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
Actuant Corporation COM 00508X203 2,005 77,250 SH   SOLE   0 0 77,250
Actuant Corporation COM 00508X203 151,591 5,841,674 SH   DFND 1 5,841,674 0 0
Alphabet Inc. CL C COM 02079K107 494,180 640,279 SH   SOLE   567,348 0 72,931
Alphabet Inc. CL C COM 02079K107 229,261 297,039 SH   DFND 1 297,039 0 0
Baidu, Inc. ADR COM 056752108 27,145 165,058 SH   SOLE   165,058 0 0
Baidu, Inc. ADR COM 056752108 42,761 260,015 SH   DFND 1 260,015 0 0
Chesapeake Energy Corporation COM 165167107 188,637 26,871,357 SH   SOLE   24,685,012 0 2,186,345
Chesapeake Energy Corporation COM 165167107 160,977 22,931,162 SH   DFND 1 22,931,162 0 0
CNH Industrial NV COM N20944109 233,373 26,855,383 SH   SOLE   22,978,835 0 3,876,548
CNH Industrial NV COM N20944109 52,451 6,035,759 SH   DFND 1 6,035,759 0 0
CONSOL Energy Inc. COM 20854P109 367,095 20,136,846 SH   SOLE   17,834,546 0 2,302,300
CONSOL Energy Inc. COM 20854P109 8,513 467,000 SH   DFND 2 0 0 467,000
CONSOL Energy Inc. COM 20854P109 442,575 24,277,266 SH   DFND 1 24,277,266 0 0
Deltic Timber Corp COM 247850100 1,495 19,400 SH   SOLE   0 0 19,400
Deltic Timber Corp COM 247850100 139,355 1,808,158 SH   DFND 1 1,808,158 0 0
E.I. du Pont de Nemours and Co COM 263534109 148,932 2,029,044 SH   SOLE   1,703,843 0 325,201
E.I. du Pont de Nemours and Co COM 263534109 117,965 1,607,158 SH   DFND 1 1,607,158 0 0
Eastman Kodak Company COM 277461406 6,095 393,200 SH   DFND 2 0 0 393,200
Everest Re Group Ltd. COM G3223R108 111,468 515,103 SH   SOLE   455,682 0 59,421
Everest Re Group Ltd. COM G3223R108 108,771 502,640 SH   DFND 1 502,640 0 0
FedEx Corporation COM 31428X106 717,941 3,855,753 SH   SOLE   3,435,699 0 420,054
FedEx Corporation COM 31428X106 338,650 1,818,743 SH   DFND 1 1,818,743 0 0
Franklin Resources Inc. COM 354613101 95,410 2,410,553 SH   SOLE   2,064,446 0 346,107
Graham Holdings Company COM 384637104 174,253 340,371 SH   SOLE   293,278 0 47,093
Graham Holdings Company COM 384637104 219,115 428,000 SH   DFND 1 428,000 0 0
Intrawest Resorts Holdings, In COM 46090K109 526 29,442 SH   SOLE   0 0 29,442
Intrawest Resorts Holdings, In COM 46090K109 7,882 441,590 SH   DFND 2 0 0 441,590
Level 3 Communications Inc. COM 52729N308 900,146 15,971,360 SH   SOLE   14,456,964 0 1,514,396
Level 3 Communications Inc. COM 52729N308 675,446 11,984,492 SH   DFND 1 11,984,492 0 0
Liberty Media Group - A COM 531229870 100 3,173 SH   SOLE   0 0 3,173
Liberty Media Group - A COM 531229870 17,402 554,201 SH   DFND 1 554,201 0 0
Liberty Media Group - C COM 531229854 3,396 108,398 SH   SOLE   0 0 108,398
Liberty Media Group - C COM 531229854 256,654 8,191,953 SH   DFND 1 8,191,953 0 0
Melco Crown Entertainment Ltd. COM 585464100 48,463 3,047,976 SH   SOLE   2,077,626 0 970,350
Ralph Lauren Corporation COM 751212101 161,158 1,784,297 SH   SOLE   1,556,158 0 228,139
Ralph Lauren Corporation COM 751212101 121,818 1,348,742 SH   DFND 1 1,348,742 0 0
Rayonier Inc. COM 754907103 2,449 92,063 SH   SOLE   16,342 0 75,721
Rayonier Inc. COM 754907103 177,254 6,663,700 SH   DFND 1 6,663,700 0 0
Scripps Networks Interactive COM 811065101 361,398 5,063,721 SH   SOLE   4,629,182 0 434,539
Scripps Networks Interactive COM 811065101 357,001 5,002,112 SH   DFND 1 5,002,112 0 0
SEACOR Holdings Inc. COM 811904101 777 10,907 SH   SOLE   0 0 10,907
SEACOR Holdings Inc. COM 811904101 62,475 876,472 SH   DFND 1 876,472 0 0
Sonic Corp. COM 835451105 1,617 61,012 SH   SOLE   0 0 61,012
Sonic Corp. COM 835451105 121,684 4,590,108 SH   DFND 1 4,590,108 0 0
T. Rowe Price Group Inc. COM 74144T108 174,006 2,312,063 SH   SOLE   2,108,563 0 203,500
T. Rowe Price Group Inc. COM 74144T108 91,437 1,214,951 SH   DFND 1 1,214,951 0 0
Tribune Media Company - A COM 896047503 1,377 39,370 SH   SOLE   0 0 39,370
Tribune Media Company - A COM 896047503 105,890 3,027,150 SH   DFND 1 3,027,150 0 0
United Technologies Corporatio COM 913017109 458,496 4,182,596 SH   SOLE   3,949,296 0 233,300
United Technologies Corporatio COM 913017109 173,973 1,587,051 SH   DFND 1 1,587,051 0 0
ViaSat Inc. COM 92552V100 72,900 1,100,883 SH   SOLE   1,055,959 0 44,924
ViaSat Inc. COM 92552V100 3,251 49,100 SH   DFND 2 0 0 49,100
ViaSat Inc. COM 92552V100 227,553 3,436,313 SH   DFND 1 3,436,313 0 0
Vipshop Holdings Ltd-ADR COM 92763W103 8,607 781,762 SH   SOLE   781,762 0 0
Wynn Resorts Limited COM 983134107 510,035 5,895,673 SH   SOLE   5,267,481 0 628,192
Wynn Resorts Limited COM 983134107 6,056 70,000 SH   DFND 2 0 0 70,000
Wynn Resorts Limited COM 983134107 431,364 4,986,288 SH   DFND 1 4,986,288 0 0
Yum China Holding Inc. COM 98850P109 174,298 6,672,976 SH   SOLE   6,214,152 0 458,824
Yum China Holding Inc. COM 98850P109 8,097 310,000 SH   DFND 2 0 0 310,000
Yum China Holding Inc. COM 98850P109 53,855 2,061,814 SH   DFND 1 2,061,814 0 0
Chesapeake Convertible Bond 2. CONV 165167BZ9 6,084 6,061,000 PRN   SOLE   6,061,000 0 0