--- -------------------- ----- as of March 31, 2013
Portfolio Holdings for --- -------------------- -----
--- -------------------- ----- holds 36 positions in its portfolio as reported in the March 2013 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Cit | 6.4 | $14M | 330k | 43.48 | |
| Hess (HES) | 6.4 | $14M | 200k | 71.61 | |
| Visteon Corporation (VC) | 6.2 | $14M | 239k | 57.70 | |
| Ferro Corporation | 6.1 | $14M | 2.0M | 6.75 | |
| Golar Lng (GLNG) | 5.2 | $12M | 312k | 36.99 | |
| Nielsen Holdings Nv | 4.9 | $11M | 305k | 35.82 | |
| American International (AIG) | 4.3 | $9.7M | 250k | 38.82 | |
| General Motors Company (GM) | 3.7 | $8.3M | 300k | 27.82 | |
| Chemtura Corporation | 3.7 | $8.3M | 383k | 21.61 | |
| tw tele | 3.4 | $7.6M | 300k | 25.19 | |
| Time Warner | 3.4 | $7.5M | 130k | 57.62 | |
| CommonWealth REIT | 3.3 | $7.3M | 325k | 22.44 | |
| CIGNA Corporation | 3.2 | $7.2M | 115k | 62.38 | |
| Royal Bk Scotland Group Plc adr pref shs r | 3.0 | $6.6M | 299k | 22.04 | |
| Life Technologies | 2.9 | $6.5M | 101k | 64.63 | |
| Industries N shs - a - (LYB) | 2.9 | $6.5M | 102k | 63.29 | |
| News Corporation | 2.7 | $6.1M | 200k | 30.51 | |
| Cyrusone | 2.7 | $5.9M | 260k | 22.84 | |
| Brookdale Senior Living (BKD) | 2.5 | $5.6M | 200k | 27.88 | |
| Aetna | 2.5 | $5.5M | 107k | 51.13 | |
| W.R. Grace & Co. | 2.4 | $5.3M | 68k | 77.50 | |
| SPDR Gold Trust (GLD) | 2.2 | $4.9M | 32k | 154.48 | |
| Express Scripts Holding | 2.2 | $4.9M | 85k | 57.61 | |
| Liberty Media | 2.2 | $4.8M | 225k | 21.37 | |
| Zoetis Inc Cl A (ZTS) | 1.6 | $3.5M | 105k | 33.40 | |
| Beam | 1.4 | $3.2M | 50k | 63.53 | |
| Marvell Technology Group | 1.4 | $3.2M | 300k | 10.57 | |
| Tesoro Corporation | 1.3 | $2.9M | 50k | 58.56 | |
| Equinix | 1.2 | $2.7M | 13k | 216.31 | |
| BPZ Resources | 1.1 | $2.5M | 1.1M | 2.27 | |
| ROYAL BK SCOTLAND Group Plc sp adr pref t | 1.1 | $2.4M | 99k | 24.36 | |
| Supervalu | 0.9 | $2.0M | 400k | 5.04 | |
| Barnes & Noble | 0.6 | $1.3M | 78k | 16.46 | |
| Graphic Packaging Holding Company (GPK) | 0.4 | $899k | 120k | 7.49 | |
| Allscripts Healthcare Solutions (MDRX) | 0.3 | $680k | 50k | 13.60 | |
| Royal Bk Scotland Group Plc adr pfd ser p | 0.3 | $687k | 31k | 22.15 |
