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
AEGEAN MARINE PETROLEUM COM Y0017S102 1,777 303,800 SH   SOLE   303,800 0 0
AVON PRODUCTS INC COM 054303102 15,709 4,133,990 SH   SOLE   4,133,990 0 0
CHINA XINIYA FASHION LTD ADR 16950W105 4,049 2,871,881 SH   SOLE   2,871,881 0 0
CHINA YUCHAI INTL LTD COM G21082105 61,160 3,358,635 SH   SOLE   3,358,635 0 0
CREDIT SUISSE GROUP ADR 225401108 7,165 490,814 SH   SOLE   490,814 0 0
DEUTSCHE BANK AG ORD NPV COM D18190898 12,128 681,750 SH   SOLE   681,750 0 0
GENWORTH FINANCIAL INC COM 37247D106 21,861 5,798,900 SH   SOLE   5,798,900 0 0
GNC HOLDINGS INC COM 36191G107 9,240 1,096,155 SH   SOLE   1,096,155 0 0
JA SOLAR HOLDINGS CO LTD ADR 466090206 7,658 1,206,020 SH   SOLE   1,206,020 0 0
NOBLE CORP PLC COM G65422100 8,412 2,324,000 SH   SOLE   2,324,000 0 0
NORDIC AMERICAN OFFSHORE COM G65772108 1,412 1,130,000 SH   SOLE   1,130,000 0 0
RENESOLA LTD ADR 75971T103 5,256 2,154,290 SH   SOLE   2,154,290 0 0
SEADRILL LIMITED SHS COM G7945E105 2,556 7,089,967 SH   SOLE   7,089,967 0 0
UTSTARCOM INC COM 918076100 17,667 7,550,000 SH   SOLE   7,550,000 0 0
VEON LTD ADS 92719A106 12,638 3,232,235 SH   SOLE   3,232,235 0 0