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
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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
American Airlines Group, Inc. COM 02376R102 93,222 2,400,760 SH   SOLE 0 1,976,553 0 424,207
Alliance Data Systems Corporation COM 018581108 8,441 32,592 SH   SOLE 0 27,004 0 5,588
American International Group, Inc. COM 026874784 84,686 1,490,419 SH   SOLE 0 1,228,162 0 262,257
AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. CONV BONDS 026874156 14,418 635,138 PRN   SOLE 0 519,045 0 116,093
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 9,431 569,827 SH   SOLE 0 469,027 0 100,800
Amazon.com, Inc. COM 023135106 94,719 185,037 SH   SOLE 0 152,162 0 32,875
Anthem, Inc. COM 036752103 8,506 60,757 SH   SOLE 0 50,170 0 10,587
ACTIVISION BLIZZARD INC COM 00507V109 10,223 330,938 SH   SOLE 0 270,877 0 60,061
American Express Company COM 025816109 32,283 435,496 SH   SOLE 0 359,681 0 75,815
Bank of America Corporation COM 060505104 55,031 3,532,154 SH   SOLE 0 2,914,021 0 618,133
BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS CONV BONDS 060505146 17,926 3,128,523 PRN   SOLE 0 2,557,848 0 570,675
Belmond Ltd. Class A COM G1154H107 21,955 2,171,564 SH   SOLE 0 1,790,630 0 380,934
Sotheby s Class A COM 835898107 9,764 305,327 SH   SOLE 0 251,279 0 54,048
BAIDU, INC. SPONSORED ADR CLASS A COM 056752108 5,379 39,148 SH   SOLE 0 32,058 0 7,090
Bio-Rad Laboratories, Inc. Class A COM 090572207 6,083 45,288 SH   SOLE 0 37,447 0 7,841
BANK OF NEW YORK MELLON CORPORATION COM 064058100 3,193 81,562 SH   SOLE 0 66,807 0 14,755
BankUnited, Inc. COM 06652K103 2,783 77,851 SH   SOLE 0 63,868 0 13,983
TOPBUILD CORP. COM 89055F103 762 24,602 SH   SOLE 0 20,280 0 4,322
Bristol-Myers Squibb Company COM 110122108 7,282 123,005 SH   SOLE 0 102,067 0 20,938
Berkshire Hathaway Inc. Class B COM 084670702 30,518 234,036 SH   SOLE 0 192,060 0 41,976
Boyd Gaming Corporation COM 103304101 2,208 135,484 SH   SOLE 0 111,824 0 23,660
Citigroup Inc. COM 172967424 70,155 1,414,126 SH   SOLE 0 1,166,139 0 247,987
Avis Budget Group, Inc. COM 053774105 9,263 212,074 SH   SOLE 0 175,040 0 37,034
CBRE Group, Inc. Class A COM 12504L109 48,292 1,509,121 SH   SOLE 0 1,242,640 0 266,481
CF Industries Holdings, Inc. COM 125269100 3,998 89,039 SH   SOLE 0 73,618 0 15,421
Citizens Financial Group, Inc. COM 174610105 9,381 393,179 SH   SOLE 0 320,642 0 72,537
Charter Communications, Inc. Class A COM 16117M305 5,911 33,615 SH   SOLE 0 27,799 0 5,816
CoreLogic, Inc. COM 21871D103 13,763 369,682 SH   SOLE 0 304,202 0 65,480
Capital One Financial Corporation COM 14040H105 28,332 390,674 SH   SOLE 0 321,882 0 68,792
CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. CONV BONDS 14040H139 2,410 76,034 PRN   SOLE 0 62,218 0 13,816
Costco Wholesale Corporation COM 22160K105 52,684 364,420 SH   SOLE 0 301,264 0 63,156
Coty Inc. Class A COM 222070203 6,630 245,028 SH   SOLE 0 202,072 0 42,956
COPA HOLDINGS, S.A. CLASS A COM P31076105 2,230 53,193 SH   SOLE 0 43,012 0 10,181
Cisco Systems, Inc. COM 17275R102 5,831 222,122 SH   SOLE 0 183,345 0 38,777
CTC Media, Inc. COM 12642X106 260 148,582 SH   SOLE 0 122,448 0 26,134
CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR COM 22943F100 2,167 34,295 SH   SOLE 0 28,108 0 6,187
Cognizant Technology Solutions Corporation Class A COM 192446102 10,659 170,238 SH   SOLE 0 139,862 0 30,376
Cablevision Systems Corporation Class A COM 12686C109 47,505 1,463,034 SH   SOLE 0 1,204,663 0 258,371
Cemex SAB de CV Sponsored ADR COM 151290889 27,540 3,939,973 SH   SOLE 0 3,253,807 0 686,166
Delta Air Lines, Inc. COM 247361702 117,963 2,628,998 SH   SOLE 0 2,164,504 0 464,494
Discovery Communications, Inc. Class A COM 25470F104 14,914 572,972 SH   SOLE 0 472,485 0 100,487
Discovery Communications, Inc. Class C COM 25470F302 2,237 92,084 SH   SOLE 0 75,792 0 16,292
Delphi Automotive PLC COM G27823106 8,851 116,398 SH   SOLE 0 96,125 0 20,273
NOW Inc COM 67011P100 7,104 479,983 SH   SOLE 0 395,250 0 84,733
eBay Inc. COM 278642103 17,079 698,801 SH   SOLE 0 576,016 0 122,785
Estee Lauder Companies Inc. Class A COM 518439104 5,757 71,356 SH   SOLE 0 58,776 0 12,580
ENERGIZER HOLDINGS INC. COM 29272W109 716 18,500 SH   SOLE 0 15,160 0 3,340
EPAM Systems, Inc. COM 29414B104 12,357 165,827 SH   SOLE 0 135,899 0 29,928
EDGEWELL PERSONAL CARE CO COM 28035Q102 1,516 18,581 SH   SOLE 0 15,241 0 3,340
Embraer S.A. Sponsored ADR COM 29082A107 1,819 71,127 SH   SOLE 0 58,330 0 12,797
Ford Motor Company COM 345370860 19,763 1,456,403 SH   SOLE 0 1,200,842 0 255,561
Fluor Corporation COM 343412102 1,335 31,523 SH   SOLE 0 25,969 0 5,554
Federal National Mortgage Association COM 313586109 607 269,831 SH   SOLE 0 223,264 0 46,567
Graco Inc. COM 384109104 5,514 82,266 SH   SOLE 0 68,267 0 13,999
Alphabet Inc. Class C COM 02079K107 54,636 89,799 SH   SOLE 0 73,521 0 16,278
Alphabet Inc. Class A COM 02079K305 3,831 6,002 SH   SOLE 0 4,973 0 1,029
Garmin Ltd. COM H2906T109 5,434 151,452 SH   SOLE 0 125,425 0 26,027
Halliburton Company COM 406216101 1,395 39,464 SH   SOLE 0 32,555 0 6,909
Huntington Bancshares Incorporated COM 446150104 4,664 439,993 SH   SOLE 0 365,314 0 74,679
Hanesbrands Inc. COM 410345102 13,673 472,447 SH   SOLE 0 391,155 0 81,292
Hackett Group, Inc. COM 404609109 10,104 734,829 SH   SOLE 0 609,976 0 124,853
HARLEY-DAVIDSON, INC. COM 412822108 2,762 50,315 SH   SOLE 0 41,264 0 9,051
Hewlett-Packard Company COM 428236103 5,310 207,358 SH   SOLE 0 172,162 0 35,196
Hertz Global Holdings, Inc. COM 42805T105 5,844 349,293 SH   SOLE 0 288,023 0 61,270
iHeartMedia, Inc. Class A COM 45174J103 1,531 332,728 SH   SOLE 0 273,123 0 59,605
iShares MSCI India ETF COM 46429B598 8,179 286,273 SH   SOLE 0 59,887 0 226,386
Intel Corporation COM 458140100 21,642 718,040 SH   SOLE 0 591,972 0 126,068
Gartner, Inc. COM 366651107 23,107 275,314 SH   SOLE 0 227,715 0 47,599
JD.com, Inc. Sponsored ADR Class A COM 47215P106 10,744 412,287 SH   SOLE 0 334,685 0 77,602
JPMorgan Chase & Co. COM 46625H100 7,981 130,900 SH   SOLE 0 108,219 0 22,681
KKR & Co. L.P. COM 48248M102 6,336 377,596 SH   SOLE 0 311,493 0 66,103
Kroger Co. COM 501044101 7,373 204,413 SH   SOLE 0 168,175 0 36,238
Kansas City Southern COM 485170302 4,447 48,932 SH   SOLE 0 40,279 0 8,653
Loews Corporation COM 540424108 8,302 229,721 SH   SOLE 0 189,824 0 39,897
Lazard Ltd Class A COM G54050102 28,049 647,778 SH   SOLE 0 534,263 0 113,515
Liberty Broadband Corp. Class A COM 530307107 4,132 80,323 SH   SOLE 0 65,984 0 14,339
Liberty Broadband Corp. Class C COM 530307305 3,792 74,097 SH   SOLE 0 60,160 0 13,937
Liberty Global Plc Class A COM G5480U104 50,847 1,184,146 SH   SOLE 0 975,204 0 208,942
Liberty Global Plc Class C COM G5480U120 45,466 1,108,382 SH   SOLE 0 912,698 0 195,684
Liberty Lilac Group Class A COM G5480U138 4,291 127,365 SH   SOLE 0 104,579 0 22,786
Liberty LiLAC Group Class C COM G5480U153 1,719 50,190 SH   SOLE 0 41,390 0 8,800
Liberty Media Corp. Class A COM 531229102 8,140 227,894 SH   SOLE 0 187,594 0 40,300
Liberty Media Corp Class C COM 531229300 8,619 250,104 SH   SOLE 0 206,033 0 44,071
Lowe s Companies, Inc. COM 548661107 11,878 172,352 SH   SOLE 0 141,987 0 30,365
Louisiana-Pacific Corporation COM 546347105 1,972 138,512 SH   SOLE 0 114,382 0 24,130
Liberty TripAdvisor Holdings Inc Class A COM 531465102 2,604 117,468 SH   SOLE 0 96,111 0 21,357
Leucadia National Corporation COM 527288104 3,805 187,830 SH   SOLE 0 156,728 0 31,102
Level 3 Communications, Inc. COM 52729N308 16,884 386,448 SH   SOLE 0 318,595 0 67,853
Liberty Interactive Corporation Ventures Series A COM 53071M880 4,478 110,977 SH   SOLE 0 91,447 0 19,530
LUXOFT HOLDING, INC. CLASS A COM G57279104 1,645 25,999 SH   SOLE 0 21,265 0 4,734
Masco Corporation COM 574599106 5,620 223,176 SH   SOLE 0 184,271 0 38,905
MBIA Inc. COM 55262C100 24,286 3,994,433 SH   SOLE 0 3,291,730 0 702,703
Moodys Corporation COM 615369105 8,948 91,119 SH   SOLE 0 74,666 0 16,453
MGM Resorts International COM 552953101 24,823 1,345,437 SH   SOLE 0 1,104,943 0 240,494
Mohawk Industries, Inc. COM 608190104 9,213 50,680 SH   SOLE 0 41,949 0 8,731
Macquarie Infrastructure Company LLC COM 55608B105 3,315 44,396 SH   SOLE 0 36,574 0 7,822
MARKEL CORPORATION COM 570535104 8,421 10,502 SH   SOLE 0 8,605 0 1,897
Altria Group, Inc. COM 02209S103 11,336 208,386 SH   SOLE 0 176,929 0 31,457
Morgan Stanley COM 617446448 9,406 298,601 SH   SOLE 0 246,761 0 51,840
Microsoft Corporation COM 594918104 9,055 204,582 SH   SOLE 0 169,275 0 35,307
Micron Technology, Inc. COM 595112103 19,446 1,298,108 SH   SOLE 0 1,069,495 0 228,613
NII HOLDINGS, INC ORD SHARES COM 62913F508 3,821 586,923 SH   SOLE 0 482,277 0 104,646
Blue Nile, Inc. COM 09578R103 4,888 145,738 SH   SOLE 0 120,703 0 25,035
NetEase, Inc. Sponsored ADR COM 64110W102 8,203 68,293 SH   SOLE 0 56,091 0 12,202
Priceline Group Inc COM 741503403 38,991 31,524 SH   SOLE 0 25,955 0 5,569
Philip Morris International Inc. COM 718172109 7,792 98,228 SH   SOLE 0 83,460 0 14,768
PriceSmart, Inc. COM 741511109 2,932 37,905 SH   SOLE 0 31,085 0 6,820
PAYPAL HOLDINGS INC COM 70450Y103 31,118 1,002,523 SH   SOLE 0 825,397 0 177,126
Liberty Interactive Corporation QVC Group COM 53071M104 10,900 415,556 SH   SOLE 0 343,549 0 72,007
Rambus Inc. COM 750917106 1,500 127,118 SH   SOLE 0 104,214 0 22,904
Raytheon Company COM 755111507 4,795 43,885 SH   SOLE 0 36,386 0 7,499
Ryanair Holdings Plc Sponsored ADR COM 783513104 814 10,393 SH   SOLE 0 7,920 0 2,473
Sberbank Russia OJSC Sponsored ADR COM 80585Y308 5,436 1,104,922 SH   SOLE 0 865,574 0 239,348
Charles Schwab Corporation COM 808513105 13,329 466,705 SH   SOLE 0 380,996 0 85,709
Sherwin-Williams Company COM 824348106 13,279 59,608 SH   SOLE 0 49,125 0 10,483
Signet Jewelers Limited COM G81276100 8,722 64,072 SH   SOLE 0 53,018 0 11,054
SL Green Realty Corp. COM 78440X101 28,631 264,709 SH   SOLE 0 217,729 0 46,980
Scotts Miracle-Gro Company Class A COM 810186106 6,078 99,941 SH   SOLE 0 82,910 0 17,031
SanDisk Corporation COM 80004C101 4,568 84,081 SH   SOLE 0 68,973 0 15,108
Starz Inc Class A COM 85571Q102 3,537 94,732 SH   SOLE 0 77,616 0 17,116
Seagate Technology PLC COM G7945M107 10,643 237,556 SH   SOLE 0 195,764 0 41,792
Synchrony Financial COM 87165B103 17,892 571,615 SH   SOLE 0 471,114 0 100,501
Tribune Publishing Co COM 896082104 235 29,911 SH   SOLE 0 24,677 0 5,234
Tribune Media Co. Class A COM 896047503 6,534 183,538 SH   SOLE 0 151,444 0 32,094
TripAdvisor, Inc. COM 896945201 7,982 126,666 SH   SOLE 0 104,402 0 22,264
Tractor Supply Company COM 892356106 25,704 304,833 SH   SOLE 0 251,542 0 53,291
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 19,963 962,070 SH   SOLE 0 793,412 0 168,658
Tesoro Corporation COM 881609101 10,174 104,626 SH   SOLE 0 85,977 0 18,649
Towers Watson & Co. Class A COM 891894107 17,004 144,862 SH   SOLE 0 119,634 0 25,228
TWITTER, INC. COM 90184L102 5,109 189,655 SH   SOLE 0 155,219 0 34,436
TEXAS INSTRUMENTS INCORPORATED COM 882508104 2,784 56,217 SH   SOLE 0 46,367 0 9,850
United Continental Holdings, Inc. COM 910047109 25,895 488,116 SH   SOLE 0 401,456 0 86,660
USG Corporation COM 903293405 3,890 146,123 SH   SOLE 0 120,636 0 25,487
VONAGE HOLDINGS CORP. COM 92886T201 1,284 218,402 SH   SOLE 0 179,882 0 38,520
VIPSHOP HOLDINGS LTD SPONSORED ADR COM 92763W103 4,320 257,126 SH   SOLE 0 211,320 0 45,806
Verisk Analytics, Inc. Class A COM 92345Y106 7,284 98,548 SH   SOLE 0 81,051 0 17,497
Viad Corp COM 92552R406 5,728 197,587 SH   SOLE 0 162,578 0 35,009
Verizon Communications Inc. COM 92343V104 3,479 79,970 SH   SOLE 0 65,875 0 14,095
Walgreens Boots Alliance Inc COM 931427108 1,431 17,216 SH   SOLE 0 14,231 0 2,985
Western Digital Corporation COM 958102105 12,597 158,570 SH   SOLE 0 130,859 0 27,711
Wells Fargo & Company COM 949746101 32,257 628,184 SH   SOLE 0 515,768 0 112,416
WESTROCK CO. COM 96145D105 7,014 136,349 SH   SOLE 0 112,835 0 23,514