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 11,611 578,513 SH   SOLE 0 491,445 0 87,068
American Airlines Group, Inc. COM 02376R102 72,020 2,670,384 SH   SOLE 0 2,266,021 0 404,363
Advance Auto Parts, Inc. COM 00751Y106 5,893 35,629 SH   SOLE 0 30,106 0 5,523
Adient plc COM G0084W101 13,746 598,714 SH   SOLE 0 507,892 0 90,822
Alliance Data Systems Corporation COM 018581108 5,487 42,824 SH   SOLE 0 36,375 0 6,449
American International Group, Inc. COM 026874784 78,263 1,405,088 SH   SOLE 0 1,192,561 0 212,527
American International Group, Inc. Warrants 2011-1 CONV BONDS 026874156 53,796 3,772,279 PRN   SOLE 0 3,198,151 0 574,128
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 5,068 341,025 SH   SOLE 0 289,484 0 51,541
Amazon.com, Inc. COM 023135106 224,186 129,146 SH   SOLE 0 109,579 0 19,567
Anthem, Inc. COM 036752103 25,683 106,970 SH   SOLE 0 90,637 0 16,333
Apache Corporation COM 037411105 2,342 91,484 SH   SOLE 0 77,626 0 13,858
Altice USA, Inc. Class A COM 02156K103 13,077 455,965 SH   SOLE 0 386,789 0 69,176
Activision Blizzard, Inc. COM 00507V109 21,456 405,450 SH   SOLE 0 343,828 0 61,622
Broadcom Inc. COM 11135F101 10,269 37,196 SH   SOLE 0 31,531 0 5,665
American Express Company COM 025816109 72,096 609,537 SH   SOLE 0 517,257 0 92,280
Alibaba Group Holding Ltd. Sponsored ADR COM 01609W102 25,445 152,156 SH   SOLE 0 129,112 0 23,044
Bank of America Corp COM 060505104 210,707 7,223,425 SH   SOLE 0 6,128,484 0 1,094,941
Sotheby s COM 835898107 13,690 240,263 SH   SOLE 0 204,091 0 36,172
Baidu, Inc. Sponsored ADR Class A COM 056752108 8,337 81,132 SH   SOLE 0 68,711 0 12,421
Bio-Rad Laboratories, Inc. Class A COM 090572207 31,568 94,874 SH   SOLE 0 80,160 0 14,714
Booking Holdings Inc. COM 09857L108 87,762 44,717 SH   SOLE 0 37,944 0 6,773
TopBuild Corp. COM 89055F103 4,224 43,805 SH   SOLE 0 37,169 0 6,636
Bristol-Myers Squibb Company COM 110122108 9,788 193,018 SH   SOLE 0 164,196 0 28,822
Berkshire Hathaway Inc. Class B COM 084670702 76,328 366,927 SH   SOLE 0 311,186 0 55,741
Peabody Energy Corporation COM 704551100 22,725 1,543,806 SH   SOLE 0 1,310,049 0 233,757
Citigroup Inc. COM 172967424 146,434 2,119,773 SH   SOLE 0 1,796,963 0 322,810
Avis Budget Group, Inc. COM 053774105 5,085 179,943 SH   SOLE 0 152,925 0 27,018
CBRE Group, Inc. Class A COM 12504L109 107,789 2,033,368 SH   SOLE 0 1,727,110 0 306,258
Citizens Financial Group, Inc. COM 174610105 34,793 983,683 SH   SOLE 0 834,227 0 149,456
Charter Communications, Inc. Class A COM 16119P108 11,580 28,099 SH   SOLE 0 23,886 0 4,213
CoreLogic, Inc. COM 21871D103 17,746 383,537 SH   SOLE 0 325,139 0 58,398
CME Group Inc. Class A COM 12572Q105 2,188 10,352 SH   SOLE 0 8,919 0 1,433
Capital One Financial Corporation COM 14040H105 46,123 506,958 SH   SOLE 0 429,827 0 77,131
ConocoPhillips COM 20825C104 5,384 94,493 SH   SOLE 0 80,098 0 14,395
Costco Wholesale Corporation COM 22160K105 143,303 497,389 SH   SOLE 0 421,965 0 75,424
Coty Inc. Class A COM 222070203 1,885 179,326 SH   SOLE 0 152,814 0 26,512
CenturyLink, Inc. COM 156700106 10,968 878,846 SH   SOLE 0 745,197 0 133,649
Ctrip.com International Ltd Sponsored ADR COM 22943F100 3,495 119,320 SH   SOLE 0 100,667 0 18,653
Cognizant Technology Solutions Corporation Class A COM 192446102 18,145 301,090 SH   SOLE 0 255,302 0 45,788
Corteva Inc COM 22052L104 2,780 99,300 SH   SOLE 0 84,214 0 15,086
Cemex SAB de CV Sponsored ADR COM 151290889 31,523 8,041,535 SH   SOLE 0 6,818,848 0 1,222,687
Delta Air Lines, Inc. COM 247361702 102,270 1,775,516 SH   SOLE 0 1,506,428 0 269,088
DuPont de Nemours, Inc. COM 26614N102 7,078 99,252 SH   SOLE 0 84,166 0 15,086
DHT Holdings, Inc. COM Y2065G121 19,587 3,184,872 SH   SOLE 0 2,705,924 0 478,948
Walt Disney Company COM 254687106 23,333 179,042 SH   SOLE 0 152,008 0 27,034
Discovery, Inc. Class A COM 25470F104 7,900 296,647 SH   SOLE 0 251,866 0 44,781
NOW Inc. COM 67011P100 6,264 546,115 SH   SOLE 0 463,806 0 82,309
Dow, Inc. COM 260557103 4,760 99,897 SH   SOLE 0 84,811 0 15,086
Diana Shipping Inc. COM Y2066G104 16,889 4,996,606 SH   SOLE 0 4,238,620 0 757,986
DXC Technology Co. COM 23355L106 6,464 219,126 SH   SOLE 0 185,704 0 33,422
eBay Inc. COM 278642103 12,421 318,649 SH   SOLE 0 270,628 0 48,021
EPAM Systems, Inc. COM 29414B104 38,459 210,941 SH   SOLE 0 178,915 0 32,026
Eldorado Resorts Inc COM 28470R102 6,860 172,060 SH   SOLE 0 145,948 0 26,112
Expedia Group, Inc. COM 30212P303 510 3,797 SH   SOLE 0 3,204 0 593
Ford Motor Company COM 345370860 17,370 1,896,269 SH   SOLE 0 1,607,826 0 288,443
FirstCash, Inc. COM 33767D105 16,906 184,420 SH   SOLE 0 156,315 0 28,105
Freeport-McMoRan, Inc. COM 35671D857 13,505 1,411,233 SH   SOLE 0 1,196,072 0 215,161
Fluor Corporation COM 343412102 1,109 57,968 SH   SOLE 0 49,233 0 8,735
Federal National Mortgage Association COM 313586109 1,942 511,053 SH   SOLE 0 435,734 0 75,319
Liberty Media Corporation Series A Liberty Formula COM 531229870 1,736 43,840 SH   SOLE 0 36,888 0 6,952
Liberty Media Corporation Series C Liberty Formula COM 531229854 2,319 55,765 SH   SOLE 0 47,509 0 8,256
Graco Inc. COM 384109104 12,805 278,117 SH   SOLE 0 236,014 0 42,103
GCI Liberty, Inc. Class A COM 36164V305 4,024 64,829 SH   SOLE 0 54,934 0 9,895
Golar LNG Limited COM G9456A100 4,000 307,895 SH   SOLE 0 260,663 0 47,232
Corning Inc COM 219350105 4,999 175,287 SH   SOLE 0 148,650 0 26,637
Alphabet Inc. Class C COM 02079K107 128,135 105,115 SH   SOLE 0 89,093 0 16,022
Alphabet Inc. Class A COM 02079K305 13,396 10,970 SH   SOLE 0 9,232 0 1,738
Garmin Ltd. COM H2906T109 19,877 234,701 SH   SOLE 0 199,583 0 35,118
Ferroglobe PLC COM G33856108 799 706,689 SH   SOLE 0 600,136 0 106,553
Halliburton Company COM 406216101 1,349 71,548 SH   SOLE 0 60,498 0 11,050
Huntington Bancshares Incorporated COM 446150104 4,754 333,163 SH   SOLE 0 282,657 0 50,506
Hanesbrands Inc. COM 410345102 14,330 935,410 SH   SOLE 0 793,815 0 141,595
Warrior Met Coal, Inc. COM 93627C101 8,672 444,276 SH   SOLE 0 377,008 0 67,268
Hackett Group, Inc. COM 404609109 18,737 1,138,362 SH   SOLE 0 963,657 0 174,705
Hewlett Packard Enterprise Co. COM 42824C109 4,955 326,632 SH   SOLE 0 276,477 0 50,155
HP Inc. COM 40434L105 6,129 323,953 SH   SOLE 0 276,176 0 47,777
Hertz Global Holdings, Inc. COM 42806J106 1,278 92,351 SH   SOLE 0 79,615 0 12,736
IHEARTMEDIA INC PRIVATE COM 451ESC032 0 342,478 SH   SOLE 0 327,826 0 14,652
iShares MSCI India ETF COM 46429B598 15,616 465,184 SH   SOLE 0 465,184 0 0
International Seaways, Inc. COM Y41053102 7,359 382,091 SH   SOLE 0 323,962 0 58,129
Intel Corporation COM 458140100 15,780 306,236 SH   SOLE 0 260,249 0 45,987
Gartner, Inc. COM 366651107 24,484 171,226 SH   SOLE 0 145,487 0 25,739
JD.com, Inc. Sponsored ADR Class A COM 47215P106 42,110 1,492,741 SH   SOLE 0 1,263,397 0 229,344
Jefferies Financial Group Inc. COM 47233W109 17,470 949,438 SH   SOLE 0 805,342 0 144,096
JPMorgan Chase & Co. COM 46625H100 44,760 380,322 SH   SOLE 0 322,086 0 58,236
KKR & Co. Inc. Class A COM 48251W104 19,870 740,049 SH   SOLE 0 627,849 0 112,200
KLA Corporation COM 482480100 20,711 129,889 SH   SOLE 0 110,218 0 19,671
Kroger Co. COM 501044101 34,152 1,324,760 SH   SOLE 0 1,123,426 0 201,334
Kansas City Southern COM 485170302 17,455 131,229 SH   SOLE 0 111,137 0 20,092
KT Corporation Sponsored ADR COM 48268K101 336 29,671 SH   SOLE 0 29,671 0 0
Loews Corporation COM 540424108 9,317 180,984 SH   SOLE 0 153,786 0 27,198
Lazard Ltd Class A COM G54050102 30,333 866,654 SH   SOLE 0 735,661 0 130,993
Liberty Broadband Corp. Class A COM 530307107 504 4,824 SH   SOLE 0 4,099 0 725
Liberty Broadband Corp. Class C COM 530307305 7,878 75,267 SH   SOLE 0 63,403 0 11,864
Liberty Global Plc Class A COM G5480U104 26,713 1,079,301 SH   SOLE 0 913,548 0 165,753
Liberty Global Plc Class C COM G5480U120 27,088 1,138,611 SH   SOLE 0 964,416 0 174,195
Lear Corporation COM 521865204 6,379 54,109 SH   SOLE 0 45,909 0 8,200
Lions Gate Entertainment Corp Class B COM 535919500 209 23,954 SH   SOLE 0 20,396 0 3,558
Liberty Latin America Ltd. Class A COM G9001E102 4,527 265,228 SH   SOLE 0 222,895 0 42,333
Liberty Latin America Ltd. Class C COM G9001E128 6,241 365,101 SH   SOLE 0 307,634 0 57,467
LivaNova Plc COM G5509L101 21,874 296,436 SH   SOLE 0 251,093 0 45,343
Lowe s Companies, Inc. COM 548661107 6,753 61,415 SH   SOLE 0 51,930 0 9,485
Louisiana-Pacific Corporation COM 546347105 6,199 252,213 SH   SOLE 0 213,405 0 38,808
Lam Research Corporation COM 512807108 4,597 19,890 SH   SOLE 0 16,839 0 3,051
Liberty Media Corp. Series A Liberty SiriusXM COM 531229409 10,551 253,809 SH   SOLE 0 214,356 0 39,453
Liberty Media Corp. Series C Liberty SiriusXM COM 531229607 13,698 326,448 SH   SOLE 0 276,876 0 49,572
Liberty TripAdvisor Holdings Inc Class A COM 531465102 134 14,204 SH   SOLE 0 12,157 0 2,047
LyondellBasell Industries NV COM N53745100 7,126 79,645 SH   SOLE 0 67,742 0 11,903
Masco Corporation COM 574599106 12,687 304,389 SH   SOLE 0 258,147 0 46,242
MBIA Inc. COM 55262C100 32,841 3,558,074 SH   SOLE 0 3,013,838 0 544,236
McKesson Corporation COM 58155Q103 6,707 49,077 SH   SOLE 0 41,577 0 7,500
Micro Focus International plc Sponsored ADR COM 594837403 5,090 359,718 SH   SOLE 0 305,524 0 54,194
MGM Resorts International COM 552953101 52,773 1,903,772 SH   SOLE 0 1,614,210 0 289,562
Mohawk Industries, Inc. COM 608190104 13,235 106,674 SH   SOLE 0 90,633 0 16,041
Markel Corporation COM 570535104 21,572 18,252 SH   SOLE 0 15,449 0 2,803
Altria Group Inc COM 02209S103 8,216 200,889 SH   SOLE 0 150,088 0 50,801
Marathon Petroleum Corporation COM 56585A102 17,949 295,451 SH   SOLE 0 251,760 0 43,691
Morgan Stanley COM 617446448 15,453 362,152 SH   SOLE 0 306,990 0 55,162
Microsoft Corporation COM 594918104 47,202 339,507 SH   SOLE 0 287,887 0 51,620
Micron Technology, Inc. COM 595112103 49,491 1,154,975 SH   SOLE 0 978,777 0 176,198
Ingevity Corporation COM 45688C107 1,879 22,145 SH   SOLE 0 18,721 0 3,424
Noah Holdings Ltd. Sponsored ADR Class A COM 65487X102 5,169 177,029 SH   SOLE 0 150,657 0 26,372
NetEase, Inc. Sponsored ADR COM 64110W102 29,236 109,834 SH   SOLE 0 93,138 0 16,696
NVIDIA Corporation COM 67066G104 7,351 42,231 SH   SOLE 0 35,832 0 6,399
Petroleo Brasileiro SA Sponsored ADR COM 71654V408 23,408 1,617,703 SH   SOLE 0 1,372,512 0 245,191
Philip Morris International Inc. COM 718172109 17,132 225,623 SH   SOLE 0 168,665 0 56,958
PNC Financial Services Group, Inc. COM 693475105 24,577 175,347 SH   SOLE 0 148,590 0 26,757
Perspecta, Inc. COM 715347100 2,817 107,835 SH   SOLE 0 91,237 0 16,598
PayPal Holdings Inc COM 70450Y103 108,542 1,047,808 SH   SOLE 0 889,568 0 158,240
Qurate Retail, Inc. Class A COM 74915M100 6,810 660,178 SH   SOLE 0 559,700 0 100,478
Raytheon Company COM 755111507 13,552 69,078 SH   SOLE 0 58,470 0 10,608
Ryanair Holdings Plc Sponsored ADR COM 783513203 37,047 558,104 SH   SOLE 0 440,552 0 117,552
Scorpio Bulkers, Inc. COM Y7546A122 6,372 1,048,034 SH   SOLE 0 887,992 0 160,042
Spirit Airlines, Inc. COM 848577102 6,348 174,871 SH   SOLE 0 147,758 0 27,113
Southern Copper Corporation COM 84265V105 9,968 292,059 SH   SOLE 0 247,474 0 44,585
Sherwin-Williams Company COM 824348106 41,267 75,048 SH   SOLE 0 63,716 0 11,332
SL Green Realty Corp. COM 78440X101 16,810 205,623 SH   SOLE 0 174,553 0 31,070
Scotts Miracle-Gro Company Class A COM 810186106 10,530 103,421 SH   SOLE 0 87,827 0 15,594
SPECTRUM BRANDS HOLDINGS INC COM 84790A105 1,276 24,198 SH   SOLE 0 20,589 0 3,609
Steel Dynamics, Inc. COM 858119100 4,156 139,477 SH   SOLE 0 118,306 0 21,171
Scorpio Tankers Inc. COM Y7542C130 33,709 1,132,696 SH   SOLE 0 960,113 0 172,583
Seagate Technology PLC COM G7945M107 20,657 384,032 SH   SOLE 0 325,670 0 58,362
Synchrony Financial COM 87165B103 43,559 1,277,771 SH   SOLE 0 1,082,310 0 195,461
Thor Industries, Inc. COM 885160101 4,457 78,690 SH   SOLE 0 66,732 0 11,958
Tribune Publishing Co. COM 89609W107 355 41,324 SH   SOLE 0 35,412 0 5,912
Tractor Supply Company COM 892356106 41,270 456,329 SH   SOLE 0 387,243 0 69,086
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 76,317 1,641,931 SH   SOLE 0 1,391,434 0 250,497
Texas Instruments Incorporated COM 882508104 6,804 52,647 SH   SOLE 0 44,706 0 7,941
United Airlines Holdings, Inc. COM 910047109 28,165 318,571 SH   SOLE 0 270,455 0 48,116
Net 1 UEPS Technologies, Inc. COM 64107N206 1,927 539,785 SH   SOLE 0 457,770 0 82,015
Union Pacific Corporation COM 907818108 29,902 184,605 SH   SOLE 0 156,733 0 27,872
Marriott Vacations Worldwide Corporation COM 57164Y107 3,964 38,260 SH   SOLE 0 32,458 0 5,802
Valaris PLC Class A COM G3157S106 3,848 800,060 SH   SOLE 0 678,852 0 121,208
Veeco Instruments Inc. COM 922417100 4,882 417,957 SH   SOLE 0 353,801 0 64,156
VICI Properties Inc COM 925652109 4,208 185,779 SH   SOLE 0 157,417 0 28,362
Vipshop Holdings Ltd Sponsored ADR COM 92763W103 12,925 1,448,980 SH   SOLE 0 1,228,095 0 220,885
Venator Materials PLC COM G9329Z100 1,638 671,110 SH   SOLE 0 569,205 0 101,905
Vista Outdoor Inc COM 928377100 3,242 523,724 SH   SOLE 0 443,503 0 80,221
AquaVenture Holdings Limited COM G0443N107 6,867 353,421 SH   SOLE 0 299,758 0 53,663
Western Digital Corporation COM 958102105 7,424 124,484 SH   SOLE 0 105,475 0 19,009
Wells Fargo & Company COM 949746101 64,536 1,279,470 SH   SOLE 0 1,084,707 0 194,763
Whirlpool Corporation COM 963320106 3,764 23,771 SH   SOLE 0 20,143 0 3,628
Willis Towers Watson Public Limited Company COM G96629103 32,168 166,699 SH   SOLE 0 141,364 0 25,335
Walmart Inc. COM 931142103 32,443 273,369 SH   SOLE 0 231,623 0 41,746
WestRock Company COM 96145D105 4,682 128,448 SH   SOLE 0 109,663 0 18,785
58.com Inc. Sponsored ADR Class A COM 31680Q104 9,019 182,896 SH   SOLE 0 155,188 0 27,708
Yandex NV Class A COM N97284108 17,268 493,236 SH   SOLE 0 418,198 0 75,038