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
CVR REFNG LP COMUNIT REP LT 12663P107 2,325 99,877 SH   DFND 1, 2 99,877 0 0
ELIZABETH ARDEN INC COM 28660G106 212 7,178 SH   DFND 1, 2 7,178 0 0
EVEREST RE GROUP LTD COM G3223R108 6,007 39,249 SH   DFND 1, 2 39,249 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 5,500 73,247 SH   DFND 1, 2 73,247 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 3,298 99,722 SH   DFND 1, 2 99,722 0 0
GOL LINHAS AEREAS INTLG S A SP ADR REP PFD 38045R107 3,230 664,662 SH   DFND 1, 2 664,662 0 0
GREAT LAKES DREDGE & DOCK CO COM 390607109 2,617 286,637 SH   DFND 1, 2 286,637 0 0
KORN FERRY INTL COM NEW 500643200 2,969 99,717 SH   DFND 1, 2 99,717 0 0
MARTEN TRANS LTD COM 573075108 5,824 270,641 SH   DFND 1, 2 270,641 0 0
METLIFE INC COM 59156R108 6,545 123,959 SH   DFND 1, 2 123,959 0 0
MONDELEZ INTL INC CL A 609207105 3,415 98,829 SH   DFND 1, 2 98,829 0 0
MYLAN INC COM 628530107 8,120 166,282 SH   DFND 1, 2 166,282 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 7,000 269,218 SH   DFND 1, 2 269,218 0 0
NCR CORP NEW COM 62886E108 2,063 56,446 SH   DFND 1, 2 56,446 0 0
NORFOLK SOUTHERN CORP COM 655844108 13,140 135,229 SH   DFND 1, 2 135,229 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 16,284 170,890 SH   DFND 1, 2 170,890 0 0
PENN WEST PETE LTD NEW COM 707887105 6,344 758,887 SH   DFND 1, 2 758,887 0 0
PFIZER INC COM 717081103 7,227 225,000 SH   DFND 1, 2 225,000 0 0
PROSHARES TR COM 74347X849 9,093 299,422 SH   DFND 1, 2 299,422 0 0
PVH CORP COM 693656100 1,993 15,971 SH   DFND 1, 2 15,971 0 0
SCHLUMBERGER LTD COM 806857108 8,757 89,816 SH   DFND 1, 2 89,816 0 0
SOUTH JERSEY INDS INC COM 838518108 1,463 26,082 SH   DFND 1, 2 26,082 0 0
SOUTHWEST GAS CORP COM 844895102 2,322 43,435 SH   DFND 1, 2 43,435 0 0
SOUTHWESTERN ENERGY CO COM 845467109 3,930 85,418 SH   DFND 1, 2 85,418 0 0
SPDR GOLD TRUST COM 78463V107 1,100 8,903 SH   DFND 1, 2 8,903 0 0
TOWERS WATSON & CO CL A 891894107 4,030 35,334 SH   DFND 1, 2 35,334 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 959 30,000 SH   DFND 1, 2 30,000 0 0
VULCAN MATLS CO COM 929160109 3,312 49,849 SH   DFND 1, 2 49,849 0 0