<SEC-DOCUMENT>0001140361-25-040700.txt : 20251106
<SEC-HEADER>0001140361-25-040700.hdr.sgml : 20251106
<ACCEPTANCE-DATETIME>20251106112249
ACCESSION NUMBER:		0001140361-25-040700
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251106
DATE AS OF CHANGE:		20251106
EFFECTIVENESS DATE:		20251106

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:		251456872

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

	MAIL ADDRESS:	
		STREET 1:		PO BOX 1800
		CITY:			AMSTERDAM
		STATE:			P7
		ZIP:			1000 BV
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
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      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <credentials>
          <cik>0001039765</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2025</periodOfReport>
    </filerInfo>
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    <coverPage>
      <reportCalendarOrQuarter>09-30-2025</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>11-06-2025</signatureDate>
    </signatureBlock>
    <summaryPage>
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        <nameOfIssuer>AECOM</nameOfIssuer>
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        <nameOfIssuer>AES CORP</nameOfIssuer>
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        <nameOfIssuer>AUTOMATIC DATA PROCESSING IN</nameOfIssuer>
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        <nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
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        <nameOfIssuer>BIO-TECHNE CORP</nameOfIssuer>
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        <nameOfIssuer>BLACK STONE MINERALS L P</nameOfIssuer>
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        <investmentDiscretion>DFND</investmentDiscretion>
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        <nameOfIssuer>BOOKING HOLDINGS INC</nameOfIssuer>
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        <nameOfIssuer>BOOZ ALLEN HAMILTON HLDG COR</nameOfIssuer>
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        <cusip>109194100</cusip>
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            <Sole>62642</Sole>
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            <Sole>13721</Sole>
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            <sshPrnamt>1505</sshPrnamt>
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            <Sole>1505</Sole>
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        <nameOfIssuer>CAESARS ENTERTAINMENT INC NE</nameOfIssuer>
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            <Sole>599854</Sole>
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        <nameOfIssuer>CAMDEN PPTY TR</nameOfIssuer>
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            <Sole>3784</Sole>
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            <sshPrnamt>191716</sshPrnamt>
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            <Sole>191716</Sole>
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            <sshPrnamt>77967</sshPrnamt>
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            <Sole>77967</Sole>
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        <nameOfIssuer>CBOE GLOBAL MKTS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>COGNIZANT TECHNOLOGY SOLUTIO</nameOfIssuer>
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            <Sole>782872</Sole>
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        <nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
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            <Sole>46687</Sole>
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        <nameOfIssuer>CONSTELLATION ENERGY CORP</nameOfIssuer>
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        <cusip>21037T109</cusip>
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            <sshPrnamt>1659</sshPrnamt>
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            <Sole>1659</Sole>
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        <nameOfIssuer>COSTAR GROUP INC</nameOfIssuer>
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        <nameOfIssuer>COSTCO WHSL CORP NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>COUPANG INC</nameOfIssuer>
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        <nameOfIssuer>CSX CORP</nameOfIssuer>
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        <nameOfIssuer>CURTISS WRIGHT CORP</nameOfIssuer>
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        <nameOfIssuer>DIGITAL RLTY TR INC</nameOfIssuer>
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        <nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>DIVERSIFIED HEALTHCARE TR</nameOfIssuer>
        <titleOfClass>COM SH BEN INT</titleOfClass>
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        <nameOfIssuer>DOLBY LABORATORIES INC</nameOfIssuer>
        <titleOfClass>COM CL A</titleOfClass>
        <cusip>25659T107</cusip>
        <value>904625</value>
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            <sshPrnamt>12500</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>12500</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DOLLAR GEN CORP NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>256677105</cusip>
        <value>2940308</value>
        <shrsOrPrnAmt>
            <sshPrnamt>28450</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>28450</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DOLLAR TREE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>256746108</cusip>
        <value>16013740</value>
        <shrsOrPrnAmt>
            <sshPrnamt>169691</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>169691</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DOMINOS PIZZA INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>25754A201</cusip>
        <value>20220433</value>
        <shrsOrPrnAmt>
            <sshPrnamt>46838</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>46838</Sole>
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            <None>0</None>
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        <nameOfIssuer>DOORDASH INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>25809K105</cusip>
        <value>14586552</value>
        <shrsOrPrnAmt>
            <sshPrnamt>53629</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>53629</Sole>
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            <None>0</None>
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        <nameOfIssuer>DORCHESTER MINERALS LP</nameOfIssuer>
        <titleOfClass>COM UNIT</titleOfClass>
        <cusip>25820R105</cusip>
        <value>2462139</value>
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            <sshPrnamt>95100</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>95100</Sole>
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            <None>0</None>
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        <nameOfIssuer>DOUBLEVERIFY HLDGS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>25862V105</cusip>
        <value>997934</value>
        <shrsOrPrnAmt>
            <sshPrnamt>83300</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>83300</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>DOVER CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>260003108</cusip>
        <value>2957562</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17728</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>17728</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DUPONT DE NEMOURS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26614N102</cusip>
        <value>10838227</value>
        <shrsOrPrnAmt>
            <sshPrnamt>139130</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>139130</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DUTCH BROS INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>26701L100</cusip>
        <value>22527136</value>
        <shrsOrPrnAmt>
            <sshPrnamt>430400</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>430400</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ECOLAB INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>278865100</cusip>
        <value>9037106</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32999</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>32999</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EDISON INTL</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>281020107</cusip>
        <value>18413602</value>
        <shrsOrPrnAmt>
            <sshPrnamt>333097</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>333097</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>4144985</value>
        <shrsOrPrnAmt>
            <sshPrnamt>53298</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>53298</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>31185259</value>
        <shrsOrPrnAmt>
            <sshPrnamt>369100</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>369100</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>ELECTRONIC ARTS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>285512109</cusip>
        <value>8513555</value>
        <shrsOrPrnAmt>
            <sshPrnamt>42209</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>42209</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>ELEVANCE HEALTH INC FORMERLY</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>036752103</cusip>
        <value>9406023</value>
        <shrsOrPrnAmt>
            <sshPrnamt>29110</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>29110</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>124920649</value>
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            <sshPrnamt>163723</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>163723</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EMCOR GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29084Q100</cusip>
        <value>3758888</value>
        <shrsOrPrnAmt>
            <sshPrnamt>5787</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>5787</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ENCOMPASS HEALTH CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29261A100</cusip>
        <value>1041564</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8200</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>8200</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ENTERGY CORP NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29364G103</cusip>
        <value>292523</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3139</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>3139</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EOG RES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26875P101</cusip>
        <value>2532118</value>
        <shrsOrPrnAmt>
            <sshPrnamt>22584</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>22584</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EPAM SYS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29414B104</cusip>
        <value>1085688</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7200</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>7200</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EQT CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26884L109</cusip>
        <value>4391195</value>
        <shrsOrPrnAmt>
            <sshPrnamt>80676</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>80676</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EQUINIX INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29444U700</cusip>
        <value>9909552</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12652</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>12652</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>513115</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7927</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>7927</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>ERIE INDTY CO</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>29530P102</cusip>
        <value>378610</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1190</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1190</Sole>
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            <None>0</None>
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        <nameOfIssuer>ESAB CORPORATION</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29605J106</cusip>
        <value>1988972</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17800</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>17800</Sole>
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            <None>0</None>
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        <nameOfIssuer>ESSEX PPTY TR INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>297178105</cusip>
        <value>2228537</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8326</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>8326</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ETSY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29786A106</cusip>
        <value>4776628</value>
        <shrsOrPrnAmt>
            <sshPrnamt>71948</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>71948</Sole>
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            <None>0</None>
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        <nameOfIssuer>EVEREST GROUP LTD</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>G3223R108</cusip>
        <value>687852</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1964</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1964</Sole>
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            <None>0</None>
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        <nameOfIssuer>EVERGY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30034W106</cusip>
        <value>2261899</value>
        <shrsOrPrnAmt>
            <sshPrnamt>29754</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>29754</Sole>
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            <None>0</None>
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        <nameOfIssuer>EXELON CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30161N101</cusip>
        <value>7113245</value>
        <shrsOrPrnAmt>
            <sshPrnamt>158037</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>158037</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>EXPAND ENERGY CORPORATION</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>165167735</cusip>
        <value>9177755</value>
        <shrsOrPrnAmt>
            <sshPrnamt>86387</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>86387</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EXPEDIA GROUP INC</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>30212P303</cusip>
        <value>3265886</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15279</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>15279</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EXTRA SPACE STORAGE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30225T102</cusip>
        <value>3867253</value>
        <shrsOrPrnAmt>
            <sshPrnamt>27439</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>27439</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>30231G102</cusip>
        <value>70460745</value>
        <shrsOrPrnAmt>
            <sshPrnamt>624929</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>624929</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FASTENAL CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>311900104</cusip>
        <value>342397</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6982</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>6982</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>FEDERAL RLTY INVT TR NEW</nameOfIssuer>
        <titleOfClass>SH BEN INT NEW</titleOfClass>
        <cusip>313745101</cusip>
        <value>1028094</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10148</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>10148</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FEDEX CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>31428X106</cusip>
        <value>10410776</value>
        <shrsOrPrnAmt>
            <sshPrnamt>44149</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>44149</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>1613090</value>
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            <sshPrnamt>24463</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>24463</Sole>
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            <None>0</None>
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        <nameOfIssuer>FIFTH THIRD BANCORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>316773100</cusip>
        <value>1380872</value>
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            <sshPrnamt>30996</sshPrnamt>
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        <votingAuthority>
            <Sole>30996</Sole>
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            <None>0</None>
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        <nameOfIssuer>FORD MTR CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>345370860</cusip>
        <value>3190581</value>
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            <sshPrnamt>266771</sshPrnamt>
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            <Sole>266771</Sole>
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            <None>0</None>
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        <nameOfIssuer>FORTINET INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>34959E109</cusip>
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            <sshPrnamt>128147</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>128147</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>2004802</value>
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            <sshPrnamt>238100</sshPrnamt>
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            <Sole>238100</Sole>
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            <None>0</None>
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        <nameOfIssuer>FOX CORP</nameOfIssuer>
        <titleOfClass>CL B COM</titleOfClass>
        <cusip>35137L204</cusip>
        <value>31010332</value>
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            <sshPrnamt>541287</sshPrnamt>
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            <Sole>541287</Sole>
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            <None>0</None>
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        <nameOfIssuer>FRANKLIN RESOURCES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>354613101</cusip>
        <value>331823</value>
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            <sshPrnamt>14346</sshPrnamt>
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            <Sole>14346</Sole>
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            <None>0</None>
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        <nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
        <titleOfClass>CL B</titleOfClass>
        <cusip>35671D857</cusip>
        <value>9409349</value>
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            <sshPrnamt>239912</sshPrnamt>
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            <Sole>239912</Sole>
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            <None>0</None>
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        <nameOfIssuer>FRESHPET INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>358039105</cusip>
        <value>6354183</value>
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            <sshPrnamt>115300</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>115300</Sole>
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            <None>0</None>
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        <nameOfIssuer>FRONTIER COMMUNICATIONS PARE</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>35909D109</cusip>
        <value>8792190</value>
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            <sshPrnamt>235400</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>235400</Sole>
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            <None>0</None>
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        <nameOfIssuer>FTAI AVIATION LTD</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>G3730V105</cusip>
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            <sshPrnamt>10000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>10000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FTI CONSULTING INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>302941109</cusip>
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            <sshPrnamt>24600</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>24600</Sole>
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            <None>0</None>
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        <nameOfIssuer>FUNKO INC</nameOfIssuer>
        <titleOfClass>COM CL A</titleOfClass>
        <cusip>361008105</cusip>
        <value>2064000</value>
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            <sshPrnamt>600000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>600000</Sole>
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            <None>0</None>
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        <nameOfIssuer>GALLAGHER ARTHUR J &amp; CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>363576109</cusip>
        <value>3718738</value>
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            <sshPrnamt>12006</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>12006</Sole>
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            <None>0</None>
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        <nameOfIssuer>GAP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>364760108</cusip>
        <value>1668420</value>
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            <sshPrnamt>78000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>78000</Sole>
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            <None>0</None>
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        <nameOfIssuer>GARMIN LTD</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>H2906T109</cusip>
        <value>5208045</value>
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            <sshPrnamt>21152</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>21152</Sole>
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            <None>0</None>
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        <nameOfIssuer>GARTNER INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>366651107</cusip>
        <value>22867324</value>
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            <sshPrnamt>86991</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>86991</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>GCI LIBERTY INC</nameOfIssuer>
        <titleOfClass>COM SER C</titleOfClass>
        <cusip>36164V800</cusip>
        <value>1929095</value>
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            <sshPrnamt>51760</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>51760</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>GE AEROSPACE</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>369604301</cusip>
        <value>31375225</value>
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            <sshPrnamt>104299</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>104299</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>GE VERNOVA INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>36828A101</cusip>
        <value>82515276</value>
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            <sshPrnamt>134193</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>134193</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>369550108</cusip>
        <value>11129899</value>
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            <sshPrnamt>32639</sshPrnamt>
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            <Sole>32639</Sole>
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            <None>0</None>
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        <nameOfIssuer>GENESCO INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>371532102</cusip>
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            <sshPrnamt>210000</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>210000</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>GENESIS ENERGY L P</nameOfIssuer>
        <titleOfClass>UNIT LTD PARTN</titleOfClass>
        <cusip>371927104</cusip>
        <value>39699618</value>
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            <sshPrnamt>2375800</sshPrnamt>
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            <Sole>2375800</Sole>
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            <None>0</None>
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        <nameOfIssuer>GENUINE PARTS CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>372460105</cusip>
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            <sshPrnamt>34768</sshPrnamt>
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            <Sole>34768</Sole>
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    <infoTable>
        <nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>375558103</cusip>
        <value>20725032</value>
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        <nameOfIssuer>GLOBAL E ONLINE LTD</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>M5216V106</cusip>
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        <votingAuthority>
            <Sole>1047000</Sole>
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            <None>0</None>
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        <nameOfIssuer>GLOBAL PARTNERS LP</nameOfIssuer>
        <titleOfClass>COM UNITS</titleOfClass>
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            <Sole>27000</Sole>
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        <nameOfIssuer>GLOBANT S A</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <value>8657494</value>
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            <sshPrnamt>150880</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>150880</Sole>
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        <nameOfIssuer>GLOBE LIFE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>37959E102</cusip>
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            <sshPrnamt>3794</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>3794</Sole>
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            <None>0</None>
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        <nameOfIssuer>GODADDY INC</nameOfIssuer>
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        <cusip>380237107</cusip>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>188198</Sole>
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            <None>0</None>
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        <nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>38141G104</cusip>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>15665</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GRAINGER W W INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>384802104</cusip>
        <value>11139149</value>
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            <sshPrnamt>11689</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>11689</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>406216101</cusip>
        <value>645037</value>
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            <sshPrnamt>26221</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>26221</Sole>
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            <None>0</None>
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        <nameOfIssuer>HALOZYME THERAPEUTICS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>40637H109</cusip>
        <value>6651938</value>
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            <sshPrnamt>90700</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>90700</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>HARTFORD INSURANCE GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>416515104</cusip>
        <value>1756346</value>
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            <sshPrnamt>13167</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>13167</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>HASBRO INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>418056107</cusip>
        <value>8439526</value>
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            <sshPrnamt>111266</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>111266</Sole>
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            <None>0</None>
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        <nameOfIssuer>HAYWARD HLDGS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>421298100</cusip>
        <value>1000944</value>
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            <sshPrnamt>66200</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>66200</Sole>
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            <None>0</None>
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        <nameOfIssuer>HCA HEALTHCARE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>40412C101</cusip>
        <value>1025011</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2405</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>2405</Sole>
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            <None>0</None>
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        <nameOfIssuer>HEALTHPEAK PROPERTIES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>42250P103</cusip>
        <value>422085</value>
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            <sshPrnamt>22041</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>22041</Sole>
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            <None>0</None>
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        <nameOfIssuer>HERSHEY CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>427866108</cusip>
        <value>7301684</value>
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            <sshPrnamt>39036</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>39036</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>13600000</value>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>2000000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>KNIGHT-SWIFT TRANSN HLDGS IN</nameOfIssuer>
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        <nameOfIssuer>LIBERTY BROADBAND CORP</nameOfIssuer>
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        <nameOfIssuer>LIBERTY MEDIA CORP DEL</nameOfIssuer>
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        <nameOfIssuer>LOCKHEED MARTIN CORP</nameOfIssuer>
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        <titleOfClass>COM</titleOfClass>
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        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>PROLOGIS INC.</nameOfIssuer>
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        <nameOfIssuer>SUBURBAN PROPANE PARTNERS L</nameOfIssuer>
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        <value>2200700</value>
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        <nameOfIssuer>SUNOCO LP/SUNOCO FIN CORP</nameOfIssuer>
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        <nameOfIssuer>SYLVAMO CORP</nameOfIssuer>
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        <cusip>871332102</cusip>
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            <Sole>120001</Sole>
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            <None>0</None>
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        <nameOfIssuer>SYNCHRONY FINANCIAL</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>87165B103</cusip>
        <value>1237904</value>
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            <sshPrnamt>17423</sshPrnamt>
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            <Sole>17423</Sole>
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            <None>0</None>
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        <cusip>871607107</cusip>
        <value>5543237</value>
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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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            <Sole>1569</Sole>
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        <nameOfIssuer>TAPESTRY INC</nameOfIssuer>
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        <cusip>876030107</cusip>
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            <sshPrnamt>72668</sshPrnamt>
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            <Sole>72668</Sole>
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        <nameOfIssuer>TARGA RES CORP</nameOfIssuer>
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        <cusip>87612G101</cusip>
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            <sshPrnamt>45019</sshPrnamt>
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            <Sole>45019</Sole>
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        <nameOfIssuer>TECHNIPFMC PLC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>G87110105</cusip>
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        <nameOfIssuer>TELEDYNE TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>879360105</cusip>
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            <sshPrnamt>484</sshPrnamt>
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            <Sole>484</Sole>
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        <nameOfIssuer>TENET HEALTHCARE CORP</nameOfIssuer>
        <titleOfClass>COM NEW</titleOfClass>
        <cusip>88033G407</cusip>
        <value>2700432</value>
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            <sshPrnamt>13300</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>13300</Sole>
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        <nameOfIssuer>TERADATA CORP DEL</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>88076W103</cusip>
        <value>5687244</value>
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            <sshPrnamt>264400</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>264400</Sole>
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            <None>0</None>
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        <nameOfIssuer>TESLA INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>88160R101</cusip>
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            <sshPrnamt>818657</sshPrnamt>
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            <Sole>818657</Sole>
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        <nameOfIssuer>TEXAS INSTRS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>882508104</cusip>
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            <sshPrnamt>264043</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>264043</Sole>
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        <nameOfIssuer>TEXAS ROADHOUSE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>882681109</cusip>
        <value>1395660</value>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>8400</Sole>
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        <nameOfIssuer>TEXTRON INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>THE CIGNA GROUP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>THE TRADE DESK INC</nameOfIssuer>
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        <cusip>88339J105</cusip>
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        <nameOfIssuer>THERMO FISHER SCIENTIFIC INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>883556102</cusip>
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        <nameOfIssuer>THOMSON REUTERS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>884903808</cusip>
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            <Sole>23607</Sole>
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        <nameOfIssuer>TJX COS INC NEW</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>872540109</cusip>
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        <nameOfIssuer>T-MOBILE US INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <nameOfIssuer>TOLL BROTHERS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>889478103</cusip>
        <value>3646896</value>
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            <sshPrnamt>26400</sshPrnamt>
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        <nameOfIssuer>TORO CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
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        <value>7856220</value>
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        <nameOfIssuer>TRANE TECHNOLOGIES PLC</nameOfIssuer>
        <titleOfClass>SHS</titleOfClass>
        <cusip>G8994E103</cusip>
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        <nameOfIssuer>TRANSDIGM GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>893641100</cusip>
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            <sshPrnamt>5985</sshPrnamt>
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            <Sole>5985</Sole>
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        <nameOfIssuer>TRAVEL PLUS LEISURE CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>894164102</cusip>
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        <investmentDiscretion>DFND</investmentDiscretion>
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        <nameOfIssuer>TRAVELERS COMPANIES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>89417E109</cusip>
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        <nameOfIssuer>TRIMBLE INC</nameOfIssuer>
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        <cusip>896239100</cusip>
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        <investmentDiscretion>DFND</investmentDiscretion>
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        <nameOfIssuer>TRUIST FINL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>89832Q109</cusip>
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            <None>0</None>
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        <nameOfIssuer>TXO PARTNERS LP</nameOfIssuer>
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        <cusip>87313P103</cusip>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>404000</Sole>
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        <nameOfIssuer>TYSON FOODS INC</nameOfIssuer>
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        <cusip>902494103</cusip>
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            <Sole>44130</Sole>
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        <nameOfIssuer>UBER TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>90353T100</cusip>
        <value>33687670</value>
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        <nameOfIssuer>UIPATH INC</nameOfIssuer>
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        <cusip>90364P105</cusip>
        <value>6261840</value>
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            <sshPrnamt>468000</sshPrnamt>
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            <Sole>468000</Sole>
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        <nameOfIssuer>ULTA BEAUTY INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>90384S303</cusip>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>13413</Sole>
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            <None>0</None>
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        <nameOfIssuer>UNION PAC CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>907818108</cusip>
        <value>27198387</value>
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            <Sole>115067</Sole>
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        <nameOfIssuer>UNITED PARKS &amp; RESORTS</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>81282V100</cusip>
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</SEC-DOCUMENT>
