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 92,844 2,263,942 SH   SOLE 0 1,899,530 0 364,412
Alliance Data Systems Corporation COM 018581108 10,371 47,142 SH   SOLE 0 39,693 0 7,449
American International Group, Inc. COM 026874784 88,147 1,630,847 SH   SOLE 0 1,368,590 0 262,257
AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. CONV BONDS 026874156 14,380 768,993 PRN   SOLE 0 643,000 0 125,993
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 9,675 623,004 SH   SOLE 0 522,204 0 100,800
Amazon.com, Inc. COM 023135106 121,652 204,926 SH   SOLE 0 171,703 0 33,223
Anthem, Inc. COM 036752103 9,242 66,495 SH   SOLE 0 55,908 0 10,587
ACTIVISION BLIZZARD INC COM 00507V109 11,005 325,210 SH   SOLE 0 271,230 0 53,980
American Express Company COM 025816109 29,149 474,732 SH   SOLE 0 398,917 0 75,815
Bank of America Corporation COM 060505104 53,544 3,960,354 SH   SOLE 0 3,323,809 0 636,545
BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS CONV BONDS 060505146 14,785 3,800,870 PRN   SOLE 0 3,166,894 0 633,976
Belmond Ltd. Class A COM G1154H107 22,543 2,375,416 SH   SOLE 0 1,994,482 0 380,934
Sotheby s Class A COM 835898107 8,932 334,159 SH   SOLE 0 280,111 0 54,048
BAIDU, INC. SPONSORED ADR CLASS A COM 056752108 8,134 42,612 SH   SOLE 0 35,522 0 7,090
Bio-Rad Laboratories, Inc. Class A COM 090572207 8,383 61,318 SH   SOLE 0 51,561 0 9,757
TOPBUILD CORP. COM 89055F103 796 26,772 SH   SOLE 0 22,450 0 4,322
Bristol-Myers Squibb Company COM 110122108 8,597 134,583 SH   SOLE 0 113,645 0 20,938
Berkshire Hathaway Inc. Class B COM 084670702 36,222 255,299 SH   SOLE 0 213,925 0 41,374
Boyd Gaming Corporation COM 103304101 4,730 228,926 SH   SOLE 0 192,498 0 36,428
Citigroup Inc. COM 172967424 64,541 1,545,892 SH   SOLE 0 1,297,905 0 247,987
Avis Budget Group, Inc. COM 053774105 3,432 125,451 SH   SOLE 0 105,884 0 19,567
CBRE Group, Inc. Class A COM 12504L109 49,233 1,708,280 SH   SOLE 0 1,433,099 0 275,181
CF Industries Holdings, Inc. COM 125269100 3,040 96,990 SH   SOLE 0 81,569 0 15,421
Citizens Financial Group, Inc. COM 174610105 24,141 1,152,315 SH   SOLE 0 964,912 0 187,403
Charter Communications, Inc. Class A COM 16117M305 7,443 36,770 SH   SOLE 0 30,954 0 5,816
CoreLogic, Inc. COM 21871D103 13,748 396,191 SH   SOLE 0 332,081 0 64,110
COMCAST CORPORATION CLASS A COM 20030N101 23,519 385,051 SH   SOLE 0 323,238 0 61,813
Capital One Financial Corporation COM 14040H105 29,581 426,793 SH   SOLE 0 358,001 0 68,792
CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. CONV BONDS 14040H139 2,378 83,142 PRN   SOLE 0 69,326 0 13,816
Costco Wholesale Corporation COM 22160K105 62,621 397,389 SH   SOLE 0 334,602 0 62,787
Coty Inc. Class A COM 222070203 2,983 107,184 SH   SOLE 0 90,004 0 17,180
COPA HOLDINGS, S.A. CLASS A COM P31076105 4,021 59,355 SH   SOLE 0 49,174 0 10,181
Cisco Systems, Inc. COM 17275R102 4,823 169,417 SH   SOLE 0 142,237 0 27,180
CTC Media, Inc. COM 12642X106 314 160,429 SH   SOLE 0 134,295 0 26,134
CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR COM 22943F100 3,319 74,998 SH   SOLE 0 62,624 0 12,374
Cognizant Technology Solutions Corporation Class A COM 192446102 11,680 186,283 SH   SOLE 0 155,907 0 30,376
Cemex SAB de CV Sponsored ADR COM 151290889 33,154 4,554,188 SH   SOLE 0 3,824,622 0 729,566
Delta Air Lines, Inc. COM 247361702 78,228 1,606,994 SH   SOLE 0 1,348,941 0 258,053
Discovery Communications, Inc. Class A COM 25470F104 15,998 558,790 SH   SOLE 0 469,280 0 89,510
Discovery Communications, Inc. Class C COM 25470F302 1,056 39,101 SH   SOLE 0 32,603 0 6,498
Delphi Automotive PLC COM G27823106 9,541 127,186 SH   SOLE 0 106,913 0 20,273
NOW Inc COM 67011P100 9,305 525,110 SH   SOLE 0 440,377 0 84,733
eBay Inc. COM 278642103 15,125 633,910 SH   SOLE 0 532,409 0 101,501
Estee Lauder Companies Inc. Class A COM 518439104 7,360 78,040 SH   SOLE 0 65,460 0 12,580
EPAM Systems, Inc. COM 29414B104 13,535 181,267 SH   SOLE 0 151,339 0 29,928
Ford Motor Company COM 345370860 21,336 1,580,440 SH   SOLE 0 1,324,879 0 255,561
Fluor Corporation COM 343412102 1,856 34,571 SH   SOLE 0 29,017 0 5,554
Federal National Mortgage Association COM 313586109 409 292,276 SH   SOLE 0 245,709 0 46,567
Graco Inc. COM 384109104 11,342 135,084 SH   SOLE 0 113,685 0 21,399
Alphabet Inc. Class C COM 02079K107 73,152 98,197 SH   SOLE 0 82,030 0 16,167
Alphabet Inc. Class A COM 02079K305 5,037 6,602 SH   SOLE 0 5,573 0 1,029
Garmin Ltd. COM H2906T109 6,608 165,353 SH   SOLE 0 139,326 0 26,027
Halliburton Company COM 406216101 1,543 43,190 SH   SOLE 0 36,281 0 6,909
Huntington Bancshares Incorporated COM 446150104 4,589 480,981 SH   SOLE 0 406,302 0 74,679
Hanesbrands Inc. COM 410345102 14,633 516,339 SH   SOLE 0 435,047 0 81,292
Hackett Group, Inc. COM 404609109 12,136 802,671 SH   SOLE 0 677,818 0 124,853
HARLEY-DAVIDSON, INC. COM 412822108 2,827 55,066 SH   SOLE 0 46,015 0 9,051
HEWLETT PACKARD ENTERPRISE CO. COM 42824C109 4,020 226,718 SH   SOLE 0 191,522 0 35,196
HP Inc COM 40434L105 2,793 226,718 SH   SOLE 0 191,522 0 35,196
Hertz Global Holdings, Inc. COM 42805T105 1,990 188,974 SH   SOLE 0 159,634 0 29,340
iHeartMedia, Inc. Class A COM 45174J103 402 361,983 SH   SOLE 0 302,378 0 59,605
INTERVAL LEISURE GROUP INC. COM 46113M108 1,346 93,182 SH   SOLE 0 78,238 0 14,944
iShares MSCI India ETF COM 46429B598 5,105 188,242 SH   SOLE 0 47,018 0 141,224
Intel Corporation COM 458140100 22,464 694,411 SH   SOLE 0 582,893 0 111,518
Gartner, Inc. COM 366651107 26,919 301,278 SH   SOLE 0 253,679 0 47,599
JD.com, Inc. Sponsored ADR Class A COM 47215P106 20,283 765,390 SH   SOLE 0 638,800 0 126,590
JPMorgan Chase & Co. COM 46625H100 8,472 143,063 SH   SOLE 0 120,382 0 22,681
KKR & Co. L.P. COM 48248M102 9,105 619,779 SH   SOLE 0 520,238 0 99,541
Kroger Co. COM 501044101 8,549 223,500 SH   SOLE 0 187,262 0 36,238
Kansas City Southern COM 485170302 4,560 53,361 SH   SOLE 0 44,708 0 8,653
Loews Corporation COM 540424108 4,525 118,277 SH   SOLE 0 99,953 0 18,324
Lazard Ltd Class A COM G54050102 27,480 708,248 SH   SOLE 0 594,733 0 113,515
Liberty Broadband Corp. Class A COM 530307107 5,099 87,673 SH   SOLE 0 73,334 0 14,339
Liberty Broadband Corp. Class C COM 530307305 4,711 81,289 SH   SOLE 0 67,352 0 13,937
Liberty Global Plc Class A COM G5480U104 49,915 1,296,489 SH   SOLE 0 1,087,547 0 208,942
Liberty Global Plc Class C COM G5480U120 42,717 1,137,297 SH   SOLE 0 954,163 0 183,134
LIONS GATE ENTERTAINMENT CORP. COM 535919203 3,060 140,044 SH   SOLE 0 117,617 0 22,427
Liberty Lilac Group Class A COM G5480U138 4,872 138,964 SH   SOLE 0 116,178 0 22,786
Liberty LiLAC Group Class C COM G5480U153 2,074 54,758 SH   SOLE 0 45,958 0 8,800
Liberty Media Corp. Class A COM 531229102 9,631 249,323 SH   SOLE 0 209,023 0 40,300
Liberty Media Corp Class C COM 531229300 10,420 273,550 SH   SOLE 0 229,479 0 44,071
Lowe s Companies, Inc. COM 548661107 14,294 188,695 SH   SOLE 0 158,330 0 30,365
Louisiana-Pacific Corporation COM 546347105 2,593 151,456 SH   SOLE 0 127,326 0 24,130
Liberty TripAdvisor Holdings Inc Class A COM 531465102 4,233 191,032 SH   SOLE 0 159,375 0 31,657
Leucadia National Corporation COM 527288104 1,229 76,000 SH   SOLE 0 63,820 0 12,180
Level 3 Communications, Inc. COM 52729N308 22,330 422,511 SH   SOLE 0 354,658 0 67,853
Liberty Interactive Corporation Ventures Series A COM 53071M880 4,746 121,310 SH   SOLE 0 101,780 0 19,530
LUXOFT HOLDING, INC. CLASS A COM G57279104 1,560 28,344 SH   SOLE 0 23,610 0 4,734
Masco Corporation COM 574599106 7,681 244,228 SH   SOLE 0 205,323 0 38,905
MBIA Inc. COM 55262C100 38,367 4,335,280 SH   SOLE 0 3,638,087 0 697,193
Moodys Corporation COM 615369105 9,364 96,977 SH   SOLE 0 80,990 0 15,987
MGM Resorts International COM 552953101 31,283 1,459,072 SH   SOLE 0 1,220,822 0 238,250
Mohawk Industries, Inc. COM 608190104 10,587 55,458 SH   SOLE 0 46,727 0 8,731
Macquarie Infrastructure Company LLC COM 55608B105 4,775 70,810 SH   SOLE 0 59,456 0 11,354
MARKEL CORPORATION COM 570535104 10,206 11,474 SH   SOLE 0 9,577 0 1,897
Altria Group, Inc. COM 02209S103 14,297 228,167 SH   SOLE 0 196,710 0 31,457
Morgan Stanley COM 617446448 8,159 326,231 SH   SOLE 0 274,391 0 51,840
Microsoft Corporation COM 594918104 12,359 223,775 SH   SOLE 0 188,468 0 35,307
Micron Technology, Inc. COM 595112103 15,483 1,478,817 SH   SOLE 0 1,239,477 0 239,340
NII HOLDINGS, INC ORD SHARES COM 62913F508 3,548 641,542 SH   SOLE 0 536,896 0 104,646
Blue Nile, Inc. COM 09578R103 4,098 159,391 SH   SOLE 0 134,356 0 25,035
NetEase, Inc. Sponsored ADR COM 64110W102 10,713 74,613 SH   SOLE 0 62,411 0 12,202
PACCAR INC COM 693718108 5,996 109,643 SH   SOLE 0 91,484 0 18,159
Priceline Group Inc COM 741503403 44,790 34,749 SH   SOLE 0 29,180 0 5,569
Philip Morris International Inc. COM 718172109 10,555 107,580 SH   SOLE 0 92,812 0 14,768
PriceSmart, Inc. COM 741511109 3,503 41,419 SH   SOLE 0 34,599 0 6,820
PAYPAL HOLDINGS INC COM 70450Y103 46,285 1,199,099 SH   SOLE 0 1,005,605 0 193,494
Liberty Interactive Corporation QVC Group COM 53071M104 11,476 454,480 SH   SOLE 0 382,473 0 72,007
Raytheon Company COM 755111507 5,904 48,148 SH   SOLE 0 40,560 0 7,588
Ryanair Holdings Plc Sponsored ADR COM 783513203 988 11,518 SH   SOLE 0 9,108 0 2,410
Charles Schwab Corporation COM 808513105 14,748 526,340 SH   SOLE 0 439,933 0 86,407
Sherwin-Williams Company COM 824348106 18,625 65,427 SH   SOLE 0 54,905 0 10,522
Signet Jewelers Limited COM G81276100 8,700 70,146 SH   SOLE 0 59,092 0 11,054
SL Green Realty Corp. COM 78440X101 28,056 289,596 SH   SOLE 0 242,616 0 46,980
Scotts Miracle-Gro Company Class A COM 810186106 7,956 109,325 SH   SOLE 0 92,294 0 17,031
Starz Inc Class A COM 85571Q102 2,529 96,061 SH   SOLE 0 80,182 0 15,879
Seagate Technology PLC COM G7945M107 13,806 400,751 SH   SOLE 0 336,329 0 64,422
Synchrony Financial COM 87165B103 30,236 1,054,987 SH   SOLE 0 885,050 0 169,937
THOR INDUSTRIES, INC. COM 885160101 1,646 25,815 SH   SOLE 0 21,680 0 4,135
Tribune Publishing Co COM 896082104 252 32,631 SH   SOLE 0 27,397 0 5,234
Tribune Media Co. Class A COM 896047503 7,697 200,707 SH   SOLE 0 168,613 0 32,094
TripAdvisor, Inc. COM 896945201 9,206 138,436 SH   SOLE 0 116,172 0 22,264
Tractor Supply Company COM 892356106 30,115 332,913 SH   SOLE 0 279,982 0 52,931
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 27,536 1,051,000 SH   SOLE 0 882,342 0 168,658
Tesoro Corporation COM 881609101 8,345 97,025 SH   SOLE 0 81,276 0 15,749
TWITTER, INC. COM 90184L102 3,430 207,240 SH   SOLE 0 172,804 0 34,436
TEXAS INSTRUMENTS INCORPORATED COM 882508104 3,533 61,526 SH   SOLE 0 51,676 0 9,850
United Continental Holdings, Inc. COM 910047109 20,547 343,259 SH   SOLE 0 287,102 0 56,157
USG Corporation COM 903293405 3,964 159,781 SH   SOLE 0 134,294 0 25,487
VONAGE HOLDINGS CORP. COM 92886T201 1,089 238,376 SH   SOLE 0 199,856 0 38,520
VIPSHOP HOLDINGS LTD SPONSORED ADR COM 92763W103 3,612 280,470 SH   SOLE 0 234,664 0 45,806
Verisk Analytics, Inc. Class A COM 92345Y106 8,621 107,871 SH   SOLE 0 90,374 0 17,497
Verizon Communications Inc. COM 92343V104 4,733 87,515 SH   SOLE 0 73,420 0 14,095
Walgreens Boots Alliance Inc COM 931427108 1,585 18,811 SH   SOLE 0 15,826 0 2,985
Western Digital Corporation COM 958102105 8,184 173,248 SH   SOLE 0 145,537 0 27,711
Wells Fargo & Company COM 949746101 33,041 683,234 SH   SOLE 0 571,965 0 111,269
WHIRLPOOL CORPORATION COM 963320106 3,536 19,606 SH   SOLE 0 16,461 0 3,145
WILLIS TOWERS WATSON PLC COM G96629103 21,608 182,103 SH   SOLE 0 153,099 0 29,004
WESTROCK CO. COM 96145D105 5,336 136,711 SH   SOLE 0 115,241 0 21,470
WILLIAMS-SONOMA, INC. COM 969904101 3,129 57,154 SH   SOLE 0 47,689 0 9,465