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
ALPHABET INC CAP STK CL C 02079K107 3,663 4,827 SH   SOLE   4,827 0 0
ALPHABET INC CAP STK CL C 02079K107 11,192 14,748 SH   DFND 1 14,748 0 0
ASSURED GUARANTY LTD COM G0585R106 2,845 107,636 SH   SOLE   107,636 0 0
ASSURED GUARANTY LTD COM G0585R106 8,703 329,276 SH   DFND 1 329,276 0 0
BANK AMER CORP COM 060505104 4,594 272,988 SH   SOLE   272,988 0 0
BANK AMER CORP COM 060505104 14,054 835,035 SH   DFND 1 835,035 0 0
BARRACUDA NETWORKS INC COM 068323104 2,460 131,716 SH   SOLE   131,716 0 0
BARRACUDA NETWORKS INC COM 068323104 7,527 402,942 SH   DFND 1 402,942 0 0
CARNIVAL CORP PAIRED CTF 143658300 5,077 93,193 SH   SOLE   93,193 0 0
CARNIVAL CORP PAIRED CTF 143658300 15,517 284,821 SH   DFND 1 284,821 0 0
COGENT COMMUNICATIONS HLDGS COM NEW 19239V302 4,050 116,753 SH   SOLE   116,753 0 0
COGENT COMMUNICATIONS HLDGS COM NEW 19239V302 12,389 357,124 SH   DFND 1 357,124 0 0
CORNING INC COM 219350105 3,157 172,678 SH   SOLE   172,678 0 0
CORNING INC COM 219350105 9,662 528,575 SH   DFND 1 528,575 0 0
DISH NETWORK CORP CL A 25470M109 3,538 61,882 SH   SOLE   61,882 0 0
DISH NETWORK CORP CL A 25470M109 10,824 189,305 SH   DFND 1 189,305 0 0
DONNELLEY R R & SONS CO COM 257867101 4,659 316,483 SH   SOLE   316,483 0 0
DONNELLEY R R & SONS CO COM 257867101 14,252 968,176 SH   DFND 1 968,176 0 0
EATON CORP PLC SHS G29183103 3,762 72,285 SH   SOLE   72,285 0 0
EATON CORP PLC SHS G29183103 11,507 221,117 SH   DFND 1 221,117 0 0
EQT CORP COM 26884L109 2,243 43,022 SH   SOLE   43,022 0 0
EQT CORP COM 26884L109 6,861 131,613 SH   DFND 1 131,613 0 0
FEDEX CORP COM 31428X106 3,965 26,614 SH   SOLE   26,614 0 0
FEDEX CORP COM 31428X106 12,132 81,426 SH   DFND 1 81,426 0 0
GULFPORT ENERGY CORP COM NEW 402635304 891 36,282 SH   SOLE   36,282 0 0
GULFPORT ENERGY CORP COM NEW 402635304 2,727 110,998 SH   DFND 1 110,998 0 0
HCA HOLDINGS INC COM 40412C101 3,543 52,390 SH   SOLE   52,390 0 0
HCA HOLDINGS INC COM 40412C101 10,835 160,205 SH   DFND 1 160,205 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 6,388 106,383 SH   SOLE   106,383 0 0
IAC INTERACTIVECORP COM PAR $.001 44919P508 19,532 325,270 SH   DFND 1 325,270 0 0
LEAR CORP COM NEW 521865204 2,262 18,416 SH   SOLE   18,416 0 0
LEAR CORP COM NEW 521865204 6,913 56,283 SH   DFND 1 56,283 0 0
LEUCADIA NATL CORP COM 527288104 5,203 299,176 SH   SOLE   299,176 0 0
LEUCADIA NATL CORP COM 527288104 15,916 915,232 SH   DFND 1 915,232 0 0
MBIA INC COM 55262C100 4,451 686,854 SH   SOLE   686,854 0 0
MBIA INC COM 55262C100 13,616 2,101,206 SH   DFND 1 2,101,206 0 0
MICRON TECHNOLOGY INC COM 595112103 2,841 200,644 SH   SOLE   200,644 0 0
MICRON TECHNOLOGY INC COM 595112103 8,691 613,804 SH   DFND 1 613,804 0 0
NAVIENT CORP COM 63938C108 3,281 286,556 SH   SOLE   286,556 0 0
NAVIENT CORP COM 63938C108 10,028 875,823 SH   DFND 1 875,823 0 0
OPOWER INC COM 68375Y109 2,455 232,442 SH   SOLE   232,442 0 0
OPOWER INC COM 68375Y109 7,509 711,065 SH   DFND 1 711,065 0 0
PROGRESS SOFTWARE CORP COM 743312100 2,272 94,646 SH   SOLE   94,646 0 0
PROGRESS SOFTWARE CORP COM 743312100 6,949 289,538 SH   DFND 1 289,538 0 0
QUAD / GRAPHICS INC COM CL A 747301109 1,990 213,996 SH   SOLE   213,996 0 0
QUAD / GRAPHICS INC COM CL A 747301109 6,088 654,638 SH   DFND 1 654,638 0 0
SANDERSON FARMS INC COM 800013104 2,205 28,443 SH   SOLE   28,443 0 0
SANDERSON FARMS INC COM 800013104 6,745 87,010 SH   DFND 1 87,010 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 2,335 260,312 SH   SOLE   260,312 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 7,143 796,339 SH   DFND 1 796,339 0 0
SPROUTS FMRS MKT INC COM 85208M102 1,896 71,293 SH   SOLE   71,293 0 0
SPROUTS FMRS MKT INC COM 85208M102 5,793 217,881 SH   DFND 1 217,881 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 5,557 430,790 SH   SOLE   430,790 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 17,000 1,317,801 SH   DFND 1 1,317,801 0 0