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 19,289 411,465 SH   SOLE 0 349,009 0 62,456
American Airlines Group, Inc. COM 02376R102 94,329 2,484,953 SH   SOLE 0 2,109,115 0 375,838
ADVANCE AUTO PARTS, INC. COM 00751Y106 5,473 40,330 SH   SOLE 0 34,113 0 6,217
ADIENT PLC COM G0084W101 2,613 53,128 SH   SOLE 0 44,993 0 8,135
Alliance Data Systems Corporation COM 018581108 11,275 48,350 SH   SOLE 0 41,092 0 7,258
American International Group, Inc. COM 026874784 86,323 1,628,121 SH   SOLE 0 1,383,238 0 244,883
AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. CONV BONDS 026874156 55,752 3,844,961 PRN   SOLE 0 3,259,870 0 585,091
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 6,432 386,061 SH   SOLE 0 327,795 0 58,266
Amazon.com, Inc. COM 023135106 307,382 180,834 SH   SOLE 0 153,444 0 27,390
Andeavor COM 03349M105 11,578 88,257 SH   SOLE 0 74,639 0 13,618
Anthem, Inc. COM 036752103 25,008 105,064 SH   SOLE 0 89,171 0 15,893
APACHE CORPORATION COM 037411105 4,834 103,400 SH   SOLE 0 87,739 0 15,661
ACTIVISION BLIZZARD INC COM 00507V109 31,361 410,912 SH   SOLE 0 348,670 0 62,242
BROADCOM LIMITED COM 11135F101 8,826 36,374 SH   SOLE 0 30,872 0 5,502
American Express Company COM 025816109 65,760 671,020 SH   SOLE 0 569,642 0 101,378
Bank of America Corporation COM 060505104 168,098 5,963,033 SH   SOLE 0 5,064,401 0 898,632
BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS CONV BONDS 060505146 88,305 5,410,835 PRN   SOLE 0 4,583,341 0 827,494
BANK OF AMERICA CORP WARRANTS 2009-28.10.18 ON SHS CONV BONDS 060505153 1,104 1,809,368 PRN   SOLE 0 1,533,027 0 276,341
Liberty Braves Group - Class C COM 531229888 208 8,037 SH   SOLE 0 7,032 0 1,005
Belmond Ltd. Class A COM G1154H107 33,306 2,987,117 SH   SOLE 0 2,527,986 0 459,131
Sotheby s Class A COM 835898107 17,676 325,284 SH   SOLE 0 276,191 0 49,093
BAIDU, INC. SPONSORED ADR CLASS A COM 056752108 20,002 82,312 SH   SOLE 0 69,809 0 12,503
Bio-Rad Laboratories, Inc. Class A COM 090572207 28,661 99,330 SH   SOLE 0 84,266 0 15,064
Booking Holdings Inc. COM 09857L108 100,124 49,393 SH   SOLE 0 41,874 0 7,519
TOPBUILD CORP. COM 89055F103 3,371 43,024 SH   SOLE 0 36,521 0 6,503
Bristol-Myers Squibb Company COM 110122108 12,052 217,778 SH   SOLE 0 185,042 0 32,736
Berkshire Hathaway Inc. Class B COM 084670702 76,681 410,828 SH   SOLE 0 348,591 0 62,237
PEABODY ENERGY CORPORATION COM 704551100 40,262 885,274 SH   SOLE 0 750,956 0 134,318
Citigroup Inc. COM 172967424 166,366 2,486,050 SH   SOLE 0 2,110,933 0 375,117
CITIGROUP INC WARRANTS 2011-4.1.19 ON SHS CONV BONDS 172967226 199 15,882,446 PRN   SOLE 0 13,444,206 0 2,438,240
Avis Budget Group, Inc. COM 053774105 6,609 203,369 SH   SOLE 0 172,892 0 30,477
CBRE Group, Inc. Class A COM 12504L109 123,559 2,588,173 SH   SOLE 0 2,196,177 0 391,996
Citizens Financial Group, Inc. COM 174610105 49,887 1,282,432 SH   SOLE 0 1,088,389 0 194,043
Charter Communications Inc. Class A COM 16119P108 9,281 31,653 SH   SOLE 0 26,912 0 4,741
CoreLogic, Inc. COM 21871D103 26,968 519,607 SH   SOLE 0 440,290 0 79,317
COMCAST CORPORATION CLASS A COM 20030N101 40,895 1,246,417 SH   SOLE 0 1,056,808 0 189,609
Capital One Financial Corporation COM 14040H105 59,574 648,249 SH   SOLE 0 549,604 0 98,645
Costco Wholesale Corporation COM 22160K105 126,822 606,861 SH   SOLE 0 515,161 0 91,700
Coty Inc. Class A COM 222070203 2,458 174,337 SH   SOLE 0 148,755 0 25,582
CENTURYLINK, INC. COM 156700106 14,801 794,047 SH   SOLE 0 674,683 0 119,364
CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR COM 22943F100 5,761 120,948 SH   SOLE 0 102,202 0 18,746
Cognizant Technology Solutions Corporation Class A COM 192446102 23,845 301,877 SH   SOLE 0 256,335 0 45,542
Cemex SAB de CV Sponsored ADR COM 151290889 43,029 6,559,303 SH   SOLE 0 5,565,764 0 993,539
CAESARS ENTERTAINMENT CORPORATION COM 127686103 12,585 1,176,167 SH   SOLE 0 997,438 0 178,729
Delta Air Lines, Inc. COM 247361702 109,309 2,206,472 SH   SOLE 0 1,873,328 0 333,144
DHT HOLDINGS, INC. COM Y2065G121 2,571 548,231 SH   SOLE 0 475,082 0 73,149
DISCOVERY INC - A COM 25470F104 22,236 808,592 SH   SOLE 0 685,654 0 122,938
NOW Inc COM 67011P100 13,805 1,035,636 SH   SOLE 0 877,445 0 158,191
DIANA SHIPPING INC. COM Y2066G104 23,460 4,877,235 SH   SOLE 0 4,125,158 0 752,077
DOWDUPONT INC COM 26078J100 22,662 343,777 SH   SOLE 0 291,779 0 51,998
DXC Technology Co COM 23355L106 22,221 275,657 SH   SOLE 0 233,798 0 41,859
eBay Inc. COM 278642103 26,603 733,680 SH   SOLE 0 622,675 0 111,005
EPAM Systems, Inc. COM 29414B104 33,546 269,813 SH   SOLE 0 228,753 0 41,060
ENSCO PLC CLASS A COM G3157S106 13,642 1,879,012 SH   SOLE 0 1,592,730 0 286,282
ISHARES MSCI SOUTH KOREA CAP ETF COM 464286772 2,724 40,227 SH   SOLE 0 40,227 0 0
Ford Motor Company COM 345370860 28,354 2,561,361 SH   SOLE 0 2,171,440 0 389,921
FIRSTCASH INC. COM 33767D105 16,812 187,108 SH   SOLE 0 158,505 0 28,603
FREEPORT-MCMORAN, INC. COM 35671D857 15,948 923,962 SH   SOLE 0 780,239 0 143,723
Fluor Corporation COM 343412102 2,779 56,964 SH   SOLE 0 48,536 0 8,428
Federal National Mortgage Association COM 313586109 699 492,279 SH   SOLE 0 419,592 0 72,687
Liberty Media Corp Series A Liberty Formula One COM 531229870 1,703 48,216 SH   SOLE 0 40,294 0 7,922
Liberty Media Corp Series C Liberty Formula One COM 531229854 2,284 61,505 SH   SOLE 0 52,255 0 9,250
Graco Inc. COM 384109104 14,216 314,378 SH   SOLE 0 267,092 0 47,286
GCI LIBERTY INC NPV A COM 36164V305 3,259 72,289 SH   SOLE 0 61,202 0 11,087
GOLAR LNG LIMITED COM G9456A100 8,908 302,384 SH   SOLE 0 256,331 0 46,053
CORNING INCORPORATED COM 219350105 4,747 172,543 SH   SOLE 0 146,258 0 26,285
Alphabet Inc. Class C COM 02079K107 142,027 127,304 SH   SOLE 0 108,022 0 19,282
Alphabet Inc. Class A COM 02079K305 12,203 10,807 SH   SOLE 0 9,180 0 1,627
Garmin Ltd. COM H2906T109 16,160 264,921 SH   SOLE 0 225,001 0 39,920
FERROGLOBE PLC COM G33856108 4,401 513,531 SH   SOLE 0 434,978 0 78,553
HAIN CELESTIAL GROUP, INC. COM 405217100 4,454 149,469 SH   SOLE 0 126,527 0 22,942
Halliburton Company COM 406216101 3,165 70,236 SH   SOLE 0 59,476 0 10,760
Huntington Bancshares Incorporated COM 446150104 5,562 376,843 SH   SOLE 0 319,932 0 56,911
Hanesbrands Inc. COM 410345102 23,298 1,058,020 SH   SOLE 0 898,933 0 159,087
Hackett Group, Inc. COM 404609109 20,641 1,284,452 SH   SOLE 0 1,089,574 0 194,878
HEWLETT PACKARD ENTERPRISE CO. COM 42824C109 5,399 369,544 SH   SOLE 0 313,472 0 56,072
HP Inc COM 40434L105 8,324 366,877 SH   SOLE 0 312,744 0 54,133
Hertz Global Holdings COM 42806J106 946 61,652 SH   SOLE 0 53,061 0 8,591
iHeartMedia, Inc. Class A COM 45174J103 119 476,175 SH   SOLE 0 435,236 0 40,939
ILG INC NPV COM 44967H101 4,987 150,970 SH   SOLE 0 128,342 0 22,628
iShares MSCI India ETF COM 46429B598 26,675 801,287 SH   SOLE 0 636,955 0 164,332
INTERNATIONAL SEAWAYS, INC. COM Y41053102 5,825 251,711 SH   SOLE 0 214,517 0 37,194
Intel Corporation COM 458140100 17,132 344,643 SH   SOLE 0 293,029 0 51,614
Gartner, Inc. COM 366651107 25,671 193,161 SH   SOLE 0 164,541 0 28,620
JD.com, Inc. Sponsored ADR Class A COM 47215P106 47,985 1,231,973 SH   SOLE 0 1,042,499 0 189,474
Jefferies Financial Group Inc COM 47233W109 25,908 1,139,332 SH   SOLE 0 967,074 0 172,258
JPMorgan Chase & Co. COM 46625H100 24,033 230,640 SH   SOLE 0 195,955 0 34,685
JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS CONV BONDS 46634E114 14,686 231,523 PRN   SOLE 0 196,154 0 35,369
KIRBY CORPORATION COM 497266106 6,174 73,847 SH   SOLE 0 62,781 0 11,066
KKR & Co. L.P. COM 48248M102 24,875 1,001,000 SH   SOLE 0 848,496 0 152,504
Kroger Co. COM 501044101 47,549 1,671,309 SH   SOLE 0 1,417,082 0 254,227
Kansas City Southern COM 485170302 13,632 128,653 SH   SOLE 0 109,222 0 19,431
KT CORPORATION SPONSORED ADR COM 48268K101 508 38,227 SH   SOLE 0 38,227 0 0
Loews Corporation COM 540424108 11,823 244,890 SH   SOLE 0 208,014 0 36,876
Lazard Ltd Class A COM G54050102 55,704 1,138,902 SH   SOLE 0 966,445 0 172,457
Liberty Broadband Corp. Class A COM 530307107 460 6,076 SH   SOLE 0 5,058 0 1,018
Liberty Broadband Corp. Class C COM 530307305 5,813 76,767 SH   SOLE 0 64,574 0 12,193
Liberty Global Plc Class A COM G5480U104 38,362 1,392,946 SH   SOLE 0 1,179,161 0 213,785
Liberty Global Plc Class C COM G5480U120 42,589 1,600,505 SH   SOLE 0 1,356,899 0 243,606
LEAR CORPORATION COM 521865204 6,268 33,732 SH   SOLE 0 28,581 0 5,151
Liberty Expedia Holdings Inc NPV COM 53046P109 599 13,638 SH   SOLE 0 11,203 0 2,435
LIONS GATE ENTERTAINMENT CORP NPV COM 535919500 750 31,976 SH   SOLE 0 27,014 0 4,962
Liberty Latin America Class A COM G9001E102 6,342 331,695 SH   SOLE 0 279,525 0 52,170
Liberty Latin America Class C COM G9001E128 11,249 580,455 SH   SOLE 0 490,422 0 90,033
LIVANOVA PLC COM G5509L101 35,881 359,460 SH   SOLE 0 304,928 0 54,532
Lowe s Companies, Inc. COM 548661107 7,948 83,165 SH   SOLE 0 70,361 0 12,804
Louisiana-Pacific Corporation COM 546347105 6,727 247,136 SH   SOLE 0 209,629 0 37,507
LAM RESEARCH CORPORATION COM 512807108 3,390 19,612 SH   SOLE 0 16,643 0 2,969
LIBERTY SIRIUSXM GROUP CLASS A COM 531229409 12,184 270,466 SH   SOLE 0 228,753 0 41,713
LIBERTY SIRIUSXM GROUP CLASS C COM 531229607 14,087 310,570 SH   SOLE 0 263,383 0 47,187
Liberty TripAdvisor Holdings Inc Class A COM 531465102 4,930 306,208 SH   SOLE 0 258,460 0 47,748
LYONDELLBASELL INDUSTRIES NV COM N53745100 8,898 81,004 SH   SOLE 0 68,771 0 12,233
Masco Corporation COM 574599106 11,160 298,232 SH   SOLE 0 253,483 0 44,749
MBIA Inc. COM 55262C100 46,150 5,105,138 SH   SOLE 0 4,321,175 0 783,963
MCKESSON CORPORATION COM 58155Q103 6,639 49,767 SH   SOLE 0 42,184 0 7,583
Moodys Corporation COM 615369105 7,094 41,593 SH   SOLE 0 35,209 0 6,384
MICRO FOCUS INTL PLC NPV ADR COM 594837304 9,929 574,951 SH   SOLE 0 487,991 0 86,960
MGM Resorts International COM 552953101 68,423 2,356,968 SH   SOLE 0 1,998,235 0 358,733
Mohawk Industries, Inc. COM 608190104 19,275 89,955 SH   SOLE 0 76,461 0 13,494
MARKEL CORPORATION COM 570535104 20,067 18,506 SH   SOLE 0 15,664 0 2,842
Altria Group, Inc. COM 02209S103 17,429 306,910 SH   SOLE 0 250,181 0 56,729
Morgan Stanley COM 617446448 16,872 355,946 SH   SOLE 0 302,147 0 53,799
Microsoft Corporation COM 594918104 36,021 365,292 SH   SOLE 0 310,474 0 54,818
Micron Technology, Inc. COM 595112103 48,921 932,891 SH   SOLE 0 792,540 0 140,351
INGEVITY CORP COM 45688C107 2,028 25,077 SH   SOLE 0 21,236 0 3,841
NII HOLDINGS, INC ORD SHARES COM 62913F508 2,330 597,490 SH   SOLE 0 535,834 0 61,656
NAVIOS MARITIME ACQUISITION CORPORATION COM Y62159101 860 1,410,138 SH   SOLE 0 1,203,170 0 206,968
NOAH HOLDINGS LTD. SPONSORED ADR CLASS A COM 65487X102 11,743 225,173 SH   SOLE 0 191,053 0 34,120
NetEase, Inc. Sponsored ADR COM 64110W102 28,121 111,294 SH   SOLE 0 94,391 0 16,903
PETROLEO BRASILEIRO SA SPONSORED ADR COM 71654V408 19,349 1,929,087 SH   SOLE 0 1,637,772 0 291,315
Philip Morris International Inc. COM 718172109 13,992 173,298 SH   SOLE 0 141,538 0 31,760
PNC FINANCIAL SERVICES GROUP, INC. COM 693475105 22,721 168,181 SH   SOLE 0 142,871 0 25,310
PERSPECTA INC COM 715347100 2,799 136,181 SH   SOLE 0 115,252 0 20,929
PAYPAL HOLDINGS INC COM 70450Y103 134,825 1,619,130 SH   SOLE 0 1,374,843 0 244,287
PAPA JOHN`S INTERNATIONAL, INC. COM 698813102 6,050 119,276 SH   SOLE 0 100,997 0 18,279
Qurate Retail Inc Qvc Gr Com Ser A COM 74915M100 15,064 709,891 SH   SOLE 0 602,278 0 107,613
Raytheon Company COM 755111507 15,194 78,650 SH   SOLE 0 66,582 0 12,068
Ryanair Holdings Plc Sponsored ADR COM 783513203 8,722 76,359 SH   SOLE 0 63,128 0 13,231
SCORPIO BULKERS, INC. COM Y7546A122 7,369 1,037,861 SH   SOLE 0 879,957 0 157,904
SPIRIT AIRLINES, INC. COM 848577102 6,448 177,393 SH   SOLE 0 149,996 0 27,397
SOUTHERN COPPER CORPORATION COM 84265V105 13,866 295,839 SH   SOLE 0 250,549 0 45,290
Sherwin-Williams Company COM 824348106 44,280 108,643 SH   SOLE 0 92,314 0 16,329
Signet Jewelers Limited COM G81276100 7,498 134,487 SH   SOLE 0 114,468 0 20,019
SL Green Realty Corp. COM 78440X101 27,980 278,322 SH   SOLE 0 236,166 0 42,156
Scotts Miracle-Gro Company Class A COM 810186106 9,721 116,898 SH   SOLE 0 99,354 0 17,544
STEEL DYNAMICS, INC. COM 858119100 6,305 137,206 SH   SOLE 0 116,493 0 20,713
SCORPIO TANKERS INC. COM Y7542C106 28,296 10,069,700 SH   SOLE 0 8,544,008 0 1,525,692
Seagate Technology PLC COM G7945M107 26,676 472,395 SH   SOLE 0 400,424 0 71,971
Synchrony Financial COM 87165B103 60,282 1,805,945 SH   SOLE 0 1,531,479 0 274,466
THOR INDUSTRIES, INC. COM 885160101 5,784 59,386 SH   SOLE 0 50,416 0 8,970
TripAdvisor, Inc. COM 896945201 12,544 225,173 SH   SOLE 0 190,590 0 34,583
Tronc Inc COM 89703P107 921 53,299 SH   SOLE 0 45,289 0 8,010
Tractor Supply Company COM 892356106 39,024 510,183 SH   SOLE 0 433,034 0 77,149
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 69,843 1,910,360 SH   SOLE 0 1,620,813 0 289,547
ISHARES MSCI TURKEY ETF COM 464286715 4,107 135,888 SH   SOLE 0 65,288 0 70,600
TEXAS INSTRUMENTS INCORPORATED COM 882508104 11,008 99,850 SH   SOLE 0 84,752 0 15,098
United Continental Holdings, Inc. COM 910047109 35,871 514,424 SH   SOLE 0 436,759 0 77,665
NET 1 UEPS TECHNOLOGIES, INC. COM 64107N206 4,864 535,730 SH   SOLE 0 455,646 0 80,084
UNION PACIFIC CORPORATION COM 907818108 44,509 314,153 SH   SOLE 0 266,467 0 47,686
USG Corporation COM 903293405 11,195 259,616 SH   SOLE 0 220,855 0 38,761
VEECO INSTRUMENTS INC. COM 922417100 7,542 529,260 SH   SOLE 0 447,927 0 81,333
VIPSHOP HOLDINGS LTD SPONSORED ADR COM 92763W103 17,700 1,631,349 SH   SOLE 0 1,383,464 0 247,885
VENATOR MATERIALS PLC COM G9329Z100 2,949 180,233 SH   SOLE 0 153,034 0 27,199
Verisk Analytics, Inc. Class A COM 92345Y106 9,978 92,702 SH   SOLE 0 78,351 0 14,351
VISTA OUTDOOR INC COM 928377100 10,983 709,015 SH   SOLE 0 600,554 0 108,461
AQUAVENTURE HOLDINGS LIMITED COM G0443N107 4,282 274,810 SH   SOLE 0 233,075 0 41,735
Western Digital Corporation COM 958102105 10,919 141,058 SH   SOLE 0 119,603 0 21,455
Wells Fargo & Company COM 949746101 43,783 789,745 SH   SOLE 0 669,024 0 120,721
WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS CONV BONDS 949746119 15,636 710,094 PRN   SOLE 0 602,343 0 107,751
WHIRLPOOL CORPORATION COM 963320106 3,420 23,391 SH   SOLE 0 19,854 0 3,537
WILLIS TOWERS WATSON PLC COM G96629103 35,017 230,985 SH   SOLE 0 195,954 0 35,031
WALMART INC. COM 931142103 38,017 443,862 SH   SOLE 0 390,996 0 52,866
WESTROCK CO. COM 96145D105 8,282 145,247 SH   SOLE 0 123,933 0 21,314
YANDEX N.V. COM N97284108 17,920 499,170 SH   SOLE 0 423,217 0 75,953