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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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
Access National Corp Ordinary Shares 004337101 993 65,529 SH   SOLE   65,529 0 0
Aceto Corp Ordinary Shares 004446100 2,674 147,436 SH   SOLE   147,436 0 0
Actuant Corp Ordinary Shares 00508X203 2,835 82,000 SH   SOLE   82,000 0 0
Amazon.com Inc Ordinary Shares 023135106 2,111 6,500 SH   SOLE   6,500 0 0
American Tower Corp Real Estate Trust 03027X100 9,061 100,700 SH   SOLE   100,700 0 0
American Woodmark Corp Ordinary Shares 030506109 10,658 334,407 SH   SOLE   334,407 0 0
Annaly Capital Management Inc Ordinary Shares 035710409 1,086 95,000 SH   SOLE   95,000 0 0
Apple Inc Ordinary Shares 037833100 11,644 125,300 SH   SOLE   125,300 0 0
Autozone Inc Ordinary Shares 053332102 3,915 7,300 SH   SOLE   7,300 0 0
Baidu Inc American Depository Receipts 056752108 10,854 58,100 SH   SOLE   58,100 0 0
Banco Latinoamericano de Comercio Exterior SA Ordinary Shares P16994132 14,044 473,335 SH   SOLE   473,335 0 0
Berkshire Hathaway Inc Ordinary Shares 084670108 17,661 93 SH   SOLE   93 0 0
BRF SA American Depository Receipts 10552T107 3,129 128,704 SH   SOLE   128,704 0 0
Brookfield Infrastructure Partners LP Unit G16252101 3,844 92,127 SH   SOLE   92,127 0 0
C.H. Robinson Worldwide Inc Ordinary Shares 12541W209 2,934 46,000 SH   SOLE   46,000 0 0
Cabela's Inc Ordinary Shares 126804301 250 4,000 SH   SOLE   4,000 0 0
Capstead Mortgage Corp Real Estate Trust 14067E506 1,841 140,000 SH   SOLE   140,000 0 0
Carbo Ceramics Inc Ordinary Shares 140781105 4,007 26,000 SH   SOLE   26,000 0 0
Carter Bank and Trust Ordinary Shares 146102108 3,686 315,074 SH   SOLE   315,074 0 0
CASCADE BANCORP Ordinary Shares 147154207 1,828 350,790 SH   SOLE   350,790 0 0
Catamaran Corp Ordinary Shares 148887102 1,457 33,000 SH   SOLE   33,000 0 0
Chipotle Mexican Grill Inc Ordinary Shares 169656105 9,006 15,200 SH   SOLE   15,200 0 0
Ciena Corp Ordinary Shares 171779309 5,935 274,000 SH   SOLE   274,000 0 0
Cooper Companies Inc Ordinary Shares 216648402 949 7,000 SH   SOLE   7,000 0 0
Costco Wholesale Corp Ordinary Shares 22160K105 10,659 92,558 SH   SOLE   92,558 0 0
Covanta Holding Corp Ordinary Shares 22282E102 7,213 350,000 SH   SOLE   350,000 0 0
Covidien PLC Ordinary Shares G2254F113 7,000 77,628 SH   SOLE   77,628 0 0
Credicorp Ltd Ordinary Shares G2519Y108 6,981 44,900 SH   SOLE   44,900 0 0
Crimson Wine Group Ltd Ordinary Shares 22662X100 3,616 399,547 SH   SOLE   399,547 0 0
CSX Corp Ordinary Shares 126408103 6,224 202,000 SH   SOLE   202,000 0 0
Denbury Resources Inc Ordinary Shares 247916208 8,113 439,500 SH   SOLE   439,500 0 0
Diamond Hill Investment Group Inc Ordinary Shares 25264R207 3,707 29,023 SH   SOLE   29,023 0 0
DR.REDDY'S LABORATORIES LTD American Depository Receipts 256135203 5,392 124,956 SH   SOLE   124,956 0 0
DreamWorks Animation SKG Inc Ordinary Shares 26153C103 4,224 181,600 SH   SOLE   181,600 0 0
Drew Industries Inc Ordinary Shares 26168L205 3,226 64,500 SH   SOLE   64,500 0 0
Gaming and Leisure Properties Inc Real Estate Trust 36467J108 4,453 131,087 SH   SOLE   131,087 0 0
Geospace Technologies Corp Ordinary Shares 37364X109 7,552 137,101 SH   SOLE   137,101 0 0
Google Inc Ordinary Shares 38259P508 7,075 12,100 SH   SOLE   12,100 0 0
Google Inc Ordinary Shares 38259P706 6,961 12,100 SH   SOLE   12,100 0 0
Harley-Davidson Inc Ordinary Shares 412822108 873 12,500 SH   SOLE   12,500 0 0
HCC Insurance Holdings Inc Ordinary Shares 404132102 8,721 178,200 SH   SOLE   178,200 0 0
HDFC Bank Ltd American Depository Receipts 40415F101 13,955 298,050 SH   SOLE   298,050 0 0
Horsehead Holding Corp Ordinary Shares 440694305 2,980 163,200 SH   SOLE   163,200 0 0
Industrias Bachoco SAB de CV American Depository Receipts 456463108 1,046 19,455 SH   SOLE   19,455 0 0
Infinera Corp Ordinary Shares 45667G103 9,114 990,600 SH   SOLE   990,600 0 0
Innophos Holdings Inc Ordinary Shares 45774N108 6,975 121,164 SH   SOLE   121,164 0 0
Intel Corp Ordinary Shares 458140100 11,587 375,000 SH   SOLE   375,000 0 0
INTL FCStone Inc Ordinary Shares 46116V105 3,283 164,813 SH   SOLE   164,813 0 0
KapStone Paper and Packaging Corp Ordinary Shares 48562P103 4,738 143,000 SH   SOLE   143,000 0 0
KAR Auction Services Inc Ordinary Shares 48238T109 6,460 202,708 SH   SOLE   202,708 0 0
Level 3 Communications Inc Ordinary Shares 52729N308 7,461 169,918 SH   SOLE   169,918 0 0
Liberty Interactive Corp Ordinary Shares 53071M104 2,613 89,000 SH   SOLE   89,000 0 0
Loews Corp Ordinary Shares 540424108 11,187 254,190 SH   SOLE   254,190 0 0
Markel Corp Ordinary Shares 570535104 16,194 24,700 SH   SOLE   24,700 0 0
Monarch Financial Holdings Inc Ordinary Shares 60907Q100 5,115 436,400 SH   SOLE   436,400 0 0
Natus Medical Inc Ordinary Shares 639050103 10,976 436,600 SH   SOLE   436,600 0 0
New Hampshire Thrift Bancshares Inc Ordinary Shares 644722100 877 57,594 SH   SOLE   57,594 0 0
Panera Bread Co Ordinary Shares 69840W108 599 4,000 SH   SOLE   4,000 0 0
Penn National Gaming Inc Ordinary Shares 707569109 1,131 93,200 SH   SOLE   93,200 0 0
Quest Diagnostics Inc Ordinary Shares 74834L100 1,409 24,000 SH   SOLE   24,000 0 0
Red Robin Gourmet Burgers Inc Ordinary Shares 75689M101 1,424 20,000 SH   SOLE   20,000 0 0
Retail Opportunity Investments Corp Real Estate Trust 76131N101 2,699 171,560 SH   SOLE   171,560 0 0
Rio Alto Mining Ltd Ordinary Shares 76689T104 939 406,316 SH   SOLE   406,316 0 0
SBA Communications Corp Ordinary Shares 78388J106 11,028 107,800 SH   SOLE   107,800 0 0
Schweitzer Mauduit International Inc Ordinary Shares 808541106 3,056 70,000 SH   SOLE   70,000 0 0
Statoil ASA American Depository Receipts 85771P102 1,110 36,000 SH   SOLE   36,000 0 0
Suffolk Bancorp Ordinary Shares 864739107 2,647 118,646 SH   SOLE   118,646 0 0
Taiwan Semiconductor Manufacturing Co Ltd American Depository Receipts 874039100 7,283 340,500 SH   SOLE   340,500 0 0
Texas Roadhouse Inc Ordinary Shares 882681109 4,264 164,000 SH   SOLE   164,000 0 0
Thor Industries Inc Ordinary Shares 885160101 4,379 77,000 SH   SOLE   77,000 0 0
Tractor Supply Co Ordinary Shares 892356106 4,047 67,000 SH   SOLE   67,000 0 0
Tri Pointe Homes Inc Ordinary Shares 87265H109 3,678 234,000 SH   SOLE   234,000 0 0
TriMas Corp Ordinary Shares 896215209 4,693 123,091 SH   SOLE   123,091 0 0
Twitter Inc Ordinary Shares 90184l102 1,229 30,000 SH   SOLE   30,000 0 0
Under Armour Inc Ordinary Shares 904311107 8,710 146,410 SH   SOLE   146,410 0 0
Urban Outfitters Inc Ordinary Shares 917047102 2,946 87,000 SH   SOLE   87,000 0 0
Varian Medical Systems Inc Ordinary Shares 92220P105 3,284 39,500 SH   SOLE   39,500 0 0
WellPoint Inc Ordinary Shares 94973V107 14,495 134,697 SH   SOLE   134,697 0 0
Whole Foods Market Inc Ordinary Shares 966837106 10,618 274,872 SH   SOLE   274,872 0 0
Williams-Sonoma Inc Ordinary Shares 969904101 12,834 178,800 SH   SOLE   178,800 0 0
Wynn Resorts Ltd Ordinary Shares 983134107 3,736 18,000 SH   SOLE   18,000 0 0
XPO Logistics Inc Ordinary Shares 983793100 4,865 170,000 SH   SOLE   170,000 0 0
Zimmer Holdings Inc Ordinary Shares 98956P102 3,635 35,000 SH   SOLE   35,000 0 0