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
ALCOA CORP. COM 013872106 18,373 408,643 SH   SOLE 0 346,187 0 62,456
American Airlines Group, Inc. COM 02376R102 127,792 2,459,435 SH   SOLE 0 2,083,597 0 375,838
ADVANCE AUTO PARTS, INC. COM 00751Y106 4,759 40,144 SH   SOLE 0 33,927 0 6,217
ADIENT PLC COM G0084W101 3,156 52,804 SH   SOLE 0 44,669 0 8,135
Alliance Data Systems Corporation COM 018581108 10,219 48,008 SH   SOLE 0 40,750 0 7,258
American International Group, Inc. COM 026874784 87,805 1,613,472 SH   SOLE 0 1,368,589 0 244,883
AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. CONV BONDS 026874156 55,621 3,391,530 PRN   SOLE 0 2,873,677 0 517,853
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 7,328 383,871 SH   SOLE 0 325,605 0 58,266
Amazon.com, Inc. COM 023135106 259,987 179,631 SH   SOLE 0 152,241 0 27,390
Andeavor COM 03349M105 8,812 87,631 SH   SOLE 0 74,013 0 13,618
Anthem, Inc. COM 036752103 27,485 125,104 SH   SOLE 0 106,103 0 19,001
APACHE CORPORATION COM 037411105 3,950 102,641 SH   SOLE 0 86,980 0 15,661
ACTIVISION BLIZZARD INC COM 00507V109 27,619 409,417 SH   SOLE 0 347,175 0 62,242
BROADCOM LIMITED COM Y09827109 8,523 36,169 SH   SOLE 0 30,667 0 5,502
American Express Company COM 025816109 62,166 666,449 SH   SOLE 0 565,071 0 101,378
Bank of America Corporation COM 060505104 176,668 5,890,894 SH   SOLE 0 4,992,262 0 898,632
BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS CONV BONDS 060505146 97,716 5,377,865 PRN   SOLE 0 4,550,371 0 827,494
BANK OF AMERICA CORP WARRANTS 2009-28.10.18 ON SHS CONV BONDS 060505153 3,580 1,799,092 PRN   SOLE 0 1,522,751 0 276,341
Belmond Ltd. Class A COM G1154H107 33,576 3,011,278 SH   SOLE 0 2,552,147 0 459,131
Sotheby s Class A COM 835898107 16,577 323,073 SH   SOLE 0 273,980 0 49,093
BAIDU, INC. SPONSORED ADR CLASS A COM 056752108 18,266 81,842 SH   SOLE 0 69,339 0 12,503
Bio-Rad Laboratories, Inc. Class A COM 090572207 24,695 98,748 SH   SOLE 0 83,684 0 15,064
Booking Holdings Inc. COM 09857L108 102,155 49,104 SH   SOLE 0 41,585 0 7,519
TOPBUILD CORP. COM 89055F103 3,271 42,750 SH   SOLE 0 36,247 0 6,503
Bristol-Myers Squibb Company COM 110122108 13,675 216,202 SH   SOLE 0 183,466 0 32,736
Berkshire Hathaway Inc. Class B COM 084670702 81,018 406,147 SH   SOLE 0 343,910 0 62,237
PEABODY ENERGY CORPORATION COM 704551100 32,113 879,809 SH   SOLE 0 745,491 0 134,318
Citigroup Inc. COM 172967424 166,565 2,467,635 SH   SOLE 0 2,092,518 0 375,117
CITIGROUP INC WARRANTS 2011-4.1.19 ON SHS CONV BONDS 172967226 734 15,946,267 PRN   SOLE 0 13,508,027 0 2,438,240
Avis Budget Group, Inc. COM 053774105 9,459 201,938 SH   SOLE 0 171,461 0 30,477
CBRE Group, Inc. Class A COM 12504L109 120,967 2,561,776 SH   SOLE 0 2,169,780 0 391,996
Citizens Financial Group, Inc. COM 174610105 53,488 1,274,125 SH   SOLE 0 1,080,082 0 194,043
Charter Communications Inc. Class A COM 16119P108 9,778 31,417 SH   SOLE 0 26,676 0 4,741
COMMERCEHUB INC-SERIES A COM 20084V108 219 9,750 SH   SOLE 0 8,307 0 1,443
COMMERCEHUB INC-SERIES C COM 20084V306 576 25,611 SH   SOLE 0 20,727 0 4,884
CoreLogic, Inc. COM 21871D103 23,451 518,484 SH   SOLE 0 439,167 0 79,317
COMCAST CORPORATION CLASS A COM 20030N101 42,486 1,243,386 SH   SOLE 0 1,053,777 0 189,609
Capital One Financial Corporation COM 14040H105 61,755 644,488 SH   SOLE 0 545,843 0 98,645
CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. CONV BONDS 14040H139 6,497 120,979 PRN   SOLE 0 102,660 0 18,319
Costco Wholesale Corporation COM 22160K105 112,987 599,625 SH   SOLE 0 507,925 0 91,700
Coty Inc. Class A COM 222070203 3,158 172,581 SH   SOLE 0 146,999 0 25,582
CENTURYLINK, INC. COM 156700106 12,953 788,391 SH   SOLE 0 669,027 0 119,364
CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR COM 22943F100 5,597 120,047 SH   SOLE 0 101,301 0 18,746
Cognizant Technology Solutions Corporation Class A COM 192446102 24,119 299,611 SH   SOLE 0 254,069 0 45,542
Cemex SAB de CV Sponsored ADR COM 151290889 50,731 7,663,283 SH   SOLE 0 6,494,361 0 1,168,922
CAESARS ENTERTAINMENT CORPORATION COM 127686103 13,140 1,168,002 SH   SOLE 0 989,273 0 178,729
Delta Air Lines, Inc. COM 247361702 119,877 2,187,145 SH   SOLE 0 1,854,001 0 333,144
Discovery Communications, Inc. Class A COM 25470F104 17,320 808,235 SH   SOLE 0 685,297 0 122,938
NOW Inc COM 67011P100 10,503 1,027,650 SH   SOLE 0 869,459 0 158,191
DIANA SHIPPING INC. COM Y2066G104 17,730 4,844,391 SH   SOLE 0 4,092,314 0 752,077
DOWDUPONT INC COM 26078J100 21,765 341,630 SH   SOLE 0 289,632 0 51,998
DXC Technology Co COM 23355L106 27,486 273,414 SH   SOLE 0 231,555 0 41,859
eBay Inc. COM 278642103 29,323 728,701 SH   SOLE 0 617,696 0 111,005
EPAM Systems, Inc. COM 29414B104 33,230 290,164 SH   SOLE 0 245,415 0 44,749
ENSCO PLC CLASS A COM G3157S106 8,192 1,866,110 SH   SOLE 0 1,579,828 0 286,282
ISHARES MSCI SOUTH KOREA CAP ETF COM 464286772 2,879 38,161 SH   SOLE 0 38,161 0 0
Ford Motor Company COM 345370860 28,225 2,547,361 SH   SOLE 0 2,157,440 0 389,921
FIRSTCASH INC. COM 33767D105 15,095 185,784 SH   SOLE 0 157,181 0 28,603
FREEPORT-MCMORAN, INC. COM 35671D857 16,118 917,355 SH   SOLE 0 773,632 0 143,723
Fluor Corporation COM 343412102 3,235 56,544 SH   SOLE 0 48,116 0 8,428
Federal National Mortgage Association COM 313586109 688 487,627 SH   SOLE 0 414,940 0 72,687
Liberty Media Corp Series A Liberty Formula One COM 531229870 1,408 48,071 SH   SOLE 0 40,149 0 7,922
Liberty Media Corp Series C Liberty Formula One COM 531229854 1,885 61,095 SH   SOLE 0 51,845 0 9,250
Graco Inc. COM 384109104 14,278 312,295 SH   SOLE 0 265,009 0 47,286
GCI LIBERTY INC NPV A COM 36164V305 3,799 71,865 SH   SOLE 0 60,778 0 11,087
GOLAR LNG LIMITED COM G9456A100 8,217 300,327 SH   SOLE 0 254,274 0 46,053
CORNING INCORPORATED COM 219350105 4,778 171,372 SH   SOLE 0 145,087 0 26,285
Alphabet Inc. Class C COM 02079K107 130,403 126,385 SH   SOLE 0 107,103 0 19,282
Alphabet Inc. Class A COM 02079K305 11,161 10,761 SH   SOLE 0 9,134 0 1,627
Garmin Ltd. COM H2906T109 15,504 263,091 SH   SOLE 0 223,171 0 39,920
FERROGLOBE PLC COM G33856108 5,467 509,529 SH   SOLE 0 430,976 0 78,553
HAIN CELESTIAL GROUP, INC. COM 405217100 4,757 148,325 SH   SOLE 0 125,383 0 22,942
Halliburton Company COM 406216101 3,270 69,654 SH   SOLE 0 58,894 0 10,760
Huntington Bancshares Incorporated COM 446150104 5,650 374,178 SH   SOLE 0 317,267 0 56,911
Hanesbrands Inc. COM 410345102 16,547 898,311 SH   SOLE 0 762,406 0 135,905
Hackett Group, Inc. COM 404609109 20,487 1,275,677 SH   SOLE 0 1,080,799 0 194,878
HEWLETT PACKARD ENTERPRISE CO. COM 42824C109 6,437 367,018 SH   SOLE 0 310,946 0 56,072
HP Inc COM 40434L105 7,984 364,246 SH   SOLE 0 310,113 0 54,133
Herc Holdings Inc COM 42704L104 1,300 20,021 SH   SOLE 0 17,126 0 2,895
Hertz Global Holdings COM 42806J106 1,214 61,173 SH   SOLE 0 52,582 0 8,591
iHeartMedia, Inc. Class A COM 45174J103 206 478,384 SH   SOLE 0 437,445 0 40,939
ILG INC NPV COM 44967H101 4,655 149,643 SH   SOLE 0 127,015 0 22,628
iShares MSCI India ETF COM 46429B598 26,675 781,578 SH   SOLE 0 617,246 0 164,332
INTERNATIONAL SEAWAYS, INC. COM Y41053102 4,393 249,602 SH   SOLE 0 212,408 0 37,194
Intel Corporation COM 458140100 17,831 342,368 SH   SOLE 0 290,754 0 51,614
Gartner, Inc. COM 366651107 22,558 191,783 SH   SOLE 0 163,163 0 28,620
JD.com, Inc. Sponsored ADR Class A COM 47215P106 49,468 1,221,727 SH   SOLE 0 1,032,253 0 189,474
JPMorgan Chase & Co. COM 46625H100 25,234 229,465 SH   SOLE 0 194,780 0 34,685
JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS CONV BONDS 46634E114 15,992 229,939 PRN   SOLE 0 194,570 0 35,369
KIRBY CORPORATION COM 497266106 5,638 73,272 SH   SOLE 0 62,206 0 11,066
KKR & Co. L.P. COM 48248M102 20,170 993,615 SH   SOLE 0 841,111 0 152,504
Kroger Co. COM 501044101 39,749 1,660,350 SH   SOLE 0 1,406,123 0 254,227
Kansas City Southern COM 485170302 14,022 127,649 SH   SOLE 0 108,218 0 19,431
KT CORPORATION SPONSORED ADR COM 48268K101 527 38,471 SH   SOLE 0 38,471 0 0
Loews Corporation COM 540424108 12,100 243,312 SH   SOLE 0 206,436 0 36,876
Lazard Ltd Class A COM G54050102 59,623 1,134,371 SH   SOLE 0 961,914 0 172,457
Liberty Broadband Corp. Class A COM 530307107 500 5,902 SH   SOLE 0 4,884 0 1,018
Liberty Broadband Corp. Class C COM 530307305 6,522 76,115 SH   SOLE 0 63,922 0 12,193
Liberty Global Plc Class A COM G5480U104 43,320 1,383,596 SH   SOLE 0 1,169,811 0 213,785
Liberty Global Plc Class C COM G5480U120 48,359 1,589,182 SH   SOLE 0 1,345,576 0 243,606
LEAR CORPORATION COM 521865204 6,235 33,504 SH   SOLE 0 28,353 0 5,151
Liberty Expedia Holdings Inc NPV COM 53046P109 526 13,401 SH   SOLE 0 10,966 0 2,435
LIONS GATE ENTERTAINMENT CORP NPV COM 535919500 763 31,684 SH   SOLE 0 26,722 0 4,962
Liberty Latin America Class A COM G9001E102 6,407 329,406 SH   SOLE 0 277,236 0 52,170
Liberty Latin America Class C COM G9001E128 10,997 576,079 SH   SOLE 0 486,046 0 90,033
LIVANOVA PLC COM G5509L101 31,608 357,148 SH   SOLE 0 302,616 0 54,532
Lowe s Companies, Inc. COM 548661107 7,252 82,644 SH   SOLE 0 69,840 0 12,804
Louisiana-Pacific Corporation COM 546347105 7,058 245,309 SH   SOLE 0 207,802 0 37,507
LIBERTY SIRIUSXM GROUP CLASS A COM 531229409 11,038 268,557 SH   SOLE 0 226,844 0 41,713
LIBERTY SIRIUSXM GROUP CLASS C COM 531229607 12,594 308,290 SH   SOLE 0 261,103 0 47,187
Liberty TripAdvisor Holdings Inc Class A COM 531465102 3,268 304,042 SH   SOLE 0 256,294 0 47,748
Leucadia National Corporation COM 527288104 2,787 122,623 SH   SOLE 0 104,378 0 18,245
LYONDELLBASELL INDUSTRIES NV COM N53745100 8,492 80,352 SH   SOLE 0 68,119 0 12,233
Masco Corporation COM 574599106 11,972 296,051 SH   SOLE 0 251,302 0 44,749
MBIA Inc. COM 55262C100 47,380 5,116,635 SH   SOLE 0 4,332,672 0 783,963
MCKESSON CORPORATION COM 58155Q103 6,962 49,419 SH   SOLE 0 41,836 0 7,583
Moodys Corporation COM 615369105 6,662 41,305 SH   SOLE 0 34,921 0 6,384
MICRO FOCUS INTL PLC NPV ADR COM 594837304 8,015 570,867 SH   SOLE 0 483,907 0 86,960
MGM Resorts International COM 552953101 81,511 2,327,545 SH   SOLE 0 1,968,812 0 358,733
Mohawk Industries, Inc. COM 608190104 20,742 89,320 SH   SOLE 0 75,826 0 13,494
MARKEL CORPORATION COM 570535104 21,537 18,404 SH   SOLE 0 15,562 0 2,842
Altria Group, Inc. COM 02209S103 19,252 308,922 SH   SOLE 0 252,193 0 56,729
Morgan Stanley COM 617446448 25,708 476,429 SH   SOLE 0 404,536 0 71,893
Microsoft Corporation COM 594918104 33,113 362,805 SH   SOLE 0 307,987 0 54,818
Micron Technology, Inc. COM 595112103 50,269 964,120 SH   SOLE 0 818,058 0 146,062
INGEVITY CORP COM 45688C107 1,835 24,900 SH   SOLE 0 21,059 0 3,841
NII HOLDINGS, INC ORD SHARES COM 62913F508 1,257 595,570 SH   SOLE 0 533,914 0 61,656
NAVIOS MARITIME ACQUISITION CORPORATION COM Y62159101 1,178 1,402,293 SH   SOLE 0 1,195,325 0 206,968
NOAH HOLDINGS LTD. SPONSORED ADR CLASS A COM 65487X102 10,565 223,782 SH   SOLE 0 189,662 0 34,120
NetEase, Inc. Sponsored ADR COM 64110W102 30,993 110,536 SH   SOLE 0 93,633 0 16,903
PETROLEO BRASILEIRO SA SPONSORED ADR COM 71654V408 27,039 1,912,230 SH   SOLE 0 1,620,915 0 291,315
Philip Morris International Inc. COM 718172109 14,403 144,901 SH   SOLE 0 118,664 0 26,237
PNC FINANCIAL SERVICES GROUP, INC. COM 693475105 25,259 167,010 SH   SOLE 0 141,700 0 25,310
PAYPAL HOLDINGS INC COM 70450Y103 121,690 1,603,931 SH   SOLE 0 1,359,644 0 244,287
PAPA JOHN`S INTERNATIONAL, INC. COM 698813102 6,781 118,344 SH   SOLE 0 100,065 0 18,279
Liberty Interactive Corporation QVC Group COM 53071M104 17,729 704,354 SH   SOLE 0 596,741 0 107,613
Raytheon Company COM 755111507 16,837 78,012 SH   SOLE 0 65,944 0 12,068
Ryanair Holdings Plc Sponsored ADR COM 783513203 9,270 75,461 SH   SOLE 0 62,230 0 13,231
SCORPIO BULKERS, INC. COM Y7546A122 7,267 1,030,787 SH   SOLE 0 872,883 0 157,904
SPIRIT AIRLINES, INC. COM 848577102 6,655 176,140 SH   SOLE 0 148,743 0 27,397
SOUTHERN COPPER CORPORATION COM 84265V105 15,904 293,542 SH   SOLE 0 248,252 0 45,290
Sherwin-Williams Company COM 824348106 41,879 106,801 SH   SOLE 0 90,472 0 16,329
Signet Jewelers Limited COM G81276100 5,143 133,507 SH   SOLE 0 113,488 0 20,019
SL Green Realty Corp. COM 78440X101 26,779 276,554 SH   SOLE 0 234,398 0 42,156
Scotts Miracle-Gro Company Class A COM 810186106 9,953 116,074 SH   SOLE 0 98,530 0 17,544
STEEL DYNAMICS, INC. COM 858119100 6,024 136,235 SH   SOLE 0 115,522 0 20,713
STNG 2 3/8 07/01/19 CONV BONDS 80918TAA7 2,788 3,047,000 PRN   SOLE 0 2,668,000 0 379,000
SCORPIO TANKERS INC. COM Y7542C106 19,600 9,999,898 SH   SOLE 0 8,474,206 0 1,525,692
Seagate Technology PLC COM G7945M107 27,510 470,096 SH   SOLE 0 398,125 0 71,971
Synchrony Financial COM 87165B103 60,320 1,798,981 SH   SOLE 0 1,524,515 0 274,466
THOR INDUSTRIES, INC. COM 885160101 4,780 41,507 SH   SOLE 0 35,168 0 6,339
TripAdvisor, Inc. COM 896945201 9,154 223,873 SH   SOLE 0 189,290 0 34,583
Tronc Inc COM 89703P107 868 52,870 SH   SOLE 0 44,860 0 8,010
Tractor Supply Company COM 892356106 31,918 506,477 SH   SOLE 0 429,328 0 77,149
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 83,193 1,901,113 SH   SOLE 0 1,611,566 0 289,547
ISHARES MSCI TURKEY ETF COM 464286715 5,764 135,888 SH   SOLE 0 65,288 0 70,600
TEXAS INSTRUMENTS INCORPORATED COM 882508104 10,291 99,058 SH   SOLE 0 83,960 0 15,098
United Continental Holdings, Inc. COM 910047109 35,105 505,324 SH   SOLE 0 427,659 0 77,665
NET 1 UEPS TECHNOLOGIES, INC. COM 64107N206 5,027 531,406 SH   SOLE 0 451,322 0 80,084
UNION PACIFIC CORPORATION COM 907818108 41,861 311,397 SH   SOLE 0 263,711 0 47,686
USG Corporation COM 903293405 10,409 257,515 SH   SOLE 0 218,754 0 38,761
VEECO INSTRUMENTS INC. COM 922417100 8,942 526,015 SH   SOLE 0 444,682 0 81,333
VIPSHOP HOLDINGS LTD SPONSORED ADR COM 92763W103 26,934 1,620,586 SH   SOLE 0 1,372,701 0 247,885
VENATOR MATERIALS PLC COM G9329Z100 3,242 179,196 SH   SOLE 0 151,997 0 27,199
Verisk Analytics, Inc. Class A COM 92345Y106 9,566 91,978 SH   SOLE 0 77,627 0 14,351
VISTA OUTDOOR INC COM 928377100 11,496 704,383 SH   SOLE 0 595,922 0 108,461
AQUAVENTURE HOLDINGS LIMITED COM G0443N107 3,393 273,174 SH   SOLE 0 231,439 0 41,735
Western Digital Corporation COM 958102105 12,973 140,598 SH   SOLE 0 119,143 0 21,455
Wells Fargo & Company COM 949746101 57,794 1,102,727 SH   SOLE 0 931,406 0 171,321
WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS CONV BONDS 949746119 12,392 645,426 PRN   SOLE 0 547,203 0 98,223
WHIRLPOOL CORPORATION COM 963320106 3,552 23,202 SH   SOLE 0 19,665 0 3,537
WILLIS TOWERS WATSON PLC COM G96629103 34,910 229,382 SH   SOLE 0 194,351 0 35,031
WALMART INC. COM 931142103 39,210 440,705 SH   SOLE 0 387,839 0 52,866
WESTROCK CO. COM 96145D105 9,254 144,218 SH   SOLE 0 122,904 0 21,314
YANDEX N.V. COM N97284108 17,061 432,477 SH   SOLE 0 366,118 0 66,359