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
DAIMLER AG COM 2307389 1,321 15,200 SH   SOLE   15,200 0 0
KNIGHTSBRIDGE TANKERS LTD COM 2509271 3,001 327,253 SH   SOLE   327,253 0 0
APPLE INC COM 037833100 2,187 3,900 SH   SOLE   3,900 0 0
CHESAPEAKE ENERGY COM 165167107 4,634 170,750 SH   SOLE   170,750 0 0
DEUTSCHE TELEKOM AG COM 251566105 1,725 100,000 SH   SOLE   100,000 0 0
GANNETT INC COM 364730101 3,334 112,717 SH   SOLE   112,717 0 0
HEWLETT PACKARD CO COM 428236103 4,757 170,000 SH   SOLE   170,000 0 0
ISHARES INC ISHARES 464286251 116 2,383 SH   SOLE   2,383 0 0
ISHARES INC ISHARES 464286848 5,160 425,000 SH   SOLE   425,000 0 0
ISHARES INC ISHARES 464288778 4,804 151,400 SH   SOLE   151,400 0 0
ISHARES INC ISHARES 464289180 2,683 107,300 SH   SOLE   107,300 0 0
LEAR CORP COM 521865204 1,401 17,300 SH   SOLE   17,300 0 0
MICROSOFT CORP COM 594918104 2,058 55,000 SH   SOLE   55,000 0 0
MITSUBISHI UFJ FINL GRP - ADR SPONSORED ADR 606822104 2,635 395,000 SH   SOLE   395,000 0 0
NEWMONT MINING CORP COM 651639106 4,498 195,400 SH   SOLE   195,400 0 0
OWENS ILL INC COM 690768403 3,763 105,200 SH   SOLE   105,200 0 0
ROYAL DUTCH SHELL SPONSORED ADR A 780259206 4,743 66,600 SH   SOLE   66,600 0 0
SAFEWAY INC COM 786514208 3,332 102,300 SH   SOLE   102,300 0 0
SIEMENS A G SPONSORED ADR 826197501 2,796 20,200 SH   SOLE   20,200 0 0
STEEL DYNAMICS INC COM 858119100 5,051 258,500 SH   SOLE   258,500 0 0
TELEFONICA S A SPONSORED ADR 879382208 5,283 323,500 SH   SOLE   323,500 0 0
TEMPLETON EMRGNG MKT COM 880192109 48 3,500 SH   SOLE   3,500 0 0
WAL MART STORES INC COM 931142103 6,294 80,000 SH   SOLE   80,000 0 0
VALE S.A SPONSORED ADR 91912E105 4,364 286,366 SH   SOLE   286,366 0 0
CISCO SYSTEMS INC COM 17275R102 3,568 159,000 SH   SOLE   159,000 0 0
CLIFFS NATURAL RES COM 18683K101 5,112 195,100 SH   SOLE   195,100 0 0
FRANCE TELECOM SA SPONSORED ADR 35177Q105 2,114 171,600 SH   SOLE   171,600 0 0
FREEPORT-MCMORAN C&G COM 35671D857 4,729 125,300 SH   SOLE   125,300 0 0
HESS CORP COM 42809H107 4,851 58,440 SH   SOLE   58,440 0 0
ISHARES INC ISHARES 46429B705 3,913 180,000 SH   SOLE   180,000 0 0
MARKET VECTORS COM 57061R544 3,492 112,250 SH   SOLE   112,250 0 0
MORGAN STAN EMER MKT COM 61744H105 96 10,000 SH   SOLE   10,000 0 0
NATURAL RESOURCE PRT COM 63900P103 1,208 60,650 SH   SOLE   60,650 0 0
SPDR GOLD TR GOLD COM 78463V107 523 4,500 SH   SOLE   4,500 0 0
SOUTHERN COPPER CORP COM 84265V105 907 31,598 SH   SOLE   31,598 0 0
STATOIL ASA COM 85771P102 1,810 75,000 SH   SOLE   75,000 0 0
TRW AUTOMOTIVE HOLDINGS CORP COM 87264S106 882 11,853 SH   SOLE   11,853 0 0
WISDOMTREE TRUST COM 97717X784 1,627 21,932 SH   SOLE   21,932 0 0
SHIP FINANCE INTERNATIONAL LTD SHS G81075106 1,813 110,800 SH   SOLE   110,800 0 0
NAVIOS MARITIME PARTNERS LP UNIT LPI Y62267102 1,300 68,000 SH   SOLE   68,000 0 0
TEEKAY TANKERS LTD - CLASS A COM SER A Y8565N102 1,153 294,101 SH   SOLE   294,101 0 0