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
ABERCROMBIE & FITCH CO CL A 002896207 5,655 124,967 SH   SOLE   124,967 0 0
ABERCROMBIE & FITCH CO CL A 002896207 7,002 154,748 SH   DFND 1 154,748 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 3,517 210,718 SH   SOLE   210,718 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 4,354 260,891 SH   DFND 1 260,891 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 8,193 183,285 SH   SOLE   183,285 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 10,144 226,933 SH   DFND 1 226,933 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 564 30,919 SH   SOLE   30,919 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 698 38,281 SH   DFND 1 38,281 0 0
AVIS BUDGET GROUP COM 053774105 9,614 334,395 SH   SOLE   334,395 0 0
AVIS BUDGET GROUP COM 053774105 11,903 414,032 SH   DFND 1 414,032 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 6,523 58,282 SH   SOLE   58,282 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 8,076 72,162 SH   DFND 1 72,162 0 0
CBS CORP NEW CL B 124857202 10,454 213,905 SH   SOLE   213,905 0 0
CBS CORP NEW CL B 124857202 12,943 264,843 SH   DFND 1 264,843 0 0
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 11,945 96,448 SH   SOLE   96,448 0 0
CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 14,790 119,417 SH   DFND 1 119,417 0 0
CHEMED CORP NEW COM 16359R103 5,075 70,067 SH   SOLE   70,067 0 0
CHEMED CORP NEW COM 16359R103 6,284 86,753 SH   DFND 1 86,753 0 0
CHICAGO BRIDGE & IRON CO N V N Y REGISTRY SH 167250109 4,898 82,091 SH   SOLE   82,091 0 0
CHICAGO BRIDGE & IRON CO N V N Y REGISTRY SH 167250109 6,082 101,949 SH   DFND 1 101,949 0 0
CIGNA CORPORATION COM 125509109 4,985 68,773 SH   SOLE   68,773 0 0
CIGNA CORPORATION COM 125509109 6,173 85,150 SH   DFND 1 85,150 0 0
DAVITA HEALTHCARE PARTNERS I COM 23918K108 8,175 67,676 SH   SOLE   67,676 0 0
DAVITA HEALTHCARE PARTNERS I COM 23918K108 10,122 83,792 SH   DFND 1 83,792 0 0
EZCHIP SEMICONDUCTOR LIMITED ORD M4146Y108 482 17,867 SH   SOLE   17,867 0 0
EZCHIP SEMICONDUCTOR LIMITED ORD M4146Y108 597 22,133 SH   DFND 1 22,133 0 0
FLEETCOR TECHNOLOGIES INC COM 339041105 6,933 85,281 SH   SOLE   85,281 0 0
FLEETCOR TECHNOLOGIES INC COM 339041105 8,584 105,589 SH   DFND 1 105,589 0 0
GENPACT LIMITED SHS G3922B107 8,807 457,752 SH   SOLE   457,752 0 0
GENPACT LIMITED SHS G3922B107 10,904 566,759 SH   DFND 1 566,759 0 0
GOOGLE INC CL A 38259P508 10,247 11,639 SH   SOLE   11,639 0 0
GOOGLE INC CL A 38259P508 12,687 14,411 SH   DFND 1 14,411 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 10,123 137,742 SH   SOLE   137,742 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 12,533 170,541 SH   DFND 1 170,541 0 0
LIQUIDITY SERVICES INC COM 53635B107 1,626 46,913 SH   SOLE   46,913 0 0
LIQUIDITY SERVICES INC COM 53635B107 2,014 58,087 SH   DFND 1 58,087 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 1,747 29,138 SH   SOLE   29,138 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 2,164 36,077 SH   DFND 1 36,077 0 0
MASTERCARD INC CL A 57636Q104 6,133 10,676 SH   SOLE   10,676 0 0
MASTERCARD INC CL A 57636Q104 7,594 13,219 SH   DFND 1 13,219 0 0
NEWCASTLE INVT CORP COM 65105M108 8,222 1,571,994 SH   SOLE   1,571,994 0 0
NEWCASTLE INVT CORP COM 65105M108 10,178 1,946,110 SH   DFND 1 1,946,110 0 0
NII HLDGS INC CL B NEW 62913F201 1,349 202,615 SH   SOLE   202,615 0 0
NII HLDGS INC CL B NEW 62913F201 1,671 250,865 SH   DFND 1 250,865 0 0
OCWEN FINL CORP COM NEW 675746309 9,553 231,758 SH   SOLE   231,758 0 0
OCWEN FINL CORP COM NEW 675746309 11,828 286,960 SH   DFND 1 286,960 0 0
PRICELINE COM INC COM NEW 741503403 7,256 8,777 SH   SOLE   8,777 0 0
PRICELINE COM INC COM NEW 741503403 8,988 10,873 SH   DFND 1 10,873 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 8,599 220,428 SH   SOLE   220,428 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 10,646 272,911 SH   DFND 1 272,911 0 0
SHUTTERSTOCK INC COM 825690100 1,246 22,333 SH   SOLE   22,333 0 0
SHUTTERSTOCK INC COM 825690100 1,543 27,667 SH   DFND 1 27,667 0 0
SPECTRUM BRANDS HLDGS INC COM 84763R101 3,484 61,262 SH   SOLE   61,262 0 0
SPECTRUM BRANDS HLDGS INC COM 84763R101 4,314 75,853 SH   DFND 1 75,853 0 0
WESTLAKE CHEM CORP COM 960413102 6,051 62,770 SH   SOLE   62,770 0 0
WESTLAKE CHEM CORP COM 960413102 7,493 77,717 SH   DFND 1 77,717 0 0
WORLD ACCEP CORP DEL COM 981419104 554 6,367 SH   SOLE   6,367 0 0
WORLD ACCEP CORP DEL COM 981419104 697 8,019 SH   DFND 1 8,019 0 0
WUXI PHARMATECH CAYMAN INC SPONS ADR SHS 929352102 4,852 231,029 SH   SOLE   231,029 0 0
WUXI PHARMATECH CAYMAN INC SPONS ADR SHS 929352102 6,007 286,045 SH   DFND 1 286,045 0 0
ZILLOW INC CL A 98954A107 5,003 88,858 SH   SOLE   88,858 0 0
ZILLOW INC CL A 98954A107 6,196 110,060 SH   DFND 1 110,060 0 0