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
Acco Brands Corp Common 00081T108 13,403 2,090,975 SH   SOLE N/A 1,778,200 0 312,775
Ardmore Shipping Corp Common Y0207T100 9,812 709,473 SH   SOLE N/A 574,893 0 134,580
Cadiz Inc Common 127537207 9,561 1,147,772 SH   SOLE N/A 849,182 0 298,590
Century Casinos Inc Common 156492100 6,693 1,155,900 SH   SOLE N/A 944,300 0 211,600
Compass Diversified Holdings Common 20451Q104 11,696 644,410 SH   SOLE N/A 625,000 0 19,410
Durect Corporation Common 266605104 1,918 1,053,800 SH   SOLE N/A 122,700 0 931,100
Fluor Corp Common 343412102 12,718 165,380 SH   SOLE N/A 127,200 0 38,180
FXCM Inc Common 302693106 18,897 1,263,150 SH   SOLE N/A 1,021,100 0 242,050
Global Power Equipment Group Common 37941P306 13,283 821,956 SH   SOLE N/A 688,709 0 133,247
Great Lakes Dredge & Dock Co Common 390607109 14,038 1,756,888 SH   SOLE N/A 1,398,400 0 358,488
ICICI Bank Ltd ADR 45104G104 13,474 270,025 SH   SOLE N/A 224,100 0 45,925
Johnson Control Inc Common 478366107 13,391 268,190 SH   SOLE N/A 213,700 0 54,490
JTH Holding Inc Common 46637N103 11,161 335,050 SH   SOLE N/A 265,700 0 69,350
Kennedy-Wilson Holdings Inc Common 489398107 15,208 567,035 SH   SOLE N/A 442,500 0 124,535
Libbey Inc Common 529898108 25,414 953,975 SH   SOLE N/A 741,850 0 212,125
LSB Industries Inc Common 502160104 16,473 395,320 SH   SOLE N/A 317,100 0 78,220
Metalico Inc Common 591176102 3,554 2,866,450 SH   SOLE N/A 2,740,000 0 126,450
Quanta Services Inc Common 74762E102 14,546 420,645 SH   SOLE N/A 324,100 0 96,545
Rand Logistics Inc Common 752182105 8,074 1,345,669 SH   SOLE N/A 1,122,385 0 223,284
Stealthgas Inc Common Y81669106 15,570 1,402,700 SH   SOLE N/A 1,146,000 0 256,700
Triangle Petroleum Corp Common 89600B201 15,572 1,325,280 SH   SOLE N/A 997,500 0 327,780
Tronox Ltd Common Q9235V101 12,425 461,910 SH   SOLE N/A 366,000 0 95,910