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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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
Acco Brands Corp Common 00081T108 13,927 2,260,925 SH   SOLE N/A 1,845,700 0 415,225
Ardmore Shipping Corp Common Y0207T100 5,870 441,327 SH   SOLE N/A 373,997 0 67,330
Cadiz Inc Common 127537207 8,989 1,275,022 SH   SOLE N/A 891,182 0 383,840
Century Casinos Inc Common 156492100 8,196 1,143,050 SH   SOLE N/A 944,300 0 198,750
Compass Diversified Holdings Common 20451Q104 12,140 642,010 SH   SOLE N/A 625,000 0 17,010
Durect Corporation Common 266605104 1,542 1,159,300 SH   SOLE N/A 122,700 0 1,036,600
Fluor Corp Common 343412102 13,118 168,770 SH   SOLE N/A 127,400 0 41,370
Fxcm Inc Common 302693106 16,808 1,137,970 SH   SOLE N/A 920,000 0 217,970
Global Power Equipment Group Common 37941P306 17,539 881,809 SH   SOLE N/A 742,500 0 139,309
Great Lakes Dredge & Dock Co Common 390607109 16,083 1,761,538 SH   SOLE N/A 1,400,400 0 361,138
ICICI Bank Ltd ADR 45104G104 12,156 277,525 SH   SOLE N/A 228,600 0 48,925
Johnson Control Inc Common 478366107 12,937 273,400 SH   SOLE N/A 214,000 0 59,400
JTH Holding Inc Common 46637N103 9,318 335,900 SH   SOLE N/A 265,700 0 70,200
Kennedy-Wilson Holdings Inc Common 489398107 13,793 612,735 SH   SOLE N/A 483,800 0 128,935
Libbey Inc Common 529898108 24,923 958,574 SH   SOLE N/A 742,850 0 215,724
Lsb Industries Inc Common 502160104 17,408 465,195 SH   SOLE N/A 375,700 0 89,495
Metalico Inc Common 591176102 4,667 2,862,950 SH   SOLE N/A 2,740,000 0 122,950
Quanta Services Inc Common 74762E102 15,566 421,845 SH   SOLE N/A 324,700 0 97,145
Rand Logistics Inc Common 752182105 9,125 1,322,450 SH   SOLE N/A 1,174,091 0 148,359
Stealthgas Inc Common Y81669106 15,987 1,406,100 SH   SOLE N/A 1,148,000 0 258,100
Triangle Petroleum Corp Common 89600B201 14,259 1,730,430 SH   SOLE N/A 1,384,500 0 345,930
Tronox Ltd Common Q9235V101 11,011 463,210 SH   SOLE N/A 366,500 0 96,710