The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Acco Brands Corp Common 00081T108 204 22,620 SH   SOLE N/A 0 0 22,620
Cadiz Inc Common 127537207 4,398 392,670 SH   SOLE N/A 98,000 0 294,670
Century Casinos Inc Common 156492100 1,716 339,875 SH   SOLE N/A 120,300 0 219,575
Compass Diversified Holdings Common 20451Q104 380 23,410 SH   SOLE N/A 0 0 23,410
Durect Corporation Common 266605104 709 898,200 SH   SOLE N/A 122,700 0 775,500
Fluor Corp Common 343412102 2,861 47,185 SH   SOLE N/A 16,400 0 30,785
Fxcm Inc-A Common 302693106 5,904 356,300 SH   SOLE N/A 116,100 0 240,200
Global Power Equipment Group Common 37941P306 220 15,901 SH   SOLE N/A 0 0 15,901
Great Lakes Dredge & Dock Co Common 390607109 134 15,605 SH   SOLE N/A 0 0 15,605
Icici Bank Ltd - Spon Adr ADR 45104G104 3,765 326,000 SH   SOLE N/A 103,000 0 223,000
Johnson Control Inc Common 478366107 3,829 79,215 SH   SOLE N/A 27,200 0 52,015
Kennedy-Wilson Holdings Inc Common 489398107 4,530 179,035 SH   SOLE N/A 60,500 0 118,535
Knowles Corp Common 49926D109 3,514 149,225 SH   SOLE N/A 50,400 0 98,825
Libbey Inc Common 529898108 7,162 227,800 SH   SOLE N/A 66,500 0 161,300
Liberty Tax Inc Common 53128T102 3,897 109,050 SH   SOLE N/A 40,700 0 68,350
Market Vector India S/C Index Common 57061R551 3,186 71,300 SH   SOLE N/A 21,200 0 50,100
Metalico Inc Common 591176102 42 123,050 SH   SOLE N/A 23,000 0 100,050
Quanta Services Inc Common 74762E102 3,821 134,575 SH   SOLE N/A 41,400 0 93,175
Rand Logistics Inc Common 752182105 1,289 326,376 SH   SOLE N/A 220,176 0 106,200
Stealthgas Inc Common Y81669106 1,384 219,400 SH   SOLE N/A 151,000 0 68,400
Triangle Petroleum Corp Common 89600B201 2,487 520,330 SH   SOLE N/A 144,000 0 376,330
West Pharmaceutical Services Common 955306105 3,811 71,575 SH   SOLE N/A 24,400 0 47,175