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

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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 1,280 58,350 SH   SOLE   0 0 58,350
Actuant Corporation COM 00508X203 128,166 5,841,674 SH   DFND 1 5,841,674 0 0
Affiliated Managers Group Inc. COM 008252108 45,521 546,147 SH   SOLE   531,292 0 14,855
Affiliated Managers Group Inc. COM 008252108 81,337 975,850 SH   DFND 1 975,850 0 0
Alphabet Inc. CL C COM 02079K107 148,233 121,602 SH   SOLE   97,896 22,669 1,037
Alphabet Inc. CL C COM 02079K107 74,270 60,927 SH   DFND 1 60,927 0 0
Baidu, Inc. ADR COM 056752108 64,375 626,464 SH   SOLE   437,753 0 188,711
Baidu, Inc. ADR COM 056752108 50,446 490,914 SH   DFND 1 490,914 0 0
CenturyLink Inc COM 156700106 403,064 32,296,806 SH   SOLE   23,150,052 8,717,866 428,888
CenturyLink Inc COM 156700106 23,712 1,900,000 SH   DFND 2 0 0 1,900,000
CenturyLink Inc COM 156700106 492,520 39,464,755 SH   DFND 1 39,464,755 0 0
CNH Industrial NV - U.S. COM N20944109 67,959 6,695,463 SH   SOLE   6,508,626 0 186,837
CNX Resources Corp COM 12653C108 159,728 22,001,063 SH   SOLE   17,548,225 4,097,952 354,886
CNX Resources Corp COM 12653C108 230,009 31,681,708 SH   DFND 1 31,681,708 0 0
Comcast Corporation Cl A COM 20030N101 194,923 4,323,936 SH   SOLE   3,238,040 1,050,507 35,389
Comcast Corporation Cl A COM 20030N101 92,058 2,042,110 SH   DFND 1 2,042,110 0 0
Dillard's Inc. COM 254067101 1,202 18,183 SH   SOLE   0 0 18,183
Dillard's Inc. COM 254067101 133,556 2,020,214 SH   DFND 1 2,020,214 0 0
Eastman Kodak Company COM 277461406 2,534 960,000 SH   DFND 2 0 0 960,000
Eastman Kodak Company COM 277461406 10,560 4,000,000 SH   DFND 1 4,000,000 0 0
FedEx Corporation COM 31428X106 240,069 1,649,164 SH   SOLE   1,251,674 384,420 13,070
FedEx Corporation COM 31428X106 5,750 39,500 SH   DFND 2 0 0 39,500
FedEx Corporation COM 31428X106 124,042 852,114 SH   DFND 1 852,114 0 0
GCI Liberty Inc COM 36164V305 1,494 24,070 SH   SOLE   0 0 24,070
GCI Liberty Inc COM 36164V305 192,375 3,099,330 SH   DFND 1 3,099,330 0 0
General Electric COM 369604103 276,974 30,981,426 SH   SOLE   24,250,214 6,472,006 259,206
General Electric COM 369604103 145,217 16,243,492 SH   DFND 1 16,243,492 0 0
Graham Holdings Company COM 384637104 86,081 129,748 SH   SOLE   70,790 53,372 5,586
Graham Holdings Company COM 384637104 222,877 335,936 SH   DFND 1 335,936 0 0
Grupo Televisa SAB - ADR COM 40049J206 190 19,403 SH   SOLE   19,403 0 0
Lazard Ltd COM G54050102 27,730 792,280 SH   SOLE   748,576 0 43,704
Lazard Ltd COM G54050102 13,055 373,000 SH   DFND 2 0 0 373,000
Lazard Ltd COM G54050102 211,814 6,051,825 SH   DFND 1 6,051,825 0 0
Liberty Media Corp - A COM 531229870 826 20,866 SH   SOLE   0 0 20,866
Liberty Media Corp - A COM 531229870 91,934 2,322,149 SH   DFND 1 2,322,149 0 0
Liberty Media Corp - C COM 531229854 392 9,434 SH   SOLE   0 0 9,434
Liberty Media Corp - C COM 531229854 40,203 966,662 SH   DFND 1 966,662 0 0
Mattel, Inc. COM 577081102 102,107 8,964,614 SH   SOLE   5,670,689 2,998,685 295,240
Mattel, Inc. COM 577081102 284,402 24,969,477 SH   DFND 1 24,969,477 0 0
Park Hotels & Resorts Inc. COM 700517105 61,600 2,466,941 SH   SOLE   1,466,505 951,469 48,967
Park Hotels & Resorts Inc. COM 700517105 205,424 8,226,845 SH   DFND 1 8,226,845 0 0
PotlatchDeltic Corporation COM 737630103 1,848 44,985 SH   SOLE   0 0 44,985
PotlatchDeltic Corporation COM 737630103 160,799 3,913,806 SH   DFND 1 3,913,806 0 0
Realogy Holdings Corporation COM 75605Y106 1,033 154,620 SH   SOLE   0 0 154,620
Realogy Holdings Corporation COM 75605Y106 109,701 16,422,313 SH   DFND 1 16,422,313 0 0
Summit Materials Inc. CL A COM 86614U100 2,687 121,025 SH   SOLE   0 0 121,025
Summit Materials Inc. CL A COM 86614U100 281,928 12,699,444 SH   DFND 1 12,699,444 0 0
United Technologies Corporatio COM 913017109 156,349 1,145,249 SH   SOLE   922,921 212,599 9,729
United Technologies Corporatio COM 913017109 83,777 613,664 SH   DFND 1 613,664 0 0
Venator Materials PLC COM G9329Z100 2,806 1,150,000 SH   DFND 2 0 0 1,150,000
ViaSat Inc. COM 92552V100 9,195 122,076 SH   SOLE   110,739 0 11,337
ViaSat Inc. COM 92552V100 95,513 1,268,101 SH   DFND 1 1,268,101 0 0
Wynn Resorts Limited COM 983134107 33,386 307,078 SH   SOLE   307,078 0 0
Wynn Resorts Limited COM 983134107 55,238 508,073 SH   DFND 1 508,073 0 0