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 117,516 2,335,364 SH   SOLE 0 2,017,633 0 317,731
ADVANCE AUTO PARTS, INC. COM 00751Y106 4,114 35,284 SH   SOLE 0 30,614 0 4,670
ADIENT PLC COM G0084W101 3,039 46,475 SH   SOLE 0 40,312 0 6,163
Alliance Data Systems Corporation COM 018581108 17,130 66,734 SH   SOLE 0 57,731 0 9,003
American International Group, Inc. COM 026874784 106,239 1,699,273 SH   SOLE 0 1,468,938 0 230,335
AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. CONV BONDS 026874156 63,455 3,010,215 PRN   SOLE 0 2,601,459 0 408,756
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 5,326 334,558 SH   SOLE 0 290,214 0 44,344
Amazon.com, Inc. COM 023135106 260,079 268,677 SH   SOLE 0 231,829 0 36,848
Anthem, Inc. COM 036752103 20,885 111,013 SH   SOLE 0 95,925 0 15,088
APACHE CORPORATION COM 037411105 4,336 90,472 SH   SOLE 0 78,470 0 12,002
ACTIVISION BLIZZARD INC COM 00507V109 20,909 363,184 SH   SOLE 0 313,261 0 49,923
American Express Company COM 025816109 56,787 674,109 SH   SOLE 0 582,780 0 91,329
Bank of America Corporation COM 060505104 126,256 5,204,283 SH   SOLE 0 4,498,624 0 705,659
BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS CONV BONDS 060505146 58,021 4,819,039 PRN   SOLE 0 4,159,280 0 659,759
BANK OF AMERICA CORP WARRANTS 2009-28.10.18 ON SHS CONV BONDS 060505153 1,255 1,588,766 PRN   SOLE 0 1,371,561 0 217,205
Liberty Braves Group - Class C COM 531229888 653 27,229 SH   SOLE 0 23,480 0 3,749
Belmond Ltd. Class A COM G1154H107 44,808 3,368,990 SH   SOLE 0 2,913,032 0 455,958
Sotheby s Class A COM 835898107 18,592 346,411 SH   SOLE 0 299,675 0 46,736
BAIDU, INC. SPONSORED ADR CLASS A COM 056752108 12,983 72,586 SH   SOLE 0 62,528 0 10,058
Bio-Rad Laboratories, Inc. Class A COM 090572207 19,799 87,487 SH   SOLE 0 75,702 0 11,785
TOPBUILD CORP. COM 89055F103 2,013 37,936 SH   SOLE 0 32,754 0 5,182
Bristol-Myers Squibb Company COM 110122108 10,694 191,928 SH   SOLE 0 166,337 0 25,591
Berkshire Hathaway Inc. Class B COM 084670702 61,574 363,545 SH   SOLE 0 313,611 0 49,934
Boyd Gaming Corporation COM 103304101 8,064 325,037 SH   SOLE 0 281,428 0 43,609
Citigroup Inc. COM 172967424 146,282 2,187,224 SH   SOLE 0 1,890,747 0 296,477
CITIGROUP INC WARRANTS 2011-4.1.19 ON SHS CONV BONDS 172967226 859 5,725,673 PRN   SOLE 0 4,942,682 0 782,991
Avis Budget Group, Inc. COM 053774105 4,899 179,649 SH   SOLE 0 155,954 0 23,695
CBRE Group, Inc. Class A COM 12504L109 88,273 2,425,070 SH   SOLE 0 2,091,359 0 333,711
CF Industries Holdings, Inc. COM 125269100 3,833 137,081 SH   SOLE 0 118,583 0 18,498
Citizens Financial Group, Inc. COM 174610105 40,171 1,125,875 SH   SOLE 0 972,758 0 153,117
Charter Communications Inc. Class A COM 16119P108 9,380 27,845 SH   SOLE 0 24,152 0 3,693
COMMERCEHUB INC-SERIES C COM 20084V306 376 21,582 SH   SOLE 0 18,422 0 3,160
CoreLogic, Inc. COM 21871D103 19,959 460,102 SH   SOLE 0 397,796 0 62,306
COMCAST CORPORATION CLASS A COM 20030N101 42,789 1,099,419 SH   SOLE 0 950,155 0 149,264
Capital One Financial Corporation COM 14040H105 49,970 604,823 SH   SOLE 0 522,242 0 82,581
CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. CONV BONDS 14040H139 4,455 107,375 PRN   SOLE 0 92,693 0 14,682
Costco Wholesale Corporation COM 22160K105 85,170 532,543 SH   SOLE 0 460,657 0 71,886
Coty Inc. Class A COM 222070203 2,880 153,494 SH   SOLE 0 132,791 0 20,703
COPA HOLDINGS, S.A. CLASS A COM P31076105 9,879 84,433 SH   SOLE 0 72,397 0 12,036
CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR COM 22943F100 5,733 106,450 SH   SOLE 0 91,548 0 14,902
Cognizant Technology Solutions Corporation Class A COM 192446102 17,644 265,725 SH   SOLE 0 229,468 0 36,257
Cemex SAB de CV Sponsored ADR COM 151290889 67,024 7,115,112 SH   SOLE 0 6,148,573 0 966,540
CAESARS ENTERTAINMENT CORPORATION COM 127686103 4,409 367,430 SH   SOLE 0 317,770 0 49,660
Delta Air Lines, Inc. COM 247361702 101,702 1,892,479 SH   SOLE 0 1,634,236 0 258,243
Discovery Communications, Inc. Class A COM 25470F104 18,524 717,169 SH   SOLE 0 620,766 0 96,403
NOW Inc COM 67011P100 11,993 745,810 SH   SOLE 0 644,848 0 100,962
DOW CHEMICAL COMPANY COM 260543103 12,734 201,910 SH   SOLE 0 175,353 0 26,557
DIANA SHIPPING INC. COM Y2066G104 14,453 3,559,973 SH   SOLE 0 3,084,847 0 475,126
DXC Technology Co COM 23355L106 16,302 212,487 SH   SOLE 0 183,773 0 28,714
eBay Inc. COM 278642103 31,552 903,565 SH   SOLE 0 781,305 0 122,260
EPAM Systems, Inc. COM 29414B104 21,634 257,269 SH   SOLE 0 221,612 0 35,657
ISHARES MSCI SOUTH KOREA CAP ETF COM 464286772 3,082 45,447 SH   SOLE 0 45,447 0 0
Ford Motor Company COM 345370860 25,237 2,255,353 SH   SOLE 0 1,948,809 0 306,544
FIRSTCASH INC. COM 33767D105 9,593 164,540 SH   SOLE 0 141,942 0 22,598
FREEPORT-MCMORAN, INC. COM 35671D857 9,722 809,467 SH   SOLE 0 696,371 0 113,096
Fluor Corporation COM 343412102 2,277 49,747 SH   SOLE 0 43,040 0 6,707
Federal National Mortgage Association COM 313586109 998 428,270 SH   SOLE 0 371,751 0 56,519
Liberty Media Corp Series A Liberty Formula One COM 531229870 1,488 42,488 SH   SOLE 0 36,791 0 5,697
Liberty Media Corp Series C Liberty Formula One COM 531229854 1,986 54,228 SH   SOLE 0 46,936 0 7,292
Graco Inc. COM 384109104 14,062 128,680 SH   SOLE 0 111,698 0 16,982
GOLAR LNG LIMITED COM G9456A100 3,710 166,747 SH   SOLE 0 144,282 0 22,465
CORNING INCORPORATED COM 219350105 4,540 151,076 SH   SOLE 0 130,718 0 20,358
Alphabet Inc. Class C COM 02079K107 128,571 141,484 SH   SOLE 0 122,048 0 19,436
Alphabet Inc. Class A COM 02079K305 8,755 9,417 SH   SOLE 0 8,148 0 1,269
Garmin Ltd. COM H2906T109 11,887 232,940 SH   SOLE 0 201,477 0 31,463
FERROGLOBE PLC COM G33856108 5,387 450,794 SH   SOLE 0 389,958 0 60,836
Halliburton Company COM 406216101 2,637 61,752 SH   SOLE 0 53,457 0 8,295
Huntington Bancshares Incorporated COM 446150104 4,461 329,959 SH   SOLE 0 286,201 0 43,758
Hanesbrands Inc. COM 410345102 14,594 630,125 SH   SOLE 0 546,556 0 83,569
Hackett Group, Inc. COM 404609109 17,484 1,128,030 SH   SOLE 0 975,433 0 152,597
HEWLETT PACKARD ENTERPRISE CO. COM 42824C109 19,277 1,161,951 SH   SOLE 0 1,004,819 0 157,132
HP Inc COM 40434L105 5,632 322,222 SH   SOLE 0 279,636 0 42,586
Herc Holdings Inc COM 42704L104 706 17,967 SH   SOLE 0 15,598 0 2,369
Hertz Global Holdings COM 42806J106 625 54,315 SH   SOLE 0 47,198 0 7,117
iHeartMedia, Inc. Class A COM 45174J103 762 461,865 SH   SOLE 0 409,074 0 52,791
ILG INC NPV COM 44967H101 3,645 132,599 SH   SOLE 0 114,611 0 17,988
iShares MSCI India ETF COM 46429B598 10,183 317,242 SH   SOLE 0 317,242 0 0
Intel Corporation COM 458140100 10,248 303,720 SH   SOLE 0 263,539 0 40,181
Gartner, Inc. COM 366651107 21,025 170,233 SH   SOLE 0 147,750 0 22,483
JD.com, Inc. Sponsored ADR Class A COM 47215P106 42,419 1,081,565 SH   SOLE 0 930,313 0 151,252
JPMorgan Chase & Co. COM 46625H100 18,605 203,556 SH   SOLE 0 176,189 0 27,367
JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS CONV BONDS 46634E114 10,237 203,568 PRN   SOLE 0 175,741 0 27,827
KIRBY CORPORATION COM 497266106 4,360 65,219 SH   SOLE 0 56,257 0 8,962
KKR & Co. L.P. COM 48248M102 16,370 880,088 SH   SOLE 0 760,552 0 119,536
Kroger Co. COM 501044101 12,523 536,993 SH   SOLE 0 464,234 0 72,759
Kansas City Southern COM 485170302 11,826 113,009 SH   SOLE 0 97,732 0 15,277
Loews Corporation COM 540424108 7,755 165,663 SH   SOLE 0 143,720 0 21,943
Lazard Ltd Class A COM G54050102 46,760 1,009,287 SH   SOLE 0 873,089 0 136,198
Liberty Broadband Corp. Class A COM 530307107 1,590 18,539 SH   SOLE 0 15,880 0 2,659
Liberty Broadband Corp. Class C COM 530307305 8,811 101,573 SH   SOLE 0 87,216 0 14,357
Liberty Global Plc Class A COM G5480U104 39,327 1,224,374 SH   SOLE 0 1,056,855 0 167,519
Liberty Global Plc Class C COM G5480U120 43,850 1,406,359 SH   SOLE 0 1,214,413 0 191,946
Liberty Expedia Holdings Inc NPV COM 53046P109 1,440 26,651 SH   SOLE 0 23,058 0 3,593
LIONS GATE ENTERTAINMENT CORP NPV COM 535919500 747 28,440 SH   SOLE 0 24,564 0 3,876
Liberty Lilac Group Class A COM G5480U138 8,448 388,058 SH   SOLE 0 333,954 0 54,104
Liberty LiLAC Group Class C COM G5480U153 6,101 284,968 SH   SOLE 0 245,183 0 39,785
LIVANOVA PLC COM G5509L101 11,539 188,518 SH   SOLE 0 162,873 0 25,645
Lowe s Companies, Inc. COM 548661107 20,950 270,221 SH   SOLE 0 233,745 0 36,476
Louisiana-Pacific Corporation COM 546347105 5,218 216,418 SH   SOLE 0 187,190 0 29,228
LIBERTY SIRIUSXM GROUP CLASS A COM 531229409 9,962 237,304 SH   SOLE 0 204,654 0 32,650
LIBERTY SIRIUSXM GROUP CLASS C COM 531229607 11,410 273,610 SH   SOLE 0 236,172 0 37,438
Liberty TripAdvisor Holdings Inc Class A COM 531465102 3,119 268,861 SH   SOLE 0 231,354 0 37,507
Leucadia National Corporation COM 527288104 2,834 108,322 SH   SOLE 0 93,688 0 14,634
Level 3 Communications, Inc. COM 52729N308 24,845 418,978 SH   SOLE 0 362,722 0 56,256
Liberty Interactive Corp NPV COM 53071M856 3,314 63,377 SH   SOLE 0 54,840 0 8,537
LYONDELLBASELL INDUSTRIES NV COM N53745100 6,024 71,386 SH   SOLE 0 61,612 0 9,774
Masco Corporation COM 574599106 10,006 261,858 SH   SOLE 0 226,461 0 35,397
MBIA Inc. COM 55262C100 55,356 5,870,156 SH   SOLE 0 5,070,255 0 799,901
Moodys Corporation COM 615369105 4,433 36,430 SH   SOLE 0 31,385 0 5,045
MGM Resorts International COM 552953101 65,051 2,078,981 SH   SOLE 0 1,791,638 0 287,343
Mohawk Industries, Inc. COM 608190104 19,142 79,201 SH   SOLE 0 68,621 0 10,580
MARKEL CORPORATION COM 570535104 15,929 16,323 SH   SOLE 0 14,071 0 2,252
Altria Group, Inc. COM 02209S103 20,961 281,471 SH   SOLE 0 241,804 0 39,667
MOSAIC COMPANY COM 61945C103 3,957 173,311 SH   SOLE 0 149,692 0 23,619
Morgan Stanley COM 617446448 18,816 422,260 SH   SOLE 0 365,197 0 57,063
Microsoft Corporation COM 594918104 22,095 320,549 SH   SOLE 0 277,636 0 42,913
Micron Technology, Inc. COM 595112103 46,516 1,557,794 SH   SOLE 0 1,347,248 0 210,546
INGEVITY CORP COM 45688C107 1,251 21,797 SH   SOLE 0 18,990 0 2,807
NII HOLDINGS, INC ORD SHARES COM 62913F508 735 914,557 SH   SOLE 0 790,437 0 124,120
NAVIOS MARITIME ACQUISITION CORPORATION COM Y62159101 1,839 1,251,093 SH   SOLE 0 1,079,624 0 171,469
NOAH HOLDINGS LTD. SPONSORED ADR CLASS A COM 65487X102 5,682 198,321 SH   SOLE 0 171,251 0 27,070
NetEase, Inc. Sponsored ADR COM 64110W102 29,525 98,209 SH   SOLE 0 84,654 0 13,555
Priceline Group Inc COM 741503403 83,481 44,630 SH   SOLE 0 38,585 0 6,045
Philip Morris International Inc. COM 718172109 15,509 132,046 SH   SOLE 0 113,551 0 18,495
PNC FINANCIAL SERVICES GROUP INC WARRANTS 2010-31. CONV BONDS 693475121 14,895 258,466 PRN   SOLE 0 223,126 0 35,340
PAYPAL HOLDINGS INC COM 70450Y103 76,409 1,423,677 SH   SOLE 0 1,228,820 0 194,857
PAPA JOHN`S INTERNATIONAL, INC. COM 698813102 5,303 73,894 SH   SOLE 0 63,665 0 10,229
Liberty Interactive Corporation QVC Group COM 53071M104 15,308 623,797 SH   SOLE 0 540,135 0 83,662
RALPH LAUREN CORPORATION CLASS A COM 751212101 12,853 174,161 SH   SOLE 0 150,537 0 23,624
Raytheon Company COM 755111507 11,128 68,912 SH   SOLE 0 59,668 0 9,244
Ryanair Holdings Plc Sponsored ADR COM 783513203 6,604 61,369 SH   SOLE 0 51,944 0 9,425
SCORPIO BULKERS, INC. COM Y7546A122 6,486 913,509 SH   SOLE 0 787,996 0 125,513
SOUTHERN COPPER CORPORATION COM 84265V105 8,993 259,689 SH   SOLE 0 223,867 0 35,822
Charles Schwab Corporation COM 808513105 32,003 744,960 SH   SOLE 0 641,874 0 103,086
Sherwin-Williams Company COM 824348106 32,949 93,883 SH   SOLE 0 81,115 0 12,768
Signet Jewelers Limited COM G81276100 7,484 118,337 SH   SOLE 0 102,476 0 15,861
SL Green Realty Corp. COM 78440X101 43,490 411,056 SH   SOLE 0 354,177 0 56,879
Scotts Miracle-Gro Company Class A COM 810186106 13,942 155,845 SH   SOLE 0 135,150 0 20,695
STNG 2 3/8 07/01/19 CONV BONDS 80918TAA7 2,457 2,749,000 PRN   SOLE 0 2,349,000 0 400,000
SCORPIO TANKERS INC. COM Y7542C106 30,448 7,669,598 SH   SOLE 0 6,621,075 0 1,048,523
Seagate Technology PLC COM G7945M107 16,130 416,248 SH   SOLE 0 360,049 0 56,199
Synchrony Financial COM 87165B103 47,550 1,594,582 SH   SOLE 0 1,377,931 0 216,651
THOR INDUSTRIES, INC. COM 885160101 3,843 36,768 SH   SOLE 0 31,768 0 5,000
Tribune Media Co. Class A COM 896047503 11,519 282,538 SH   SOLE 0 243,828 0 38,710
TripAdvisor, Inc. COM 896945201 7,560 197,913 SH   SOLE 0 170,974 0 26,939
Tronc Inc COM 89703P107 608 47,174 SH   SOLE 0 40,868 0 6,306
Tractor Supply Company COM 892356106 25,743 474,869 SH   SOLE 0 410,186 0 64,683
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 58,938 1,685,870 SH   SOLE 0 1,458,006 0 227,864
ISHARES MSCI TURKEY ETF COM 464286715 2,698 65,003 SH   SOLE 0 65,003 0 0
TEXAS INSTRUMENTS INCORPORATED COM 882508104 6,752 87,763 SH   SOLE 0 75,870 0 11,893
United Continental Holdings, Inc. COM 910047109 36,625 486,710 SH   SOLE 0 419,904 0 66,806
NET 1 UEPS TECHNOLOGIES, INC. COM 64107N206 2,459 249,396 SH   SOLE 0 214,825 0 34,571
UNION PACIFIC CORPORATION COM 907818108 30,030 275,731 SH   SOLE 0 238,234 0 37,497
USG Corporation COM 903293405 6,635 228,640 SH   SOLE 0 197,879 0 30,761
VEECO INSTRUMENTS INC. COM 922417100 8,602 308,883 SH   SOLE 0 266,209 0 42,674
VIPSHOP HOLDINGS LTD SPONSORED ADR COM 92763W103 4,187 396,835 SH   SOLE 0 341,922 0 54,913
Verisk Analytics, Inc. Class A COM 92345Y106 13,029 154,422 SH   SOLE 0 133,379 0 21,043
Verizon Communications Inc. COM 92343V104 5,565 124,617 SH   SOLE 0 107,696 0 16,921
Walgreens Boots Alliance Inc COM 931427108 2,068 26,411 SH   SOLE 0 22,845 0 3,566
Western Digital Corporation COM 958102105 11,119 125,495 SH   SOLE 0 108,834 0 16,661
Wells Fargo & Company COM 949746101 58,963 1,064,115 SH   SOLE 0 917,046 0 147,069
WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS CONV BONDS 949746119 5,590 251,790 PRN   SOLE 0 217,366 0 34,424
WHIRLPOOL CORPORATION COM 963320106 7,898 41,217 SH   SOLE 0 35,642 0 5,575
WILLIS TOWERS WATSON PLC COM G96629103 37,794 259,822 SH   SOLE 0 224,852 0 34,970
WAL-MART STORES, INC. COM 931142103 17,034 225,082 SH   SOLE 0 203,539 0 21,543
WESTROCK CO. COM 96145D105 7,279 128,464 SH   SOLE 0 111,737 0 16,727
YANDEX N.V. COM N97284108 10,053 383,120 SH   SOLE 0 330,477 0 52,643