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
ASCENA RETAIL GROUP INC COM 04351G101 12,720 1,012,774 SH   DFND 1 1,012,774 0 0
ASCENA RETAIL GROUP INC COM 04351G101 3,203 255,021 SH   SOLE   255,021 0 0
ASSURED GUARANTY LTD COM G0585R106 31,169 1,199,261 SH   DFND 1 1,199,261 0 0
ASSURED GUARANTY LTD COM G0585R106 7,849 301,982 SH   SOLE   301,982 0 0
BANK AMER CORP COM 060505104 24,849 1,388,972 SH   DFND 1 1,388,972 0 0
BANK AMER CORP COM 060505104 6,258 349,780 SH   SOLE   349,780 0 0
CAPITAL ONE FINL CORP COM 14040H105 17,989 217,915 SH   DFND 1 217,915 0 0
CAPITAL ONE FINL CORP COM 14040H105 4,530 54,874 SH   SOLE   54,874 0 0
CARNIVAL CORP PAIRED CTF 143658300 28,848 636,392 SH   DFND 1 636,392 0 0
CARNIVAL CORP PAIRED CTF 143658300 7,265 160,268 SH   SOLE   160,268 0 0
CHICOS FAS INC COM 168615102 16,757 1,033,751 SH   DFND 1 1,033,751 0 0
CHICOS FAS INC COM 168615102 4,220 260,325 SH   SOLE   260,325 0 0
COGENT COMMUNICATIONS HLDGS COM NEW 19239V302 13,252 374,451 SH   DFND 1 374,451 0 0
COGENT COMMUNICATIONS HLDGS COM NEW 19239V302 3,337 94,292 SH   SOLE   94,292 0 0
CORNING INC COM 219350105 12,918 563,358 SH   DFND 1 563,358 0 0
CORNING INC COM 219350105 3,240 141,280 SH   SOLE   141,280 0 0
DISH NETWORK CORP CL A 25470M109 27,710 380,163 SH   DFND 1 380,163 0 0
DISH NETWORK CORP CL A 25470M109 6,978 95,728 SH   SOLE   95,728 0 0
DONNELLEY R R & SONS CO COM 257867101 25,193 1,499,155 SH   DFND 1 1,499,155 0 0
DONNELLEY R R & SONS CO COM 257867101 6,344 377,525 SH   SOLE   377,525 0 0
EATON CORP PLC SHS G29183103 22,208 326,778 SH   DFND 1 326,778 0 0
EATON CORP PLC SHS G29183103 5,595 82,325 SH   SOLE   82,325 0 0
FEDEX CORP COM 31428X106 18,093 104,185 SH   DFND 1 104,185 0 0
FEDEX CORP COM 31428X106 4,556 26,236 SH   SOLE   26,236 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 18,596 305,913 SH   DFND 1 305,913 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 4,683 77,031 SH   SOLE   77,031 0 0
KOSMOS ENERGY LTD SHS G5315B107 4,408 525,434 SH   DFND 1 525,434 0 0
KOSMOS ENERGY LTD SHS G5315B107 1,110 132,316 SH   SOLE   132,316 0 0
LEAR CORP COM NEW 521865204 12,405 126,480 SH   DFND 1 126,480 0 0
LEAR CORP COM NEW 521865204 3,124 31,856 SH   SOLE   31,856 0 0
LEUCADIA NATL CORP COM 527288104 6,300 281,002 SH   DFND 1 281,002 0 0
LEUCADIA NATL CORP COM 527288104 1,586 70,760 SH   SOLE   70,760 0 0
LOUISIANA PAC CORP COM 546347105 5,051 305,005 SH   DFND 1 305,005 0 0
LOUISIANA PAC CORP COM 546347105 1,271 76,727 SH   SOLE   76,727 0 0
MGIC INVT CORP WIS COM 552848103 16,446 1,764,566 SH   DFND 1 1,764,566 0 0
MGIC INVT CORP WIS COM 552848103 4,141 444,329 SH   SOLE   444,329 0 0
RINGCENTRAL INC CL A 76680R206 12,920 865,932 SH   DFND 1 865,932 0 0
RINGCENTRAL INC CL A 76680R206 3,253 218,062 SH   SOLE   218,062 0 0
SANDISK CORP COM 80004C101 13,660 139,418 SH   DFND 1 139,418 0 0
SANDISK CORP COM 80004C101 3,440 35,109 SH   SOLE   35,109 0 0
SMITH & WESSON HLDG CORP COM 831756101 11,757 1,241,471 SH   DFND 1 1,241,471 0 0
SMITH & WESSON HLDG CORP COM 831756101 2,960 312,610 SH   SOLE   312,610 0 0
VERISIGN INC COM 92343E102 14,617 256,444 SH   DFND 1 256,444 0 0
VERISIGN INC COM 92343E102 3,681 64,576 SH   SOLE   64,576 0 0
WESTERN DIGITAL CORP COM 958102105 12,742 115,103 SH   DFND 1 115,103 0 0
WESTERN DIGITAL CORP COM 958102105 3,209 28,985 SH   SOLE   28,985 0 0
XPO LOGISTICS INC COM 983793100 15,680 383,551 SH   DFND 1 383,551 0 0
XPO LOGISTICS INC COM 983793100 3,943 96,462 SH   SOLE   96,462 0 0