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

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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
Apple Inc Com 037833100 180,921 1,946,850 SH   DFND 1 1,946,850 0 0
New York Times Co CL A 650111107 144,143 9,476,890 SH   DFND 1 9,476,890 0 0
Twitter Inc Com 90184L102 138,177 3,372,635 SH   DFND 1 3,372,635 0 0
Yahoo Inc Com 984332106 137,095 3,902,498 SH   DFND 1 3,902,498 0 0
Gannett. Inc Com 364730101 115,755 3,697,060 SH   DFND 1 3,697,060 0 0
Sohu Com Inc. Com 83408W103 76,360 1,323,633 SH   DFND 1 1,323,633 0 0
Stillwater MNG Co. Com 86074Q102 60,239 3,432,417 SH   DFND 1 3,432,417 0 0
Orbitz Worldwide Inc. Com 68557K109 54,767 6,153,553 SH   DFND 1 6,153,553 0 0
News Corp New CL A 65249B109 51,828 2,888,983 SH   DFND 1 2,888,983 0 0
IAC Interactivecorp Com Par $0.001 44919P508 45,000 650,002 SH   DFND 1 650,002 0 0
Activision Blizzard Inc. Com 00507V109 39,217 1,758,605 SH   DFND 1 1,758,605 0 0
Barrick Gold Corp Com 067901108 35,804 1,956,528 SH   DFND 1 1,956,528 0 0
Kinross Gold Corp Com No Par 496902404 35,631 8,606,573 SH   DFND 1 8,606,573 0 0
McClatchy Co. CL A 579489105 36,039 6,493,431 SH   DFND 1 6,493,431 0 0
Scripps E W Co. Ohio CL A New 811054402 33,761 1,595,491 SH   DFND 1 1,595,491 0 0
Entercom Communications Corp CL A 293639100 31,825 2,966,005 SH   DFND 1 2,966,005 0 0
Youku Tudou Inc Sponsored ADR 98742U100 27,212 1,140,484 SH   DFND 1 1,140,484 0 0
Gray Television Inc. Com 389375106 26,537 2,021,130 SH   DFND 1 2,021,130 0 0
MercadoLibre Inc Com 58733R102 25,909 271,581 SH   DFND 1 271,581 0 0
Journal Communications Inc. CL A 481130102 21,778 2,455,198 SH   DFND 1 2,455,198 0 0
News Corp New CL B 65249B208 15,066 863,363 SH   DFND 1 863,363 0 0
China Mobile Limited Sponsored ADR 16941M109 14,046 288,963 SH   DFND 1 288,963 0 0
American Intl Group Inc. Com New 026874784 8,534 156,350 SH   DFND 1 156,350 0 0
Abercrombie & Fitch Co. CL A 002896207 7,720 178,494 SH   DFND 1 178,494 0 0
Legg Mason Inc Com 524901105 5,833 113,685 SH   DFND 1 113,685 0 0
Pozen Inc. Com 73941U102 5,520 662,718 SH   DFND 1 662,718 0 0
AllianceBernstein Holding LP Unit Ltd Partn 01881G106 5,243 202,580 SH   DFND 1 202,580 0 0
Anglogold Ashanti Ltd. Sponsored ADR 035128206 5,123 297,664 SH   DFND 1 297,664 0 0
Janus Cap Group Inc. Com 47102X105 4,514 361,718 SH   DFND 1 361,718 0 0
Baidu Inc Sponsored ADR Rep A 056752108 4,077 21,825 SH   DFND 1 21,825 0 0
Cisco Sys Inc. Com 17275R102 2,977 119,783 SH   DFND 1 119,783 0 0
Aeropostale Com 007865108 2,678 767,457 SH   DFND 1 767,457 0 0
Nvidia Corp Com 67066G104 1,920 103,548 SH   DFND 1 103,548 0 0