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
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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 8,405 747,797 SH   SOLE 0 631,541 0 116,256
American Airlines Group, Inc. COM 02376R102 23,472 1,795,893 SH   SOLE 0 1,514,642 0 281,251
Advance Auto Parts, Inc. COM 00751Y106 4,428 31,082 SH   SOLE 0 26,091 0 4,991
Adient plc COM G0084W101 8,585 522,808 SH   SOLE 0 440,478 0 82,330
Alliance Data Systems Corporation COM 018581108 1,687 37,400 SH   SOLE 0 31,559 0 5,841
American International Group, Inc. COM 026874784 54,610 1,751,447 SH   SOLE 0 1,477,944 0 273,503
American International Group, Inc. Warrants 2011-1 CONV BONDS 026874156 4,442 3,172,972 PRN   SOLE 0 2,671,936 0 501,036
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 3,784 298,221 SH   SOLE 0 251,412 0 46,809
Amazon.com, Inc. COM 023135106 250,586 90,831 SH   SOLE 0 76,600 0 14,231
Anthem, Inc. COM 036752103 24,449 92,968 SH   SOLE 0 78,198 0 14,770
Apache Corporation COM 037411105 5,263 389,873 SH   SOLE 0 328,514 0 61,359
Altice USA, Inc. Class A COM 02156K103 14,235 631,560 SH   SOLE 0 532,435 0 99,125
Activision Blizzard, Inc. COM 00507V109 26,800 353,095 SH   SOLE 0 297,343 0 55,752
Broadcom Inc. COM 11135F101 10,224 32,395 SH   SOLE 0 27,282 0 5,113
American Express Company COM 025816109 59,636 626,430 SH   SOLE 0 527,920 0 98,510
Alibaba Group Holding Ltd. Sponsored ADR COM 01609W102 36,406 168,782 SH   SOLE 0 142,228 0 26,554
Bank of America Corp COM 060505104 151,593 6,382,878 SH   SOLE 0 5,375,602 0 1,007,276
Baidu, Inc. Sponsored ADR Class A COM 056752108 8,477 70,705 SH   SOLE 0 59,477 0 11,228
Bio-Rad Laboratories, Inc. Class A COM 090572207 37,106 82,186 SH   SOLE 0 69,017 0 13,169
Booking Holdings Inc. COM 09857L108 71,361 44,815 SH   SOLE 0 37,781 0 7,034
TopBuild Corp. COM 89055F103 4,325 38,014 SH   SOLE 0 32,081 0 5,933
Bristol-Myers Squibb Company COM 110122108 9,952 169,258 SH   SOLE 0 142,631 0 26,627
Berkshire Hathaway Inc. Class B COM 084670702 59,817 335,093 SH   SOLE 0 282,103 0 52,990
Peabody Energy Corporation COM 704551100 7,508 2,606,836 SH   SOLE 0 2,198,388 0 408,448
Citigroup Inc. COM 172967424 97,989 1,917,598 SH   SOLE 0 1,616,118 0 301,480
Avis Budget Group, Inc. COM 053774105 3,606 157,555 SH   SOLE 0 132,888 0 24,667
CBRE Group, Inc. Class A COM 12504L109 81,991 1,813,148 SH   SOLE 0 1,530,469 0 282,679
Citizens Financial Group, Inc. COM 174610105 20,407 808,509 SH   SOLE 0 682,785 0 125,724
Change Healthcare, Inc. COM 15912K100 811 72,385 SH   SOLE 0 60,909 0 11,476
Charter Communications, Inc. Class A COM 16119P108 12,534 24,574 SH   SOLE 0 20,753 0 3,821
CoreLogic, Inc. COM 21871D103 16,563 246,406 SH   SOLE 0 208,100 0 38,306
CME Group Inc. Class A COM 12572Q105 1,458 8,972 SH   SOLE 0 7,686 0 1,286
Capital One Financial Corporation COM 14040H105 27,657 441,883 SH   SOLE 0 372,082 0 69,801
ConocoPhillips COM 20825C104 3,460 82,352 SH   SOLE 0 69,325 0 13,027
Costco Wholesale Corporation COM 22160K105 125,834 415,006 SH   SOLE 0 349,988 0 65,018
Coty Inc. Class A COM 222070203 712 159,262 SH   SOLE 0 135,071 0 24,191
Copa Holdings, S.A. Class A COM P31076105 7,187 142,152 SH   SOLE 0 119,917 0 22,235
CenturyLink, Inc. COM 156700106 7,700 767,662 SH   SOLE 0 646,606 0 121,056
Cognizant Technology Solutions Corporation Class A COM 192446102 4,165 73,299 SH   SOLE 0 61,743 0 11,556
Corteva Inc COM 22052L104 2,317 86,499 SH   SOLE 0 72,837 0 13,662
Cemex SAB de CV Sponsored ADR COM 151290889 22,233 7,719,756 SH   SOLE 0 6,511,125 0 1,208,631
Delta Air Lines, Inc. COM 247361702 61,037 2,176,015 SH   SOLE 0 1,832,804 0 343,211
DuPont de Nemours, Inc. COM 26614N102 4,597 86,516 SH   SOLE 0 72,854 0 13,662
DHT Holdings, Inc. COM Y2065G121 17,878 3,485,085 SH   SOLE 0 2,940,554 0 544,531
Walt Disney Company COM 254687106 36,734 329,425 SH   SOLE 0 277,899 0 51,526
NOW Inc. COM 67011P100 3,586 415,499 SH   SOLE 0 350,650 0 64,849
Dow, Inc. COM 260557103 3,543 86,929 SH   SOLE 0 73,267 0 13,662
Diana Shipping Inc. COM Y2066G104 9,178 6,118,989 SH   SOLE 0 5,162,116 0 956,873
DXC Technology Co. COM 23355L106 11,133 674,745 SH   SOLE 0 569,713 0 105,032
eBay Inc. COM 278642103 14,612 278,592 SH   SOLE 0 234,938 0 43,654
EPAM Systems, Inc. COM 29414B104 33,983 134,849 SH   SOLE 0 113,638 0 21,211
Eldorado Resorts Inc COM 28470R102 6,012 150,075 SH   SOLE 0 126,454 0 23,621
Expedia Group, Inc. COM 30212P303 282 3,427 SH   SOLE 0 2,903 0 524
Ford Motor Company COM 345370860 10,074 1,656,933 SH   SOLE 0 1,395,155 0 261,778
Facebook, Inc. Class A COM 30303M102 17,954 79,070 SH   SOLE 0 66,693 0 12,377
FirstCash, Inc. COM 33767D105 10,854 160,842 SH   SOLE 0 135,491 0 25,351
Freeport-McMoRan, Inc. COM 35671D857 20,917 1,807,874 SH   SOLE 0 1,523,692 0 284,182
Fluor Corporation COM 343412102 621 51,445 SH   SOLE 0 43,578 0 7,867
Federal National Mortgage Association COM 313586109 983 452,825 SH   SOLE 0 384,193 0 68,632
Liberty Media Corporation Series A Liberty Formula COM 531229870 1,132 38,785 SH   SOLE 0 32,594 0 6,191
Liberty Media Corporation Series C Liberty Formula COM 531229854 8,432 265,925 SH   SOLE 0 224,598 0 41,327
Graco Inc. COM 384109104 11,663 243,033 SH   SOLE 0 204,796 0 38,237
GCI Liberty, Inc. Class A COM 36164V305 4,046 56,891 SH   SOLE 0 47,998 0 8,893
Golar LNG Limited COM G9456A100 1,941 268,130 SH   SOLE 0 225,299 0 42,831
Corning Inc COM 219350105 3,967 153,182 SH   SOLE 0 128,704 0 24,478
Alphabet Inc. Class C COM 02079K107 117,277 82,963 SH   SOLE 0 69,964 0 12,999
Alphabet Inc. Class A COM 02079K305 13,558 9,561 SH   SOLE 0 7,979 0 1,582
Garmin Ltd. COM H2906T109 19,916 204,270 SH   SOLE 0 172,393 0 31,877
Ferroglobe PLC COM G33856108 939 1,893,439 SH   SOLE 0 1,598,507 0 294,932
Huntington Bancshares Incorporated COM 446150104 2,629 290,989 SH   SOLE 0 245,015 0 45,974
Hanesbrands Inc. COM 410345102 9,226 817,166 SH   SOLE 0 688,677 0 128,489
Warrior Met Coal, Inc. COM 93627C101 7,486 486,419 SH   SOLE 0 409,965 0 76,454
Hackett Group, Inc. COM 404609109 13,441 992,657 SH   SOLE 0 833,471 0 159,186
Hewlett Packard Enterprise Co. COM 42824C109 2,775 285,182 SH   SOLE 0 239,410 0 45,772
HP Inc. COM 40434L105 4,939 283,387 SH   SOLE 0 239,993 0 43,394
Hertz Global Holdings, Inc. COM 42806J106 115 81,422 SH   SOLE 0 70,007 0 11,415
iShares MSCI India ETF COM 46429B598 5,725 197,272 SH   SOLE 0 197,272 0 0
International Seaways, Inc. COM Y41053102 5,448 333,443 SH   SOLE 0 280,862 0 52,581
Intel Corporation COM 458140100 16,022 267,794 SH   SOLE 0 226,001 0 41,793
Gartner, Inc. COM 366651107 18,104 149,209 SH   SOLE 0 125,820 0 23,389
JD.com, Inc. Sponsored ADR Class A COM 47215P106 75,665 1,257,313 SH   SOLE 0 1,058,793 0 198,520
Jefferies Financial Group Inc. COM 47233W109 12,879 828,233 SH   SOLE 0 697,782 0 130,451
JPMorgan Chase & Co. COM 46625H100 19,185 203,967 SH   SOLE 0 171,336 0 32,631
KKR & Co. Inc. COM 48251W104 19,863 643,226 SH   SOLE 0 541,372 0 101,854
KLA Corporation COM 482480100 22,005 113,149 SH   SOLE 0 95,355 0 17,794
Kroger Co. COM 501044101 38,110 1,125,844 SH   SOLE 0 947,468 0 178,376
Kansas City Southern COM 485170302 17,021 114,011 SH   SOLE 0 95,854 0 18,157
KT Corporation Sponsored ADR COM 48268K101 213 21,835 SH   SOLE 0 21,835 0 0
Loews Corporation COM 540424108 5,415 157,920 SH   SOLE 0 133,313 0 24,607
Lazard Ltd Class A COM G54050102 19,892 694,793 SH   SOLE 0 586,562 0 108,231
Liberty Broadband Corp. Class A COM 530307107 529 4,328 SH   SOLE 0 3,696 0 632
Liberty Broadband Corp. Class C COM 530307305 8,461 68,259 SH   SOLE 0 57,519 0 10,740
Liberty Global Plc Class A COM G5480U104 17,584 804,388 SH   SOLE 0 676,048 0 128,340
Liberty Global Plc Class C COM G5480U120 18,347 852,970 SH   SOLE 0 717,477 0 135,493
Lear Corporation COM 521865204 5,150 47,238 SH   SOLE 0 39,821 0 7,417
Lions Gate Entertainment Corp Class B COM 535919500 147 21,519 SH   SOLE 0 18,339 0 3,180
Liberty Latin America Ltd. Class A COM G9001E102 2,258 232,341 SH   SOLE 0 193,992 0 38,349
Liberty Latin America Ltd. Class C COM G9001E128 2,965 314,114 SH   SOLE 0 262,782 0 51,332
LivaNova Plc COM G5509L101 12,436 258,378 SH   SOLE 0 217,660 0 40,718
Lowe s Companies, Inc. COM 548661107 7,240 53,585 SH   SOLE 0 44,979 0 8,606
Louisiana-Pacific Corporation COM 546347105 5,657 220,557 SH   SOLE 0 185,262 0 35,295
Lam Research Corporation COM 512807108 5,613 17,353 SH   SOLE 0 14,595 0 2,758
Liberty Media Corp. Series A Liberty SiriusXM COM 531229409 2,294 66,463 SH   SOLE 0 55,861 0 10,602
Liberty Media Corp. Series C Liberty SiriusXM COM 531229607 5,185 150,505 SH   SOLE 0 126,817 0 23,688
Liberty TripAdvisor Holdings Inc Class A COM 531465102 28 12,944 SH   SOLE 0 11,118 0 1,826
LyondellBasell Industries NV COM N53745100 4,561 69,403 SH   SOLE 0 58,715 0 10,688
Masco Corporation COM 574599106 13,337 265,625 SH   SOLE 0 223,774 0 41,851
MBIA Inc. COM 55262C100 16,360 2,256,561 SH   SOLE 0 1,898,252 0 358,309
McKesson Corporation COM 58155Q103 5,580 36,374 SH   SOLE 0 30,596 0 5,778
Micro Focus International plc Sponsored ADR COM 594837403 1,725 314,759 SH   SOLE 0 265,600 0 49,159
MGM Resorts International COM 552953101 29,765 1,771,700 SH   SOLE 0 1,494,122 0 277,578
Mohawk Industries, Inc. COM 608190104 7,103 69,806 SH   SOLE 0 58,985 0 10,821
Markel Corporation COM 570535104 17,336 18,779 SH   SOLE 0 15,827 0 2,952
Altria Group Inc COM 02209S103 8,626 219,759 SH   SOLE 0 155,561 0 64,198
Marathon Petroleum Corporation COM 56585A102 11,717 313,469 SH   SOLE 0 264,331 0 49,138
Morgan Stanley COM 617446448 15,213 314,973 SH   SOLE 0 265,022 0 49,951
Microsoft Corporation COM 594918104 46,341 227,708 SH   SOLE 0 191,921 0 35,787
Micron Technology, Inc. COM 595112103 49,945 969,425 SH   SOLE 0 816,043 0 153,382
Ingevity Corporation COM 45688C107 1,029 19,574 SH   SOLE 0 16,467 0 3,107
Noah Holdings Ltd. Sponsored ADR Class A COM 65487X102 3,661 143,728 SH   SOLE 0 120,885 0 22,843
NetEase, Inc. Sponsored ADR COM 64110W102 41,027 95,550 SH   SOLE 0 80,435 0 15,115
NVIDIA Corporation COM 67066G104 14,005 36,864 SH   SOLE 0 31,075 0 5,789
Petroleo Brasileiro SA Sponsored ADR COM 71654V408 11,660 1,409,940 SH   SOLE 0 1,187,901 0 222,039
Philip Morris International Inc. COM 718172109 12,106 172,795 SH   SOLE 0 122,457 0 50,338
PNC Financial Services Group, Inc. COM 693475105 15,119 143,701 SH   SOLE 0 120,858 0 22,843
Perspecta, Inc. COM 715347100 1,910 82,209 SH   SOLE 0 69,037 0 13,172
PayPal Holdings Inc COM 70450Y103 124,364 713,794 SH   SOLE 0 602,379 0 111,415
Qurate Retail, Inc. Class A COM 74915M100 5,507 579,639 SH   SOLE 0 488,358 0 91,281
Raytheon Technologies Corporation COM 75513E101 8,698 141,149 SH   SOLE 0 118,729 0 22,420
Ryanair Holdings Plc Sponsored ADR COM 783513203 33,074 498,558 SH   SOLE 0 395,913 0 102,645
Scorpio Bulkers, Inc. COM Y7546A130 1,319 86,186 SH   SOLE 0 72,506 0 13,680
Spirit Airlines, Inc. COM 848577102 2,714 152,444 SH   SOLE 0 127,822 0 24,622
Southern Copper Corporation COM 84265V105 10,142 255,013 SH   SOLE 0 214,629 0 40,384
Charles Schwab Corporation COM 808513105 23,414 693,964 SH   SOLE 0 584,730 0 109,234
Sherwin-Williams Company COM 824348106 37,717 65,272 SH   SOLE 0 54,993 0 10,279
SL Green Realty Corp. COM 78440X101 12,272 248,978 SH   SOLE 0 210,256 0 38,722
Scotts Miracle-Gro Company Class A COM 810186106 12,154 90,387 SH   SOLE 0 76,207 0 14,180
Spectrum Brands Holdings, Inc. COM 84790A105 981 21,369 SH   SOLE 0 18,101 0 3,268
Spotify Technology SA COM L8681T102 5,872 22,743 SH   SOLE 0 19,170 0 3,573
Steel Dynamics, Inc. COM 858119100 3,167 121,398 SH   SOLE 0 102,197 0 19,201
Scorpio Tankers Inc. COM Y7542C130 16,697 1,303,408 SH   SOLE 0 1,098,719 0 204,689
Seagate Technology PLC COM G7945M107 16,246 335,586 SH   SOLE 0 282,673 0 52,913
Synchrony Financial COM 87165B103 32,426 1,463,272 SH   SOLE 0 1,234,866 0 228,406
Trip.com Group Ltd. Sponsored ADR COM 89677Q107 2,699 104,112 SH   SOLE 0 87,167 0 16,945
Thor Industries, Inc. COM 885160101 7,304 68,561 SH   SOLE 0 57,744 0 10,817
Tencent Music Entertainment Group Sponsored ADR Cl COM 88034P109 4,974 369,546 SH   SOLE 0 311,504 0 58,042
Tribune Publishing Co. COM 89609W107 373 37,311 SH   SOLE 0 31,971 0 5,340
Tractor Supply Company COM 892356106 41,428 314,350 SH   SOLE 0 265,091 0 49,259
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 80,370 1,415,715 SH   SOLE 0 1,195,369 0 220,346
Texas Instruments Incorporated COM 882508104 12,242 96,414 SH   SOLE 0 81,333 0 15,081
United Airlines Holdings, Inc. COM 910047109 10,892 314,695 SH   SOLE 0 265,215 0 49,480
Uber Technologies, Inc. COM 90353T100 9,966 320,641 SH   SOLE 0 270,414 0 50,227
Net 1 UEPS Technologies, Inc. COM 64107N206 1,437 472,695 SH   SOLE 0 398,646 0 74,049
Union Pacific Corporation COM 907818108 27,182 160,776 SH   SOLE 0 135,549 0 25,227
Marriott Vacations Worldwide Corporation COM 57164Y107 2,740 33,327 SH   SOLE 0 28,079 0 5,248
Valaris PLC Class A COM G3157S106 767 1,176,877 SH   SOLE 0 994,350 0 182,527
Veeco Instruments Inc. COM 922417100 1,129 83,696 SH   SOLE 0 70,428 0 13,268
VICI Properties Inc COM 925652109 3,264 161,683 SH   SOLE 0 136,027 0 25,656
Vipshop Holdings Ltd Sponsored ADR COM 92763W103 25,163 1,263,819 SH   SOLE 0 1,063,856 0 199,963
Venator Materials PLC COM G9329Z100 1,054 588,656 SH   SOLE 0 496,484 0 92,172
Vista Outdoor Inc COM 928377100 10,206 706,290 SH   SOLE 0 596,482 0 109,808
Western Digital Corporation COM 958102105 4,799 108,690 SH   SOLE 0 91,419 0 17,271
Wells Fargo & Company COM 949746101 63,579 2,483,536 SH   SOLE 0 2,091,601 0 391,935
Willis Towers Watson Public Limited Company COM G96629103 28,633 145,384 SH   SOLE 0 122,488 0 22,896
Walmart Inc. COM 931142103 19,944 166,508 SH   SOLE 0 140,134 0 26,374
WestRock Company COM 96145D105 3,172 112,233 SH   SOLE 0 95,154 0 17,079
58.com Inc. Sponsored ADR Class A COM 31680Q104 8,611 159,641 SH   SOLE 0 134,576 0 25,065
Yandex NV Class A COM N97284108 21,503 429,885 SH   SOLE 0 361,930 0 67,955