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
American Airlines Group, Inc. COM 02376R102 67,068 2,369,061 SH   SOLE 0 2,000,603 0 368,458
Alliance Data Systems Corporation COM 018581108 10,637 54,294 SH   SOLE 0 46,021 0 8,273
American International Group, Inc. COM 026874784 98,761 1,867,285 SH   SOLE 0 1,580,553 0 286,732
AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. CONV BONDS 026874156 16,465 880,973 PRN   SOLE 0 744,871 0 136,102
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 8,768 715,163 SH   SOLE 0 603,899 0 111,264
Amazon.com, Inc. COM 023135106 168,868 235,975 SH   SOLE 0 199,460 0 36,515
Anthem, Inc. COM 036752103 11,767 89,595 SH   SOLE 0 75,991 0 13,604
ACTIVISION BLIZZARD INC COM 00507V109 14,808 373,649 SH   SOLE 0 314,017 0 59,632
American Express Company COM 025816109 33,165 545,828 SH   SOLE 0 461,774 0 84,054
Bank of America Corporation COM 060505104 60,162 4,533,650 SH   SOLE 0 3,829,742 0 703,908
BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS CONV BONDS 060505146 15,116 4,343,762 PRN   SOLE 0 3,659,309 0 684,453
Liberty Braves Group - Class A COM 531229706 400 26,565 SH   SOLE 0 22,330 0 4,235
Liberty Braves Group - Class C COM 531229888 768 52,358 SH   SOLE 0 43,980 0 8,378
Belmond Ltd. Class A COM G1154H107 27,008 2,728,085 SH   SOLE 0 2,307,005 0 421,080
Sotheby s Class A COM 835898107 7,626 278,334 SH   SOLE 0 235,250 0 43,084
BAIDU, INC. SPONSORED ADR CLASS A COM 056752108 8,101 49,051 SH   SOLE 0 41,225 0 7,826
Bio-Rad Laboratories, Inc. Class A COM 090572207 10,121 70,766 SH   SOLE 0 59,933 0 10,833
TOPBUILD CORP. COM 89055F103 1,116 30,841 SH   SOLE 0 26,059 0 4,782
Bristol-Myers Squibb Company COM 110122108 11,416 155,209 SH   SOLE 0 131,837 0 23,372
Berkshire Hathaway Inc. Class B COM 084670702 42,558 293,931 SH   SOLE 0 248,095 0 45,836
Boyd Gaming Corporation COM 103304101 4,840 263,033 SH   SOLE 0 222,762 0 40,271
Citigroup Inc. COM 172967424 74,880 1,766,446 SH   SOLE 0 1,495,555 0 270,891
Avis Budget Group, Inc. COM 053774105 4,673 144,979 SH   SOLE 0 123,230 0 21,749
CBRE Group, Inc. Class A COM 12504L109 51,684 1,951,825 SH   SOLE 0 1,646,648 0 305,177
CF Industries Holdings, Inc. COM 125269100 2,683 111,346 SH   SOLE 0 94,289 0 17,057
Citizens Financial Group, Inc. COM 174610105 26,482 1,325,449 SH   SOLE 0 1,118,419 0 207,030
Charter Communications Inc. Class A COM 16119P108 6,536 28,586 SH   SOLE 0 24,270 0 4,316
CoreLogic, Inc. COM 21871D103 17,551 456,106 SH   SOLE 0 385,158 0 70,948
COMCAST CORPORATION CLASS A COM 20030N101 28,917 443,585 SH   SOLE 0 374,965 0 68,620
Capital One Financial Corporation COM 14040H105 31,185 491,032 SH   SOLE 0 414,880 0 76,152
CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. CONV BONDS 14040H139 2,274 95,401 PRN   SOLE 0 80,574 0 14,827
Costco Wholesale Corporation COM 22160K105 71,667 456,362 SH   SOLE 0 386,525 0 69,837
Coty Inc. Class A COM 222070203 3,214 123,660 SH   SOLE 0 104,610 0 19,050
COPA HOLDINGS, S.A. CLASS A COM P31076105 3,583 68,565 SH   SOLE 0 57,372 0 11,193
Cisco Systems, Inc. COM 17275R102 5,592 194,907 SH   SOLE 0 164,781 0 30,126
CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR COM 22943F100 3,540 85,917 SH   SOLE 0 72,199 0 13,718
Cognizant Technology Solutions Corporation Class A COM 192446102 12,253 214,065 SH   SOLE 0 180,524 0 33,541
Cemex SAB de CV Sponsored ADR COM 151290889 33,571 5,440,984 SH   SOLE 0 4,601,930 0 839,054
Delta Air Lines, Inc. COM 247361702 55,678 1,528,345 SH   SOLE 0 1,290,855 0 237,490
Discovery Communications, Inc. Class A COM 25470F104 14,564 577,236 SH   SOLE 0 488,356 0 88,880
Delphi Automotive PLC COM G27823106 9,149 146,143 SH   SOLE 0 123,670 0 22,473
NOW Inc COM 67011P100 10,918 601,862 SH   SOLE 0 508,391 0 93,471
DOW CHEMICAL COMPANY COM 260543103 8,157 164,097 SH   SOLE 0 139,060 0 25,037
eBay Inc. COM 278642103 17,087 729,904 SH   SOLE 0 617,364 0 112,540
Estee Lauder Companies Inc. Class A COM 518439104 8,149 89,532 SH   SOLE 0 75,644 0 13,888
EPAM Systems, Inc. COM 29414B104 13,385 208,135 SH   SOLE 0 175,111 0 33,024
ISHARES MSCI SOUTH KOREA CAP ETF COM 464286772 2,992 57,460 SH   SOLE 0 57,460 0 0
Ford Motor Company COM 345370860 22,881 1,820,297 SH   SOLE 0 1,537,484 0 282,813
FIRST CASH FINANCIAL SERVICES, INC. COM 31942D107 3,476 67,721 SH   SOLE 0 57,010 0 10,711
Fluor Corporation COM 343412102 1,965 39,867 SH   SOLE 0 33,700 0 6,167
Federal National Mortgage Association COM 313586109 675 337,533 SH   SOLE 0 285,722 0 51,811
Graco Inc. COM 384109104 12,276 155,409 SH   SOLE 0 131,676 0 23,733
Alphabet Inc. Class C COM 02079K107 78,363 113,225 SH   SOLE 0 95,270 0 17,955
Alphabet Inc. Class A COM 02079K305 5,357 7,615 SH   SOLE 0 6,461 0 1,154
Garmin Ltd. COM H2906T109 8,067 190,177 SH   SOLE 0 161,279 0 28,898
Halliburton Company COM 406216101 2,249 49,665 SH   SOLE 0 42,016 0 7,649
Huntington Bancshares Incorporated COM 446150104 4,945 553,110 SH   SOLE 0 470,015 0 83,095
Hanesbrands Inc. COM 410345102 12,775 508,352 SH   SOLE 0 431,656 0 76,696
Hackett Group, Inc. COM 404609109 12,805 923,196 SH   SOLE 0 783,860 0 139,336
HARLEY-DAVIDSON, INC. COM 412822108 2,862 63,183 SH   SOLE 0 53,237 0 9,946
HEWLETT PACKARD ENTERPRISE CO. COM 42824C109 17,035 932,400 SH   SOLE 0 791,373 0 141,027
HP Inc COM 40434L105 3,270 260,548 SH   SOLE 0 221,446 0 39,102
Hertz Global Holdings COM 42806J106 2,416 218,258 SH   SOLE 0 185,616 0 32,642
iHeartMedia, Inc. Class A COM 45174J103 535 411,759 SH   SOLE 0 353,505 0 58,254
INTERVAL LEISURE GROUP INC. COM 46113M108 1,706 107,269 SH   SOLE 0 90,706 0 16,563
iShares MSCI India ETF COM 46429B598 12,048 431,528 SH   SOLE 0 279,771 0 151,757
Intel Corporation COM 458140100 16,278 496,281 SH   SOLE 0 420,815 0 75,466
Gartner, Inc. COM 366651107 13,355 137,101 SH   SOLE 0 116,564 0 20,537
JD.com, Inc. Sponsored ADR Class A COM 47215P106 18,666 879,204 SH   SOLE 0 739,370 0 139,834
JPMorgan Chase & Co. COM 46625H100 10,220 164,461 SH   SOLE 0 139,298 0 25,163
JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS CONV BONDS 46634E114 3,625 179,029 PRN   SOLE 0 151,214 0 27,815
KKR & Co. L.P. COM 48248M102 8,821 714,851 SH   SOLE 0 604,639 0 110,212
Kroger Co. COM 501044101 9,473 257,489 SH   SOLE 0 217,369 0 40,120
Kansas City Southern COM 485170302 5,541 61,509 SH   SOLE 0 51,915 0 9,594
Loews Corporation COM 540424108 5,555 135,187 SH   SOLE 0 114,926 0 20,261
Lazard Ltd Class A COM G54050102 24,325 816,831 SH   SOLE 0 691,208 0 125,623
Liberty Broadband Corp. Class A COM 530307107 5,701 95,975 SH   SOLE 0 80,965 0 15,010
Liberty Broadband Corp. Class C COM 530307305 4,865 81,079 SH   SOLE 0 67,909 0 13,170
Liberty Global Plc Class A COM G5480U104 43,761 1,505,899 SH   SOLE 0 1,265,746 0 240,153
Liberty Global Plc Class C COM G5480U120 38,712 1,351,188 SH   SOLE 0 1,135,518 0 215,670
LIONS GATE ENTERTAINMENT CORP. COM 535919203 3,269 161,605 SH   SOLE 0 136,716 0 24,889
Liberty Lilac Group Class A COM G5480U138 11,148 345,555 SH   SOLE 0 295,348 0 50,207
Liberty LiLAC Group Class C COM G5480U153 7,569 232,967 SH   SOLE 0 200,174 0 32,793
Liberty Media Corp - A COM 531229870 1,266 66,157 SH   SOLE 0 55,843 0 10,314
Liberty Media Corp - C COM 531229854 1,280 67,471 SH   SOLE 0 57,033 0 10,438
Lowe s Companies, Inc. COM 548661107 17,195 217,192 SH   SOLE 0 183,568 0 33,624
Louisiana-Pacific Corporation COM 546347105 3,027 174,461 SH   SOLE 0 147,641 0 26,820
LIBERTY SIRIUSXM GROUP CLASS A COM 531229409 8,281 264,063 SH   SOLE 0 222,981 0 41,082
LIBERTY SIRIUSXM GROUP CLASS C COM 531229607 8,319 269,493 SH   SOLE 0 227,711 0 41,782
Liberty TripAdvisor Holdings Inc Class A COM 531465102 4,755 217,302 SH   SOLE 0 182,751 0 34,551
Leucadia National Corporation COM 527288104 1,519 87,680 SH   SOLE 0 74,193 0 13,487
Level 3 Communications, Inc. COM 52729N308 25,058 486,652 SH   SOLE 0 411,411 0 75,241
Liberty Interactive Corporation Ventures Series A COM 53071M880 4,920 132,722 SH   SOLE 0 112,205 0 20,517
LUXOFT HOLDING, INC. CLASS A COM G57279104 1,697 32,613 SH   SOLE 0 27,394 0 5,219
Masco Corporation COM 574599106 8,691 280,897 SH   SOLE 0 237,780 0 43,117
MBIA Inc. COM 55262C100 34,074 4,988,864 SH   SOLE 0 4,222,296 0 766,568
Moodys Corporation COM 615369105 10,442 111,431 SH   SOLE 0 93,802 0 17,629
MGM Resorts International COM 552953101 37,914 1,675,375 SH   SOLE 0 1,412,619 0 262,756
Mohawk Industries, Inc. COM 608190104 12,108 63,809 SH   SOLE 0 54,105 0 9,704
Macquarie Infrastructure Company LLC COM 55608B105 6,029 81,424 SH   SOLE 0 68,854 0 12,570
MARKEL CORPORATION COM 570535104 12,557 13,179 SH   SOLE 0 11,090 0 2,089
Altria Group, Inc. COM 02209S103 16,564 240,202 SH   SOLE 0 204,585 0 35,617
Morgan Stanley COM 617446448 9,745 375,108 SH   SOLE 0 317,647 0 57,461
Microsoft Corporation COM 594918104 13,202 257,997 SH   SOLE 0 218,687 0 39,310
Micron Technology, Inc. COM 595112103 23,392 1,700,032 SH   SOLE 0 1,436,032 0 264,000
INGEVITY CORP COM 45688C107 893 26,224 SH   SOLE 0 22,257 0 3,967
NII HOLDINGS, INC ORD SHARES COM 62913F508 2,350 738,904 SH   SOLE 0 623,699 0 115,205
Blue Nile, Inc. COM 09578R103 5,022 183,420 SH   SOLE 0 155,580 0 27,840
NetEase, Inc. Sponsored ADR COM 64110W102 16,588 85,850 SH   SOLE 0 72,390 0 13,460
PACCAR INC COM 693718108 6,542 126,121 SH   SOLE 0 106,129 0 19,992
Priceline Group Inc COM 741503403 49,674 39,790 SH   SOLE 0 33,603 0 6,187
POPEYES LOUISIANA KITCHEN, INC. COM 732872106 3,578 65,476 SH   SOLE 0 55,025 0 10,451
Philip Morris International Inc. COM 718172109 11,523 113,284 SH   SOLE 0 96,619 0 16,665
PNC FINANCIAL SERVICES GROUP INC WARRANTS 2010-31. CONV BONDS 693475121 1,476 84,742 PRN   SOLE 0 71,604 0 13,138
PriceSmart, Inc. COM 741511109 4,460 47,660 SH   SOLE 0 40,151 0 7,509
PAYPAL HOLDINGS INC COM 70450Y103 42,010 1,150,643 SH   SOLE 0 971,819 0 178,824
PAPA JOHN`S INTERNATIONAL, INC. COM 698813102 4,043 59,459 SH   SOLE 0 49,976 0 9,483
Liberty Interactive Corporation QVC Group COM 53071M104 12,747 502,433 SH   SOLE 0 425,671 0 76,762
Raytheon Company COM 755111507 7,543 55,482 SH   SOLE 0 47,025 0 8,457
Ryanair Holdings Plc Sponsored ADR COM 783513203 2,243 32,259 SH   SOLE 0 25,883 0 6,376
Charles Schwab Corporation COM 808513105 15,294 604,254 SH   SOLE 0 508,876 0 95,378
Sherwin-Williams Company COM 824348106 22,192 75,569 SH   SOLE 0 63,862 0 11,707
Signet Jewelers Limited COM G81276100 7,883 95,656 SH   SOLE 0 80,973 0 14,683
SL Green Realty Corp. COM 78440X101 35,460 333,055 SH   SOLE 0 281,071 0 51,984
Scotts Miracle-Gro Company Class A COM 810186106 8,793 125,782 SH   SOLE 0 106,825 0 18,957
Starz Inc Class A COM 85571Q102 3,302 110,353 SH   SOLE 0 92,939 0 17,414
Seagate Technology PLC COM G7945M107 11,210 460,166 SH   SOLE 0 389,017 0 71,149
Synchrony Financial COM 87165B103 30,714 1,214,964 SH   SOLE 0 1,026,565 0 188,399
ISHARES MSCI THAILAND CAPPED ETF COM 464286624 4,143 60,124 SH   SOLE 0 60,124 0 0
THOR INDUSTRIES, INC. COM 885160101 1,923 29,700 SH   SOLE 0 25,108 0 4,592
Tribune Media Co. Class A COM 896047503 9,022 230,265 SH   SOLE 0 194,664 0 35,601
TripAdvisor, Inc. COM 896945201 10,281 159,898 SH   SOLE 0 135,163 0 24,735
Tronc Inc COM 89703P107 523 37,867 SH   SOLE 0 32,060 0 5,807
Tractor Supply Company COM 892356106 35,003 383,887 SH   SOLE 0 325,068 0 58,819
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 31,770 1,211,193 SH   SOLE 0 1,024,208 0 186,985
Tesoro Corporation COM 881609101 8,356 111,526 SH   SOLE 0 94,104 0 17,422
ISHARES MSCI TURKEY ETF COM 464286715 2,176 54,876 SH   SOLE 0 54,876 0 0
TWITTER, INC. COM 90184L102 4,036 238,678 SH   SOLE 0 200,839 0 37,839
TEXAS INSTRUMENTS INCORPORATED COM 882508104 4,434 70,779 SH   SOLE 0 59,847 0 10,932
United Continental Holdings, Inc. COM 910047109 16,196 394,634 SH   SOLE 0 332,729 0 61,905
NET 1 UEPS TECHNOLOGIES, INC. COM 64107N206 1,782 178,418 SH   SOLE 0 154,620 0 23,798
UNION PACIFIC CORPORATION COM 907818108 19,347 221,747 SH   SOLE 0 187,161 0 34,586
USG Corporation COM 903293405 4,962 184,034 SH   SOLE 0 155,753 0 28,281
VIPSHOP HOLDINGS LTD SPONSORED ADR COM 92763W103 3,602 322,456 SH   SOLE 0 271,770 0 50,686
Verisk Analytics, Inc. Class A COM 92345Y106 10,092 124,474 SH   SOLE 0 105,092 0 19,382
Verizon Communications Inc. COM 92343V104 5,632 100,853 SH   SOLE 0 85,250 0 15,603
Walgreens Boots Alliance Inc COM 931427108 1,793 21,536 SH   SOLE 0 18,240 0 3,296
Western Digital Corporation COM 958102105 9,408 199,068 SH   SOLE 0 168,414 0 30,654
Wells Fargo & Company COM 949746101 37,234 786,697 SH   SOLE 0 663,517 0 123,180
WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS CONV BONDS 949746119 1,397 102,541 PRN   SOLE 0 86,619 0 15,922
WHIRLPOOL CORPORATION COM 963320106 3,757 22,548 SH   SOLE 0 19,064 0 3,484
WILLIS TOWERS WATSON PLC COM G96629103 26,080 209,797 SH   SOLE 0 177,622 0 32,175
WESTROCK CO. COM 96145D105 4,014 103,280 SH   SOLE 0 87,907 0 15,373
WILLIAMS-SONOMA, INC. COM 969904101 3,419 65,591 SH   SOLE 0 55,194 0 10,397