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 3,333 540,993 SH   SOLE 0 462,215 0 78,778
American Airlines Group, Inc. COM 02376R102 45,847 3,761,030 SH   SOLE 0 3,210,415 0 550,615
Advance Auto Parts, Inc. COM 00751Y106 3,104 33,258 SH   SOLE 0 28,267 0 4,991
Adient plc COM G0084W101 5,079 559,993 SH   SOLE 0 477,663 0 82,330
Alliance Data Systems Corporation COM 018581108 1,345 39,971 SH   SOLE 0 34,130 0 5,841
American International Group, Inc. COM 026874784 31,845 1,313,208 SH   SOLE 0 1,120,857 0 192,351
American International Group, Inc. Warrants 2011-1 CONV BONDS 026874156 2,819 3,524,198 PRN   SOLE 0 3,004,523 0 519,675
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 3,761 319,297 SH   SOLE 0 272,488 0 46,809
Amazon.com, Inc. COM 023135106 228,544 117,219 SH   SOLE 0 100,028 0 17,191
Anthem, Inc. COM 036752103 22,644 99,736 SH   SOLE 0 84,966 0 14,770
Apache Corporation COM 037411105 2,200 526,388 SH   SOLE 0 449,174 0 77,214
Altice USA, Inc. Class A COM 02156K103 15,094 677,172 SH   SOLE 0 578,047 0 99,125
Activision Blizzard, Inc. COM 00507V109 22,511 378,471 SH   SOLE 0 322,719 0 55,752
Broadcom Inc. COM 11135F101 8,240 34,752 SH   SOLE 0 29,639 0 5,113
American Express Company COM 025816109 57,503 671,690 SH   SOLE 0 573,180 0 98,510
Alibaba Group Holding Ltd. Sponsored ADR COM 01609W102 35,186 180,923 SH   SOLE 0 154,369 0 26,554
Bank of America Corp COM 060505104 148,011 6,971,792 SH   SOLE 0 5,947,072 0 1,024,720
Baidu, Inc. Sponsored ADR Class A COM 056752108 7,641 75,812 SH   SOLE 0 64,584 0 11,228
Bio-Rad Laboratories, Inc. Class A COM 090572207 30,928 88,224 SH   SOLE 0 75,055 0 13,169
Booking Holdings Inc. COM 09857L108 64,781 48,153 SH   SOLE 0 41,104 0 7,049
TopBuild Corp. COM 89055F103 2,921 40,771 SH   SOLE 0 34,838 0 5,933
Bristol-Myers Squibb Company COM 110122108 10,098 181,171 SH   SOLE 0 154,544 0 26,627
Berkshire Hathaway Inc. Class B COM 084670702 62,657 342,704 SH   SOLE 0 292,229 0 50,475
Peabody Energy Corporation COM 704551100 6,068 2,092,581 SH   SOLE 0 1,785,829 0 306,752
Citigroup Inc. COM 172967424 83,273 1,977,052 SH   SOLE 0 1,684,463 0 292,589
Avis Budget Group, Inc. COM 053774105 2,344 168,657 SH   SOLE 0 143,990 0 24,667
CBRE Group, Inc. Class A COM 12504L109 71,585 1,898,302 SH   SOLE 0 1,620,974 0 277,328
Citizens Financial Group, Inc. COM 174610105 14,795 786,543 SH   SOLE 0 671,124 0 115,419
Change Healthcare, Inc. COM 15912K100 772 77,294 SH   SOLE 0 65,818 0 11,476
Charter Communications, Inc. Class A COM 16119P108 11,477 26,304 SH   SOLE 0 22,483 0 3,821
CoreLogic, Inc. COM 21871D103 10,951 358,568 SH   SOLE 0 305,618 0 52,950
CME Group Inc. Class A COM 12572Q105 1,665 9,627 SH   SOLE 0 8,341 0 1,286
Capital One Financial Corporation COM 14040H105 23,882 473,662 SH   SOLE 0 403,861 0 69,801
ConocoPhillips COM 20825C104 2,716 88,188 SH   SOLE 0 75,161 0 13,027
Costco Wholesale Corporation COM 22160K105 132,390 464,314 SH   SOLE 0 395,868 0 68,446
Coty Inc. Class A COM 222070203 877 169,996 SH   SOLE 0 145,805 0 24,191
Copa Holdings, S.A. Class A COM P31076105 2,795 61,711 SH   SOLE 0 52,695 0 9,016
CenturyLink, Inc. COM 156700106 7,776 821,974 SH   SOLE 0 700,918 0 121,056
Cognizant Technology Solutions Corporation Class A COM 192446102 3,647 78,483 SH   SOLE 0 66,927 0 11,556
Corteva Inc COM 22052L104 2,178 92,676 SH   SOLE 0 79,014 0 13,662
Cemex SAB de CV Sponsored ADR COM 151290889 15,935 7,516,609 SH   SOLE 0 6,409,003 0 1,107,606
Delta Air Lines, Inc. COM 247361702 47,311 1,658,274 SH   SOLE 0 1,414,720 0 243,554
DuPont de Nemours, Inc. COM 26614N102 3,161 92,693 SH   SOLE 0 79,031 0 13,662
DHT Holdings, Inc. COM Y2065G121 28,662 3,736,933 SH   SOLE 0 3,192,402 0 544,531
Walt Disney Company COM 254687106 32,712 338,631 SH   SOLE 0 289,046 0 49,585
Discovery, Inc. Class A COM 25470F104 5,393 277,423 SH   SOLE 0 236,927 0 40,496
NOW Inc. COM 67011P100 2,295 444,774 SH   SOLE 0 379,925 0 64,849
Dow, Inc. COM 260557103 2,725 93,211 SH   SOLE 0 79,549 0 13,662
Diana Shipping Inc. COM Y2066G104 7,878 5,323,267 SH   SOLE 0 4,545,519 0 777,748
DXC Technology Co. COM 23355L106 6,174 473,071 SH   SOLE 0 404,292 0 68,779
eBay Inc. COM 278642103 8,970 298,403 SH   SOLE 0 254,749 0 43,654
EPAM Systems, Inc. COM 29414B104 26,832 144,524 SH   SOLE 0 123,313 0 21,211
Eldorado Resorts Inc COM 28470R102 2,316 160,861 SH   SOLE 0 137,240 0 23,621
Expedia Group, Inc. COM 30212P303 205 3,648 SH   SOLE 0 3,124 0 524
Ford Motor Company COM 345370860 8,576 1,775,481 SH   SOLE 0 1,513,703 0 261,778
Facebook, Inc. Class A COM 30303M102 14,140 84,772 SH   SOLE 0 72,395 0 12,377
FirstCash, Inc. COM 33767D105 12,363 172,324 SH   SOLE 0 146,973 0 25,351
Freeport-McMoRan, Inc. COM 35671D857 8,897 1,318,134 SH   SOLE 0 1,123,392 0 194,742
Fluor Corporation COM 343412102 380 54,924 SH   SOLE 0 47,057 0 7,867
Federal National Mortgage Association COM 313586109 768 483,084 SH   SOLE 0 414,452 0 68,632
Liberty Media Corporation Series A Liberty Formula COM 531229870 1,068 41,381 SH   SOLE 0 35,190 0 6,191
Liberty Media Corporation Series C Liberty Formula COM 531229854 1,434 52,668 SH   SOLE 0 45,263 0 7,405
Graco Inc. COM 384109104 12,681 260,234 SH   SOLE 0 221,997 0 38,237
GCI Liberty, Inc. Class A COM 36164V305 3,472 60,938 SH   SOLE 0 52,045 0 8,893
Golar LNG Limited COM G9456A100 2,263 287,221 SH   SOLE 0 244,390 0 42,831
Corning Inc COM 219350105 3,369 164,010 SH   SOLE 0 139,532 0 24,478
Alphabet Inc. Class C COM 02079K107 114,036 98,069 SH   SOLE 0 83,560 0 14,509
Alphabet Inc. Class A COM 02079K305 11,929 10,266 SH   SOLE 0 8,684 0 1,582
Garmin Ltd. COM H2906T109 16,409 218,910 SH   SOLE 0 187,033 0 31,877
Ferroglobe PLC COM G33856108 921 2,024,828 SH   SOLE 0 1,729,896 0 294,932
Huntington Bancshares Incorporated COM 446150104 2,555 311,264 SH   SOLE 0 265,290 0 45,974
Hanesbrands Inc. COM 410345102 6,887 875,109 SH   SOLE 0 746,620 0 128,489
Warrior Met Coal, Inc. COM 93627C101 5,535 521,178 SH   SOLE 0 444,724 0 76,454
Hackett Group, Inc. COM 404609109 13,528 1,063,529 SH   SOLE 0 904,343 0 159,186
Hewlett Packard Enterprise Co. COM 42824C109 2,963 305,179 SH   SOLE 0 259,407 0 45,772
HP Inc. COM 40434L105 5,266 303,355 SH   SOLE 0 259,961 0 43,394
Hertz Global Holdings, Inc. COM 42806J106 537 86,845 SH   SOLE 0 75,430 0 11,415
iShares MSCI India ETF COM 46429B598 6,930 256,209 SH   SOLE 0 256,209 0 0
International Seaways, Inc. COM Y41053102 8,539 357,427 SH   SOLE 0 304,846 0 52,581
Intel Corporation COM 458140100 15,499 286,388 SH   SOLE 0 244,595 0 41,793
Gartner, Inc. COM 366651107 15,907 159,754 SH   SOLE 0 136,365 0 23,389
JD.com, Inc. Sponsored ADR Class A COM 47215P106 56,429 1,393,298 SH   SOLE 0 1,185,622 0 207,676
Jefferies Financial Group Inc. COM 47233W109 12,140 888,093 SH   SOLE 0 757,642 0 130,451
JPMorgan Chase & Co. COM 46625H100 19,697 218,780 SH   SOLE 0 186,149 0 32,631
KKR & Co. Inc. Class A COM 48251W104 16,187 689,708 SH   SOLE 0 587,854 0 101,854
KLA Corporation COM 482480100 17,423 121,210 SH   SOLE 0 103,416 0 17,794
Kroger Co. COM 501044101 37,276 1,237,579 SH   SOLE 0 1,055,488 0 182,091
Kansas City Southern COM 485170302 15,553 122,294 SH   SOLE 0 104,137 0 18,157
KT Corporation Sponsored ADR COM 48268K101 212 27,229 SH   SOLE 0 27,229 0 0
Loews Corporation COM 540424108 5,896 169,290 SH   SOLE 0 144,683 0 24,607
Lazard Ltd Class A COM G54050102 15,802 670,734 SH   SOLE 0 573,360 0 97,374
Liberty Broadband Corp. Class A COM 530307107 492 4,596 SH   SOLE 0 3,964 0 632
Liberty Broadband Corp. Class C COM 530307305 8,113 73,273 SH   SOLE 0 62,533 0 10,740
Liberty Global Plc Class A COM G5480U104 14,228 861,767 SH   SOLE 0 733,427 0 128,340
Liberty Global Plc Class C COM G5480U120 14,356 913,840 SH   SOLE 0 778,347 0 135,493
Lear Corporation COM 521865204 4,111 50,599 SH   SOLE 0 43,182 0 7,417
Lions Gate Entertainment Corp Class B COM 535919500 128 22,983 SH   SOLE 0 19,803 0 3,180
Liberty Latin America Ltd. Class A COM G9001E102 2,615 248,547 SH   SOLE 0 210,198 0 38,349
Liberty Latin America Ltd. Class C COM G9001E128 3,515 342,562 SH   SOLE 0 290,286 0 52,276
LivaNova Plc COM G5509L101 12,526 276,821 SH   SOLE 0 236,103 0 40,718
Lowe s Companies, Inc. COM 548661107 4,942 57,433 SH   SOLE 0 48,827 0 8,606
Louisiana-Pacific Corporation COM 546347105 4,057 236,160 SH   SOLE 0 200,865 0 35,295
Lam Research Corporation COM 512807108 4,463 18,597 SH   SOLE 0 15,839 0 2,758
Liberty Media Corp. Series A Liberty SiriusXM COM 531229409 2,250 71,013 SH   SOLE 0 60,411 0 10,602
Liberty Media Corp. Series C Liberty SiriusXM COM 531229607 4,451 140,754 SH   SOLE 0 120,010 0 20,744
Liberty TripAdvisor Holdings Inc Class A COM 531465102 25 13,739 SH   SOLE 0 11,913 0 1,826
LyondellBasell Industries NV COM N53745100 3,691 74,374 SH   SOLE 0 63,686 0 10,688
Masco Corporation COM 574599106 9,843 284,735 SH   SOLE 0 242,884 0 41,851
MBIA Inc. COM 55262C100 17,224 2,412,383 SH   SOLE 0 2,054,074 0 358,309
McKesson Corporation COM 58155Q103 5,268 38,944 SH   SOLE 0 33,166 0 5,778
Micro Focus International plc Sponsored ADR COM 594837403 1,707 336,743 SH   SOLE 0 287,584 0 49,159
MGM Resorts International COM 552953101 20,954 1,775,728 SH   SOLE 0 1,513,365 0 262,363
Mohawk Industries, Inc. COM 608190104 5,695 74,692 SH   SOLE 0 63,871 0 10,821
Markel Corporation COM 570535104 18,668 20,119 SH   SOLE 0 17,167 0 2,952
Altria Group Inc COM 02209S103 9,729 251,584 SH   SOLE 0 186,387 0 65,197
Marathon Petroleum Corporation COM 56585A102 7,938 336,065 SH   SOLE 0 286,927 0 49,138
Morgan Stanley COM 617446448 11,481 337,683 SH   SOLE 0 287,732 0 49,951
Microsoft Corporation COM 594918104 47,438 300,793 SH   SOLE 0 256,284 0 44,509
Micron Technology, Inc. COM 595112103 43,712 1,039,268 SH   SOLE 0 885,886 0 153,382
Ingevity Corporation COM 45688C107 733 20,822 SH   SOLE 0 17,715 0 3,107
Noah Holdings Ltd. Sponsored ADR Class A COM 65487X102 4,202 162,474 SH   SOLE 0 138,695 0 23,779
NetEase, Inc. Sponsored ADR COM 64110W102 32,887 102,466 SH   SOLE 0 87,351 0 15,115
NVIDIA Corporation COM 67066G104 10,410 39,492 SH   SOLE 0 33,703 0 5,789
Petroleo Brasileiro SA Sponsored ADR COM 71654V408 8,313 1,511,450 SH   SOLE 0 1,289,411 0 222,039
Philip Morris International Inc. COM 718172109 14,568 199,669 SH   SOLE 0 148,046 0 51,623
PNC Financial Services Group, Inc. COM 693475105 15,674 163,744 SH   SOLE 0 139,526 0 24,218
Perspecta, Inc. COM 715347100 1,608 88,146 SH   SOLE 0 74,974 0 13,172
PayPal Holdings Inc COM 70450Y103 83,571 872,900 SH   SOLE 0 745,707 0 127,193
Qurate Retail, Inc. Class A COM 74915M100 3,788 620,495 SH   SOLE 0 529,214 0 91,281
Raytheon Company COM 755111507 8,484 64,691 SH   SOLE 0 55,088 0 9,603
Ryanair Holdings Plc Sponsored ADR COM 783513203 27,997 527,350 SH   SOLE 0 421,017 0 106,333
Scorpio Bulkers, Inc. COM Y7546A122 2,474 977,982 SH   SOLE 0 833,124 0 144,858
Spirit Airlines, Inc. COM 848577102 2,103 163,188 SH   SOLE 0 138,566 0 24,622
Southern Copper Corporation COM 84265V105 7,691 273,123 SH   SOLE 0 232,739 0 40,384
Charles Schwab Corporation COM 808513105 15,271 454,227 SH   SOLE 0 387,911 0 66,316
Sherwin-Williams Company COM 824348106 32,121 69,902 SH   SOLE 0 59,623 0 10,279
SL Green Realty Corp. COM 78440X101 8,281 192,138 SH   SOLE 0 163,985 0 28,153
Scotts Miracle-Gro Company Class A COM 810186106 9,910 96,780 SH   SOLE 0 82,600 0 14,180
Spectrum Brands Holdings, Inc. COM 84790A105 833 22,917 SH   SOLE 0 19,649 0 3,268
Spotify Technology SA COM L8681T102 2,958 24,361 SH   SOLE 0 20,788 0 3,573
Steel Dynamics, Inc. COM 858119100 2,932 130,092 SH   SOLE 0 110,891 0 19,201
Scorpio Tankers Inc. COM Y7542C130 23,541 1,231,237 SH   SOLE 0 1,051,041 0 180,196
Seagate Technology PLC COM G7945M107 17,539 359,413 SH   SOLE 0 306,500 0 52,913
Synchrony Financial COM 87165B103 19,180 1,192,070 SH   SOLE 0 1,014,878 0 177,192
Trip.com Group Ltd. Sponsored ADR COM 89677Q107 2,614 111,461 SH   SOLE 0 94,516 0 16,945
Thor Industries, Inc. COM 885160101 3,101 73,516 SH   SOLE 0 62,699 0 10,817
Tencent Music Entertainment Group Sponsored ADR Cl COM 88034P109 3,982 395,851 SH   SOLE 0 337,809 0 58,042
Tribune Publishing Co. COM 89609W107 323 39,832 SH   SOLE 0 34,492 0 5,340
Tractor Supply Company COM 892356106 28,506 337,149 SH   SOLE 0 287,890 0 49,259
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 73,214 1,531,995 SH   SOLE 0 1,304,782 0 227,213
Texas Instruments Incorporated COM 882508104 10,325 103,327 SH   SOLE 0 88,246 0 15,081
United Airlines Holdings, Inc. COM 910047109 11,051 350,273 SH   SOLE 0 299,024 0 51,249
Uber Technologies, Inc. COM 90353T100 9,596 343,683 SH   SOLE 0 293,456 0 50,227
Net 1 UEPS Technologies, Inc. COM 64107N206 1,472 505,793 SH   SOLE 0 431,744 0 74,049
Union Pacific Corporation COM 907818108 24,318 172,419 SH   SOLE 0 147,192 0 25,227
Marriott Vacations Worldwide Corporation COM 57164Y107 1,984 35,696 SH   SOLE 0 30,448 0 5,248
Valaris PLC Class A COM G3157S106 565 1,254,421 SH   SOLE 0 1,071,894 0 182,527
Veeco Instruments Inc. COM 922417100 860 89,915 SH   SOLE 0 76,647 0 13,268
VICI Properties Inc COM 925652109 2,883 173,250 SH   SOLE 0 147,594 0 25,656
Vipshop Holdings Ltd Sponsored ADR COM 92763W103 21,107 1,354,773 SH   SOLE 0 1,154,810 0 199,963
Venator Materials PLC COM G9329Z100 1,082 629,180 SH   SOLE 0 537,008 0 92,172
Vista Outdoor Inc COM 928377100 4,304 489,125 SH   SOLE 0 416,353 0 72,772
Western Digital Corporation COM 958102105 4,846 116,431 SH   SOLE 0 99,160 0 17,271
Wells Fargo & Company COM 949746101 55,686 1,940,282 SH   SOLE 0 1,654,095 0 286,187
Willis Towers Watson Public Limited Company COM G96629103 26,488 155,947 SH   SOLE 0 133,051 0 22,896
Walmart Inc. COM 931142103 26,696 234,955 SH   SOLE 0 200,256 0 34,699
WestRock Company COM 96145D105 3,393 120,068 SH   SOLE 0 102,989 0 17,079
58.com Inc. Sponsored ADR Class A COM 31680Q104 8,334 171,059 SH   SOLE 0 145,994 0 25,065
Yandex NV Class A COM N97284108 15,677 460,403 SH   SOLE 0 392,448 0 67,955