Dialectic Capital Management

Dialectic Capital Management as of Dec. 31, 2011

Portfolio Holdings for Dialectic Capital Management

Dialectic Capital Management holds 135 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Resolute Energy Corp *w exp 09/25/201 56.4 $1.0B 697k 1489.29
SPDR Gold Trust (GLD) 11.1 $205M 1.3M 151.99
iShares Gold Trust 2.4 $45M 2.9M 15.23
Spdr S&p 500 Etf (SPY) 1.8 $34M 268k 125.50
iShares MSCI Emerging Markets Indx (EEM) 1.0 $19M 500k 37.94
CurrencyShares Euro Trust 0.9 $17M 135k 128.91
Philip Morris International (PM) 0.7 $13M 170k 78.48
PowerShares DB US Dollar Index Bullish 0.7 $13M 587k 22.47
iShares FTSE/Xinhua China 25 Index (FXI) 0.7 $13M 366k 34.87
iShares Russell 2000 Index (IWM) 0.7 $13M 170k 73.75
Immersion Corporation (IMMR) 0.7 $12M 2.3M 5.18
Sirius XM Radio 0.6 $11M 5.8M 1.82
Tellabs 0.5 $9.6M 2.4M 4.04
Air Products & Chemicals (APD) 0.5 $9.3M 110k 85.20
iShares Barclays TIPS Bond Fund (TIP) 0.5 $9.2M 79k 116.71
Comcast Corporation 0.5 $8.7M 371k 23.56
Time Warner Cable 0.5 $8.5M 134k 63.56
Financial Select Sector SPDR (XLF) 0.5 $8.4M 644k 13.00
CenturyLink 0.5 $8.2M 221k 37.19
SRS Labs (SRSL) 0.5 $8.2M 1.4M 5.75
iShares Dow Jones Select Dividend (DVY) 0.4 $7.7M 144k 53.77
Goldcorp 0.4 $7.5M 170k 44.24
PowerShares QQQ Trust, Series 1 0.4 $7.6M 136k 55.82
Clearwater Paper (CLW) 0.4 $7.4M 207k 35.61
Airgas 0.4 $7.1M 91k 78.09
Praxair 0.4 $7.2M 68k 106.87
Marriott International (MAR) 0.4 $7.1M 243k 29.16
Babcock & Wilcox 0.4 $7.1M 295k 24.14
Apollo 0.4 $6.9M 128k 53.86
Cisco Systems (CSCO) 0.4 $6.6M 365k 18.08
EMC Corporation 0.4 $6.6M 305k 21.58
Pervasive Software 0.4 $6.7M 1.1M 5.82
Ameristar Casinos 0.3 $6.4M 370k 17.29
Apple (AAPL) 0.3 $6.1M 15k 404.98
PetroChina Company 0.3 $6.1M 49k 124.27
Medley Capital Corporation 0.3 $6.1M 585k 10.40
Micron Technology (MU) 0.3 $6.0M 947k 6.29
DDi 0.3 $5.7M 609k 9.33
Rubicon Minerals Corp 0.3 $5.7M 1.5M 3.78
Industries N shs - a - (LYB) 0.3 $5.5M 169k 32.49
Fibria Celulose 0.3 $5.3M 681k 7.77
iShares Dow Jones US Oil Equip. (IEZ) 0.3 $5.0M 97k 51.92
USG Corporation 0.2 $4.6M 449k 10.16
Barrick Gold Corp (GOLD) 0.2 $4.4M 96k 45.25
Starbucks Corporation (SBUX) 0.2 $4.5M 97k 46.01
ION Geophysical Corporation 0.2 $4.5M 728k 6.13
China Petroleum & Chemical 0.2 $4.2M 40k 105.00
Microsoft Corporation (MSFT) 0.2 $4.1M 157k 25.95
Allegheny Technologies Incorporated (ATI) 0.2 $4.1M 86k 47.81
Starwood Property Trust (STWD) 0.2 $3.9M 212k 18.51
Boeing Company (BA) 0.2 $3.9M 53k 73.34
Corn Products International 0.2 $3.9M 74k 52.59
Activision Blizzard 0.2 $3.9M 318k 12.32
NutriSystem 0.2 $3.9M 304k 12.94
Carpenter Technology Corporation (CRS) 0.2 $3.9M 76k 51.47
Ball Corporation (BALL) 0.2 $3.8M 105k 35.70
Target Corporation (TGT) 0.2 $3.5M 69k 51.22
Lufkin Industries 0.2 $3.5M 52k 67.31
Api Technologies Corp 0.2 $3.5M 1.1M 3.18
Bank of America Corporation (BAC) 0.2 $3.3M 590k 5.56
Google 0.2 $3.3M 5.1k 645.97
Tibco Software 0.2 $3.3M 137k 23.91
Icg Group 0.2 $3.4M 440k 7.72
TJX Companies (TJX) 0.2 $3.0M 47k 64.55
Coinstar 0.2 $3.1M 69k 45.64
Crown Holdings (CCK) 0.2 $2.9M 88k 33.58
P.F. Chang's China Bistro 0.2 $3.0M 96k 30.90
Bunge 0.2 $3.0M 53k 57.18
Dow Chemical Company 0.2 $2.9M 100k 28.77
Darden Restaurants (DRI) 0.2 $3.0M 66k 45.56
Generac Holdings (GNRC) 0.2 $2.9M 103k 28.03
MICROS Systems 0.1 $2.8M 60k 46.59
F5 Networks (FFIV) 0.1 $2.8M 26k 106.13
American Eagle Outfitters (AEO) 0.1 $2.6M 169k 15.28
Nordstrom (JWN) 0.1 $2.6M 51k 49.73
CVS Caremark Corporation (CVS) 0.1 $2.5M 61k 40.79
Penn National Gaming (PENN) 0.1 $2.5M 66k 38.07
Starwood Hotels & Resorts Worldwide 0.1 $2.5M 53k 47.97
Charter Communications 0.1 $2.6M 46k 56.95
McDonald's Corporation (MCD) 0.1 $2.4M 24k 100.36
NetApp (NTAP) 0.1 $2.2M 60k 36.26
Safeway 0.1 $2.2M 102k 21.04
Riverbed Technology 0.1 $2.3M 98k 23.49
Kimberly-Clark Corporation (KMB) 0.1 $1.9M 26k 73.57
Murphy Oil Corporation (MUR) 0.1 $2.0M 37k 55.72
Buckeye Technologies 0.1 $2.0M 59k 33.42
Textron (TXT) 0.1 $2.1M 111k 18.49
Benihana 0.1 $1.9M 189k 10.23
Groupon 0.1 $2.1M 100k 20.64
Powerwave Technologies Inc note 3.875%10/0 0.1 $1.8M 4.0M 0.44
Two Harbors Investment 0.1 $1.9M 202k 9.23
Tyco International Ltd S hs 0.1 $1.9M 41k 46.69
Lowe's Companies (LOW) 0.1 $1.9M 73k 25.39
Broadcom Corporation 0.1 $1.9M 66k 29.34
Rovi Corporation 0.1 $1.8M 72k 24.58
SolarWinds 0.1 $1.9M 67k 27.94
National CineMedia 0.1 $1.9M 150k 12.40
Barclays Bk Plc ipth s^p vix 0.1 $1.8M 50k 35.55
Delphi Automotive 0.1 $1.9M 86k 21.54
Magna Intl Inc cl a (MGA) 0.1 $1.7M 50k 33.35
Oracle Corporation (ORCL) 0.1 $1.7M 67k 25.67
Procter & Gamble Company (PG) 0.1 $1.5M 23k 66.66
Eagle Materials (EXP) 0.1 $1.5M 60k 25.66
Marvell Technology Group 0.1 $1.4M 100k 13.87
Quicksilver Resources 0.1 $1.3M 193k 6.71
Callidus Software 0.1 $1.3M 196k 6.43
Quest Software 0.1 $1.1M 58k 18.63
BofI Holding 0.1 $1.1M 65k 16.24
Dana Holding Corporation (DAN) 0.1 $1.1M 90k 12.13
Metals USA Holdings 0.1 $1.1M 95k 11.26
Pandora Media 0.1 $1.2M 117k 10.00
Citrix Systems 0.1 $886k 15k 60.64
Hologic (HOLX) 0.1 $865k 50k 17.49
TRW Automotive Holdings 0.1 $979k 30k 32.63
American Axle & Manufact. Holdings (AXL) 0.1 $930k 94k 9.89
Amerigon Incorporated 0.1 $976k 68k 14.27
Deckers Outdoor Corporation (DECK) 0.1 $1.0M 13k 75.58
Shaw 0.1 $931k 35k 26.92
Yongye International 0.0 $690k 197k 3.51
Lear Corporation (LEA) 0.0 $597k 15k 39.80
Johnson Controls 0.0 $469k 15k 31.27
Autoliv (ALV) 0.0 $535k 10k 53.50
Fifth Street Finance 0.0 $569k 59k 9.59
Wynn Resorts (WYNN) 0.0 $552k 5.0k 110.40
TriQuint Semiconductor 0.0 $485k 100k 4.86
Tenne 0.0 $536k 18k 29.78
BorgWarner (BWA) 0.0 $510k 8.0k 63.75
Patriot Transportation Holding 0.0 $620k 28k 21.88
Utstarcom Holdings Corpf 0.0 $470k 341k 1.38
Entropic Communications 0.0 $283k 56k 5.09
Anadigics 0.0 $178k 82k 2.18
Seabridge Gold (SA) 0.0 $188k 12k 16.10
GSE Systems 0.0 $184k 94k 1.95
WTS/IRIDIUM COMMUNICATIONS Inc. wts 0.0 $187k 106k 1.76
China Green Agriculture 0.0 $54k 18k 3.01