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
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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 Corp. COM 013872106 12,138 431,044 SH   SOLE 0 369,451 0 61,593
Altaba Inc. COM 021346101 25,976 350,464 SH   SOLE 0 300,471 0 49,993
American Airlines Group, Inc. COM 02376R102 73,176 2,304,044 SH   SOLE 0 1,973,964 0 330,080
Advance Auto Parts, Inc. COM 00751Y106 6,417 37,629 SH   SOLE 0 32,106 0 5,523
Adient plc COM G0084W101 8,201 632,771 SH   SOLE 0 541,949 0 90,822
Alliance Data Systems Corporation COM 018581108 7,895 45,119 SH   SOLE 0 38,670 0 6,449
American International Group, Inc. COM 026874784 63,891 1,483,777 SH   SOLE 0 1,271,250 0 212,527
American International Group, Inc. Warrants 2011-1 CONV BONDS 026874156 22,388 3,990,648 PRN   SOLE 0 3,416,520 0 574,128
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 5,139 359,851 SH   SOLE 0 308,310 0 51,541
Amazon.com, Inc. COM 023135106 249,426 140,068 SH   SOLE 0 119,949 0 20,119
Anthem, Inc. COM 036752103 32,431 113,008 SH   SOLE 0 96,675 0 16,333
Apache Corporation COM 037411105 3,342 96,412 SH   SOLE 0 82,554 0 13,858
Altice USA, Inc. Class A COM 02156K103 4,670 217,391 SH   SOLE 0 185,973 0 31,418
Activision Blizzard, Inc. COM 00507V109 19,490 428,074 SH   SOLE 0 366,452 0 61,622
Broadcom Inc. COM 11135F101 11,817 39,297 SH   SOLE 0 33,632 0 5,665
American Express Company COM 025816109 60,686 555,228 SH   SOLE 0 475,637 0 79,591
Alibaba Group Holding Ltd. Sponsored ADR COM 01609W102 3,441 18,860 SH   SOLE 0 15,882 0 2,978
Bank of America Corp COM 060505104 210,893 7,643,834 SH   SOLE 0 6,543,239 0 1,100,595
Belmond Ltd. Class A COM G1154H107 51,467 2,064,479 SH   SOLE 0 1,774,130 0 290,349
Sotheby s COM 835898107 9,583 253,863 SH   SOLE 0 217,691 0 36,172
Baidu, Inc. Sponsored ADR Class A COM 056752108 14,136 85,750 SH   SOLE 0 73,329 0 12,421
Bio-Rad Laboratories, Inc. Class A COM 090572207 30,675 100,349 SH   SOLE 0 85,635 0 14,714
Booking Holdings Inc. COM 09857L108 82,461 47,258 SH   SOLE 0 40,485 0 6,773
TopBuild Corp. COM 89055F103 2,992 46,162 SH   SOLE 0 39,526 0 6,636
Bristol-Myers Squibb Company COM 110122108 9,683 202,961 SH   SOLE 0 174,139 0 28,822
Berkshire Hathaway Inc. Class B COM 084670702 77,928 387,912 SH   SOLE 0 332,171 0 55,741
Peabody Energy Corporation COM 704551100 37,490 1,323,330 SH   SOLE 0 1,129,605 0 193,725
Citigroup Inc. COM 172967424 139,394 2,240,348 SH   SOLE 0 1,917,538 0 322,810
Avis Budget Group, Inc. COM 053774105 6,621 189,921 SH   SOLE 0 162,903 0 27,018
CBRE Group, Inc. Class A COM 12504L109 106,191 2,147,451 SH   SOLE 0 1,841,193 0 306,258
Citizens Financial Group, Inc. COM 174610105 33,788 1,039,636 SH   SOLE 0 890,180 0 149,456
Charter Communications, Inc. Class A COM 16119P108 10,250 29,547 SH   SOLE 0 25,334 0 4,213
CoreLogic, Inc. COM 21871D103 15,111 405,560 SH   SOLE 0 347,162 0 58,398
CME Group Inc. Class A COM 12572Q105 1,816 11,033 SH   SOLE 0 9,600 0 1,433
Capital One Financial Corporation COM 14040H105 43,766 535,754 SH   SOLE 0 458,623 0 77,131
ConocoPhillips COM 20825C104 6,839 102,467 SH   SOLE 0 88,072 0 14,395
Costco Wholesale Corporation COM 22160K105 127,191 525,279 SH   SOLE 0 449,855 0 75,424
Coty Inc. Class A COM 222070203 2,156 187,472 SH   SOLE 0 161,257 0 26,215
CenturyLink, Inc. COM 156700106 11,128 928,103 SH   SOLE 0 794,454 0 133,649
Ctrip.com International Ltd Sponsored ADR COM 22943F100 5,504 125,979 SH   SOLE 0 107,326 0 18,653
Cognizant Technology Solutions Corporation Class A COM 192446102 23,014 317,656 SH   SOLE 0 271,868 0 45,788
Cemex SAB de CV Sponsored ADR COM 151290889 39,428 8,497,333 SH   SOLE 0 7,274,646 0 1,222,687
Caesars Entertainment Corporation COM 127686103 10,996 1,265,353 SH   SOLE 0 1,081,389 0 183,964
Delta Air Lines, Inc. COM 247361702 96,889 1,875,880 SH   SOLE 0 1,606,792 0 269,088
DHT Holdings, Inc. COM Y2065G121 15,020 3,367,748 SH   SOLE 0 2,888,800 0 478,948
Discovery, Inc. Class A COM 25470F104 8,470 313,485 SH   SOLE 0 268,704 0 44,781
NOW Inc. COM 67011P100 12,241 876,851 SH   SOLE 0 750,747 0 126,104
Diana Shipping Inc. COM Y2066G104 14,887 5,279,180 SH   SOLE 0 4,521,194 0 757,986
DowDuPont Inc. COM 26078J100 16,886 316,747 SH   SOLE 0 271,486 0 45,261
DXC Technology Co. COM 23355L106 14,902 231,725 SH   SOLE 0 198,303 0 33,422
eBay Inc. COM 278642103 12,477 335,939 SH   SOLE 0 287,918 0 48,021
EPAM Systems, Inc. COM 29414B104 37,669 222,723 SH   SOLE 0 190,697 0 32,026
Ensco plc Class A COM G3157S106 9,885 2,515,276 SH   SOLE 0 2,151,484 0 363,792
Ford Motor Company COM 345370860 17,581 2,002,342 SH   SOLE 0 1,713,899 0 288,443
FirstCash, Inc. COM 33767D105 16,841 194,697 SH   SOLE 0 166,592 0 28,105
Freeport-McMoRan, Inc. COM 35671D857 12,549 973,565 SH   SOLE 0 829,615 0 143,950
Fluor Corporation COM 343412102 2,261 61,448 SH   SOLE 0 52,713 0 8,735
Federal National Mortgage Association COM 313586109 1,493 533,227 SH   SOLE 0 457,908 0 75,319
Liberty Media Corporation Series A Liberty Formula COM 531229870 1,545 45,376 SH   SOLE 0 38,424 0 6,952
Liberty Media Corporation Series C Liberty Formula COM 531229854 2,046 58,375 SH   SOLE 0 50,119 0 8,256
Graco Inc. COM 384109104 14,536 293,545 SH   SOLE 0 251,442 0 42,103
GCI Liberty, Inc. Class A COM 36164V305 3,806 68,449 SH   SOLE 0 58,554 0 9,895
Golar LNG Limited COM G9456A100 6,857 325,122 SH   SOLE 0 277,890 0 47,232
Corning Inc COM 219350105 6,133 185,275 SH   SOLE 0 158,638 0 26,637
Alphabet Inc. Class C COM 02079K107 134,148 114,333 SH   SOLE 0 97,844 0 16,489
Alphabet Inc. Class A COM 02079K305 13,740 11,675 SH   SOLE 0 9,937 0 1,738
Garmin Ltd. COM H2906T109 21,322 246,929 SH   SOLE 0 211,811 0 35,118
Ferroglobe PLC COM G33856108 1,514 738,577 SH   SOLE 0 632,024 0 106,553
Halliburton Company COM 406216101 2,213 75,542 SH   SOLE 0 64,492 0 11,050
Huntington Bancshares Incorporated COM 446150104 4,460 351,728 SH   SOLE 0 301,222 0 50,506
Hanesbrands Inc. COM 410345102 17,661 987,730 SH   SOLE 0 846,135 0 141,595
Warrior Met Coal, Inc. COM 93627C101 5,420 178,294 SH   SOLE 0 154,940 0 23,354
Hackett Group, Inc. COM 404609109 18,958 1,199,869 SH   SOLE 0 1,025,164 0 174,705
Hewlett Packard Enterprise Co. COM 42824C109 5,324 345,020 SH   SOLE 0 294,865 0 50,155
HP Inc. COM 40434L105 6,647 342,078 SH   SOLE 0 294,301 0 47,777
Hertz Global Holdings, Inc. COM 42806J106 1,001 57,615 SH   SOLE 0 50,070 0 7,545
iHeartMedia, Inc. Class A COM 45174J103 374 349,766 SH   SOLE 0 335,114 0 14,652
iShares MSCI India ETF COM 46429B598 27,324 775,162 SH   SOLE 0 775,162 0 0
International Seaways, Inc. COM Y41053102 6,924 403,947 SH   SOLE 0 345,818 0 58,129
Intel Corporation COM 458140100 17,325 322,627 SH   SOLE 0 276,640 0 45,987
Gartner, Inc. COM 366651107 27,416 180,749 SH   SOLE 0 155,010 0 25,739
JD.com, Inc. Sponsored ADR Class A COM 47215P106 51,121 1,695,541 SH   SOLE 0 1,449,649 0 245,892
Jefferies Financial Group Inc. COM 47233W109 18,855 1,003,459 SH   SOLE 0 859,363 0 144,096
JPMorgan Chase & Co. COM 46625H100 40,742 402,465 SH   SOLE 0 344,229 0 58,236
KKR & Co. Inc. Class A COM 48251W104 18,330 780,316 SH   SOLE 0 668,116 0 112,200
KLA-Tencor Corporation COM 482480100 7,171 60,051 SH   SOLE 0 51,457 0 8,594
Kroger Co. COM 501044101 34,435 1,399,779 SH   SOLE 0 1,198,445 0 201,334
Kansas City Southern COM 485170302 16,066 138,528 SH   SOLE 0 118,436 0 20,092
KT Corporation Sponsored ADR COM 48268K101 553 44,483 SH   SOLE 0 44,483 0 0
Loews Corporation COM 540424108 9,161 191,142 SH   SOLE 0 163,944 0 27,198
Lazard Ltd Class A COM G54050102 33,091 915,646 SH   SOLE 0 784,653 0 130,993
Liberty Broadband Corp. Class A COM 530307107 441 4,808 SH   SOLE 0 4,083 0 725
Liberty Broadband Corp. Class C COM 530307305 7,193 78,406 SH   SOLE 0 66,542 0 11,864
Liberty Global Plc Class A COM G5480U104 28,371 1,138,468 SH   SOLE 0 972,715 0 165,753
Liberty Global Plc Class C COM G5480U120 29,082 1,201,241 SH   SOLE 0 1,027,046 0 174,195
Lear Corporation COM 521865204 4,769 35,139 SH   SOLE 0 30,039 0 5,100
Liberty Expedia Holdings Inc Class A COM 53046P109 455 10,641 SH   SOLE 0 8,989 0 1,652
Lions Gate Entertainment Corp Class B COM 535919500 378 25,001 SH   SOLE 0 21,443 0 3,558
Liberty Latin America Ltd. Class A COM G9001E102 5,395 278,946 SH   SOLE 0 236,613 0 42,333
Liberty Latin America Ltd. Class C COM G9001E128 7,496 385,407 SH   SOLE 0 327,940 0 57,467
LivaNova Plc COM G5509L101 30,426 312,867 SH   SOLE 0 267,524 0 45,343
Lowe s Companies, Inc. COM 548661107 7,109 64,938 SH   SOLE 0 55,453 0 9,485
Louisiana-Pacific Corporation COM 546347105 6,491 266,229 SH   SOLE 0 227,421 0 38,808
Lam Research Corporation COM 512807108 3,774 21,081 SH   SOLE 0 18,030 0 3,051
Liberty Media Corp. Series A Liberty SiriusXM COM 531229409 10,241 268,240 SH   SOLE 0 228,787 0 39,453
Liberty Media Corp. Series C Liberty SiriusXM COM 531229607 13,168 344,355 SH   SOLE 0 294,783 0 49,572
Liberty TripAdvisor Holdings Inc Class A COM 531465102 4,465 314,692 SH   SOLE 0 267,856 0 46,836
LyondellBasell Industries NV COM N53745100 7,077 84,166 SH   SOLE 0 72,263 0 11,903
Masco Corporation COM 574599106 12,624 321,145 SH   SOLE 0 274,903 0 46,242
MBIA Inc. COM 55262C100 36,524 3,836,517 SH   SOLE 0 3,292,281 0 544,236
McKesson Corporation COM 58155Q103 6,068 51,838 SH   SOLE 0 44,338 0 7,500
Moody s Corporation COM 615369105 5,250 28,993 SH   SOLE 0 24,798 0 4,195
Micro Focus International plc Sponsored ADR COM 594837304 11,777 456,666 SH   SOLE 0 391,339 0 65,327
MGM Resorts International COM 552953101 51,645 2,012,674 SH   SOLE 0 1,723,112 0 289,562
Mohawk Industries, Inc. COM 608190104 14,175 112,368 SH   SOLE 0 96,327 0 16,041
Markel Corporation COM 570535104 19,183 19,255 SH   SOLE 0 16,452 0 2,803
Altria Group Inc COM 02209S103 12,933 225,192 SH   SOLE 0 174,391 0 50,801
Marathon Petroleum Corporation COM 56585A102 18,354 306,673 SH   SOLE 0 262,982 0 43,691
Morgan Stanley COM 617446448 16,153 382,764 SH   SOLE 0 327,602 0 55,162
Microsoft Corporation COM 594918104 42,276 358,451 SH   SOLE 0 306,831 0 51,620
Micron Technology, Inc. COM 595112103 50,449 1,220,629 SH   SOLE 0 1,044,431 0 176,198
Ingevity Corporation COM 45688C107 2,475 23,435 SH   SOLE 0 20,011 0 3,424
Noah Holdings Ltd. Sponsored ADR Class A COM 65487X102 10,167 209,810 SH   SOLE 0 179,850 0 29,960
NetEase, Inc. Sponsored ADR COM 64110W102 28,016 116,031 SH   SOLE 0 99,335 0 16,696
Petroleo Brasileiro SA Sponsored ADR COM 71654V408 27,470 1,725,516 SH   SOLE 0 1,480,325 0 245,191
Philip Morris International Inc. COM 718172109 11,165 126,314 SH   SOLE 0 98,063 0 28,251
PNC Financial Services Group, Inc. COM 693475105 22,747 185,448 SH   SOLE 0 158,691 0 26,757
Perspecta, Inc. COM 715347100 2,313 114,407 SH   SOLE 0 97,809 0 16,598
PayPal Holdings Inc COM 70450Y103 124,711 1,200,992 SH   SOLE 0 1,028,823 0 172,169
Papa John s International, Inc. COM 698813102 10,506 198,423 SH   SOLE 0 169,763 0 28,660
Qurate Retail, Inc. Class A COM 74915M100 11,107 695,064 SH   SOLE 0 594,586 0 100,478
Raytheon Company COM 755111507 13,247 72,752 SH   SOLE 0 62,144 0 10,608
Ryanair Holdings Plc Sponsored ADR COM 783513203 23,013 307,089 SH   SOLE 0 246,199 0 60,890
Scorpio Bulkers, Inc. COM Y7546A122 4,260 1,109,289 SH   SOLE 0 949,247 0 160,042
Spirit Airlines, Inc. COM 848577102 9,769 184,815 SH   SOLE 0 157,702 0 27,113
Southern Copper Corporation COM 84265V105 12,222 308,004 SH   SOLE 0 263,419 0 44,585
Sherwin-Williams Company COM 824348106 34,055 79,068 SH   SOLE 0 67,736 0 11,332
Signet Jewelers Limited COM G81276100 3,922 144,408 SH   SOLE 0 124,063 0 20,345
SL Green Realty Corp. COM 78440X101 19,532 217,213 SH   SOLE 0 186,143 0 31,070
Scotts Miracle-Gro Company Class A COM 810186106 8,574 109,118 SH   SOLE 0 93,524 0 15,594
Steel Dynamics, Inc. COM 858119100 5,200 147,428 SH   SOLE 0 126,257 0 21,171
Scorpio Tankers Inc. COM Y7542C130 23,726 1,195,860 SH   SOLE 0 1,023,277 0 172,583
Seagate Technology PLC COM G7945M107 19,437 405,877 SH   SOLE 0 347,515 0 58,362
Synchrony Financial COM 87165B103 43,055 1,349,674 SH   SOLE 0 1,154,213 0 195,461
Thor Industries, Inc. COM 885160101 5,181 83,062 SH   SOLE 0 71,104 0 11,958
Tribune Publishing Co. COM 89609W107 492 41,757 SH   SOLE 0 35,845 0 5,912
Tractor Supply Company COM 892356106 47,096 481,752 SH   SOLE 0 412,666 0 69,086
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 70,962 1,732,460 SH   SOLE 0 1,481,963 0 250,497
Texas Instruments Incorporated COM 882508104 11,399 107,463 SH   SOLE 0 91,919 0 15,544
United Continental Holdings, Inc. COM 910047109 26,845 336,491 SH   SOLE 0 288,375 0 48,116
Net 1 UEPS Technologies, Inc. COM 64107N206 2,066 575,489 SH   SOLE 0 493,474 0 82,015
Union Pacific Corporation COM 907818108 41,040 245,456 SH   SOLE 0 210,078 0 35,378
Marriott Vacations Worldwide Corporation COM 57164Y107 3,768 40,295 SH   SOLE 0 34,493 0 5,802
Veeco Instruments Inc. COM 922417100 4,773 440,327 SH   SOLE 0 376,171 0 64,156
VICI Properties Inc COM 925652109 4,294 196,275 SH   SOLE 0 167,913 0 28,362
Vipshop Holdings Ltd Sponsored ADR COM 92763W103 12,318 1,534,007 SH   SOLE 0 1,313,122 0 220,885
Venator Materials PLC COM G9329Z100 3,978 707,886 SH   SOLE 0 605,981 0 101,905
Verisk Analytics Inc COM 92345Y106 9,336 70,194 SH   SOLE 0 60,047 0 10,147
Vista Outdoor Inc COM 928377100 4,434 553,575 SH   SOLE 0 473,354 0 80,221
AquaVenture Holdings Limited COM G0443N107 5,731 296,178 SH   SOLE 0 253,246 0 42,932
Western Digital Corporation COM 958102105 6,322 131,542 SH   SOLE 0 112,533 0 19,009
Wells Fargo & Company COM 949746101 65,313 1,351,682 SH   SOLE 0 1,156,919 0 194,763
Whirlpool Corporation COM 963320106 3,340 25,134 SH   SOLE 0 21,506 0 3,628
Willis Towers Watson Public Limited Company COM G96629103 36,144 205,771 SH   SOLE 0 176,079 0 29,692
Walmart Inc. COM 931142103 33,472 343,196 SH   SOLE 0 292,786 0 50,410
WestRock Company COM 96145D105 5,200 135,584 SH   SOLE 0 116,799 0 18,785
58.com Inc. Sponsored ADR Class A COM 31680Q104 7,797 118,710 SH   SOLE 0 101,561 0 17,149
Yandex NV Class A COM N97284108 17,858 520,021 SH   SOLE 0 444,983 0 75,038