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
ABBOTT LABS COM 002824100 5,205 135,500 SH   SOLE 1 135,500 0 0
AFLAC INC COM 001055102 5,568 80,000 SH   SOLE   80,000 0 0
AGNICO EAGLE MINES LTD COM 008474108 3,801 90,500 SH   SOLE   90,500 0 0
AKAMAI TECHNOLOGIES INC DBCV 2/1 00971TAG6 519 500,000 PRN   SOLE 1 500,000 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 141 20,604 SH   SOLE 1 20,604 0 0
ALLSTATE CORP COM 020002101 3,335 45,000 SH Put SOLE   45,000 0 0
ARALEZ PHARMACEUTICALS INC COM 03852X100 996 225,800 SH   SOLE 1 225,800 0 0
ARCH CAP GROUP LTD ORD G0450A105 8,249 95,600 SH   SOLE   95,600 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 1,273 46,600 SH   SOLE 1 46,600 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 2,083 109,608 SH   SOLE   109,608 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 8,346 81,200 SH   SOLE 1 81,200 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 4,134 131,500 SH   SOLE 1 131,500 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 379 25,000 SH   SOLE   25,000 0 0
BB&T CORP COM 054937107 5,172 110,000 SH Call SOLE   110,000 0 0
BENEFICIAL BANCORP INC COM 08171T102 8,282 450,124 SH   SOLE 1 450,124 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 37,993 233,114 SH   SOLE 1 233,114 0 0
BLUE HILLS BANCORP INC COM 095573101 1,674 89,300 SH   SOLE 1 89,300 0 0
BRINKER INTL INC COM 109641100 4,953 100,000 SH Put SOLE   100,000 0 0
BROWN & BROWN INC COM 115236101 20,026 446,400 SH   SOLE 1 446,400 0 0
BSB BANCORP INC MD COM 05573H108 1,262 43,600 SH   SOLE 1 43,600 0 0
CAMPBELL SOUP CO COM 134429109 423 7,000 SH   SOLE 1 7,000 0 0
CAPITAL BK FINL CORP CL A COM 139794101 2,017 51,400 SH   SOLE 1 51,400 0 0
CAPITAL CITY BK GROUP INC COM 139674105 1,321 64,500 SH   SOLE 1 64,500 0 0
CARMAX INC COM 143130102 6,632 103,000 SH Put SOLE   103,000 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 5,841 185,900 SH   SOLE 1 185,900 0 0
CHART INDS INC NOTE 2.000% 8/0 16115QAC4 1,237 1,265,000 PRN   SOLE 1 1,265,000 0 0
CHEESECAKE FACTORY INC COM 163072101 1,186 19,800 SH Put SOLE   19,800 0 0
CHURCH & DWIGHT INC COM 171340102 11,480 259,784 SH   SOLE 1 259,784 0 0
CIRCOR INTL INC COM 17273K109 8,850 136,400 SH   SOLE 1 136,400 0 0
CITIGROUP INC COM NEW 172967424 16,327 274,719 SH   SOLE 1 274,719 0 0
CLIFTON BANCORP INC COM 186873105 1,640 96,956 SH   SOLE 1 96,956 0 0
CNA FINL CORP COM 126117100 1,322 31,850 SH   SOLE 1 31,850 0 0
COCA COLA CO COM 191216100 5,334 128,650 SH   SOLE 1 128,650 0 0
COLGATE PALMOLIVE CO COM 194162103 5,245 80,150 SH   SOLE 1 80,150 0 0
COMERICA INC COM 200340107 4,189 61,500 SH   SOLE 1 61,500 0 0
CONOCOPHILLIPS COM 20825C104 526 10,500 SH   SOLE 1 10,500 0 0
COUSINS PPTYS INC COM 222795106 4,450 522,950 SH   SOLE 1 522,950 0 0
CULLEN FROST BANKERS INC COM 229899109 4,147 47,000 SH Put SOLE   47,000 0 0
DARDEN RESTAURANTS INC COM 237194105 4,516 62,100 SH   SOLE 1 62,100 0 0
DEL FRISCOS RESTAURANT GROUP COM 245077102 4,080 240,000 SH   SOLE 1 240,000 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 6,224 59,880 SH   SOLE 1 59,880 0 0
DNB FINL CORP COM 233237106 1,000 35,200 SH   SOLE   35,200 0 0
DOMTAR CORP COM NEW 257559203 2,570 65,853 SH   SOLE 1 65,853 0 0
EATON CORP PLC SHS G29183103 6,236 92,950 SH   SOLE 1 92,950 0 0
EBAY INC COM 278642103 1,915 64,500 SH   SOLE   64,500 0 0
EDGEWELL PERS CARE CO COM 28035Q102 409 5,600 SH   SOLE 1 5,600 0 0
ELECTRONICS FOR IMAGING INC NOTE 0.750% 9/0 286082AC6 849 800,000 PRN   SOLE 1 800,000 0 0
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 379 4,100 SH   SOLE 1 4,100 0 0
ERIE INDTY CO CL A 29530P102 1,248 11,100 SH   SOLE   11,100 0 0
FEDERATED INVS INC PA CL B 314211103 10,769 380,800 SH   SOLE 1 380,800 0 0
FIRST AMERN FINL CORP COM 31847R102 473 12,900 SH   SOLE 1 12,900 0 0
FIRST CONN BANCORP INC MD COM 319850103 2,718 120,000 SH   SOLE 1 120,000 0 0
FIRST GTY BANCSHARES INC COM 32043P106 233 9,714 SH   SOLE   9,714 0 0
FLIR SYS INC COM 302445101 12,176 336,450 SH   SOLE 1 336,450 0 0
FORESTAR GROUP INC NOTE 3.750% 3/0 346232AB7 1,935 1,950,000 PRN   SOLE 1 1,950,000 0 0
FOUR CORNERS PPTY TR INC COM 35086T109 2,381 116,034 SH   SOLE 1 116,034 0 0
FRANKLIN RES INC COM 354613101 1,576 39,808 SH   SOLE 1 39,808 0 0
FULLER H B CO COM 359694106 3,000 62,100 SH   SOLE 1 62,100 0 0
GENERAL DYNAMICS CORP COM 369550108 5,957 34,500 SH   SOLE   34,500 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 6,208 161,200 SH   SOLE 1 161,200 0 0
HABIT RESTAURANTS INC COM CL A 40449J103 1,547 89,700 SH   SOLE 1 89,700 0 0
HAEMONETICS CORP COM 405024100 2,022 50,300 SH   SOLE 1 50,300 0 0
HAIN CELESTIAL GROUP INC COM 405217100 3,903 100,000 SH Call SOLE   100,000 0 0
HANOVER INS GROUP INC COM 410867105 8,719 95,800 SH   SOLE 1 95,800 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 9,816 206,000 SH   SOLE 1 206,000 0 0
HESS CORP COM 42809H107 5,930 95,200 SH   SOLE 1 95,200 0 0
HOLOGIC INC FRNT 12/1 436440AG6 1,164 950,000 PRN   SOLE 1 950,000 0 0
HOME DEPOT INC COM 437076102 6,011 44,834 SH   SOLE 1 44,834 0 0
HOMETRUST BANCSHARES INC COM 437872104 7,607 293,700 SH   SOLE 1 293,700 0 0
HOWARD HUGHES CORP COM 44267D107 1,540 13,500 SH Put SOLE   13,500 0 0
HYATT HOTELS CORP COM CL A 448579102 2,921 52,865 SH   SOLE 1 52,865 0 0
ILLINOIS TOOL WKS INC COM 452308109 245 2,000 SH   SOLE   2,000 0 0
INVACARE CORP COM 461203101 2,753 210,927 SH   SOLE 1 210,927 0 0
INVESCO LTD SHS G491BT108 8,601 283,500 SH   SOLE 1 283,500 0 0
JAMES RIV GROUP LTD COM G5005R107 357 8,600 SH   SOLE   8,600 0 0
JOHNSON & JOHNSON COM 478160104 8,009 69,516 SH   SOLE 1 69,516 0 0
KEYCORP NEW COM 493267108 13,304 728,200 SH   SOLE 1 728,200 0 0
KINROSS GOLD CORP COM NO PAR 496902404 360 115,800 SH   SOLE 1 115,800 0 0
KIRBY CORP COM 497266106 2,135 32,100 SH   SOLE   32,100 0 0
LANDSTAR SYS INC COM 515098101 2,858 33,500 SH   SOLE 1 33,500 0 0
LEUCADIA NATL CORP COM 527288104 10,069 433,062 SH   SOLE 1 433,062 0 0
LILLY ELI & CO COM 532457108 331 4,500 SH   SOLE 1 4,500 0 0
LOEWS CORP COM 540424108 747 15,950 SH   SOLE 1 15,950 0 0
LOUISIANA PAC CORP COM 546347105 490 25,900 SH   SOLE 1 25,900 0 0
LOWES COS INC COM 548661107 2,134 30,000 SH Call SOLE   30,000 0 0
LOWES COS INC COM 548661107 6,970 98,000 SH   SOLE 1 98,000 0 0
MARSH & MCLENNAN COS INC COM 571748102 6,205 91,800 SH   SOLE   91,800 0 0
MAXIM INTEGRATED PRODS INC COM 57772K101 1,458 37,800 SH   SOLE 1 37,800 0 0
MEDICINES CO DBCV 1.375% 6/0 584688AC9 306 232,000 PRN   SOLE   232,000 0 0
MERCK & CO INC COM 58933Y105 5,860 99,548 SH   SOLE 1 99,548 0 0
METLIFE INC COM 59156R108 2,695 50,000 SH Call SOLE   50,000 0 0
METLIFE INC COM 59156R108 1,048 19,438 SH   SOLE 1 19,438 0 0
MICROSOFT CORP COM 594918104 15,899 255,850 SH   SOLE 1 255,850 0 0
MID AMER APT CMNTYS INC COM 59522J103 410 4,188 SH   SOLE 1 4,188 0 0
MONDELEZ INTL INC CL A 609207105 4,167 94,000 SH Call SOLE   94,000 0 0
MONDELEZ INTL INC CL A 609207105 12,231 275,900 SH   SOLE 1 275,900 0 0
NEWMONT MINING CORP COM 651639106 1,881 55,200 SH   SOLE 1 55,200 0 0
NOBLE ENERGY INC COM 655044105 8,503 223,400 SH   SOLE 1 223,400 0 0
NOODLES & CO CL A 65540B105 973 237,400 SH   SOLE 1 237,400 0 0
OCEANFIRST FINL CORP COM 675234108 6,775 225,600 SH   SOLE 1 225,600 0 0
ONEBEACON INSURANCE GROUP LT CL A G67742109 4,770 297,200 SH   SOLE   297,200 0 0
ORITANI FINL CORP DEL COM 68633D103 6,118 326,276 SH   SOLE 1 326,276 0 0
PATTERSON COMPANIES INC COM 703395103 9,913 241,600 SH   SOLE 1 241,600 0 0
PAYCHEX INC COM 704326107 6,033 99,100 SH   SOLE 1 99,100 0 0
PAYPAL HLDGS INC COM 70450Y103 3,240 82,100 SH   SOLE   82,100 0 0
PB BANCORP INC COM 70454T100 660 66,688 SH   SOLE   66,688 0 0
PJT PARTNERS INC COM CL A 69343T107 3,777 122,300 SH   SOLE   122,300 0 0
PNC FINL SVCS GROUP INC COM 693475105 18,374 157,100 SH   SOLE   157,100 0 0
POWELL INDS INC COM 739128106 2,032 52,100 SH   SOLE 1 52,100 0 0
PRICE T ROWE GROUP INC COM 74144T108 14,164 188,200 SH   SOLE 1 188,200 0 0
PRIMERICA INC COM 74164M108 7,980 115,400 SH   SOLE 1 115,400 0 0
PROASSURANCE CORP COM 74267C106 6,474 115,200 SH   SOLE 1 115,200 0 0
PROGRESSIVE CORP OHIO COM 743315103 7,214 203,200 SH   SOLE   203,200 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 13,061 95,884 SH   SOLE 1 95,884 0 0
RTI INTL METALS INC NOTE 1.625%10/1 74973WAB3 1,235 1,194,000 PRN   SOLE 1 1,194,000 0 0
RUTHS HOSPITALITY GROUP INC COM 783332109 2,359 128,900 SH   SOLE 1 128,900 0 0
SAFETY INS GROUP INC COM 78648T100 2,086 28,300 SH   SOLE 1 28,300 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 7,479 88,200 SH   SOLE 1 88,200 0 0
SELECTIVE INS GROUP INC COM 816300107 8,192 190,300 SH   SOLE 1 190,300 0 0
SHUTTERFLY INC NOTE 0.250% 5/1 82568PAB2 708 700,000 PRN   SOLE 1 700,000 0 0
SI FINL GROUP INC MD COM 78425V104 1,207 78,400 SH   SOLE 1 78,400 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 559 2,500 SH Put SOLE   2,500 0 0
STATE NATL COS INC COM 85711T305 2,205 159,100 SH   SOLE 1 159,100 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 1,791 42,909 SH   SOLE 1 42,909 0 0
SUNCOR ENERGY INC NEW COM 867224107 7,950 243,200 SH   SOLE 1 243,200 0 0
SUNSHINE BANCORP INC COM 86777J108 250 14,600 SH   SOLE   14,600 0 0
SYNOPSYS INC COM 871607107 565 9,600 SH   SOLE 1 9,600 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 938 32,500 SH   SOLE 1 32,500 0 0
TOOTSIE ROLL INDS INC COM 890516107 3,709 93,307 SH   SOLE 1 93,307 0 0
TORCHMARK CORP COM 891027104 11,602 157,300 SH   SOLE 1 157,300 0 0
UNITED TECHNOLOGIES CORP COM 913017109 5,547 50,600 SH   SOLE   50,600 0 0
US BANCORP DEL COM NEW 902973304 10,361 201,700 SH   SOLE   201,700 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 16,751 304,500 SH   SOLE 1 304,500 0 0
VERINT SYS INC NOTE 1.500% 6/0 92343XAA8 1,124 1,200,000 PRN   SOLE 1 1,200,000 0 0
VERISIGN INC COM 92343E102 3,256 42,800 SH   SOLE 1 42,800 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 737 8,900 SH   SOLE 1 8,900 0 0
WAL-MART STORES INC COM 931142103 3,357 48,570 SH   SOLE 1 48,570 0 0
WATERSTONE FINL INC MD COM 94188P101 3,947 214,500 SH   SOLE 1 214,500 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 4,049 433,069 SH   SOLE 1 433,069 0 0
WILLIAMS CLAYTON ENERGY INC COM 969490101 417 3,500 SH   SOLE 1 3,500 0 0
XILINX INC COM 983919101 6,629 109,800 SH   SOLE 1 109,800 0 0