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
Brookfield Infrastructure Partners LP Unit G16252101 3,503 92,127 SH   SOLE   92,127 0 0
Credicorp Ltd Ordinary Shares 002232878 6,808 53,000 SH   SOLE   53,000 0 0
Brookfield Asset Management Inc Ordinary Shares 112585104 6,899 184,474 SH   SOLE   184,474 0 0
Covidien PLC Ordinary Shares 00B68SQD2 4,456 73,128 SH   SOLE   73,128 0 0
Mallinckrodt plc Ordinary Shares G5785G107 270 6,125 SH   SOLE   6,125 0 0
Banco Latinoamericano de Comercio Exterior SA Ordinary Shares P16994132 7,597 304,865 SH   SOLE   304,865 0 0
Access National Corp Ordinary Shares 004337101 934 65,529 SH   SOLE   65,529 0 0
Actuant Corp Ordinary Shares 00508X203 2,194 56,500 SH   SOLE   56,500 0 0
American Tower Corp Real Estate Trust 03027X100 6,390 86,200 SH   SOLE   86,200 0 0
American Woodmark Corp Ordinary Shares 030506109 3,299 95,200 SH   SOLE   95,200 0 0
Annaly Capital Management Inc Real Estate Trust 035710409 5,165 445,989 SH   SOLE   445,989 0 0
ANSYS Inc Ordinary Shares 03662Q105 718 8,300 SH   SOLE   8,300 0 0
Apple Inc Ordinary Shares 037833100 7,938 16,650 SH   SOLE   16,650 0 0
Autozone Inc Ordinary Shares 053332102 2,452 5,800 SH   SOLE   5,800 0 0
Baidu Inc American Depository Receipts 056752108 10,909 70,300 SH   SOLE   70,300 0 0
Berkshire Hathaway Inc Ordinary Shares 084670108 13,122 77 SH   SOLE   77 0 0
BRF SA American Depository Receipts 10552T107 2,667 108,704 SH   SOLE   108,704 0 0
CGG SA American Depository Receipts 12531Q105 2,593 112,500 SH   SOLE   112,500 0 0
C.H. Robinson Worldwide Inc Ordinary Shares 12541W209 2,443 41,000 SH   SOLE   41,000 0 0
Capstead Mortgage Corp Real Estate Trust 14067E506 1,648 140,000 SH   SOLE   140,000 0 0
Carbo Ceramics Inc Ordinary Shares 002238821 3,092 31,200 SH   SOLE   31,200 0 0
Carter Bank and Trust Ordinary Shares 146102108 1,574 141,828 SH   SOLE   141,828 0 0
Chipotle Mexican Grill Inc Ordinary Shares 169656105 8,233 19,200 SH   SOLE   19,200 0 0
Cisco Systems Inc Ordinary Shares 17275R102 2,460 105,000 SH   SOLE   105,000 0 0
Costco Wholesale Corp Ordinary Shares 22160K105 7,608 66,058 SH   SOLE   66,058 0 0
Crimson Wine Group Ltd Ordinary Shares 22662X100 2,005 210,000 SH   SOLE   210,000 0 0
Denbury Resources Inc Ordinary Shares 247916208 7,502 407,500 SH   SOLE   407,500 0 0
Diamond Hill Investment Group Inc Ordinary Shares 25264R207 3,104 29,023 SH   SOLE   29,023 0 0
DR.REDDY'S LABORATORIES LTD American Depository Receipts 256135203 4,722 124,956 SH   SOLE   124,956 0 0
Dollar Tree Inc Ordinary Shares 256746108 2,572 45,000 SH   SOLE   45,000 0 0
DreamWorks Animation SKG Inc Ordinary Shares 26153C103 4,969 174,600 SH   SOLE   174,600 0 0
Drew Industries Inc Ordinary Shares 26168L205 2,519 55,311 SH   SOLE   55,311 0 0
Flow International Corp Ordinary Shares 343468104 1,510 378,400 SH   SOLE   378,400 0 0
Geospace Technologies Corp Ordinary Shares 37364X109 8,420 99,900 SH   SOLE   99,900 0 0
Google Inc Ordinary Shares 38259P508 9,723 11,100 SH   SOLE   11,100 0 0
HCC Insurance Holdings Inc Ordinary Shares 404132102 7,677 175,200 SH   SOLE   175,200 0 0
HDFC Bank Ltd American Depository Receipts 40415F101 7,589 246,550 SH   SOLE   246,550 0 0
Horsehead Holding Corp Ordinary Shares 440694305 2,033 163,200 SH   SOLE   163,200 0 0
Industrias Bachoco SAB de CV American Depository Receipts 456463108 474 12,000 SH   SOLE   12,000 0 0
Infinera Corp Ordinary Shares 45667G103 8,723 770,600 SH   SOLE   770,600 0 0
Innophos Holdings Inc Ordinary Shares 45774N108 6,131 116,164 SH   SOLE   116,164 0 0
INTL FCStone Inc Ordinary Shares 46116V105 3,064 149,813 SH   SOLE   149,813 0 0
KAR Auction Services Inc Ordinary Shares 48238T109 5,718 202,708 SH   SOLE   202,708 0 0
KapStone Paper and Packaging Corp Ordinary Shares 48562P103 2,363 55,200 SH   SOLE   55,200 0 0
Level 3 Communications Inc Ordinary Shares 52729N308 4,535 169,918 SH   SOLE   169,918 0 0
Liberty Interactive Corp Ordinary Shares 53071M104 1,365 58,150 SH   SOLE   58,150 0 0
Loews Corp Ordinary Shares 540424108 9,824 210,190 SH   SOLE   210,190 0 0
Markel Corp Ordinary Shares 570535104 10,226 19,750 SH   SOLE   19,750 0 0
Monarch Financial Holdings Inc Ordinary Shares 60907Q100 4,313 368,016 SH   SOLE   368,016 0 0
Natus Medical Inc Ordinary Shares 639050103 6,191 436,600 SH   SOLE   436,600 0 0
New Hampshire Thrift Bancshares Inc Ordinary Shares 644722100 779 57,594 SH   SOLE   57,594 0 0
Nuverra Environmental Solutions Inc Ordinary Shares 67091K104 598 261,000 SH   SOLE   261,000 0 0
Occidental Petroleum Corp Ordinary Shares 674599105 4,597 49,145 SH   SOLE   49,145 0 0
Panera Bread Co Ordinary Shares 69840W108 793 5,000 SH   SOLE   5,000 0 0
Penn National Gaming Inc Ordinary Shares 707569109 5,160 93,200 SH   SOLE   93,200 0 0
Quest Diagnostics Inc Ordinary Shares 74834L100 1,483 24,000 SH   SOLE   24,000 0 0
Red Robin Gourmet Burgers Inc Ordinary Shares 75689M101 1,422 20,000 SH   SOLE   20,000 0 0
Retail Opportunity Investments Corp Real Estate Trust 76131N101 2,368 171,560 SH   SOLE   171,560 0 0
SBA Communications Corp Ordinary Shares 78388J106 7,825 97,250 SH   SOLE   97,250 0 0
Schweitzer Mauduit International Inc Ordinary Shares 808541106 3,026 50,000 SH   SOLE   50,000 0 0
Statoil ASA American Depository Receipts 002763129 590 26,000 SH   SOLE   26,000 0 0
Suffolk Bancorp Ordinary Shares 864739107 1,659 93,646 SH   SOLE   93,646 0 0
Sunstone Hotel Investors Inc Real Estate Trust 867892101 548 43,000 SH   SOLE   43,000 0 0
TD Ameritrade Holding Corp Ordinary Shares 87236Y108 5,838 223,000 SH   SOLE   223,000 0 0
Tri Pointe Homes Inc Ordinary Shares 87265H109 2,275 155,000 SH   SOLE   155,000 0 0
Taiwan Semiconductor Manufacturing Co Ltd American Depository Receipts 002113382 4,622 272,500 SH   SOLE   272,500 0 0
Teva Pharmaceutical Industries Ltd American Depository Receipts 881624209 461 12,201 SH   SOLE   12,201 0 0
Texas Roadhouse Inc Ordinary Shares 882681109 3,393 129,000 SH   SOLE   129,000 0 0
Thor Industries Inc Ordinary Shares 885160101 3,482 59,988 SH   SOLE   59,988 0 0
Tractor Supply Co Ordinary Shares 892356106 3,009 44,800 SH   SOLE   44,800 0 0
TriMas Corp Ordinary Shares 896215209 3,668 98,300 SH   SOLE   98,300 0 0
Under Armour Inc Ordinary Shares 904311107 9,050 113,910 SH   SOLE   113,910 0 0
Varian Medical Systems Inc Ordinary Shares 92220P105 2,653 35,500 SH   SOLE   35,500 0 0
Virtus Investment Partners Inc Ordinary Shares 00B3KKGQ8 976 6,000 SH   SOLE   6,000 0 0
WellPoint Inc Ordinary Shares 94973V107 9,314 111,397 SH   SOLE   111,397 0 0
Williams-Sonoma Inc Ordinary Shares 969904101 2,462 43,800 SH   SOLE   43,800 0 0
Wynn Resorts Ltd Ordinary Shares 983134107 2,844 18,000 SH   SOLE   18,000 0 0
XPO Logistics Inc Ordinary Shares 983793100 2,600 120,000 SH   SOLE   120,000 0 0
Yum! Brands Inc Ordinary Shares 988498101 3,151 44,132 SH   SOLE   44,132 0 0
Zimmer Holdings Inc Ordinary Shares 98956P102 2,875 35,000 SH   SOLE   35,000 0 0