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 68,770 763,857 SH   SOLE 0 620,278 0 143,579
American Airlines Group, Inc. COM 02376R102 31,855 1,745,481 SH   SOLE 0 1,401,420 0 344,061
Advance Auto Parts, Inc. COM 00751Y106 4,962 23,976 SH   SOLE 0 19,756 0 4,220
Adient plc COM G0084W101 16,389 401,997 SH   SOLE 0 331,581 0 70,416
Alliance Data Systems Corporation COM 018581108 1,633 29,078 SH   SOLE 0 24,053 0 5,025
American International Group, Inc. COM 026874784 89,276 1,422,271 SH   SOLE 0 1,174,439 0 247,832
Applied Materials, Inc. COM 038222105 12,088 91,713 SH   SOLE 0 75,904 0 15,809
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 4,996 236,228 SH   SOLE 0 195,248 0 40,980
Amazon.com, Inc. COM 023135106 205,644 63,082 SH   SOLE 0 52,109 0 10,973
Anthem, Inc. COM 036752103 34,978 71,207 SH   SOLE 0 58,757 0 12,450
APA Corp. COM 03743Q108 10,636 257,343 SH   SOLE 0 212,217 0 45,126
Altice USA, Inc. Class A COM 02156K103 2,981 238,890 SH   SOLE 0 196,866 0 42,024
Broadcom Inc. COM 11135F101 15,629 24,820 SH   SOLE 0 20,482 0 4,338
American Express Company COM 025816109 100,851 539,312 SH   SOLE 0 444,825 0 94,487
Bank of America Corp COM 060505104 210,241 5,100,457 SH   SOLE 0 4,219,023 0 881,434
Credicorp Ltd. COM G2519Y108 23,892 139,010 SH   SOLE 0 114,827 0 24,183
Bio-Rad Laboratories, Inc. Class A COM 090572207 35,115 62,346 SH   SOLE 0 51,621 0 10,725
Booking Holdings Inc. COM 09857L108 83,788 35,678 SH   SOLE 0 29,462 0 6,216
TopBuild Corp. COM 89055F103 5,349 29,488 SH   SOLE 0 24,345 0 5,143
Bristol-Myers Squibb Company COM 110122108 9,524 130,419 SH   SOLE 0 107,502 0 22,917
Berkshire Hathaway Inc. Class B COM 084670702 82,289 233,172 SH   SOLE 0 192,474 0 40,698
Peabody Energy Corporation COM 704551100 31,182 1,271,188 SH   SOLE 0 924,766 0 346,422
Citigroup Inc. COM 172967424 79,825 1,494,852 SH   SOLE 0 1,233,773 0 261,079
Avis Budget Group, Inc. COM 053774105 15,507 58,896 SH   SOLE 0 48,563 0 10,333
CBRE Group, Inc. Class A COM 12504L109 126,504 1,382,255 SH   SOLE 0 1,141,726 0 240,529
Citizens Financial Group, Inc. COM 174610105 28,104 619,991 SH   SOLE 0 513,011 0 106,980
Charter Communications, Inc. Class A COM 16119P108 10,312 18,903 SH   SOLE 0 15,642 0 3,261
CME Group Inc. Class A COM 12572Q105 2,632 11,066 SH   SOLE 0 9,179 0 1,887
Centene Corporation COM 15135B101 4,648 55,214 SH   SOLE 0 45,677 0 9,537
Capital One Financial Corp COM 14040H105 44,057 335,572 SH   SOLE 0 277,987 0 57,585
ConocoPhillips COM 20825C104 46,743 467,426 SH   SOLE 0 387,746 0 79,680
Costco Wholesale Corporation COM 22160K105 172,746 299,985 SH   SOLE 0 247,654 0 52,331
Copa Holdings, S.A. Class A COM P31076105 6,435 76,941 SH   SOLE 0 63,536 0 13,405
Cognizant Technology Solutions Corporation Class A COM 192446102 5,126 57,165 SH   SOLE 0 47,219 0 9,946
Corteva Inc COM 22052L104 3,858 67,112 SH   SOLE 0 55,419 0 11,693
Cemex SAB de CV Sponsored ADR COM 151290889 22,231 4,202,529 SH   SOLE 0 3,172,687 0 1,029,842
Caesars Entertainment Inc COM 12769G100 8,895 114,976 SH   SOLE 0 94,934 0 20,042
Delta Air Lines, Inc. COM 247361702 56,276 1,422,192 SH   SOLE 0 1,175,157 0 247,035
DuPont de Nemours, Inc. COM 26614N102 4,924 66,914 SH   SOLE 0 55,221 0 11,693
DHT Holdings, Inc. COM Y2065G121 20,853 3,595,410 SH   SOLE 0 2,972,311 0 623,099
Walt Disney Company COM 254687106 30,054 219,115 SH   SOLE 0 181,162 0 37,953
NOW Inc. COM 67011P100 3,557 322,527 SH   SOLE 0 267,366 0 55,161
Dow, Inc. COM 260557103 4,277 67,127 SH   SOLE 0 55,433 0 11,694
Diana Shipping Inc. COM Y2066G104 27,592 5,109,557 SH   SOLE 0 4,224,714 0 884,843
DXC Technology Co. COM 23355L106 18,836 577,272 SH   SOLE 0 477,582 0 99,690
eBay Inc. COM 278642103 12,260 214,106 SH   SOLE 0 176,905 0 37,201
EPAM Systems, Inc. COM 29414B104 20,816 70,179 SH   SOLE 0 58,337 0 11,842
Expedia Group, Inc. COM 30212P303 526 2,687 SH   SOLE 0 2,273 0 414
Ford Motor Company COM 345370860 17,015 1,006,183 SH   SOLE 0 832,417 0 173,766
Meta Platforms Inc. Class A COM 30303M102 19,270 86,661 SH   SOLE 0 71,444 0 15,217
FirstCash Holdings, Inc. COM 33768G107 13,959 198,455 SH   SOLE 0 163,955 0 34,500
Freeport-McMoRan, Inc. COM 35671D857 81,564 1,639,814 SH   SOLE 0 1,354,856 0 284,958
Franco-Nevada Corporation COM 351858105 9,367 58,718 SH   SOLE 0 48,452 0 10,266
Liberty Media Corp. Series A Liberty Formula One COM 531229870 1,943 30,779 SH   SOLE 0 25,621 0 5,158
Liberty Media Corp. Series C Liberty Formula One COM 531229854 14,394 206,104 SH   SOLE 0 170,562 0 35,542
Graco Inc. COM 384109104 13,649 195,775 SH   SOLE 0 153,381 0 42,394
Golar LNG Limited COM G9456A100 11,139 449,496 SH   SOLE 0 371,082 0 78,414
Corning Inc COM 219350105 12,973 351,476 SH   SOLE 0 290,419 0 61,057
Alphabet Inc. Class C COM 02079K107 168,317 60,264 SH   SOLE 0 49,848 0 10,416
Alphabet Inc. Class A COM 02079K305 20,073 7,217 SH   SOLE 0 5,966 0 1,251
Garmin Ltd. COM H2906T109 19,156 161,505 SH   SOLE 0 130,140 0 31,365
Ferroglobe PLC COM G33856108 17,680 2,296,087 SH   SOLE 0 1,699,061 0 597,026
Huntington Bancshares Incorporated COM 446150104 3,303 225,919 SH   SOLE 0 186,731 0 39,188
Hanesbrands Inc. COM 410345102 9,314 625,494 SH   SOLE 0 516,298 0 109,196
Warrior Met Coal, Inc. COM 93627C101 6,837 184,236 SH   SOLE 0 152,235 0 32,001
Hackett Group, Inc. COM 404609109 17,629 764,501 SH   SOLE 0 628,795 0 135,706
D-MARKET Elektronik Hizmetler ve Ticaret AS Sponso COM 23292B104 16,819 7,409,344 SH   SOLE 0 6,118,744 0 1,290,600
Hewlett Packard Enterprise Co. COM 42824C109 3,694 221,092 SH   SOLE 0 181,834 0 39,258
HP Inc. COM 40434L105 7,946 218,887 SH   SOLE 0 181,555 0 37,332
Hertz Global Holdings Inc Warrant 2021-30.06.51 on CONV BONDS 42806J148 645 42,000 PRN   SOLE 0 35,466 0 6,534
iShares MSCI India ETF COM 46429B598 7,029 157,697 SH   SOLE 0 157,697 0 0
Nifty India Financials ETF COM 301505640 1,083 32,769 SH   SOLE 0 32,769 0 0
International Seaways, Inc. COM Y41053102 10,228 566,935 SH   SOLE 0 468,370 0 98,565
Intel Corporation COM 458140100 13,145 265,244 SH   SOLE 0 218,787 0 46,457
Gartner, Inc. COM 366651107 34,137 114,762 SH   SOLE 0 94,748 0 20,014
Jefferies Financial Group Inc. COM 47233W109 25,876 787,716 SH   SOLE 0 650,730 0 136,986
JPMorgan Chase & Co. COM 46625H100 21,167 155,278 SH   SOLE 0 128,649 0 26,629
Jackson Financial Incorporation Class A COM 46817M107 445 10,069 SH   SOLE 0 8,368 0 1,701
KLA Corporation COM 482480100 44,771 122,306 SH   SOLE 0 100,969 0 21,337
Kroger Co. COM 501044101 37,728 657,618 SH   SOLE 0 543,868 0 113,750
KT Corporation Sponsored ADR COM 48268K101 309 21,564 SH   SOLE 0 21,564 0 0
Loews Corporation COM 540424108 10,592 163,399 SH   SOLE 0 135,078 0 28,321
Lazard Ltd Class A COM G54050102 16,711 484,372 SH   SOLE 0 400,547 0 83,825
Liberty Broadband Corp. Class A COM 530307107 454 3,464 SH   SOLE 0 2,947 0 517
Liberty Broadband Corp. Class C COM 530307305 1,931 14,273 SH   SOLE 0 11,894 0 2,379
Liberty Global Plc Class A COM G5480U104 15,805 619,569 SH   SOLE 0 509,765 0 109,804
Liberty Global Plc Class C COM G5480U120 17,035 657,450 SH   SOLE 0 541,604 0 115,846
Lear Corporation COM 521865204 5,216 36,581 SH   SOLE 0 30,227 0 6,354
Lions Gate Entertainment Corp Class B COM 535919500 251 16,701 SH   SOLE 0 13,977 0 2,724
Liberty Latin America Ltd. Class A COM G9001E102 1,525 157,214 SH   SOLE 0 128,844 0 28,370
Liberty Latin America Ltd. Class C COM G9001E128 2,080 216,911 SH   SOLE 0 177,644 0 39,267
LivaNova Plc COM G5509L101 14,665 179,207 SH   SOLE 0 147,934 0 31,273
Louisiana-Pacific Corporation COM 546347105 10,562 170,032 SH   SOLE 0 139,974 0 30,058
Lam Research Corporation COM 512807108 7,216 13,422 SH   SOLE 0 11,063 0 2,359
Liberty Media Corp. Series A Liberty SiriusXM COM 531229409 2,397 52,447 SH   SOLE 0 43,348 0 9,099
Liberty Media Corp. Series C Liberty SiriusXM COM 531229607 5,338 116,730 SH   SOLE 0 96,280 0 20,450
Liberty TripAdvisor Holdings Inc Class A COM 531465102 22 10,804 SH   SOLE 0 9,336 0 1,468
Lumen Technologies, Inc. COM 550241103 6,715 595,853 SH   SOLE 0 492,118 0 103,735
LyondellBasell Industries NV COM N53745100 9,529 92,676 SH   SOLE 0 76,689 0 15,987
Loyalty Ventures, Inc. COM 54911Q107 193 11,675 SH   SOLE 0 9,666 0 2,009
Masco Corporation COM 574599106 7,427 145,632 SH   SOLE 0 120,296 0 25,336
MBIA Inc. COM 55262C100 38,597 2,507,954 SH   SOLE 0 2,071,848 0 436,106
Microchip Technology Incorporated COM 595017104 4,906 65,298 SH   SOLE 0 53,983 0 11,315
McKesson Corporation COM 58155Q103 8,619 28,156 SH   SOLE 0 23,211 0 4,945
MGM Resorts International COM 552953101 56,527 1,347,803 SH   SOLE 0 1,113,756 0 234,047
Mohawk Industries, Inc. COM 608190104 6,702 53,960 SH   SOLE 0 44,716 0 9,244
Markel Corporation COM 570535104 25,644 17,383 SH   SOLE 0 14,361 0 3,022
Altria Group Inc COM 02209S103 6,179 118,253 SH   SOLE 0 70,333 0 47,920
Marathon Petroleum Corporation COM 56585A102 20,643 241,436 SH   SOLE 0 199,365 0 42,071
Morgan Stanley COM 617446448 21,073 241,112 SH   SOLE 0 198,765 0 42,347
Microsoft Corporation COM 594918104 53,803 174,511 SH   SOLE 0 144,048 0 30,463
Micron Technology, Inc. COM 595112103 64,513 828,262 SH   SOLE 0 683,698 0 144,564
Ingevity Corporation COM 45688C107 996 15,553 SH   SOLE 0 12,945 0 2,608
NVIDIA Corporation COM 67066G104 30,988 113,569 SH   SOLE 0 93,843 0 19,726
Petroleo Brasileiro SA Sponsored ADR COM 71654V408 23,245 1,570,581 SH   SOLE 0 1,251,775 0 318,806
Philip Morris International Inc. COM 718172109 10,557 112,384 SH   SOLE 0 67,535 0 44,849
PNC Financial Services Group, Inc. COM 693475105 18,427 99,903 SH   SOLE 0 82,558 0 17,345
PayPal Holdings, Inc. COM 70450Y103 49,525 428,228 SH   SOLE 0 353,748 0 74,480
Qurate Retail Inc Pfd Shr COM 74915M308 611 7,100 SH   SOLE 0 5,911 0 1,189
Qurate Retail, Inc. Class A COM 74915M100 1,110 233,260 SH   SOLE 0 193,622 0 39,638
RLX Technology, Inc. Sponsored ADR Class A COM 74969N103 579 323,475 SH   SOLE 0 196,613 0 126,862
Raytheon Technologies Corporation COM 75513E101 9,297 93,846 SH   SOLE 0 89,917 0 3,929
Rackspace Technology, Inc. COM 750102105 7,910 708,792 SH   SOLE 0 586,163 0 122,629
Ryanair Holdings Plc Sponsored ADR COM 783513203 34,279 393,469 SH   SOLE 0 303,439 0 90,030
Spirit Airlines, Inc. COM 848577102 2,591 118,481 SH   SOLE 0 97,566 0 20,915
Southern Copper Corporation COM 84265V105 14,892 196,202 SH   SOLE 0 161,897 0 34,305
Charles Schwab Corp COM 808513105 72,974 865,546 SH   SOLE 0 714,816 0 150,730
Sherwin-Williams Company COM 824348106 37,554 150,445 SH   SOLE 0 124,096 0 26,349
SL Green Realty Corp. COM 78440X887 25,788 317,665 SH   SOLE 0 262,585 0 55,080
Scotts Miracle-Gro Company Class A COM 810186106 8,510 69,209 SH   SOLE 0 57,134 0 12,075
Spectrum Brands Holdings, Inc. COM 84790A105 863 9,726 SH   SOLE 0 8,092 0 1,634
Spotify Technology SA COM L8681T102 2,670 17,679 SH   SOLE 0 14,616 0 3,063
Steel Dynamics, Inc. COM 858119100 12,339 147,902 SH   SOLE 0 122,059 0 25,843
Scorpio Tankers Inc. COM Y7542C130 14,878 695,899 SH   SOLE 0 575,795 0 120,104
Seagate Technology Holdings PLC COM G7997R103 23,148 257,483 SH   SOLE 0 212,496 0 44,987
Synchrony Financial COM 87165B103 38,956 1,119,093 SH   SOLE 0 924,793 0 194,300
Thor Industries, Inc. COM 885160101 4,160 52,859 SH   SOLE 0 43,605 0 9,254
Tencent Music Entertainment Group Sponsored ADR Cl COM 88034P109 1,732 355,663 SH   SOLE 0 293,960 0 61,703
Tractor Supply Company COM 892356106 56,062 240,228 SH   SOLE 0 198,230 0 41,998
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 102,066 978,957 SH   SOLE 0 808,684 0 170,273
Texas Instruments Incorporated COM 882508104 13,650 74,393 SH   SOLE 0 61,472 0 12,921
United Airlines Holdings, Inc. COM 910047109 4,080 88,016 SH   SOLE 0 72,961 0 15,055
Uber Technologies, Inc. COM 90353T100 8,795 246,496 SH   SOLE 0 203,709 0 42,787
Net 1 UEPS Technologies, Inc. COM 64107N206 3,646 621,157 SH   SOLE 0 511,718 0 109,439
Union Pacific Corporation COM 907818108 33,699 123,346 SH   SOLE 0 101,865 0 21,481
Visa Inc. Class A COM 92826C839 11,868 53,516 SH   SOLE 0 44,118 0 9,398
Marriott Vacations Worldwide Corporation COM 57164Y107 4,087 25,914 SH   SOLE 0 21,421 0 4,493
Veeco Instruments Inc. COM 922417100 1,771 65,151 SH   SOLE 0 53,820 0 11,331
VICI Properties Inc COM 925652109 3,568 125,354 SH   SOLE 0 103,402 0 21,952
Vipshop Holdings Ltd Sponsored ADR COM 92763W103 8,800 977,727 SH   SOLE 0 806,660 0 171,067
Venator Materials PLC COM G9329Z100 821 461,385 SH   SOLE 0 382,332 0 79,053
Western Digital Corporation COM 958102105 6,295 126,779 SH   SOLE 0 104,508 0 22,271
Wells Fargo & Company COM 949746101 133,751 2,760,019 SH   SOLE 0 2,279,626 0 480,393
Wheaton Precious Metals Corp COM 962879102 8,663 182,067 SH   SOLE 0 150,430 0 31,637
WestRock Company COM 96145D105 8,175 173,815 SH   SOLE 0 138,720 0 35,095
Willis Towers Watson Public Limited Company COM G96629103 26,239 111,078 SH   SOLE 0 91,514 0 19,564
Yandex NV Class A COM N97284108 0 331,552 SH   SOLE 0 273,760 0 57,792