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

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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
BUILDERS FIRSTSOURCE INC COM 12008R107 14,963 1,300,000 SH   DFND 1 1,300,000 0 0
COLLIERS INTL GROUP INC SUB VTG SHS 194693107 178,381 4,252,351 SH   DFND 1 4,252,351 0 0
CIMPRESS N V SHS EURO N20146101 222,596 2,200,000 SH   DFND 1 2,200,000 0 0
FIRSTSERVICE CORP NEW SUB VTG SH 33767E103 114,020 2,453,036 SH   DFND 1 2,453,036 0 0
INSTALLED BLDG PRODS INC COM 45780R101 61,359 1,710,600 SH   DFND 1 1,710,600 0 0
SPARK NETWORKS INC COM 84651P100 3,437 2,175,000 SH   DFND 1 2,175,000 0 0
XPO LOGISTICS INC COM 983793100 284,193 7,750,000 SH   DFND 1 7,750,000 0 0