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
hours per response: 23.8
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
American Airlines Group, Inc. COM 02376R102 97,190 2,297,633 SH   SOLE 0 1,979,902 0 317,731
ADVANCE AUTO PARTS, INC. COM 00751Y106 5,146 34,707 SH   SOLE 0 30,037 0 4,670
Alliance Data Systems Corporation COM 018581108 16,348 65,653 SH   SOLE 0 56,650 0 9,003
American International Group, Inc. COM 026874784 111,749 1,789,984 SH   SOLE 0 1,543,339 0 246,645
AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. CONV BONDS 026874156 55,712 2,607,023 PRN   SOLE 0 2,247,810 0 359,213
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 4,663 329,093 SH   SOLE 0 284,749 0 44,344
Amazon.com, Inc. COM 023135106 243,696 274,884 SH   SOLE 0 237,024 0 37,860
Anthem, Inc. COM 036752103 18,062 109,218 SH   SOLE 0 94,130 0 15,088
APACHE CORPORATION COM 037411105 2,356 45,843 SH   SOLE 0 39,654 0 6,189
ACTIVISION BLIZZARD INC COM 00507V109 17,817 357,350 SH   SOLE 0 307,427 0 49,923
American Express Company COM 025816109 52,462 663,149 SH   SOLE 0 571,820 0 91,329
Bank of America Corporation COM 060505104 120,796 5,120,647 SH   SOLE 0 4,414,988 0 705,659
BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS CONV BONDS 060505146 53,581 4,741,725 PRN   SOLE 0 4,081,966 0 659,759
BANK OF AMERICA CORP WARRANTS 2009-28.10.18 ON SHS CONV BONDS 060505153 1,435 1,563,245 PRN   SOLE 0 1,346,040 0 217,205
Liberty Braves Group - Class A COM 531229706 376 15,725 SH   SOLE 0 13,177 0 2,548
Liberty Braves Group - Class C COM 531229888 931 39,366 SH   SOLE 0 33,810 0 5,556
Belmond Ltd. Class A COM G1154H107 40,107 3,314,625 SH   SOLE 0 2,858,667 0 455,958
Sotheby s Class A COM 835898107 15,503 340,866 SH   SOLE 0 294,130 0 46,736
BAIDU, INC. SPONSORED ADR CLASS A COM 056752108 12,320 71,414 SH   SOLE 0 61,356 0 10,058
Bio-Rad Laboratories, Inc. Class A COM 090572207 17,159 86,080 SH   SOLE 0 74,295 0 11,785
TOPBUILD CORP. COM 89055F103 1,754 37,310 SH   SOLE 0 32,128 0 5,182
Bristol-Myers Squibb Company COM 110122108 10,269 188,834 SH   SOLE 0 163,243 0 25,591
Berkshire Hathaway Inc. Class B COM 084670702 59,621 357,700 SH   SOLE 0 307,766 0 49,934
Boyd Gaming Corporation COM 103304101 7,038 319,755 SH   SOLE 0 276,146 0 43,609
Citigroup Inc. COM 172967424 128,720 2,151,795 SH   SOLE 0 1,855,318 0 296,477
CITIGROUP INC WARRANTS 2011-4.1.19 ON SHS CONV BONDS 172967226 827 5,628,741 PRN   SOLE 0 4,845,750 0 782,991
Avis Budget Group, Inc. COM 053774105 5,228 176,749 SH   SOLE 0 153,054 0 23,695
CBRE Group, Inc. Class A COM 12504L109 83,012 2,386,093 SH   SOLE 0 2,052,382 0 333,711
CF Industries Holdings, Inc. COM 125269100 3,956 134,798 SH   SOLE 0 116,300 0 18,498
Citizens Financial Group, Inc. COM 174610105 38,272 1,107,738 SH   SOLE 0 954,621 0 153,117
Charter Communications Inc. Class A COM 16119P108 8,965 27,390 SH   SOLE 0 23,697 0 3,693
COMMERCEHUB INC-SERIES C COM 20084V306 333 21,452 SH   SOLE 0 18,292 0 3,160
CoreLogic, Inc. COM 21871D103 18,436 452,747 SH   SOLE 0 390,441 0 62,306
COMCAST CORPORATION CLASS A COM 20030N101 40,663 1,081,757 SH   SOLE 0 932,493 0 149,264
Capital One Financial Corporation COM 14040H105 51,568 595,063 SH   SOLE 0 512,482 0 82,581
CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. CONV BONDS 14040H139 4,733 105,650 PRN   SOLE 0 90,968 0 14,682
Costco Wholesale Corporation COM 22160K105 87,863 523,962 SH   SOLE 0 452,076 0 71,886
Coty Inc. Class A COM 222070203 2,738 151,027 SH   SOLE 0 130,324 0 20,703
COPA HOLDINGS, S.A. CLASS A COM P31076105 9,329 83,110 SH   SOLE 0 71,074 0 12,036
Cisco Systems, Inc. COM 17275R102 4,334 128,217 SH   SOLE 0 110,650 0 17,567
CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR COM 22943F100 5,147 104,724 SH   SOLE 0 89,822 0 14,902
Cognizant Technology Solutions Corporation Class A COM 192446102 15,562 261,458 SH   SOLE 0 225,201 0 36,257
Cemex SAB de CV Sponsored ADR COM 151290889 63,819 7,036,294 SH   SOLE 0 6,064,114 0 972,180
Delta Air Lines, Inc. COM 247361702 85,567 1,861,777 SH   SOLE 0 1,603,534 0 258,243
Discovery Communications, Inc. Class A COM 25470F104 20,531 705,764 SH   SOLE 0 609,361 0 96,403
Delphi Automotive PLC COM G27823106 14,276 177,359 SH   SOLE 0 152,940 0 24,419
NOW Inc COM 67011P100 12,446 733,837 SH   SOLE 0 632,875 0 100,962
DOW CHEMICAL COMPANY COM 260543103 12,620 198,615 SH   SOLE 0 172,058 0 26,557
DIANA SHIPPING INC. COM Y2066G104 10,413 2,253,848 SH   SOLE 0 1,931,291 0 322,557
eBay Inc. COM 278642103 29,843 888,989 SH   SOLE 0 766,729 0 122,260
EPAM Systems, Inc. COM 29414B104 19,118 253,152 SH   SOLE 0 217,495 0 35,657
ISHARES MSCI SOUTH KOREA CAP ETF COM 464286772 2,812 45,447 SH   SOLE 0 45,447 0 0
Ford Motor Company COM 345370860 25,831 2,219,143 SH   SOLE 0 1,912,599 0 306,544
FIRSTCASH INC. COM 33767D105 7,957 161,891 SH   SOLE 0 139,293 0 22,598
FREEPORT-MCMORAN, INC. COM 35671D857 6,409 479,697 SH   SOLE 0 411,526 0 68,171
Fluor Corporation COM 343412102 2,575 48,939 SH   SOLE 0 42,232 0 6,707
Federal National Mortgage Association COM 313586109 1,095 421,344 SH   SOLE 0 364,825 0 56,519
Liberty Media Corp Series A Liberty Formula One COM 531229870 1,367 41,809 SH   SOLE 0 36,112 0 5,697
Liberty Media Corp Series C Liberty Formula One COM 531229854 1,822 53,343 SH   SOLE 0 46,051 0 7,292
Graco Inc. COM 384109104 11,917 126,586 SH   SOLE 0 109,604 0 16,982
GOLAR LNG LIMITED COM G9456A100 4,582 164,055 SH   SOLE 0 141,590 0 22,465
CORNING INCORPORATED COM 219350105 4,013 148,636 SH   SOLE 0 128,278 0 20,358
Alphabet Inc. Class C COM 02079K107 114,742 138,317 SH   SOLE 0 118,881 0 19,436
Alphabet Inc. Class A COM 02079K305 7,824 9,229 SH   SOLE 0 7,960 0 1,269
Garmin Ltd. COM H2906T109 11,710 229,123 SH   SOLE 0 197,660 0 31,463
FERROGLOBE PLC COM G33856108 4,581 443,511 SH   SOLE 0 382,675 0 60,836
Halliburton Company COM 406216101 2,990 60,753 SH   SOLE 0 52,458 0 8,295
Huntington Bancshares Incorporated COM 446150104 8,998 672,012 SH   SOLE 0 581,336 0 90,676
Hanesbrands Inc. COM 410345102 12,869 619,913 SH   SOLE 0 536,344 0 83,569
Hackett Group, Inc. COM 404609109 21,622 1,109,383 SH   SOLE 0 956,786 0 152,597
HEWLETT PACKARD ENTERPRISE CO. COM 42824C109 27,093 1,143,182 SH   SOLE 0 986,050 0 157,132
HP Inc COM 40434L105 5,667 316,920 SH   SOLE 0 274,334 0 42,586
Herc Holdings Inc COM 42704L104 863 17,656 SH   SOLE 0 15,287 0 2,369
Hertz Global Holdings COM 42806J106 936 53,383 SH   SOLE 0 46,266 0 7,117
iHeartMedia, Inc. Class A COM 45174J103 1,681 461,865 SH   SOLE 0 409,074 0 52,791
ILG INC NPV COM 44967H101 2,734 130,445 SH   SOLE 0 112,457 0 17,988
iShares MSCI India ETF COM 46429B598 13,280 421,775 SH   SOLE 0 421,775 0 0
Intel Corporation COM 458140100 21,894 606,976 SH   SOLE 0 524,708 0 82,268
Gartner, Inc. COM 366651107 18,086 167,476 SH   SOLE 0 144,993 0 22,483
JD.com, Inc. Sponsored ADR Class A COM 47215P106 33,108 1,064,209 SH   SOLE 0 912,957 0 151,252
JPMorgan Chase & Co. COM 46625H100 17,589 200,241 SH   SOLE 0 172,874 0 27,367
JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS CONV BONDS 46634E114 9,276 200,295 PRN   SOLE 0 172,468 0 27,827
KIRBY CORPORATION COM 497266106 4,527 64,169 SH   SOLE 0 55,207 0 8,962
KKR & Co. L.P. COM 48248M102 15,783 865,769 SH   SOLE 0 746,233 0 119,536
Kroger Co. COM 501044101 15,580 528,328 SH   SOLE 0 455,569 0 72,759
Kansas City Southern COM 485170302 6,406 74,701 SH   SOLE 0 64,279 0 10,422
Loews Corporation COM 540424108 7,620 162,932 SH   SOLE 0 140,989 0 21,943
Lazard Ltd Class A COM G54050102 45,672 993,082 SH   SOLE 0 856,884 0 136,198
Liberty Broadband Corp. Class A COM 530307107 9,931 116,712 SH   SOLE 0 100,419 0 16,293
Liberty Broadband Corp. Class C COM 530307305 8,641 100,015 SH   SOLE 0 85,658 0 14,357
Liberty Global Plc Class A COM G5480U104 44,500 1,240,578 SH   SOLE 0 1,067,668 0 172,910
Liberty Global Plc Class C COM G5480U120 50,859 1,451,466 SH   SOLE 0 1,249,587 0 201,879
Liberty Expedia Holdings Inc NPV COM 53046P109 1,891 41,573 SH   SOLE 0 35,879 0 5,694
LIONS GATE ENTERTAINMENT CORP NPV COM 535919500 681 27,952 SH   SOLE 0 24,075 0 3,876
Liberty Lilac Group Class A COM G5480U138 8,491 381,803 SH   SOLE 0 327,699 0 54,104
Liberty LiLAC Group Class C COM G5480U153 6,459 280,318 SH   SOLE 0 240,533 0 39,785
LIVANOVA PLC COM G5509L101 9,090 185,470 SH   SOLE 0 159,825 0 25,645
Lowe s Companies, Inc. COM 548661107 21,858 265,884 SH   SOLE 0 229,408 0 36,476
Louisiana-Pacific Corporation COM 546347105 5,285 212,923 SH   SOLE 0 183,695 0 29,228
LIBERTY SIRIUSXM GROUP CLASS A COM 531229409 12,456 320,045 SH   SOLE 0 275,436 0 44,609
LIBERTY SIRIUSXM GROUP CLASS C COM 531229607 10,438 269,164 SH   SOLE 0 231,726 0 37,438
Liberty TripAdvisor Holdings Inc Class A COM 531465102 3,730 264,560 SH   SOLE 0 227,053 0 37,507
Leucadia National Corporation COM 527288104 2,771 106,574 SH   SOLE 0 91,940 0 14,634
Level 3 Communications, Inc. COM 52729N308 23,593 412,313 SH   SOLE 0 356,057 0 56,256
Liberty Interactive Corp NPV COM 53071M856 2,773 62,339 SH   SOLE 0 53,802 0 8,537
LYONDELLBASELL INDUSTRIES NV COM N53745100 6,404 70,232 SH   SOLE 0 60,458 0 9,774
Masco Corporation COM 574599106 11,660 343,054 SH   SOLE 0 296,219 0 46,835
MBIA Inc. COM 55262C100 48,920 5,775,646 SH   SOLE 0 4,975,745 0 799,901
Moodys Corporation COM 615369105 4,017 35,852 SH   SOLE 0 30,807 0 5,045
MGM Resorts International COM 552953101 56,056 2,045,838 SH   SOLE 0 1,758,495 0 287,343
Mohawk Industries, Inc. COM 608190104 17,882 77,920 SH   SOLE 0 67,340 0 10,580
MARKEL CORPORATION COM 570535104 15,675 16,063 SH   SOLE 0 13,811 0 2,252
Altria Group, Inc. COM 02209S103 19,717 276,075 SH   SOLE 0 236,408 0 39,667
MOSAIC COMPANY COM 61945C103 4,976 170,524 SH   SOLE 0 146,905 0 23,619
Morgan Stanley COM 617446448 17,796 415,411 SH   SOLE 0 358,348 0 57,063
Microsoft Corporation COM 594918104 20,771 315,377 SH   SOLE 0 272,464 0 42,913
Micron Technology, Inc. COM 595112103 54,845 1,897,736 SH   SOLE 0 1,635,079 0 262,657
INGEVITY CORP COM 45688C107 1,306 21,455 SH   SOLE 0 18,648 0 2,807
NII HOLDINGS, INC ORD SHARES COM 62913F508 1,169 898,905 SH   SOLE 0 774,785 0 124,120
NAVIOS MARITIME ACQUISITION CORPORATION COM Y62159101 2,118 1,231,164 SH   SOLE 0 1,059,695 0 171,469
NOAH HOLDINGS LTD. SPONSORED ADR CLASS A COM 65487X102 4,953 195,135 SH   SOLE 0 168,065 0 27,070
NetEase, Inc. Sponsored ADR COM 64110W102 27,442 96,626 SH   SOLE 0 83,071 0 13,555
Priceline Group Inc COM 741503403 78,166 43,914 SH   SOLE 0 37,869 0 6,045
Philip Morris International Inc. COM 718172109 14,619 129,487 SH   SOLE 0 110,992 0 18,495
PNC FINANCIAL SERVICES GROUP INC WARRANTS 2010-31. CONV BONDS 693475121 13,441 254,316 PRN   SOLE 0 218,976 0 35,340
PAYPAL HOLDINGS INC COM 70450Y103 60,253 1,400,570 SH   SOLE 0 1,205,713 0 194,857
PAPA JOHN`S INTERNATIONAL, INC. COM 698813102 5,820 72,712 SH   SOLE 0 62,483 0 10,229
Liberty Interactive Corporation QVC Group COM 53071M104 12,287 613,749 SH   SOLE 0 530,087 0 83,662
RALPH LAUREN CORPORATION CLASS A COM 751212101 13,985 171,346 SH   SOLE 0 147,722 0 23,624
Raytheon Company COM 755111507 10,289 67,472 SH   SOLE 0 58,228 0 9,244
Ryanair Holdings Plc Sponsored ADR COM 783513203 5,066 61,050 SH   SOLE 0 51,625 0 9,425
SCORPIO BULKERS, INC. COM Y7546A122 8,268 898,697 SH   SOLE 0 773,184 0 125,513
SOUTHERN COPPER CORPORATION COM 84265V105 9,171 255,524 SH   SOLE 0 219,702 0 35,822
Charles Schwab Corporation COM 808513105 29,911 732,943 SH   SOLE 0 629,857 0 103,086
Sherwin-Williams Company COM 824348106 28,666 92,413 SH   SOLE 0 79,645 0 12,768
Signet Jewelers Limited COM G81276100 8,065 116,424 SH   SOLE 0 100,563 0 15,861
SL Green Realty Corp. COM 78440X101 43,126 404,479 SH   SOLE 0 347,600 0 56,879
Scotts Miracle-Gro Company Class A COM 810186106 14,317 153,299 SH   SOLE 0 132,604 0 20,695
STNG 2 3/8 07/01/19 CONV BONDS 80918TAA7 2,493 2,749,000 PRN   SOLE 0 2,349,000 0 400,000
SCORPIO TANKERS INC. COM Y7542C106 26,495 5,967,239 SH   SOLE 0 5,136,674 0 830,565
Seagate Technology PLC COM G7945M107 18,808 409,495 SH   SOLE 0 353,296 0 56,199
Synchrony Financial COM 87165B103 50,773 1,480,250 SH   SOLE 0 1,275,639 0 204,611
THOR INDUSTRIES, INC. COM 885160101 3,477 36,174 SH   SOLE 0 31,174 0 5,000
Tribune Media Co. Class A COM 896047503 10,360 277,974 SH   SOLE 0 239,264 0 38,710
TripAdvisor, Inc. COM 896945201 8,405 194,735 SH   SOLE 0 167,796 0 26,939
Tronc Inc COM 89703P107 646 46,379 SH   SOLE 0 40,073 0 6,306
Tractor Supply Company COM 892356106 32,227 467,262 SH   SOLE 0 402,579 0 64,683
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 54,473 1,658,744 SH   SOLE 0 1,430,880 0 227,864
Tesoro Corporation COM 881609101 6,185 76,303 SH   SOLE 0 65,683 0 10,620
ISHARES MSCI TURKEY ETF COM 464286715 2,327 65,003 SH   SOLE 0 65,003 0 0
TEXAS INSTRUMENTS INCORPORATED COM 882508104 6,956 86,350 SH   SOLE 0 74,457 0 11,893
United Continental Holdings, Inc. COM 910047109 33,835 478,973 SH   SOLE 0 412,167 0 66,806
NET 1 UEPS TECHNOLOGIES, INC. COM 64107N206 3,001 245,367 SH   SOLE 0 210,796 0 34,571
UNION PACIFIC CORPORATION COM 907818108 28,739 271,329 SH   SOLE 0 233,832 0 37,497
USG Corporation COM 903293405 7,154 224,959 SH   SOLE 0 194,198 0 30,761
VEECO INSTRUMENTS INC. COM 922417100 9,071 303,880 SH   SOLE 0 261,206 0 42,674
VIPSHOP HOLDINGS LTD SPONSORED ADR COM 92763W103 5,208 390,397 SH   SOLE 0 335,484 0 54,913
Verisk Analytics, Inc. Class A COM 92345Y106 12,330 151,965 SH   SOLE 0 130,922 0 21,043
Verizon Communications Inc. COM 92343V104 5,977 122,607 SH   SOLE 0 105,686 0 16,921
Walgreens Boots Alliance Inc COM 931427108 2,157 25,977 SH   SOLE 0 22,411 0 3,566
Western Digital Corporation COM 958102105 10,187 123,433 SH   SOLE 0 106,772 0 16,661
Wells Fargo & Company COM 949746101 58,285 1,047,166 SH   SOLE 0 900,097 0 147,069
WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS CONV BONDS 949746119 5,497 247,745 PRN   SOLE 0 213,321 0 34,424
WHIRLPOOL CORPORATION COM 963320106 6,947 40,548 SH   SOLE 0 34,973 0 5,575
WILLIS TOWERS WATSON PLC COM G96629103 33,462 255,650 SH   SOLE 0 220,680 0 34,970
WESTROCK CO. COM 96145D105 6,575 126,376 SH   SOLE 0 109,649 0 16,727
YANDEX N.V. COM N97284108 8,267 376,955 SH   SOLE 0 324,312 0 52,643