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
ACE LTD SHS H0023R105 9,236 80,398 SH   SOLE 0 25,403 0 54,995
ACTAVIS INC SHS g0083b108 10,577 41,091 SH   SOLE 0 13,291 0 27,800
AMC NETWORKS INC CL A 00164V103 9,576 150,165 SH   SOLE 0 41,665 0 108,500
AMDOCS LTD. SGS G02602103 7,146 153,177 SH   SOLE 0 17,677 0 135,500
AMKOR TECHNOLOGY INC COM 031652100 1,942 273,567 SH   SOLE 0 273,567 0 0
ARES CAPITAL CORPORATION COM 04010L103 6,003 384,660 SH   SOLE 0 46,660 0 338,000
ARROW ELECTRS INC COM COM 042735100 10,456 180,625 SH   SOLE 0 61,625 0 119,000
AVNET INC COM COM 053807103 9,676 224,912 SH   SOLE 0 72,712 0 152,200
BAXTER INTERNATIONAL COM 071813109 9,538 130,136 SH   SOLE 0 36,636 0 93,500
BELDEN CDT COM 077454106 9,609 121,928 SH   SOLE 0 35,670 0 86,258
BELMOND LTD COM G1154H107 287 23,215 SH   SOLE 0 23,215 0 0
BERKSHIRE HATHAWAY INC CL B CL B 084670702 21,341 142,133 SH   SOLE 0 46,300 0 95,833
BONANZA CREEK ENERGY COM 097793103 2,712 113,000 SH   SOLE 0 0 0 113,000
CBS CL B 124857202 10,230 184,862 SH   SOLE 0 60,487 0 124,375
CHECK POINT SOFTWARE COM M22465104 10,262 130,605 SH   SOLE 0 42,805 0 87,800
COHU INC COM CL B 192576106 647 54,380 SH   SOLE 0 54,380 0 0
COMCAST CORP CL A SPL COM 20030n200 10,927 189,819 SH   SOLE 0 61,219 0 128,600
CUSTOMERS BANCORP ORD 23204G100 766 39,368 SH   SOLE 0 39,368 0 0
CVS HEALTH COM 126650100 10,413 108,124 SH   SOLE 0 32,524 0 75,600
D R HORTON INC COM COM 23331A109 7,760 306,835 SH   SOLE 0 44,335 0 262,500
DELUXE CORP. COM 248019101 9,900 159,030 SH   SOLE 0 56,554 0 102,476
DIAMONDROCK HOSPITALITY CL A 252784301 8,812 592,587 SH   SOLE 0 183,587 0 409,000
DISNEY WALT CO COM COM 254687106 10,649 113,064 SH   SOLE 0 36,544 0 76,520
DOVER CORP COM 260003108 6,518 90,883 SH   SOLE 0 27,883 0 63,000
EASTMAN CHEMICAL CO COM 277432100 6,817 89,857 SH   SOLE 0 16,857 0 73,000
EVEREST RE COM G3223R108 8,851 51,972 SH   SOLE 0 16,572 0 35,400
EXPRESS-SCRIPTS INC. COM 30219G108 9,742 115,057 SH   SOLE 0 36,557 0 78,500
FEDEX CORP COM 31428X106 9,807 56,471 SH   SOLE 0 18,173 0 38,298
FINANCIAL INSTITUTIONS INC COM 317585404 599 23,820 SH   SOLE 0 23,820 0 0
FINISH LINE INC CL A 317923100 7,865 323,532 SH   SOLE 0 89,532 0 234,000
FLUOR COM 343412102 7,485 123,446 SH   SOLE 0 31,446 0 92,000
FOOT LOCKER INC COM 344849104 10,183 181,252 SH   SOLE 0 60,452 0 120,800
FRANKLIN RESOURCES COM 354613101 8,926 161,205 SH   SOLE 0 44,705 0 116,500
GOLDMAN SACHS COM 38141G104 2,085 10,759 SH   SOLE 0 10,759 0 0
GOLUB CAPITAL BDC COM 38173M102 1,025 57,161 SH   SOLE 0 57,161 0 0
GOODYEAR TIRE AND RUBBER COM 382550101 3,184 111,450 SH   SOLE 0 111,450 0 0
HALLIBURTON CO COM COM 406216101 201 5,120 SH   SOLE 0 5,120 0 0
HONEYWELL INTERNATIONAL INC COM 438516106 8,564 85,707 SH   SOLE 0 16,407 0 69,300
HOOKER FURNITURE CORP ORD 439038100 470 27,345 SH   SOLE 0 27,345 0 0
HUNTSMAN CORP COM 447011107 7,188 315,560 SH   SOLE 0 84,560 0 231,000
INGRAM MICRO INC CL A 457153104 7,190 260,123 SH   SOLE 0 64,123 0 196,000
INGREDION INC COM 457187102 9,455 111,446 SH   SOLE 0 34,546 0 76,900
JOHNSON CTLS INC COM 478366107 7,317 151,369 SH   SOLE 0 26,969 0 124,400
KAPSTONE PAPER AND PACKAGING COM 48562P103 7,801 266,140 SH   SOLE 0 73,135 0 193,005
LABORATORY CORP. OF AMERICA COM 50540R409 7,990 74,051 SH   SOLE 0 21,551 0 52,500
LAM RESEARCH CORP COM 512807108 8,725 109,970 SH   SOLE 0 36,161 0 73,809
LASALLE HOTEL PROPERTIES COM 517942108 8,508 210,240 SH   SOLE 0 53,540 0 156,700
LIBERTY GLOBAL PLC CL A CL A G5480U104 5,280 105,176 SH   SOLE 0 33,176 0 72,000
LIBERTY GLOBAL PLC CL C CL C G5480U120 5,435 112,506 SH   SOLE 0 36,406 0 76,100
LYONDELLBASELL INDUSTRIES SHS N53745100 7,881 99,269 SH   SOLE 0 27,769 0 71,500
MAGNA INTL INC COM 559222401 10,084 92,778 SH   SOLE 0 28,778 0 64,000
MANITEX INTERNATIONAL COM 563420108 1,369 107,705 SH   SOLE 0 107,705 0 0
MCKESSON COM 58155Q103 8,063 38,844 SH   SOLE 0 7,244 0 31,600
MERITAGE CORP COM 59001A102 5,298 147,195 SH   SOLE 0 7,695 0 139,500
METHANEX CORP. COM 59151K108 7,048 153,783 SH   SOLE 0 51,483 0 102,300
MICROSEMI CORP COM 595137100 1,337 47,101 SH   SOLE 0 47,101 0 0
MYLAN COM 628530107 10,248 181,796 SH   SOLE 0 60,096 0 121,700
NAVIGATOR HOLDINGS LTD SHS Y62132108 2,866 136,085 SH   SOLE 0 136,085 0 0
NOBLE ENERGY COM 655044105 2,006 42,304 SH   SOLE 0 0 0 42,304
OMNICOM GROUP INC COM 681919106 10,688 137,965 SH   SOLE 0 45,965 0 92,000
ON SEMICONDUCTOR CORP COM 682189105 8,340 823,275 SH   SOLE 0 170,775 0 652,500
PACKAGING CORP OF AMERICA COM 695156109 1,495 19,150 SH   SOLE 0 19,150 0 0
PDC ENERGY INC COM 69327R101 4,367 105,827 SH   SOLE 0 5,827 0 100,000
PILGRIMS PRIDE CORP COM 72147K108 4,197 128,004 SH   SOLE 0 68,230 0 59,774
PLEXUS CORP COM 729132100 7,139 173,237 SH   SOLE 0 54,101 0 119,136
PRECISION CASTPARTS CORP COM 740189105 7,094 29,449 SH   SOLE 0 5,449 0 24,000
PRUDENTIAL FINANCIAL INC COM 744320102 2,533 28,000 SH   SOLE 0 28,000 0 0
PVH Corp COM 693656100 9,813 76,559 SH   SOLE 0 21,559 0 55,000
RLJ LODGING TRUST COM 74965L101 8,432 251,466 SH   SOLE 0 38,966 0 212,500
ROSS STORES INC COM COM 778296103 10,045 106,566 SH   SOLE 0 29,966 0 76,600
ROYAL BANK OF CANADA COM 780087102 8,774 127,026 SH   SOLE 0 37,226 0 89,800
SANDISK CORPORATION COM 80004C101 9,798 99,996 SH   SOLE 0 30,896 0 69,100
SANOFI ADR 80105N105 8,048 176,460 SH   SOLE 0 59,460 0 117,000
SKYWORKS SOLUTIONS COM 83088M102 10,021 137,815 SH   SOLE 0 43,315 0 94,500
SOVRAN SELF STORAGE COM COM 84610H108 8,410 96,422 SH   SOLE 0 17,992 0 78,430
SPECTRUM BRANDS INC COM 84763R101 7,906 82,628 SH   SOLE 0 27,228 0 55,400
STAG INDUSTRIAL COM 85254J102 1,794 73,205 SH   SOLE 0 73,205 0 0
SUPER MICRO COMPUTER, INC COM 86800U104 7,978 228,741 SH   SOLE 0 27,090 0 201,651
SYNNEX CORP COM 87162W100 9,912 126,814 SH   SOLE 0 45,398 0 81,416
THE BUCKLE COM 118440106 8,875 168,987 SH   SOLE 0 47,687 0 121,300
THERMO FISHER SCIENTIFIC COM 883556102 9,379 74,862 SH   SOLE 0 24,362 0 50,500
THOR INDUSTRIES INC COM 885160101 8,827 157,991 SH   SOLE 0 47,491 0 110,500
TIME WARNER INC COM COM 887317303 9,321 109,119 SH   SOLE 0 34,979 0 74,140
TJX COMPANIES COM 872540109 660 9,622 SH   SOLE 0 9,622 0 0
TORONTO DOMINION COM 891160509 9,049 189,392 SH   SOLE 0 58,892 0 130,500
TRIPLE POINT VENTURE GROWTH COM 89677Y100 636 42,803 SH   SOLE 0 42,803 0 0
TYSON FOODS CL A 902494103 9,881 246,462 SH   SOLE 0 80,562 0 165,900
UNITED TECHNOLOGIES CORP COM COM 913017109 9,802 85,236 SH   SOLE 0 25,736 0 59,500
US BANCORP DEL COM COM 902973304 9,850 219,135 SH   SOLE 0 63,135 0 156,000
VERIZON COMMUNICATIONS COM 92343V104 8,654 184,985 SH   SOLE 0 51,485 0 133,500
VIACOM INC CL B CL B 92553P201 9,452 125,603 SH   SOLE 0 36,603 0 89,000
VISHAY INTERTECHNOLOGY INC COM 928298108 1,677 118,505 SH   SOLE 0 118,505 0 0
WELLS FARGO AND CO COM 949746101 10,356 188,912 SH   SOLE 0 61,312 0 127,600
WESCO INTERNATIONAL COM 95082P105 6,696 87,866 SH   SOLE 0 29,242 0 58,624
WESTERN UNION CO. COM 959802109 7,034 392,730 SH   SOLE 0 104,230 0 288,500
WHITING PETROLEUM COM 966387102 3,461 104,885 SH   SOLE 0 29,385 0 75,500
WINNEBAGO INDUSTRIES INC COM 974637100 644 29,590 SH   SOLE 0 29,590 0 0
WORTHINGTON INDUSTRIES COM 981811102 1,995 66,312 SH   SOLE 0 66,312 0 0
WPP PLC ADR 92937A102 9,830 94,429 SH   SOLE 0 29,429 0 65,000
WYNDHAM WORLDWIDE CORP COM 98310W108 8,750 102,034 SH   SOLE 0 33,657 0 68,377
ZIMMER HOLDINGS COM 98956P102 9,221 81,302 SH   SOLE 0 23,162 0 58,140