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 16,167 400,163 SH   SOLE 0 342,500 0 57,663
ALTABA INC. COM 021346101 22,251 326,648 SH   SOLE 0 280,381 0 46,267
American Airlines Group, Inc. COM 02376R102 99,780 2,414,235 SH   SOLE 0 2,068,680 0 345,555
ADVANCE AUTO PARTS, INC. COM 00751Y106 6,606 39,246 SH   SOLE 0 33,459 0 5,787
ADIENT PLC COM G0084W101 2,033 51,717 SH   SOLE 0 44,145 0 7,572
Alliance Data Systems Corporation COM 018581108 11,109 47,041 SH   SOLE 0 40,297 0 6,744
American International Group, Inc. COM 026874784 84,330 1,583,956 SH   SOLE 0 1,357,081 0 226,875
AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. CONV BONDS 026874156 54,629 3,736,614 PRN   SOLE 0 3,197,266 0 539,348
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 6,025 375,134 SH   SOLE 0 321,309 0 53,825
Amazon.com, Inc. COM 023135106 301,437 150,493 SH   SOLE 0 128,863 0 21,630
Andeavor COM 03349M105 13,121 85,480 SH   SOLE 0 73,925 0 11,555
Anthem, Inc. COM 036752103 27,978 102,092 SH   SOLE 0 87,450 0 14,642
APACHE CORPORATION COM 037411105 4,793 100,540 SH   SOLE 0 86,067 0 14,473
ACTIVISION BLIZZARD INC COM 00507V109 33,184 398,899 SH   SOLE 0 341,912 0 56,987
BROADCOM LIMITED COM 11135F101 8,758 35,495 SH   SOLE 0 30,425 0 5,070
American Express Company COM 025816109 66,029 620,048 SH   SOLE 0 530,907 0 89,141
ALIBABA GROUP HOLDING LTD. SPONSORED ADR COM 01609W102 2,895 17,574 SH   SOLE 0 14,831 0 2,743
Bank of America Corporation COM 060505104 175,062 5,942,357 SH   SOLE 0 5,088,125 0 854,232
BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS CONV BONDS 060505146 75,631 4,246,523 PRN   SOLE 0 3,628,372 0 618,151
BANK OF AMERICA CORP WARRANTS 2009-28.10.18 ON SHS CONV BONDS 060505153 528 1,759,020 PRN   SOLE 0 1,503,647 0 255,373
Liberty Braves Group - Class C COM 531229888 211 7,758 SH   SOLE 0 6,992 0 766
Belmond Ltd. Class A COM G1154H107 46,965 2,573,449 SH   SOLE 0 2,209,935 0 363,514
Sotheby s Class A COM 835898107 15,559 316,297 SH   SOLE 0 271,034 0 45,263
BAIDU, INC. SPONSORED ADR CLASS A COM 056752108 18,276 79,919 SH   SOLE 0 68,434 0 11,485
Bio-Rad Laboratories, Inc. Class A COM 090572207 30,302 96,813 SH   SOLE 0 82,649 0 14,164
Booking Holdings Inc. COM 09857L108 96,405 48,591 SH   SOLE 0 41,639 0 6,952
TOPBUILD CORP. COM 89055F103 2,373 41,764 SH   SOLE 0 35,794 0 5,970
Bristol-Myers Squibb Company COM 110122108 13,134 211,566 SH   SOLE 0 181,468 0 30,098
Berkshire Hathaway Inc. Class B COM 084670702 85,507 399,358 SH   SOLE 0 341,970 0 57,388
PEABODY ENERGY CORPORATION COM 704551100 30,152 846,014 SH   SOLE 0 721,970 0 124,044
Citigroup Inc. COM 172967424 173,504 2,418,508 SH   SOLE 0 2,070,664 0 347,844
CITIGROUP INC WARRANTS 2011-4.1.19 ON SHS CONV BONDS 172967226 10 6,816,781 PRN   SOLE 0 5,823,067 0 993,714
Avis Budget Group, Inc. COM 053774105 6,359 197,844 SH   SOLE 0 169,633 0 28,211
CBRE Group, Inc. Class A COM 12504L109 104,245 2,363,832 SH   SOLE 0 2,025,127 0 338,705
Citizens Financial Group, Inc. COM 174610105 48,131 1,247,875 SH   SOLE 0 1,068,194 0 179,681
Charter Communications Inc. Class A COM 16119P108 10,038 30,802 SH   SOLE 0 26,396 0 4,406
CoreLogic, Inc. COM 21871D103 24,958 505,116 SH   SOLE 0 432,106 0 73,010
COMCAST CORPORATION CLASS A COM 20030N101 21,216 599,161 SH   SOLE 0 512,889 0 86,272
Capital One Financial Corporation COM 14040H105 59,828 630,230 SH   SOLE 0 539,314 0 90,916
Costco Wholesale Corporation COM 22160K105 138,787 590,883 SH   SOLE 0 505,853 0 85,030
Coty Inc. Class A COM 222070203 2,127 169,378 SH   SOLE 0 145,887 0 23,491
CENTURYLINK, INC. COM 156700106 18,695 881,836 SH   SOLE 0 755,477 0 126,359
CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR COM 22943F100 4,365 117,440 SH   SOLE 0 100,197 0 17,243
Cognizant Technology Solutions Corporation Class A COM 192446102 22,634 293,374 SH   SOLE 0 251,396 0 41,978
Cemex SAB de CV Sponsored ADR COM 151290889 44,948 6,384,672 SH   SOLE 0 5,461,369 0 923,303
CAESARS ENTERTAINMENT CORPORATION COM 127686103 11,713 1,142,765 SH   SOLE 0 978,204 0 164,561
Delta Air Lines, Inc. COM 247361702 124,151 2,146,835 SH   SOLE 0 1,838,571 0 308,264
DHT HOLDINGS, INC. COM Y2065G121 17,164 3,651,945 SH   SOLE 0 3,133,048 0 518,897
DISCOVERY INC - A COM 25470F104 25,174 786,681 SH   SOLE 0 673,451 0 113,230
NOW Inc COM 67011P100 16,646 1,005,793 SH   SOLE 0 860,775 0 145,018
DIANA SHIPPING INC. COM Y2066G104 19,523 4,738,709 SH   SOLE 0 4,044,298 0 694,411
DOWDUPONT INC COM 26078J100 21,495 334,240 SH   SOLE 0 286,327 0 47,913
DXC Technology Co COM 23355L106 25,073 268,101 SH   SOLE 0 229,378 0 38,723
eBay Inc. COM 278642103 23,602 714,788 SH   SOLE 0 611,863 0 102,925
EPAM Systems, Inc. COM 29414B104 30,168 219,088 SH   SOLE 0 187,675 0 31,413
ENSCO PLC CLASS A COM G3157S106 19,650 2,328,175 SH   SOLE 0 1,994,127 0 334,048
ISHARES MSCI SOUTH KOREA CAP ETF COM 464286772 2,801 41,027 SH   SOLE 0 41,027 0 0
Ford Motor Company COM 345370860 23,064 2,493,376 SH   SOLE 0 2,132,939 0 360,437
FIRSTCASH INC. COM 33767D105 14,880 181,468 SH   SOLE 0 155,432 0 26,036
FREEPORT-MCMORAN, INC. COM 35671D857 12,488 897,101 SH   SOLE 0 765,545 0 131,556
Fluor Corporation COM 343412102 3,222 55,452 SH   SOLE 0 47,613 0 7,839
Federal National Mortgage Association COM 313586109 691 479,758 SH   SOLE 0 412,458 0 67,300
Liberty Media Corp Series A Liberty Formula One COM 531229870 1,681 47,243 SH   SOLE 0 39,887 0 7,356
Liberty Media Corp Series C Liberty Formula One COM 531229854 2,238 60,188 SH   SOLE 0 51,604 0 8,584
Graco Inc. COM 384109104 14,181 306,021 SH   SOLE 0 262,022 0 43,999
GCI LIBERTY INC NPV A COM 36164V305 3,592 70,435 SH   SOLE 0 60,235 0 10,200
GOLAR LNG LIMITED COM G9456A100 8,164 293,654 SH   SOLE 0 251,386 0 42,268
CORNING INCORPORATED COM 219350105 5,906 167,302 SH   SOLE 0 143,443 0 23,859
Alphabet Inc. Class C COM 02079K107 147,669 123,731 SH   SOLE 0 105,897 0 17,834
Alphabet Inc. Class A COM 02079K305 12,744 10,558 SH   SOLE 0 9,006 0 1,552
Garmin Ltd. COM H2906T109 18,033 257,434 SH   SOLE 0 220,724 0 36,710
FERROGLOBE PLC COM G33856108 5,447 666,650 SH   SOLE 0 571,278 0 95,372
Halliburton Company COM 406216101 2,766 68,252 SH   SOLE 0 58,349 0 9,903
Huntington Bancshares Incorporated COM 446150104 5,470 366,634 SH   SOLE 0 313,846 0 52,788
Hanesbrands Inc. COM 410345102 18,978 1,029,757 SH   SOLE 0 881,775 0 147,982
WARRIOR MET COAL, INC. COM 93627C101 4,037 149,279 SH   SOLE 0 128,370 0 20,909
Hackett Group, Inc. COM 404609109 25,208 1,250,993 SH   SOLE 0 1,068,731 0 182,262
HEWLETT PACKARD ENTERPRISE CO. COM 42824C109 5,865 359,597 SH   SOLE 0 307,246 0 52,351
HP Inc COM 40434L105 9,188 356,551 SH   SOLE 0 306,578 0 49,973
Hertz Global Holdings COM 42806J106 979 59,968 SH   SOLE 0 52,026 0 7,942
iHeartMedia, Inc. Class A COM 45174J103 204 453,617 SH   SOLE 0 434,505 0 19,112
iShares MSCI India ETF COM 46429B598 26,928 829,310 SH   SOLE 0 661,553 0 167,757
INTERNATIONAL SEAWAYS, INC. COM Y41053102 4,893 244,398 SH   SOLE 0 210,378 0 34,020
Intel Corporation COM 458140100 15,894 336,087 SH   SOLE 0 288,014 0 48,073
Gartner, Inc. COM 366651107 29,857 188,371 SH   SOLE 0 161,474 0 26,897
JD.com, Inc. Sponsored ADR Class A COM 47215P106 37,243 1,427,491 SH   SOLE 0 1,220,219 0 207,272
Jefferies Financial Group Inc COM 47233W109 24,324 1,107,673 SH   SOLE 0 948,774 0 158,899
JPMorgan Chase & Co. COM 46625H100 25,319 224,379 SH   SOLE 0 192,229 0 32,150
JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS CONV BONDS 46634E114 16,365 225,260 PRN   SOLE 0 192,478 0 32,782
KIRBY CORPORATION COM 497266106 5,887 71,579 SH   SOLE 0 61,575 0 10,004
KKR & Co Inc Com Class A COM 48251W104 26,515 972,330 SH   SOLE 0 832,098 0 140,232
Kroger Co. COM 501044101 47,302 1,624,946 SH   SOLE 0 1,390,165 0 234,781
Kansas City Southern COM 485170302 14,173 125,115 SH   SOLE 0 107,120 0 17,995
KT CORPORATION SPONSORED ADR COM 48268K101 568 38,227 SH   SOLE 0 38,227 0 0
Loews Corporation COM 540424108 11,963 238,163 SH   SOLE 0 204,125 0 34,038
Lazard Ltd Class A COM G54050102 53,289 1,107,194 SH   SOLE 0 948,339 0 158,855
Liberty Broadband Corp. Class A COM 530307107 501 5,946 SH   SOLE 0 5,023 0 923
Liberty Broadband Corp. Class C COM 530307305 6,290 74,612 SH   SOLE 0 63,358 0 11,254
Liberty Global Plc Class A COM G5480U104 34,214 1,182,654 SH   SOLE 0 1,009,810 0 172,844
Liberty Global Plc Class C COM G5480U120 38,759 1,376,372 SH   SOLE 0 1,176,611 0 199,761
LEAR CORPORATION COM 521865204 4,749 32,754 SH   SOLE 0 28,035 0 4,719
Liberty Expedia Holdings Inc NPV COM 53046P109 622 13,223 SH   SOLE 0 11,130 0 2,093
LIONS GATE ENTERTAINMENT CORP NPV COM 535919500 724 31,063 SH   SOLE 0 26,579 0 4,484
Liberty Latin America Class A COM G9001E102 6,741 323,482 SH   SOLE 0 274,332 0 49,150
Liberty Latin America Class C COM G9001E128 11,656 565,021 SH   SOLE 0 481,161 0 83,860
LIVANOVA PLC COM G5509L101 43,405 350,125 SH   SOLE 0 299,350 0 50,775
Lowe s Companies, Inc. COM 548661107 9,289 80,897 SH   SOLE 0 69,045 0 11,852
Louisiana-Pacific Corporation COM 546347105 6,364 240,235 SH   SOLE 0 205,550 0 34,685
LAM RESEARCH CORPORATION COM 512807108 2,891 19,055 SH   SOLE 0 16,322 0 2,733
LIBERTY SIRIUSXM GROUP CLASS A COM 531229409 11,416 262,790 SH   SOLE 0 224,277 0 38,513
LIBERTY SIRIUSXM GROUP CLASS C COM 531229607 13,119 301,940 SH   SOLE 0 258,254 0 43,686
Liberty TripAdvisor Holdings Inc Class A COM 531465102 4,418 297,537 SH   SOLE 0 253,557 0 43,980
LYONDELLBASELL INDUSTRIES NV COM N53745100 8,048 78,506 SH   SOLE 0 67,451 0 11,055
Masco Corporation COM 574599106 10,615 290,025 SH   SOLE 0 248,612 0 41,413
MBIA Inc. COM 55262C100 52,273 4,889,906 SH   SOLE 0 4,194,265 0 695,641
MCKESSON CORPORATION COM 58155Q103 6,409 48,315 SH   SOLE 0 41,375 0 6,940
Moodys Corporation COM 615369105 5,058 30,253 SH   SOLE 0 25,858 0 4,395
MICRO FOCUS INTL PLC NPV ADR COM 594837304 10,335 559,250 SH   SOLE 0 478,895 0 80,355
MGM Resorts International COM 552953101 63,920 2,290,214 SH   SOLE 0 1,960,579 0 329,635
Mohawk Industries, Inc. COM 608190104 15,350 87,541 SH   SOLE 0 75,027 0 12,514
MARKEL CORPORATION COM 570535104 21,336 17,952 SH   SOLE 0 15,358 0 2,594
Altria Group, Inc. COM 02209S103 17,776 294,745 SH   SOLE 0 241,585 0 53,160
Morgan Stanley COM 617446448 16,101 345,741 SH   SOLE 0 296,353 0 49,388
Microsoft Corporation COM 594918104 40,700 355,861 SH   SOLE 0 304,690 0 51,171
Micron Technology, Inc. COM 595112103 41,059 907,793 SH   SOLE 0 777,486 0 130,307
INGEVITY CORP COM 45688C107 2,487 24,413 SH   SOLE 0 20,827 0 3,586
NII HOLDINGS, INC ORD SHARES COM 62913F508 3,640 621,229 SH   SOLE 0 541,632 0 79,597
NAVIOS MARITIME ACQUISITION CORPORATION COM Y62159101 443 868,711 SH   SOLE 0 758,192 0 110,519
NOAH HOLDINGS LTD. SPONSORED ADR CLASS A COM 65487X102 9,219 218,781 SH   SOLE 0 187,339 0 31,442
NetEase, Inc. Sponsored ADR COM 64110W102 24,675 108,106 SH   SOLE 0 92,655 0 15,451
PETROLEO BRASILEIRO SA SPONSORED ADR COM 71654V408 22,877 1,895,346 SH   SOLE 0 1,626,215 0 269,131
Philip Morris International Inc. COM 718172109 13,553 166,219 SH   SOLE 0 136,694 0 29,525
PNC FINANCIAL SERVICES GROUP, INC. COM 693475105 22,260 163,451 SH   SOLE 0 140,185 0 23,266
PERSPECTA INC COM 715347100 3,401 132,243 SH   SOLE 0 113,051 0 19,192
PAYPAL HOLDINGS INC COM 70450Y103 138,529 1,577,064 SH   SOLE 0 1,351,385 0 225,679
PAPA JOHN`S INTERNATIONAL, INC. COM 698813102 9,483 184,931 SH   SOLE 0 158,422 0 26,509
Qurate Retail Inc Qvc Gr Com Ser A COM 74915M100 15,335 690,442 SH   SOLE 0 590,924 0 99,518
Raytheon Company COM 755111507 15,817 76,537 SH   SOLE 0 65,321 0 11,216
Ryanair Holdings Plc Sponsored ADR COM 783513203 7,659 79,746 SH   SOLE 0 63,243 0 16,503
SCORPIO BULKERS, INC. COM Y7546A122 7,307 1,007,882 SH   SOLE 0 862,592 0 145,290
SPIRIT AIRLINES, INC. COM 848577102 8,088 172,202 SH   SOLE 0 147,142 0 25,060
SOUTHERN COPPER CORPORATION COM 84265V105 12,382 287,030 SH   SOLE 0 245,772 0 41,258
Sherwin-Williams Company COM 824348106 40,699 89,407 SH   SOLE 0 76,566 0 12,841
Signet Jewelers Limited COM G81276100 8,606 130,528 SH   SOLE 0 112,274 0 18,254
SL Green Realty Corp. COM 78440X101 26,394 270,625 SH   SOLE 0 231,756 0 38,869
Scotts Miracle-Gro Company Class A COM 810186106 8,956 113,759 SH   SOLE 0 97,460 0 16,299
STEEL DYNAMICS, INC. COM 858119100 6,019 133,198 SH   SOLE 0 114,234 0 18,964
SCORPIO TANKERS INC. COM Y7542C106 19,670 9,786,125 SH   SOLE 0 8,379,956 0 1,406,169
Seagate Technology PLC COM G7945M107 21,735 459,031 SH   SOLE 0 392,810 0 66,221
Synchrony Financial COM 87165B103 54,643 1,758,156 SH   SOLE 0 1,503,470 0 254,686
THOR INDUSTRIES, INC. COM 885160101 4,828 57,677 SH   SOLE 0 49,443 0 8,234
TripAdvisor, Inc. COM 896945201 5,592 109,490 SH   SOLE 0 93,753 0 15,737
Tronc Inc COM 89703P107 847 51,860 SH   SOLE 0 44,443 0 7,417
Tractor Supply Company COM 892356106 45,020 495,381 SH   SOLE 0 424,878 0 70,503
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 82,108 1,859,336 SH   SOLE 0 1,590,584 0 268,752
ISHARES MSCI TURKEY ETF COM 464286715 2,358 99,032 SH   SOLE 0 99,032 0 0
TEXAS INSTRUMENTS INCORPORATED COM 882508104 10,411 97,040 SH   SOLE 0 83,119 0 13,921
United Continental Holdings, Inc. COM 910047109 44,505 499,723 SH   SOLE 0 428,430 0 71,293
NET 1 UEPS TECHNOLOGIES, INC. COM 64107N206 4,162 520,266 SH   SOLE 0 446,807 0 73,459
UNION PACIFIC CORPORATION COM 907818108 49,799 305,837 SH   SOLE 0 261,612 0 44,225
MARRIOTT VACATIONS WORLDWIDE CORP COM 57164Y107 2,702 24,180 SH   SOLE 0 20,760 0 3,420
VEECO INSTRUMENTS INC. COM 922417100 5,274 514,516 SH   SOLE 0 439,473 0 75,043
VICI PROPERTIES INC COM 925652109 3,835 177,372 SH   SOLE 0 151,981 0 25,391
VIPSHOP HOLDINGS LTD SPONSORED ADR COM 92763W103 9,888 1,584,617 SH   SOLE 0 1,357,317 0 227,300
VENATOR MATERIALS PLC COM G9329Z100 3,776 419,600 SH   SOLE 0 359,561 0 60,039
Verisk Analytics, Inc. Class A COM 92345Y106 8,826 73,216 SH   SOLE 0 62,586 0 10,630
VISTA OUTDOOR INC COM 928377100 12,337 689,614 SH   SOLE 0 589,332 0 100,282
AQUAVENTURE HOLDINGS LIMITED COM G0443N107 4,825 267,016 SH   SOLE 0 228,549 0 38,467
Western Digital Corporation COM 958102105 8,031 137,191 SH   SOLE 0 117,327 0 19,864
Wells Fargo & Company COM 949746101 40,352 767,734 SH   SOLE 0 656,326 0 111,408
WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS CONV BONDS 949746119 13,297 690,021 PRN   SOLE 0 590,777 0 99,244
WHIRLPOOL CORPORATION COM 963320106 2,698 22,720 SH   SOLE 0 19,470 0 3,250
WILLIS TOWERS WATSON PLC COM G96629103 31,694 224,876 SH   SOLE 0 192,366 0 32,510
WALMART INC. COM 931142103 42,229 449,674 SH   SOLE 0 383,561 0 66,113
WESTROCK CO. COM 96145D105 7,551 141,296 SH   SOLE 0 121,636 0 19,660
58.COM INC. SPONSORED ADR CLASS A COM 31680Q104 8,143 110,638 SH   SOLE 0 94,775 0 15,863
YANDEX N.V. COM N97284108 15,938 484,599 SH   SOLE 0 415,193 0 69,406