON ENTERPRISES INC</nameOfIssuer>
        <titleOfClass>COMMON STOCK NEW</titleOfClass>
        <cusip>31488V107</cusip>
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            <sshPrnamt>267149</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>267149</Sole>
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    <infoTable>
        <nameOfIssuer>FIDELITY NATL INFORMATION SV</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>31620M106</cusip>
        <value>1965215</value>
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            <sshPrnamt>24331</sshPrnamt>
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            <Sole>24331</Sole>
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        <nameOfIssuer>FIFTH THIRD BANCORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>316773100</cusip>
        <value>1281338</value>
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            <sshPrnamt>30306</sshPrnamt>
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        <nameOfIssuer>FIRST SOLAR INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>336433107</cusip>
        <value>2599540</value>
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            <sshPrnamt>14750</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>14750</Sole>
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            <None>0</None>
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        <nameOfIssuer>FIRSTENERGY CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>337932107</cusip>
        <value>1718934</value>
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            <sshPrnamt>43211</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>43211</Sole>
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        <nameOfIssuer>FIVE BELOW INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>33829M101</cusip>
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            <sshPrnamt>115800</sshPrnamt>
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            <Sole>115800</Sole>
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            <None>0</None>
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        <nameOfIssuer>FMC CORP</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>302491303</cusip>
        <value>775038</value>
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            <Sole>15944</Sole>
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            <None>0</None>
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        <nameOfIssuer>FORD MTR CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>345370860</cusip>
        <value>1102365</value>
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            <sshPrnamt>111350</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>111350</Sole>
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        <nameOfIssuer>FORTINET INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>34959E109</cusip>
        <value>31380776</value>
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            <sshPrnamt>332142</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>332142</Sole>
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        <nameOfIssuer>FORTIVE CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>34959J108</cusip>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>178313</Sole>
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            <None>0</None>
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        <nameOfIssuer>FOX CORP</nameOfIssuer>
        <titleOfClass>CL B COM</titleOfClass>
        <cusip>35137L204</cusip>
        <value>36598861</value>
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            <Sole>800150</Sole>
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        <nameOfIssuer>FRANKLIN RESOURCES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>354613101</cusip>
        <value>301996</value>
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            <sshPrnamt>14884</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>14884</Sole>
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        <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
        <titleOfClass>CL B</titleOfClass>
        <cusip>35671D857</cusip>
        <value>14726526</value>
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            <sshPrnamt>386726</sshPrnamt>
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            <Sole>386726</Sole>
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            <None>0</None>
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        <nameOfIssuer>FRONTIER COMMUNICATIONS PARE</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>35909D109</cusip>
        <value>2040360</value>
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            <sshPrnamt>58800</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>58800</Sole>
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            <None>0</None>
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        <nameOfIssuer>GALLAGHER ARTHUR J &amp; CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>363576109</cusip>
        <value>3204667</value>
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            <sshPrnamt>11290</sshPrnamt>
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            <Sole>11290</Sole>
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            <None>0</None>
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        <nameOfIssuer>GARMIN LTD</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>H2906T109</cusip>
        <value>12730573</value>
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            <sshPrnamt>61721</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>61721</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>GARTNER INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>366651107</cusip>
        <value>12669859</value>
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            <sshPrnamt>26152</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>26152</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>GE AEROSPACE</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>369604301</cusip>
        <value>16339249</value>
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            <sshPrnamt>97963</sshPrnamt>
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            <Sole>97963</Sole>
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        <nameOfIssuer>GE HEALTHCARE TECHNOLOGIES I</nameOfIssuer>
        <titleOfClass>COMMON STOCK</titleOfClass>
        <cusip>36266G107</cusip>
        <value>643969</value>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>8237</Sole>
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            <Sole>59408</Sole>
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        <nameOfIssuer>LIVE NATION ENTERTAINMENT IN</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>538034109</cusip>
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        <nameOfIssuer>MACH NATURAL RESOURCES LP</nameOfIssuer>
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        <nameOfIssuer>NASDAQ INC</nameOfIssuer>
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        <nameOfIssuer>NATIONAL FUEL GAS CO</nameOfIssuer>
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        <titleOfClass>COM</titleOfClass>
        <cusip>665859104</cusip>
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        <cusip>G66721104</cusip>
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        <cusip>670346105</cusip>
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        <cusip>G6700G107</cusip>
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        <nameOfIssuer>NXP SEMICONDUCTORS N V</nameOfIssuer>
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        <cusip>N6596X109</cusip>
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            <sshPrnamt>38727</sshPrnamt>
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        <cusip>670837103</cusip>
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        <nameOfIssuer>OLD DOMINION FREIGHT LINE IN</nameOfIssuer>
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        <cusip>679580100</cusip>
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            <Sole>22346</Sole>
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            <Sole>250000</Sole>
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        <cusip>726503105</cusip>
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        <nameOfIssuer>PLAINS GP HLDGS L P</nameOfIssuer>
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        <nameOfIssuer>PROLOGIS INC.</nameOfIssuer>
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        <nameOfIssuer>PRUDENTIAL FINL INC</nameOfIssuer>
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        <nameOfIssuer>PUBLIC SVC ENTERPRISE GRP IN</nameOfIssuer>
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        <nameOfIssuer>QORVO INC</nameOfIssuer>
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        <nameOfIssuer>QUANTA SVCS INC</nameOfIssuer>
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        <nameOfIssuer>TEMPUR SEALY INTL INC</nameOfIssuer>
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        <nameOfIssuer>THE CIGNA GROUP</nameOfIssuer>
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        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>TRUIST FINL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>89832Q109</cusip>
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        <nameOfIssuer>TYLER TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>902252105</cusip>
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            <Sole>5466</Sole>
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