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 Corporation COM 013872106 41,047 838,712 SH   SOLE 0 678,911 0 159,801
American Airlines Group, Inc. COM 02376R102 32,502 1,583,922 SH   SOLE 0 1,270,532 0 313,390
Advance Auto Parts, Inc. COM 00751Y106 5,213 24,956 SH   SOLE 0 20,459 0 4,497
Adient plc COM G0084W101 17,348 418,534 SH   SOLE 0 343,873 0 74,661
Alliance Data Systems Corporation COM 018581108 3,045 30,181 SH   SOLE 0 24,863 0 5,318
American International Group, Inc. COM 026874784 79,436 1,447,177 SH   SOLE 0 1,191,374 0 255,803
Applied Materials, Inc. COM 038222105 12,300 95,551 SH   SOLE 0 78,782 0 16,769
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 4,342 245,721 SH   SOLE 0 202,183 0 43,538
Amazon.com, Inc. COM 023135106 215,936 65,733 SH   SOLE 0 54,096 0 11,637
Anthem, Inc. COM 036752103 27,667 74,215 SH   SOLE 0 61,032 0 13,183
APA Corp. COM 03743Q108 6,692 312,274 SH   SOLE 0 256,574 0 55,700
Altice USA, Inc. Class A COM 02156K103 10,445 504,088 SH   SOLE 0 414,943 0 89,145
Activision Blizzard, Inc. COM 00507V109 21,856 282,408 SH   SOLE 0 232,150 0 50,258
Broadcom Inc. COM 11135F101 12,553 25,886 SH   SOLE 0 21,284 0 4,602
American Express Company COM 025816109 94,124 561,831 SH   SOLE 0 461,656 0 100,175
Bank of America Corp COM 060505104 225,488 5,311,854 SH   SOLE 0 4,377,175 0 934,679
Credicorp Ltd. COM G2519Y108 16,072 144,874 SH   SOLE 0 119,240 0 25,634
Bio-Rad Laboratories, Inc. Class A COM 090572207 48,464 64,970 SH   SOLE 0 53,597 0 11,373
Booking Holdings Inc. COM 09857L108 84,721 35,689 SH   SOLE 0 29,373 0 6,316
TopBuild Corp. COM 89055F103 6,276 30,645 SH   SOLE 0 25,218 0 5,427
Bristol-Myers Squibb Company COM 110122108 8,030 135,717 SH   SOLE 0 111,466 0 24,251
Berkshire Hathaway Inc. Class B COM 084670702 73,536 269,422 SH   SOLE 0 221,756 0 47,666
Peabody Energy Corporation COM 704551100 26,348 1,781,441 SH   SOLE 0 1,395,137 0 386,304
Citigroup Inc. COM 172967424 109,295 1,557,347 SH   SOLE 0 1,280,649 0 276,698
Avis Budget Group, Inc. COM 053774105 14,628 125,555 SH   SOLE 0 103,311 0 22,244
CBRE Group, Inc. Class A COM 12504L109 140,208 1,440,099 SH   SOLE 0 1,184,981 0 255,118
Citizens Financial Group, Inc. COM 174610105 30,339 645,776 SH   SOLE 0 532,291 0 113,485
Charter Communications, Inc. Class A COM 16119P108 14,314 19,674 SH   SOLE 0 16,218 0 3,456
CME Group Inc. Class A COM 12572Q105 2,224 11,500 SH   SOLE 0 9,499 0 2,001
Centene Corporation COM 15135B101 3,579 57,440 SH   SOLE 0 47,328 0 10,112
Capital One Financial Corporation COM 14040H105 56,617 349,553 SH   SOLE 0 288,479 0 61,074
ConocoPhillips COM 20825C104 4,901 72,322 SH   SOLE 0 60,498 0 11,824
Costco Wholesale Corporation COM 22160K105 140,410 312,473 SH   SOLE 0 256,981 0 55,492
Copa Holdings, S.A. Class A COM P31076105 9,323 114,565 SH   SOLE 0 94,372 0 20,193
Cognizant Technology Solutions Corporation Class A COM 192446102 4,407 59,382 SH   SOLE 0 48,857 0 10,525
Corteva Inc COM 22052L104 2,933 69,706 SH   SOLE 0 57,304 0 12,402
Cemex SAB de CV Sponsored ADR COM 151290889 37,444 5,222,351 SH   SOLE 0 4,130,218 0 1,092,133
Caesars Entertainment Inc COM 12769G100 13,457 119,853 SH   SOLE 0 98,604 0 21,249
Delta Air Lines, Inc. COM 247361702 66,277 1,555,425 SH   SOLE 0 1,280,464 0 274,961
DuPont de Nemours, Inc. COM 26614N102 4,730 69,563 SH   SOLE 0 57,161 0 12,402
DHT Holdings, Inc. COM Y2065G121 24,450 3,744,284 SH   SOLE 0 3,083,268 0 661,016
Walt Disney Company COM 254687106 38,619 228,286 SH   SOLE 0 188,039 0 40,247
NOW Inc. COM 67011P100 2,562 334,953 SH   SOLE 0 276,305 0 58,648
Dow, Inc. COM 260557103 4,019 69,829 SH   SOLE 0 57,426 0 12,403
Diana Shipping Inc. COM Y2066G104 28,105 4,913,472 SH   SOLE 0 4,047,692 0 865,780
DXC Technology Co. COM 23355L106 20,207 601,215 SH   SOLE 0 495,466 0 105,749
eBay Inc. COM 278642103 15,525 222,835 SH   SOLE 0 183,411 0 39,424
EPAM Systems, Inc. COM 29414B104 47,596 83,431 SH   SOLE 0 68,710 0 14,721
Expedia Group, Inc. COM 30212P303 459 2,800 SH   SOLE 0 2,346 0 454
Ford Motor Company COM 345370860 14,841 1,048,089 SH   SOLE 0 863,803 0 184,286
Facebook, Inc. Class A COM 30303M102 26,194 77,180 SH   SOLE 0 63,524 0 13,656
FirstCash, Inc. COM 33767D105 18,096 206,817 SH   SOLE 0 170,257 0 36,560
Freeport-McMoRan, Inc. COM 35671D857 56,472 1,736,010 SH   SOLE 0 1,429,091 0 306,919
Franco-Nevada Corporation COM 351858105 6,440 49,572 SH   SOLE 0 40,790 0 8,782
Liberty Media Corp. Series A Liberty Formula One COM 531229870 1,504 31,971 SH   SOLE 0 26,436 0 5,535
Liberty Media Corp. Series C Liberty Formula One COM 531229854 11,027 214,499 SH   SOLE 0 176,870 0 37,629
Graco Inc. COM 384109104 13,551 193,664 SH   SOLE 0 159,171 0 34,493
Golar LNG Limited COM G9456A100 5,629 433,981 SH   SOLE 0 356,689 0 77,292
Corning Inc COM 219350105 13,353 365,927 SH   SOLE 0 301,120 0 64,807
Alphabet Inc. Class C COM 02079K107 173,629 65,144 SH   SOLE 0 53,687 0 11,457
Alphabet Inc. Class A COM 02079K305 20,129 7,529 SH   SOLE 0 6,202 0 1,327
Garmin Ltd. COM H2906T109 25,464 163,798 SH   SOLE 0 134,963 0 28,835
Ferroglobe PLC COM G33856108 29,761 3,420,798 SH   SOLE 0 2,710,558 0 710,240
Huntington Bancshares Incorporated COM 446150104 3,628 234,661 SH   SOLE 0 193,032 0 41,629
Hanesbrands Inc. COM 410345102 11,180 651,529 SH   SOLE 0 535,684 0 115,845
Warrior Met Coal, Inc. COM 93627C101 4,459 191,635 SH   SOLE 0 157,699 0 33,936
Hackett Group, Inc. COM 404609109 15,623 796,300 SH   SOLE 0 652,509 0 143,791
Hewlett Packard Enterprise Co. COM 42824C109 3,275 229,839 SH   SOLE 0 188,237 0 41,602
HP Inc. COM 40434L105 6,232 227,784 SH   SOLE 0 188,271 0 39,513
Hertz Global Holdings Inc Warrant 2021-30.06.51 on CONV BONDS 42806J148 384 43,621 PRN   SOLE 0 36,783 0 6,838
iShares MSCI India ETF COM 46429B598 8,060 165,531 SH   SOLE 0 165,531 0 0
Nifty India Financials ETF COM 301505640 1,147 31,211 SH   SOLE 0 31,211 0 0
International Seaways, Inc. COM Y41053102 10,771 591,172 SH   SOLE 0 486,608 0 104,564
Intel Corporation COM 458140100 14,721 276,291 SH   SOLE 0 227,064 0 49,227
Gartner, Inc. COM 366651107 36,291 119,426 SH   SOLE 0 98,249 0 21,177
Jefferies Financial Group Inc. COM 47233W109 30,478 820,835 SH   SOLE 0 675,529 0 145,306
JPMorgan Chase & Co. COM 46625H100 26,499 161,886 SH   SOLE 0 133,614 0 28,272
Jackson Financial Incorporation Class A COM 46817M107 270 10,401 SH   SOLE 0 8,596 0 1,805
KKR & Co. Inc. COM 48251W104 31,288 513,937 SH   SOLE 0 422,031 0 91,906
KLA Corporation COM 482480100 30,347 90,721 SH   SOLE 0 74,655 0 16,066
Kroger Co. COM 501044101 34,303 848,446 SH   SOLE 0 698,636 0 149,810
Kansas City Southern COM 485170302 24,503 90,539 SH   SOLE 0 74,376 0 16,163
KT Corporation Sponsored ADR COM 48268K101 294 21,564 SH   SOLE 0 21,564 0 0
Loews Corporation COM 540424108 9,179 170,197 SH   SOLE 0 140,153 0 30,044
Lazard Ltd Class A COM G54050102 23,098 504,329 SH   SOLE 0 415,429 0 88,900
Liberty Broadband Corp. Class A COM 530307107 603 3,580 SH   SOLE 0 3,021 0 559
Liberty Broadband Corp. Class C COM 530307305 12,412 71,873 SH   SOLE 0 59,112 0 12,761
Liberty Global Plc Class A COM G5480U104 19,212 644,691 SH   SOLE 0 528,381 0 116,310
Liberty Global Plc Class C COM G5480U120 20,152 684,057 SH   SOLE 0 561,322 0 122,735
Lear Corporation COM 521865204 5,955 38,057 SH   SOLE 0 31,320 0 6,737
Lions Gate Entertainment Corp Class B COM 535919500 225 17,332 SH   SOLE 0 14,441 0 2,891
Liberty Latin America Ltd. Class A COM G9001E102 2,133 163,083 SH   SOLE 0 133,046 0 30,037
Liberty Latin America Ltd. Class C COM G9001E128 4,234 322,750 SH   SOLE 0 264,123 0 58,627
LivaNova Plc COM G5509L101 14,772 186,536 SH   SOLE 0 153,351 0 33,185
Louisiana-Pacific Corporation COM 546347105 10,868 177,085 SH   SOLE 0 145,211 0 31,874
Lam Research Corporation COM 512807108 7,949 13,966 SH   SOLE 0 11,463 0 2,503
Liberty Media Corp. Series A Liberty SiriusXM COM 531229409 2,565 54,378 SH   SOLE 0 44,736 0 9,642
Liberty Media Corp. Series C Liberty SiriusXM COM 531229607 5,759 121,323 SH   SOLE 0 99,703 0 21,620
Liberty TripAdvisor Holdings Inc Class A COM 531465102 34 10,982 SH   SOLE 0 9,383 0 1,599
Lumen Technologies, Inc. COM 550241103 7,674 619,355 SH   SOLE 0 509,393 0 109,962
LyondellBasell Industries NV COM N53745100 5,236 55,793 SH   SOLE 0 46,093 0 9,700
Masco Corporation COM 574599106 8,416 151,506 SH   SOLE 0 124,644 0 26,862
MBIA Inc. COM 55262C100 33,557 2,611,470 SH   SOLE 0 2,148,758 0 462,712
Microchip Technology Incorporated COM 595017104 5,214 33,971 SH   SOLE 0 27,971 0 6,000
McKesson Corporation COM 58155Q103 5,848 29,332 SH   SOLE 0 24,087 0 5,245
MGM Resorts International COM 552953101 60,583 1,404,017 SH   SOLE 0 1,155,770 0 248,247
Mohawk Industries, Inc. COM 608190104 9,944 56,054 SH   SOLE 0 46,256 0 9,798
Markel Corporation COM 570535104 21,644 18,110 SH   SOLE 0 14,906 0 3,204
Altria Group Inc COM 02209S103 7,645 167,959 SH   SOLE 0 102,655 0 65,304
Marathon Petroleum Corporation COM 56585A102 15,555 251,666 SH   SOLE 0 207,053 0 44,613
Morgan Stanley COM 617446448 24,465 251,415 SH   SOLE 0 206,505 0 44,910
Microsoft Corporation COM 594918104 51,263 181,836 SH   SOLE 0 149,533 0 32,303
Micron Technology, Inc. COM 595112103 53,367 751,854 SH   SOLE 0 617,192 0 134,662
Ingevity Corporation COM 45688C107 1,153 16,156 SH   SOLE 0 13,369 0 2,787
NVIDIA Corporation COM 67066G104 24,518 118,353 SH   SOLE 0 97,440 0 20,913
Petroleo Brasileiro SA Sponsored ADR COM 71654V408 16,004 1,547,803 SH   SOLE 0 1,275,637 0 272,166
Philip Morris International Inc. COM 718172109 11,688 123,306 SH   SOLE 0 75,737 0 47,569
PNC Financial Services Group, Inc. COM 693475105 20,343 103,982 SH   SOLE 0 85,592 0 18,390
PayPal Holdings, Inc. COM 70450Y103 110,911 426,237 SH   SOLE 0 350,790 0 75,447
Qurate Retail Inc Pfd Shr COM 74915M308 792 7,323 SH   SOLE 0 6,061 0 1,262
Qurate Retail, Inc. Class A COM 74915M100 4,811 472,100 SH   SOLE 0 389,197 0 82,903
Raytheon Technologies Corporation COM 75513E101 9,756 113,500 SH   SOLE 0 93,155 0 20,345
Rackspace Technology, Inc. COM 750102105 6,556 461,032 SH   SOLE 0 379,734 0 81,298
Ryanair Holdings Plc Sponsored ADR COM 783513203 42,658 387,592 SH   SOLE 0 294,854 0 92,738
Spirit Airlines, Inc. COM 848577102 3,196 123,213 SH   SOLE 0 100,963 0 22,250
Southern Copper Corporation COM 84265V105 11,478 204,460 SH   SOLE 0 168,060 0 36,400
Charles Schwab Corporation COM 808513105 38,964 534,925 SH   SOLE 0 440,423 0 94,502
Sherwin-Williams Company COM 824348106 43,815 156,632 SH   SOLE 0 128,737 0 27,895
SL Green Realty Corp. COM 78440X804 23,337 329,430 SH   SOLE 0 271,347 0 58,083
Scotts Miracle-Gro Company Class A COM 810186106 10,549 72,073 SH   SOLE 0 59,271 0 12,802
Spectrum Brands Holdings, Inc. COM 84790A105 969 10,129 SH   SOLE 0 8,395 0 1,734
Spotify Technology SA COM L8681T102 4,141 18,375 SH   SOLE 0 15,128 0 3,247
Steel Dynamics, Inc. COM 858119100 9,019 154,231 SH   SOLE 0 126,823 0 27,408
Scorpio Tankers Inc. COM Y7542C130 13,432 724,504 SH   SOLE 0 597,106 0 127,398
Seagate Technology Holdings PLC COM G7997R103 22,133 268,213 SH   SOLE 0 220,458 0 47,755
Synchrony Financial COM 87165B103 56,995 1,166,018 SH   SOLE 0 959,958 0 206,060
Thor Industries, Inc. COM 885160101 6,754 55,015 SH   SOLE 0 45,198 0 9,817
Tencent Music Entertainment Group Sponsored ADR Cl COM 88034P109 2,680 369,715 SH   SOLE 0 304,304 0 65,411
Tractor Supply Company COM 892356106 50,686 250,167 SH   SOLE 0 205,666 0 44,501
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 113,865 1,019,836 SH   SOLE 0 839,320 0 180,516
Texas Instruments Incorporated COM 882508104 14,877 77,402 SH   SOLE 0 63,703 0 13,699
United Airlines Holdings, Inc. COM 910047109 4,355 91,546 SH   SOLE 0 75,581 0 15,965
Uber Technologies, Inc. COM 90353T100 11,508 256,870 SH   SOLE 0 211,523 0 45,347
Net 1 UEPS Technologies, Inc. COM 64107N206 1,786 384,087 SH   SOLE 0 316,477 0 67,610
Union Pacific Corporation COM 907818108 25,183 128,477 SH   SOLE 0 105,694 0 22,783
Visa Inc. Class A COM 92826C839 9,990 44,848 SH   SOLE 0 36,948 0 7,900
Marriott Vacations Worldwide Corporation COM 57164Y107 4,240 26,949 SH   SOLE 0 22,184 0 4,765
Veeco Instruments Inc. COM 922417100 1,507 67,853 SH   SOLE 0 55,813 0 12,040
VICI Properties Inc COM 925652109 3,702 130,299 SH   SOLE 0 107,015 0 23,284
Vipshop Holdings Ltd Sponsored ADR COM 92763W103 11,326 1,016,666 SH   SOLE 0 835,202 0 181,464
Venator Materials PLC COM G9329Z100 1,368 479,831 SH   SOLE 0 395,976 0 83,855
Western Digital Corporation COM 958102105 7,442 131,848 SH   SOLE 0 108,237 0 23,611
Wells Fargo & Company COM 949746101 145,172 3,128,033 SH   SOLE 0 2,575,097 0 552,936
Willis Towers Watson Public Limited Company COM G96629103 26,871 115,596 SH   SOLE 0 94,856 0 20,740
Wheaton Precious Metals Corp COM 962879102 5,662 150,668 SH   SOLE 0 123,969 0 26,699
WestRock Company COM 96145D105 4,492 90,146 SH   SOLE 0 74,602 0 15,544
Yandex NV Class A COM N97284108 27,484 344,882 SH   SOLE 0 283,592 0 61,290