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    <nameOfIssuer>Berkshire Hathaway Inc</nameOfIssuer>
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    <cusip>084670108</cusip>
    <value>14410</value>
    <shrsOrPrnAmt>
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      <Sole>81</Sole>
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    <nameOfIssuer>Markel Corp</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>570535104</cusip>
    <value>14015</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>24150</Sole>
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    <nameOfIssuer>Google Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>38259P508</cusip>
    <value>12440</value>
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      <sshPrnamt>11100</sshPrnamt>
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    <votingAuthority>
      <Sole>11100</Sole>
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      <None>0</None>
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    <nameOfIssuer>WellPoint Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>94973V107</cusip>
    <value>12140</value>
    <shrsOrPrnAmt>
      <sshPrnamt>131397</sshPrnamt>
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    <votingAuthority>
      <Sole>131397</Sole>
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      <None>0</None>
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    <titleOfClass>American Depository Receipts</titleOfClass>
    <cusip>056752108</cusip>
    <value>12114</value>
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    <votingAuthority>
      <Sole>68100</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Loews Corp</nameOfIssuer>
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    <cusip>540424108</cusip>
    <value>11683</value>
    <shrsOrPrnAmt>
      <sshPrnamt>242190</sshPrnamt>
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    <votingAuthority>
      <Sole>242190</Sole>
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      <None>0</None>
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    <nameOfIssuer>Banco Latinoamericano de Comercio Exterior SA</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>P16994132</cusip>
    <value>10910</value>
    <shrsOrPrnAmt>
      <sshPrnamt>389365</sshPrnamt>
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    <votingAuthority>
      <Sole>389365</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>HDFC Bank Ltd</nameOfIssuer>
    <titleOfClass>American Depository Receipts</titleOfClass>
    <cusip>40415F101</cusip>
    <value>10041</value>
    <shrsOrPrnAmt>
      <sshPrnamt>291550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>291550</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Under Armour Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>904311107</cusip>
    <value>9944</value>
    <shrsOrPrnAmt>
      <sshPrnamt>113910</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>113910</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Natus Medical Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>639050103</cusip>
    <value>9824</value>
    <shrsOrPrnAmt>
      <sshPrnamt>436600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>436600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Geospace Technologies Corp</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>37364X109</cusip>
    <value>9549</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Infinera Corp</nameOfIssuer>
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    <cusip>45667G103</cusip>
    <value>9492</value>
    <shrsOrPrnAmt>
      <sshPrnamt>970600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>970600</Sole>
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      <None>0</None>
    </votingAuthority>
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    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>037833100</cusip>
    <value>9341</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16650</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16650</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>969904101</cusip>
    <value>9255</value>
    <shrsOrPrnAmt>
      <sshPrnamt>158800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>158800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>SBA Communications Corp</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>78388J106</cusip>
    <value>9074</value>
    <shrsOrPrnAmt>
      <sshPrnamt>101000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>101000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>Intel Corp</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>458140100</cusip>
    <value>8980</value>
    <shrsOrPrnAmt>
      <sshPrnamt>346000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>346000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>American Woodmark Corp</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>030506109</cusip>
    <value>8705</value>
    <shrsOrPrnAmt>
      <sshPrnamt>220200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>220200</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Credicorp Ltd</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>002232878</cusip>
    <value>8163</value>
    <shrsOrPrnAmt>
      <sshPrnamt>61500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>61500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Costco Wholesale Corp</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>22160K105</cusip>
    <value>8100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68058</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>68058</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Chipotle Mexican Grill Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>169656105</cusip>
    <value>8098</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15200</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HCC Insurance Holdings Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>404132102</cusip>
    <value>8084</value>
    <shrsOrPrnAmt>
      <sshPrnamt>175200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>175200</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>Denbury Resources Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>247916208</cusip>
    <value>7106</value>
    <shrsOrPrnAmt>
      <sshPrnamt>432500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>432500</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>American Tower Corp</nameOfIssuer>
    <titleOfClass>Real Estate Trust</titleOfClass>
    <cusip>03027X100</cusip>
    <value>6880</value>
    <shrsOrPrnAmt>
      <sshPrnamt>86200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>86200</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>Cisco Systems Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>17275R102</cusip>
    <value>6393</value>
    <shrsOrPrnAmt>
      <sshPrnamt>285000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>285000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>Covanta Holding Corp</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>22282E102</cusip>
    <value>6213</value>
    <shrsOrPrnAmt>
      <sshPrnamt>350000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>350000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DreamWorks Animation SKG Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>26153C103</cusip>
    <value>6198</value>
    <shrsOrPrnAmt>
      <sshPrnamt>174600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>174600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>KAR Auction Services Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>48238T109</cusip>
    <value>5990</value>
    <shrsOrPrnAmt>
      <sshPrnamt>202708</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
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    <votingAuthority>
      <Sole>202708</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Taiwan Semiconductor Manufacturing Co Ltd</nameOfIssuer>
    <titleOfClass>American Depository Receipts</titleOfClass>
    <cusip>002113382</cusip>
    <value>5938</value>
    <shrsOrPrnAmt>
      <sshPrnamt>340500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>340500</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Innophos Holdings Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>45774N108</cusip>
    <value>5889</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121164</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>121164</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Level 3 Communications Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>52729N308</cusip>
    <value>5636</value>
    <shrsOrPrnAmt>
      <sshPrnamt>169918</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>169918</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>Covidien PLC</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>00B68SQD2</cusip>
    <value>5286</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77628</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>77628</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DR.REDDY'S LABORATORIES LTD</nameOfIssuer>
    <titleOfClass>American Depository Receipts</titleOfClass>
    <cusip>256135203</cusip>
    <value>5127</value>
    <shrsOrPrnAmt>
      <sshPrnamt>124956</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>124956</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>Gaming and Leisure Properties Inc</nameOfIssuer>
    <titleOfClass>Real Estate Trust</titleOfClass>
    <cusip>36467J108</cusip>
    <value>5085</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100083</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100083</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Monarch Financial Holdings Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>60907Q100</cusip>
    <value>4775</value>
    <shrsOrPrnAmt>
      <sshPrnamt>387900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>387900</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Texas Roadhouse Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>882681109</cusip>
    <value>4142</value>
    <shrsOrPrnAmt>
      <sshPrnamt>149000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>149000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TriMas Corp</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>896215209</cusip>
    <value>3921</value>
    <shrsOrPrnAmt>
      <sshPrnamt>98300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>98300</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>Tractor Supply Co</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>892356106</cusip>
    <value>3840</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>983793100</cusip>
    <value>3838</value>
    <shrsOrPrnAmt>
      <sshPrnamt>146000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>146000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TD Ameritrade Holding Corp</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>87236Y108</cusip>
    <value>3769</value>
    <shrsOrPrnAmt>
      <sshPrnamt>123000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>123000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>002238821</cusip>
    <value>3636</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>92127</Sole>
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      <None>0</None>
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    <cusip>808541106</cusip>
    <value>3500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68000</sshPrnamt>
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    <votingAuthority>
      <Sole>68000</Sole>
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      <None>0</None>
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    <cusip>983134107</cusip>
    <value>3496</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18000</sshPrnamt>
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    <votingAuthority>
      <Sole>18000</Sole>
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      <None>0</None>
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    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>87265H109</cusip>
    <value>3488</value>
    <shrsOrPrnAmt>
      <sshPrnamt>175000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>175000</Sole>
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      <None>0</None>
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    <cusip>25264R207</cusip>
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      <sshPrnamt>29023</sshPrnamt>
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    <votingAuthority>
      <Sole>29023</Sole>
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      <None>0</None>
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    <cusip>053332102</cusip>
    <value>3346</value>
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      <sshPrnamt>7000</sshPrnamt>
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    <votingAuthority>
      <Sole>7000</Sole>
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      <None>0</None>
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    <cusip>885160101</cusip>
    <value>3313</value>
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      <sshPrnamt>59988</sshPrnamt>
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    <votingAuthority>
      <Sole>59988</Sole>
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      <None>0</None>
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    <cusip>98956P102</cusip>
    <value>3262</value>
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      <sshPrnamt>35000</sshPrnamt>
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    <votingAuthority>
      <Sole>35000</Sole>
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      <None>0</None>
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    <cusip>48562P103</cusip>
    <value>3083</value>
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      <sshPrnamt>55200</sshPrnamt>
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    <votingAuthority>
      <Sole>55200</Sole>
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      <None>0</None>
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    <cusip>92220P105</cusip>
    <value>3069</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39500</sshPrnamt>
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    <votingAuthority>
      <Sole>39500</Sole>
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      <None>0</None>
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    <cusip>46116V105</cusip>
    <value>3048</value>
    <shrsOrPrnAmt>
      <sshPrnamt>164813</sshPrnamt>
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    <votingAuthority>
      <Sole>164813</Sole>
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      <None>0</None>
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    <nameOfIssuer>Drew Industries Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>26168L205</cusip>
    <value>2970</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>58000</Sole>
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      <None>0</None>
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    <nameOfIssuer>CGG SA</nameOfIssuer>
    <titleOfClass>American Depository Receipts</titleOfClass>
    <cusip>12531Q105</cusip>
    <value>2901</value>
    <shrsOrPrnAmt>
      <sshPrnamt>167204</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>167204</Sole>
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      <None>0</None>
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    <nameOfIssuer>BRF SA</nameOfIssuer>
    <titleOfClass>American Depository Receipts</titleOfClass>
    <cusip>10552T107</cusip>
    <value>2686</value>
    <shrsOrPrnAmt>
      <sshPrnamt>128704</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>128704</Sole>
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      <None>0</None>
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    <nameOfIssuer>C.H. Robinson Worldwide Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>12541W209</cusip>
    <value>2684</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>46000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Horsehead Holding Corp</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>440694305</cusip>
    <value>2645</value>
    <shrsOrPrnAmt>
      <sshPrnamt>163200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>163200</Sole>
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      <None>0</None>
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    <nameOfIssuer>Retail Opportunity Investments Corp</nameOfIssuer>
    <titleOfClass>Real Estate Trust</titleOfClass>
    <cusip>76131N101</cusip>
    <value>2525</value>
    <shrsOrPrnAmt>
      <sshPrnamt>171560</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>171560</Sole>
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      <None>0</None>
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    <nameOfIssuer>Crimson Wine Group Ltd</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>22662X100</cusip>
    <value>2484</value>
    <shrsOrPrnAmt>
      <sshPrnamt>281047</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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      <None>0</None>
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    <cusip>146102108</cusip>
    <value>2441</value>
    <shrsOrPrnAmt>
      <sshPrnamt>221874</sshPrnamt>
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    <votingAuthority>
      <Sole>221874</Sole>
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      <None>0</None>
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    <nameOfIssuer>Liberty Interactive Corp</nameOfIssuer>
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    <cusip>53071M104</cusip>
    <value>2382</value>
    <shrsOrPrnAmt>
      <sshPrnamt>81150</sshPrnamt>
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    <cusip>00508X203</cusip>
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    <nameOfIssuer>Suffolk Bancorp</nameOfIssuer>
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    <cusip>864739107</cusip>
    <value>1948</value>
    <shrsOrPrnAmt>
      <sshPrnamt>93646</sshPrnamt>
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    <nameOfIssuer>Smucker J M Co</nameOfIssuer>
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    <cusip>832696405</cusip>
    <value>1762</value>
    <shrsOrPrnAmt>
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    <votingAuthority>
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    <nameOfIssuer>Capstead Mortgage Corp</nameOfIssuer>
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    <cusip>14067E506</cusip>
    <value>1691</value>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>Flow International Corp</nameOfIssuer>
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    <cusip>343468104</cusip>
    <value>1525</value>
    <shrsOrPrnAmt>
      <sshPrnamt>378400</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>Red Robin Gourmet Burgers Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>75689M101</cusip>
    <value>1471</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Penn National Gaming Inc</nameOfIssuer>
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    <cusip>707569109</cusip>
    <value>1336</value>
    <shrsOrPrnAmt>
      <sshPrnamt>93200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>Quest Diagnostics Inc</nameOfIssuer>
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    <cusip>74834L100</cusip>
    <value>1285</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>Virtus Investment Partners Inc</nameOfIssuer>
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    <cusip>00B3KKGQ8</cusip>
    <value>1200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>Access National Corp</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>004337101</cusip>
    <value>980</value>
    <shrsOrPrnAmt>
      <sshPrnamt>65529</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>65529</Sole>
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      <None>0</None>
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    <nameOfIssuer>Sunstone Hotel Investors Inc</nameOfIssuer>
    <titleOfClass>Real Estate Trust</titleOfClass>
    <cusip>867892101</cusip>
    <value>978</value>
    <shrsOrPrnAmt>
      <sshPrnamt>73000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>73000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Annaly Capital Management Inc</nameOfIssuer>
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    <cusip>035710409</cusip>
    <value>947</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>95000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Aceto Corp</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>004446100</cusip>
    <value>900</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>New Hampshire Thrift Bancshares Inc</nameOfIssuer>
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    <cusip>644722100</cusip>
    <value>878</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57594</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>Statoil ASA</nameOfIssuer>
    <titleOfClass>American Depository Receipts</titleOfClass>
    <cusip>002763129</cusip>
    <value>869</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36000</Sole>
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      <None>0</None>
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    <nameOfIssuer>Industrias Bachoco SAB de CV</nameOfIssuer>
    <titleOfClass>American Depository Receipts</titleOfClass>
    <cusip>456463108</cusip>
    <value>783</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19455</Sole>
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      <None>0</None>
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    <nameOfIssuer>Cooper Companies Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>216648402</cusip>
    <value>743</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>6000</Sole>
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      <None>0</None>
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    <nameOfIssuer>ANSYS Inc</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>03662Q105</cusip>
    <value>724</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>8300</Sole>
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      <None>0</None>
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    <nameOfIssuer>CASCADE BANCORP</nameOfIssuer>
    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>147154207</cusip>
    <value>502</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95904</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>95904</Sole>
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      <None>0</None>
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    <titleOfClass>Ordinary Shares</titleOfClass>
    <cusip>76689T104</cusip>
    <value>417</value>
    <shrsOrPrnAmt>
      <sshPrnamt>250000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>250000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
