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
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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
ABBVIE INC COM 00287Y109 2,683 27,745 SH   SOLE 0 27,745 0 0
ACME UNITED INC COM 004816104 536 22,903 SH   SOLE 0 22,903 0 0
AECOM TECH CORP. COM 00766T100 912 24,550 SH   SOLE 0 24,550 0 0
AMC NETWORKS INC CL A 00164V103 2,240 41,428 SH   SOLE 0 41,428 0 0
AMDOCS LTD. SHS G02602103 2,491 38,047 SH   SOLE 0 38,047 0 0
ANIXTER INTL COM 035290105 1,663 21,879 SH   SOLE 0 21,879 0 0
APOGEE ENTERPRISES COM 037598109 2,443 53,427 SH   SOLE 0 53,427 0 0
APPLE COM 037833100 6,162 36,411 SH   SOLE 0 36,411 0 0
ARES CAPITAL CORPORATION COM 04010L103 2,370 150,750 SH   SOLE 0 150,750 0 0
ARES COMMERCIAL REAL ESTATE GROUP COM 04013V108 2,250 174,426 SH   SOLE 0 174,426 0 0
ARGAN COM 04010E109 261 5,801 SH   SOLE 0 5,801 0 0
ARROW ELECTRS INC COM COM 042735100 2,593 32,245 SH   SOLE 0 32,245 0 0
BELDEN CDT COM 077454106 2,038 26,405 SH   SOLE 0 26,405 0 0
BERKSHIRE HATHAWAY INC CL B CL B 084670702 6,032 30,431 SH   SOLE 0 30,431 0 0
BRUNSWICK CORP COM 117043109 2,045 37,028 SH   SOLE 0 37,028 0 0
CARNIVAL CORP. UNIT 143658300 2,222 33,473 SH   SOLE 0 33,473 0 0
CBS CLB 124857202 2,329 39,475 SH   SOLE 0 39,475 0 0
CELANESE CORP COM 150870103 684 6,391 SH   SOLE 0 6,391 0 0
CELESTICA INC SHS 15101Q108 1,737 165,740 SH   SOLE 0 165,740 0 0
CHUBB LIMITED COM H1467J104 2,506 17,148 SH   SOLE 0 17,148 0 0
COHU INC COM COM 192576106 1,036 47,202 SH   SOLE 0 47,202 0 0
COMCAST CL A CL A 20030N101 2,793 69,733 SH   SOLE 0 69,733 0 0
CUSTOMERS BANCORP COM 23204G100 1,367 52,597 SH   SOLE 0 52,597 0 0
D R HORTON INC COM COM 23331A109 2,822 55,267 SH   SOLE 0 55,267 0 0
DAIMLER AG ADR D1668R123 2,609 30,857 SH   SOLE 0 30,857 0 0
DELUXE CORP. COM 248019101 3,008 39,142 SH   SOLE 0 39,142 0 0
DISNEY WALT CO COM COM 254687106 2,437 22,670 SH   SOLE 0 22,670 0 0
DXC TECHNOLOGY COMPANY COM 23355L106 386 4,068 SH   SOLE 0 4,068 0 0
EVEREST RE COM G3223R108 2,553 11,538 SH   SOLE 0 11,538 0 0
FEDEX CORP COM 31428X106 2,982 11,948 SH   SOLE 0 11,948 0 0
FREEPORT MCMORAN CL B 35671D857 2,996 158,005 SH   SOLE 0 158,005 0 0
GOLDMAN SACHS COM 38141G104 2,790 10,952 SH   SOLE 0 10,952 0 0
GRAY TELEVISION INC COM 389375106 786 46,930 SH   SOLE 0 46,930 0 0
GULFPORT ENERGY CORP COM 402635304 344 26,945 SH   SOLE 0 26,945 0 0
HI CRUSH PARTNERS LP UNIT 428337109 2,134 199,416 SH   SOLE 0 199,416 0 0
HOOKER FURNITURE CORP COM 439038100 1,618 38,104 SH   SOLE 0 38,104 0 0
ICHOR HOLDINGS SHS G4740B105 2,269 92,241 SH   SOLE 0 92,241 0 0
INTEL CORP COM COM 458140100 2,744 59,454 SH   SOLE 0 59,454 0 0
INTERPUBLIC GROUP COM 460690100 670 33,212 SH   SOLE 0 33,212 0 0
KLA-TENCOR CORP COM COM 482480100 317 3,020 SH   SOLE 0 3,020 0 0
LABORATORY CORP. OF AMERICA COM 50540R409 2,450 15,359 SH   SOLE 0 15,359 0 0
LAM RESEARCH CORP COM 512807108 2,575 13,987 SH   SOLE 0 13,987 0 0
LENNAR CORP CL A CL A 526057104 2,699 42,681 SH   SOLE 0 42,681 0 0
LIBERTY GLOBAL PLC CL A CL A G5480U104 444 12,398 SH   SOLE 0 12,398 0 0
LIBERTY GLOBAL PLC CL C CL C G5480U120 1,513 44,701 SH   SOLE 0 44,701 0 0
LYONDELLBASELL INDUSTRIES SHS N53745100 1,734 15,721 SH   SOLE 0 15,721 0 0
M/I HOMES INC COM 55305B101 2,458 71,460 SH   SOLE 0 71,460 0 0
MAGNA INTL INC COM 559222401 2,670 47,108 SH   SOLE 0 47,108 0 0
MICROSEMI CORP COM 595137100 2,653 51,371 SH   SOLE 0 51,371 0 0
MILACRON HOLDINGS CORP COM 59870L106 2,806 146,598 SH   SOLE 0 146,598 0 0
MURPHY OIL CORP COM 626717102 2,232 71,874 SH   SOLE 0 71,874 0 0
NOVA MEASURING INSTRUMENTS LTD COM M7516K103 1,766 68,147 SH   SOLE 0 68,147 0 0
OAK VALLEY BANCORP COM 671807105 318 16,269 SH   SOLE 0 16,269 0 0
OMNICOM GROUP INC COM 681919106 2,722 37,370 SH   SOLE 0 37,370 0 0
ON SEMICONDUCTOR CORP COM 682189105 2,728 130,260 SH   SOLE 0 130,260 0 0
PERRY ELLIS INTL INC COM 288853104 1,720 68,691 SH   SOLE 0 68,691 0 0
PILGRIMS PRIDE CORP COM 72147K108 2,340 75,349 SH   SOLE 0 75,349 0 0
PVH Corp COM 693656100 1,633 11,898 SH   SOLE 0 11,898 0 0
RIO TINTO PLC ADS ADR 767204100 286 5,400 SH   SOLE 0 5,400 0 0
ROCHE HOLDINGS LIMITED ADR 771195104 2,299 72,710 SH   SOLE 0 72,710 0 0
ROYAL CARIBBEAN CRUISES COM V7780T103 2,467 20,684 SH   SOLE 0 20,684 0 0
ROYAL DUTCH SHELL ADS ADR A 780259206 2,962 44,396 SH   SOLE 0 44,396 0 0
SANMINA SCI CORP COM 801056102 2,193 66,444 SH   SOLE 0 66,444 0 0
SENSATA TECHNOLOGY SHS N7902X106 2,033 39,775 SH   SOLE 0 39,775 0 0
SINCLAIR BROADCASTING GROUP CL A 829226109 3,054 80,682 SH   SOLE 0 80,682 0 0
SNAP-ON INC COM 833034101 2,827 16,218 SH   SOLE 0 16,218 0 0
SPECTRUM BRANDS INC COM 84763R101 655 5,829 SH   SOLE 0 5,829 0 0
STATOIL HYDRO ASA ADR 85771p102 543 25,370 SH   SOLE 0 25,370 0 0
STORE CAPITAL CORP COM 862121100 2,391 91,802 SH   SOLE 0 91,802 0 0
TECH DATA CORP COM 878237106 1,159 11,827 SH   SOLE 0 11,827 0 0
TENNECO INC COM 880349105 2,252 38,462 SH   SOLE 0 38,462 0 0
THOR INDUSTRIES INC COM 885160101 2,788 18,500 SH   SOLE 0 18,500 0 0
TOWER INTERNATIONAL COM 891826109 222 7,258 SH   SOLE 0 7,258 0 0
TOWER SEMICONDUCTOR ORD SHS M87915274 2,461 72,214 SH   SOLE 0 72,214 0 0
TRIPLE POINT VENTURE GROWTH COM 89677Y100 2,339 184,286 SH   SOLE 0 184,286 0 0
TYSON FOODS CL A 902494103 2,744 33,849 SH   SOLE 0 33,849 0 0
ULTRA CLEAN HOLDINGS COM 90385V107 2,302 99,693 SH   SOLE 0 99,693 0 0
UNIT CORP COM 909218109 581 26,397 SH   SOLE 0 26,397 0 0
US BANCORP DEL COM COM 902973304 2,630 49,084 SH   SOLE 0 49,084 0 0
WELLS FARGO AND CO COM 949746101 2,860 47,148 SH   SOLE 0 47,148 0 0
WHIRLPOOL CORP COM 963320106 2,114 12,535 SH   SOLE 1 12,535 1 0
WPP PLC ADR 92937A102 2,071 22,874 SH   SOLE 2 22,874 2 0
XL GROUP LTD COM G98294104 2,418 68,763 SH   SOLE 3 68,763 3 0
ZIMMER BIOMET HOLDINGS COM 98956P102 2,583 21,405 SH   SOLE 4 21,405 4 0