13F-HR 1 d13fhr.txt FORM 13F-HR ---------------------------- OMB APPROVAL ---------------------------- OMB Number: Expires: Estimated average burden hours per response..... ---------------------------- SEC USE ONLY ---------------------------- ---------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13f Cover Page Report for the Calendar Year or Quarter Ended 12/31/2008 If amended report check here: [_] Amendment Number: ---- This Amendment (Check only one): [_] is a restatement [_] adds new holding entries. -------------------------------------------------------------------------------- Name of Institutional Investment Manager Global Capital Management, Inc. -------------------------------------------------------------------------------- Business Address (Street) (City) (State) (Zip) One West First Avenue, Suite 100 Conshohocken Pa, 19428 13F File Number: 28-11502 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Anthony W. Soslow President, Director (610)567-0320 Name (Title) (Phone) /s/ Anthony W. Soslow --------------------------------- (Manual Signature of Person Duly Authorized to Submit This Report) Conshohocken, PA 01/06/2009 (Place and Date of Signing) Report Type: [X] 13F HOLDINGS REPORT. [_] 13F NOTICE. [_] 13F COMBINATION REPORT. Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 91 Form 13F Information Table Value Total: $367,645 (thousands) List of Other Included Managers: Name and 13F file numbers of ALL Institutional Investment Managers with respect to which this schedule is filed (other than the one filing this report): (List in alphabetical order). [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] 13F File Numbers will be assigned to Institutional Investment Managers after they file their first report. 13F File No.: Name: 13F File No.: Name: ------------- -------------------- ------------- ------------------- 1. 28- 6. ------------- -------------------- ------------- ------------------- 2. 7. ------------- -------------------- ------------- ------------------- 3. 8. ------------- -------------------- ------------- ------------------- 4. 9. ------------- -------------------- ------------- ------------------- 5. 10. ------------- -------------------- ------------- ------------------- FORM 13F INFORMATION TABLE PAGE 1

~~PAGE 1~~ -------------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 FAIR INVESTMENT DISCRETION VOTING AUTHORITY TITLE MARKET SHARES OF SHARED NAME OF ISSUER OF CUSIP VALUE PRINCIPAL SOLE SHARED OTHER MANA- SOLE SHARED NONE ~~NAME OF ISSUER~~ CLASS NUMBER (x$1000) AMOUNT (A) (B) (C) ~~MANAGERS~~GERS (A) (B) (C) -------------------------------------------------------------------------------------------------------------------- AT&T Inc...................... Stock 00206r102 3,351 79,210 Sole N/A Shared Abercrombie & Fitch Co........ Stock 2896207 1,184 14,672 Sole N/A Shared Aeropostale, Inc.............. Stock 7865108 6,893 361,645 Sole N/A Shared Aetna, Inc.................... Stock 00817y108 3,097 57,064 Sole N/A Shared Alcoa, Inc.................... Stock 13817101 2,141 54,733 Sole N/A Shared Altera........................ Stock 021441100 5,857 243,230 Sole N/A Shared AmSurg Corp................... Stock 03232p405 3,427 148,561 Sole N/A Shared American Eagle................ Stock 02553e106 17,942 681,956 Sole N/A Shared American Financial Group...... Stock 025932104 13,991 490,570 Sole N/A Shared American Int'l Group.......... Stock 026874107 2,586 38,232 Sole N/A Shared Ametek........................ Stock 031100100 30,267 700,290 Sole N/A Shared Amphenol Corp................. Stock 032095101 24,492 615,996 Sole N/A Shared Anixter Intl Inc.............. Stock 035290105 20,985 254,521 Sole N/A Shared Applied Materials............. Stock 038222105 1,853 89,537 Sole N/A Shared BJ Services Co................ Stock 055482103 3,722 140,200 Sole N/A Shared Barnes Group, Inc............. Stock 067806109 14,585 456,938 Sole N/A Shared Barr Pharmaceuticals.......... Stock 068306109 5,703 100,205 Sole N/A Shared Berkley W.R. Corp............. Stock 84423102 26,496 894,243 Sole N/A Shared CSX Corp...................... Stock 126408103 2,140 50,085 Sole N/A Shared Ceradyne, Inc................. Stock 156710105 2,893 38,191 Sole N/A Shared Cigna Corp.................... Stock 125509109 4,002 75,105 Sole N/A Shared Cisco Systems................. Stock 17275r102 2,239 67,574 Sole N/A Shared Columbia Sportswear Co........ Stock 198516106 15,116 273,298 Sole N/A Shared Companhia Vale do Rio......... Stock 204412209 3,475 102,406 Sole N/A Shared Complete Product Services Inc. Stock 20453E109 11,632 567,981 Sole N/A Shared Coventry Healthcare........... Stock 222862104 4,985 80,125 Sole N/A Shared Cummins Engine Inc............ Stock 231021106 1,601 12,520 Sole N/A Shared Dollar Tree Stores, Inc....... Stock 256747106 18,987 468,341 Sole N/A Shared Ensco International........... Stock 26874q100 2,033 36,232 Sole N/A Shared Forest Lab Inc................ Stock 345838106 6,109 163,837 Sole N/A Shared Fossil, Inc................... Stock 349882100 21,359 571,705 Sole N/A Shared Gardner Denver Inc............ Stock 365558105 11,246 288,354 Sole N/A Shared Genco Shipping & Trading Lt... Stock Y2685T107 1,922 29,325 Sole N/A Shared General Dynamics.............. Stock 369550108 2,679 31,719 Sole N/A Shared General Electric.............. Stock 369604103 271 6,546 Sole N/A Shared Grant Prideco Inc............. Stock 38821g101 3,058 56,095 Sole N/A Shared Gymboree Corp................. Stock 403777105 12,692 360,160 Sole N/A Shared Harley Davidson............... Stock 412822108 2,314 50,085 Sole N/A Shared Hartford Financial Svcs....... Stock 416515104 1,802 19,471 Sole N/A Shared HCC Insurance Holdings, Inc... Stock 404132102 26,733 933,426 Sole N/A Shared------

1/31/2009

~~PAGE~~COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------------- --------- -------- ------------- ---------- -------- ---------------------~~---------------------------------~~ ~~ITEM~~VALUE 1SHRS ~~ITEM~~OR 2PUT/ ~~ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 FAIR~~ INVESTMENT ~~DISCRETION~~OTHER VOTING AUTHORITY TITLE ~~MARKET SHARES~~ OF ~~SHARED~~CLASS OF CUSIP ~~VALUE PRINCIPAL SOLE SHARED OTHER SOLE SHARED NONE NAME OF ISSUER CLASS NUMBER~~ (~~x$1000~~x1000) ~~AMOUNT~~PRN ~~(A)~~AMT ~~(B)~~CALL ~~(C)~~DISCRETION MANAGERS ~~(A)~~SOLE ~~(B)~~SHARED ~~(C)~~NONE -------------- --------- -------- ------- ---- ---------- -------- ------ ------ -----~~---------------------------------------~~ ~~Health~~AGCO ~~Net~~Corporation Stock 1084102 2,331 98,797 Sole N/A Shared AT&T Inc. Stock 00206r102 2,213 77,645 Sole N/A Shared AZZ Inc. Stock 2474104 214 8,530 Sole N/A Shared Aeropostale, Inc. Stock 7865108 2,414 149,965 Sole N/A Shared Aetna, Inc. Stock 00817y108 2,506 87,928 Sole N/A Shared Affiliated Computer Services Stock 8190100 2,510 54,617 Sole N/A Shared Alliance Data Sys Stock 18581108 4,832 103,848 Sole N/A Shared Alliance Resource Partners LP Stock 01877R108 1,978 73,598 Sole N/A Shared AmSurg Corp. Stock 03232p405 9,047 387,605 Sole N/A Shared Amedisys Inc.~~.........~~ Stock ~~42222G108~~023436108 203,~~507~~504 ~~379~~84,~~406~~768 Sole N/A Shared ~~Helix~~American ~~Energy~~Financial ~~Solutions~~Group Stock 025932104 7,844 342,826 Sole N/A Shared AmerisourceBergen Corp. Stock 03073E105 3,175 89,027 Sole N/A Shared Ametek, Inc. Stock 031100100 5,261 174,138 Sole N/A Shared Amgen, Inc. Stock 031162100 2,281 39,494 Sole N/A Shared Amphenol Corp.~~....~~ Stock ~~42330P107~~032095101 3,~~403~~179 80132,~~135~~576 Sole N/A Shared ~~Hornbeck~~Amtrust ~~Offshore~~Financial Services Inc.~~...~~ Stock ~~440543106~~032359309 108,~~134~~274 ~~276~~713,~~137~~236 Sole N/A Shared ~~Insite~~Avocent ~~Vision~~Corporation Stock 053893103 235 13,130 Sole N/A Shared Big Lots Inc.~~............~~ Stock ~~457660108~~89302103 ~~244~~2,575 ~~212~~177,~~461~~676 Sole N/A Shared ~~International~~Biogen ~~Business~~Idec ~~Machines~~Inc. Stock 09062x103 3,652 76,664 Sole N/A Shared Buckle, Inc. Stock 118440106 9,102 417,120 Sole N/A Shared Bunge Ltd.~~.................~~ Stock ~~459200101~~G16962105 2,~~974~~443 2547,~~243~~189 Sole N/A Shared JCF CInsustries ~~Penney~~Holdings, ~~Corporation~~Inc.~~.......~~ Stock ~~708160106~~125269100 52,~~789~~442 9149,~~348~~665 Sole N/A Shared ~~Johnson~~Cash &America ~~Johnson~~International, Inc.~~............~~ Stock ~~478160104~~14754d100 ~~220~~5,217 190,751 Sole N/A Shared Conoco Phillips Stock 20825c104 3,~~350~~144 60,691 Sole N/A Shared ~~Johnson~~Deckers ~~Controls~~Outdoor Corp. Stock 243537107 9,357 117,149 Sole N/A Shared Dollar Tree Stores Inc.~~........~~ Stock ~~478366107~~256746108 47,~~856~~317 41175,~~113~~514 Sole N/A Shared ~~Jos~~Dynamic Research Corp. Stock 268057106 172 21,460 Sole N/A ~~Bank~~Shared ~~Clothiers~~EZCORP, Inc.~~...~~ Stock ~~480838101~~302301106 5,283 347,342 Sole N/A Shared Emcor Group Stock 29084Q100 12,~~232~~614 ~~365~~562,~~998~~335 Sole N/A Shared ~~KLA-Tenecor~~Endo Pharmaceuticals Holdings Inc. Stock 29264f205 16,170 624,791 Sole N/A Shared Energen Corp.~~.................~~ Stock ~~482480100~~29265N108 3,~~911~~552 70121,120 Sole N/A Shared ~~L-3~~Family ~~Communications............~~Dollar Stores Stock ~~502424104~~307000109 5,~~115~~057 50193,~~080~~995 Sole N/A Shared ~~LAM~~Forest ~~Research~~Lab ~~Corp~~Inc.~~............~~ Stock ~~512807108~~345838106 174,~~824~~872 ~~334~~191,~~668~~292 Sole N/A Shared ~~Lincare~~Fossil, ~~Holdings~~Inc.~~.............~~ Stock ~~532791100~~349882100 206,~~994~~185 ~~572~~370,~~832~~330 Sole N/A Shared ~~Lincoln~~Freeport-McMoRan ~~Electric~~Copper& ~~Holdings~~Gold Stock 35671D857 2,165 88,584 Sole N/A Shared Gardner Denver Inc.~~....~~ Stock ~~533900106~~365558105 53,~~052~~062 65131,~~095~~196 Sole N/A Shared ~~Lincoln~~General ~~National~~Dynamics ~~Corp~~Stock 369550108 4,797 83,288 Sole N/A Shared Global Payments Inc.~~........~~ Stock ~~534187109~~37940X102 73,~~410~~061 ~~112~~93,~~319~~350 Sole N/A Shared ~~MSC~~Gulfmark ~~Industrial~~Offshore ~~Direct~~Inc.~~........~~ Stock ~~553530106~~402269109 153,~~364~~798 ~~303~~159,~~690~~645 Sole N/A Shared ~~Magna~~Gymboree ~~International~~Corp.~~..........~~ Stock ~~559222401~~403777105 3,082 118,118 Sole N/A Shared HCC Insurance Holdings Stock 404132102 6,751 252,372 Sole N/A Shared Harris Corporation Stock 413875105 2,~~894~~426 3063,~~045~~756 Sole N/A Shared ~~Maxim~~Haynes ~~Integrated~~International ~~Products~~Inc.~~....~~ Stock ~~5777K101~~420877201 45,~~410~~316 ~~150~~215,~~260~~929 Sole N/A Shared ~~McDonalds~~Healthspring Inc.~~....................~~ Stock ~~580135101~~42224n101 ~~222~~221 411,075 Sole N/A Shared ~~Microsoft~~Helen of Troy Ltd.~~....................~~ Stock ~~594918104~~g4388n106 ~~256~~225 812,~~675~~945 Sole N/A Shared ~~NBTY~~Hewlett Packard Stock 428236103 3,954 108,966 Sole N/A Shared Insite Vision Inc. Stock 457660108 42 212,461 Sole N/A Shared International Business Machines Stock 459200101 4,239 50,372 Sole N/A Shared Jos. A Bank Clothiers, Inc.~~...................~~ Stock ~~628782104~~480838101 178,~~064~~117 ~~420~~310,~~307~~390 Sole N/A Shared ~~Nabors~~Kimberly-Clark Stock 494368103 2,566 48,655 Sole N/A Shared Knight Capital Stock 499005106 5,094 315,424 Sole N/A Shared LHC Group Stock 50187A107 263 7,305 Sole N/A Shared Lufkin Industries ~~Ltd~~Inc.~~........~~ Stock ~~G6359F103~~549764108 42,~~763~~319 ~~154~~67,~~800~~218 Sole N/A Shared ~~National~~MSC ~~Oilwell~~Industrial ~~Varco........~~Direct Stock ~~637071101~~553530106 ~~701~~2,551 469,~~850~~254 Sole N/A Shared ~~Navigators~~MTS ~~Group~~Systems Corp.~~.............~~ Stock ~~638904102~~553777103 2220 8,~~644~~250 48Sole N/A Shared McDonalds Stock 580135101 208 3,~~738~~350 Sole N/A Shared ~~Netgear~~Murphy Oil Stock 626717102 2,942 ~~Inc~~66,337 Sole N/A Shared NCR Corp.~~.................~~ Stock ~~64111q104~~62886e108 143,~~366~~838 ~~472~~271,~~241~~451 Sole N/A Shared Nike Inc. Cl. B~~...............~~ Stock 654106103 13,~~894~~768 3273,~~289~~886 Sole N/A Shared Noble Corp. Stock G65422100 2,882 130,489 Sole N/A Shared Nokia Corporation~~.............~~ Stock 654902204 2,~~953~~755 77176,~~857~~628 Sole N/A Shared Northwest Pipe Co. Stock 667746101 215 5,040 Sole N/A Shared OM Group Inc.~~.................~~ Stock 670872100 212,~~822~~435 ~~413~~115,~~210~~370 Sole N/A Shared Odyssey Healthcare Inc. Stock 67611V101 221 23,840 Sole N/A Shared Oil States Int'l~~..............~~ Stock 678026105 264,~~154~~697 ~~541~~251,~~484~~329 Sole N/A Shared Omnicare Stock 681904108 13,051 470,145 Sole N/A Shared Open Text Corp.~~...............~~ Stock 683715106 2211,~~661~~339 ~~872~~376,~~582~~328 Sole N/A Shared ~~Oshkosh~~OptionsXpress ~~Truck~~Holdings, ~~Corp~~Inc. Stock 684010101 3,668 274,538 Sole N/A Shared Pacer International Stock 69373h106 2,599 249,163 Sole N/A Shared PepsiAmericas Inc.~~..........~~ Stock ~~688239201~~71343p200 253,~~454~~719 ~~410~~182,~~741~~674 Sole N/A Shared ~~Parker-Hannifin~~Petmed ~~Corp~~Express Inc.~~.........~~ Stock ~~701094104~~716382106 5239 13,~~041~~555 45Sole N/A Shared Pfizer Stock 717081103 3,632 205,075 Sole N/A Shared ~~Phila~~Polaris ~~Con~~Industries, Inc. ~~Holding~~Stock 731068102 2,594 90,526 Sole N/A Shared QLogic Corp.~~......~~ Stock ~~717528103~~747277101 294,~~991~~038 ~~725~~300,~~469~~456 Sole N/A Shared ~~Portfolio~~Reinsurance ~~Recovery~~Group ~~Associates.~~of America Stock ~~73640Q105~~759351406 1914,~~147~~096 ~~360~~329,~~779~~203 Sole N/A Shared ~~Premier~~Skechers ~~Global~~USA ~~Services~~Inc.~~......~~ Stock ~~740585104~~830566105 17215 16,~~756~~802 1Sole N/A Shared Stancorp Financial Stock 852891100 9,~~403~~111 218,~~662~~114 Sole N/A Shared ~~ProAssurance~~Stifel Financial Corp.~~............~~ Stock ~~74267c106~~860630102 173,~~464~~508 ~~324~~76,~~185~~509 Sole N/A Shared ~~Prudential~~Sunoco ~~Financial~~Inc.~~.........~~ Stock ~~744320102~~86764p109 12,~~588~~485 1657,~~270~~173 Sole N/A Shared RFSynnex ~~Micro~~Corporation ~~Devices~~Stock 87162w100 5,979 527,728 Sole N/A Shared Syntel, Inc.~~.............~~ Stock ~~74994l100~~87162h103 3,~~472~~820 ~~515~~165,~~880~~237 Sole N/A Shared ~~Reinsurance~~Terra ~~Group~~Industries ~~Of America..~~ Stock ~~759351109~~880915103 272,~~704~~204 ~~488~~132,~~700~~224 Sole N/A Shared ~~SEI~~The ~~Corp~~J. M.~~....................~~ Smucker Company Stock ~~784117103~~832696405 3,~~415~~398 ~~125~~78,~~200~~358 Sole N/A Shared ~~Scansource~~Triumph Group Inc.~~...................~~ Stock ~~806037107~~896818101 193,~~838~~989 ~~705~~93,~~713~~958 Sole N/A Shared ~~Sciele~~True ~~Pharma~~Religion Apparel Inc.~~............~~ Stock ~~808627103~~89784N104 204,~~112~~508 ~~772~~362,~~954~~352 Sole N/A Shared ~~Seabright~~United ~~Insurance~~Technologies ~~Holdings..~~ Stock ~~811656107~~913017109 23,~~322~~843 ~~136~~71,~~036~~700 Sole N/A Shared ~~Seagate~~Universal ~~Technology~~American Corp.~~...........~~ Stock ~~G7945J104~~913377107 1,~~181~~141 46129,~~180~~370 Sole N/A Shared ~~Sherwin~~Websense ~~Williams Co~~Inc.~~..........~~ Stock ~~824348106~~947684106 157,~~225~~540 ~~231~~503,693 Sole N/A Shared ~~Sonic~~World ~~Automotive~~Acceptance Corp.~~.............~~ Stock ~~83545G102~~981419104 2203 10,~~398~~296 ~~100~~Sole N/A Shared World Fuel Services Stock 981475106 7,~~170~~544 203,888 Sole N/A Shared

PAGE 3 -------------------------------------------------------------------------------------------------------------------- ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8 FAIR INVESTMENT DISCRETION VOTING AUTHORITY TITLE MARKET SHARES OF SHARED OF CUSIP VALUE PRINCIPAL SOLE SHARED OTHER SOLE SHARED NONE NAME OF ISSUER CLASS NUMBER (x$1000) AMOUNT (A) (B) (C) MANAGERS (A) (B) (C) -------------------------------------------------------------------------------------------------------------------- Southern Copper Corp.......... Stock 84265v105 2,480 20,025 Sole N/A Shared Steel Dynamics................ Stock 858119100 24,323 520,832 Sole N/A Shared Synnex Corporation............ Stock 87162w100 14,345 697,718 Sole N/A Shared Telefonica S.A. ADR's......... Stock 879382208 851 10,151 Sole N/A Shared Telefonos de Mexico SA........ Stock 879403780 1,394 42,420 Sole N/A Shared Thor Industries, Inc.......... Stock 885160101 3,380 75,130 Sole N/A Shared Toro Co....................... Stock 891092108 18,480 314,122 Sole N/A Shared Trinity Industries, Inc....... Stock 896522109 25,026 666,639 Sole N/A Shared United Technologies........... Stock 913017109 3,308 41,101 Sole N/A Shared United Health Group........... Stock 91324p102 203 4,200 Sole N/A Shared VF Corp....................... Stock 918204108 4,044 50,080 Sole N/A Shared Valero Energy Corp............ Stock 91913y100 2,183 32,499 Sole N/A Shared W-H Energy Services Inc....... Stock 92925e108 10,822 146,744 Sole N/A Shared Wellpoint, Inc................ Stock 94973V107 2,179 27,612 Sole N/A Shared World Acceptance Corp......... Stock 981419104 7,051 213,136 Sole N/A Shared YRC Worldwide Inc............. Stock 984249102 2,051 75,090 Sole N/A Shared

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