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
ALCOA CORP. COM 013872106 21,021 390,210 SH   SOLE 0 343,754 0 46,456
American Airlines Group, Inc. COM 02376R102 122,297 2,350,509 SH   SOLE 0 2,069,371 0 281,138
ADVANCE AUTO PARTS, INC. COM 00751Y106 3,810 38,223 SH   SOLE 0 33,706 0 4,517
ADIENT PLC COM G0084W101 3,960 50,314 SH   SOLE 0 44,379 0 5,935
Alliance Data Systems Corporation COM 018581108 11,654 45,975 SH   SOLE 0 40,517 0 5,458
American International Group, Inc. COM 026874784 91,914 1,542,692 SH   SOLE 0 1,360,009 0 182,683
AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. CONV BONDS 026874156 58,862 3,248,474 PRN   SOLE 0 2,862,121 0 386,353
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 6,283 366,375 SH   SOLE 0 323,409 0 42,966
Amazon.com, Inc. COM 023135106 244,115 208,740 SH   SOLE 0 183,873 0 24,867
Andeavor COM 03349M105 9,577 83,757 SH   SOLE 0 73,539 0 10,218
Anthem, Inc. COM 036752103 26,915 119,618 SH   SOLE 0 105,417 0 14,201
APACHE CORPORATION COM 037411105 4,132 97,873 SH   SOLE 0 86,412 0 11,461
ACTIVISION BLIZZARD INC COM 00507V109 24,774 391,248 SH   SOLE 0 344,706 0 46,542
BROADCOM LIMITED COM Y09827109 3,495 13,603 SH   SOLE 0 12,004 0 1,599
American Express Company COM 025816109 63,236 636,751 SH   SOLE 0 561,073 0 75,678
Bank of America Corporation COM 060505104 165,966 5,622,154 SH   SOLE 0 4,950,530 0 671,624
BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS CONV BONDS 060505146 91,391 5,204,503 PRN   SOLE 0 4,585,403 0 619,100
BANK OF AMERICA CORP WARRANTS 2009-28.10.18 ON SHS CONV BONDS 060505153 3,678 1,718,519 PRN   SOLE 0 1,513,778 0 204,741
Liberty Braves Group - Class C COM 531229888 656 29,504 SH   SOLE 0 25,865 0 3,639
Belmond Ltd. Class A COM G1154H107 36,641 2,991,077 SH   SOLE 0 2,633,852 0 357,225
Sotheby s Class A COM 835898107 15,936 308,845 SH   SOLE 0 272,052 0 36,793
BAIDU, INC. SPONSORED ADR CLASS A COM 056752108 18,326 78,245 SH   SOLE 0 68,842 0 9,403
Bio-Rad Laboratories, Inc. Class A COM 090572207 22,541 94,444 SH   SOLE 0 83,180 0 11,264
TOPBUILD CORP. COM 89055F103 3,104 40,983 SH   SOLE 0 35,980 0 5,003
Bristol-Myers Squibb Company COM 110122108 12,682 206,959 SH   SOLE 0 182,423 0 24,536
Berkshire Hathaway Inc. Class B COM 084670702 77,737 392,174 SH   SOLE 0 344,897 0 47,277
PEABODY ENERGY CORPORATION COM 704551100 29,852 758,246 SH   SOLE 0 667,829 0 90,417
Citigroup Inc. COM 172967424 175,693 2,361,148 SH   SOLE 0 2,081,731 0 279,417
CITIGROUP INC WARRANTS 2011-4.1.19 ON SHS CONV BONDS 172967226 619 6,180,985 PRN   SOLE 0 5,425,259 0 755,726
Avis Budget Group, Inc. COM 053774105 8,493 193,550 SH   SOLE 0 170,973 0 22,577
CBRE Group, Inc. Class A COM 12504L109 106,042 2,448,447 SH   SOLE 0 2,155,651 0 292,796
Citizens Financial Group, Inc. COM 174610105 51,130 1,217,967 SH   SOLE 0 1,073,224 0 144,743
Charter Communications Inc. Class A COM 16119P108 10,092 30,039 SH   SOLE 0 26,498 0 3,541
COMMERCEHUB INC-SERIES A COM 20084V108 215 9,765 SH   SOLE 0 8,322 0 1,443
COMMERCEHUB INC-SERIES C COM 20084V306 487 23,664 SH   SOLE 0 20,780 0 2,884
CoreLogic, Inc. COM 21871D103 22,963 496,924 SH   SOLE 0 437,507 0 59,417
COMCAST CORPORATION CLASS A COM 20030N101 47,639 1,189,481 SH   SOLE 0 1,047,972 0 141,509
Capital One Financial Corporation COM 14040H105 61,297 615,559 SH   SOLE 0 541,914 0 73,645
CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. CONV BONDS 14040H139 6,726 115,999 PRN   SOLE 0 102,080 0 13,919
Costco Wholesale Corporation COM 22160K105 107,003 574,912 SH   SOLE 0 506,142 0 68,770
Coty Inc. Class A COM 222070203 3,298 165,831 SH   SOLE 0 146,049 0 19,782
CENTURYLINK, INC. COM 156700106 12,578 754,074 SH   SOLE 0 664,709 0 89,364
CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR COM 22943F100 5,061 114,755 SH   SOLE 0 100,509 0 14,246
Cognizant Technology Solutions Corporation Class A COM 192446102 20,364 286,742 SH   SOLE 0 252,400 0 34,342
Cemex SAB de CV Sponsored ADR COM 151290889 57,516 7,668,802 SH   SOLE 0 6,757,715 0 911,087
CAESARS ENTERTAINMENT CORPORATION COM 127686103 14,110 1,115,429 SH   SOLE 0 982,700 0 132,729
Delta Air Lines, Inc. COM 247361702 117,245 2,093,653 SH   SOLE 0 1,842,694 0 250,959
Discovery Communications, Inc. Class A COM 25470F104 17,330 774,339 SH   SOLE 0 682,501 0 91,838
NOW Inc COM 67011P100 10,822 981,124 SH   SOLE 0 863,933 0 117,191
DIANA SHIPPING INC. COM Y2066G104 15,514 3,811,870 SH   SOLE 0 3,396,328 0 415,542
DOWDUPONT INC COM 26078J100 23,253 326,489 SH   SOLE 0 287,591 0 38,898
DXC Technology Co COM 23355L106 24,787 261,186 SH   SOLE 0 229,927 0 31,259
eBay Inc. COM 278642103 26,298 696,823 SH   SOLE 0 614,018 0 82,805
EPAM Systems, Inc. COM 29414B104 29,831 277,679 SH   SOLE 0 244,130 0 33,549
ISHARES MSCI SOUTH KOREA CAP ETF COM 464286772 2,947 39,328 SH   SOLE 0 39,328 0 0
Ford Motor Company COM 345370860 30,409 2,434,671 SH   SOLE 0 2,145,050 0 289,621
FIRSTCASH INC. COM 33767D105 11,966 177,402 SH   SOLE 0 155,999 0 21,403
FREEPORT-MCMORAN, INC. COM 35671D857 16,578 874,342 SH   SOLE 0 767,419 0 106,923
Fluor Corporation COM 343412102 2,795 54,118 SH   SOLE 0 47,690 0 6,428
Federal National Mortgage Association COM 313586109 1,236 466,504 SH   SOLE 0 412,417 0 54,087
Liberty Media Corp Series A Liberty Formula One COM 531229870 1,487 45,431 SH   SOLE 0 39,809 0 5,622
Liberty Media Corp Series C Liberty Formula One COM 531229854 2,002 58,595 SH   SOLE 0 51,445 0 7,150
Graco Inc. COM 384109104 16,187 357,957 SH   SOLE 0 315,957 0 42,000
GOLAR LNG LIMITED COM G9456A100 8,544 286,619 SH   SOLE 0 252,566 0 34,053
CORNING INCORPORATED COM 219350105 5,232 163,546 SH   SOLE 0 144,161 0 19,385
Alphabet Inc. Class C COM 02079K107 126,678 121,061 SH   SOLE 0 106,450 0 14,611
Alphabet Inc. Class A COM 02079K305 10,853 10,303 SH   SOLE 0 9,076 0 1,227
Garmin Ltd. COM H2906T109 14,993 251,683 SH   SOLE 0 221,663 0 30,020
FERROGLOBE PLC COM G33856108 7,873 485,995 SH   SOLE 0 428,242 0 57,753
HAIN CELESTIAL GROUP, INC. COM 405217100 6,004 141,626 SH   SOLE 0 124,684 0 16,942
Halliburton Company COM 406216101 3,246 66,430 SH   SOLE 0 58,470 0 7,960
Huntington Bancshares Incorporated COM 446150104 5,199 357,107 SH   SOLE 0 315,196 0 41,911
Hanesbrands Inc. COM 410345102 17,946 858,266 SH   SOLE 0 757,161 0 101,105
Hackett Group, Inc. COM 404609109 19,136 1,218,066 SH   SOLE 0 1,073,288 0 144,778
HEWLETT PACKARD ENTERPRISE CO. COM 42824C109 5,031 350,328 SH   SOLE 0 308,656 0 41,672
HP Inc COM 40434L105 7,323 348,533 SH   SOLE 0 307,800 0 40,733
Herc Holdings Inc COM 42704L104 1,208 19,300 SH   SOLE 0 17,005 0 2,295
Hertz Global Holdings COM 42806J106 1,306 59,107 SH   SOLE 0 52,216 0 6,891
iHeartMedia, Inc. Class A COM 45174J103 240 480,239 SH   SOLE 0 439,300 0 40,939
ILG INC NPV COM 44967H101 4,084 143,410 SH   SOLE 0 126,182 0 17,228
iShares MSCI India ETF COM 46429B598 23,123 641,059 SH   SOLE 0 641,059 0 0
INTERNATIONAL SEAWAYS, INC. COM Y41053102 4,419 239,379 SH   SOLE 0 210,985 0 28,394
Intel Corporation COM 458140100 15,143 328,062 SH   SOLE 0 289,448 0 38,614
Gartner, Inc. COM 366651107 22,638 183,827 SH   SOLE 0 162,407 0 21,420
JD.com, Inc. Sponsored ADR Class A COM 47215P106 48,367 1,167,715 SH   SOLE 0 1,025,141 0 142,574
JPMorgan Chase & Co. COM 46625H100 23,474 219,505 SH   SOLE 0 193,620 0 25,885
JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS CONV BONDS 46634E114 14,589 219,619 PRN   SOLE 0 193,450 0 26,169
KIRBY CORPORATION COM 497266106 4,690 70,212 SH   SOLE 0 61,746 0 8,466
KKR & Co. L.P. COM 48248M102 20,038 951,456 SH   SOLE 0 837,652 0 113,804
Kroger Co. COM 501044101 43,561 1,586,904 SH   SOLE 0 1,396,777 0 190,127
Kansas City Southern COM 485170302 12,829 121,930 SH   SOLE 0 107,499 0 14,431
KT CORPORATION SPONSORED ADR COM 48268K101 399 25,588 SH   SOLE 0 25,588 0 0
Loews Corporation COM 540424108 11,645 232,761 SH   SOLE 0 204,985 0 27,776
Lazard Ltd Class A COM G54050102 57,082 1,087,280 SH   SOLE 0 958,323 0 128,957
Liberty Broadband Corp. Class A COM 530307107 1,703 20,029 SH   SOLE 0 17,517 0 2,512
Liberty Broadband Corp. Class C COM 530307305 7,865 92,353 SH   SOLE 0 80,843 0 11,510
Liberty Global Plc Class A COM G5480U104 47,378 1,321,942 SH   SOLE 0 1,161,957 0 159,985
Liberty Global Plc Class C COM G5480U120 51,403 1,518,990 SH   SOLE 0 1,336,584 0 182,406
LEAR CORPORATION COM 521865204 5,653 31,999 SH   SOLE 0 28,148 0 3,851
Liberty Expedia Holdings Inc NPV COM 53046P109 554 12,500 SH   SOLE 0 10,865 0 1,635
LIONS GATE ENTERTAINMENT CORP NPV COM 535919500 961 30,267 SH   SOLE 0 26,505 0 3,762
Liberty Lilac Group Class A COM G5480U138 6,341 314,682 SH   SOLE 0 275,612 0 39,070
Liberty LiLAC Group Class C COM G5480U153 10,951 550,558 SH   SOLE 0 483,225 0 67,333
LIVANOVA PLC COM G5509L101 27,267 341,179 SH   SOLE 0 300,547 0 40,632
Lowe s Companies, Inc. COM 548661107 7,320 78,756 SH   SOLE 0 69,352 0 9,404
Louisiana-Pacific Corporation COM 546347105 6,150 234,211 SH   SOLE 0 206,304 0 27,907
LIBERTY SIRIUSXM GROUP CLASS A COM 531229409 10,173 256,502 SH   SOLE 0 225,189 0 31,313
LIBERTY SIRIUSXM GROUP CLASS C COM 531229607 11,704 295,108 SH   SOLE 0 259,321 0 35,787
Liberty TripAdvisor Holdings Inc Class A COM 531465102 2,731 289,761 SH   SOLE 0 254,213 0 35,548
Leucadia National Corporation COM 527288104 3,117 117,658 SH   SOLE 0 103,713 0 13,945
Liberty Interactive Corp NPV COM 53071M856 3,728 68,739 SH   SOLE 0 60,352 0 8,387
LYONDELLBASELL INDUSTRIES NV COM N53745100 8,480 76,863 SH   SOLE 0 67,630 0 9,233
Masco Corporation COM 574599106 12,434 282,981 SH   SOLE 0 249,632 0 33,349
MBIA Inc. COM 55262C100 36,553 4,993,532 SH   SOLE 0 4,392,832 0 600,700
Moodys Corporation COM 615369105 5,836 39,540 SH   SOLE 0 34,656 0 4,884
MICRO FOCUS INTL PLC NPV ADR COM 594837304 10,308 306,887 SH   SOLE 0 270,310 0 36,577
MGM Resorts International COM 552953101 74,884 2,242,714 SH   SOLE 0 1,970,443 0 272,271
Mohawk Industries, Inc. COM 608190104 23,618 85,603 SH   SOLE 0 75,509 0 10,094
MARKEL CORPORATION COM 570535104 20,059 17,609 SH   SOLE 0 15,477 0 2,132
Altria Group, Inc. COM 02209S103 20,860 292,122 SH   SOLE 0 249,993 0 42,129
Morgan Stanley COM 617446448 23,896 455,417 SH   SOLE 0 401,824 0 53,593
Microsoft Corporation COM 594918104 29,662 346,757 SH   SOLE 0 305,839 0 40,918
Micron Technology, Inc. COM 595112103 49,045 1,192,739 SH   SOLE 0 1,051,004 0 141,735
INGEVITY CORP COM 45688C107 1,667 23,656 SH   SOLE 0 20,915 0 2,741
NII HOLDINGS, INC ORD SHARES COM 62913F508 255 600,973 SH   SOLE 0 539,317 0 61,656
NAVIOS MARITIME ACQUISITION CORPORATION COM Y62159101 1,500 1,350,945 SH   SOLE 0 1,189,077 0 161,868
NOAH HOLDINGS LTD. SPONSORED ADR CLASS A COM 65487X102 9,914 214,227 SH   SOLE 0 188,607 0 25,620
NetEase, Inc. Sponsored ADR COM 64110W102 36,613 106,103 SH   SOLE 0 93,400 0 12,703
PETROLEO BRASILEIRO SA SPONSORED ADR COM 71654V408 18,808 1,827,798 SH   SOLE 0 1,609,483 0 218,315
Priceline Group Inc COM 741503403 81,616 46,967 SH   SOLE 0 41,348 0 5,619
Philip Morris International Inc. COM 718172109 14,475 137,007 SH   SOLE 0 117,370 0 19,637
PNC FINANCIAL SERVICES GROUP INC WARRANTS 2010-31. CONV BONDS 693475121 21,697 279,171 PRN   SOLE 0 245,910 0 33,261
PAYPAL HOLDINGS INC COM 70450Y103 113,092 1,536,153 SH   SOLE 0 1,351,313 0 184,840
PAPA JOHN`S INTERNATIONAL, INC. COM 698813102 6,335 112,908 SH   SOLE 0 99,329 0 13,579
Liberty Interactive Corporation QVC Group COM 53071M104 16,447 673,495 SH   SOLE 0 593,382 0 80,113
RALPH LAUREN CORPORATION CLASS A COM 751212101 9,190 88,628 SH   SOLE 0 78,043 0 10,585
Raytheon Company COM 755111507 13,982 74,431 SH   SOLE 0 65,463 0 8,968
Ryanair Holdings Plc Sponsored ADR COM 783513203 7,220 69,295 SH   SOLE 0 60,564 0 8,731
SCORPIO BULKERS, INC. COM Y7546A122 7,303 986,863 SH   SOLE 0 868,259 0 118,604
SPIRIT AIRLINES, INC. COM 848577102 7,528 167,839 SH   SOLE 0 147,642 0 20,197
SOUTHERN COPPER CORPORATION COM 84265V105 13,303 280,352 SH   SOLE 0 246,462 0 33,890
Charles Schwab Corporation COM 808513105 7,564 147,255 SH   SOLE 0 129,313 0 17,942
Sherwin-Williams Company COM 824348106 41,826 102,004 SH   SOLE 0 89,775 0 12,229
Signet Jewelers Limited COM G81276100 7,232 127,883 SH   SOLE 0 112,764 0 15,119
SL Green Realty Corp. COM 78440X101 26,666 264,206 SH   SOLE 0 232,750 0 31,456
Scotts Miracle-Gro Company Class A COM 810186106 14,237 133,069 SH   SOLE 0 117,395 0 15,674
STEEL DYNAMICS, INC. COM 858119100 5,618 130,254 SH   SOLE 0 114,741 0 15,513
STNG 2 3/8 07/01/19 CONV BONDS 80918TAA7 2,707 3,012,000 PRN   SOLE 0 2,633,000 0 379,000
SCORPIO TANKERS INC. COM Y7542C106 29,140 9,554,176 SH   SOLE 0 8,416,784 0 1,137,392
Seagate Technology PLC COM G7945M107 18,804 449,434 SH   SOLE 0 395,963 0 53,471
Synchrony Financial COM 87165B103 66,416 1,720,165 SH   SOLE 0 1,515,099 0 205,066
THOR INDUSTRIES, INC. COM 885160101 5,996 39,781 SH   SOLE 0 34,942 0 4,839
TripAdvisor, Inc. COM 896945201 7,367 213,791 SH   SOLE 0 188,008 0 25,783
Tronc Inc COM 89703P107 890 50,587 SH   SOLE 0 44,477 0 6,110
Tractor Supply Company COM 892356106 36,206 484,357 SH   SOLE 0 426,408 0 57,949
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 72,134 1,819,259 SH   SOLE 0 1,603,212 0 216,047
ISHARES MSCI TURKEY ETF COM 464286715 2,924 67,272 SH   SOLE 0 67,272 0 0
TEXAS INSTRUMENTS INCORPORATED COM 882508104 9,901 94,800 SH   SOLE 0 83,402 0 11,398
United Continental Holdings, Inc. COM 910047109 32,554 482,992 SH   SOLE 0 424,827 0 58,165
NET 1 UEPS TECHNOLOGIES, INC. COM 64107N206 6,050 508,869 SH   SOLE 0 448,285 0 60,584
UNION PACIFIC CORPORATION COM 907818108 39,921 297,695 SH   SOLE 0 262,209 0 35,486
USG Corporation COM 903293405 9,509 246,609 SH   SOLE 0 217,248 0 29,361
VEECO INSTRUMENTS INC. COM 922417100 7,451 501,743 SH   SOLE 0 441,610 0 60,133
VIPSHOP HOLDINGS LTD SPONSORED ADR COM 92763W103 19,788 1,688,361 SH   SOLE 0 1,486,365 0 201,996
Verisk Analytics, Inc. Class A COM 92345Y106 15,997 166,632 SH   SOLE 0 146,500 0 20,132
VISTA OUTDOOR INC COM 928377100 9,791 671,983 SH   SOLE 0 591,722 0 80,261
AQUAVENTURE HOLDINGS LIMITED COM G0443N107 1,063 68,502 SH   SOLE 0 60,481 0 8,021
Western Digital Corporation COM 958102105 10,712 134,694 SH   SOLE 0 118,739 0 15,955
Wells Fargo & Company COM 949746101 64,212 1,058,389 SH   SOLE 0 929,868 0 128,521
WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS CONV BONDS 949746119 14,254 518,475 PRN   SOLE 0 456,466 0 62,009
WHIRLPOOL CORPORATION COM 963320106 3,738 22,167 SH   SOLE 0 19,530 0 2,637
WILLIS TOWERS WATSON PLC COM G96629103 33,019 219,119 SH   SOLE 0 192,988 0 26,131
WAL-MART STORES, INC. COM 931142103 42,298 428,332 SH   SOLE 0 393,566 0 34,766
WESTROCK CO. COM 96145D105 8,752 138,453 SH   SOLE 0 122,439 0 16,014
YANDEX N.V. COM N97284108 13,525 412,972 SH   SOLE 0 363,413 0 49,559