| 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 | 117,516 | 2,335,364 | SH | | SOLE | 0 | 2,017,633 | 0 | 317,731 |
| ADVANCE AUTO PARTS, INC. | COM | 00751Y106 | 4,114 | 35,284 | SH | | SOLE | 0 | 30,614 | 0 | 4,670 |
| ADIENT PLC | COM | G0084W101 | 3,039 | 46,475 | SH | | SOLE | 0 | 40,312 | 0 | 6,163 |
| Alliance Data Systems Corporation | COM | 018581108 | 17,130 | 66,734 | SH | | SOLE | 0 | 57,731 | 0 | 9,003 |
| American International Group, Inc. | COM | 026874784 | 106,239 | 1,699,273 | SH | | SOLE | 0 | 1,468,938 | 0 | 230,335 |
| AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. | CONV BONDS | 026874156 | 63,455 | 3,010,215 | PRN | | SOLE | 0 | 2,601,459 | 0 | 408,756 |
| America Movil SAB de CV Sponsored ADR Class L | COM | 02364W105 | 5,326 | 334,558 | SH | | SOLE | 0 | 290,214 | 0 | 44,344 |
| Amazon.com, Inc. | COM | 023135106 | 260,079 | 268,677 | SH | | SOLE | 0 | 231,829 | 0 | 36,848 |
| Anthem, Inc. | COM | 036752103 | 20,885 | 111,013 | SH | | SOLE | 0 | 95,925 | 0 | 15,088 |
| APACHE CORPORATION | COM | 037411105 | 4,336 | 90,472 | SH | | SOLE | 0 | 78,470 | 0 | 12,002 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 | 20,909 | 363,184 | SH | | SOLE | 0 | 313,261 | 0 | 49,923 |
| American Express Company | COM | 025816109 | 56,787 | 674,109 | SH | | SOLE | 0 | 582,780 | 0 | 91,329 |
| Bank of America Corporation | COM | 060505104 | 126,256 | 5,204,283 | SH | | SOLE | 0 | 4,498,624 | 0 | 705,659 |
| BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS | CONV BONDS | 060505146 | 58,021 | 4,819,039 | PRN | | SOLE | 0 | 4,159,280 | 0 | 659,759 |
| BANK OF AMERICA CORP WARRANTS 2009-28.10.18 ON SHS | CONV BONDS | 060505153 | 1,255 | 1,588,766 | PRN | | SOLE | 0 | 1,371,561 | 0 | 217,205 |
| Liberty Braves Group - Class C | COM | 531229888 | 653 | 27,229 | SH | | SOLE | 0 | 23,480 | 0 | 3,749 |
| Belmond Ltd. Class A | COM | G1154H107 | 44,808 | 3,368,990 | SH | | SOLE | 0 | 2,913,032 | 0 | 455,958 |
| Sotheby s Class A | COM | 835898107 | 18,592 | 346,411 | SH | | SOLE | 0 | 299,675 | 0 | 46,736 |
| BAIDU, INC. SPONSORED ADR CLASS A | COM | 056752108 | 12,983 | 72,586 | SH | | SOLE | 0 | 62,528 | 0 | 10,058 |
| Bio-Rad Laboratories, Inc. Class A | COM | 090572207 | 19,799 | 87,487 | SH | | SOLE | 0 | 75,702 | 0 | 11,785 |
| TOPBUILD CORP. | COM | 89055F103 | 2,013 | 37,936 | SH | | SOLE | 0 | 32,754 | 0 | 5,182 |
| Bristol-Myers Squibb Company | COM | 110122108 | 10,694 | 191,928 | SH | | SOLE | 0 | 166,337 | 0 | 25,591 |
| Berkshire Hathaway Inc. Class B | COM | 084670702 | 61,574 | 363,545 | SH | | SOLE | 0 | 313,611 | 0 | 49,934 |
| Boyd Gaming Corporation | COM | 103304101 | 8,064 | 325,037 | SH | | SOLE | 0 | 281,428 | 0 | 43,609 |
| Citigroup Inc. | COM | 172967424 | 146,282 | 2,187,224 | SH | | SOLE | 0 | 1,890,747 | 0 | 296,477 |
| CITIGROUP INC WARRANTS 2011-4.1.19 ON SHS | CONV BONDS | 172967226 | 859 | 5,725,673 | PRN | | SOLE | 0 | 4,942,682 | 0 | 782,991 |
| Avis Budget Group, Inc. | COM | 053774105 | 4,899 | 179,649 | SH | | SOLE | 0 | 155,954 | 0 | 23,695 |
| CBRE Group, Inc. Class A | COM | 12504L109 | 88,273 | 2,425,070 | SH | | SOLE | 0 | 2,091,359 | 0 | 333,711 |
| CF Industries Holdings, Inc. | COM | 125269100 | 3,833 | 137,081 | SH | | SOLE | 0 | 118,583 | 0 | 18,498 |
| Citizens Financial Group, Inc. | COM | 174610105 | 40,171 | 1,125,875 | SH | | SOLE | 0 | 972,758 | 0 | 153,117 |
| Charter Communications Inc. Class A | COM | 16119P108 | 9,380 | 27,845 | SH | | SOLE | 0 | 24,152 | 0 | 3,693 |
| COMMERCEHUB INC-SERIES C | COM | 20084V306 | 376 | 21,582 | SH | | SOLE | 0 | 18,422 | 0 | 3,160 |
| CoreLogic, Inc. | COM | 21871D103 | 19,959 | 460,102 | SH | | SOLE | 0 | 397,796 | 0 | 62,306 |
| COMCAST CORPORATION CLASS A | COM | 20030N101 | 42,789 | 1,099,419 | SH | | SOLE | 0 | 950,155 | 0 | 149,264 |
| Capital One Financial Corporation | COM | 14040H105 | 49,970 | 604,823 | SH | | SOLE | 0 | 522,242 | 0 | 82,581 |
| CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. | CONV BONDS | 14040H139 | 4,455 | 107,375 | PRN | | SOLE | 0 | 92,693 | 0 | 14,682 |
| Costco Wholesale Corporation | COM | 22160K105 | 85,170 | 532,543 | SH | | SOLE | 0 | 460,657 | 0 | 71,886 |
| Coty Inc. Class A | COM | 222070203 | 2,880 | 153,494 | SH | | SOLE | 0 | 132,791 | 0 | 20,703 |
| COPA HOLDINGS, S.A. CLASS A | COM | P31076105 | 9,879 | 84,433 | SH | | SOLE | 0 | 72,397 | 0 | 12,036 |
| CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR | COM | 22943F100 | 5,733 | 106,450 | SH | | SOLE | 0 | 91,548 | 0 | 14,902 |
| Cognizant Technology Solutions Corporation Class A | COM | 192446102 | 17,644 | 265,725 | SH | | SOLE | 0 | 229,468 | 0 | 36,257 |
| Cemex SAB de CV Sponsored ADR | COM | 151290889 | 67,024 | 7,115,112 | SH | | SOLE | 0 | 6,148,573 | 0 | 966,540 |
| CAESARS ENTERTAINMENT CORPORATION | COM | 127686103 | 4,409 | 367,430 | SH | | SOLE | 0 | 317,770 | 0 | 49,660 |
| Delta Air Lines, Inc. | COM | 247361702 | 101,702 | 1,892,479 | SH | | SOLE | 0 | 1,634,236 | 0 | 258,243 |
| Discovery Communications, Inc. Class A | COM | 25470F104 | 18,524 | 717,169 | SH | | SOLE | 0 | 620,766 | 0 | 96,403 |
| NOW Inc | COM | 67011P100 | 11,993 | 745,810 | SH | | SOLE | 0 | 644,848 | 0 | 100,962 |
| DOW CHEMICAL COMPANY | COM | 260543103 | 12,734 | 201,910 | SH | | SOLE | 0 | 175,353 | 0 | 26,557 |
| DIANA SHIPPING INC. | COM | Y2066G104 | 14,453 | 3,559,973 | SH | | SOLE | 0 | 3,084,847 | 0 | 475,126 |
| DXC Technology Co | COM | 23355L106 | 16,302 | 212,487 | SH | | SOLE | 0 | 183,773 | 0 | 28,714 |
| eBay Inc. | COM | 278642103 | 31,552 | 903,565 | SH | | SOLE | 0 | 781,305 | 0 | 122,260 |
| EPAM Systems, Inc. | COM | 29414B104 | 21,634 | 257,269 | SH | | SOLE | 0 | 221,612 | 0 | 35,657 |
| ISHARES MSCI SOUTH KOREA CAP ETF | COM | 464286772 | 3,082 | 45,447 | SH | | SOLE | 0 | 45,447 | 0 | 0 |
| Ford Motor Company | COM | 345370860 | 25,237 | 2,255,353 | SH | | SOLE | 0 | 1,948,809 | 0 | 306,544 |
| FIRSTCASH INC. | COM | 33767D105 | 9,593 | 164,540 | SH | | SOLE | 0 | 141,942 | 0 | 22,598 |
| FREEPORT-MCMORAN, INC. | COM | 35671D857 | 9,722 | 809,467 | SH | | SOLE | 0 | 696,371 | 0 | 113,096 |
| Fluor Corporation | COM | 343412102 | 2,277 | 49,747 | SH | | SOLE | 0 | 43,040 | 0 | 6,707 |
| Federal National Mortgage Association | COM | 313586109 | 998 | 428,270 | SH | | SOLE | 0 | 371,751 | 0 | 56,519 |
| Liberty Media Corp Series A Liberty Formula One | COM | 531229870 | 1,488 | 42,488 | SH | | SOLE | 0 | 36,791 | 0 | 5,697 |
| Liberty Media Corp Series C Liberty Formula One | COM | 531229854 | 1,986 | 54,228 | SH | | SOLE | 0 | 46,936 | 0 | 7,292 |
| Graco Inc. | COM | 384109104 | 14,062 | 128,680 | SH | | SOLE | 0 | 111,698 | 0 | 16,982 |
| GOLAR LNG LIMITED | COM | G9456A100 | 3,710 | 166,747 | SH | | SOLE | 0 | 144,282 | 0 | 22,465 |
| CORNING INCORPORATED | COM | 219350105 | 4,540 | 151,076 | SH | | SOLE | 0 | 130,718 | 0 | 20,358 |
| Alphabet Inc. Class C | COM | 02079K107 | 128,571 | 141,484 | SH | | SOLE | 0 | 122,048 | 0 | 19,436 |
| Alphabet Inc. Class A | COM | 02079K305 | 8,755 | 9,417 | SH | | SOLE | 0 | 8,148 | 0 | 1,269 |
| Garmin Ltd. | COM | H2906T109 | 11,887 | 232,940 | SH | | SOLE | 0 | 201,477 | 0 | 31,463 |
| FERROGLOBE PLC | COM | G33856108 | 5,387 | 450,794 | SH | | SOLE | 0 | 389,958 | 0 | 60,836 |
| Halliburton Company | COM | 406216101 | 2,637 | 61,752 | SH | | SOLE | 0 | 53,457 | 0 | 8,295 |
| Huntington Bancshares Incorporated | COM | 446150104 | 4,461 | 329,959 | SH | | SOLE | 0 | 286,201 | 0 | 43,758 |
| Hanesbrands Inc. | COM | 410345102 | 14,594 | 630,125 | SH | | SOLE | 0 | 546,556 | 0 | 83,569 |
| Hackett Group, Inc. | COM | 404609109 | 17,484 | 1,128,030 | SH | | SOLE | 0 | 975,433 | 0 | 152,597 |
| HEWLETT PACKARD ENTERPRISE CO. | COM | 42824C109 | 19,277 | 1,161,951 | SH | | SOLE | 0 | 1,004,819 | 0 | 157,132 |
| HP Inc | COM | 40434L105 | 5,632 | 322,222 | SH | | SOLE | 0 | 279,636 | 0 | 42,586 |
| Herc Holdings Inc | COM | 42704L104 | 706 | 17,967 | SH | | SOLE | 0 | 15,598 | 0 | 2,369 |
| Hertz Global Holdings | COM | 42806J106 | 625 | 54,315 | SH | | SOLE | 0 | 47,198 | 0 | 7,117 |
| iHeartMedia, Inc. Class A | COM | 45174J103 | 762 | 461,865 | SH | | SOLE | 0 | 409,074 | 0 | 52,791 |
| ILG INC NPV | COM | 44967H101 | 3,645 | 132,599 | SH | | SOLE | 0 | 114,611 | 0 | 17,988 |
| iShares MSCI India ETF | COM | 46429B598 | 10,183 | 317,242 | SH | | SOLE | 0 | 317,242 | 0 | 0 |
| Intel Corporation | COM | 458140100 | 10,248 | 303,720 | SH | | SOLE | 0 | 263,539 | 0 | 40,181 |
| Gartner, Inc. | COM | 366651107 | 21,025 | 170,233 | SH | | SOLE | 0 | 147,750 | 0 | 22,483 |
| JD.com, Inc. Sponsored ADR Class A | COM | 47215P106 | 42,419 | 1,081,565 | SH | | SOLE | 0 | 930,313 | 0 | 151,252 |
| JPMorgan Chase & Co. | COM | 46625H100 | 18,605 | 203,556 | SH | | SOLE | 0 | 176,189 | 0 | 27,367 |
| JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS | CONV BONDS | 46634E114 | 10,237 | 203,568 | PRN | | SOLE | 0 | 175,741 | 0 | 27,827 |
| KIRBY CORPORATION | COM | 497266106 | 4,360 | 65,219 | SH | | SOLE | 0 | 56,257 | 0 | 8,962 |
| KKR & Co. L.P. | COM | 48248M102 | 16,370 | 880,088 | SH | | SOLE | 0 | 760,552 | 0 | 119,536 |
| Kroger Co. | COM | 501044101 | 12,523 | 536,993 | SH | | SOLE | 0 | 464,234 | 0 | 72,759 |
| Kansas City Southern | COM | 485170302 | 11,826 | 113,009 | SH | | SOLE | 0 | 97,732 | 0 | 15,277 |
| Loews Corporation | COM | 540424108 | 7,755 | 165,663 | SH | | SOLE | 0 | 143,720 | 0 | 21,943 |
| Lazard Ltd Class A | COM | G54050102 | 46,760 | 1,009,287 | SH | | SOLE | 0 | 873,089 | 0 | 136,198 |
| Liberty Broadband Corp. Class A | COM | 530307107 | 1,590 | 18,539 | SH | | SOLE | 0 | 15,880 | 0 | 2,659 |
| Liberty Broadband Corp. Class C | COM | 530307305 | 8,811 | 101,573 | SH | | SOLE | 0 | 87,216 | 0 | 14,357 |
| Liberty Global Plc Class A | COM | G5480U104 | 39,327 | 1,224,374 | SH | | SOLE | 0 | 1,056,855 | 0 | 167,519 |
| Liberty Global Plc Class C | COM | G5480U120 | 43,850 | 1,406,359 | SH | | SOLE | 0 | 1,214,413 | 0 | 191,946 |
| Liberty Expedia Holdings Inc NPV | COM | 53046P109 | 1,440 | 26,651 | SH | | SOLE | 0 | 23,058 | 0 | 3,593 |
| LIONS GATE ENTERTAINMENT CORP NPV | COM | 535919500 | 747 | 28,440 | SH | | SOLE | 0 | 24,564 | 0 | 3,876 |
| Liberty Lilac Group Class A | COM | G5480U138 | 8,448 | 388,058 | SH | | SOLE | 0 | 333,954 | 0 | 54,104 |
| Liberty LiLAC Group Class C | COM | G5480U153 | 6,101 | 284,968 | SH | | SOLE | 0 | 245,183 | 0 | 39,785 |
| LIVANOVA PLC | COM | G5509L101 | 11,539 | 188,518 | SH | | SOLE | 0 | 162,873 | 0 | 25,645 |
| Lowe s Companies, Inc. | COM | 548661107 | 20,950 | 270,221 | SH | | SOLE | 0 | 233,745 | 0 | 36,476 |
| Louisiana-Pacific Corporation | COM | 546347105 | 5,218 | 216,418 | SH | | SOLE | 0 | 187,190 | 0 | 29,228 |
| LIBERTY SIRIUSXM GROUP CLASS A | COM | 531229409 | 9,962 | 237,304 | SH | | SOLE | 0 | 204,654 | 0 | 32,650 |
| LIBERTY SIRIUSXM GROUP CLASS C | COM | 531229607 | 11,410 | 273,610 | SH | | SOLE | 0 | 236,172 | 0 | 37,438 |
| Liberty TripAdvisor Holdings Inc Class A | COM | 531465102 | 3,119 | 268,861 | SH | | SOLE | 0 | 231,354 | 0 | 37,507 |
| Leucadia National Corporation | COM | 527288104 | 2,834 | 108,322 | SH | | SOLE | 0 | 93,688 | 0 | 14,634 |
| Level 3 Communications, Inc. | COM | 52729N308 | 24,845 | 418,978 | SH | | SOLE | 0 | 362,722 | 0 | 56,256 |
| Liberty Interactive Corp NPV | COM | 53071M856 | 3,314 | 63,377 | SH | | SOLE | 0 | 54,840 | 0 | 8,537 |
| LYONDELLBASELL INDUSTRIES NV | COM | N53745100 | 6,024 | 71,386 | SH | | SOLE | 0 | 61,612 | 0 | 9,774 |
| Masco Corporation | COM | 574599106 | 10,006 | 261,858 | SH | | SOLE | 0 | 226,461 | 0 | 35,397 |
| MBIA Inc. | COM | 55262C100 | 55,356 | 5,870,156 | SH | | SOLE | 0 | 5,070,255 | 0 | 799,901 |
| Moodys Corporation | COM | 615369105 | 4,433 | 36,430 | SH | | SOLE | 0 | 31,385 | 0 | 5,045 |
| MGM Resorts International | COM | 552953101 | 65,051 | 2,078,981 | SH | | SOLE | 0 | 1,791,638 | 0 | 287,343 |
| Mohawk Industries, Inc. | COM | 608190104 | 19,142 | 79,201 | SH | | SOLE | 0 | 68,621 | 0 | 10,580 |
| MARKEL CORPORATION | COM | 570535104 | 15,929 | 16,323 | SH | | SOLE | 0 | 14,071 | 0 | 2,252 |
| Altria Group, Inc. | COM | 02209S103 | 20,961 | 281,471 | SH | | SOLE | 0 | 241,804 | 0 | 39,667 |
| MOSAIC COMPANY | COM | 61945C103 | 3,957 | 173,311 | SH | | SOLE | 0 | 149,692 | 0 | 23,619 |
| Morgan Stanley | COM | 617446448 | 18,816 | 422,260 | SH | | SOLE | 0 | 365,197 | 0 | 57,063 |
| Microsoft Corporation | COM | 594918104 | 22,095 | 320,549 | SH | | SOLE | 0 | 277,636 | 0 | 42,913 |
| Micron Technology, Inc. | COM | 595112103 | 46,516 | 1,557,794 | SH | | SOLE | 0 | 1,347,248 | 0 | 210,546 |
| INGEVITY CORP | COM | 45688C107 | 1,251 | 21,797 | SH | | SOLE | 0 | 18,990 | 0 | 2,807 |
| NII HOLDINGS, INC ORD SHARES | COM | 62913F508 | 735 | 914,557 | SH | | SOLE | 0 | 790,437 | 0 | 124,120 |
| NAVIOS MARITIME ACQUISITION CORPORATION | COM | Y62159101 | 1,839 | 1,251,093 | SH | | SOLE | 0 | 1,079,624 | 0 | 171,469 |
| NOAH HOLDINGS LTD. SPONSORED ADR CLASS A | COM | 65487X102 | 5,682 | 198,321 | SH | | SOLE | 0 | 171,251 | 0 | 27,070 |
| NetEase, Inc. Sponsored ADR | COM | 64110W102 | 29,525 | 98,209 | SH | | SOLE | 0 | 84,654 | 0 | 13,555 |
| Priceline Group Inc | COM | 741503403 | 83,481 | 44,630 | SH | | SOLE | 0 | 38,585 | 0 | 6,045 |
| Philip Morris International Inc. | COM | 718172109 | 15,509 | 132,046 | SH | | SOLE | 0 | 113,551 | 0 | 18,495 |
| PNC FINANCIAL SERVICES GROUP INC WARRANTS 2010-31. | CONV BONDS | 693475121 | 14,895 | 258,466 | PRN | | SOLE | 0 | 223,126 | 0 | 35,340 |
| PAYPAL HOLDINGS INC | COM | 70450Y103 | 76,409 | 1,423,677 | SH | | SOLE | 0 | 1,228,820 | 0 | 194,857 |
| PAPA JOHN`S INTERNATIONAL, INC. | COM | 698813102 | 5,303 | 73,894 | SH | | SOLE | 0 | 63,665 | 0 | 10,229 |
| Liberty Interactive Corporation QVC Group | COM | 53071M104 | 15,308 | 623,797 | SH | | SOLE | 0 | 540,135 | 0 | 83,662 |
| RALPH LAUREN CORPORATION CLASS A | COM | 751212101 | 12,853 | 174,161 | SH | | SOLE | 0 | 150,537 | 0 | 23,624 |
| Raytheon Company | COM | 755111507 | 11,128 | 68,912 | SH | | SOLE | 0 | 59,668 | 0 | 9,244 |
| Ryanair Holdings Plc Sponsored ADR | COM | 783513203 | 6,604 | 61,369 | SH | | SOLE | 0 | 51,944 | 0 | 9,425 |
| SCORPIO BULKERS, INC. | COM | Y7546A122 | 6,486 | 913,509 | SH | | SOLE | 0 | 787,996 | 0 | 125,513 |
| SOUTHERN COPPER CORPORATION | COM | 84265V105 | 8,993 | 259,689 | SH | | SOLE | 0 | 223,867 | 0 | 35,822 |
| Charles Schwab Corporation | COM | 808513105 | 32,003 | 744,960 | SH | | SOLE | 0 | 641,874 | 0 | 103,086 |
| Sherwin-Williams Company | COM | 824348106 | 32,949 | 93,883 | SH | | SOLE | 0 | 81,115 | 0 | 12,768 |
| Signet Jewelers Limited | COM | G81276100 | 7,484 | 118,337 | SH | | SOLE | 0 | 102,476 | 0 | 15,861 |
| SL Green Realty Corp. | COM | 78440X101 | 43,490 | 411,056 | SH | | SOLE | 0 | 354,177 | 0 | 56,879 |
| Scotts Miracle-Gro Company Class A | COM | 810186106 | 13,942 | 155,845 | SH | | SOLE | 0 | 135,150 | 0 | 20,695 |
| STNG 2 3/8 07/01/19 | CONV BONDS | 80918TAA7 | 2,457 | 2,749,000 | PRN | | SOLE | 0 | 2,349,000 | 0 | 400,000 |
| SCORPIO TANKERS INC. | COM | Y7542C106 | 30,448 | 7,669,598 | SH | | SOLE | 0 | 6,621,075 | 0 | 1,048,523 |
| Seagate Technology PLC | COM | G7945M107 | 16,130 | 416,248 | SH | | SOLE | 0 | 360,049 | 0 | 56,199 |
| Synchrony Financial | COM | 87165B103 | 47,550 | 1,594,582 | SH | | SOLE | 0 | 1,377,931 | 0 | 216,651 |
| THOR INDUSTRIES, INC. | COM | 885160101 | 3,843 | 36,768 | SH | | SOLE | 0 | 31,768 | 0 | 5,000 |
| Tribune Media Co. Class A | COM | 896047503 | 11,519 | 282,538 | SH | | SOLE | 0 | 243,828 | 0 | 38,710 |
| TripAdvisor, Inc. | COM | 896945201 | 7,560 | 197,913 | SH | | SOLE | 0 | 170,974 | 0 | 26,939 |
| Tronc Inc | COM | 89703P107 | 608 | 47,174 | SH | | SOLE | 0 | 40,868 | 0 | 6,306 |
| Tractor Supply Company | COM | 892356106 | 25,743 | 474,869 | SH | | SOLE | 0 | 410,186 | 0 | 64,683 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Spons | COM | 874039100 | 58,938 | 1,685,870 | SH | | SOLE | 0 | 1,458,006 | 0 | 227,864 |
| ISHARES MSCI TURKEY ETF | COM | 464286715 | 2,698 | 65,003 | SH | | SOLE | 0 | 65,003 | 0 | 0 |
| TEXAS INSTRUMENTS INCORPORATED | COM | 882508104 | 6,752 | 87,763 | SH | | SOLE | 0 | 75,870 | 0 | 11,893 |
| United Continental Holdings, Inc. | COM | 910047109 | 36,625 | 486,710 | SH | | SOLE | 0 | 419,904 | 0 | 66,806 |
| NET 1 UEPS TECHNOLOGIES, INC. | COM | 64107N206 | 2,459 | 249,396 | SH | | SOLE | 0 | 214,825 | 0 | 34,571 |
| UNION PACIFIC CORPORATION | COM | 907818108 | 30,030 | 275,731 | SH | | SOLE | 0 | 238,234 | 0 | 37,497 |
| USG Corporation | COM | 903293405 | 6,635 | 228,640 | SH | | SOLE | 0 | 197,879 | 0 | 30,761 |
| VEECO INSTRUMENTS INC. | COM | 922417100 | 8,602 | 308,883 | SH | | SOLE | 0 | 266,209 | 0 | 42,674 |
| VIPSHOP HOLDINGS LTD SPONSORED ADR | COM | 92763W103 | 4,187 | 396,835 | SH | | SOLE | 0 | 341,922 | 0 | 54,913 |
| Verisk Analytics, Inc. Class A | COM | 92345Y106 | 13,029 | 154,422 | SH | | SOLE | 0 | 133,379 | 0 | 21,043 |
| Verizon Communications Inc. | COM | 92343V104 | 5,565 | 124,617 | SH | | SOLE | 0 | 107,696 | 0 | 16,921 |
| Walgreens Boots Alliance Inc | COM | 931427108 | 2,068 | 26,411 | SH | | SOLE | 0 | 22,845 | 0 | 3,566 |
| Western Digital Corporation | COM | 958102105 | 11,119 | 125,495 | SH | | SOLE | 0 | 108,834 | 0 | 16,661 |
| Wells Fargo & Company | COM | 949746101 | 58,963 | 1,064,115 | SH | | SOLE | 0 | 917,046 | 0 | 147,069 |
| WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS | CONV BONDS | 949746119 | 5,590 | 251,790 | PRN | | SOLE | 0 | 217,366 | 0 | 34,424 |
| WHIRLPOOL CORPORATION | COM | 963320106 | 7,898 | 41,217 | SH | | SOLE | 0 | 35,642 | 0 | 5,575 |
| WILLIS TOWERS WATSON PLC | COM | G96629103 | 37,794 | 259,822 | SH | | SOLE | 0 | 224,852 | 0 | 34,970 |
| WAL-MART STORES, INC. | COM | 931142103 | 17,034 | 225,082 | SH | | SOLE | 0 | 203,539 | 0 | 21,543 |
| WESTROCK CO. | COM | 96145D105 | 7,279 | 128,464 | SH | | SOLE | 0 | 111,737 | 0 | 16,727 |
| YANDEX N.V. | COM | N97284108 | 10,053 | 383,120 | SH | | SOLE | 0 | 330,477 | 0 | 52,643 |
