Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UAL	United Continental Holdings In	9,771,330	$370M	7.8%	$31.81	+10.1%	COM	910047109
CE	Celanese Corp	6,041,600	$334M	7.1%	$37.17	+18.7%	COM	150870103
—	Canadian Natural Resources	7,685,780	$260M	5.5%	$28.11	—	COM	2171573
DAL	Delta Airlines Inc	8,962,100	$246M	5.2%	$14.99	+55.6%	COM	247361702
C	Citigroup Inc.	4,532,493	$236M	5.0%	$35.93	+4.8%	COM	172967424
—	Google Inc	196,130	$220M	4.6%	$880.37	—	COM	38259p508
COF	Capital One Financial Co	2,543,700	$195M	4.1%	$47.00	+22.0%	COM	14040H105
—	TRW Automotive Holdings Corp	2,256,300	$168M	3.5%	$66.44	—	COM	87264s106
—	Apollo Global Management, LLC	5,003,474	$158M	3.3%	$24.25	—	COM	037612306
—	Entegris Inc	12,965,400	$150M	3.2%	$9.38	—	COM	29362u104
JPM	JP Morgan Chase & Co	2,285,000	$134M	2.8%	$36.24	+9.4%	COM	46625H100
—	Anadarko Petroleum	1,667,500	$132M	2.8%	$85.93	—	COM	032511107
—	Whiting Petroleum Corp	2,090,200	$129M	2.7%	$49.19	—	COM	966387102
—	KKR & Co. L.P.	5,293,000	$129M	2.7%	$20.50	—	COM	48248m102
—	Time Warner Inc	1,710,613	$119M	2.5%	$57.82	—	COM	887317303
—	Direct TV Com	1,719,200	$119M	2.5%	$61.64	—	COM	25490a309
—	Flextronics	14,042,800	$109M	2.3%	$7.74	—	COM	y2573f102
BRK/B	Berkshire Hathaway Inc	741,500	$87.91M	1.9%	$110.42	+4.7%	COM	084670702
—	Apache Corp	996,877	$85.67M	1.8%	$83.83	—	COM	037411105
—	Yahoo	1,796,400	$72.65M	1.5%	$38.41	—	COM	984332106
BIDU	Baidu, Inc.	388,200	$69.05M	1.5%	$94.60	—	COM	056752108
DCH	American Axle	3,368,700	$68.89M	1.5%	$15.63	+22.2%	COM	024061103
—	Eaton Corp PLC	864,300	$65.79M	1.4%	$65.81	—	COM	g29183103
—	Cigna Corp	746,500	$65.3M	1.4%	$72.49	—	COM	125509109
—	Blackstone Group L.P.	1,966,900	$61.96M	1.3%	$21.71	—	COM	09253u108
—	LyondellBasell Industries NV	760,100	$61.02M	1.3%	$66.26	—	COM	n53745100
—	MDC Partners Inc.	2,150,358	$54.86M	1.2%	$24.08	—	COM	552697104
—	Luxfer Holdings PLC	2,426,367	$50.61M	1.1%	$20.67	—	COM	550678106
—	Rock-Tenn Co	452,816	$47.55M	1.0%	$100.81	—	COM	772739207
AIG	American International Group,	920,800	$47.01M	1.0%	$32.51	+16.5%	COM	026874784
—	Check Point Software Technolog	654,400	$42.21M	0.9%	$50.97	—	COM	m22465104
—	Kraton Performance Polymers	1,792,103	$41.31M	0.9%	$21.20	—	COM	50077c106
—	Priceline.com Incorporated	30,370	$35.3M	0.7%	$839.41	—	COM	741503403
—	Diana Shipping Inc.	2,511,724	$33.38M	0.7%	$11.44	—	COM	y2066g104
AXP	American Express Company	355,700	$32.27M	0.7%	$59.62	+16.2%	COM	025816109
AVT	Avnet Inc	730,700	$32.23M	0.7%	$25.70	+24.1%	COM	053807103
—	Hertz Global Holdings Inc	1,066,400	$30.52M	0.6%	$28.62	—	COM	42805t105
—	CNO Financial Group, Inc.	1,499,600	$26.53M	0.6%	$15.46	—	COM	12621e103
—	Discovery Fincl Svcs	457,100	$25.57M	0.5%	$47.64	—	COM	254709108
ALCO	Alico	596,581	$23.19M	0.5%	$36.45	-10.6%	COM	016230104
TER	Teradyne Inc	1,229,300	$21.66M	0.5%	$15.29	+1.7%	COM	880770102
HAL	Halliburton Co	425,900	$21.61M	0.5%	$33.21	+24.3%	COM	406216101
EZPW	EZ Corp Inc	1,708,400	$19.97M	0.4%	$17.91	-25.9%	COM	302301106
—	Aaron's, Inc.	657,400	$19.33M	0.4%	$27.99	—	COM	002535300
—	Precision Castparts	70,800	$19.07M	0.4%	$226.01	—	COM	740189105
—	Mistras Group, Inc.	908,193	$18.96M	0.4%	$20.88	—	COM	60649t107
—	Comcast Corporation	375,600	$18.73M	0.4%	$43.84	—	COM	20030n200
OPY	Oppenheimer Hldgs	704,848	$17.47M	0.4%	$18.77	+12.0%	COM	683797104
—	Mpact Ltd.	6,214,123	$15.96M	0.3%	$2.57	—	COM	b621dy7
—	Cedar Fair, L.P.	296,426	$14.7M	0.3%	$41.40	—	COM	150185106
—	Superior Energy Services Inc	517,900	$13.78M	0.3%	$25.94	—	COM	868157108
—	Knightsbridge Tankers Ltd.	1,423,952	$13.09M	0.3%	$7.62	—	COM	g5299g106
TMO	Thermo Fisher	113,900	$12.68M	0.3%	$79.76	+19.9%	COM	883556102
—	Starwood Hotels & Resorts	157,800	$12.54M	0.3%	$63.19	—	COM	85590A401
—	Entropic Communications Inc	2,567,100	$12.06M	0.3%	$4.27	—	COM	29384r105
—	American Airlines Group Inc.	462,200	$11.67M	0.2%	$25.25	—	COM	02376r102
—	Baltic Trading Ltd.	1,717,660	$11.06M	0.2%	$5.49	—	COM	y0553w103
—	Liberty Global Series C	122,131	$10.3M	0.2%	$67.89	—	COM	530555309
MCS	The Marcus Corporation	740,946	$9.958M	0.2%	$12.96	+8.9%	COM	566330106
—	Och-Ziff Capital Management Gr	542,000	$8.022M	0.2%	$10.55	—	COM	67551u105
—	Cameco Corp	369,400	$7.672M	0.2%	$20.00	—	COM	13321l108
ALB	Albemarle	114,200	$7.239M	0.2%	$52.08	+6.4%	COM	012653101
—	First Citizens BancShares, Inc	32,000	$7.124M	0.2%	$192.06	—	COM	31946m103
—	Latam Airlines Group S.A.	408,400	$6.661M	0.1%	$16.31	—	COM	51817r106
TMUS	T-Mobile US, Inc.	193,900	$6.523M	0.1%	$26.48	0.0%	COM	872590104
—	Penn Virginia Group	586,900	$5.534M	0.1%	$4.70	—	COM	707882106
—	Chase Corporation	84,388	$2.979M	0.1%	$22.36	—	COM	16150r104
—	Meru Networks	589,342	$2.54M	0.1%	$4.03	—	COM	59047q103
—	Array BioPharma Inc.	503,132	$2.521M	0.1%	$4.54	—	COM	04269x105
HIG	The Hartford Financial Service	65,200	$2.362M	0.0%	$26.74	0.0%	COM	416515104
—	Crown Media	467,956	$1.652M	0.0%	$2.47	—	COM	228411104
—	McClatchy Co Cl A	421,400	$1.433M	0.0%	$2.28	—	COM	579489105
—	Lazard Ltd	22,800	$1.033M	0.0%	$36.02	—	COM	G54050102
—	RF Micro Devices	196,293	$1.013M	0.0%	$5.34	—	COM	749941100
—	Dynegy Inc Warrants	483,376	$657K	0.0%	$1.52	—	COM	26817r116
EA	Electronic Arts	23,320	$535K	0.0%	$19.79	+17.9%	COM	285512109
—	InterXion Holding N.V.	22,500	$531K	0.0%	$26.13	—	COM	n47279109
—	Oclaro Inc	135,400	$337K	0.0%	$1.18	—	COM	67555n206
—	Emerald Oil Inc (formerly Voya	28,379	$217K	0.0%	$6.87	—	COM	29101u100
—	Emcore Corp	27,612	$141K	0.0%	$3.59	—	COM	290846104
—	Vision Sciences Inc. Delaware	76,800	$77,000	0.0%	$1.02	—	COM	927912105
—	Valence Technology	2,018,276	$7,000	0.0%	$0.04	—	COM	918914102