<SEC-DOCUMENT>0001140361-25-029070.txt : 20250806
<SEC-HEADER>0001140361-25-029070.hdr.sgml : 20250806
<ACCEPTANCE-DATETIME>20250806104104
ACCESSION NUMBER:		0001140361-25-029070
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250806
DATE AS OF CHANGE:		20250806
EFFECTIVENESS DATE:		20250806

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:		251188023

	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>06-30-2025</periodOfReport>
    </filerInfo>
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    <coverPage>
      <reportCalendarOrQuarter>06-30-2025</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>08-06-2025</signatureDate>
    </signatureBlock>
    <summaryPage>
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        <nameOfIssuer>ADVANCED MICRO DEVICES INC</nameOfIssuer>
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        <nameOfIssuer>AECOM</nameOfIssuer>
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        <nameOfIssuer>BECTON DICKINSON &amp; CO</nameOfIssuer>
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        <nameOfIssuer>COCA-COLA EUROPACIFIC PARTNE</nameOfIssuer>
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        <nameOfIssuer>COGNEX CORP</nameOfIssuer>
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        <cusip>192422103</cusip>
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        <nameOfIssuer>COGNIZANT TECHNOLOGY SOLUTIO</nameOfIssuer>
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        <cusip>192446102</cusip>
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        <nameOfIssuer>COINBASE GLOBAL INC</nameOfIssuer>
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            <sshPrnamt>10224</sshPrnamt>
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            <None>0</None>
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        <nameOfIssuer>COMCAST CORP NEW</nameOfIssuer>
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        <cusip>20030N101</cusip>
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            <sshPrnamt>1986119</sshPrnamt>
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        <nameOfIssuer>COMPASS DIVERSIFIED</nameOfIssuer>
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        <cusip>20451Q104</cusip>
        <value>2401472</value>
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            <Sole>382400</Sole>
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            <sshPrnamt>291373</sshPrnamt>
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            <Sole>291373</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CONSOLIDATED EDISON INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>209115104</cusip>
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            <sshPrnamt>34771</sshPrnamt>
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        <votingAuthority>
            <Sole>34771</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CONSTELLATION ENERGY CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>21037T109</cusip>
        <value>1776148</value>
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            <sshPrnamt>5503</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>5503</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>COPART INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>217204106</cusip>
        <value>1680697</value>
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            <sshPrnamt>34251</sshPrnamt>
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            <Sole>34251</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CORNING INC</nameOfIssuer>
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        <cusip>219350105</cusip>
        <value>24313724</value>
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            <sshPrnamt>462326</sshPrnamt>
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            <Sole>462326</Sole>
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        <nameOfIssuer>CORTEVA INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>22052L104</cusip>
        <value>6689887</value>
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            <sshPrnamt>89761</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>89761</Sole>
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            <None>0</None>
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        <nameOfIssuer>COSTAR GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>22160N109</cusip>
        <value>502098</value>
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            <sshPrnamt>6245</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>6245</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>COSTCO WHSL CORP NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>22160K105</cusip>
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            <sshPrnamt>139712</sshPrnamt>
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            <Sole>139712</Sole>
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        </votingAuthority>
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        <nameOfIssuer>COUPANG INC</nameOfIssuer>
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        <cusip>22266T109</cusip>
        <value>12400444</value>
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            <sshPrnamt>413900</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>413900</Sole>
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        <nameOfIssuer>CRH PLC</nameOfIssuer>
        <titleOfClass>ORD</titleOfClass>
        <cusip>G25508105</cusip>
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            <sshPrnamt>261200</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>261200</Sole>
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        <nameOfIssuer>CROSSAMERICA PARTNERS LP</nameOfIssuer>
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        <value>271960</value>
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            <sshPrnamt>13000</sshPrnamt>
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            <Sole>13000</Sole>
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        <nameOfIssuer>CROWN CASTLE INC</nameOfIssuer>
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            <sshPrnamt>57298</sshPrnamt>
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        <nameOfIssuer>CSX CORP</nameOfIssuer>
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            <sshPrnamt>384867</sshPrnamt>
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        <nameOfIssuer>CURTISS WRIGHT CORP</nameOfIssuer>
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            <sshPrnamt>16500</sshPrnamt>
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        <nameOfIssuer>CVR PARTNERS LP</nameOfIssuer>
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        <value>1199340</value>
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            <sshPrnamt>13500</sshPrnamt>
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        <nameOfIssuer>CVS HEALTH CORP</nameOfIssuer>
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        <nameOfIssuer>D R HORTON INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>DARDEN RESTAURANTS INC</nameOfIssuer>
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        <titleOfClass>COM</titleOfClass>
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        <cusip>25525P107</cusip>
        <value>716000</value>
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        <titleOfClass>COM</titleOfClass>
        <cusip>256677105</cusip>
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        <nameOfIssuer>DOLLAR TREE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>25392</Sole>
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        <nameOfIssuer>DOORDASH INC</nameOfIssuer>
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            <sshPrnamt>63385</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>63385</Sole>
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        <nameOfIssuer>DORCHESTER MINERALS LP</nameOfIssuer>
        <titleOfClass>COM UNIT</titleOfClass>
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            <Sole>57100</Sole>
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            <None>0</None>
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        <titleOfClass>COM</titleOfClass>
        <cusip>25862V105</cusip>
        <value>7543383</value>
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            <sshPrnamt>503900</sshPrnamt>
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        <votingAuthority>
            <Sole>503900</Sole>
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        <nameOfIssuer>DOVER CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>260003108</cusip>
        <value>3305469</value>
        <shrsOrPrnAmt>
            <sshPrnamt>18040</sshPrnamt>
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        <votingAuthority>
            <Sole>18040</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DUOLINGO INC</nameOfIssuer>
        <titleOfClass>CL A COM</titleOfClass>
        <cusip>26603R106</cusip>
        <value>6109298</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14900</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>14900</Sole>
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            <None>0</None>
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        <nameOfIssuer>DUPONT DE NEMOURS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26614N102</cusip>
        <value>3777046</value>
        <shrsOrPrnAmt>
            <sshPrnamt>55067</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>55067</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DUTCH BROS INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>26701L100</cusip>
        <value>28606008</value>
        <shrsOrPrnAmt>
            <sshPrnamt>418400</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>418400</Sole>
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            <None>0</None>
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        <nameOfIssuer>EATON CORP PLC</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>G29183103</cusip>
        <value>388405</value>
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            <sshPrnamt>1088</sshPrnamt>
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        <votingAuthority>
            <Sole>1088</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EBAY INC.</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>278642103</cusip>
        <value>410498</value>
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            <sshPrnamt>5513</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>5513</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ECOLAB INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>278865100</cusip>
        <value>18914957</value>
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            <sshPrnamt>70201</sshPrnamt>
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        <votingAuthority>
            <Sole>70201</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EDISON INTL</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>281020107</cusip>
        <value>9317670</value>
        <shrsOrPrnAmt>
            <sshPrnamt>180575</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>180575</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EDWARDS LIFESCIENCES CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>28176E108</cusip>
        <value>6310374</value>
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            <sshPrnamt>80685</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>80685</Sole>
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            <None>0</None>
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        <nameOfIssuer>ELASTIC N V</nameOfIssuer>
        <titleOfClass>ORD SHS</titleOfClass>
        <cusip>N14506104</cusip>
        <value>22634172</value>
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            <sshPrnamt>268400</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>268400</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>110433349</value>
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            <sshPrnamt>691505</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>691505</Sole>
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            <None>0</None>
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        <nameOfIssuer>ELEVANCE HEALTH INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>036752103</cusip>
        <value>11563392</value>
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            <sshPrnamt>29729</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>29729</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>ELI LILLY &amp; CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>532457108</cusip>
        <value>24546620</value>
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            <sshPrnamt>31489</sshPrnamt>
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            <Sole>31489</Sole>
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            <None>0</None>
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        <nameOfIssuer>EMERSON ELEC CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>291011104</cusip>
        <value>471722</value>
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            <sshPrnamt>3538</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>3538</Sole>
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            <None>0</None>
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        <nameOfIssuer>ENTERGY CORP NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29364G103</cusip>
        <value>345613</value>
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            <sshPrnamt>4158</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>4158</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>ENTERPRISE PRODS PARTNERS L</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>293792107</cusip>
        <value>64060458</value>
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            <sshPrnamt>2065800</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>2065800</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EQT CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26884L109</cusip>
        <value>2669190</value>
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            <sshPrnamt>45768</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>45768</Sole>
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            <None>0</None>
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        <nameOfIssuer>EQUINIX INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29444U700</cusip>
        <value>10238494</value>
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            <sshPrnamt>12871</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>12871</Sole>
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            <None>0</None>
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        <nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
        <titleOfClass>SH BEN INT</titleOfClass>
        <cusip>29476L107</cusip>
        <value>3036645</value>
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            <sshPrnamt>44994</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>44994</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ERIE INDTY CO</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>29530P102</cusip>
        <value>418229</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1206</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1206</Sole>
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            <None>0</None>
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        <nameOfIssuer>ETSY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29786A106</cusip>
        <value>45659595</value>
        <shrsOrPrnAmt>
            <sshPrnamt>910279</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>910279</Sole>
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            <None>0</None>
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        <nameOfIssuer>EVEREST GROUP LTD</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>G3223R108</cusip>
        <value>699071</value>
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            <sshPrnamt>2057</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>2057</Sole>
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            <None>0</None>
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        <nameOfIssuer>EVERGY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30034W106</cusip>
        <value>1680238</value>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>24376</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EXELON CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30161N101</cusip>
        <value>1691079</value>
        <shrsOrPrnAmt>
            <sshPrnamt>38947</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>38947</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EXPAND ENERGY CORPORATION</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>165167735</cusip>
        <value>20545773</value>
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            <sshPrnamt>175695</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>175695</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>EXPEDIA GROUP INC</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>30212P303</cusip>
        <value>4942324</value>
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            <sshPrnamt>29300</sshPrnamt>
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        <votingAuthority>
            <Sole>29300</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>4116967</value>
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            <sshPrnamt>27923</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>27923</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FASTENAL CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>311900104</cusip>
        <value>664776</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15828</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>15828</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FEDEX CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>31428X106</cusip>
        <value>9479964</value>
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            <sshPrnamt>41705</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>41705</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>FIDELITY NATL INFORMATION SV</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>31620M106</cusip>
        <value>2068628</value>
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            <sshPrnamt>25410</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>25410</Sole>
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            <None>0</None>
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        <nameOfIssuer>FIFTH THIRD BANCORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>316773100</cusip>
        <value>1327759</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32282</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>32282</Sole>
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            <None>0</None>
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        <nameOfIssuer>FIVE BELOW INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>33829M101</cusip>
        <value>18378318</value>
        <shrsOrPrnAmt>
            <sshPrnamt>140100</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>140100</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FLOOR &amp; DECOR HLDGS INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>339750101</cusip>
        <value>478548</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6300</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>6300</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>FORD MTR CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>345370860</cusip>
        <value>115487</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10644</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>10644</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FORTINET INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>34959E109</cusip>
        <value>12742960</value>
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            <sshPrnamt>120535</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>120535</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>FORTIVE CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>34959J108</cusip>
        <value>1919531</value>
        <shrsOrPrnAmt>
            <sshPrnamt>36822</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>36822</Sole>
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            <None>0</None>
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        <nameOfIssuer>FORTREA HLDGS INC</nameOfIssuer>
        <titleOfClass>COMMON STOCK</titleOfClass>
        <cusip>34965K107</cusip>
        <value>1176214</value>
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            <sshPrnamt>238100</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>238100</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FOX CORP</nameOfIssuer>
        <titleOfClass>CL B COM</titleOfClass>
        <cusip>35137L204</cusip>
        <value>37641316</value>
        <shrsOrPrnAmt>
            <sshPrnamt>729059</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>729059</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>FRANKLIN RESOURCES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>354613101</cusip>
        <value>357655</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14996</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>14996</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
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        <votingAuthority>
            <Sole>8417</Sole>
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        <nameOfIssuer>LOWES COS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>548661107</cusip>
        <value>365642</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1648</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1648</Sole>
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            <None>0</None>
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        <nameOfIssuer>LYFT INC</nameOfIssuer>
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        <cusip>55087P104</cusip>
        <value>4272536</value>
        <shrsOrPrnAmt>
            <sshPrnamt>203400</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>203400</Sole>
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            <None>0</None>
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        <nameOfIssuer>M &amp; T BK CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>55261F104</cusip>
        <value>1505944</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7763</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>7763</Sole>
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            <None>0</None>
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        <nameOfIssuer>MACH NATURAL RESOURCES LP</nameOfIssuer>
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        <cusip>55445L100</cusip>
        <value>6440240</value>
        <shrsOrPrnAmt>
            <sshPrnamt>446000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>446000</Sole>
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            <None>0</None>
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        <nameOfIssuer>MACOM TECH SOLUTIONS HLDGS I</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>55405Y100</cusip>
        <value>4929176</value>
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            <sshPrnamt>34400</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>34400</Sole>
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            <None>0</None>
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        <nameOfIssuer>MADISON SQUARE GRDN SPRT COR</nameOfIssuer>
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        <cusip>55825T103</cusip>
        <value>3071565</value>
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            <sshPrnamt>14700</sshPrnamt>
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            <Sole>14700</Sole>
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            <None>0</None>
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        <cusip>55939A107</cusip>
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            <sshPrnamt>110000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>110000</Sole>
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            <None>0</None>
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        <nameOfIssuer>MANHATTAN ASSOCIATES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>562750109</cusip>
        <value>8708427</value>
        <shrsOrPrnAmt>
            <sshPrnamt>44100</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>44100</Sole>
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            <None>0</None>
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        <nameOfIssuer>MARATHON PETE CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>56585A102</cusip>
        <value>6692904</value>
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            <sshPrnamt>40292</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>40292</Sole>
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            <None>0</None>
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        <nameOfIssuer>MARKETAXESS HLDGS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>57060D108</cusip>
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            <sshPrnamt>1814</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>1814</Sole>
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            <None>0</None>
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        <nameOfIssuer>MARRIOTT INTL INC NEW</nameOfIssuer>
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        <cusip>571903202</cusip>
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            <sshPrnamt>4365</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>4365</Sole>
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            <None>0</None>
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        <nameOfIssuer>MARSH &amp; MCLENNAN COS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>571748102</cusip>
        <value>5210191</value>
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            <sshPrnamt>23830</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>23830</Sole>
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            <None>0</None>
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        <nameOfIssuer>MARVELL TECHNOLOGY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>573874104</cusip>
        <value>3058151</value>
        <shrsOrPrnAmt>
            <sshPrnamt>39511</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>39511</Sole>
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            <None>0</None>
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        <nameOfIssuer>MASCO CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>574599106</cusip>
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            <sshPrnamt>111256</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>111256</Sole>
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            <None>0</None>
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        <nameOfIssuer>MASTERCARD INCORPORATED</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>57636Q104</cusip>
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            <sshPrnamt>1415966</sshPrnamt>
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            <Sole>1415966</Sole>
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        <nameOfIssuer>MCDONALDS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>580135101</cusip>
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            <sshPrnamt>247038</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>247038</Sole>
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            <None>0</None>
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        <nameOfIssuer>MCKESSON CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>58155Q103</cusip>
        <value>12063024</value>
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            <sshPrnamt>16462</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>16462</Sole>
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            <None>0</None>
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        <nameOfIssuer>MERCADOLIBRE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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            <sshPrnamt>2323</sshPrnamt>
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            <Sole>2323</Sole>
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        <nameOfIssuer>MERCK &amp; CO INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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            <sshPrnamt>776930</sshPrnamt>
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            <Sole>776930</Sole>
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        <nameOfIssuer>META PLATFORMS INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
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        <titleOfClass>COM</titleOfClass>
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            <sshPrnamt>31794</sshPrnamt>
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        <nameOfIssuer>MICROCHIP TECHNOLOGY INC.</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>595017104</cusip>
        <value>17557104</value>
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            <sshPrnamt>249497</sshPrnamt>
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        <titleOfClass>COM</titleOfClass>
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            <Sole>139465</Sole>
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        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>MOLINA HEALTHCARE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>7132</Sole>
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        <nameOfIssuer>MONDELEZ INTL INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
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            <sshPrnamt>409709</sshPrnamt>
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            <Sole>409709</Sole>
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        <nameOfIssuer>MONGODB INC</nameOfIssuer>
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            <sshPrnamt>201472</sshPrnamt>
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            <Sole>201472</Sole>
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        <nameOfIssuer>MONSTER BEVERAGE CORP NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>61174X109</cusip>
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            <Sole>127784</Sole>
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        <nameOfIssuer>MOODYS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>615369105</cusip>
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            <Sole>7482</Sole>
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        <nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
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        <cusip>617446448</cusip>
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            <Sole>59744</Sole>
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        <nameOfIssuer>MOSAIC CO NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>61945C103</cusip>
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            <Sole>116763</Sole>
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        <nameOfIssuer>MPLX LP</nameOfIssuer>
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        <cusip>55336V100</cusip>
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            <Sole>4562500</Sole>
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        <nameOfIssuer>MSCI INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>55354G100</cusip>
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            <sshPrnamt>3742</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>3742</Sole>
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        <nameOfIssuer>NASDAQ INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>631103108</cusip>
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        <nameOfIssuer>NATURAL RESOURCE PARTNERS L</nameOfIssuer>
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        <cusip>63900P608</cusip>
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        <nameOfIssuer>NAVIOS MARITIME PARTNERS L P</nameOfIssuer>
        <titleOfClass>COM UNIT LPI</titleOfClass>
        <cusip>Y62267409</cusip>
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            <sshPrnamt>43200</sshPrnamt>
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            <Sole>43200</Sole>
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        <nameOfIssuer>NETFLIX INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>64110L106</cusip>
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            <sshPrnamt>66393</sshPrnamt>
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            <Sole>66393</Sole>
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        <cusip>650111107</cusip>
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            <Sole>38900</Sole>
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        <nameOfIssuer>NEWS CORP NEW</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
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        <cusip>65249B208</cusip>
        <value>503190</value>
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            <sshPrnamt>14666</sshPrnamt>
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        <titleOfClass>CL B</titleOfClass>
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            <sshPrnamt>5605</sshPrnamt>
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        <titleOfClass>COM</titleOfClass>
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        <titleOfClass>COM</titleOfClass>
        <cusip>665859104</cusip>
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            <sshPrnamt>9409</sshPrnamt>
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            <Sole>9409</Sole>
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        <titleOfClass>COM</titleOfClass>
        <cusip>666807102</cusip>
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            <sshPrnamt>17802</sshPrnamt>
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            <sshPrnamt>54525</sshPrnamt>
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        <titleOfClass>COM</titleOfClass>
        <cusip>670346105</cusip>
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            <sshPrnamt>30362</sshPrnamt>
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        <cusip>67059N108</cusip>
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            <sshPrnamt>184900</sshPrnamt>
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            <None>0</None>
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        <cusip>G6700G107</cusip>
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            <sshPrnamt>74700</sshPrnamt>
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            <Sole>74700</Sole>
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            <None>0</None>
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        <titleOfClass>COM</titleOfClass>
        <cusip>67066G104</cusip>
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            <sshPrnamt>10685466</sshPrnamt>
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            <Sole>10685466</Sole>
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        <titleOfClass>COM</titleOfClass>
        <cusip>62944T105</cusip>
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            <sshPrnamt>85</sshPrnamt>
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            <Sole>85</Sole>
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        <nameOfIssuer>NXP SEMICONDUCTORS N V</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>N6596X109</cusip>
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            <sshPrnamt>82219</sshPrnamt>
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            <Sole>82219</Sole>
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        <nameOfIssuer>OCCIDENTAL PETE CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>674599105</cusip>
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            <sshPrnamt>4786</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>4786</Sole>
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        <nameOfIssuer>OMEGA HEALTHCARE INVS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>681936100</cusip>
        <value>5574465</value>
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            <sshPrnamt>152100</sshPrnamt>
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            <Sole>152100</Sole>
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            <None>0</None>
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        <nameOfIssuer>ON SEMICONDUCTOR CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>682189105</cusip>
        <value>321588</value>
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            <sshPrnamt>6136</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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        <nameOfIssuer>ONTO INNOVATION INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>683344105</cusip>
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            <sshPrnamt>53600</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>53600</Sole>
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        <nameOfIssuer>ORACLE CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>68389X105</cusip>
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            <sshPrnamt>834123</sshPrnamt>
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            <Sole>834123</Sole>
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        <nameOfIssuer>OREILLY AUTOMOTIVE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>67103H107</cusip>
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        <nameOfIssuer>OWENS CORNING NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>690742101</cusip>
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        <titleOfClass>COM</titleOfClass>
        <cusip>693718108</cusip>
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        <nameOfIssuer>PACKAGING CORP AMER</nameOfIssuer>
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        <cusip>695156109</cusip>
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            <sshPrnamt>90827</sshPrnamt>
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        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>PARAMOUNT GLOBAL</nameOfIssuer>
        <titleOfClass>CLASS B COM</titleOfClass>
        <cusip>92556H206</cusip>
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        <nameOfIssuer>PAYLOCITY HLDG CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>70438V106</cusip>
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        <nameOfIssuer>PENTAIR PLC</nameOfIssuer>
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        <cusip>G7S00T104</cusip>
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        <nameOfIssuer>PEPSICO INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>713448108</cusip>
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        <nameOfIssuer>PFIZER INC</nameOfIssuer>
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        <cusip>717081103</cusip>
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        <nameOfIssuer>PG&amp;E CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>69331C108</cusip>
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        <investmentDiscretion>DFND</investmentDiscretion>
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        <nameOfIssuer>PHILIP MORRIS INTL INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>718172109</cusip>
        <value>99098208</value>
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        <investmentDiscretion>DFND</investmentDiscretion>
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        <nameOfIssuer>PINNACLE WEST CAP CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>723484101</cusip>
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        <nameOfIssuer>PLAINS ALL AMERN PIPELINE L</nameOfIssuer>
        <titleOfClass>UNIT LTD PARTN</titleOfClass>
        <cusip>726503105</cusip>
        <value>45459248</value>
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            <sshPrnamt>2481400</sshPrnamt>
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        <nameOfIssuer>PLAINS GP HLDGS L P</nameOfIssuer>
        <titleOfClass>LTD PARTNR INT A</titleOfClass>
        <cusip>72651A207</cusip>
        <value>4993510</value>
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        <nameOfIssuer>PNC FINL SVCS GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>693475105</cusip>
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            <Sole>1191</Sole>
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        <nameOfIssuer>PRINCIPAL FINANCIAL GROUP IN</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>74251V102</cusip>
        <value>797159</value>
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            <sshPrnamt>10036</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>10036</Sole>
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        <nameOfIssuer>PROCTER AND GAMBLE CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>742718109</cusip>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>366679</Sole>
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        <titleOfClass>COM</titleOfClass>
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        <cusip>78467X109</cusip>
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            <Sole>120001</Sole>
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        <nameOfIssuer>SYNCHRONY FINANCIAL</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>87165B103</cusip>
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        <nameOfIssuer>TAIWAN SEMICONDUCTOR MFG LTD</nameOfIssuer>
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        <nameOfIssuer>TAKE-TWO INTERACTIVE SOFTWAR</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>874054109</cusip>
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        <cusip>876030107</cusip>
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        <nameOfIssuer>TARGA RES CORP</nameOfIssuer>
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        <cusip>87612G101</cusip>
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        <nameOfIssuer>TECHNIPFMC PLC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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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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        <nameOfIssuer>TEXAS INSTRS INC</nameOfIssuer>
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        <nameOfIssuer>THE CIGNA GROUP</nameOfIssuer>
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        <nameOfIssuer>THE TRADE DESK INC</nameOfIssuer>
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        <nameOfIssuer>TJX COS INC NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>T-MOBILE US INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>872590104</cusip>
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        <nameOfIssuer>TOLL BROTHERS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>889478103</cusip>
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        <cusip>G8994E103</cusip>
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        <nameOfIssuer>TRAVEL PLUS LEISURE CO</nameOfIssuer>
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        <cusip>894164102</cusip>
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        <nameOfIssuer>TRUIST FINL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>89832Q109</cusip>
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        <nameOfIssuer>TXO PARTNERS LP</nameOfIssuer>
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        <cusip>87313P103</cusip>
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        <nameOfIssuer>TYLER TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>902252105</cusip>
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        <nameOfIssuer>TYSON FOODS INC</nameOfIssuer>
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        <cusip>902494103</cusip>
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        <nameOfIssuer>UBER TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>UIPATH INC</nameOfIssuer>
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        <nameOfIssuer>ULTRAGENYX PHARMACEUTICAL IN</nameOfIssuer>
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        <cusip>90400D108</cusip>
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        <shrsOrPrnAmt>
            <sshPrnamt>4635</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>4635</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
