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
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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 14,211 607,049 SH   SOLE 0 519,981 0 87,068
Altaba Inc. COM 021346101 24,142 348,017 SH   SOLE 0 298,024 0 49,993
American Airlines Group, Inc. COM 02376R102 91,375 2,802,050 SH   SOLE 0 2,397,687 0 404,363
Advance Auto Parts, Inc. COM 00751Y106 5,756 37,344 SH   SOLE 0 31,821 0 5,523
Adient plc COM G0084W101 15,243 628,071 SH   SOLE 0 537,249 0 90,822
Alliance Data Systems Corporation COM 018581108 6,288 44,871 SH   SOLE 0 38,422 0 6,449
American International Group, Inc. COM 026874784 78,511 1,473,558 SH   SOLE 0 1,261,031 0 212,527
American International Group, Inc. Warrants 2011-1 CONV BONDS 026874156 48,653 3,971,643 PRN   SOLE 0 3,397,515 0 574,128
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 5,207 357,624 SH   SOLE 0 306,083 0 51,541
Amazon.com, Inc. COM 023135106 256,426 135,415 SH   SOLE 0 115,848 0 19,567
Anthem, Inc. COM 036752103 31,675 112,239 SH   SOLE 0 95,906 0 16,333
Apache Corporation COM 037411105 2,777 95,851 SH   SOLE 0 81,993 0 13,858
Altice USA, Inc. Class A COM 02156K103 11,641 478,083 SH   SOLE 0 408,907 0 69,176
Activision Blizzard, Inc. COM 00507V109 20,059 424,986 SH   SOLE 0 363,364 0 61,622
Broadcom Inc. COM 11135F101 11,235 39,028 SH   SOLE 0 33,363 0 5,665
American Express Company COM 025816109 68,064 551,393 SH   SOLE 0 471,802 0 79,591
Alibaba Group Holding Ltd. Sponsored ADR COM 01609W102 3,170 18,706 SH   SOLE 0 15,728 0 2,978
Bank of America Corp COM 060505104 220,111 7,590,019 SH   SOLE 0 6,489,424 0 1,100,595
Sotheby s COM 835898107 14,655 252,106 SH   SOLE 0 215,934 0 36,172
Baidu, Inc. Sponsored ADR Class A COM 056752108 9,983 85,063 SH   SOLE 0 72,642 0 12,421
Bio-Rad Laboratories, Inc. Class A COM 090572207 31,141 99,622 SH   SOLE 0 84,908 0 14,714
Booking Holdings Inc. COM 09857L108 87,952 46,915 SH   SOLE 0 40,142 0 6,773
TopBuild Corp. COM 89055F103 3,806 45,983 SH   SOLE 0 39,347 0 6,636
Bristol-Myers Squibb Company COM 110122108 9,165 202,097 SH   SOLE 0 173,275 0 28,822
Berkshire Hathaway Inc. Class B COM 084670702 82,103 385,151 SH   SOLE 0 329,410 0 55,741
Peabody Energy Corporation COM 704551100 39,045 1,620,131 SH   SOLE 0 1,386,374 0 233,757
Citigroup Inc. COM 172967424 155,733 2,223,807 SH   SOLE 0 1,900,997 0 322,810
Avis Budget Group, Inc. COM 053774105 6,637 188,769 SH   SOLE 0 161,751 0 27,018
CBRE Group, Inc. Class A COM 12504L109 109,408 2,132,717 SH   SOLE 0 1,826,459 0 306,258
Citizens Financial Group, Inc. COM 174610105 36,488 1,031,913 SH   SOLE 0 882,457 0 149,456
Charter Communications, Inc. Class A COM 16119P108 11,636 29,445 SH   SOLE 0 25,232 0 4,213
CoreLogic, Inc. COM 21871D103 16,833 402,418 SH   SOLE 0 344,020 0 58,398
CME Group Inc. Class A COM 12572Q105 2,106 10,849 SH   SOLE 0 9,416 0 1,433
Capital One Financial Corporation COM 14040H105 48,250 531,743 SH   SOLE 0 454,612 0 77,131
ConocoPhillips COM 20825C104 6,046 99,120 SH   SOLE 0 84,725 0 14,395
Costco Wholesale Corporation COM 22160K105 137,929 521,945 SH   SOLE 0 446,521 0 75,424
Coty Inc. Class A COM 222070203 2,500 186,599 SH   SOLE 0 160,257 0 26,342
CenturyLink, Inc. COM 156700106 10,838 921,596 SH   SOLE 0 787,947 0 133,649
Ctrip.com International Ltd Sponsored ADR COM 22943F100 4,620 125,182 SH   SOLE 0 106,529 0 18,653
Cognizant Technology Solutions Corporation Class A COM 192446102 20,009 315,648 SH   SOLE 0 269,860 0 45,788
Corteva Inc COM 22052L104 3,081 104,183 SH   SOLE 0 89,097 0 15,086
Cemex SAB de CV Sponsored ADR COM 151290889 35,769 8,435,971 SH   SOLE 0 7,213,284 0 1,222,687
Delta Air Lines, Inc. COM 247361702 105,688 1,862,345 SH   SOLE 0 1,593,257 0 269,088
DuPont de Nemours, Inc. COM 26614N102 7,821 104,182 SH   SOLE 0 89,096 0 15,086
DHT Holdings, Inc. COM Y2065G121 19,752 3,342,107 SH   SOLE 0 2,863,159 0 478,948
Walt Disney Company COM 254687106 26,233 187,865 SH   SOLE 0 160,831 0 27,034
Discovery, Inc. Class A COM 25470F104 9,556 311,268 SH   SOLE 0 266,487 0 44,781
NOW Inc. COM 67011P100 8,451 572,586 SH   SOLE 0 490,277 0 82,309
Dow, Inc. COM 260557103 5,169 104,831 SH   SOLE 0 89,745 0 15,086
Diana Shipping Inc. COM Y2066G104 17,372 5,248,437 SH   SOLE 0 4,490,451 0 757,986
DXC Technology Co. COM 23355L106 12,671 229,747 SH   SOLE 0 196,325 0 33,422
eBay Inc. COM 278642103 13,193 334,004 SH   SOLE 0 285,983 0 48,021
EPAM Systems, Inc. COM 29414B104 38,278 221,131 SH   SOLE 0 189,105 0 32,026
Eldorado Resorts Inc COM 28470R102 8,318 180,562 SH   SOLE 0 154,450 0 26,112
Ensco Rowan Plc Class A COM G3157S106 7,152 838,455 SH   SOLE 0 717,247 0 121,208
Ford Motor Company COM 345370860 20,344 1,988,665 SH   SOLE 0 1,700,222 0 288,443
FirstCash, Inc. COM 33767D105 19,338 193,344 SH   SOLE 0 165,239 0 28,105
Freeport-McMoRan, Inc. COM 35671D857 17,189 1,480,554 SH   SOLE 0 1,265,393 0 215,161
Fluor Corporation COM 343412102 2,046 60,745 SH   SOLE 0 52,010 0 8,735
Federal National Mortgage Association COM 313586109 1,447 536,355 SH   SOLE 0 461,036 0 75,319
Liberty Media Corporation Series A Liberty Formula COM 531229870 1,631 45,473 SH   SOLE 0 38,521 0 6,952
Liberty Media Corporation Series C Liberty Formula COM 531229854 2,175 58,127 SH   SOLE 0 49,871 0 8,256
Graco Inc. COM 384109104 14,630 291,556 SH   SOLE 0 249,453 0 42,103
GCI Liberty, Inc. Class A COM 36164V305 4,175 67,937 SH   SOLE 0 58,042 0 9,895
Golar LNG Limited COM G9456A100 5,967 322,894 SH   SOLE 0 275,662 0 47,232
Corning Inc COM 219350105 6,109 183,832 SH   SOLE 0 157,195 0 26,637
Alphabet Inc. Class C COM 02079K107 122,767 113,577 SH   SOLE 0 97,088 0 16,489
Alphabet Inc. Class A COM 02079K305 12,462 11,509 SH   SOLE 0 9,771 0 1,738
Garmin Ltd. COM H2906T109 19,596 245,563 SH   SOLE 0 210,445 0 35,118
Ferroglobe PLC COM G33856108 1,257 739,349 SH   SOLE 0 632,796 0 106,553
Halliburton Company COM 406216101 1,700 74,751 SH   SOLE 0 63,701 0 11,050
Huntington Bancshares Incorporated COM 446150104 4,825 349,156 SH   SOLE 0 298,650 0 50,506
Hanesbrands Inc. COM 410345102 16,886 980,606 SH   SOLE 0 839,011 0 141,595
Warrior Met Coal, Inc. COM 93627C101 4,199 160,747 SH   SOLE 0 137,393 0 23,354
Hackett Group, Inc. COM 404609109 20,041 1,193,635 SH   SOLE 0 1,018,930 0 174,705
Hewlett Packard Enterprise Co. COM 42824C109 5,122 342,641 SH   SOLE 0 292,486 0 50,155
HP Inc. COM 40434L105 7,071 340,093 SH   SOLE 0 292,316 0 47,777
Hertz Global Holdings, Inc. COM 42806J106 918 57,498 SH   SOLE 0 49,953 0 7,545
Hertz Global Holdings Inc Rights 2019-12.07.19 Whe CONV BONDS 42806J114 112 57,498 PRN   SOLE 0 49,953 0 7,545
IHEARTMEDIA INC PRIVATE COM 451ESC032 0 342,478 SH   SOLE 0 327,826 0 14,652
iShares MSCI India ETF COM 46429B598 27,741 785,875 SH   SOLE 0 785,875 0 0
International Seaways, Inc. COM Y41053102 7,619 401,006 SH   SOLE 0 342,877 0 58,129
Intel Corporation COM 458140100 15,360 320,873 SH   SOLE 0 274,886 0 45,987
Gartner, Inc. COM 366651107 28,920 179,696 SH   SOLE 0 153,957 0 25,739
JD.com, Inc. Sponsored ADR Class A COM 47215P106 50,957 1,682,307 SH   SOLE 0 1,436,415 0 245,892
Jefferies Financial Group Inc. COM 47233W109 19,154 996,033 SH   SOLE 0 851,937 0 144,096
JPMorgan Chase & Co. COM 46625H100 44,656 399,427 SH   SOLE 0 341,191 0 58,236
KKR & Co. Inc. Class A COM 48251W104 19,587 775,094 SH   SOLE 0 662,894 0 112,200
KLA-Tencor Corporation COM 482480100 16,093 136,147 SH   SOLE 0 116,476 0 19,671
Kroger Co. COM 501044101 30,179 1,390,115 SH   SOLE 0 1,188,781 0 201,334
Kansas City Southern COM 485170302 16,757 137,556 SH   SOLE 0 117,464 0 20,092
KT Corporation Sponsored ADR COM 48268K101 527 42,598 SH   SOLE 0 42,598 0 0
Loews Corporation COM 540424108 10,382 189,902 SH   SOLE 0 162,704 0 27,198
Lazard Ltd Class A COM G54050102 31,267 909,196 SH   SOLE 0 778,203 0 130,993
Liberty Broadband Corp. Class A COM 530307107 507 4,929 SH   SOLE 0 4,204 0 725
Liberty Broadband Corp. Class C COM 530307305 8,165 78,343 SH   SOLE 0 66,479 0 11,864
Liberty Global Plc Class A COM G5480U104 30,540 1,131,518 SH   SOLE 0 965,765 0 165,753
Liberty Global Plc Class C COM G5480U120 31,677 1,193,998 SH   SOLE 0 1,019,803 0 174,195
Lear Corporation COM 521865204 7,904 56,752 SH   SOLE 0 48,552 0 8,200
Liberty Expedia Holdings Inc Class A COM 53046P109 514 10,754 SH   SOLE 0 9,102 0 1,652
Lions Gate Entertainment Corp Class B COM 535919500 285 24,559 SH   SOLE 0 21,001 0 3,558
Liberty Latin America Ltd. Class A COM G9001E102 4,777 277,266 SH   SOLE 0 234,933 0 42,333
Liberty Latin America Ltd. Class C COM G9001E128 6,578 382,642 SH   SOLE 0 325,175 0 57,467
LivaNova Plc COM G5509L101 22,374 310,920 SH   SOLE 0 265,577 0 45,343
Lowe s Companies, Inc. COM 548661107 6,505 64,464 SH   SOLE 0 54,979 0 9,485
Louisiana-Pacific Corporation COM 546347105 6,939 264,635 SH   SOLE 0 225,827 0 38,808
Lam Research Corporation COM 512807108 3,919 20,863 SH   SOLE 0 17,812 0 3,051
Liberty Media Corp. Series A Liberty SiriusXM COM 531229409 10,060 266,073 SH   SOLE 0 226,620 0 39,453
Liberty Media Corp. Series C Liberty SiriusXM COM 531229607 13,004 342,379 SH   SOLE 0 292,807 0 49,572
Liberty TripAdvisor Holdings Inc Class A COM 531465102 3,872 312,223 SH   SOLE 0 265,387 0 46,836
LyondellBasell Industries NV COM N53745100 7,198 83,570 SH   SOLE 0 71,667 0 11,903
Masco Corporation COM 574599106 12,519 319,043 SH   SOLE 0 272,801 0 46,242
MBIA Inc. COM 55262C100 34,755 3,733,044 SH   SOLE 0 3,188,808 0 544,236
McKesson Corporation COM 58155Q103 6,918 51,478 SH   SOLE 0 43,978 0 7,500
Moody s Corporation COM 615369105 5,625 28,799 SH   SOLE 0 24,604 0 4,195
Micro Focus International plc Sponsored ADR COM 594837403 9,886 377,482 SH   SOLE 0 323,288 0 54,194
MGM Resorts International COM 552953101 57,063 1,997,321 SH   SOLE 0 1,707,759 0 289,562
Mohawk Industries, Inc. COM 608190104 16,481 111,758 SH   SOLE 0 95,717 0 16,041
Markel Corporation COM 570535104 20,836 19,123 SH   SOLE 0 16,320 0 2,803
Altria Group Inc COM 02209S103 10,269 216,865 SH   SOLE 0 166,064 0 50,801
Marathon Petroleum Corporation COM 56585A102 17,324 310,016 SH   SOLE 0 266,325 0 43,691
Morgan Stanley COM 617446448 16,642 379,878 SH   SOLE 0 324,716 0 55,162
Microsoft Corporation COM 594918104 47,731 356,306 SH   SOLE 0 304,686 0 51,620
Micron Technology, Inc. COM 595112103 46,733 1,211,014 SH   SOLE 0 1,034,816 0 176,198
Ingevity Corporation COM 45688C107 2,435 23,157 SH   SOLE 0 19,733 0 3,424
Noah Holdings Ltd. Sponsored ADR Class A COM 65487X102 8,847 207,914 SH   SOLE 0 177,954 0 29,960
NetEase, Inc. Sponsored ADR COM 64110W102 29,447 115,130 SH   SOLE 0 98,434 0 16,696
NVIDIA Corporation COM 67066G104 7,274 44,290 SH   SOLE 0 37,891 0 6,399
Petroleo Brasileiro SA Sponsored ADR COM 71654V408 26,428 1,697,340 SH   SOLE 0 1,452,149 0 245,191
Philip Morris International Inc. COM 718172109 19,166 244,056 SH   SOLE 0 187,098 0 56,958
PNC Financial Services Group, Inc. COM 693475105 25,274 184,106 SH   SOLE 0 157,349 0 26,757
Perspecta, Inc. COM 715347100 2,638 112,683 SH   SOLE 0 96,085 0 16,598
PayPal Holdings Inc COM 70450Y103 129,253 1,129,244 SH   SOLE 0 966,716 0 162,528
Qurate Retail, Inc. Class A COM 74915M100 8,571 691,794 SH   SOLE 0 591,316 0 100,478
Raytheon Company COM 755111507 12,586 72,386 SH   SOLE 0 61,778 0 10,608
Ryanair Holdings Plc Sponsored ADR COM 783513203 27,899 434,965 SH   SOLE 0 347,237 0 87,728
Scorpio Bulkers, Inc. COM Y7546A122 5,064 1,100,926 SH   SOLE 0 940,884 0 160,042
Spirit Airlines, Inc. COM 848577102 8,755 183,422 SH   SOLE 0 156,309 0 27,113
Southern Copper Corporation COM 84265V105 11,890 306,054 SH   SOLE 0 261,469 0 44,585
Sherwin-Williams Company COM 824348106 36,040 78,641 SH   SOLE 0 67,309 0 11,332
SL Green Realty Corp. COM 78440X101 17,340 215,748 SH   SOLE 0 184,678 0 31,070
Scotts Miracle-Gro Company Class A COM 810186106 10,679 108,415 SH   SOLE 0 92,821 0 15,594
Steel Dynamics, Inc. COM 858119100 4,419 146,315 SH   SOLE 0 125,144 0 21,171
Scorpio Tankers Inc. COM Y7542C130 35,071 1,188,054 SH   SOLE 0 1,015,471 0 172,583
Seagate Technology PLC COM G7945M107 18,974 402,667 SH   SOLE 0 344,305 0 58,362
Synchrony Financial COM 87165B103 46,468 1,340,297 SH   SOLE 0 1,144,836 0 195,461
Thor Industries, Inc. COM 885160101 4,824 82,539 SH   SOLE 0 70,581 0 11,958
Tribune Publishing Co. COM 89609W107 337 42,324 SH   SOLE 0 36,412 0 5,912
Tractor Supply Company COM 892356106 52,074 478,623 SH   SOLE 0 409,537 0 69,086
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 67,417 1,721,150 SH   SOLE 0 1,470,653 0 250,497
Texas Instruments Incorporated COM 882508104 12,250 106,746 SH   SOLE 0 91,202 0 15,544
United Continental Holdings, Inc. COM 910047109 29,257 334,176 SH   SOLE 0 286,060 0 48,116
Net 1 UEPS Technologies, Inc. COM 64107N206 2,264 566,012 SH   SOLE 0 483,997 0 82,015
Union Pacific Corporation COM 907818108 32,757 193,701 SH   SOLE 0 165,829 0 27,872
Marriott Vacations Worldwide Corporation COM 57164Y107 3,867 40,114 SH   SOLE 0 34,312 0 5,802
Veeco Instruments Inc. COM 922417100 5,355 438,187 SH   SOLE 0 374,031 0 64,156
VICI Properties Inc COM 925652109 4,295 194,876 SH   SOLE 0 166,514 0 28,362
Vipshop Holdings Ltd Sponsored ADR COM 92763W103 13,115 1,519,703 SH   SOLE 0 1,298,818 0 220,885
Venator Materials PLC COM G9329Z100 3,723 703,751 SH   SOLE 0 601,846 0 101,905
Verisk Analytics Inc COM 92345Y106 10,210 69,714 SH   SOLE 0 59,567 0 10,147
Vista Outdoor Inc COM 928377100 4,879 549,490 SH   SOLE 0 469,269 0 80,221
AquaVenture Holdings Limited COM G0443N107 5,878 294,353 SH   SOLE 0 251,421 0 42,932
Western Digital Corporation COM 958102105 6,209 130,572 SH   SOLE 0 111,563 0 19,009
Wells Fargo & Company COM 949746101 63,543 1,342,833 SH   SOLE 0 1,148,070 0 194,763
Whirlpool Corporation COM 963320106 3,548 24,923 SH   SOLE 0 21,295 0 3,628
Willis Towers Watson Public Limited Company COM G96629103 33,470 174,744 SH   SOLE 0 149,409 0 25,335
Walmart Inc. COM 931142103 31,715 287,044 SH   SOLE 0 245,298 0 41,746
WestRock Company COM 96145D105 4,913 134,723 SH   SOLE 0 115,938 0 18,785
58.com Inc. Sponsored ADR Class A COM 31680Q104 11,919 191,715 SH   SOLE 0 164,007 0 27,708
Yandex NV Class A COM N97284108 19,647 517,029 SH   SOLE 0 441,991 0 75,038