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
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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
Alcoa Corp. COM 013872106 11,517 433,285 SH   SOLE 0 371,692 0 61,593
Altaba Inc. COM 021346101 20,412 352,292 SH   SOLE 0 302,299 0 49,993
American Airlines Group, Inc. COM 02376R102 74,367 2,316,010 SH   SOLE 0 1,985,930 0 330,080
Advance Auto Parts, Inc. COM 00751Y106 5,955 37,822 SH   SOLE 0 32,299 0 5,523
Adient plc COM G0084W101 2,116 140,512 SH   SOLE 0 120,588 0 19,924
Alliance Data Systems Corporation COM 018581108 6,806 45,350 SH   SOLE 0 38,901 0 6,449
American International Group, Inc. COM 026874784 56,742 1,439,777 SH   SOLE 0 1,234,554 0 205,223
American International Group, Inc. Warrants 2011-1 CONV BONDS 026874156 21,823 4,011,523 PRN   SOLE 0 3,437,395 0 574,128
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 5,154 361,680 SH   SOLE 0 310,139 0 51,541
Amazon.com, Inc. COM 023135106 213,484 142,136 SH   SOLE 0 121,809 0 20,327
Anthem, Inc. COM 036752103 29,831 113,586 SH   SOLE 0 97,253 0 16,333
Apache Corporation COM 037411105 2,545 96,952 SH   SOLE 0 83,094 0 13,858
Altice USA, Inc. Class A COM 02156K103 3,611 218,582 SH   SOLE 0 187,164 0 31,418
Activision Blizzard, Inc. COM 00507V109 20,038 430,276 SH   SOLE 0 368,654 0 61,622
Broadcom Inc. COM 11135F101 10,044 39,500 SH   SOLE 0 33,835 0 5,665
American Express Company COM 025816109 49,828 522,745 SH   SOLE 0 448,211 0 74,534
Alibaba Group Holding Ltd. Sponsored ADR COM 01609W102 2,599 18,964 SH   SOLE 0 15,986 0 2,978
Bank of America Corp COM 060505104 133,124 5,402,771 SH   SOLE 0 4,631,814 0 770,957
Bank of America Corporation Warrants 2009-16.1.19 CONV BONDS 060505146 52,445 4,097,279 PRN   SOLE 0 3,507,777 0 589,502
Belmond Ltd. Class A COM G1154H107 51,954 2,075,688 SH   SOLE 0 1,785,339 0 290,349
Sotheby s Class A COM 835898107 10,140 255,168 SH   SOLE 0 218,996 0 36,172
Baidu, Inc. Sponsored ADR Class A COM 056752108 13,671 86,198 SH   SOLE 0 73,777 0 12,421
Bio-Rad Laboratories, Inc. Class A COM 090572207 23,420 100,854 SH   SOLE 0 86,140 0 14,714
Booking Holdings Inc. COM 09857L108 81,820 47,503 SH   SOLE 0 40,730 0 6,773
TopBuild Corp. COM 89055F103 2,089 46,426 SH   SOLE 0 39,790 0 6,636
Bristol-Myers Squibb Company COM 110122108 10,604 204,001 SH   SOLE 0 175,179 0 28,822
Berkshire Hathaway Inc. Class B COM 084670702 79,613 389,915 SH   SOLE 0 334,174 0 55,741
Peabody Energy Corporation COM 704551100 40,530 1,329,732 SH   SOLE 0 1,136,007 0 193,725
Citigroup Inc. COM 172967424 117,234 2,251,906 SH   SOLE 0 1,929,096 0 322,810
Avis Budget Group, Inc. COM 053774105 4,291 190,875 SH   SOLE 0 163,857 0 27,018
CBRE Group, Inc. Class A COM 12504L109 82,532 2,061,231 SH   SOLE 0 1,768,063 0 293,168
Citizens Financial Group, Inc. COM 174610105 31,066 1,044,952 SH   SOLE 0 895,496 0 149,456
Charter Communications, Inc. Class A COM 16119P108 8,463 29,697 SH   SOLE 0 25,484 0 4,213
CoreLogic, Inc. COM 21871D103 13,623 407,622 SH   SOLE 0 349,224 0 58,398
CME Group Inc. Class A COM 12572Q105 2,067 11,055 SH   SOLE 0 9,622 0 1,433
Capital One Financial Corporation COM 14040H105 40,706 538,507 SH   SOLE 0 461,376 0 77,131
ConocoPhillips COM 20825C104 6,364 102,070 SH   SOLE 0 87,675 0 14,395
Costco Wholesale Corporation COM 22160K105 107,613 528,268 SH   SOLE 0 452,844 0 75,424
Coty Inc. Class A COM 222070203 1,237 188,543 SH   SOLE 0 162,328 0 26,215
CenturyLink, Inc. COM 156700106 14,133 932,897 SH   SOLE 0 799,248 0 133,649
Ctrip.com International Ltd Sponsored ADR COM 22943F100 3,427 126,660 SH   SOLE 0 108,007 0 18,653
Cognizant Technology Solutions Corporation Class A COM 192446102 20,268 319,275 SH   SOLE 0 273,487 0 45,788
Cemex SAB de CV Sponsored ADR COM 151290889 31,528 6,541,098 SH   SOLE 0 5,600,136 0 940,962
Caesars Entertainment Corporation COM 127686103 8,636 1,271,811 SH   SOLE 0 1,087,847 0 183,964
Delta Air Lines, Inc. COM 247361702 94,099 1,885,750 SH   SOLE 0 1,616,662 0 269,088
DHT Holdings, Inc. COM Y2065G121 13,272 3,385,655 SH   SOLE 0 2,906,707 0 478,948
Discovery, Inc. Class A COM 25470F104 15,707 634,891 SH   SOLE 0 544,196 0 90,695
NOW Inc. COM 67011P100 10,259 881,334 SH   SOLE 0 755,230 0 126,104
Diana Shipping Inc. COM Y2066G104 16,876 5,307,060 SH   SOLE 0 4,549,074 0 757,986
DowDuPont Inc. COM 26078J100 17,027 318,389 SH   SOLE 0 273,128 0 45,261
DXC Technology Co. COM 23355L106 12,386 232,946 SH   SOLE 0 199,524 0 33,422
eBay Inc. COM 278642103 17,739 631,940 SH   SOLE 0 541,717 0 90,223
EPAM Systems, Inc. COM 29414B104 27,414 236,307 SH   SOLE 0 202,342 0 33,965
Ensco plc Class A COM G3157S106 9,002 2,528,562 SH   SOLE 0 2,164,770 0 363,792
Ford Motor Company COM 345370860 15,396 2,012,512 SH   SOLE 0 1,724,069 0 288,443
FirstCash, Inc. COM 33767D105 14,159 195,704 SH   SOLE 0 167,599 0 28,105
Freeport-McMoRan, Inc. COM 35671D857 10,087 978,330 SH   SOLE 0 834,380 0 143,950
Fluor Corporation COM 343412102 1,990 61,787 SH   SOLE 0 53,052 0 8,735
Federal National Mortgage Association COM 313586109 567 535,156 SH   SOLE 0 459,837 0 75,319
Liberty Media Corporation Series A Liberty Formula COM 531229870 1,354 45,554 SH   SOLE 0 38,602 0 6,952
Liberty Media Corporation Series C Liberty Formula COM 531229854 1,800 58,629 SH   SOLE 0 50,373 0 8,256
Graco Inc. COM 384109104 12,348 295,047 SH   SOLE 0 252,944 0 42,103
GCI Liberty, Inc. Class A COM 36164V305 2,829 68,736 SH   SOLE 0 58,841 0 9,895
Golar LNG Limited COM G9456A100 7,111 326,782 SH   SOLE 0 279,550 0 47,232
Corning Inc COM 219350105 5,626 186,220 SH   SOLE 0 159,583 0 26,637
Alphabet Inc. Class C COM 02079K107 119,086 114,991 SH   SOLE 0 98,502 0 16,489
Alphabet Inc. Class A COM 02079K305 12,266 11,738 SH   SOLE 0 10,000 0 1,738
Garmin Ltd. COM H2906T109 15,715 248,186 SH   SOLE 0 213,068 0 35,118
Ferroglobe PLC COM G33856108 1,179 741,779 SH   SOLE 0 635,226 0 106,553
Halliburton Company COM 406216101 2,019 75,968 SH   SOLE 0 64,918 0 11,050
Huntington Bancshares Incorporated COM 446150104 4,214 353,514 SH   SOLE 0 303,008 0 50,506
Hanesbrands Inc. COM 410345102 12,440 992,790 SH   SOLE 0 851,195 0 141,595
Warrior Met Coal, Inc. COM 93627C101 4,328 179,529 SH   SOLE 0 156,175 0 23,354
Hackett Group, Inc. COM 404609109 19,308 1,205,988 SH   SOLE 0 1,031,283 0 174,705
Hewlett Packard Enterprise Co. COM 42824C109 4,581 346,761 SH   SOLE 0 296,606 0 50,155
HP Inc. COM 40434L105 7,034 343,805 SH   SOLE 0 296,028 0 47,777
Hertz Global Holdings, Inc. COM 42806J106 789 57,828 SH   SOLE 0 50,283 0 7,545
iHeartMedia, Inc. Class A COM 45174J103 154 349,766 SH   SOLE 0 335,114 0 14,652
iShares MSCI India ETF COM 46429B598 31,207 936,022 SH   SOLE 0 761,097 0 174,925
International Seaways, Inc. COM Y41053102 4,584 272,203 SH   SOLE 0 233,134 0 39,069
Intel Corporation COM 458140100 15,217 324,242 SH   SOLE 0 278,255 0 45,987
Gartner, Inc. COM 366651107 23,223 181,658 SH   SOLE 0 155,919 0 25,739
JD.com, Inc. Sponsored ADR Class A COM 47215P106 35,670 1,704,252 SH   SOLE 0 1,458,360 0 245,892
Jefferies Financial Group Inc. COM 47233W109 17,509 1,008,609 SH   SOLE 0 864,513 0 144,096
JPMorgan Chase & Co. COM 46625H100 39,489 404,520 SH   SOLE 0 346,284 0 58,236
Kirby Corporation COM 497266106 5,198 77,166 SH   SOLE 0 66,380 0 10,786
KKR & Co. Inc. Class A COM 48251W104 15,397 784,339 SH   SOLE 0 672,139 0 112,200
Kroger Co. COM 501044101 38,686 1,406,772 SH   SOLE 0 1,205,438 0 201,334
Kansas City Southern COM 485170302 13,290 139,234 SH   SOLE 0 119,142 0 20,092
KT Corporation Sponsored ADR COM 48268K101 633 44,483 SH   SOLE 0 44,483 0 0
Loews Corporation COM 540424108 8,746 192,127 SH   SOLE 0 164,929 0 27,198
Lazard Ltd Class A COM G54050102 33,969 920,330 SH   SOLE 0 789,337 0 130,993
Liberty Broadband Corp. Class A COM 530307107 346 4,823 SH   SOLE 0 4,098 0 725
Liberty Broadband Corp. Class C COM 530307305 5,674 78,768 SH   SOLE 0 66,904 0 11,864
Liberty Global Plc Class A COM G5480U104 24,431 1,144,846 SH   SOLE 0 979,093 0 165,753
Liberty Global Plc Class C COM G5480U120 24,933 1,207,992 SH   SOLE 0 1,033,797 0 174,195
Lear Corporation COM 521865204 4,339 35,320 SH   SOLE 0 30,220 0 5,100
Liberty Expedia Holdings Inc Class A COM 53046P109 418 10,676 SH   SOLE 0 9,024 0 1,652
Lions Gate Entertainment Corp Class B COM 535919500 373 25,089 SH   SOLE 0 21,531 0 3,558
Liberty Latin America Ltd. Class A COM G9001E102 4,060 280,403 SH   SOLE 0 238,070 0 42,333
Liberty Latin America Ltd. Class C COM G9001E128 5,645 387,432 SH   SOLE 0 329,965 0 57,467
LivaNova Plc COM G5509L101 28,764 314,466 SH   SOLE 0 269,123 0 45,343
Lowe s Companies, Inc. COM 548661107 6,028 65,269 SH   SOLE 0 55,784 0 9,485
Louisiana-Pacific Corporation COM 546347105 5,945 267,563 SH   SOLE 0 228,755 0 38,808
Lam Research Corporation COM 512807108 2,886 21,197 SH   SOLE 0 18,146 0 3,051
Liberty Media Corp. Series A Liberty SiriusXM COM 531229409 9,923 269,645 SH   SOLE 0 230,192 0 39,453
Liberty Media Corp. Series C Liberty SiriusXM COM 531229607 11,032 298,329 SH   SOLE 0 255,301 0 43,028
Liberty TripAdvisor Holdings Inc Class A COM 531465102 5,025 316,257 SH   SOLE 0 269,421 0 46,836
LyondellBasell Industries NV COM N53745100 7,036 84,608 SH   SOLE 0 72,705 0 11,903
Masco Corporation COM 574599106 9,438 322,780 SH   SOLE 0 276,538 0 46,242
MBIA Inc. COM 55262C100 34,432 3,860,091 SH   SOLE 0 3,315,855 0 544,236
McKesson Corporation COM 58155Q103 5,756 52,106 SH   SOLE 0 44,606 0 7,500
Moody s Corporation COM 615369105 4,082 29,150 SH   SOLE 0 24,955 0 4,195
Micro Focus International plc Sponsored ADR COM 594837304 7,899 458,976 SH   SOLE 0 393,649 0 65,327
MGM Resorts International COM 552953101 49,079 2,023,060 SH   SOLE 0 1,733,498 0 289,562
Mohawk Industries, Inc. COM 608190104 9,873 84,410 SH   SOLE 0 72,452 0 11,958
Markel Corporation COM 570535104 20,090 19,354 SH   SOLE 0 16,551 0 2,803
Altria Group Inc COM 02209S103 13,904 281,517 SH   SOLE 0 230,716 0 50,801
Marathon Petroleum Corporation COM 56585A102 14,698 249,074 SH   SOLE 0 213,939 0 35,135
Morgan Stanley COM 617446448 15,254 384,719 SH   SOLE 0 329,557 0 55,162
Microsoft Corporation COM 594918104 36,591 360,253 SH   SOLE 0 308,633 0 51,620
Micron Technology, Inc. COM 595112103 38,931 1,226,936 SH   SOLE 0 1,050,738 0 176,198
Ingevity Corporation COM 45688C107 1,972 23,558 SH   SOLE 0 20,134 0 3,424
Noah Holdings Ltd. Sponsored ADR Class A COM 65487X102 9,132 210,810 SH   SOLE 0 180,850 0 29,960
NetEase, Inc. Sponsored ADR COM 64110W102 27,440 116,582 SH   SOLE 0 99,886 0 16,696
Petroleo Brasileiro SA Sponsored ADR COM 71654V408 22,568 1,734,689 SH   SOLE 0 1,489,498 0 245,191
Philip Morris International Inc. COM 718172109 10,603 158,826 SH   SOLE 0 130,575 0 28,251
PNC Financial Services Group, Inc. COM 693475105 21,793 186,406 SH   SOLE 0 159,649 0 26,757
Perspecta, Inc. COM 715347100 1,979 114,900 SH   SOLE 0 98,302 0 16,598
PayPal Holdings Inc COM 70450Y103 101,512 1,207,177 SH   SOLE 0 1,035,008 0 172,169
Papa John s International, Inc. COM 698813102 7,940 199,450 SH   SOLE 0 170,790 0 28,660
Qurate Retail, Inc. Class A COM 74915M100 13,635 698,496 SH   SOLE 0 598,018 0 100,478
Raytheon Company COM 755111507 11,212 73,116 SH   SOLE 0 62,508 0 10,608
Ryanair Holdings Plc Sponsored ADR COM 783513203 6,164 86,401 SH   SOLE 0 69,432 0 16,969
Scorpio Bulkers, Inc. COM Y7546A122 6,166 1,114,997 SH   SOLE 0 954,955 0 160,042
Spirit Airlines, Inc. COM 848577102 10,759 185,764 SH   SOLE 0 158,651 0 27,113
Southern Copper Corporation COM 84265V105 9,526 309,595 SH   SOLE 0 265,010 0 44,585
Sherwin-Williams Company COM 824348106 31,269 79,472 SH   SOLE 0 68,140 0 11,332
Signet Jewelers Limited COM G81276100 4,614 145,234 SH   SOLE 0 124,889 0 20,345
SL Green Realty Corp. COM 78440X101 17,265 218,327 SH   SOLE 0 187,257 0 31,070
Scotts Miracle-Gro Company Class A COM 810186106 6,741 109,676 SH   SOLE 0 94,082 0 15,594
Steel Dynamics, Inc. COM 858119100 4,451 148,182 SH   SOLE 0 127,011 0 21,171
Scorpio Tankers Inc. COM Y7542C106 21,155 12,020,122 SH   SOLE 0 10,294,282 0 1,725,840
Seagate Technology PLC COM G7945M107 15,743 407,945 SH   SOLE 0 349,583 0 58,362
Synchrony Financial COM 87165B103 37,035 1,578,625 SH   SOLE 0 1,351,028 0 227,597
Thor Industries, Inc. COM 885160101 4,341 83,489 SH   SOLE 0 71,531 0 11,958
Tribune Publishing Co. COM 89609W107 475 41,900 SH   SOLE 0 35,988 0 5,912
TripAdvisor, Inc. COM 896945201 4,764 88,321 SH   SOLE 0 75,742 0 12,579
Tractor Supply Company COM 892356106 40,423 484,455 SH   SOLE 0 415,369 0 69,086
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 64,273 1,741,333 SH   SOLE 0 1,490,836 0 250,497
Texas Instruments Incorporated COM 882508104 10,207 108,010 SH   SOLE 0 92,466 0 15,544
United Continental Holdings, Inc. COM 910047109 28,319 338,224 SH   SOLE 0 290,108 0 48,116
Net 1 UEPS Technologies, Inc. COM 64107N206 2,715 578,824 SH   SOLE 0 496,809 0 82,015
Union Pacific Corporation COM 907818108 34,104 246,716 SH   SOLE 0 211,338 0 35,378
Marriott Vacations Worldwide Corporation COM 57164Y107 1,897 26,900 SH   SOLE 0 23,087 0 3,813
Veeco Instruments Inc. COM 922417100 3,280 442,680 SH   SOLE 0 378,524 0 64,156
VICI Properties Inc COM 925652109 3,706 197,345 SH   SOLE 0 168,983 0 28,362
Vipshop Holdings Ltd Sponsored ADR COM 92763W103 8,421 1,542,322 SH   SOLE 0 1,321,437 0 220,885
Venator Materials PLC COM G9329Z100 1,956 466,880 SH   SOLE 0 399,805 0 67,075
Verisk Analytics Inc COM 92345Y106 7,694 70,560 SH   SOLE 0 60,413 0 10,147
Vista Outdoor Inc COM 928377100 6,315 556,406 SH   SOLE 0 476,185 0 80,221
AquaVenture Holdings Limited COM G0443N107 5,623 297,693 SH   SOLE 0 254,761 0 42,932
Western Digital Corporation COM 958102105 4,888 132,220 SH   SOLE 0 113,211 0 19,009
Wells Fargo & Company COM 949746101 62,606 1,358,638 SH   SOLE 0 1,163,875 0 194,763
Whirlpool Corporation COM 963320106 2,701 25,274 SH   SOLE 0 21,646 0 3,628
Willis Towers Watson Public Limited Company COM G96629103 31,407 206,814 SH   SOLE 0 177,122 0 29,692
Walmart Inc. COM 931142103 32,123 344,849 SH   SOLE 0 294,439 0 50,410
WestRock Company COM 96145D105 5,145 136,266 SH   SOLE 0 117,481 0 18,785
58.com Inc. Sponsored ADR Class A COM 31680Q104 6,468 119,322 SH   SOLE 0 102,173 0 17,149
Yandex NV Class A COM N97284108 14,296 522,700 SH   SOLE 0 447,662 0 75,038