| 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 | 101,964 | 2,407,644 | SH | | SOLE | 0 | 1,987,855 | 0 | 419,789 |
| Alliance Data Systems Corporation | COM | 018581108 | 10,496 | 37,952 | SH | | SOLE | 0 | 31,509 | 0 | 6,443 |
| American International Group, Inc. | COM | 026874784 | 93,589 | 1,510,234 | SH | | SOLE | 0 | 1,247,977 | 0 | 262,257 |
| AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. | CONV BONDS | 026874156 | 15,253 | 641,956 | PRN | | SOLE | 0 | 525,863 | 0 | 116,093 |
| America Movil SAB de CV Sponsored ADR Class L | COM | 02364W105 | 8,118 | 577,391 | SH | | SOLE | 0 | 476,591 | 0 | 100,800 |
| Amazon.com, Inc. | COM | 023135106 | 126,712 | 187,474 | SH | | SOLE | 0 | 154,599 | 0 | 32,875 |
| Anthem, Inc. | COM | 036752103 | 8,584 | 61,558 | SH | | SOLE | 0 | 50,971 | 0 | 10,587 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 | 12,979 | 335,295 | SH | | SOLE | 0 | 275,234 | 0 | 60,061 |
| American Express Company | COM | 025816109 | 30,689 | 441,244 | SH | | SOLE | 0 | 365,429 | 0 | 75,815 |
| Bank of America Corporation | COM | 060505104 | 55,141 | 3,276,338 | SH | | SOLE | 0 | 2,711,700 | 0 | 564,638 |
| BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS | CONV BONDS | 060505146 | 18,448 | 3,169,763 | PRN | | SOLE | 0 | 2,599,088 | 0 | 570,675 |
| Belmond Ltd. Class A | COM | G1154H107 | 20,902 | 2,200,246 | SH | | SOLE | 0 | 1,819,312 | 0 | 380,934 |
| Sotheby s Class A | COM | 835898107 | 7,969 | 309,361 | SH | | SOLE | 0 | 255,313 | 0 | 54,048 |
| BAIDU, INC. SPONSORED ADR CLASS A | COM | 056752108 | 7,501 | 39,679 | SH | | SOLE | 0 | 32,589 | 0 | 7,090 |
| Bio-Rad Laboratories, Inc. Class A | COM | 090572207 | 7,870 | 56,755 | SH | | SOLE | 0 | 46,998 | 0 | 9,757 |
| BANK OF NEW YORK MELLON CORPORATION | COM | 064058100 | 3,407 | 82,649 | SH | | SOLE | 0 | 67,894 | 0 | 14,755 |
| BankUnited, Inc. | COM | 06652K103 | 2,563 | 71,067 | SH | | SOLE | 0 | 58,490 | 0 | 12,577 |
| TOPBUILD CORP. | COM | 89055F103 | 767 | 24,916 | SH | | SOLE | 0 | 20,594 | 0 | 4,322 |
| Bristol-Myers Squibb Company | COM | 110122108 | 8,571 | 124,591 | SH | | SOLE | 0 | 103,653 | 0 | 20,938 |
| Berkshire Hathaway Inc. Class B | COM | 084670702 | 31,312 | 237,139 | SH | | SOLE | 0 | 195,163 | 0 | 41,976 |
| Boyd Gaming Corporation | COM | 103304101 | 2,728 | 137,276 | SH | | SOLE | 0 | 113,616 | 0 | 23,660 |
| Citigroup Inc. | COM | 172967424 | 74,089 | 1,431,671 | SH | | SOLE | 0 | 1,183,684 | 0 | 247,987 |
| Avis Budget Group, Inc. | COM | 053774105 | 4,217 | 116,208 | SH | | SOLE | 0 | 96,641 | 0 | 19,567 |
| CBRE Group, Inc. Class A | COM | 12504L109 | 52,926 | 1,530,549 | SH | | SOLE | 0 | 1,264,068 | 0 | 266,481 |
| CF Industries Holdings, Inc. | COM | 125269100 | 3,682 | 90,225 | SH | | SOLE | 0 | 74,804 | 0 | 15,421 |
| Citizens Financial Group, Inc. | COM | 174610105 | 9,605 | 366,748 | SH | | SOLE | 0 | 299,903 | 0 | 66,845 |
| Charter Communications, Inc. Class A | COM | 16117M305 | 6,233 | 34,041 | SH | | SOLE | 0 | 28,225 | 0 | 5,816 |
| CoreLogic, Inc. | COM | 21871D103 | 12,425 | 366,950 | SH | | SOLE | 0 | 302,840 | 0 | 64,110 |
| Capital One Financial Corporation | COM | 14040H105 | 28,533 | 395,309 | SH | | SOLE | 0 | 326,517 | 0 | 68,792 |
| CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. | CONV BONDS | 14040H139 | 2,417 | 77,083 | PRN | | SOLE | 0 | 63,267 | 0 | 13,816 |
| Costco Wholesale Corporation | COM | 22160K105 | 59,305 | 367,215 | SH | | SOLE | 0 | 304,428 | 0 | 62,787 |
| Coty Inc. Class A | COM | 222070203 | 2,549 | 99,452 | SH | | SOLE | 0 | 82,272 | 0 | 17,180 |
| COPA HOLDINGS, S.A. CLASS A | COM | P31076105 | 2,653 | 54,983 | SH | | SOLE | 0 | 44,802 | 0 | 10,181 |
| Cisco Systems, Inc. | COM | 17275R102 | 4,269 | 157,205 | SH | | SOLE | 0 | 130,025 | 0 | 27,180 |
| CTC Media, Inc. | COM | 12642X106 | 276 | 149,397 | SH | | SOLE | 0 | 123,263 | 0 | 26,134 |
| CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR | COM | 22943F100 | 3,221 | 69,519 | SH | | SOLE | 0 | 57,145 | 0 | 12,374 |
| Cognizant Technology Solutions Corporation Class A | COM | 192446102 | 10,354 | 172,513 | SH | | SOLE | 0 | 142,137 | 0 | 30,376 |
| Cablevision Systems Corporation Class A | COM | 12686C109 | 26,811 | 840,467 | SH | | SOLE | 0 | 694,795 | 0 | 145,672 |
| Cemex SAB de CV Sponsored ADR | COM | 151290889 | 22,201 | 3,985,780 | SH | | SOLE | 0 | 3,299,614 | 0 | 686,166 |
| Delta Air Lines, Inc. | COM | 247361702 | 111,848 | 2,206,503 | SH | | SOLE | 0 | 1,823,594 | 0 | 382,909 |
| Discovery Communications, Inc. Class A | COM | 25470F104 | 15,329 | 574,556 | SH | | SOLE | 0 | 475,124 | 0 | 99,432 |
| Discovery Communications, Inc. Class C | COM | 25470F302 | 2,353 | 93,283 | SH | | SOLE | 0 | 76,991 | 0 | 16,292 |
| Delphi Automotive PLC | COM | G27823106 | 10,110 | 117,932 | SH | | SOLE | 0 | 97,659 | 0 | 20,273 |
| NOW Inc | COM | 67011P100 | 7,692 | 486,249 | SH | | SOLE | 0 | 401,516 | 0 | 84,733 |
| eBay Inc. | COM | 278642103 | 16,119 | 586,580 | SH | | SOLE | 0 | 485,079 | 0 | 101,501 |
| Estee Lauder Companies Inc. Class A | COM | 518439104 | 6,366 | 72,293 | SH | | SOLE | 0 | 59,713 | 0 | 12,580 |
| ENERGIZER HOLDINGS INC. | COM | 29272W109 | 638 | 18,746 | SH | | SOLE | 0 | 15,406 | 0 | 3,340 |
| EPAM Systems, Inc. | COM | 29414B104 | 13,210 | 168,020 | SH | | SOLE | 0 | 138,092 | 0 | 29,928 |
| EDGEWELL PERSONAL CARE CO | COM | 28035Q102 | 1,475 | 18,827 | SH | | SOLE | 0 | 15,487 | 0 | 3,340 |
| Ford Motor Company | COM | 345370860 | 20,792 | 1,475,660 | SH | | SOLE | 0 | 1,220,099 | 0 | 255,561 |
| Fluor Corporation | COM | 343412102 | 1,508 | 31,943 | SH | | SOLE | 0 | 26,389 | 0 | 5,554 |
| Federal National Mortgage Association | COM | 313586109 | 446 | 271,745 | SH | | SOLE | 0 | 225,178 | 0 | 46,567 |
| Graco Inc. | COM | 384109104 | 6,008 | 83,368 | SH | | SOLE | 0 | 69,369 | 0 | 13,999 |
| Alphabet Inc. Class C | COM | 02079K107 | 69,052 | 90,992 | SH | | SOLE | 0 | 74,714 | 0 | 16,278 |
| Alphabet Inc. Class A | COM | 02079K305 | 4,729 | 6,078 | SH | | SOLE | 0 | 5,049 | 0 | 1,029 |
| Garmin Ltd. | COM | H2906T109 | 5,703 | 153,439 | SH | | SOLE | 0 | 127,412 | 0 | 26,027 |
| Halliburton Company | COM | 406216101 | 1,361 | 39,968 | SH | | SOLE | 0 | 33,059 | 0 | 6,909 |
| Huntington Bancshares Incorporated | COM | 446150104 | 4,931 | 445,870 | SH | | SOLE | 0 | 371,191 | 0 | 74,679 |
| Hanesbrands Inc. | COM | 410345102 | 14,086 | 478,632 | SH | | SOLE | 0 | 397,340 | 0 | 81,292 |
| Hackett Group, Inc. | COM | 404609109 | 11,965 | 744,543 | SH | | SOLE | 0 | 619,690 | 0 | 124,853 |
| HARLEY-DAVIDSON, INC. | COM | 412822108 | 2,314 | 50,987 | SH | | SOLE | 0 | 41,936 | 0 | 9,051 |
| HEWLETT PACKARD ENTERPRISE CO. | COM | 42824C109 | 3,194 | 210,143 | SH | | SOLE | 0 | 174,947 | 0 | 35,196 |
| HP Inc | COM | 40434L105 | 2,488 | 210,143 | SH | | SOLE | 0 | 174,947 | 0 | 35,196 |
| Hertz Global Holdings, Inc. | COM | 42805T105 | 2,494 | 175,243 | SH | | SOLE | 0 | 145,903 | 0 | 29,340 |
| iHeartMedia, Inc. Class A | COM | 45174J103 | 303 | 336,481 | SH | | SOLE | 0 | 276,876 | 0 | 59,605 |
| INTERVAL LEISURE GROUP INC. | COM | 46113M108 | 1,351 | 86,517 | SH | | SOLE | 0 | 71,573 | 0 | 14,944 |
| iShares MSCI India ETF | COM | 46429B598 | 5,178 | 188,306 | SH | | SOLE | 0 | 66,900 | 0 | 121,406 |
| Intel Corporation | COM | 458140100 | 25,066 | 727,604 | SH | | SOLE | 0 | 601,536 | 0 | 126,068 |
| Gartner, Inc. | COM | 366651107 | 25,300 | 278,940 | SH | | SOLE | 0 | 231,341 | 0 | 47,599 |
| JD.com, Inc. Sponsored ADR Class A | COM | 47215P106 | 14,824 | 459,447 | SH | | SOLE | 0 | 375,052 | 0 | 84,395 |
| JPMorgan Chase & Co. | COM | 46625H100 | 8,759 | 132,654 | SH | | SOLE | 0 | 109,973 | 0 | 22,681 |
| KKR & Co. L.P. | COM | 48248M102 | 8,966 | 575,090 | SH | | SOLE | 0 | 475,549 | 0 | 99,541 |
| Kroger Co. | COM | 501044101 | 8,663 | 207,099 | SH | | SOLE | 0 | 170,861 | 0 | 36,238 |
| Kansas City Southern | COM | 485170302 | 3,703 | 49,586 | SH | | SOLE | 0 | 40,933 | 0 | 8,653 |
| Loews Corporation | COM | 540424108 | 4,206 | 109,520 | SH | | SOLE | 0 | 91,196 | 0 | 18,324 |
| Lazard Ltd Class A | COM | G54050102 | 29,539 | 656,269 | SH | | SOLE | 0 | 542,754 | 0 | 113,515 |
| Liberty Broadband Corp. Class A | COM | 530307107 | 4,201 | 81,332 | SH | | SOLE | 0 | 66,993 | 0 | 14,339 |
| Liberty Broadband Corp. Class C | COM | 530307305 | 3,894 | 75,096 | SH | | SOLE | 0 | 61,159 | 0 | 13,937 |
| Liberty Global Plc Class A | COM | G5480U104 | 50,817 | 1,199,649 | SH | | SOLE | 0 | 990,707 | 0 | 208,942 |
| Liberty Global Plc Class C | COM | G5480U120 | 42,928 | 1,052,923 | SH | | SOLE | 0 | 869,789 | 0 | 183,134 |
| Liberty Lilac Group Class A | COM | G5480U138 | 5,337 | 129,001 | SH | | SOLE | 0 | 106,215 | 0 | 22,786 |
| Liberty LiLAC Group Class C | COM | G5480U153 | 2,183 | 50,771 | SH | | SOLE | 0 | 41,971 | 0 | 8,800 |
| Liberty Media Corp. Class A | COM | 531229102 | 9,063 | 230,909 | SH | | SOLE | 0 | 190,609 | 0 | 40,300 |
| Liberty Media Corp Class C | COM | 531229300 | 9,649 | 253,396 | SH | | SOLE | 0 | 209,325 | 0 | 44,071 |
| Lowe s Companies, Inc. | COM | 548661107 | 13,281 | 174,655 | SH | | SOLE | 0 | 144,290 | 0 | 30,365 |
| Louisiana-Pacific Corporation | COM | 546347105 | 2,528 | 140,353 | SH | | SOLE | 0 | 116,223 | 0 | 24,130 |
| Liberty TripAdvisor Holdings Inc Class A | COM | 531465102 | 3,611 | 119,021 | SH | | SOLE | 0 | 97,664 | 0 | 21,357 |
| Leucadia National Corporation | COM | 527288104 | 1,224 | 70,404 | SH | | SOLE | 0 | 58,224 | 0 | 12,180 |
| Level 3 Communications, Inc. | COM | 52729N308 | 21,280 | 391,465 | SH | | SOLE | 0 | 323,612 | 0 | 67,853 |
| Liberty Interactive Corporation Ventures Series A | COM | 53071M880 | 5,071 | 112,422 | SH | | SOLE | 0 | 92,892 | 0 | 19,530 |
| LUXOFT HOLDING, INC. CLASS A | COM | G57279104 | 2,032 | 26,344 | SH | | SOLE | 0 | 21,610 | 0 | 4,734 |
| Masco Corporation | COM | 574599106 | 6,399 | 226,111 | SH | | SOLE | 0 | 187,206 | 0 | 38,905 |
| MBIA Inc. | COM | 55262C100 | 26,029 | 4,016,760 | SH | | SOLE | 0 | 3,319,567 | 0 | 697,193 |
| Moodys Corporation | COM | 615369105 | 9,004 | 89,733 | SH | | SOLE | 0 | 73,746 | 0 | 15,987 |
| MGM Resorts International | COM | 552953101 | 30,690 | 1,350,808 | SH | | SOLE | 0 | 1,112,558 | 0 | 238,250 |
| Mohawk Industries, Inc. | COM | 608190104 | 9,724 | 51,345 | SH | | SOLE | 0 | 42,614 | 0 | 8,731 |
| Macquarie Infrastructure Company LLC | COM | 55608B105 | 3,266 | 44,981 | SH | | SOLE | 0 | 37,159 | 0 | 7,822 |
| MARKEL CORPORATION | COM | 570535104 | 9,398 | 10,639 | SH | | SOLE | 0 | 8,742 | 0 | 1,897 |
| Altria Group, Inc. | COM | 02209S103 | 12,293 | 211,192 | SH | | SOLE | 0 | 179,735 | 0 | 31,457 |
| Morgan Stanley | COM | 617446448 | 9,625 | 302,589 | SH | | SOLE | 0 | 250,749 | 0 | 51,840 |
| Microsoft Corporation | COM | 594918104 | 11,501 | 207,294 | SH | | SOLE | 0 | 171,987 | 0 | 35,307 |
| Micron Technology, Inc. | COM | 595112103 | 18,379 | 1,297,960 | SH | | SOLE | 0 | 1,071,930 | 0 | 226,030 |
| NII HOLDINGS, INC ORD SHARES | COM | 62913F508 | 3,003 | 594,653 | SH | | SOLE | 0 | 490,007 | 0 | 104,646 |
| Blue Nile, Inc. | COM | 09578R103 | 5,482 | 147,638 | SH | | SOLE | 0 | 122,603 | 0 | 25,035 |
| NetEase, Inc. Sponsored ADR | COM | 64110W102 | 12,540 | 69,190 | SH | | SOLE | 0 | 56,988 | 0 | 12,202 |
| PACCAR INC | COM | 693718108 | 3,629 | 76,555 | SH | | SOLE | 0 | 62,896 | 0 | 13,659 |
| Priceline Group Inc | COM | 741503403 | 40,700 | 31,923 | SH | | SOLE | 0 | 26,354 | 0 | 5,569 |
| Philip Morris International Inc. | COM | 718172109 | 8,752 | 99,554 | SH | | SOLE | 0 | 84,786 | 0 | 14,768 |
| PriceSmart, Inc. | COM | 741511109 | 3,189 | 38,423 | SH | | SOLE | 0 | 31,603 | 0 | 6,820 |
| PAYPAL HOLDINGS INC | COM | 70450Y103 | 40,212 | 1,110,820 | SH | | SOLE | 0 | 917,326 | 0 | 193,494 |
| Liberty Interactive Corporation QVC Group | COM | 53071M104 | 11,503 | 421,052 | SH | | SOLE | 0 | 349,045 | 0 | 72,007 |
| Raytheon Company | COM | 755111507 | 5,538 | 44,469 | SH | | SOLE | 0 | 36,970 | 0 | 7,499 |
| Ryanair Holdings Plc Sponsored ADR | COM | 783513203 | 892 | 10,319 | SH | | SOLE | 0 | 7,909 | 0 | 2,410 |
| Charles Schwab Corporation | COM | 808513105 | 14,312 | 434,623 | SH | | SOLE | 0 | 355,816 | 0 | 78,807 |
| Sherwin-Williams Company | COM | 824348106 | 15,724 | 60,572 | SH | | SOLE | 0 | 50,089 | 0 | 10,483 |
| Signet Jewelers Limited | COM | G81276100 | 8,030 | 64,922 | SH | | SOLE | 0 | 53,868 | 0 | 11,054 |
| SL Green Realty Corp. | COM | 78440X101 | 30,297 | 268,163 | SH | | SOLE | 0 | 221,183 | 0 | 46,980 |
| Scotts Miracle-Gro Company Class A | COM | 810186106 | 6,532 | 101,263 | SH | | SOLE | 0 | 84,232 | 0 | 17,031 |
| Starz Inc Class A | COM | 85571Q102 | 2,984 | 89,071 | SH | | SOLE | 0 | 73,192 | 0 | 15,879 |
| Seagate Technology PLC | COM | G7945M107 | 13,613 | 371,335 | SH | | SOLE | 0 | 306,913 | 0 | 64,422 |
| Synchrony Financial | COM | 87165B103 | 26,940 | 885,895 | SH | | SOLE | 0 | 731,853 | 0 | 154,042 |
| THOR INDUSTRIES, INC. | COM | 885160101 | 1,344 | 23,940 | SH | | SOLE | 0 | 19,805 | 0 | 4,135 |
| Tribune Publishing Co | COM | 896082104 | 279 | 30,290 | SH | | SOLE | 0 | 25,056 | 0 | 5,234 |
| Tribune Media Co. Class A | COM | 896047503 | 6,286 | 185,918 | SH | | SOLE | 0 | 153,824 | 0 | 32,094 |
| TripAdvisor, Inc. | COM | 896945201 | 10,941 | 128,339 | SH | | SOLE | 0 | 106,075 | 0 | 22,264 |
| Tractor Supply Company | COM | 892356106 | 26,321 | 307,844 | SH | | SOLE | 0 | 254,913 | 0 | 52,931 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Spons | COM | 874039100 | 22,176 | 974,781 | SH | | SOLE | 0 | 806,123 | 0 | 168,658 |
| Tesoro Corporation | COM | 881609101 | 11,168 | 105,991 | SH | | SOLE | 0 | 87,342 | 0 | 18,649 |
| Towers Watson & Co. Class A | COM | 891894107 | 18,855 | 146,779 | SH | | SOLE | 0 | 121,551 | 0 | 25,228 |
| TWITTER, INC. | COM | 90184L102 | 4,445 | 192,098 | SH | | SOLE | 0 | 157,662 | 0 | 34,436 |
| TEXAS INSTRUMENTS INCORPORATED | COM | 882508104 | 3,122 | 56,954 | SH | | SOLE | 0 | 47,104 | 0 | 9,850 |
| United Continental Holdings, Inc. | COM | 910047109 | 27,657 | 482,667 | SH | | SOLE | 0 | 398,118 | 0 | 84,549 |
| USG Corporation | COM | 903293405 | 3,596 | 148,053 | SH | | SOLE | 0 | 122,566 | 0 | 25,487 |
| VONAGE HOLDINGS CORP. | COM | 92886T201 | 1,269 | 221,121 | SH | | SOLE | 0 | 182,601 | 0 | 38,520 |
| VIPSHOP HOLDINGS LTD SPONSORED ADR | COM | 92763W103 | 3,978 | 260,518 | SH | | SOLE | 0 | 214,712 | 0 | 45,806 |
| Verisk Analytics, Inc. Class A | COM | 92345Y106 | 7,675 | 99,831 | SH | | SOLE | 0 | 82,334 | 0 | 17,497 |
| Viad Corp | COM | 92552R406 | 5,650 | 200,142 | SH | | SOLE | 0 | 165,133 | 0 | 35,009 |
| Verizon Communications Inc. | COM | 92343V104 | 3,745 | 81,031 | SH | | SOLE | 0 | 66,936 | 0 | 14,095 |
| Walgreens Boots Alliance Inc | COM | 931427108 | 1,484 | 17,424 | SH | | SOLE | 0 | 14,439 | 0 | 2,985 |
| Western Digital Corporation | COM | 958102105 | 9,651 | 160,711 | SH | | SOLE | 0 | 133,000 | 0 | 27,711 |
| Wells Fargo & Company | COM | 949746101 | 33,058 | 608,122 | SH | | SOLE | 0 | 500,553 | 0 | 107,569 |
| WESTROCK CO. | COM | 96145D105 | 6,303 | 138,174 | SH | | SOLE | 0 | 114,660 | 0 | 23,514 |
