| 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 | 92,844 | 2,263,942 | SH | | SOLE | 0 | 1,899,530 | 0 | 364,412 |
| Alliance Data Systems Corporation | COM | 018581108 | 10,371 | 47,142 | SH | | SOLE | 0 | 39,693 | 0 | 7,449 |
| American International Group, Inc. | COM | 026874784 | 88,147 | 1,630,847 | SH | | SOLE | 0 | 1,368,590 | 0 | 262,257 |
| AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. | CONV BONDS | 026874156 | 14,380 | 768,993 | PRN | | SOLE | 0 | 643,000 | 0 | 125,993 |
| America Movil SAB de CV Sponsored ADR Class L | COM | 02364W105 | 9,675 | 623,004 | SH | | SOLE | 0 | 522,204 | 0 | 100,800 |
| Amazon.com, Inc. | COM | 023135106 | 121,652 | 204,926 | SH | | SOLE | 0 | 171,703 | 0 | 33,223 |
| Anthem, Inc. | COM | 036752103 | 9,242 | 66,495 | SH | | SOLE | 0 | 55,908 | 0 | 10,587 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 | 11,005 | 325,210 | SH | | SOLE | 0 | 271,230 | 0 | 53,980 |
| American Express Company | COM | 025816109 | 29,149 | 474,732 | SH | | SOLE | 0 | 398,917 | 0 | 75,815 |
| Bank of America Corporation | COM | 060505104 | 53,544 | 3,960,354 | SH | | SOLE | 0 | 3,323,809 | 0 | 636,545 |
| BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS | CONV BONDS | 060505146 | 14,785 | 3,800,870 | PRN | | SOLE | 0 | 3,166,894 | 0 | 633,976 |
| Belmond Ltd. Class A | COM | G1154H107 | 22,543 | 2,375,416 | SH | | SOLE | 0 | 1,994,482 | 0 | 380,934 |
| Sotheby s Class A | COM | 835898107 | 8,932 | 334,159 | SH | | SOLE | 0 | 280,111 | 0 | 54,048 |
| BAIDU, INC. SPONSORED ADR CLASS A | COM | 056752108 | 8,134 | 42,612 | SH | | SOLE | 0 | 35,522 | 0 | 7,090 |
| Bio-Rad Laboratories, Inc. Class A | COM | 090572207 | 8,383 | 61,318 | SH | | SOLE | 0 | 51,561 | 0 | 9,757 |
| TOPBUILD CORP. | COM | 89055F103 | 796 | 26,772 | SH | | SOLE | 0 | 22,450 | 0 | 4,322 |
| Bristol-Myers Squibb Company | COM | 110122108 | 8,597 | 134,583 | SH | | SOLE | 0 | 113,645 | 0 | 20,938 |
| Berkshire Hathaway Inc. Class B | COM | 084670702 | 36,222 | 255,299 | SH | | SOLE | 0 | 213,925 | 0 | 41,374 |
| Boyd Gaming Corporation | COM | 103304101 | 4,730 | 228,926 | SH | | SOLE | 0 | 192,498 | 0 | 36,428 |
| Citigroup Inc. | COM | 172967424 | 64,541 | 1,545,892 | SH | | SOLE | 0 | 1,297,905 | 0 | 247,987 |
| Avis Budget Group, Inc. | COM | 053774105 | 3,432 | 125,451 | SH | | SOLE | 0 | 105,884 | 0 | 19,567 |
| CBRE Group, Inc. Class A | COM | 12504L109 | 49,233 | 1,708,280 | SH | | SOLE | 0 | 1,433,099 | 0 | 275,181 |
| CF Industries Holdings, Inc. | COM | 125269100 | 3,040 | 96,990 | SH | | SOLE | 0 | 81,569 | 0 | 15,421 |
| Citizens Financial Group, Inc. | COM | 174610105 | 24,141 | 1,152,315 | SH | | SOLE | 0 | 964,912 | 0 | 187,403 |
| Charter Communications, Inc. Class A | COM | 16117M305 | 7,443 | 36,770 | SH | | SOLE | 0 | 30,954 | 0 | 5,816 |
| CoreLogic, Inc. | COM | 21871D103 | 13,748 | 396,191 | SH | | SOLE | 0 | 332,081 | 0 | 64,110 |
| COMCAST CORPORATION CLASS A | COM | 20030N101 | 23,519 | 385,051 | SH | | SOLE | 0 | 323,238 | 0 | 61,813 |
| Capital One Financial Corporation | COM | 14040H105 | 29,581 | 426,793 | SH | | SOLE | 0 | 358,001 | 0 | 68,792 |
| CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. | CONV BONDS | 14040H139 | 2,378 | 83,142 | PRN | | SOLE | 0 | 69,326 | 0 | 13,816 |
| Costco Wholesale Corporation | COM | 22160K105 | 62,621 | 397,389 | SH | | SOLE | 0 | 334,602 | 0 | 62,787 |
| Coty Inc. Class A | COM | 222070203 | 2,983 | 107,184 | SH | | SOLE | 0 | 90,004 | 0 | 17,180 |
| COPA HOLDINGS, S.A. CLASS A | COM | P31076105 | 4,021 | 59,355 | SH | | SOLE | 0 | 49,174 | 0 | 10,181 |
| Cisco Systems, Inc. | COM | 17275R102 | 4,823 | 169,417 | SH | | SOLE | 0 | 142,237 | 0 | 27,180 |
| CTC Media, Inc. | COM | 12642X106 | 314 | 160,429 | SH | | SOLE | 0 | 134,295 | 0 | 26,134 |
| CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR | COM | 22943F100 | 3,319 | 74,998 | SH | | SOLE | 0 | 62,624 | 0 | 12,374 |
| Cognizant Technology Solutions Corporation Class A | COM | 192446102 | 11,680 | 186,283 | SH | | SOLE | 0 | 155,907 | 0 | 30,376 |
| Cemex SAB de CV Sponsored ADR | COM | 151290889 | 33,154 | 4,554,188 | SH | | SOLE | 0 | 3,824,622 | 0 | 729,566 |
| Delta Air Lines, Inc. | COM | 247361702 | 78,228 | 1,606,994 | SH | | SOLE | 0 | 1,348,941 | 0 | 258,053 |
| Discovery Communications, Inc. Class A | COM | 25470F104 | 15,998 | 558,790 | SH | | SOLE | 0 | 469,280 | 0 | 89,510 |
| Discovery Communications, Inc. Class C | COM | 25470F302 | 1,056 | 39,101 | SH | | SOLE | 0 | 32,603 | 0 | 6,498 |
| Delphi Automotive PLC | COM | G27823106 | 9,541 | 127,186 | SH | | SOLE | 0 | 106,913 | 0 | 20,273 |
| NOW Inc | COM | 67011P100 | 9,305 | 525,110 | SH | | SOLE | 0 | 440,377 | 0 | 84,733 |
| eBay Inc. | COM | 278642103 | 15,125 | 633,910 | SH | | SOLE | 0 | 532,409 | 0 | 101,501 |
| Estee Lauder Companies Inc. Class A | COM | 518439104 | 7,360 | 78,040 | SH | | SOLE | 0 | 65,460 | 0 | 12,580 |
| EPAM Systems, Inc. | COM | 29414B104 | 13,535 | 181,267 | SH | | SOLE | 0 | 151,339 | 0 | 29,928 |
| Ford Motor Company | COM | 345370860 | 21,336 | 1,580,440 | SH | | SOLE | 0 | 1,324,879 | 0 | 255,561 |
| Fluor Corporation | COM | 343412102 | 1,856 | 34,571 | SH | | SOLE | 0 | 29,017 | 0 | 5,554 |
| Federal National Mortgage Association | COM | 313586109 | 409 | 292,276 | SH | | SOLE | 0 | 245,709 | 0 | 46,567 |
| Graco Inc. | COM | 384109104 | 11,342 | 135,084 | SH | | SOLE | 0 | 113,685 | 0 | 21,399 |
| Alphabet Inc. Class C | COM | 02079K107 | 73,152 | 98,197 | SH | | SOLE | 0 | 82,030 | 0 | 16,167 |
| Alphabet Inc. Class A | COM | 02079K305 | 5,037 | 6,602 | SH | | SOLE | 0 | 5,573 | 0 | 1,029 |
| Garmin Ltd. | COM | H2906T109 | 6,608 | 165,353 | SH | | SOLE | 0 | 139,326 | 0 | 26,027 |
| Halliburton Company | COM | 406216101 | 1,543 | 43,190 | SH | | SOLE | 0 | 36,281 | 0 | 6,909 |
| Huntington Bancshares Incorporated | COM | 446150104 | 4,589 | 480,981 | SH | | SOLE | 0 | 406,302 | 0 | 74,679 |
| Hanesbrands Inc. | COM | 410345102 | 14,633 | 516,339 | SH | | SOLE | 0 | 435,047 | 0 | 81,292 |
| Hackett Group, Inc. | COM | 404609109 | 12,136 | 802,671 | SH | | SOLE | 0 | 677,818 | 0 | 124,853 |
| HARLEY-DAVIDSON, INC. | COM | 412822108 | 2,827 | 55,066 | SH | | SOLE | 0 | 46,015 | 0 | 9,051 |
| HEWLETT PACKARD ENTERPRISE CO. | COM | 42824C109 | 4,020 | 226,718 | SH | | SOLE | 0 | 191,522 | 0 | 35,196 |
| HP Inc | COM | 40434L105 | 2,793 | 226,718 | SH | | SOLE | 0 | 191,522 | 0 | 35,196 |
| Hertz Global Holdings, Inc. | COM | 42805T105 | 1,990 | 188,974 | SH | | SOLE | 0 | 159,634 | 0 | 29,340 |
| iHeartMedia, Inc. Class A | COM | 45174J103 | 402 | 361,983 | SH | | SOLE | 0 | 302,378 | 0 | 59,605 |
| INTERVAL LEISURE GROUP INC. | COM | 46113M108 | 1,346 | 93,182 | SH | | SOLE | 0 | 78,238 | 0 | 14,944 |
| iShares MSCI India ETF | COM | 46429B598 | 5,105 | 188,242 | SH | | SOLE | 0 | 47,018 | 0 | 141,224 |
| Intel Corporation | COM | 458140100 | 22,464 | 694,411 | SH | | SOLE | 0 | 582,893 | 0 | 111,518 |
| Gartner, Inc. | COM | 366651107 | 26,919 | 301,278 | SH | | SOLE | 0 | 253,679 | 0 | 47,599 |
| JD.com, Inc. Sponsored ADR Class A | COM | 47215P106 | 20,283 | 765,390 | SH | | SOLE | 0 | 638,800 | 0 | 126,590 |
| JPMorgan Chase & Co. | COM | 46625H100 | 8,472 | 143,063 | SH | | SOLE | 0 | 120,382 | 0 | 22,681 |
| KKR & Co. L.P. | COM | 48248M102 | 9,105 | 619,779 | SH | | SOLE | 0 | 520,238 | 0 | 99,541 |
| Kroger Co. | COM | 501044101 | 8,549 | 223,500 | SH | | SOLE | 0 | 187,262 | 0 | 36,238 |
| Kansas City Southern | COM | 485170302 | 4,560 | 53,361 | SH | | SOLE | 0 | 44,708 | 0 | 8,653 |
| Loews Corporation | COM | 540424108 | 4,525 | 118,277 | SH | | SOLE | 0 | 99,953 | 0 | 18,324 |
| Lazard Ltd Class A | COM | G54050102 | 27,480 | 708,248 | SH | | SOLE | 0 | 594,733 | 0 | 113,515 |
| Liberty Broadband Corp. Class A | COM | 530307107 | 5,099 | 87,673 | SH | | SOLE | 0 | 73,334 | 0 | 14,339 |
| Liberty Broadband Corp. Class C | COM | 530307305 | 4,711 | 81,289 | SH | | SOLE | 0 | 67,352 | 0 | 13,937 |
| Liberty Global Plc Class A | COM | G5480U104 | 49,915 | 1,296,489 | SH | | SOLE | 0 | 1,087,547 | 0 | 208,942 |
| Liberty Global Plc Class C | COM | G5480U120 | 42,717 | 1,137,297 | SH | | SOLE | 0 | 954,163 | 0 | 183,134 |
| LIONS GATE ENTERTAINMENT CORP. | COM | 535919203 | 3,060 | 140,044 | SH | | SOLE | 0 | 117,617 | 0 | 22,427 |
| Liberty Lilac Group Class A | COM | G5480U138 | 4,872 | 138,964 | SH | | SOLE | 0 | 116,178 | 0 | 22,786 |
| Liberty LiLAC Group Class C | COM | G5480U153 | 2,074 | 54,758 | SH | | SOLE | 0 | 45,958 | 0 | 8,800 |
| Liberty Media Corp. Class A | COM | 531229102 | 9,631 | 249,323 | SH | | SOLE | 0 | 209,023 | 0 | 40,300 |
| Liberty Media Corp Class C | COM | 531229300 | 10,420 | 273,550 | SH | | SOLE | 0 | 229,479 | 0 | 44,071 |
| Lowe s Companies, Inc. | COM | 548661107 | 14,294 | 188,695 | SH | | SOLE | 0 | 158,330 | 0 | 30,365 |
| Louisiana-Pacific Corporation | COM | 546347105 | 2,593 | 151,456 | SH | | SOLE | 0 | 127,326 | 0 | 24,130 |
| Liberty TripAdvisor Holdings Inc Class A | COM | 531465102 | 4,233 | 191,032 | SH | | SOLE | 0 | 159,375 | 0 | 31,657 |
| Leucadia National Corporation | COM | 527288104 | 1,229 | 76,000 | SH | | SOLE | 0 | 63,820 | 0 | 12,180 |
| Level 3 Communications, Inc. | COM | 52729N308 | 22,330 | 422,511 | SH | | SOLE | 0 | 354,658 | 0 | 67,853 |
| Liberty Interactive Corporation Ventures Series A | COM | 53071M880 | 4,746 | 121,310 | SH | | SOLE | 0 | 101,780 | 0 | 19,530 |
| LUXOFT HOLDING, INC. CLASS A | COM | G57279104 | 1,560 | 28,344 | SH | | SOLE | 0 | 23,610 | 0 | 4,734 |
| Masco Corporation | COM | 574599106 | 7,681 | 244,228 | SH | | SOLE | 0 | 205,323 | 0 | 38,905 |
| MBIA Inc. | COM | 55262C100 | 38,367 | 4,335,280 | SH | | SOLE | 0 | 3,638,087 | 0 | 697,193 |
| Moodys Corporation | COM | 615369105 | 9,364 | 96,977 | SH | | SOLE | 0 | 80,990 | 0 | 15,987 |
| MGM Resorts International | COM | 552953101 | 31,283 | 1,459,072 | SH | | SOLE | 0 | 1,220,822 | 0 | 238,250 |
| Mohawk Industries, Inc. | COM | 608190104 | 10,587 | 55,458 | SH | | SOLE | 0 | 46,727 | 0 | 8,731 |
| Macquarie Infrastructure Company LLC | COM | 55608B105 | 4,775 | 70,810 | SH | | SOLE | 0 | 59,456 | 0 | 11,354 |
| MARKEL CORPORATION | COM | 570535104 | 10,206 | 11,474 | SH | | SOLE | 0 | 9,577 | 0 | 1,897 |
| Altria Group, Inc. | COM | 02209S103 | 14,297 | 228,167 | SH | | SOLE | 0 | 196,710 | 0 | 31,457 |
| Morgan Stanley | COM | 617446448 | 8,159 | 326,231 | SH | | SOLE | 0 | 274,391 | 0 | 51,840 |
| Microsoft Corporation | COM | 594918104 | 12,359 | 223,775 | SH | | SOLE | 0 | 188,468 | 0 | 35,307 |
| Micron Technology, Inc. | COM | 595112103 | 15,483 | 1,478,817 | SH | | SOLE | 0 | 1,239,477 | 0 | 239,340 |
| NII HOLDINGS, INC ORD SHARES | COM | 62913F508 | 3,548 | 641,542 | SH | | SOLE | 0 | 536,896 | 0 | 104,646 |
| Blue Nile, Inc. | COM | 09578R103 | 4,098 | 159,391 | SH | | SOLE | 0 | 134,356 | 0 | 25,035 |
| NetEase, Inc. Sponsored ADR | COM | 64110W102 | 10,713 | 74,613 | SH | | SOLE | 0 | 62,411 | 0 | 12,202 |
| PACCAR INC | COM | 693718108 | 5,996 | 109,643 | SH | | SOLE | 0 | 91,484 | 0 | 18,159 |
| Priceline Group Inc | COM | 741503403 | 44,790 | 34,749 | SH | | SOLE | 0 | 29,180 | 0 | 5,569 |
| Philip Morris International Inc. | COM | 718172109 | 10,555 | 107,580 | SH | | SOLE | 0 | 92,812 | 0 | 14,768 |
| PriceSmart, Inc. | COM | 741511109 | 3,503 | 41,419 | SH | | SOLE | 0 | 34,599 | 0 | 6,820 |
| PAYPAL HOLDINGS INC | COM | 70450Y103 | 46,285 | 1,199,099 | SH | | SOLE | 0 | 1,005,605 | 0 | 193,494 |
| Liberty Interactive Corporation QVC Group | COM | 53071M104 | 11,476 | 454,480 | SH | | SOLE | 0 | 382,473 | 0 | 72,007 |
| Raytheon Company | COM | 755111507 | 5,904 | 48,148 | SH | | SOLE | 0 | 40,560 | 0 | 7,588 |
| Ryanair Holdings Plc Sponsored ADR | COM | 783513203 | 988 | 11,518 | SH | | SOLE | 0 | 9,108 | 0 | 2,410 |
| Charles Schwab Corporation | COM | 808513105 | 14,748 | 526,340 | SH | | SOLE | 0 | 439,933 | 0 | 86,407 |
| Sherwin-Williams Company | COM | 824348106 | 18,625 | 65,427 | SH | | SOLE | 0 | 54,905 | 0 | 10,522 |
| Signet Jewelers Limited | COM | G81276100 | 8,700 | 70,146 | SH | | SOLE | 0 | 59,092 | 0 | 11,054 |
| SL Green Realty Corp. | COM | 78440X101 | 28,056 | 289,596 | SH | | SOLE | 0 | 242,616 | 0 | 46,980 |
| Scotts Miracle-Gro Company Class A | COM | 810186106 | 7,956 | 109,325 | SH | | SOLE | 0 | 92,294 | 0 | 17,031 |
| Starz Inc Class A | COM | 85571Q102 | 2,529 | 96,061 | SH | | SOLE | 0 | 80,182 | 0 | 15,879 |
| Seagate Technology PLC | COM | G7945M107 | 13,806 | 400,751 | SH | | SOLE | 0 | 336,329 | 0 | 64,422 |
| Synchrony Financial | COM | 87165B103 | 30,236 | 1,054,987 | SH | | SOLE | 0 | 885,050 | 0 | 169,937 |
| THOR INDUSTRIES, INC. | COM | 885160101 | 1,646 | 25,815 | SH | | SOLE | 0 | 21,680 | 0 | 4,135 |
| Tribune Publishing Co | COM | 896082104 | 252 | 32,631 | SH | | SOLE | 0 | 27,397 | 0 | 5,234 |
| Tribune Media Co. Class A | COM | 896047503 | 7,697 | 200,707 | SH | | SOLE | 0 | 168,613 | 0 | 32,094 |
| TripAdvisor, Inc. | COM | 896945201 | 9,206 | 138,436 | SH | | SOLE | 0 | 116,172 | 0 | 22,264 |
| Tractor Supply Company | COM | 892356106 | 30,115 | 332,913 | SH | | SOLE | 0 | 279,982 | 0 | 52,931 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Spons | COM | 874039100 | 27,536 | 1,051,000 | SH | | SOLE | 0 | 882,342 | 0 | 168,658 |
| Tesoro Corporation | COM | 881609101 | 8,345 | 97,025 | SH | | SOLE | 0 | 81,276 | 0 | 15,749 |
| TWITTER, INC. | COM | 90184L102 | 3,430 | 207,240 | SH | | SOLE | 0 | 172,804 | 0 | 34,436 |
| TEXAS INSTRUMENTS INCORPORATED | COM | 882508104 | 3,533 | 61,526 | SH | | SOLE | 0 | 51,676 | 0 | 9,850 |
| United Continental Holdings, Inc. | COM | 910047109 | 20,547 | 343,259 | SH | | SOLE | 0 | 287,102 | 0 | 56,157 |
| USG Corporation | COM | 903293405 | 3,964 | 159,781 | SH | | SOLE | 0 | 134,294 | 0 | 25,487 |
| VONAGE HOLDINGS CORP. | COM | 92886T201 | 1,089 | 238,376 | SH | | SOLE | 0 | 199,856 | 0 | 38,520 |
| VIPSHOP HOLDINGS LTD SPONSORED ADR | COM | 92763W103 | 3,612 | 280,470 | SH | | SOLE | 0 | 234,664 | 0 | 45,806 |
| Verisk Analytics, Inc. Class A | COM | 92345Y106 | 8,621 | 107,871 | SH | | SOLE | 0 | 90,374 | 0 | 17,497 |
| Verizon Communications Inc. | COM | 92343V104 | 4,733 | 87,515 | SH | | SOLE | 0 | 73,420 | 0 | 14,095 |
| Walgreens Boots Alliance Inc | COM | 931427108 | 1,585 | 18,811 | SH | | SOLE | 0 | 15,826 | 0 | 2,985 |
| Western Digital Corporation | COM | 958102105 | 8,184 | 173,248 | SH | | SOLE | 0 | 145,537 | 0 | 27,711 |
| Wells Fargo & Company | COM | 949746101 | 33,041 | 683,234 | SH | | SOLE | 0 | 571,965 | 0 | 111,269 |
| WHIRLPOOL CORPORATION | COM | 963320106 | 3,536 | 19,606 | SH | | SOLE | 0 | 16,461 | 0 | 3,145 |
| WILLIS TOWERS WATSON PLC | COM | G96629103 | 21,608 | 182,103 | SH | | SOLE | 0 | 153,099 | 0 | 29,004 |
| WESTROCK CO. | COM | 96145D105 | 5,336 | 136,711 | SH | | SOLE | 0 | 115,241 | 0 | 21,470 |
| WILLIAMS-SONOMA, INC. | COM | 969904101 | 3,129 | 57,154 | SH | | SOLE | 0 | 47,689 | 0 | 9,465 |
