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 10,161 873,652 SH   SOLE 0 733,025 0 140,627
American Airlines Group, Inc. COM 02376R102 21,338 1,736,245 SH   SOLE 0 1,454,994 0 281,251
Advance Auto Parts, Inc. COM 00751Y106 4,616 30,069 SH   SOLE 0 25,078 0 4,991
Adient plc COM G0084W101 8,762 505,580 SH   SOLE 0 423,250 0 82,330
Alliance Data Systems Corporation COM 018581108 1,519 36,194 SH   SOLE 0 30,353 0 5,841
American International Group, Inc. COM 026874784 46,611 1,693,116 SH   SOLE 0 1,419,613 0 273,503
American International Group, Inc. Warrants 2011-1 CONV BONDS 026874156 492 3,076,288 PRN   SOLE 0 2,575,252 0 501,036
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 3,648 292,098 SH   SOLE 0 244,680 0 47,418
Amazon.com, Inc. COM 023135106 254,254 80,748 SH   SOLE 0 67,662 0 13,086
Anthem, Inc. COM 036752103 24,151 89,917 SH   SOLE 0 75,147 0 14,770
Apache Corporation COM 037411105 3,568 376,820 SH   SOLE 0 315,461 0 61,359
Altice USA, Inc. Class A COM 02156K103 15,878 610,688 SH   SOLE 0 511,563 0 99,125
Activision Blizzard, Inc. COM 00507V109 27,625 341,258 SH   SOLE 0 285,506 0 55,752
Broadcom Inc. COM 11135F101 11,410 31,319 SH   SOLE 0 26,206 0 5,113
American Express Company COM 025816109 65,645 654,810 SH   SOLE 0 548,121 0 106,689
Bank of America Corp COM 060505104 160,964 6,681,768 SH   SOLE 0 5,594,224 0 1,087,544
Baidu, Inc. Sponsored ADR Class A COM 056752108 8,655 68,370 SH   SOLE 0 57,142 0 11,228
Bio-Rad Laboratories, Inc. Class A COM 090572207 40,922 79,390 SH   SOLE 0 66,221 0 13,169
Booking Holdings Inc. COM 09857L108 76,445 44,687 SH   SOLE 0 37,426 0 7,261
TopBuild Corp. COM 89055F103 6,274 36,754 SH   SOLE 0 30,821 0 5,933
Bristol-Myers Squibb Company COM 110122108 9,871 163,720 SH   SOLE 0 137,093 0 26,627
Berkshire Hathaway Inc. Class B COM 084670702 68,965 323,869 SH   SOLE 0 270,879 0 52,990
Peabody Energy Corporation COM 704551100 5,797 2,520,336 SH   SOLE 0 2,111,888 0 408,448
Citigroup Inc. COM 172967424 79,925 1,853,986 SH   SOLE 0 1,552,506 0 301,480
Avis Budget Group, Inc. COM 053774105 4,011 152,409 SH   SOLE 0 127,742 0 24,667
CBRE Group, Inc. Class A COM 12504L109 82,334 1,752,901 SH   SOLE 0 1,470,222 0 282,679
Citizens Financial Group, Inc. COM 174610105 19,754 781,427 SH   SOLE 0 655,703 0 125,724
Change Healthcare, Inc. COM 15912K100 1,017 70,118 SH   SOLE 0 58,642 0 11,476
Charter Communications, Inc. Class A COM 16119P108 14,841 23,770 SH   SOLE 0 19,949 0 3,821
CoreLogic, Inc. COM 21871D103 16,133 238,406 SH   SOLE 0 200,100 0 38,306
CME Group Inc. Class A COM 12572Q105 2,276 13,603 SH   SOLE 0 11,400 0 2,203
Centene Corporation COM 15135B101 4,013 68,796 SH   SOLE 0 57,661 0 11,135
Capital One Financial Corporation COM 14040H105 30,703 427,263 SH   SOLE 0 357,462 0 69,801
ConocoPhillips COM 20825C104 2,616 79,671 SH   SOLE 0 66,644 0 13,027
Costco Wholesale Corporation COM 22160K105 140,292 395,188 SH   SOLE 0 331,134 0 64,054
Coty Inc. Class A COM 222070203 419 155,070 SH   SOLE 0 130,879 0 24,191
Copa Holdings, S.A. Class A COM P31076105 6,920 137,459 SH   SOLE 0 115,224 0 22,235
Cognizant Technology Solutions Corporation Class A COM 192446102 4,924 70,937 SH   SOLE 0 59,381 0 11,556
Corteva Inc COM 22052L104 2,410 83,648 SH   SOLE 0 69,986 0 13,662
Cemex SAB de CV Sponsored ADR COM 151290889 28,361 7,463,513 SH   SOLE 0 6,254,882 0 1,208,631
Caesars Entertainment Inc COM 12769G100 8,137 145,140 SH   SOLE 0 121,519 0 23,621
Delta Air Lines, Inc. COM 247361702 59,054 1,931,142 SH   SOLE 0 1,617,457 0 313,685
DuPont de Nemours, Inc. COM 26614N102 4,642 83,668 SH   SOLE 0 70,006 0 13,662
DHT Holdings, Inc. COM Y2065G121 18,728 3,629,385 SH   SOLE 0 3,042,952 0 586,433
Walt Disney Company COM 254687106 39,513 318,447 SH   SOLE 0 266,921 0 51,526
NOW Inc. COM 67011P100 1,825 401,942 SH   SOLE 0 337,093 0 64,849
Dow, Inc. COM 260557103 3,954 84,033 SH   SOLE 0 70,371 0 13,662
Diana Shipping Inc. COM Y2066G104 8,434 5,981,598 SH   SOLE 0 5,024,725 0 956,873
DXC Technology Co. COM 23355L106 11,646 652,438 SH   SOLE 0 547,406 0 105,032
eBay Inc. COM 278642103 14,043 269,544 SH   SOLE 0 225,890 0 43,654
EPAM Systems, Inc. COM 29414B104 42,165 130,429 SH   SOLE 0 109,218 0 21,211
Expedia Group, Inc. COM 30212P303 305 3,325 SH   SOLE 0 2,801 0 524
Ford Motor Company COM 345370860 8,444 1,267,891 SH   SOLE 0 1,063,806 0 204,085
Facebook, Inc. Class A COM 30303M102 20,028 76,472 SH   SOLE 0 64,095 0 12,377
FirstCash, Inc. COM 33767D105 8,900 155,568 SH   SOLE 0 130,217 0 25,351
Freeport-McMoRan, Inc. COM 35671D857 31,654 2,023,921 SH   SOLE 0 1,695,289 0 328,632
Fluor Corporation COM 343412102 441 50,060 SH   SOLE 0 42,193 0 7,867
Federal National Mortgage Association COM 313586109 887 439,248 SH   SOLE 0 370,616 0 68,632
Liberty Media Corporation Series A Liberty Formula COM 531229870 1,261 37,625 SH   SOLE 0 31,434 0 6,191
Liberty Media Corporation Series C Liberty Formula COM 531229854 9,331 257,263 SH   SOLE 0 215,936 0 41,327
Graco Inc. COM 384109104 14,417 234,993 SH   SOLE 0 196,756 0 38,237
GCI Liberty, Inc. Class A COM 36164V305 4,509 55,017 SH   SOLE 0 46,124 0 8,893
Golar LNG Limited COM G9456A100 1,571 259,496 SH   SOLE 0 216,665 0 42,831
Corning Inc COM 219350105 4,805 148,244 SH   SOLE 0 123,766 0 24,478
Alphabet Inc. Class C COM 02079K107 117,862 80,200 SH   SOLE 0 67,201 0 12,999
Alphabet Inc. Class A COM 02079K305 13,555 9,249 SH   SOLE 0 7,667 0 1,582
Garmin Ltd. COM H2906T109 18,740 197,556 SH   SOLE 0 165,679 0 31,877
Ferroglobe PLC COM G33856108 2,524 3,772,162 SH   SOLE 0 3,162,668 0 609,494
Huntington Bancshares Incorporated COM 446150104 2,581 281,493 SH   SOLE 0 235,519 0 45,974
Hanesbrands Inc. COM 410345102 12,444 790,085 SH   SOLE 0 661,596 0 128,489
Warrior Met Coal, Inc. COM 93627C101 8,036 470,470 SH   SOLE 0 394,016 0 76,454
Hackett Group, Inc. COM 404609109 10,730 959,709 SH   SOLE 0 800,523 0 159,186
Hewlett Packard Enterprise Co. COM 42824C109 2,584 275,757 SH   SOLE 0 229,985 0 45,772
HP Inc. COM 40434L105 5,203 273,963 SH   SOLE 0 230,569 0 43,394
Hertz Global Holdings, Inc. COM 42806J106 89 79,819 SH   SOLE 0 68,404 0 11,415
iShares MSCI India ETF COM 46429B598 6,331 186,987 SH   SOLE 0 186,987 0 0
International Seaways, Inc. COM Y41053102 6,059 414,690 SH   SOLE 0 347,627 0 67,063
Intel Corporation COM 458140100 13,418 259,126 SH   SOLE 0 217,333 0 41,793
Gartner, Inc. COM 366651107 18,036 144,349 SH   SOLE 0 120,960 0 23,389
JD.com, Inc. Sponsored ADR Class A COM 47215P106 5,939 76,520 SH   SOLE 0 76,520 0 0
Jefferies Financial Group Inc. COM 47233W109 14,413 800,707 SH   SOLE 0 670,256 0 130,451
JPMorgan Chase & Co. COM 46625H100 18,995 197,314 SH   SOLE 0 164,683 0 32,631
KKR & Co. Inc. COM 48251W104 21,351 621,766 SH   SOLE 0 519,912 0 101,854
KLA Corporation COM 482480100 21,206 109,458 SH   SOLE 0 91,664 0 17,794
Kroger Co. COM 501044101 34,602 1,020,414 SH   SOLE 0 854,581 0 165,833
Kansas City Southern COM 485170302 19,942 110,282 SH   SOLE 0 92,125 0 18,157
KT Corporation Sponsored ADR COM 48268K101 210 21,835 SH   SOLE 0 21,835 0 0
Loews Corporation COM 540424108 5,305 152,670 SH   SOLE 0 128,063 0 24,607
Lazard Ltd Class A COM G54050102 22,197 671,626 SH   SOLE 0 563,395 0 108,231
Liberty Broadband Corp. Class A COM 530307107 596 4,203 SH   SOLE 0 3,571 0 632
Liberty Broadband Corp. Class C COM 530307305 9,426 65,973 SH   SOLE 0 55,233 0 10,740
Liberty Global Plc Class A COM G5480U104 16,344 777,917 SH   SOLE 0 649,577 0 128,340
Liberty Global Plc Class C COM G5480U120 16,940 824,945 SH   SOLE 0 689,452 0 135,493
Lear Corporation COM 521865204 4,984 45,704 SH   SOLE 0 38,287 0 7,417
Lions Gate Entertainment Corp Class B COM 535919500 182 20,854 SH   SOLE 0 17,674 0 3,180
Liberty Latin America Ltd. Class A COM G9001E102 1,859 225,317 SH   SOLE 0 186,968 0 38,349
Liberty Latin America Ltd. Class C COM G9001E128 3,661 449,800 SH   SOLE 0 374,343 0 75,457
LivaNova Plc COM G5509L101 11,297 249,868 SH   SOLE 0 209,150 0 40,718
Lowe s Companies, Inc. COM 548661107 8,594 51,815 SH   SOLE 0 43,209 0 8,606
Louisiana-Pacific Corporation COM 546347105 6,298 213,416 SH   SOLE 0 178,121 0 35,295
Lam Research Corporation COM 512807108 5,569 16,788 SH   SOLE 0 14,030 0 2,758
Liberty Media Corp. Series A Liberty SiriusXM COM 531229409 2,136 64,394 SH   SOLE 0 53,792 0 10,602
Liberty Media Corp. Series C Liberty SiriusXM COM 531229607 4,813 145,494 SH   SOLE 0 121,806 0 23,688
Liberty TripAdvisor Holdings Inc Class A COM 531465102 22 12,944 SH   SOLE 0 11,118 0 1,826
Lumen Technologies Inc COM 156700106 7,493 742,605 SH   SOLE 0 621,549 0 121,056
LyondellBasell Industries NV COM N53745100 4,731 67,119 SH   SOLE 0 56,431 0 10,688
Masco Corporation COM 574599106 14,163 256,904 SH   SOLE 0 215,053 0 41,851
MBIA Inc. COM 55262C100 13,213 2,180,291 SH   SOLE 0 1,821,982 0 358,309
McKesson Corporation COM 58155Q103 5,242 35,199 SH   SOLE 0 29,421 0 5,778
Micro Focus International plc Sponsored ADR COM 594837403 982 305,056 SH   SOLE 0 255,897 0 49,159
MGM Resorts International COM 552953101 37,249 1,712,603 SH   SOLE 0 1,435,025 0 277,578
Mohawk Industries, Inc. COM 608190104 6,591 67,537 SH   SOLE 0 56,716 0 10,821
Markel Corporation COM 570535104 17,691 18,169 SH   SOLE 0 15,217 0 2,952
Altria Group Inc COM 02209S103 7,991 206,802 SH   SOLE 0 142,604 0 64,198
Marathon Petroleum Corporation COM 56585A102 8,894 303,133 SH   SOLE 0 253,995 0 49,138
Morgan Stanley COM 617446448 14,727 304,595 SH   SOLE 0 254,644 0 49,951
Microsoft Corporation COM 594918104 46,305 220,152 SH   SOLE 0 184,365 0 35,787
Micron Technology, Inc. COM 595112103 44,020 937,390 SH   SOLE 0 784,008 0 153,382
Ingevity Corporation COM 45688C107 939 18,991 SH   SOLE 0 15,884 0 3,107
Noah Holdings Ltd. Sponsored ADR Class A COM 65487X102 3,621 138,908 SH   SOLE 0 116,065 0 22,843
NetEase, Inc. Sponsored ADR COM 64110W102 1,671 3,675 SH   SOLE 0 3,675 0 0
NVIDIA Corporation COM 67066G104 19,303 35,665 SH   SOLE 0 29,876 0 5,789
Petroleo Brasileiro SA Sponsored ADR COM 71654V408 9,706 1,363,135 SH   SOLE 0 1,141,096 0 222,039
Philip Morris International Inc. COM 718172109 12,188 162,530 SH   SOLE 0 112,192 0 50,338
PNC Financial Services Group, Inc. COM 693475105 15,265 138,882 SH   SOLE 0 116,039 0 22,843
Perspecta, Inc. COM 715347100 1,547 79,533 SH   SOLE 0 66,361 0 13,172
PayPal Holdings Inc COM 70450Y103 125,021 634,527 SH   SOLE 0 531,737 0 102,790
Qurate Retail, Inc. Class A COM 74915M100 4,027 560,858 SH   SOLE 0 469,577 0 91,281
Raytheon Technologies Corporation COM 75513E101 7,859 136,583 SH   SOLE 0 114,163 0 22,420
Ryanair Holdings Plc Sponsored ADR COM 783513203 40,242 492,197 SH   SOLE 0 389,552 0 102,645
Scorpio Bulkers, Inc. COM Y7546A130 1,180 83,318 SH   SOLE 0 69,638 0 13,680
Spirit Airlines, Inc. COM 848577102 2,375 147,510 SH   SOLE 0 122,888 0 24,622
Southern Copper Corporation COM 84265V105 11,168 246,698 SH   SOLE 0 206,314 0 40,384
Charles Schwab Corporation COM 808513105 24,308 670,928 SH   SOLE 0 561,694 0 109,234
Sherwin-Williams Company COM 824348106 43,983 63,127 SH   SOLE 0 52,848 0 10,279
SL Green Realty Corp. COM 78440X101 18,369 396,131 SH   SOLE 0 332,265 0 63,866
Scotts Miracle-Gro Company Class A COM 810186106 13,365 87,404 SH   SOLE 0 73,224 0 14,180
Spectrum Brands Holdings, Inc. COM 84790A105 1,182 20,679 SH   SOLE 0 17,411 0 3,268
Spotify Technology SA COM L8681T102 5,338 22,006 SH   SOLE 0 18,433 0 3,573
Steel Dynamics, Inc. COM 858119100 3,361 117,411 SH   SOLE 0 98,210 0 19,201
Scorpio Tankers Inc. COM Y7542C130 13,948 1,259,938 SH   SOLE 0 1,055,249 0 204,689
Seagate Technology PLC COM G7945M107 15,988 324,491 SH   SOLE 0 271,578 0 52,913
Synchrony Financial COM 87165B103 37,016 1,414,447 SH   SOLE 0 1,186,041 0 228,406
Trip.com Group Ltd. Sponsored ADR COM 89677Q107 3,136 100,721 SH   SOLE 0 83,776 0 16,945
Thor Industries, Inc. COM 885160101 6,315 66,296 SH   SOLE 0 55,479 0 10,817
Tencent Music Entertainment Group Sponsored ADR Cl COM 88034P109 5,280 357,450 SH   SOLE 0 299,408 0 58,042
Tribune Publishing Co. COM 89609W107 422 36,173 SH   SOLE 0 30,833 0 5,340
Tractor Supply Company COM 892356106 43,575 303,997 SH   SOLE 0 254,738 0 49,259
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 108,756 1,341,502 SH   SOLE 0 1,125,060 0 216,442
Texas Instruments Incorporated COM 882508104 13,315 93,252 SH   SOLE 0 78,171 0 15,081
United Airlines Holdings, Inc. COM 910047109 10,571 304,192 SH   SOLE 0 254,712 0 49,480
Uber Technologies, Inc. COM 90353T100 11,312 310,087 SH   SOLE 0 259,860 0 50,227
Net 1 UEPS Technologies, Inc. COM 64107N206 1,543 457,730 SH   SOLE 0 383,681 0 74,049
Union Pacific Corporation COM 907818108 30,596 155,412 SH   SOLE 0 130,185 0 25,227
Marriott Vacations Worldwide Corporation COM 57164Y107 2,928 32,248 SH   SOLE 0 27,000 0 5,248
Valaris PLC Class A COM G9402V109 100 1,152,386 SH   SOLE 0 969,859 0 182,527
Veeco Instruments Inc. COM 922417100 943 80,846 SH   SOLE 0 67,578 0 13,268
VICI Properties Inc COM 925652109 3,655 156,380 SH   SOLE 0 130,724 0 25,656
Vipshop Holdings Ltd Sponsored ADR COM 92763W103 19,119 1,222,465 SH   SOLE 0 1,022,502 0 199,963
Venator Materials PLC COM G9329Z100 1,099 569,417 SH   SOLE 0 477,245 0 92,172
Vista Outdoor Inc COM 928377100 13,776 682,673 SH   SOLE 0 572,865 0 109,808
Western Digital Corporation COM 958102105 3,841 105,083 SH   SOLE 0 87,812 0 17,271
Wells Fargo & Company COM 949746101 96,878 4,120,725 SH   SOLE 0 3,450,633 0 670,092
Willis Towers Watson Public Limited Company COM G96629103 29,370 140,648 SH   SOLE 0 117,752 0 22,896
Walmart Inc. COM 931142103 20,990 150,025 SH   SOLE 0 125,499 0 24,526
WestRock Company COM 96145D105 3,772 108,571 SH   SOLE 0 91,492 0 17,079
Yandex NV Class A COM N97284108 27,137 415,892 SH   SOLE 0 347,937 0 67,955