Gryphon International Investment 13F-HR Quarterly holdings report by institutional manager

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

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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
ADOBE INC.	Common	009775625	539	1,635	SH		SOLE	NONE	1,635	0	0
ADOBE INC.	Common	009775625	5,587	16,940	SH		DFND		0	16,940	0
AERCAP HOLDINGS NV	Common	027691617	67,508	1,098,228	SH		SOLE	NONE	1,098,228	0	0
AERCAP HOLDINGS NV	Common	027691617	23	377	SH		DFND		0	377	0
ALBEMARLE CORPORATION	Common	010231272	384	5,255	SH		SOLE	NONE	5,255	0	0
ALBEMARLE CORPORATION	Common	010231272	3,627	49,658	SH		DFND		0	49,658	0
ALIBABA GROUP HOLDING LTD - SP ADR	ADR	109467740	61,857	291,640	SH		SOLE	NONE	291,640	0	0
ALIBABA GROUP HOLDING LTD - SP ADR	ADR	109467740	19	89	SH		DFND		0	89	0
BOOKING HOLDINGS INC	Common	178531140	536	261	SH		SOLE	NONE	261	0	0
BOOKING HOLDINGS INC	Common	178531140	5,559	2,707	SH		DFND		0	2,707	0
CABOT MICROELECTRONICS CORPORATION	Common	011771025	453	3,140	SH		SOLE	NONE	3,140	0	0
CABOT MICROELECTRONICS CORPORATION	Common	011771025	6,188	42,880	SH		DFND		0	42,880	0
CHARLES RIVER LABORATORIES	Common	011376487	504	3,300	SH		SOLE	NONE	3,300	0	0
CHARLES RIVER LABORATORIES	Common	011376487	5,104	33,415	SH		DFND		0	33,415	0
FIDELITY NATIONAL INFORMATION SERVICES, INC.	Common	024343596	300	2,159	SH		SOLE	NONE	2,159	0	0
FIDELITY NATIONAL INFORMATION SERVICES, INC.	Common	024343596	3,052	21,940	SH		DFND		0	21,940	0
FORTIVE CORPORATION	Common	143696294	2,853	37,342	SH		DFND		0	37,342	0
HEXCEL CORPORATION	Common	011539629	267	3,640	SH		SOLE	NONE	3,640	0	0
HEXCEL CORPORATION	Common	011539629	4,304	58,704	SH		DFND		0	58,704	0
HONEYWELL INTERNATIONAL INC.	Common	010534801	388	2,190	SH		SOLE	NONE	2,190	0	0
HONEYWELL INTERNATIONAL INC.	Common	010534801	4,030	22,771	SH		DFND		0	22,771	0
II-VI INC.	Common	011542298	395	11,745	SH		SOLE	NONE	11,745	0	0
II-VI INC.	Common	011542298	4,021	119,420	SH		DFND		0	119,420	0
INGEVITY CORPORATION	Common	140580180	454	5,190	SH		SOLE	NONE	5,190	0	0
INGEVITY CORPORATION	Common	140580180	3,098	35,454	SH		DFND		0	35,454	0
JPMORGAN CHASE & CO.	Common	012271654	562	4,035	SH		SOLE	NONE	4,035	0	0
JPMORGAN CHASE & CO.	Common	012271654	6,173	44,283	SH		DFND		0	44,283	0
METTLER-TOLEDO INTERNATIONAL INC.	Common	010919576	409	515	SH		SOLE	NONE	515	0	0
METTLER-TOLEDO INTERNATIONAL INC.	Common	010919576	4,656	5,869	SH		DFND		0	5,869	0
PTC INC.	Common	088381041	340	4,535	SH		SOLE	NONE	4,535	0	0
PTC INC.	Common	088381041	3,484	46,527	SH		DFND		0	46,527	0
QUANTA SERVICES, INC.	Common	011549624	471	11,560	SH		SOLE	NONE	11,560	0	0
QUANTA SERVICES, INC.	Common	011549624	4,762	116,979	SH		DFND		0	116,979	0
ROYAL CARIBBEAN CRUISES LTD	Common	010775124	384	2,875	SH		SOLE	NONE	2,875	0	0
ROYAL CARIBBEAN CRUISES LTD	Common	010775124	3,930	29,439	SH		DFND		0	29,439	0
STANLEY BLACK & DECKER INC	Common	049645619	457	2,755	SH		SOLE	NONE	2,755	0	0
STANLEY BLACK & DECKER INC	Common	049645619	4,682	28,252	SH		DFND		0	28,252	0
TE CONNECTIVITY LTD	Common	043813854	499	5,210	SH		SOLE	NONE	5,210	0	0
TE CONNECTIVITY LTD	Common	043813854	6,096	63,607	SH		DFND		0	63,607	0
THE TJX COMPANIES INC.	Common	009961968	488	7,990	SH		SOLE	NONE	7,990	0	0
THE TJX COMPANIES INC.	Common	009961968	5,294	86,703	SH		DFND		0	86,703	0