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
Berkshire Hathaway Inc Ordinary Shares 084670108 17,424 93 SH   SOLE   93 0 0
Markel Corp Ordinary Shares 570535104 14,724 24,700 SH   SOLE   24,700 0 0
Google Inc Ordinary Shares 38259P508 13,486 12,100 SH   SOLE   12,100 0 0
WellPoint Inc Ordinary Shares 94973V107 13,081 131,397 SH   SOLE   131,397 0 0
Under Armour Inc Ordinary Shares 904311107 13,059 113,910 SH   SOLE   113,910 0 0
HDFC Bank Ltd American Depository Receipts 40415F101 12,229 298,050 SH   SOLE   298,050 0 0
Williams-Sonoma Inc Ordinary Shares 969904101 11,915 178,800 SH   SOLE   178,800 0 0
Natus Medical Inc Ordinary Shares 639050103 11,264 436,600 SH   SOLE   436,600 0 0
Banco Latinoamericano de Comercio Exterior SA Ordinary Shares P16994132 11,023 417,365 SH   SOLE   417,365 0 0
Loews Corp Ordinary Shares 540424108 10,757 244,190 SH   SOLE   244,190 0 0
Costco Wholesale Corp Ordinary Shares 22160K105 10,114 90,558 SH   SOLE   90,558 0 0
American Woodmark Corp Ordinary Shares 030506109 9,831 292,068 SH   SOLE   292,068 0 0
Intel Corp Ordinary Shares 458140100 9,680 375,000 SH   SOLE   375,000 0 0
Apple Inc Ordinary Shares 037833100 9,608 17,900 SH   SOLE   17,900 0 0
SBA Communications Corp Ordinary Shares 78388J106 9,442 103,800 SH   SOLE   103,800 0 0
Baidu Inc American Depository Receipts 056752108 8,847 58,100 SH   SOLE   58,100 0 0
Infinera Corp Ordinary Shares 45667G103 8,813 970,600 SH   SOLE   970,600 0 0
Chipotle Mexican Grill Inc Ordinary Shares 169656105 8,634 15,200 SH   SOLE   15,200 0 0
Credicorp Ltd Ordinary Shares G2519Y108 8,620 62,500 SH   SOLE   62,500 0 0
American Tower Corp Ordinary Shares 03027X100 8,244 100,700 SH   SOLE   100,700 0 0
HCC Insurance Holdings Inc Ordinary Shares 404132102 8,106 178,200 SH   SOLE   178,200 0 0
Geospace Technologies Corp Ordinary Shares 37364X109 8,079 122,101 SH   SOLE   122,101 0 0
Denbury Resources Inc Ordinary Shares 247916208 7,208 439,500 SH   SOLE   439,500 0 0
Innophos Holdings Inc Ordinary Shares 45774N108 6,870 121,164 SH   SOLE   121,164 0 0
Taiwan Semiconductor Manufacturing Co Ltd American Depository Receipts 874039100 6,817 340,500 SH   SOLE   340,500 0 0
Level 3 Communications Inc Ordinary Shares 52729N308 6,651 169,918 SH   SOLE   169,918 0 0
Covanta Holding Corp Ordinary Shares 22282E102 6,317 350,000 SH   SOLE   350,000 0 0
KAR Auction Services Inc Ordinary Shares 48238T109 6,152 202,708 SH   SOLE   202,708 0 0
Covidien PLC Ordinary Shares G2254F113 5,718 77,628 SH   SOLE   77,628 0 0
CSX Corp Ordinary Shares 126408103 5,707 197,000 SH   SOLE   197,000 0 0
Ciena Corp Ordinary Shares 171779309 5,549 244,000 SH   SOLE   244,000 0 0
DR.REDDY'S LABORATORIES LTD American Depository Receipts 256135203 5,486 124,956 SH   SOLE   124,956 0 0
Monarch Financial Holdings Inc Ordinary Shares 60907Q100 5,103 416,272 SH   SOLE   416,272 0 0
DreamWorks Animation SKG Inc Ordinary Shares 26153C103 4,821 181,600 SH   SOLE   181,600 0 0
Gaming and Leisure Properties Inc Real Estate Trust 36467J108 4,779 131,087 SH   SOLE   131,087 0 0
Carbo Ceramics Inc Ordinary Shares 140781105 4,692 34,000 SH   SOLE   34,000 0 0
Tractor Supply Co Ordinary Shares 892356106 4,450 63,000 SH   SOLE   63,000 0 0
XPO Logistics Inc Ordinary Shares 983793100 4,294 146,000 SH   SOLE   146,000 0 0
KapStone Paper and Packaging Corp Ordinary Shares 48562P103 4,124 143,000 SH   SOLE   143,000 0 0
TriMas Corp Ordinary Shares 896215209 4,087 123,091 SH   SOLE   123,091 0 0
Thor Industries Inc Ordinary Shares 885160101 4,030 66,000 SH   SOLE   66,000 0 0
Wynn Resorts Ltd Ordinary Shares 983134107 3,999 18,000 SH   SOLE   18,000 0 0
Autozone Inc Ordinary Shares 053332102 3,921 7,300 SH   SOLE   7,300 0 0
Texas Roadhouse Inc Ordinary Shares 882681109 3,886 149,000 SH   SOLE   149,000 0 0
Diamond Hill Investment Group Inc Ordinary Shares 25264R207 3,815 29,023 SH   SOLE   29,023 0 0
Tri Pointe Homes Inc Ordinary Shares 87265H109 3,798 234,000 SH   SOLE   234,000 0 0
Brookfield Infrastructure Partners LP Unit G16252101 3,634 92,127 SH   SOLE   92,127 0 0
Drew Industries Inc Ordinary Shares 26168L205 3,496 64,500 SH   SOLE   64,500 0 0
Varian Medical Systems Inc Ordinary Shares 92220P105 3,318 39,500 SH   SOLE   39,500 0 0
Zimmer Holdings Inc Ordinary Shares 98956P102 3,310 35,000 SH   SOLE   35,000 0 0
Urban Outfitters Inc Ordinary Shares 917047102 3,173 87,000 SH   SOLE   87,000 0 0
INTL FCStone Inc Ordinary Shares 46116V105 3,100 164,813 SH   SOLE   164,813 0 0
Crimson Wine Group Ltd Ordinary Shares 22662X100 3,063 346,047 SH   SOLE   346,047 0 0
CGG SA American Depository Receipts 12531Q105 3,035 189,700 SH   SOLE   189,700 0 0
Schweitzer Mauduit International Inc Ordinary Shares 808541106 2,981 70,000 SH   SOLE   70,000 0 0
Actuant Corp Ordinary Shares 00508X203 2,800 82,000 SH   SOLE   82,000 0 0
Horsehead Holding Corp Ordinary Shares 440694305 2,745 163,200 SH   SOLE   163,200 0 0
Carter Bank and Trust Ordinary Shares 146102108 2,690 239,070 SH   SOLE   239,070 0 0
Suffolk Bancorp Ordinary Shares 864739107 2,646 118,646 SH   SOLE   118,646 0 0
BRF SA American Depository Receipts 10552T107 2,572 128,704 SH   SOLE   128,704 0 0
Liberty Interactive Corp Ordinary Shares 53071M104 2,569 89,000 SH   SOLE   89,000 0 0
Retail Opportunity Investments Corp Real Estate Trust 76131N101 2,563 171,560 SH   SOLE   171,560 0 0
C.H. Robinson Worldwide Inc Ordinary Shares 12541W209 2,410 46,000 SH   SOLE   46,000 0 0
Aceto Corp Ordinary Shares 004446100 2,259 112,436 SH   SOLE   112,436 0 0
Capstead Mortgage Corp Real Estate Trust 14067E506 1,772 140,000 SH   SOLE   140,000 0 0
Catamaran Corp Ordinary Shares 148887102 1,477 33,000 SH   SOLE   33,000 0 0
Red Robin Gourmet Burgers Inc Ordinary Shares 75689M101 1,434 20,000 SH   SOLE   20,000 0 0
Quest Diagnostics Inc Ordinary Shares 74834L100 1,390 24,000 SH   SOLE   24,000 0 0
TD Ameritrade Holding Corp Ordinary Shares 87236Y108 1,290 38,000 SH   SOLE   38,000 0 0
CASCADE BANCORP Ordinary Shares 147154207 1,260 225,000 SH   SOLE   225,000 0 0
Steiner Leisure Ltd Ordinary Shares P8744Y102 1,156 25,000 SH   SOLE   25,000 0 0
Penn National Gaming Inc Ordinary Shares 707569109 1,148 93,200 SH   SOLE   93,200 0 0
Access National Corp Ordinary Shares 004337101 1,062 65,529 SH   SOLE   65,529 0 0
Annaly Capital Management Inc Ordinary Shares 035710409 1,042 95,000 SH   SOLE   95,000 0 0
Virtus Investment Partners Inc Ordinary Shares 92828Q109 1,039 6,000 SH   SOLE   6,000 0 0
Statoil ASA American Depository Receipts 85771P102 1,016 36,000 SH   SOLE   36,000 0 0
Home Federal Bancorp Inc Ordinary Shares 43710G105 995 63,942 SH   SOLE   63,942 0 0
Cooper Companies Inc Ordinary Shares 216648402 962 7,000 SH   SOLE   7,000 0 0
New Hampshire Thrift Bancshares Inc Ordinary Shares 644722100 851 57,594 SH   SOLE   57,594 0 0
Industrias Bachoco SAB de CV American Depository Receipts 456463108 850 19,455 SH   SOLE   19,455 0 0
Harley-Davidson Inc Ordinary Shares 412822108 833 12,500 SH   SOLE   12,500 0 0
Rio Alto Mining Ltd Ordinary Shares 76689T104 621 320,000 SH   SOLE   320,000 0 0
Panera Bread Co Ordinary Shares 69840W108 353 2,000 SH   SOLE   2,000 0 0
Flowers Foods Inc Ordinary Shares 343498101 300 14,000 SH   SOLE   14,000 0 0