<SEC-DOCUMENT>0001140361-25-018075.txt : 20250509
<SEC-HEADER>0001140361-25-018075.hdr.sgml : 20250509
<ACCEPTANCE-DATETIME>20250509101346
ACCESSION NUMBER:		0001140361-25-018075
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250509
DATE AS OF CHANGE:		20250509
EFFECTIVENESS DATE:		20250509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ING GROEP NV
		CENTRAL INDEX KEY:			0001039765
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		EIN:				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:		25928737

	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
<TEXT>
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      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <credentials>
          <cik>0001039765</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>03-31-2025</periodOfReport>
    </filerInfo>
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  <formData>
    <coverPage>
      <reportCalendarOrQuarter>03-31-2025</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>Sr. 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>05-09-2025</signatureDate>
    </signatureBlock>
    <summaryPage>
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        <nameOfIssuer>ADVANCED MICRO DEVICES INC</nameOfIssuer>
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        <cusip>007903107</cusip>
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            <Sole>53380</Sole>
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            <None>0</None>
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        <cusip>26701L100</cusip>
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            <sshPrnamt>282700</sshPrnamt>
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            <Sole>282700</Sole>
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            <None>0</None>
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        <titleOfClass>COM</titleOfClass>
        <cusip>23355L106</cusip>
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            <sshPrnamt>66000</sshPrnamt>
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            <Sole>66000</Sole>
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        <titleOfClass>SHS</titleOfClass>
        <cusip>G29183103</cusip>
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            <sshPrnamt>83663</sshPrnamt>
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            <Sole>83663</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EBAY INC.</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>278642103</cusip>
        <value>224796</value>
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            <sshPrnamt>3319</sshPrnamt>
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            <Sole>3319</Sole>
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            <None>0</None>
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        <cusip>278865100</cusip>
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            <sshPrnamt>41380</sshPrnamt>
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            <Sole>41380</Sole>
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            <None>0</None>
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        <nameOfIssuer>EDISON INTL</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>281020107</cusip>
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            <sshPrnamt>182997</sshPrnamt>
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        <nameOfIssuer>EDWARDS LIFESCIENCES CORP</nameOfIssuer>
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        <cusip>28176E108</cusip>
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            <sshPrnamt>212411</sshPrnamt>
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            <Sole>212411</Sole>
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        <nameOfIssuer>ELASTIC N V</nameOfIssuer>
        <titleOfClass>ORD SHS</titleOfClass>
        <cusip>N14506104</cusip>
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            <sshPrnamt>15700</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>15700</Sole>
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            <None>0</None>
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        <nameOfIssuer>ELECTRONIC ARTS INC</nameOfIssuer>
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        <cusip>285512109</cusip>
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            <sshPrnamt>1163747</sshPrnamt>
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            <Sole>1163747</Sole>
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            <None>0</None>
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        <nameOfIssuer>ELEVANCE HEALTH INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>036752103</cusip>
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            <sshPrnamt>29614</sshPrnamt>
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            <Sole>29614</Sole>
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        <nameOfIssuer>ELI LILLY &amp; CO</nameOfIssuer>
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        <cusip>532457108</cusip>
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            <sshPrnamt>131811</sshPrnamt>
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            <Sole>131811</Sole>
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        <cusip>29084Q100</cusip>
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            <sshPrnamt>8500</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>8500</Sole>
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            <None>0</None>
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        <nameOfIssuer>ENTEGRIS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29362U104</cusip>
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            <sshPrnamt>141000</sshPrnamt>
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            <Sole>141000</Sole>
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            <None>0</None>
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        <nameOfIssuer>ENTERPRISE PRODS PARTNERS L</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>293792107</cusip>
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            <sshPrnamt>2081200</sshPrnamt>
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            <Sole>2081200</Sole>
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            <None>0</None>
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        <nameOfIssuer>EOG RES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26875P101</cusip>
        <value>8427805</value>
        <shrsOrPrnAmt>
            <sshPrnamt>65719</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>65719</Sole>
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            <None>0</None>
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        <nameOfIssuer>EPAM SYS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29414B104</cusip>
        <value>328056</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1943</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1943</Sole>
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            <None>0</None>
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        <nameOfIssuer>EQT CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26884L109</cusip>
        <value>27259452</value>
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            <sshPrnamt>510190</sshPrnamt>
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        <votingAuthority>
            <Sole>510190</Sole>
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            <None>0</None>
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        <nameOfIssuer>EQUINIX INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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            <sshPrnamt>12428</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>12428</Sole>
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        <nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
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        <value>3123465</value>
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            <sshPrnamt>43636</sshPrnamt>
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        <nameOfIssuer>ERIE INDTY CO</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>29530P102</cusip>
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            <sshPrnamt>1119</sshPrnamt>
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        <nameOfIssuer>ESAB CORPORATION</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29605J106</cusip>
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        <nameOfIssuer>ESSEX PPTY TR INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>297178105</cusip>
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        <nameOfIssuer>ETSY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29786A106</cusip>
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        <titleOfClass>COM</titleOfClass>
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            <sshPrnamt>1928</sshPrnamt>
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            <Sole>1928</Sole>
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        <titleOfClass>COM</titleOfClass>
        <cusip>30034W106</cusip>
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        <nameOfIssuer>EXELON CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <titleOfClass>COM NEW</titleOfClass>
        <cusip>30212P303</cusip>
        <value>2647239</value>
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            <Sole>15748</Sole>
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        <nameOfIssuer>EXPEDITORS INTL WASH INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>302130109</cusip>
        <value>3950677</value>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>32873</Sole>
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        <nameOfIssuer>EXTRA SPACE STORAGE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30225T102</cusip>
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            <sshPrnamt>41768</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>41768</Sole>
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            <None>0</None>
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        <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30231G102</cusip>
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        <nameOfIssuer>F5 INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>315616102</cusip>
        <value>1960280</value>
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            <sshPrnamt>7362</sshPrnamt>
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        <nameOfIssuer>FAIR ISAAC CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>303250104</cusip>
        <value>586443</value>
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            <sshPrnamt>318</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>318</Sole>
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            <None>0</None>
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        <nameOfIssuer>FASTENAL CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>311900104</cusip>
        <value>843124</value>
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            <sshPrnamt>10872</sshPrnamt>
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        <nameOfIssuer>FEDEX CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>31428X106</cusip>
        <value>6897511</value>
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            <sshPrnamt>28294</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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        <nameOfIssuer>FERGUSON ENTERPRISES INC</nameOfIssuer>
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        <cusip>31488V107</cusip>
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            <sshPrnamt>71400</sshPrnamt>
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            <Sole>71400</Sole>
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        <nameOfIssuer>FIDELITY NATL INFORMATION SV</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>31620M106</cusip>
        <value>1774322</value>
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            <sshPrnamt>23759</sshPrnamt>
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            <Sole>23759</Sole>
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        <nameOfIssuer>FIFTH THIRD BANCORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>316773100</cusip>
        <value>1177764</value>
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            <sshPrnamt>30045</sshPrnamt>
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        <nameOfIssuer>FIVE BELOW INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>33829M101</cusip>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>258500</Sole>
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        <titleOfClass>COM NEW</titleOfClass>
        <cusip>302491303</cusip>
        <value>2227632</value>
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            <sshPrnamt>52800</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>52800</Sole>
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            <None>0</None>
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        <titleOfClass>COM</titleOfClass>
        <cusip>34959E109</cusip>
        <value>25721442</value>
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            <sshPrnamt>267208</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>267208</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FORTIVE CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>34959J108</cusip>
        <value>12994426</value>
        <shrsOrPrnAmt>
            <sshPrnamt>177568</sshPrnamt>
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        <votingAuthority>
            <Sole>177568</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FOX CORP</nameOfIssuer>
        <titleOfClass>CL B COM</titleOfClass>
        <cusip>35137L204</cusip>
        <value>44178623</value>
        <shrsOrPrnAmt>
            <sshPrnamt>838145</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>838145</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FRANKLIN RESOURCES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>354613101</cusip>
        <value>267652</value>
        <shrsOrPrnAmt>
            <sshPrnamt>13904</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>13904</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
        <titleOfClass>CL B</titleOfClass>
        <cusip>35671D857</cusip>
        <value>7125214</value>
        <shrsOrPrnAmt>
            <sshPrnamt>188199</sshPrnamt>
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        <votingAuthority>
            <Sole>188199</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FTAI AVIATION LTD</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>G3730V105</cusip>
        <value>2775750</value>
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            <sshPrnamt>25000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>25000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FTI CONSULTING INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>302941109</cusip>
        <value>2854992</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17400</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>17400</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FUNKO INC</nameOfIssuer>
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        <cusip>361008105</cusip>
        <value>6860000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1000000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1000000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GALLAGHER ARTHUR J &amp; CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>363576109</cusip>
        <value>3938843</value>
        <shrsOrPrnAmt>
            <sshPrnamt>11409</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>11409</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GARMIN LTD</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>H2906T109</cusip>
        <value>31491015</value>
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            <sshPrnamt>145033</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>145033</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GE AEROSPACE</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>369604301</cusip>
        <value>46230447</value>
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            <sshPrnamt>230979</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>230979</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GE HEALTHCARE TECHNOLOGIES I</nameOfIssuer>
        <titleOfClass>COMMON STOCK</titleOfClass>
        <cusip>36266G107</cusip>
        <value>26428409</value>
        <shrsOrPrnAmt>
            <sshPrnamt>327449</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>327449</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GE VERNOVA INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>36828A101</cusip>
        <value>25787917</value>
        <shrsOrPrnAmt>
            <sshPrnamt>84473</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>84473</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>369550108</cusip>
        <value>8831865</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32401</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>32401</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GENERAL MLS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>370334104</cusip>
        <value>286454</value>
        <shrsOrPrnAmt>
            <sshPrnamt>4791</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>4791</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>GENESIS ENERGY L P</nameOfIssuer>
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        <cusip>371927104</cusip>
        <value>14513250</value>
        <shrsOrPrnAmt>
            <sshPrnamt>925000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>925000</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>GENPACT LIMITED</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>G3922B107</cusip>
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            <sshPrnamt>24000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>24000</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>GENUINE PARTS CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>372460105</cusip>
        <value>9702762</value>
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            <sshPrnamt>81440</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>81440</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>375558103</cusip>
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            <sshPrnamt>315028</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>315028</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GLOBAL E ONLINE LTD</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>M5216V106</cusip>
        <value>570400</value>
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            <sshPrnamt>16000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>16000</Sole>
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            <None>0</None>
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        <nameOfIssuer>GLOBAL PARTNERS LP</nameOfIssuer>
        <titleOfClass>COM UNITS</titleOfClass>
        <cusip>37946R109</cusip>
        <value>480420</value>
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            <sshPrnamt>9000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>9000</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>GLOBALFOUNDRIES INC</nameOfIssuer>
        <titleOfClass>ORDINARY SHARES</titleOfClass>
        <cusip>G39387108</cusip>
        <value>663494</value>
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            <sshPrnamt>17976</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>17976</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>GLOBE LIFE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>37959E102</cusip>
        <value>495926</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3765</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>3765</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>GODADDY INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>380237107</cusip>
        <value>15407554</value>
        <shrsOrPrnAmt>
            <sshPrnamt>85531</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>85531</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>38141G104</cusip>
        <value>8458754</value>
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            <sshPrnamt>15484</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>15484</Sole>
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            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GRAINGER W W INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>384802104</cusip>
        <value>5590130</value>
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            <sshPrnamt>5659</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>5659</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>406216101</cusip>
        <value>8913648</value>
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            <sshPrnamt>351346</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>351346</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>HARTFORD INSURANCE GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>416515104</cusip>
        <value>1596117</value>
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            <sshPrnamt>12900</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>12900</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>HCA HEALTHCARE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>40412C101</cusip>
        <value>9628405</value>
        <shrsOrPrnAmt>
            <sshPrnamt>27864</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>27864</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>HEALTHPEAK PROPERTIES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>42250P103</cusip>
        <value>1850757</value>
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            <sshPrnamt>91531</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>91531</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>HENRY SCHEIN INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>806407102</cusip>
        <value>800580</value>
        <shrsOrPrnAmt>
            <sshPrnamt>11689</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>11689</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>HERTZ GLOBAL HLDGS INC</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>42806J700</cusip>
        <value>19700000</value>
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            <sshPrnamt>5000000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>5000000</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>HESS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>42809H107</cusip>
        <value>102577328</value>
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            <sshPrnamt>642192</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>642192</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>HESS MIDSTREAM LP</nameOfIssuer>
        <titleOfClass>CL A SHS</titleOfClass>
        <cusip>428103105</cusip>
        <value>4609610</value>
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            <sshPrnamt>109000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>109000</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>HEWLETT PACKARD ENTERPRISE C</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>42824C109</cusip>
        <value>10483265</value>
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            <sshPrnamt>679408</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>679408</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>HILTON WORLDWIDE HLDGS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>43300A203</cusip>
        <value>5923582</value>
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            <sshPrnamt>26032</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>26032</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>HOLOGIC INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>436440101</cusip>
        <value>250292</value>
        <shrsOrPrnAmt>
            <sshPrnamt>4052</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>4052</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>437076102</cusip>
        <value>69510692</value>
        <shrsOrPrnAmt>
            <sshPrnamt>189666</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>189666</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>HONEYWELL INTL INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>438516106</cusip>
        <value>251242434</value>
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            <sshPrnamt>1186505</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1186505</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>HORMEL FOODS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>440452100</cusip>
        <value>1549135</value>
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            <sshPrnamt>50069</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>50069</Sole>
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        <titleOfClass>COM</titleOfClass>
        <cusip>61174X109</cusip>
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        <nameOfIssuer>MOODYS CORP</nameOfIssuer>
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        <cusip>615369105</cusip>
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        <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
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        <cusip>617446448</cusip>
        <value>6475535</value>
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            <sshPrnamt>55503</sshPrnamt>
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            <Sole>55503</Sole>
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        <nameOfIssuer>MOSAIC CO NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>61945C103</cusip>
        <value>22897998</value>
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            <sshPrnamt>847760</sshPrnamt>
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            <Sole>847760</Sole>
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        <cusip>620076307</cusip>
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            <Sole>37740</Sole>
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        <nameOfIssuer>MPLX LP</nameOfIssuer>
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        <cusip>55336V100</cusip>
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        <nameOfIssuer>MSA SAFETY INC</nameOfIssuer>
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        <cusip>553498106</cusip>
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            <Sole>2200</Sole>
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        <titleOfClass>COM</titleOfClass>
        <cusip>55354G100</cusip>
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            <sshPrnamt>3483</sshPrnamt>
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            <Sole>3483</Sole>
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        <nameOfIssuer>NASDAQ INC</nameOfIssuer>
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        <cusip>631103108</cusip>
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            <sshPrnamt>20572</sshPrnamt>
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        <votingAuthority>
            <Sole>20572</Sole>
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        <nameOfIssuer>NATIONAL FUEL GAS CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>636180101</cusip>
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            <sshPrnamt>17900</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>17900</Sole>
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            <None>0</None>
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        <nameOfIssuer>NATURAL RESOURCE PARTNERS L</nameOfIssuer>
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        <cusip>63900P608</cusip>
        <value>11315749</value>
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        <nameOfIssuer>NAVIOS MARITIME PARTNERS L P</nameOfIssuer>
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            <sshPrnamt>71000</sshPrnamt>
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            <Sole>71000</Sole>
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        <nameOfIssuer>NETFLIX INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>NEW YORK TIMES CO</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>650111107</cusip>
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            <Sole>41300</Sole>
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        <nameOfIssuer>NEWMONT CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>651639106</cusip>
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        <nameOfIssuer>NEWS CORP NEW</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>65249B109</cusip>
        <value>7523227</value>
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            <sshPrnamt>276386</sshPrnamt>
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            <Sole>276386</Sole>
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        <nameOfIssuer>NEWS CORP NEW</nameOfIssuer>
        <titleOfClass>CL B</titleOfClass>
        <cusip>65249B208</cusip>
        <value>433198</value>
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            <sshPrnamt>14264</sshPrnamt>
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        <nameOfIssuer>NEXSTAR MEDIA GROUP INC</nameOfIssuer>
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        <nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
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        <cusip>65339F101</cusip>
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        <nameOfIssuer>NISOURCE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>NORFOLK SOUTHN CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>655844108</cusip>
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        <nameOfIssuer>NORTHERN TR CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>665859104</cusip>
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            <Sole>8790</Sole>
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        <nameOfIssuer>NORTHROP GRUMMAN CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>666807102</cusip>
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        <nameOfIssuer>NRG ENERGY INC</nameOfIssuer>
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        <titleOfClass>COM</titleOfClass>
        <cusip>67066G104</cusip>
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        <nameOfIssuer>NXP SEMICONDUCTORS N V</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>N6596X109</cusip>
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        <nameOfIssuer>OLD DOMINION FREIGHT LINE IN</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>679580100</cusip>
        <value>221538</value>
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        <titleOfClass>COM</titleOfClass>
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        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>ORACLE CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>68389X105</cusip>
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        <nameOfIssuer>OREILLY AUTOMOTIVE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>OSHKOSH CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>688239201</cusip>
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        <nameOfIssuer>OWENS CORNING NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>690742101</cusip>
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            <Sole>39736</Sole>
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        <nameOfIssuer>PACKAGING CORP AMER</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>695156109</cusip>
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        <nameOfIssuer>PALANTIR TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>69608A108</cusip>
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        <nameOfIssuer>PARAMOUNT GLOBAL</nameOfIssuer>
        <titleOfClass>CLASS B COM</titleOfClass>
        <cusip>92556H206</cusip>
        <value>908529</value>
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            <Sole>75964</Sole>
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        <nameOfIssuer>PAYCOR HCM INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>70435P102</cusip>
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        <nameOfIssuer>PROLOGIS INC.</nameOfIssuer>
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        <nameOfIssuer>SPDR DOW JONES INDL AVERAGE</nameOfIssuer>
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        <nameOfIssuer>ZSCALER INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>98980G102</cusip>
        <value>256160</value>
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            <sshPrnamt>1291</sshPrnamt>
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</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
