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 5,419 785,345 SH   SOLE N/A 756,000 0 29,345
Ardmore Shipping Corp Common Y0207T100 7,407 679,499 SH   SOLE N/A 582,580 0 96,919
Cadiz Inc Common 127537207 10,711 1,030,890 SH   SOLE N/A 733,000 0 297,890
Century Casinos Inc Common 156492100 5,917 1,153,500 SH   SOLE N/A 944,300 0 209,200
Compass Diversified Holdings Common 20451Q104 8,044 459,410 SH   SOLE N/A 440,000 0 19,410
Durect Corporation Common 266605104 1,549 1,053,800 SH   SOLE N/A 122,700 0 931,100
Fluor Corp Common 343412102 9,223 138,085 SH   SOLE N/A 106,400 0 31,685
Fxcm Inc Common 302693106 18,447 1,163,850 SH   SOLE N/A 921,100 0 242,750
Global Power Equipment Group Common 37941P306 10,901 731,597 SH   SOLE N/A 613,000 0 118,597
Great Lakes Dredge & Dock Co Common 390607109 6,242 1,010,030 SH   SOLE N/A 764,442 0 245,588
ICICI Bank Ltd ADR 45104G104 13,077 266,325 SH   SOLE N/A 220,600 0 45,725
Johnson Control Inc Common 478366107 9,996 227,190 SH   SOLE N/A 173,700 0 53,490
Kennedy-Wilson Holdings Inc Common 489398107 11,514 480,535 SH   SOLE N/A 360,500 0 120,035
Knowles Corp Common 49926D109 9,426 355,700 SH   SOLE N/A 286,400 0 69,300
Libbey Inc Common 529898108 19,837 755,396 SH   SOLE N/A 580,050 0 175,346
Liberty Tax Inc Common 53128T102 10,012 309,975 SH   SOLE N/A 240,700 0 69,275
Lsb Industries Inc Common 502160104 13,357 374,045 SH   SOLE N/A 317,100 0 56,945
Market Vector India S/C Index ETF 57061R551 2,465 55,850 SH   SOLE N/A 16,500 0 39,350
Metalico Inc Common 591176102 2,464 2,240,259 SH   SOLE N/A 2,203,809 0 36,450
Quanta Services Inc Common 74762E102 15,231 419,695 SH   SOLE N/A 323,400 0 96,295
Rand Logistics Inc Common 752182105 7,612 1,335,469 SH   SOLE N/A 1,120,385 0 215,084
Stealthgas Inc Common Y81669106 12,773 1,402,100 SH   SOLE N/A 1,146,000 0 256,100
Triangle Petroleum Corp Common 89600B201 14,033 1,274,580 SH   SOLE N/A 947,500 0 327,080
Tronox Ltd Common Q9235V101 2,565 98,460 SH   SOLE N/A 84,800 0 13,660
West Pharmaceutical Services Inc. Common 955306105 9,870 220,519 SH   SOLE N/A 186,794 0 33,725