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 98,617 2,693,718 SH   SOLE 0 2,338,433 0 355,285
Alliance Data Systems Corporation COM 018581108 13,210 61,576 SH   SOLE 0 53,614 0 7,962
American International Group, Inc. COM 026874784 105,260 1,773,838 SH   SOLE 0 1,541,716 0 232,122
AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. CONV BONDS 026874156 40,188 1,895,659 PRN   SOLE 0 1,646,177 0 249,482
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 3,465 302,894 SH   SOLE 0 264,186 0 38,708
Amazon.com, Inc. COM 023135106 224,862 268,553 SH   SOLE 0 233,627 0 34,926
Anthem, Inc. COM 036752103 12,773 101,929 SH   SOLE 0 88,561 0 13,368
ACTIVISION BLIZZARD INC COM 00507V109 18,805 424,486 SH   SOLE 0 367,129 0 57,357
American Express Company COM 025816109 39,670 619,464 SH   SOLE 0 538,575 0 80,889
Bank of America Corporation COM 060505104 75,446 4,820,848 SH   SOLE 0 4,180,966 0 639,882
BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS CONV BONDS 060505146 22,784 4,931,612 PRN   SOLE 0 4,262,189 0 669,423
Liberty Braves Group - Class A COM 531229706 256 14,652 SH   SOLE 0 12,473 0 2,179
Liberty Braves Group - Class C COM 531229888 642 36,959 SH   SOLE 0 32,025 0 4,934
Belmond Ltd. Class A COM G1154H107 39,300 3,092,022 SH   SOLE 0 2,686,793 0 405,229
Sotheby s Class A COM 835898107 12,057 317,132 SH   SOLE 0 275,685 0 41,447
BAIDU, INC. SPONSORED ADR CLASS A COM 056752108 12,138 66,667 SH   SOLE 0 57,668 0 8,999
Bio-Rad Laboratories, Inc. Class A COM 090572207 13,153 80,294 SH   SOLE 0 69,871 0 10,423
TOPBUILD CORP. COM 89055F103 1,162 34,995 SH   SOLE 0 30,393 0 4,602
Bristol-Myers Squibb Company COM 110122108 9,507 176,321 SH   SOLE 0 153,828 0 22,493
Berkshire Hathaway Inc. Class B COM 084670702 48,289 334,247 SH   SOLE 0 290,069 0 44,178
Boyd Gaming Corporation COM 103304101 5,910 298,763 SH   SOLE 0 260,007 0 38,756
Citigroup Inc. COM 172967424 95,081 2,013,158 SH   SOLE 0 1,751,895 0 261,263
Avis Budget Group, Inc. COM 053774105 5,619 164,251 SH   SOLE 0 143,323 0 20,928
CBRE Group, Inc. Class A COM 12504L109 62,147 2,221,113 SH   SOLE 0 1,926,588 0 294,525
CF Industries Holdings, Inc. COM 125269100 3,082 126,566 SH   SOLE 0 110,141 0 16,425
Citizens Financial Group, Inc. COM 174610105 37,142 1,503,129 SH   SOLE 0 1,303,999 0 199,130
Charter Communications Inc. Class A COM 16119P108 8,773 32,497 SH   SOLE 0 28,345 0 4,152
COMMERCEHUB INC-SERIES C COM 20084V306 320 20,108 SH   SOLE 0 17,495 0 2,613
CoreLogic, Inc. COM 21871D103 20,352 518,908 SH   SOLE 0 450,635 0 68,273
COMCAST CORPORATION CLASS A COM 20030N101 33,448 504,185 SH   SOLE 0 438,185 0 66,000
Capital One Financial Corporation COM 14040H105 39,998 556,842 SH   SOLE 0 483,576 0 73,266
CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. CONV BONDS 14040H139 3,285 107,958 PRN   SOLE 0 93,708 0 14,250
Costco Wholesale Corporation COM 22160K105 79,305 520,001 SH   SOLE 0 452,692 0 67,309
Coty Inc. Class A COM 222070203 3,315 141,080 SH   SOLE 0 122,745 0 18,335
COPA HOLDINGS, S.A. CLASS A COM P31076105 6,806 77,404 SH   SOLE 0 66,640 0 10,764
Cisco Systems, Inc. COM 17275R102 3,803 119,888 SH   SOLE 0 104,278 0 15,610
CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR COM 22943F100 4,558 97,883 SH   SOLE 0 84,684 0 13,199
Cognizant Technology Solutions Corporation Class A COM 192446102 11,637 243,903 SH   SOLE 0 211,642 0 32,261
Cemex SAB de CV Sponsored ADR COM 151290889 43,233 5,445,001 SH   SOLE 0 4,732,340 0 712,661
Delta Air Lines, Inc. COM 247361702 68,364 1,736,884 SH   SOLE 0 1,508,213 0 228,671
Discovery Communications, Inc. Class A COM 25470F104 17,706 657,719 SH   SOLE 0 572,237 0 85,482
Delphi Automotive PLC COM G27823106 11,815 165,660 SH   SOLE 0 144,024 0 21,636
NOW Inc COM 67011P100 14,669 684,497 SH   SOLE 0 594,560 0 89,937
DOW CHEMICAL COMPANY COM 260543103 9,648 186,144 SH   SOLE 0 162,087 0 24,057
eBay Inc. COM 278642103 27,247 828,176 SH   SOLE 0 719,896 0 108,280
Estee Lauder Companies Inc. Class A COM 518439104 8,974 101,330 SH   SOLE 0 87,957 0 13,373
EPAM Systems, Inc. COM 29414B104 16,392 236,497 SH   SOLE 0 204,744 0 31,753
ISHARES MSCI SOUTH KOREA CAP ETF COM 464286772 2,834 48,751 SH   SOLE 0 48,751 0 0
Ford Motor Company COM 345370860 24,972 2,068,910 SH   SOLE 0 1,796,842 0 272,068
FIRSTCASH INC. COM 33767D105 4,574 97,149 SH   SOLE 0 84,126 0 13,023
FREEPORT-MCMORAN, INC. COM 35671D857 3,174 292,263 SH   SOLE 0 252,922 0 39,341
Fluor Corporation COM 343412102 2,329 45,391 SH   SOLE 0 39,457 0 5,934
Federal National Mortgage Association COM 313586109 648 383,390 SH   SOLE 0 333,531 0 49,859
Graco Inc. COM 384109104 13,096 176,970 SH   SOLE 0 154,134 0 22,836
CORNING INCORPORATED COM 219350105 3,282 138,776 SH   SOLE 0 120,686 0 18,090
Alphabet Inc. Class C COM 02079K107 100,134 128,825 SH   SOLE 0 111,662 0 17,163
Alphabet Inc. Class A COM 02079K305 6,980 8,681 SH   SOLE 0 7,572 0 1,109
Garmin Ltd. COM H2906T109 10,379 215,728 SH   SOLE 0 187,900 0 27,828
FERROGLOBE PLC COM G33856108 2,183 241,782 SH   SOLE 0 210,361 0 31,421
Halliburton Company COM 406216101 2,532 56,406 SH   SOLE 0 49,047 0 7,359
Huntington Bancshares Incorporated COM 446150104 6,180 626,734 SH   SOLE 0 546,744 0 79,990
Hanesbrands Inc. COM 410345102 14,617 578,896 SH   SOLE 0 505,105 0 73,791
Hackett Group, Inc. COM 404609109 17,221 1,042,432 SH   SOLE 0 908,257 0 134,175
HARLEY-DAVIDSON, INC. COM 412822108 3,775 71,781 SH   SOLE 0 62,214 0 9,567
HEWLETT PACKARD ENTERPRISE CO. COM 42824C109 24,272 1,066,902 SH   SOLE 0 928,256 0 138,646
HP Inc COM 40434L105 4,596 295,946 SH   SOLE 0 258,312 0 37,634
Herc Holdings Inc COM 42704L104 554 16,428 SH   SOLE 0 14,336 0 2,092
Hertz Global Holdings COM 42806J106 1,987 49,480 SH   SOLE 0 43,199 0 6,281
iHeartMedia, Inc. Class A COM 45174J103 637 439,344 SH   SOLE 0 383,125 0 56,219
INTERVAL LEISURE GROUP INC. COM 46113M108 2,090 121,746 SH   SOLE 0 105,805 0 15,941
iShares MSCI India ETF COM 46429B598 17,764 604,024 SH   SOLE 0 477,827 0 126,197
Intel Corporation COM 458140100 21,316 564,657 SH   SOLE 0 492,046 0 72,611
Gartner, Inc. COM 366651107 13,800 156,024 SH   SOLE 0 136,260 0 19,764
JD.com, Inc. Sponsored ADR Class A COM 47215P106 25,964 995,155 SH   SOLE 0 860,623 0 134,532
JPMorgan Chase & Co. COM 46625H100 12,434 186,725 SH   SOLE 0 162,503 0 24,222
JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS CONV BONDS 46634E114 5,018 203,725 PRN   SOLE 0 176,993 0 26,732
KKR & Co. L.P. COM 48248M102 11,550 809,942 SH   SOLE 0 703,913 0 106,029
Kroger Co. COM 501044101 8,679 292,404 SH   SOLE 0 253,774 0 38,630
Kansas City Southern COM 485170302 6,523 69,900 SH   SOLE 0 60,667 0 9,233
Loews Corporation COM 540424108 6,287 152,778 SH   SOLE 0 133,284 0 19,494
Lazard Ltd Class A COM G54050102 33,723 927,468 SH   SOLE 0 806,588 0 120,880
Liberty Broadband Corp. Class A COM 530307107 7,661 109,194 SH   SOLE 0 94,741 0 14,453
Liberty Broadband Corp. Class C COM 530307305 6,621 92,624 SH   SOLE 0 79,958 0 12,666
Liberty Global Plc Class A COM G5480U104 50,563 1,479,320 SH   SOLE 0 1,284,336 0 194,984
Liberty Global Plc Class C COM G5480U120 49,268 1,491,171 SH   SOLE 0 1,294,088 0 197,083
Liberty Lilac Group Class A COM G5480U138 10,990 398,336 SH   SOLE 0 345,145 0 53,191
Liberty LiLAC Group Class C COM G5480U153 7,342 261,761 SH   SOLE 0 226,956 0 34,805
Liberty Media Corp - A COM 531229870 1,119 39,075 SH   SOLE 0 34,064 0 5,011
Liberty Media Corp - C COM 531229854 1,406 49,956 SH   SOLE 0 43,534 0 6,422
Lowe s Companies, Inc. COM 548661107 17,888 247,725 SH   SOLE 0 215,376 0 32,349
Louisiana-Pacific Corporation COM 546347105 3,733 198,244 SH   SOLE 0 172,427 0 25,817
LIBERTY SIRIUSXM GROUP CLASS A COM 531229409 10,158 298,947 SH   SOLE 0 259,435 0 39,512
LIBERTY SIRIUSXM GROUP CLASS C COM 531229607 8,394 251,238 SH   SOLE 0 218,154 0 33,084
Liberty TripAdvisor Holdings Inc Class A COM 531465102 5,375 246,001 SH   SOLE 0 212,774 0 33,227
Leucadia National Corporation COM 527288104 1,895 99,538 SH   SOLE 0 86,557 0 12,981
Level 3 Communications, Inc. COM 52729N308 25,711 554,364 SH   SOLE 0 481,975 0 72,389
Liberty Interactive Corporation Ventures Series A COM 53071M880 3,860 96,804 SH   SOLE 0 84,236 0 12,568
LYONDELLBASELL INDUSTRIES NV COM N53745100 5,296 65,662 SH   SOLE 0 56,857 0 8,805
Masco Corporation COM 574599106 10,967 319,633 SH   SOLE 0 278,128 0 41,505
MBIA Inc. COM 55262C100 44,154 5,668,058 SH   SOLE 0 4,923,542 0 744,516
Moodys Corporation COM 615369105 3,611 33,348 SH   SOLE 0 28,871 0 4,477
MGM Resorts International COM 552953101 49,539 1,903,142 SH   SOLE 0 1,648,800 0 254,342
Mohawk Industries, Inc. COM 608190104 14,566 72,705 SH   SOLE 0 63,359 0 9,346
Macquarie Infrastructure Company LLC COM 55608B105 7,679 92,251 SH   SOLE 0 80,152 0 12,099
MARKEL CORPORATION COM 570535104 13,890 14,955 SH   SOLE 0 12,945 0 2,010
Altria Group, Inc. COM 02209S103 16,073 254,202 SH   SOLE 0 220,102 0 34,100
MOSAIC COMPANY COM 61945C103 3,897 159,319 SH   SOLE 0 138,041 0 21,278
Morgan Stanley COM 617446448 13,620 424,825 SH   SOLE 0 369,523 0 55,302
Microsoft Corporation COM 594918104 16,929 293,914 SH   SOLE 0 256,081 0 37,833
Micron Technology, Inc. COM 595112103 31,603 1,777,422 SH   SOLE 0 1,543,371 0 234,051
INGEVITY CORP COM 45688C107 922 19,994 SH   SOLE 0 17,522 0 2,472
NII HOLDINGS, INC ORD SHARES COM 62913F508 2,784 835,945 SH   SOLE 0 725,124 0 110,821
Blue Nile, Inc. COM 09578R103 7,168 208,243 SH   SOLE 0 181,451 0 26,792
NetEase, Inc. Sponsored ADR COM 64110W102 23,473 97,487 SH   SOLE 0 84,538 0 12,949
Priceline Group Inc COM 741503403 66,598 45,259 SH   SOLE 0 39,382 0 5,877
POPEYES LOUISIANA KITCHEN, INC. COM 732872106 3,944 74,220 SH   SOLE 0 64,167 0 10,053
Philip Morris International Inc. COM 718172109 11,655 119,887 SH   SOLE 0 103,929 0 15,958
PNC FINANCIAL SERVICES GROUP INC WARRANTS 2010-31. CONV BONDS 693475121 6,977 297,007 PRN   SOLE 0 258,297 0 38,710
PriceSmart, Inc. COM 741511109 4,535 54,144 SH   SOLE 0 46,920 0 7,224
PAYPAL HOLDINGS INC COM 70450Y103 53,468 1,305,054 SH   SOLE 0 1,132,716 0 172,338
PAPA JOHN`S INTERNATIONAL, INC. COM 698813102 5,321 67,480 SH   SOLE 0 58,358 0 9,122
Liberty Interactive Corporation QVC Group COM 53071M104 11,490 574,214 SH   SOLE 0 500,330 0 73,884
RALPH LAUREN CORPORATION CLASS A COM 751212101 10,623 105,030 SH   SOLE 0 91,260 0 13,770
Raytheon Company COM 755111507 8,556 62,855 SH   SOLE 0 54,718 0 8,137
Ryanair Holdings Plc Sponsored ADR COM 783513203 3,850 51,318 SH   SOLE 0 43,371 0 7,947
SOUTHERN COPPER CORPORATION COM 84265V105 6,267 238,285 SH   SOLE 0 206,241 0 32,044
Charles Schwab Corporation COM 808513105 21,659 686,063 SH   SOLE 0 594,292 0 91,771
Sherwin-Williams Company COM 824348106 23,839 86,166 SH   SOLE 0 74,903 0 11,263
Signet Jewelers Limited COM G81276100 8,107 108,780 SH   SOLE 0 94,651 0 14,129
SL Green Realty Corp. COM 78440X101 40,821 377,621 SH   SOLE 0 327,375 0 50,246
Scotts Miracle-Gro Company Class A COM 810186106 11,907 142,992 SH   SOLE 0 124,743 0 18,249
Starz Inc Class A COM 85571Q102 1,199 38,426 SH   SOLE 0 33,318 0 5,108
Seagate Technology PLC COM G7945M107 14,709 381,566 SH   SOLE 0 331,661 0 49,905
Synchrony Financial COM 87165B103 38,693 1,381,898 SH   SOLE 0 1,200,672 0 181,226
ISHARES MSCI THAILAND CAPPED ETF COM 464286624 4,569 62,150 SH   SOLE 0 62,150 0 0
THOR INDUSTRIES, INC. COM 885160101 2,857 33,729 SH   SOLE 0 29,308 0 4,421
Tribune Media Co. Class A COM 896047503 9,549 261,473 SH   SOLE 0 227,208 0 34,265
TripAdvisor, Inc. COM 896945201 11,463 181,441 SH   SOLE 0 157,638 0 23,803
Tronc Inc COM 89703P107 728 43,136 SH   SOLE 0 37,561 0 5,575
Tractor Supply Company COM 892356106 29,446 437,207 SH   SOLE 0 380,348 0 56,859
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 42,165 1,378,403 SH   SOLE 0 1,198,524 0 179,879
Tesoro Corporation COM 881609101 5,653 71,055 SH   SOLE 0 61,673 0 9,382
ISHARES MSCI TURKEY ETF COM 464286715 2,285 60,349 SH   SOLE 0 60,349 0 0
TWITTER, INC. COM 90184L102 6,263 271,695 SH   SOLE 0 235,293 0 36,402
TEXAS INSTRUMENTS INCORPORATED COM 882508104 5,655 80,574 SH   SOLE 0 70,051 0 10,523
United Continental Holdings, Inc. COM 910047109 23,440 446,734 SH   SOLE 0 387,177 0 59,557
NET 1 UEPS TECHNOLOGIES, INC. COM 64107N206 1,959 228,861 SH   SOLE 0 198,574 0 30,287
UNION PACIFIC CORPORATION COM 907818108 24,641 252,655 SH   SOLE 0 219,396 0 33,259
USG Corporation COM 903293405 5,424 209,826 SH   SOLE 0 182,604 0 27,222
VIPSHOP HOLDINGS LTD SPONSORED ADR COM 92763W103 5,383 366,972 SH   SOLE 0 318,225 0 48,747
Verisk Analytics, Inc. Class A COM 92345Y106 11,504 141,538 SH   SOLE 0 122,883 0 18,655
Verizon Communications Inc. COM 92343V104 5,949 114,449 SH   SOLE 0 99,442 0 15,007
Walgreens Boots Alliance Inc COM 931427108 1,968 24,411 SH   SOLE 0 21,238 0 3,173
Western Digital Corporation COM 958102105 13,148 224,859 SH   SOLE 0 195,361 0 29,498
Wells Fargo & Company COM 949746101 39,677 896,050 SH   SOLE 0 777,023 0 119,027
WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS CONV BONDS 949746119 3,140 251,585 PRN   SOLE 0 217,802 0 33,783
WHIRLPOOL CORPORATION COM 963320106 4,172 25,726 SH   SOLE 0 22,372 0 3,354
WILLIS TOWERS WATSON PLC COM G96629103 31,730 238,988 SH   SOLE 0 208,034 0 30,954
WESTROCK CO. COM 96145D105 5,695 117,480 SH   SOLE 0 102,688 0 14,792
WILLIAMS-SONOMA, INC. COM 969904101 3,808 74,540 SH   SOLE 0 64,541 0 9,999