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
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 4,473 293,338 SH   SOLE   293,338 0 0
AMERCO COM 023586100 7,881 20,676 SH   SOLE   20,676 0 0
ASSURED GUARANTY LTD COM G0585R106 3,093 83,345 SH   SOLE   83,345 0 0
AVNET INC COM 053807103 3,715 81,179 SH   SOLE   81,179 0 0
BLACKHAWK NETWORK HLDGS INC COM 09238E104 4,950 121,922 SH   SOLE   121,922 0 0
BUILD A BEAR WORKSHOP COM 120076104 729 82,393 SH   SOLE   82,393 0 0
CF INDS HLDGS INC COM 125269100 4,807 163,792 SH   SOLE   163,792 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 9,523 160,000 SH   SOLE   160,000 0 0
ELLINGTON FINANCIAL LLC COM 288522303 1,919 121,245 SH   SOLE   121,245 0 0
GOLDCORP INC NEW COM 380956409 2,600 178,200 SH   SOLE   178,200 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 13,164 175,000 SH   SOLE   175,000 0 0
KINDER MORGAN INC DEL COM 49456B101 3,573 164,337 SH   SOLE   164,337 0 0
PENNYMAC MTG INVT TR COM 70931T103 1,027 57,862 SH   SOLE   57,862 0 0
RESOURCE CAP CORP COM NEW 76120W708 3,307 338,510 SH   SOLE   338,510 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 7,604 64,050 SH   SOLE   64,050 0 0
XILINX INC COM 983919101 7,020 121,273 SH   SOLE   121,273 0 0