The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| American Airlines Group, Inc. | COM | 02376R102 | 93,222 | 2,400,760 | SH | SOLE | 0 | 1,976,553 | 0 | 424,207 | |
| Alliance Data Systems Corporation | COM | 018581108 | 8,441 | 32,592 | SH | SOLE | 0 | 27,004 | 0 | 5,588 | |
| American International Group, Inc. | COM | 026874784 | 84,686 | 1,490,419 | SH | SOLE | 0 | 1,228,162 | 0 | 262,257 | |
| AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. | CONV BONDS | 026874156 | 14,418 | 635,138 | PRN | SOLE | 0 | 519,045 | 0 | 116,093 | |
| America Movil SAB de CV Sponsored ADR Class L | COM | 02364W105 | 9,431 | 569,827 | SH | SOLE | 0 | 469,027 | 0 | 100,800 | |
| Amazon.com, Inc. | COM | 023135106 | 94,719 | 185,037 | SH | SOLE | 0 | 152,162 | 0 | 32,875 | |
| Anthem, Inc. | COM | 036752103 | 8,506 | 60,757 | SH | SOLE | 0 | 50,170 | 0 | 10,587 | |
| ACTIVISION BLIZZARD INC | COM | 00507V109 | 10,223 | 330,938 | SH | SOLE | 0 | 270,877 | 0 | 60,061 | |
| American Express Company | COM | 025816109 | 32,283 | 435,496 | SH | SOLE | 0 | 359,681 | 0 | 75,815 | |
| Bank of America Corporation | COM | 060505104 | 55,031 | 3,532,154 | SH | SOLE | 0 | 2,914,021 | 0 | 618,133 | |
| BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS | CONV BONDS | 060505146 | 17,926 | 3,128,523 | PRN | SOLE | 0 | 2,557,848 | 0 | 570,675 | |
| Belmond Ltd. Class A | COM | G1154H107 | 21,955 | 2,171,564 | SH | SOLE | 0 | 1,790,630 | 0 | 380,934 | |
| Sotheby s Class A | COM | 835898107 | 9,764 | 305,327 | SH | SOLE | 0 | 251,279 | 0 | 54,048 | |
| BAIDU, INC. SPONSORED ADR CLASS A | COM | 056752108 | 5,379 | 39,148 | SH | SOLE | 0 | 32,058 | 0 | 7,090 | |
| Bio-Rad Laboratories, Inc. Class A | COM | 090572207 | 6,083 | 45,288 | SH | SOLE | 0 | 37,447 | 0 | 7,841 | |
| BANK OF NEW YORK MELLON CORPORATION | COM | 064058100 | 3,193 | 81,562 | SH | SOLE | 0 | 66,807 | 0 | 14,755 | |
| BankUnited, Inc. | COM | 06652K103 | 2,783 | 77,851 | SH | SOLE | 0 | 63,868 | 0 | 13,983 | |
| TOPBUILD CORP. | COM | 89055F103 | 762 | 24,602 | SH | SOLE | 0 | 20,280 | 0 | 4,322 | |
| Bristol-Myers Squibb Company | COM | 110122108 | 7,282 | 123,005 | SH | SOLE | 0 | 102,067 | 0 | 20,938 | |
| Berkshire Hathaway Inc. Class B | COM | 084670702 | 30,518 | 234,036 | SH | SOLE | 0 | 192,060 | 0 | 41,976 | |
| Boyd Gaming Corporation | COM | 103304101 | 2,208 | 135,484 | SH | SOLE | 0 | 111,824 | 0 | 23,660 | |
| Citigroup Inc. | COM | 172967424 | 70,155 | 1,414,126 | SH | SOLE | 0 | 1,166,139 | 0 | 247,987 | |
| Avis Budget Group, Inc. | COM | 053774105 | 9,263 | 212,074 | SH | SOLE | 0 | 175,040 | 0 | 37,034 | |
| CBRE Group, Inc. Class A | COM | 12504L109 | 48,292 | 1,509,121 | SH | SOLE | 0 | 1,242,640 | 0 | 266,481 | |
| CF Industries Holdings, Inc. | COM | 125269100 | 3,998 | 89,039 | SH | SOLE | 0 | 73,618 | 0 | 15,421 | |
| Citizens Financial Group, Inc. | COM | 174610105 | 9,381 | 393,179 | SH | SOLE | 0 | 320,642 | 0 | 72,537 | |
| Charter Communications, Inc. Class A | COM | 16117M305 | 5,911 | 33,615 | SH | SOLE | 0 | 27,799 | 0 | 5,816 | |
| CoreLogic, Inc. | COM | 21871D103 | 13,763 | 369,682 | SH | SOLE | 0 | 304,202 | 0 | 65,480 | |
| Capital One Financial Corporation | COM | 14040H105 | 28,332 | 390,674 | SH | SOLE | 0 | 321,882 | 0 | 68,792 | |
| CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. | CONV BONDS | 14040H139 | 2,410 | 76,034 | PRN | SOLE | 0 | 62,218 | 0 | 13,816 | |
| Costco Wholesale Corporation | COM | 22160K105 | 52,684 | 364,420 | SH | SOLE | 0 | 301,264 | 0 | 63,156 | |
| Coty Inc. Class A | COM | 222070203 | 6,630 | 245,028 | SH | SOLE | 0 | 202,072 | 0 | 42,956 | |
| COPA HOLDINGS, S.A. CLASS A | COM | P31076105 | 2,230 | 53,193 | SH | SOLE | 0 | 43,012 | 0 | 10,181 | |
| Cisco Systems, Inc. | COM | 17275R102 | 5,831 | 222,122 | SH | SOLE | 0 | 183,345 | 0 | 38,777 | |
| CTC Media, Inc. | COM | 12642X106 | 260 | 148,582 | SH | SOLE | 0 | 122,448 | 0 | 26,134 | |
| CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR | COM | 22943F100 | 2,167 | 34,295 | SH | SOLE | 0 | 28,108 | 0 | 6,187 | |
| Cognizant Technology Solutions Corporation Class A | COM | 192446102 | 10,659 | 170,238 | SH | SOLE | 0 | 139,862 | 0 | 30,376 | |
| Cablevision Systems Corporation Class A | COM | 12686C109 | 47,505 | 1,463,034 | SH | SOLE | 0 | 1,204,663 | 0 | 258,371 | |
| Cemex SAB de CV Sponsored ADR | COM | 151290889 | 27,540 | 3,939,973 | SH | SOLE | 0 | 3,253,807 | 0 | 686,166 | |
| Delta Air Lines, Inc. | COM | 247361702 | 117,963 | 2,628,998 | SH | SOLE | 0 | 2,164,504 | 0 | 464,494 | |
| Discovery Communications, Inc. Class A | COM | 25470F104 | 14,914 | 572,972 | SH | SOLE | 0 | 472,485 | 0 | 100,487 | |
| Discovery Communications, Inc. Class C | COM | 25470F302 | 2,237 | 92,084 | SH | SOLE | 0 | 75,792 | 0 | 16,292 | |
| Delphi Automotive PLC | COM | G27823106 | 8,851 | 116,398 | SH | SOLE | 0 | 96,125 | 0 | 20,273 | |
| NOW Inc | COM | 67011P100 | 7,104 | 479,983 | SH | SOLE | 0 | 395,250 | 0 | 84,733 | |
| eBay Inc. | COM | 278642103 | 17,079 | 698,801 | SH | SOLE | 0 | 576,016 | 0 | 122,785 | |
| Estee Lauder Companies Inc. Class A | COM | 518439104 | 5,757 | 71,356 | SH | SOLE | 0 | 58,776 | 0 | 12,580 | |
| ENERGIZER HOLDINGS INC. | COM | 29272W109 | 716 | 18,500 | SH | SOLE | 0 | 15,160 | 0 | 3,340 | |
| EPAM Systems, Inc. | COM | 29414B104 | 12,357 | 165,827 | SH | SOLE | 0 | 135,899 | 0 | 29,928 | |
| EDGEWELL PERSONAL CARE CO | COM | 28035Q102 | 1,516 | 18,581 | SH | SOLE | 0 | 15,241 | 0 | 3,340 | |
| Embraer S.A. Sponsored ADR | COM | 29082A107 | 1,819 | 71,127 | SH | SOLE | 0 | 58,330 | 0 | 12,797 | |
| Ford Motor Company | COM | 345370860 | 19,763 | 1,456,403 | SH | SOLE | 0 | 1,200,842 | 0 | 255,561 | |
| Fluor Corporation | COM | 343412102 | 1,335 | 31,523 | SH | SOLE | 0 | 25,969 | 0 | 5,554 | |
| Federal National Mortgage Association | COM | 313586109 | 607 | 269,831 | SH | SOLE | 0 | 223,264 | 0 | 46,567 | |
| Graco Inc. | COM | 384109104 | 5,514 | 82,266 | SH | SOLE | 0 | 68,267 | 0 | 13,999 | |
| Alphabet Inc. Class C | COM | 02079K107 | 54,636 | 89,799 | SH | SOLE | 0 | 73,521 | 0 | 16,278 | |
| Alphabet Inc. Class A | COM | 02079K305 | 3,831 | 6,002 | SH | SOLE | 0 | 4,973 | 0 | 1,029 | |
| Garmin Ltd. | COM | H2906T109 | 5,434 | 151,452 | SH | SOLE | 0 | 125,425 | 0 | 26,027 | |
| Halliburton Company | COM | 406216101 | 1,395 | 39,464 | SH | SOLE | 0 | 32,555 | 0 | 6,909 | |
| Huntington Bancshares Incorporated | COM | 446150104 | 4,664 | 439,993 | SH | SOLE | 0 | 365,314 | 0 | 74,679 | |
| Hanesbrands Inc. | COM | 410345102 | 13,673 | 472,447 | SH | SOLE | 0 | 391,155 | 0 | 81,292 | |
| Hackett Group, Inc. | COM | 404609109 | 10,104 | 734,829 | SH | SOLE | 0 | 609,976 | 0 | 124,853 | |
| HARLEY-DAVIDSON, INC. | COM | 412822108 | 2,762 | 50,315 | SH | SOLE | 0 | 41,264 | 0 | 9,051 | |
| Hewlett-Packard Company | COM | 428236103 | 5,310 | 207,358 | SH | SOLE | 0 | 172,162 | 0 | 35,196 | |
| Hertz Global Holdings, Inc. | COM | 42805T105 | 5,844 | 349,293 | SH | SOLE | 0 | 288,023 | 0 | 61,270 | |
| iHeartMedia, Inc. Class A | COM | 45174J103 | 1,531 | 332,728 | SH | SOLE | 0 | 273,123 | 0 | 59,605 | |
| iShares MSCI India ETF | COM | 46429B598 | 8,179 | 286,273 | SH | SOLE | 0 | 59,887 | 0 | 226,386 | |
| Intel Corporation | COM | 458140100 | 21,642 | 718,040 | SH | SOLE | 0 | 591,972 | 0 | 126,068 | |
| Gartner, Inc. | COM | 366651107 | 23,107 | 275,314 | SH | SOLE | 0 | 227,715 | 0 | 47,599 | |
| JD.com, Inc. Sponsored ADR Class A | COM | 47215P106 | 10,744 | 412,287 | SH | SOLE | 0 | 334,685 | 0 | 77,602 | |
| JPMorgan Chase & Co. | COM | 46625H100 | 7,981 | 130,900 | SH | SOLE | 0 | 108,219 | 0 | 22,681 | |
| KKR & Co. L.P. | COM | 48248M102 | 6,336 | 377,596 | SH | SOLE | 0 | 311,493 | 0 | 66,103 | |
| Kroger Co. | COM | 501044101 | 7,373 | 204,413 | SH | SOLE | 0 | 168,175 | 0 | 36,238 | |
| Kansas City Southern | COM | 485170302 | 4,447 | 48,932 | SH | SOLE | 0 | 40,279 | 0 | 8,653 | |
| Loews Corporation | COM | 540424108 | 8,302 | 229,721 | SH | SOLE | 0 | 189,824 | 0 | 39,897 | |
| Lazard Ltd Class A | COM | G54050102 | 28,049 | 647,778 | SH | SOLE | 0 | 534,263 | 0 | 113,515 | |
| Liberty Broadband Corp. Class A | COM | 530307107 | 4,132 | 80,323 | SH | SOLE | 0 | 65,984 | 0 | 14,339 | |
| Liberty Broadband Corp. Class C | COM | 530307305 | 3,792 | 74,097 | SH | SOLE | 0 | 60,160 | 0 | 13,937 | |
| Liberty Global Plc Class A | COM | G5480U104 | 50,847 | 1,184,146 | SH | SOLE | 0 | 975,204 | 0 | 208,942 | |
| Liberty Global Plc Class C | COM | G5480U120 | 45,466 | 1,108,382 | SH | SOLE | 0 | 912,698 | 0 | 195,684 | |
| Liberty Lilac Group Class A | COM | G5480U138 | 4,291 | 127,365 | SH | SOLE | 0 | 104,579 | 0 | 22,786 | |
| Liberty LiLAC Group Class C | COM | G5480U153 | 1,719 | 50,190 | SH | SOLE | 0 | 41,390 | 0 | 8,800 | |
| Liberty Media Corp. Class A | COM | 531229102 | 8,140 | 227,894 | SH | SOLE | 0 | 187,594 | 0 | 40,300 | |
| Liberty Media Corp Class C | COM | 531229300 | 8,619 | 250,104 | SH | SOLE | 0 | 206,033 | 0 | 44,071 | |
| Lowe s Companies, Inc. | COM | 548661107 | 11,878 | 172,352 | SH | SOLE | 0 | 141,987 | 0 | 30,365 | |
| Louisiana-Pacific Corporation | COM | 546347105 | 1,972 | 138,512 | SH | SOLE | 0 | 114,382 | 0 | 24,130 | |
| Liberty TripAdvisor Holdings Inc Class A | COM | 531465102 | 2,604 | 117,468 | SH | SOLE | 0 | 96,111 | 0 | 21,357 | |
| Leucadia National Corporation | COM | 527288104 | 3,805 | 187,830 | SH | SOLE | 0 | 156,728 | 0 | 31,102 | |
| Level 3 Communications, Inc. | COM | 52729N308 | 16,884 | 386,448 | SH | SOLE | 0 | 318,595 | 0 | 67,853 | |
| Liberty Interactive Corporation Ventures Series A | COM | 53071M880 | 4,478 | 110,977 | SH | SOLE | 0 | 91,447 | 0 | 19,530 | |
| LUXOFT HOLDING, INC. CLASS A | COM | G57279104 | 1,645 | 25,999 | SH | SOLE | 0 | 21,265 | 0 | 4,734 | |
| Masco Corporation | COM | 574599106 | 5,620 | 223,176 | SH | SOLE | 0 | 184,271 | 0 | 38,905 | |
| MBIA Inc. | COM | 55262C100 | 24,286 | 3,994,433 | SH | SOLE | 0 | 3,291,730 | 0 | 702,703 | |
| Moodys Corporation | COM | 615369105 | 8,948 | 91,119 | SH | SOLE | 0 | 74,666 | 0 | 16,453 | |
| MGM Resorts International | COM | 552953101 | 24,823 | 1,345,437 | SH | SOLE | 0 | 1,104,943 | 0 | 240,494 | |
| Mohawk Industries, Inc. | COM | 608190104 | 9,213 | 50,680 | SH | SOLE | 0 | 41,949 | 0 | 8,731 | |
| Macquarie Infrastructure Company LLC | COM | 55608B105 | 3,315 | 44,396 | SH | SOLE | 0 | 36,574 | 0 | 7,822 | |
| MARKEL CORPORATION | COM | 570535104 | 8,421 | 10,502 | SH | SOLE | 0 | 8,605 | 0 | 1,897 | |
| Altria Group, Inc. | COM | 02209S103 | 11,336 | 208,386 | SH | SOLE | 0 | 176,929 | 0 | 31,457 | |
| Morgan Stanley | COM | 617446448 | 9,406 | 298,601 | SH | SOLE | 0 | 246,761 | 0 | 51,840 | |
| Microsoft Corporation | COM | 594918104 | 9,055 | 204,582 | SH | SOLE | 0 | 169,275 | 0 | 35,307 | |
| Micron Technology, Inc. | COM | 595112103 | 19,446 | 1,298,108 | SH | SOLE | 0 | 1,069,495 | 0 | 228,613 | |
| NII HOLDINGS, INC ORD SHARES | COM | 62913F508 | 3,821 | 586,923 | SH | SOLE | 0 | 482,277 | 0 | 104,646 | |
| Blue Nile, Inc. | COM | 09578R103 | 4,888 | 145,738 | SH | SOLE | 0 | 120,703 | 0 | 25,035 | |
| NetEase, Inc. Sponsored ADR | COM | 64110W102 | 8,203 | 68,293 | SH | SOLE | 0 | 56,091 | 0 | 12,202 | |
| Priceline Group Inc | COM | 741503403 | 38,991 | 31,524 | SH | SOLE | 0 | 25,955 | 0 | 5,569 | |
| Philip Morris International Inc. | COM | 718172109 | 7,792 | 98,228 | SH | SOLE | 0 | 83,460 | 0 | 14,768 | |
| PriceSmart, Inc. | COM | 741511109 | 2,932 | 37,905 | SH | SOLE | 0 | 31,085 | 0 | 6,820 | |
| PAYPAL HOLDINGS INC | COM | 70450Y103 | 31,118 | 1,002,523 | SH | SOLE | 0 | 825,397 | 0 | 177,126 | |
| Liberty Interactive Corporation QVC Group | COM | 53071M104 | 10,900 | 415,556 | SH | SOLE | 0 | 343,549 | 0 | 72,007 | |
| Rambus Inc. | COM | 750917106 | 1,500 | 127,118 | SH | SOLE | 0 | 104,214 | 0 | 22,904 | |
| Raytheon Company | COM | 755111507 | 4,795 | 43,885 | SH | SOLE | 0 | 36,386 | 0 | 7,499 | |
| Ryanair Holdings Plc Sponsored ADR | COM | 783513104 | 814 | 10,393 | SH | SOLE | 0 | 7,920 | 0 | 2,473 | |
| Sberbank Russia OJSC Sponsored ADR | COM | 80585Y308 | 5,436 | 1,104,922 | SH | SOLE | 0 | 865,574 | 0 | 239,348 | |
| Charles Schwab Corporation | COM | 808513105 | 13,329 | 466,705 | SH | SOLE | 0 | 380,996 | 0 | 85,709 | |
| Sherwin-Williams Company | COM | 824348106 | 13,279 | 59,608 | SH | SOLE | 0 | 49,125 | 0 | 10,483 | |
| Signet Jewelers Limited | COM | G81276100 | 8,722 | 64,072 | SH | SOLE | 0 | 53,018 | 0 | 11,054 | |
| SL Green Realty Corp. | COM | 78440X101 | 28,631 | 264,709 | SH | SOLE | 0 | 217,729 | 0 | 46,980 | |
| Scotts Miracle-Gro Company Class A | COM | 810186106 | 6,078 | 99,941 | SH | SOLE | 0 | 82,910 | 0 | 17,031 | |
| SanDisk Corporation | COM | 80004C101 | 4,568 | 84,081 | SH | SOLE | 0 | 68,973 | 0 | 15,108 | |
| Starz Inc Class A | COM | 85571Q102 | 3,537 | 94,732 | SH | SOLE | 0 | 77,616 | 0 | 17,116 | |
| Seagate Technology PLC | COM | G7945M107 | 10,643 | 237,556 | SH | SOLE | 0 | 195,764 | 0 | 41,792 | |
| Synchrony Financial | COM | 87165B103 | 17,892 | 571,615 | SH | SOLE | 0 | 471,114 | 0 | 100,501 | |
| Tribune Publishing Co | COM | 896082104 | 235 | 29,911 | SH | SOLE | 0 | 24,677 | 0 | 5,234 | |
| Tribune Media Co. Class A | COM | 896047503 | 6,534 | 183,538 | SH | SOLE | 0 | 151,444 | 0 | 32,094 | |
| TripAdvisor, Inc. | COM | 896945201 | 7,982 | 126,666 | SH | SOLE | 0 | 104,402 | 0 | 22,264 | |
| Tractor Supply Company | COM | 892356106 | 25,704 | 304,833 | SH | SOLE | 0 | 251,542 | 0 | 53,291 | |
| Taiwan Semiconductor Manufacturing Co., Ltd. Spons | COM | 874039100 | 19,963 | 962,070 | SH | SOLE | 0 | 793,412 | 0 | 168,658 | |
| Tesoro Corporation | COM | 881609101 | 10,174 | 104,626 | SH | SOLE | 0 | 85,977 | 0 | 18,649 | |
| Towers Watson & Co. Class A | COM | 891894107 | 17,004 | 144,862 | SH | SOLE | 0 | 119,634 | 0 | 25,228 | |
| TWITTER, INC. | COM | 90184L102 | 5,109 | 189,655 | SH | SOLE | 0 | 155,219 | 0 | 34,436 | |
| TEXAS INSTRUMENTS INCORPORATED | COM | 882508104 | 2,784 | 56,217 | SH | SOLE | 0 | 46,367 | 0 | 9,850 | |
| United Continental Holdings, Inc. | COM | 910047109 | 25,895 | 488,116 | SH | SOLE | 0 | 401,456 | 0 | 86,660 | |
| USG Corporation | COM | 903293405 | 3,890 | 146,123 | SH | SOLE | 0 | 120,636 | 0 | 25,487 | |
| VONAGE HOLDINGS CORP. | COM | 92886T201 | 1,284 | 218,402 | SH | SOLE | 0 | 179,882 | 0 | 38,520 | |
| VIPSHOP HOLDINGS LTD SPONSORED ADR | COM | 92763W103 | 4,320 | 257,126 | SH | SOLE | 0 | 211,320 | 0 | 45,806 | |
| Verisk Analytics, Inc. Class A | COM | 92345Y106 | 7,284 | 98,548 | SH | SOLE | 0 | 81,051 | 0 | 17,497 | |
| Viad Corp | COM | 92552R406 | 5,728 | 197,587 | SH | SOLE | 0 | 162,578 | 0 | 35,009 | |
| Verizon Communications Inc. | COM | 92343V104 | 3,479 | 79,970 | SH | SOLE | 0 | 65,875 | 0 | 14,095 | |
| Walgreens Boots Alliance Inc | COM | 931427108 | 1,431 | 17,216 | SH | SOLE | 0 | 14,231 | 0 | 2,985 | |
| Western Digital Corporation | COM | 958102105 | 12,597 | 158,570 | SH | SOLE | 0 | 130,859 | 0 | 27,711 | |
| Wells Fargo & Company | COM | 949746101 | 32,257 | 628,184 | SH | SOLE | 0 | 515,768 | 0 | 112,416 | |
| WESTROCK CO. | COM | 96145D105 | 7,014 | 136,349 | SH | SOLE | 0 | 112,835 | 0 | 23,514 | |
