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 97,416 2,086,435 SH   SOLE 0 1,822,190 0 264,245
Alliance Data Systems Corporation COM 018581108 13,715 60,024 SH   SOLE 0 52,557 0 7,467
American International Group, Inc. COM 026874784 106,480 1,630,382 SH   SOLE 0 1,425,427 0 204,955
AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. CONV BONDS 026874156 49,069 2,091,602 PRN   SOLE 0 1,827,049 0 264,553
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 3,757 298,917 SH   SOLE 0 262,150 0 36,767
Amazon.com, Inc. COM 023135106 187,425 249,943 SH   SOLE 0 218,505 0 31,438
Anthem, Inc. COM 036752103 14,285 99,360 SH   SOLE 0 86,821 0 12,539
ACTIVISION BLIZZARD INC COM 00507V109 11,744 325,241 SH   SOLE 0 283,311 0 41,930
American Express Company COM 025816109 44,745 604,003 SH   SOLE 0 528,095 0 75,908
Bank of America Corporation COM 060505104 102,925 4,657,234 SH   SOLE 0 4,072,620 0 584,614
BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS CONV BONDS 060505146 46,221 4,645,318 PRN   SOLE 0 4,049,957 0 595,361
BANK OF AMERICA CORP WARRANTS 2009-28.10.18 ON SHS CONV BONDS 060505153 1,481 1,542,820 PRN   SOLE 0 1,345,003 0 197,817
Liberty Braves Group - Class A COM 531229706 294 14,340 SH   SOLE 0 12,249 0 2,091
Liberty Braves Group - Class C COM 531229888 742 36,027 SH   SOLE 0 31,420 0 4,607
Belmond Ltd. Class A COM G1154H107 40,254 3,015,302 SH   SOLE 0 2,635,062 0 380,240
Sotheby s Class A COM 835898107 12,328 309,281 SH   SOLE 0 270,405 0 38,876
BAIDU, INC. SPONSORED ADR CLASS A COM 056752108 10,685 64,987 SH   SOLE 0 56,556 0 8,431
Bio-Rad Laboratories, Inc. Class A COM 090572207 14,271 78,291 SH   SOLE 0 68,519 0 9,772
TOPBUILD CORP. COM 89055F103 1,215 34,125 SH   SOLE 0 29,807 0 4,318
Bristol-Myers Squibb Company COM 110122108 10,044 171,876 SH   SOLE 0 150,774 0 21,102
Berkshire Hathaway Inc. Class B COM 084670702 53,130 325,990 SH   SOLE 0 284,556 0 41,434
Boyd Gaming Corporation COM 103304101 5,874 291,217 SH   SOLE 0 254,865 0 36,352
Citigroup Inc. COM 172967424 114,367 1,924,395 SH   SOLE 0 1,681,555 0 242,840
CITIGROUP INC WARRANTS 2011-4.1.19 ON SHS CONV BONDS 172967226 845 5,561,725 PRN   SOLE 0 4,848,736 0 712,989
Avis Budget Group, Inc. COM 053774105 5,877 160,219 SH   SOLE 0 140,593 0 19,626
CBRE Group, Inc. Class A COM 12504L109 68,194 2,165,578 SH   SOLE 0 1,889,229 0 276,349
CF Industries Holdings, Inc. COM 125269100 3,884 123,389 SH   SOLE 0 107,963 0 15,426
Citizens Financial Group, Inc. COM 174610105 52,213 1,465,414 SH   SOLE 0 1,278,739 0 186,675
Charter Communications Inc. Class A COM 16119P108 9,122 31,683 SH   SOLE 0 27,789 0 3,894
COMMERCEHUB INC-SERIES C COM 20084V306 298 19,840 SH   SOLE 0 17,243 0 2,597
CoreLogic, Inc. COM 21871D103 15,152 411,407 SH   SOLE 0 359,604 0 51,803
COMCAST CORPORATION CLASS A COM 20030N101 33,946 491,608 SH   SOLE 0 429,720 0 61,888
Capital One Financial Corporation COM 14040H105 47,364 542,916 SH   SOLE 0 474,190 0 68,726
CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. CONV BONDS 14040H139 4,759 105,308 PRN   SOLE 0 91,973 0 13,335
Costco Wholesale Corporation COM 22160K105 76,222 476,062 SH   SOLE 0 416,718 0 59,344
Coty Inc. Class A COM 222070203 2,519 137,562 SH   SOLE 0 120,361 0 17,201
COPA HOLDINGS, S.A. CLASS A COM P31076105 6,858 75,503 SH   SOLE 0 65,418 0 10,085
Cisco Systems, Inc. COM 17275R102 3,532 116,875 SH   SOLE 0 102,236 0 14,639
CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR COM 22943F100 3,819 95,466 SH   SOLE 0 83,088 0 12,378
Cognizant Technology Solutions Corporation Class A COM 192446102 13,328 237,869 SH   SOLE 0 207,631 0 30,238
Cemex SAB de CV Sponsored ADR COM 151290889 51,413 6,402,566 SH   SOLE 0 5,593,053 0 809,513
Delta Air Lines, Inc. COM 247361702 83,263 1,692,680 SH   SOLE 0 1,478,375 0 214,305
Discovery Communications, Inc. Class A COM 25470F104 17,581 641,394 SH   SOLE 0 561,242 0 80,152
Delphi Automotive PLC COM G27823106 10,877 161,506 SH   SOLE 0 141,201 0 20,305
NOW Inc COM 67011P100 13,663 667,458 SH   SOLE 0 583,088 0 84,370
DOW CHEMICAL COMPANY COM 260543103 10,383 181,456 SH   SOLE 0 158,931 0 22,525
DIANA SHIPPING INC. COM Y2066G104 4,333 1,434,629 SH   SOLE 0 1,247,266 0 187,363
eBay Inc. COM 278642103 23,977 807,565 SH   SOLE 0 706,010 0 101,555
EPAM Systems, Inc. COM 29414B104 14,828 230,575 SH   SOLE 0 200,832 0 29,743
ISHARES MSCI SOUTH KOREA CAP ETF COM 464286772 2,419 45,447 SH   SOLE 0 45,447 0 0
Ford Motor Company COM 345370860 24,478 2,017,975 SH   SOLE 0 1,762,808 0 255,167
FIRSTCASH INC. COM 33767D105 6,919 147,205 SH   SOLE 0 128,227 0 18,978
FREEPORT-MCMORAN, INC. COM 35671D857 5,723 433,911 SH   SOLE 0 376,655 0 57,256
Fluor Corporation COM 343412102 2,327 44,300 SH   SOLE 0 38,739 0 5,561
Federal National Mortgage Association COM 313586109 1,458 373,805 SH   SOLE 0 327,036 0 46,769
Graco Inc. COM 384109104 9,562 115,080 SH   SOLE 0 101,023 0 14,057
GOLAR LNG LIMITED COM G9456A100 3,421 149,144 SH   SOLE 0 130,416 0 18,728
CORNING INCORPORATED COM 219350105 3,283 135,283 SH   SOLE 0 118,318 0 16,965
Alphabet Inc. Class C COM 02079K107 96,930 125,586 SH   SOLE 0 109,492 0 16,094
Alphabet Inc. Class A COM 02079K305 6,698 8,452 SH   SOLE 0 7,414 0 1,038
Garmin Ltd. COM H2906T109 10,201 210,377 SH   SOLE 0 184,252 0 26,125
FERROGLOBE PLC COM G33856108 4,368 403,290 SH   SOLE 0 352,587 0 50,703
Halliburton Company COM 406216101 2,975 55,010 SH   SOLE 0 48,110 0 6,900
Huntington Bancshares Incorporated COM 446150104 8,079 611,157 SH   SOLE 0 536,091 0 75,066
Hanesbrands Inc. COM 410345102 12,174 564,413 SH   SOLE 0 495,218 0 69,195
Hackett Group, Inc. COM 404609109 18,067 1,023,045 SH   SOLE 0 897,067 0 125,978
HEWLETT PACKARD ENTERPRISE CO. COM 42824C109 24,074 1,040,378 SH   SOLE 0 910,340 0 130,038
HP Inc COM 40434L105 4,283 288,631 SH   SOLE 0 253,326 0 35,305
Herc Holdings Inc COM 42704L104 644 16,024 SH   SOLE 0 14,063 0 1,961
Hertz Global Holdings COM 42806J106 1,041 48,265 SH   SOLE 0 42,376 0 5,889
iHeartMedia, Inc. Class A COM 45174J103 471 424,726 SH   SOLE 0 372,780 0 51,946
ILG INC NPV COM 44967H101 2,157 118,685 SH   SOLE 0 103,731 0 14,954
iShares MSCI India ETF COM 46429B598 16,636 620,503 SH   SOLE 0 470,975 0 149,528
Intel Corporation COM 458140100 19,977 550,777 SH   SOLE 0 482,679 0 68,098
Gartner, Inc. COM 366651107 15,376 152,135 SH   SOLE 0 133,596 0 18,539
JD.com, Inc. Sponsored ADR Class A COM 47215P106 24,678 970,043 SH   SOLE 0 843,909 0 126,134
JPMorgan Chase & Co. COM 46625H100 15,715 182,120 SH   SOLE 0 159,390 0 22,730
JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS CONV BONDS 46634E114 8,790 198,557 PRN   SOLE 0 173,539 0 25,018
KIRBY CORPORATION COM 497266106 3,882 58,376 SH   SOLE 0 50,850 0 7,526
KKR & Co. L.P. COM 48248M102 12,153 789,645 SH   SOLE 0 690,192 0 99,453
Kroger Co. COM 501044101 16,549 479,543 SH   SOLE 0 419,010 0 60,533
Kansas City Southern COM 485170302 5,784 68,166 SH   SOLE 0 59,507 0 8,659
Loews Corporation COM 540424108 6,966 148,757 SH   SOLE 0 130,464 0 18,293
Lazard Ltd Class A COM G54050102 37,163 904,439 SH   SOLE 0 791,028 0 113,411
Liberty Broadband Corp. Class A COM 530307107 7,715 106,473 SH   SOLE 0 92,906 0 13,567
Liberty Broadband Corp. Class C COM 530307305 6,702 90,477 SH   SOLE 0 78,598 0 11,879
Liberty Global Plc Class A COM G5480U104 34,504 1,127,963 SH   SOLE 0 984,841 0 143,122
Liberty Global Plc Class C COM G5480U120 39,213 1,320,291 SH   SOLE 0 1,153,003 0 167,288
Liberty Expedia Holdings Inc NPV COM 53046P109 1,498 37,760 SH   SOLE 0 33,041 0 4,719
LIONS GATE ENTERTAINMENT CORP NPV COM 535919500 624 25,410 SH   SOLE 0 22,157 0 3,253
Liberty Lilac Group Class A COM G5480U138 8,525 388,225 SH   SOLE 0 338,372 0 49,853
Liberty LiLAC Group Class C COM G5480U153 5,401 255,106 SH   SOLE 0 222,463 0 32,643
LIVANOVA PLC COM G5509L101 7,584 168,641 SH   SOLE 0 147,264 0 21,377
Liberty Media Corp - A COM 531229870 1,195 38,123 SH   SOLE 0 33,427 0 4,696
Liberty Media Corp - C COM 531229854 1,527 48,725 SH   SOLE 0 42,698 0 6,027
Lowe s Companies, Inc. COM 548661107 17,186 241,648 SH   SOLE 0 211,298 0 30,350
Louisiana-Pacific Corporation COM 546347105 3,660 193,342 SH   SOLE 0 169,119 0 24,223
LIBERTY SIRIUSXM GROUP CLASS A COM 531229409 10,062 291,495 SH   SOLE 0 254,454 0 37,041
LIBERTY SIRIUSXM GROUP CLASS C COM 531229607 8,309 244,945 SH   SOLE 0 213,914 0 31,031
Liberty TripAdvisor Holdings Inc Class A COM 531465102 3,611 239,903 SH   SOLE 0 208,761 0 31,142
Leucadia National Corporation COM 527288104 2,256 97,042 SH   SOLE 0 84,865 0 12,177
Level 3 Communications, Inc. COM 52729N308 21,136 375,018 SH   SOLE 0 328,448 0 46,570
Liberty Interactive Corp NPV COM 53071M856 2,088 56,635 SH   SOLE 0 49,559 0 7,076
LYONDELLBASELL INDUSTRIES NV COM N53745100 5,491 64,011 SH   SOLE 0 55,764 0 8,247
Masco Corporation COM 574599106 9,856 311,701 SH   SOLE 0 272,757 0 38,944
MBIA Inc. COM 55262C100 59,146 5,527,683 SH   SOLE 0 4,829,446 0 698,237
Moodys Corporation COM 615369105 3,066 32,528 SH   SOLE 0 28,333 0 4,195
MGM Resorts International COM 552953101 53,519 1,856,354 SH   SOLE 0 1,617,702 0 238,652
Mohawk Industries, Inc. COM 608190104 14,158 70,904 SH   SOLE 0 62,129 0 8,775
MARKEL CORPORATION COM 570535104 13,189 14,582 SH   SOLE 0 12,697 0 1,885
Altria Group, Inc. COM 02209S103 16,693 246,870 SH   SOLE 0 214,896 0 31,974
MOSAIC COMPANY COM 61945C103 4,556 155,332 SH   SOLE 0 135,403 0 19,929
Morgan Stanley COM 617446448 15,984 378,320 SH   SOLE 0 330,761 0 47,559
Microsoft Corporation COM 594918104 17,811 286,632 SH   SOLE 0 251,143 0 35,489
Micron Technology, Inc. COM 595112103 37,983 1,732,783 SH   SOLE 0 1,513,384 0 219,399
INGEVITY CORP COM 45688C107 1,071 19,516 SH   SOLE 0 17,197 0 2,319
NII HOLDINGS, INC ORD SHARES COM 62913F508 1,752 815,044 SH   SOLE 0 711,131 0 103,913
Blue Nile, Inc. COM 09578R103 8,248 203,010 SH   SOLE 0 177,876 0 25,134
NAVIOS MARITIME ACQUISITION CORPORATION COM Y62159101 454 267,240 SH   SOLE 0 233,472 0 33,768
NOAH HOLDINGS LTD. SPONSORED ADR CLASS A COM 65487X102 2,057 93,805 SH   SOLE 0 81,953 0 11,852
NetEase, Inc. Sponsored ADR COM 64110W102 19,004 88,253 SH   SOLE 0 76,882 0 11,371
Priceline Group Inc COM 741503403 58,666 40,016 SH   SOLE 0 35,016 0 5,000
POPEYES LOUISIANA KITCHEN, INC. COM 732872106 4,376 72,359 SH   SOLE 0 62,936 0 9,423
Philip Morris International Inc. COM 718172109 10,652 116,433 SH   SOLE 0 101,467 0 14,966
PNC FINANCIAL SERVICES GROUP INC WARRANTS 2010-31. CONV BONDS 693475121 12,854 260,616 PRN   SOLE 0 227,812 0 32,804
PAYPAL HOLDINGS INC COM 70450Y103 50,216 1,272,256 SH   SOLE 0 1,110,624 0 161,632
PAPA JOHN`S INTERNATIONAL, INC. COM 698813102 5,630 65,791 SH   SOLE 0 57,242 0 8,549
Liberty Interactive Corporation QVC Group COM 53071M104 11,190 560,077 SH   SOLE 0 490,751 0 69,326
RALPH LAUREN CORPORATION CLASS A COM 751212101 14,063 155,702 SH   SOLE 0 136,048 0 19,654
Raytheon Company COM 755111507 8,705 61,302 SH   SOLE 0 53,664 0 7,638
Ryanair Holdings Plc Sponsored ADR COM 783513203 4,246 50,998 SH   SOLE 0 43,864 0 7,134
SCORPIO BULKERS, INC. COM Y7546A122 2,483 491,771 SH   SOLE 0 429,630 0 62,141
SOUTHERN COPPER CORPORATION COM 84265V105 7,420 232,316 SH   SOLE 0 202,290 0 30,026
Charles Schwab Corporation COM 808513105 26,392 668,666 SH   SOLE 0 582,617 0 86,049
Sherwin-Williams Company COM 824348106 22,580 84,021 SH   SOLE 0 73,461 0 10,560
Signet Jewelers Limited COM G81276100 9,997 106,059 SH   SOLE 0 92,807 0 13,252
SL Green Realty Corp. COM 78440X101 39,602 368,221 SH   SOLE 0 321,053 0 47,168
Scotts Miracle-Gro Company Class A COM 810186106 13,323 139,435 SH   SOLE 0 122,307 0 17,128
SCORPIO TANKERS INC. COM Y7542C106 8,034 1,773,586 SH   SOLE 0 1,547,135 0 226,451
Seagate Technology PLC COM G7945M107 14,203 372,108 SH   SOLE 0 325,305 0 46,803
Synchrony Financial COM 87165B103 48,871 1,347,424 SH   SOLE 0 1,177,492 0 169,932
THOR INDUSTRIES, INC. COM 885160101 3,290 32,887 SH   SOLE 0 28,738 0 4,149
Tribune Media Co. Class A COM 896047503 8,919 254,968 SH   SOLE 0 222,802 0 32,166
TripAdvisor, Inc. COM 896945201 8,205 176,939 SH   SOLE 0 154,598 0 22,341
Tronc Inc COM 89703P107 584 42,085 SH   SOLE 0 36,862 0 5,223
Tractor Supply Company COM 892356106 32,324 426,383 SH   SOLE 0 373,039 0 53,344
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 43,359 1,508,155 SH   SOLE 0 1,318,849 0 189,306
Tesoro Corporation COM 881609101 6,058 69,273 SH   SOLE 0 60,465 0 8,808
ISHARES MSCI TURKEY ETF COM 464286715 2,111 65,003 SH   SOLE 0 65,003 0 0
TWITTER, INC. COM 90184L102 4,317 264,849 SH   SOLE 0 230,726 0 34,123
TEXAS INSTRUMENTS INCORPORATED COM 882508104 5,733 78,565 SH   SOLE 0 68,691 0 9,874
United Continental Holdings, Inc. COM 910047109 31,743 435,550 SH   SOLE 0 379,710 0 55,840
NET 1 UEPS TECHNOLOGIES, INC. COM 64107N206 2,561 223,081 SH   SOLE 0 194,651 0 28,430
UNION PACIFIC CORPORATION COM 907818108 25,546 246,389 SH   SOLE 0 215,207 0 31,182
USG Corporation COM 903293405 5,910 204,626 SH   SOLE 0 179,085 0 25,541
VEECO INSTRUMENTS INC. COM 922417100 8,085 277,365 SH   SOLE 0 241,619 0 35,746
VIPSHOP HOLDINGS LTD SPONSORED ADR COM 92763W103 3,939 357,736 SH   SOLE 0 312,058 0 45,678
Verisk Analytics, Inc. Class A COM 92345Y106 11,202 138,006 SH   SOLE 0 120,503 0 17,503
Verizon Communications Inc. COM 92343V104 5,959 111,625 SH   SOLE 0 97,543 0 14,082
Walgreens Boots Alliance Inc COM 931427108 1,967 23,770 SH   SOLE 0 20,792 0 2,978
Western Digital Corporation COM 958102105 7,620 112,136 SH   SOLE 0 98,336 0 13,800
Wells Fargo & Company COM 949746101 52,556 953,664 SH   SOLE 0 831,669 0 121,995
WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS CONV BONDS 949746119 5,226 245,022 PRN   SOLE 0 213,402 0 31,620
WHIRLPOOL CORPORATION COM 963320106 6,718 36,957 SH   SOLE 0 32,311 0 4,646
WILLIS TOWERS WATSON PLC COM G96629103 28,504 233,102 SH   SOLE 0 204,069 0 29,033
WESTROCK CO. COM 96145D105 5,818 114,601 SH   SOLE 0 100,729 0 13,872
YANDEX N.V. COM N97284108 6,901 342,809 SH   SOLE 0 298,596 0 44,213