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
AMAZON COM INC COM 023135106 57,036 59,382 SH   SOLE   0 0 59,382
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 73,497 2,004,828 SH   SOLE   0 0 2,004,828
NORTHROP GRUMMAN CORP COM 666807102 47,731 165,935 SH   SOLE   0 0 165,935
CONSOLIDATED WATER CO INC ORD G23773107 137 10,757 SH   SOLE   0 0 10,757
RAYTHEON CO COM NEW 755111507 49,529 265,500 SH   SOLE   0 0 265,500
EZCORP INC CL A NON VTG 302301106 30,163 3,175,000 SH   SOLE   0 0 3,175,000
FREEPORT-MCMORAN INC CL B 35671D857 45,555 3,247,000 SH   SOLE   0 0 3,247,000
JOHNSON & JOHNSON COM 478160104 21,903 168,500 SH   SOLE   0 0 168,500
LILLY ELI & CO COM 532457108 25,337 296,300 SH   SOLE   0 0 296,300
LINDBLAD EXPEDITIONS HLDGS I COM 535219109 11,141 1,041,233 SH   SOLE   0 0 1,041,233
MERCK & CO INC COM 58933Y105 20,294 317,000 SH   SOLE   0 0 317,000
ORION ENGINEERED CARBONS S A COM L72967109 63,085 2,810,000 SH   SOLE   0 0 2,810,000
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 40,216 492,000 SH   SOLE   0 0 492,000
SPECTRUM BRANDS HLDGS INC COM 84763R101 21,081 199,046 SH   SOLE   0 0 199,046
PIONEER NAT RES CO COM 723787107 46,523 315,300 SH   SOLE   0 0 315,300
ORBITAL ATK INC COM 68557N103 31,252 235,034 SH   SOLE   0 0 235,034
LOCKHEED MARTIN CORP COM 539830109 47,035 151,600 SH   SOLE   0 0 151,600
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 76,261 441,476 SH   SOLE   0 0 441,476
ALLERGAN PLC SHS G0177J108 31,328 152,900 SH   SOLE   0 0 152,900
KRATOS DEFENSE & SEC SOLUTIO COM NEW 50077B207 11,172 854,809 SH   SOLE   0 0 854,809
COMCAST CORP NEW CL A 20030N101 57,690 1,500,000 SH   SOLE   0 0 1,500,000
DOW CHEM CO COM 260543103 51,893 750,000 SH   SOLE   0 0 750,000
NEXSTAR MEDIA GROUP INC CL A 65336K103 31,570 506,743 SH   SOLE   0 0 506,743
ENTERCOM COMMUNICATIONS CORP CL A 293639100 6,521 569,532 SH   SOLE   0 0 569,532
SINCLAIR BROADCAST GROUP INC CL A 829226109 4,000 125,000 SH   SOLE   0 0 125,000
JD COM INC SPON ADR CL A 47215P106 43,403 1,136,200 SH   SOLE   0 0 1,136,200