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 111,359 2,344,886 SH   SOLE 0 2,080,293 0 264,593
ADVANCE AUTO PARTS, INC. COM 00751Y106 3,524 35,528 SH   SOLE 0 31,545 0 3,983
ADIENT PLC COM G0084W101 3,922 46,700 SH   SOLE 0 41,479 0 5,221
Alliance Data Systems Corporation COM 018581108 9,475 42,768 SH   SOLE 0 37,978 0 4,790
American International Group, Inc. COM 026874784 91,646 1,492,850 SH   SOLE 0 1,326,016 0 166,834
AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. CONV BONDS 026874156 60,452 3,022,586 PRN   SOLE 0 2,682,209 0 340,377
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 6,022 339,281 SH   SOLE 0 301,729 0 37,552
Amazon.com, Inc. COM 023135106 204,096 212,301 SH   SOLE 0 188,317 0 23,984
Andeavor COM 03349M105 8,039 77,935 SH   SOLE 0 68,942 0 8,993
Anthem, Inc. COM 036752103 21,141 111,340 SH   SOLE 0 98,884 0 12,456
APACHE CORPORATION COM 037411105 4,164 90,924 SH   SOLE 0 80,871 0 10,053
ACTIVISION BLIZZARD INC COM 00507V109 23,509 364,422 SH   SOLE 0 323,327 0 41,095
BROADCOM LIMITED COM Y09827109 3,041 12,539 SH   SOLE 0 11,132 0 1,407
American Express Company COM 025816109 61,255 677,148 SH   SOLE 0 601,022 0 76,126
Bank of America Corporation COM 060505104 132,582 5,232,119 SH   SOLE 0 4,642,998 0 589,121
BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS CONV BONDS 060505146 64,089 4,840,594 PRN   SOLE 0 4,295,605 0 544,989
BANK OF AMERICA CORP WARRANTS 2009-28.10.18 ON SHS CONV BONDS 060505153 1,247 1,595,477 PRN   SOLE 0 1,415,094 0 180,383
Liberty Braves Group - Class C COM 531229888 697 27,584 SH   SOLE 0 24,316 0 3,268
Belmond Ltd. Class A COM G1154H107 46,201 3,384,653 SH   SOLE 0 3,001,955 0 382,698
Sotheby s Class A COM 835898107 16,054 348,170 SH   SOLE 0 308,943 0 39,227
BAIDU, INC. SPONSORED ADR CLASS A COM 056752108 18,045 72,854 SH   SOLE 0 64,561 0 8,293
Bio-Rad Laboratories, Inc. Class A COM 090572207 19,524 87,858 SH   SOLE 0 77,959 0 9,899
TOPBUILD CORP. COM 89055F103 2,488 38,178 SH   SOLE 0 33,752 0 4,426
Bristol-Myers Squibb Company COM 110122108 12,271 192,519 SH   SOLE 0 171,057 0 21,462
Berkshire Hathaway Inc. Class B COM 084670702 66,963 365,281 SH   SOLE 0 323,801 0 41,480
Citigroup Inc. COM 172967424 159,828 2,197,245 SH   SOLE 0 1,951,676 0 245,569
CITIGROUP INC WARRANTS 2011-4.1.19 ON SHS CONV BONDS 172967226 662 5,749,254 PRN   SOLE 0 5,098,816 0 650,438
Avis Budget Group, Inc. COM 053774105 6,858 180,181 SH   SOLE 0 160,389 0 19,792
CBRE Group, Inc. Class A COM 12504L109 92,305 2,436,782 SH   SOLE 0 2,159,272 0 277,510
CF Industries Holdings, Inc. COM 125269100 4,843 137,752 SH   SOLE 0 122,131 0 15,621
Citizens Financial Group, Inc. COM 174610105 42,878 1,132,234 SH   SOLE 0 1,004,963 0 127,271
Charter Communications Inc. Class A COM 16119P108 10,176 28,001 SH   SOLE 0 24,893 0 3,108
COMMERCEHUB INC-SERIES A COM 20084V108 217 9,624 SH   SOLE 0 8,181 0 1,443
COMMERCEHUB INC-SERIES C COM 20084V306 469 21,982 SH   SOLE 0 19,098 0 2,884
CoreLogic, Inc. COM 21871D103 21,363 462,193 SH   SOLE 0 409,924 0 52,269
COMCAST CORPORATION CLASS A COM 20030N101 42,556 1,105,921 SH   SOLE 0 981,785 0 124,136
Capital One Financial Corporation COM 14040H105 51,474 608,013 SH   SOLE 0 539,113 0 68,900
CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. CONV BONDS 14040H139 4,596 107,800 PRN   SOLE 0 95,515 0 12,285
Costco Wholesale Corporation COM 22160K105 87,956 535,373 SH   SOLE 0 475,148 0 60,225
Coty Inc. Class A COM 222070203 2,552 154,359 SH   SOLE 0 136,956 0 17,403
COPA HOLDINGS, S.A. CLASS A COM P31076105 10,581 84,965 SH   SOLE 0 74,824 0 10,141
CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR COM 22943F100 5,636 106,873 SH   SOLE 0 94,342 0 12,531
Cognizant Technology Solutions Corporation Class A COM 192446102 19,362 266,917 SH   SOLE 0 236,663 0 30,254
Cemex SAB de CV Sponsored ADR COM 151290889 64,868 7,144,062 SH   SOLE 0 6,343,628 0 800,434
CAESARS ENTERTAINMENT CORPORATION COM 127686103 13,859 1,038,146 SH   SOLE 0 921,252 0 116,894
Delta Air Lines, Inc. COM 247361702 91,661 1,900,891 SH   SOLE 0 1,685,489 0 215,402
Discovery Communications, Inc. Class A COM 25470F104 15,340 720,523 SH   SOLE 0 639,763 0 80,760
NOW Inc COM 67011P100 10,364 750,436 SH   SOLE 0 665,784 0 84,652
DIANA SHIPPING INC. COM Y2066G104 12,945 3,566,045 SH   SOLE 0 3,177,668 0 388,377
DOWDUPONT INC COM 26078J100 14,082 203,414 SH   SOLE 0 181,299 0 22,115
DXC Technology Co COM 23355L106 18,322 213,346 SH   SOLE 0 189,200 0 24,146
eBay Inc. COM 278642103 34,901 907,450 SH   SOLE 0 805,035 0 102,415
EPAM Systems, Inc. COM 29414B104 22,711 258,280 SH   SOLE 0 228,748 0 29,532
ISHARES MSCI SOUTH KOREA CAP ETF COM 464286772 2,624 38,000 SH   SOLE 0 38,000 0 0
Ford Motor Company COM 345370860 27,118 2,265,509 SH   SOLE 0 2,010,904 0 254,605
FIRSTCASH INC. COM 33767D105 10,438 165,288 SH   SOLE 0 146,332 0 18,956
FREEPORT-MCMORAN, INC. COM 35671D857 11,410 812,695 SH   SOLE 0 718,325 0 94,370
Fluor Corporation COM 343412102 2,108 50,081 SH   SOLE 0 44,424 0 5,657
Federal National Mortgage Association COM 313586109 1,285 430,531 SH   SOLE 0 383,097 0 47,434
Liberty Media Corp Series A Liberty Formula One COM 531229870 1,560 42,749 SH   SOLE 0 37,817 0 4,932
Liberty Media Corp Series C Liberty Formula One COM 531229854 2,079 54,578 SH   SOLE 0 48,368 0 6,210
Graco Inc. COM 384109104 16,029 129,590 SH   SOLE 0 115,392 0 14,198
GOLAR LNG LIMITED COM G9456A100 6,036 266,967 SH   SOLE 0 236,958 0 30,009
CORNING INCORPORATED COM 219350105 4,540 151,740 SH   SOLE 0 134,660 0 17,080
Alphabet Inc. Class C COM 02079K107 108,127 112,737 SH   SOLE 0 99,834 0 12,903
Alphabet Inc. Class A COM 02079K305 9,259 9,509 SH   SOLE 0 8,441 0 1,068
Garmin Ltd. COM H2906T109 12,627 233,971 SH   SOLE 0 207,589 0 26,382
FERROGLOBE PLC COM G33856108 5,953 452,370 SH   SOLE 0 401,527 0 50,843
HAIN CELESTIAL GROUP, INC. COM 405217100 5,413 131,547 SH   SOLE 0 116,606 0 14,941
Halliburton Company COM 406216101 2,861 62,162 SH   SOLE 0 55,143 0 7,019
Huntington Bancshares Incorporated COM 446150104 4,625 331,325 SH   SOLE 0 294,524 0 36,801
Hanesbrands Inc. COM 410345102 15,593 632,819 SH   SOLE 0 563,420 0 69,399
Hackett Group, Inc. COM 404609109 17,199 1,132,277 SH   SOLE 0 1,005,699 0 126,578
HEWLETT PACKARD ENTERPRISE CO. COM 42824C109 17,224 1,170,890 SH   SOLE 0 1,039,024 0 131,866
HP Inc COM 40434L105 6,461 323,708 SH   SOLE 0 287,930 0 35,778
Herc Holdings Inc COM 42704L104 886 18,040 SH   SOLE 0 16,021 0 2,019
Hertz Global Holdings COM 42806J106 1,222 54,632 SH   SOLE 0 48,566 0 6,066
iHeartMedia, Inc. Class A COM 45174J103 711 458,604 SH   SOLE 0 417,665 0 40,939
ILG INC NPV COM 44967H101 3,563 133,293 SH   SOLE 0 118,119 0 15,174
iShares MSCI India ETF COM 46429B598 14,948 455,024 SH   SOLE 0 455,024 0 0
Intel Corporation COM 458140100 11,621 305,162 SH   SOLE 0 271,313 0 33,849
Gartner, Inc. COM 366651107 21,269 170,962 SH   SOLE 0 152,228 0 18,734
JD.com, Inc. Sponsored ADR Class A COM 47215P106 41,472 1,085,667 SH   SOLE 0 960,201 0 125,466
JPMorgan Chase & Co. COM 46625H100 19,526 204,438 SH   SOLE 0 181,711 0 22,727
JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS CONV BONDS 46634E114 11,046 204,336 PRN   SOLE 0 181,275 0 23,061
KIRBY CORPORATION COM 497266106 4,321 65,520 SH   SOLE 0 58,027 0 7,493
KKR & Co. L.P. COM 48248M102 17,960 883,443 SH   SOLE 0 783,319 0 100,124
Kroger Co. COM 501044101 15,743 784,807 SH   SOLE 0 696,262 0 88,545
Kansas City Southern COM 485170302 12,339 113,532 SH   SOLE 0 100,824 0 12,708
KT CORPORATION SPONSORED ADR COM 48268K101 343 24,725 SH   SOLE 0 24,725 0 0
Loews Corporation COM 540424108 7,961 166,344 SH   SOLE 0 147,981 0 18,363
Lazard Ltd Class A COM G54050102 45,851 1,013,954 SH   SOLE 0 900,506 0 113,448
Liberty Broadband Corp. Class A COM 530307107 1,756 18,642 SH   SOLE 0 16,458 0 2,184
Liberty Broadband Corp. Class C COM 530307305 8,177 85,806 SH   SOLE 0 75,688 0 10,118
Liberty Global Plc Class A COM G5480U104 41,685 1,229,285 SH   SOLE 0 1,088,850 0 140,435
Liberty Global Plc Class C COM G5480U120 46,181 1,412,275 SH   SOLE 0 1,252,125 0 160,150
Liberty Expedia Holdings Inc NPV COM 53046P109 615 11,585 SH   SOLE 0 10,164 0 1,421
LIONS GATE ENTERTAINMENT CORP NPV COM 535919500 906 28,487 SH   SOLE 0 25,236 0 3,251
Liberty Lilac Group Class A COM G5480U138 6,949 292,484 SH   SOLE 0 258,393 0 34,091
Liberty LiLAC Group Class C COM G5480U153 11,926 511,857 SH   SOLE 0 452,765 0 59,092
LIVANOVA PLC COM G5509L101 19,405 276,978 SH   SOLE 0 245,654 0 31,324
Lowe s Companies, Inc. COM 548661107 21,711 271,597 SH   SOLE 0 241,004 0 30,593
Louisiana-Pacific Corporation COM 546347105 5,887 217,395 SH   SOLE 0 192,897 0 24,498
LIBERTY SIRIUSXM GROUP CLASS A COM 531229409 9,985 238,310 SH   SOLE 0 210,726 0 27,584
LIBERTY SIRIUSXM GROUP CLASS C COM 531229607 11,505 274,785 SH   SOLE 0 243,354 0 31,431
Liberty TripAdvisor Holdings Inc Class A COM 531465102 3,334 269,948 SH   SOLE 0 238,434 0 31,514
Leucadia National Corporation COM 527288104 2,749 108,855 SH   SOLE 0 96,581 0 12,274
Level 3 Communications, Inc. COM 52729N308 22,443 421,154 SH   SOLE 0 374,063 0 47,091
Liberty Interactive Corp NPV COM 53071M856 3,670 63,768 SH   SOLE 0 56,357 0 7,411
LYONDELLBASELL INDUSTRIES NV COM N53745100 7,109 71,775 SH   SOLE 0 63,570 0 8,205
Masco Corporation COM 574599106 10,258 262,950 SH   SOLE 0 233,600 0 29,350
MBIA Inc. COM 55262C100 51,283 5,894,581 SH   SOLE 0 5,224,745 0 669,836
Moodys Corporation COM 615369105 5,106 36,676 SH   SOLE 0 32,359 0 4,317
MICRO FOCUS INTL PLC NPV ADR COM 594837304 5,129 160,787 SH   SOLE 0 142,680 0 18,107
MGM Resorts International COM 552953101 68,070 2,088,692 SH   SOLE 0 1,849,604 0 239,088
Mohawk Industries, Inc. COM 608190104 19,721 79,676 SH   SOLE 0 70,803 0 8,873
MARKEL CORPORATION COM 570535104 17,539 16,423 SH   SOLE 0 14,511 0 1,912
Altria Group, Inc. COM 02209S103 17,971 283,365 SH   SOLE 0 246,478 0 36,887
MOSAIC COMPANY COM 61945C103 3,762 174,242 SH   SOLE 0 154,506 0 19,736
Morgan Stanley COM 617446448 20,424 424,003 SH   SOLE 0 376,881 0 47,122
Microsoft Corporation COM 594918104 24,016 322,401 SH   SOLE 0 286,535 0 35,866
Micron Technology, Inc. COM 595112103 61,514 1,564,040 SH   SOLE 0 1,389,970 0 174,070
INGEVITY CORP COM 45688C107 1,372 21,962 SH   SOLE 0 19,547 0 2,415
NII HOLDINGS, INC ORD SHARES COM 62913F508 424 921,777 SH   SOLE 0 817,872 0 103,905
NAVIOS MARITIME ACQUISITION CORPORATION COM Y62159101 1,531 1,254,779 SH   SOLE 0 1,112,161 0 142,618
NOAH HOLDINGS LTD. SPONSORED ADR CLASS A COM 65487X102 6,393 199,088 SH   SOLE 0 176,468 0 22,620
NetEase, Inc. Sponsored ADR COM 64110W102 26,058 98,776 SH   SOLE 0 87,468 0 11,308
Priceline Group Inc COM 741503403 80,064 43,731 SH   SOLE 0 38,788 0 4,943
Philip Morris International Inc. COM 718172109 14,758 132,943 SH   SOLE 0 115,708 0 17,235
PNC FINANCIAL SERVICES GROUP INC WARRANTS 2010-31. CONV BONDS 693475121 17,483 259,545 PRN   SOLE 0 230,228 0 29,317
PAYPAL HOLDINGS INC COM 70450Y103 91,559 1,429,941 SH   SOLE 0 1,267,730 0 162,211
PAPA JOHN`S INTERNATIONAL, INC. COM 698813102 7,684 105,161 SH   SOLE 0 93,162 0 11,999
Liberty Interactive Corporation QVC Group COM 53071M104 14,787 627,345 SH   SOLE 0 556,974 0 70,371
RALPH LAUREN CORPORATION CLASS A COM 751212101 15,431 174,778 SH   SOLE 0 154,968 0 19,810
Raytheon Company COM 755111507 12,930 69,301 SH   SOLE 0 61,417 0 7,884
Ryanair Holdings Plc Sponsored ADR COM 783513203 6,569 62,310 SH   SOLE 0 55,117 0 7,193
SCORPIO BULKERS, INC. COM Y7546A122 6,455 915,660 SH   SOLE 0 811,111 0 104,549
SOUTHERN COPPER CORPORATION COM 84265V105 10,369 260,788 SH   SOLE 0 230,830 0 29,958
Charles Schwab Corporation COM 808513105 32,728 748,241 SH   SOLE 0 662,528 0 85,713
Sherwin-Williams Company COM 824348106 33,966 94,866 SH   SOLE 0 84,123 0 10,743
Signet Jewelers Limited COM G81276100 7,923 119,049 SH   SOLE 0 105,693 0 13,356
SL Green Realty Corp. COM 78440X101 27,945 275,807 SH   SOLE 0 244,740 0 31,067
Scotts Miracle-Gro Company Class A COM 810186106 15,243 156,591 SH   SOLE 0 139,285 0 17,306
STNG 2 3/8 07/01/19 CONV BONDS 80918TAA7 2,501 2,785,000 PRN   SOLE 0 2,451,000 0 334,000
SCORPIO TANKERS INC. COM Y7542C106 28,480 8,303,222 SH   SOLE 0 7,368,726 0 934,496
Seagate Technology PLC COM G7945M107 13,852 417,614 SH   SOLE 0 370,535 0 47,079
Synchrony Financial COM 87165B103 49,732 1,601,677 SH   SOLE 0 1,421,500 0 180,177
THOR INDUSTRIES, INC. COM 885160101 4,660 37,010 SH   SOLE 0 32,741 0 4,269
Tribune Media Co. Class A COM 896047503 11,599 283,878 SH   SOLE 0 251,400 0 32,478
TripAdvisor, Inc. COM 896945201 8,053 198,692 SH   SOLE 0 176,034 0 22,658
Tronc Inc COM 89703P107 689 47,408 SH   SOLE 0 42,028 0 5,380
Tractor Supply Company COM 892356106 30,258 478,089 SH   SOLE 0 423,954 0 54,135
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 63,631 1,694,559 SH   SOLE 0 1,504,774 0 189,785
ISHARES MSCI TURKEY ETF COM 464286715 2,718 65,003 SH   SOLE 0 65,003 0 0
TEXAS INSTRUMENTS INCORPORATED COM 882508104 7,909 88,227 SH   SOLE 0 78,196 0 10,031
United Continental Holdings, Inc. COM 910047109 29,771 489,015 SH   SOLE 0 433,090 0 55,925
NET 1 UEPS TECHNOLOGIES, INC. COM 64107N206 4,626 474,947 SH   SOLE 0 421,558 0 53,389
UNION PACIFIC CORPORATION COM 907818108 32,140 277,138 SH   SOLE 0 245,952 0 31,186
USG Corporation COM 903293405 7,499 229,693 SH   SOLE 0 203,887 0 25,806
VEECO INSTRUMENTS INC. COM 922417100 6,634 309,987 SH   SOLE 0 274,199 0 35,788
VIPSHOP HOLDINGS LTD SPONSORED ADR COM 92763W103 8,667 985,995 SH   SOLE 0 873,836 0 112,159
Verisk Analytics, Inc. Class A COM 92345Y106 12,901 155,079 SH   SOLE 0 137,349 0 17,730
Verizon Communications Inc. COM 92343V104 6,197 125,216 SH   SOLE 0 110,949 0 14,267
Western Digital Corporation COM 958102105 10,869 125,793 SH   SOLE 0 111,786 0 14,007
Wells Fargo & Company COM 949746101 54,329 985,116 SH   SOLE 0 872,272 0 112,844
WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS CONV BONDS 949746119 10,390 481,912 PRN   SOLE 0 427,235 0 54,677
WHIRLPOOL CORPORATION COM 963320106 7,627 41,352 SH   SOLE 0 36,676 0 4,676
WILLIS TOWERS WATSON PLC COM G96629103 40,320 261,428 SH   SOLE 0 231,897 0 29,531
WAL-MART STORES, INC. COM 931142103 25,740 329,410 SH   SOLE 0 305,801 0 23,609
WESTROCK CO. COM 96145D105 7,327 129,161 SH   SOLE 0 115,088 0 14,073
YANDEX N.V. COM N97284108 12,666 384,400 SH   SOLE 0 340,579 0 43,821