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 11,984 557,123 SH   SOLE 0 478,345 0 78,778
American Airlines Group, Inc. COM 02376R102 83,698 2,918,327 SH   SOLE 0 2,503,484 0 414,843
Advance Auto Parts, Inc. COM 00751Y106 5,492 34,288 SH   SOLE 0 29,297 0 4,991
Adient plc COM G0084W101 12,252 576,573 SH   SOLE 0 494,243 0 82,330
Alliance Data Systems Corporation COM 018581108 4,628 41,244 SH   SOLE 0 35,403 0 5,841
American International Group, Inc. COM 026874784 69,452 1,353,040 SH   SOLE 0 1,160,689 0 192,351
American International Group, Inc. Warrants 2011-1 CONV BONDS 026874156 37,379 3,636,058 PRN   SOLE 0 3,116,383 0 519,675
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 5,256 328,518 SH   SOLE 0 281,709 0 46,809
Amazon.com, Inc. COM 023135106 227,124 122,913 SH   SOLE 0 105,424 0 17,489
Anthem, Inc. COM 036752103 31,104 102,982 SH   SOLE 0 88,212 0 14,770
Apache Corporation COM 037411105 4,947 193,310 SH   SOLE 0 165,763 0 27,547
Altice USA, Inc. Class A COM 02156K103 19,124 699,499 SH   SOLE 0 600,374 0 99,125
Activision Blizzard, Inc. COM 00507V109 23,199 390,428 SH   SOLE 0 334,676 0 55,752
Broadcom Inc. COM 11135F101 11,312 35,796 SH   SOLE 0 30,683 0 5,113
American Express Company COM 025816109 76,223 612,279 SH   SOLE 0 525,074 0 87,205
Alibaba Group Holding Ltd. Sponsored ADR COM 01609W102 39,609 186,748 SH   SOLE 0 160,194 0 26,554
Bank of America Corp COM 060505104 244,984 6,955,807 SH   SOLE 0 5,965,179 0 990,628
Baidu, Inc. Sponsored ADR Class A COM 056752108 9,871 78,094 SH   SOLE 0 66,866 0 11,228
Bio-Rad Laboratories, Inc. Class A COM 090572207 33,747 91,201 SH   SOLE 0 78,032 0 13,169
Booking Holdings Inc. COM 09857L108 88,454 43,070 SH   SOLE 0 36,926 0 6,144
TopBuild Corp. COM 89055F103 4,340 42,106 SH   SOLE 0 36,173 0 5,933
Bristol-Myers Squibb Company COM 110122108 11,968 186,451 SH   SOLE 0 159,824 0 26,627
Berkshire Hathaway Inc. Class B COM 084670702 80,037 353,365 SH   SOLE 0 302,890 0 50,475
Peabody Energy Corporation COM 704551100 18,977 2,080,839 SH   SOLE 0 1,784,471 0 296,368
Citigroup Inc. COM 172967424 163,093 2,041,469 SH   SOLE 0 1,748,880 0 292,589
Avis Budget Group, Inc. COM 053774105 5,596 173,567 SH   SOLE 0 148,900 0 24,667
CBRE Group, Inc. Class A COM 12504L109 120,031 1,958,403 SH   SOLE 0 1,681,075 0 277,328
Citizens Financial Group, Inc. COM 174610105 38,487 947,714 SH   SOLE 0 812,283 0 135,431
Charter Communications, Inc. Class A COM 16119P108 13,133 27,073 SH   SOLE 0 23,252 0 3,821
CoreLogic, Inc. COM 21871D103 16,154 369,563 SH   SOLE 0 316,613 0 52,950
CME Group Inc. Class A COM 12572Q105 1,999 9,957 SH   SOLE 0 8,671 0 1,286
Capital One Financial Corporation COM 14040H105 50,245 488,239 SH   SOLE 0 418,438 0 69,801
ConocoPhillips COM 20825C104 5,917 90,986 SH   SOLE 0 77,959 0 13,027
Costco Wholesale Corporation COM 22160K105 140,828 479,136 SH   SOLE 0 410,690 0 68,446
Coty Inc. Class A COM 222070203 1,954 173,699 SH   SOLE 0 149,635 0 24,064
CenturyLink, Inc. COM 156700106 11,181 846,423 SH   SOLE 0 725,367 0 121,056
Cognizant Technology Solutions Corporation Class A COM 192446102 17,985 289,994 SH   SOLE 0 248,582 0 41,412
Corteva Inc COM 22052L104 2,827 95,647 SH   SOLE 0 81,985 0 13,662
Cemex SAB de CV Sponsored ADR COM 151290889 29,274 7,744,567 SH   SOLE 0 6,636,961 0 1,107,606
Delta Air Lines, Inc. COM 247361702 99,986 1,709,750 SH   SOLE 0 1,466,196 0 243,554
DuPont de Nemours, Inc. COM 26614N102 6,138 95,603 SH   SOLE 0 81,941 0 13,662
DHT Holdings, Inc. COM Y2065G121 25,389 3,066,249 SH   SOLE 0 2,632,798 0 433,451
Walt Disney Company COM 254687106 24,938 172,425 SH   SOLE 0 147,957 0 24,468
Discovery, Inc. Class A COM 25470F104 9,353 285,662 SH   SOLE 0 245,166 0 40,496
NOW Inc. COM 67011P100 5,921 526,820 SH   SOLE 0 452,247 0 74,573
Dow, Inc. COM 260557103 5,265 96,198 SH   SOLE 0 82,536 0 13,662
Diana Shipping Inc. COM Y2066G104 17,056 5,484,364 SH   SOLE 0 4,706,616 0 777,748
DXC Technology Co. COM 23355L106 18,299 486,817 SH   SOLE 0 418,038 0 68,779
eBay Inc. COM 278642103 11,091 307,153 SH   SOLE 0 263,499 0 43,654
EPAM Systems, Inc. COM 29414B104 31,648 149,169 SH   SOLE 0 127,958 0 21,211
Eldorado Resorts Inc COM 28470R102 9,880 165,661 SH   SOLE 0 142,040 0 23,621
Expedia Group, Inc. COM 30212P303 403 3,728 SH   SOLE 0 3,204 0 524
Ford Motor Company COM 345370860 16,997 1,827,628 SH   SOLE 0 1,565,850 0 261,778
FirstCash, Inc. COM 33767D105 14,313 177,513 SH   SOLE 0 152,162 0 25,351
Freeport-McMoRan, Inc. COM 35671D857 17,829 1,358,915 SH   SOLE 0 1,164,173 0 194,742
Fluor Corporation COM 343412102 1,061 56,182 SH   SOLE 0 48,315 0 7,867
Federal National Mortgage Association COM 313586109 1,549 496,364 SH   SOLE 0 427,732 0 68,632
Liberty Media Corporation Series A Liberty Formula COM 531229870 1,863 42,546 SH   SOLE 0 36,355 0 6,191
Liberty Media Corporation Series C Liberty Formula COM 531229854 2,487 54,117 SH   SOLE 0 46,712 0 7,405
Graco Inc. COM 384109104 13,932 267,931 SH   SOLE 0 229,694 0 38,237
GCI Liberty, Inc. Class A COM 36164V305 4,435 62,601 SH   SOLE 0 53,708 0 8,893
Golar LNG Limited COM G9456A100 4,216 296,518 SH   SOLE 0 253,687 0 42,831
Corning Inc COM 219350105 4,925 169,184 SH   SOLE 0 144,706 0 24,478
Alphabet Inc. Class C COM 02079K107 135,316 101,207 SH   SOLE 0 86,698 0 14,509
Alphabet Inc. Class A COM 02079K305 14,159 10,571 SH   SOLE 0 8,989 0 1,582
Garmin Ltd. COM H2906T109 22,061 226,131 SH   SOLE 0 194,254 0 31,877
Ferroglobe PLC COM G33856108 655 696,484 SH   SOLE 0 600,136 0 96,348
Halliburton Company COM 406216101 1,697 69,360 SH   SOLE 0 59,343 0 10,017
Huntington Bancshares Incorporated COM 446150104 4,842 321,085 SH   SOLE 0 275,111 0 45,974
Hanesbrands Inc. COM 410345102 13,380 901,016 SH   SOLE 0 772,527 0 128,489
Warrior Met Coal, Inc. COM 93627C101 11,361 537,684 SH   SOLE 0 461,230 0 76,454
Hackett Group, Inc. COM 404609109 17,702 1,096,797 SH   SOLE 0 937,611 0 159,186
Hewlett Packard Enterprise Co. COM 42824C109 4,993 314,835 SH   SOLE 0 269,063 0 45,772
HP Inc. COM 40434L105 6,416 312,226 SH   SOLE 0 268,832 0 43,394
Hertz Global Holdings, Inc. COM 42806J106 1,410 89,502 SH   SOLE 0 78,087 0 11,415
IHEARTMEDIA INC PRIVATE COM 451ESC032 0 342,478 SH   SOLE 0 327,826 0 14,652
iShares MSCI India ETF COM 46429B598 17,109 486,732 SH   SOLE 0 486,732 0 0
International Seaways, Inc. COM Y41053102 10,948 367,863 SH   SOLE 0 315,282 0 52,581
Intel Corporation COM 458140100 17,670 295,242 SH   SOLE 0 253,449 0 41,793
Gartner, Inc. COM 366651107 25,428 165,012 SH   SOLE 0 141,623 0 23,389
JD.com, Inc. Sponsored ADR Class A COM 47215P106 50,637 1,437,313 SH   SOLE 0 1,229,637 0 207,676
Jefferies Financial Group Inc. COM 47233W109 19,540 914,371 SH   SOLE 0 783,920 0 130,451
JPMorgan Chase & Co. COM 46625H100 51,057 366,265 SH   SOLE 0 313,500 0 52,765
KKR & Co. Inc. Class A COM 48251W104 20,799 713,024 SH   SOLE 0 611,170 0 101,854
KLA Corporation COM 482480100 22,285 125,077 SH   SOLE 0 107,283 0 17,794
Kroger Co. COM 501044101 36,980 1,275,609 SH   SOLE 0 1,093,518 0 182,091
Kansas City Southern COM 485170302 19,349 126,333 SH   SOLE 0 108,176 0 18,157
KT Corporation Sponsored ADR COM 48268K101 344 29,671 SH   SOLE 0 29,671 0 0
Loews Corporation COM 540424108 9,151 174,333 SH   SOLE 0 149,726 0 24,607
Lazard Ltd Class A COM G54050102 33,366 834,981 SH   SOLE 0 716,186 0 118,795
Liberty Broadband Corp. Class A COM 530307107 589 4,731 SH   SOLE 0 4,099 0 632
Liberty Broadband Corp. Class C COM 530307305 9,134 72,636 SH   SOLE 0 61,896 0 10,740
Liberty Global Plc Class A COM G5480U104 23,638 1,039,484 SH   SOLE 0 889,292 0 150,192
Liberty Global Plc Class C COM G5480U120 23,902 1,096,695 SH   SOLE 0 938,882 0 157,813
Lear Corporation COM 521865204 7,148 52,102 SH   SOLE 0 44,685 0 7,417
Lions Gate Entertainment Corp Class B COM 535919500 234 23,576 SH   SOLE 0 20,396 0 3,180
Liberty Latin America Ltd. Class A COM G9001E102 4,940 255,984 SH   SOLE 0 217,635 0 38,349
Liberty Latin America Ltd. Class C COM G9001E128 6,859 352,465 SH   SOLE 0 300,189 0 52,276
LivaNova Plc COM G5509L101 21,508 285,140 SH   SOLE 0 244,422 0 40,718
Lowe s Companies, Inc. COM 548661107 7,085 59,159 SH   SOLE 0 50,553 0 8,606
Louisiana-Pacific Corporation COM 546347105 7,213 243,102 SH   SOLE 0 207,807 0 35,295
Lam Research Corporation COM 512807108 5,597 19,143 SH   SOLE 0 16,385 0 2,758
Liberty Media Corp. Series A Liberty SiriusXM COM 531229409 11,818 244,480 SH   SOLE 0 208,790 0 35,690
Liberty Media Corp. Series C Liberty SiriusXM COM 531229607 15,146 314,624 SH   SOLE 0 269,710 0 44,914
Liberty TripAdvisor Holdings Inc Class A COM 531465102 103 13,983 SH   SOLE 0 12,157 0 1,826
LyondellBasell Industries NV COM N53745100 7,239 76,618 SH   SOLE 0 65,930 0 10,688
Masco Corporation COM 574599106 14,068 293,139 SH   SOLE 0 251,288 0 41,851
MBIA Inc. COM 55262C100 30,972 3,330,291 SH   SOLE 0 2,852,283 0 478,008
McKesson Corporation COM 58155Q103 6,536 47,255 SH   SOLE 0 40,471 0 6,784
Micro Focus International plc Sponsored ADR COM 594837403 4,871 347,160 SH   SOLE 0 298,001 0 49,159
MGM Resorts International COM 552953101 61,002 1,833,554 SH   SOLE 0 1,571,191 0 262,363
Mohawk Industries, Inc. COM 608190104 14,012 102,745 SH   SOLE 0 88,230 0 14,515
Markel Corporation COM 570535104 23,737 20,764 SH   SOLE 0 17,812 0 2,952
Altria Group Inc COM 02209S103 9,419 188,726 SH   SOLE 0 142,526 0 46,200
Marathon Petroleum Corporation COM 56585A102 20,845 345,976 SH   SOLE 0 296,838 0 49,138
Morgan Stanley COM 617446448 17,827 348,725 SH   SOLE 0 298,774 0 49,951
Microsoft Corporation COM 594918104 51,592 327,153 SH   SOLE 0 280,306 0 46,847
Micron Technology, Inc. COM 595112103 59,824 1,112,393 SH   SOLE 0 952,439 0 159,954
Ingevity Corporation COM 45688C107 1,866 21,356 SH   SOLE 0 18,249 0 3,107
Noah Holdings Ltd. Sponsored ADR Class A COM 65487X102 5,939 167,912 SH   SOLE 0 144,133 0 23,779
NetEase, Inc. Sponsored ADR COM 64110W102 32,430 105,760 SH   SOLE 0 90,645 0 15,115
NVIDIA Corporation COM 67066G104 9,568 40,664 SH   SOLE 0 34,875 0 5,789
Petroleo Brasileiro SA Sponsored ADR COM 71654V408 24,839 1,558,303 SH   SOLE 0 1,336,264 0 222,039
Philip Morris International Inc. COM 718172109 18,016 211,730 SH   SOLE 0 160,107 0 51,623
PNC Financial Services Group, Inc. COM 693475105 26,953 168,845 SH   SOLE 0 144,627 0 24,218
Perspecta, Inc. COM 715347100 2,762 104,459 SH   SOLE 0 89,341 0 15,118
PayPal Holdings Inc COM 70450Y103 106,711 986,514 SH   SOLE 0 846,909 0 139,605
Qurate Retail, Inc. Class A COM 74915M100 5,368 636,748 SH   SOLE 0 545,467 0 91,281
Raytheon Company COM 755111507 14,625 66,558 SH   SOLE 0 56,955 0 9,603
Ryanair Holdings Plc Sponsored ADR COM 783513203 47,792 545,509 SH   SOLE 0 439,176 0 106,333
Scorpio Bulkers, Inc. COM Y7546A122 6,429 1,009,220 SH   SOLE 0 864,362 0 144,858
Spirit Airlines, Inc. COM 848577102 6,790 168,447 SH   SOLE 0 143,825 0 24,622
Southern Copper Corporation COM 84265V105 11,950 281,299 SH   SOLE 0 240,915 0 40,384
Sherwin-Williams Company COM 824348106 42,182 72,287 SH   SOLE 0 62,008 0 10,279
SL Green Realty Corp. COM 78440X101 18,201 198,097 SH   SOLE 0 169,944 0 28,153
Scotts Miracle-Gro Company Class A COM 810186106 10,581 99,656 SH   SOLE 0 85,476 0 14,180
Spectrum Brands Holdings, Inc. COM 84790A105 1,511 23,501 SH   SOLE 0 20,233 0 3,268
Steel Dynamics, Inc. COM 858119100 4,573 134,328 SH   SOLE 0 115,127 0 19,201
Scorpio Tankers Inc. COM Y7542C130 43,725 1,111,472 SH   SOLE 0 953,335 0 158,137
Seagate Technology PLC COM G7945M107 22,012 369,944 SH   SOLE 0 317,031 0 52,913
Synchrony Financial COM 87165B103 44,320 1,230,776 SH   SOLE 0 1,053,584 0 177,192
Trip.com Group Ltd. Sponsored ADR COM 89677Q107 3,854 114,922 SH   SOLE 0 97,977 0 16,945
Thor Industries, Inc. COM 885160101 5,627 75,749 SH   SOLE 0 64,932 0 10,817
Tribune Publishing Co. COM 89609W107 536 40,752 SH   SOLE 0 35,412 0 5,340
Tractor Supply Company COM 892356106 41,070 439,536 SH   SOLE 0 376,969 0 62,567
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 91,899 1,581,733 SH   SOLE 0 1,354,520 0 227,213
Texas Instruments Incorporated COM 882508104 6,503 50,688 SH   SOLE 0 43,506 0 7,182
United Airlines Holdings, Inc. COM 910047109 27,022 306,758 SH   SOLE 0 263,202 0 43,556
Uber Technologies, Inc. COM 90353T100 7,581 254,919 SH   SOLE 0 218,670 0 36,249
Net 1 UEPS Technologies, Inc. COM 64107N206 1,933 519,685 SH   SOLE 0 445,636 0 74,049
Union Pacific Corporation COM 907818108 32,142 177,784 SH   SOLE 0 152,557 0 25,227
Marriott Vacations Worldwide Corporation COM 57164Y107 4,743 36,838 SH   SOLE 0 31,590 0 5,248
Valaris PLC Class A COM G3157S106 8,433 1,285,444 SH   SOLE 0 1,102,917 0 182,527
Veeco Instruments Inc. COM 922417100 1,359 92,545 SH   SOLE 0 79,277 0 13,268
VICI Properties Inc COM 925652109 4,569 178,839 SH   SOLE 0 153,183 0 25,656
Vipshop Holdings Ltd Sponsored ADR COM 92763W103 19,775 1,395,536 SH   SOLE 0 1,195,573 0 199,963
Venator Materials PLC COM G9329Z100 2,475 646,158 SH   SOLE 0 553,986 0 92,172
Vista Outdoor Inc COM 928377100 3,774 504,548 SH   SOLE 0 431,776 0 72,772
AquaVenture Holdings Limited COM G0443N107 9,229 340,293 SH   SOLE 0 291,749 0 48,544
Western Digital Corporation COM 958102105 7,609 119,879 SH   SOLE 0 102,608 0 17,271
Wells Fargo & Company COM 949746101 66,292 1,232,188 SH   SOLE 0 1,055,916 0 176,272
Whirlpool Corporation COM 963320106 3,377 22,893 SH   SOLE 0 19,604 0 3,289
Willis Towers Watson Public Limited Company COM G96629103 32,417 160,526 SH   SOLE 0 137,630 0 22,896
Walmart Inc. COM 931142103 31,272 263,145 SH   SOLE 0 225,385 0 37,760
WestRock Company COM 96145D105 5,314 123,845 SH   SOLE 0 106,766 0 17,079
58.com Inc. Sponsored ADR Class A COM 31680Q104 11,400 176,120 SH   SOLE 0 151,055 0 25,065
Yandex NV Class A COM N97284108 20,659 475,039 SH   SOLE 0 407,084 0 67,955