| 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 | 111,359 | 2,344,886 | SH | | SOLE | 0 | 2,080,293 | 0 | 264,593 |
| ADVANCE AUTO PARTS, INC. | COM | 00751Y106 | 3,524 | 35,528 | SH | | SOLE | 0 | 31,545 | 0 | 3,983 |
| ADIENT PLC | COM | G0084W101 | 3,922 | 46,700 | SH | | SOLE | 0 | 41,479 | 0 | 5,221 |
| Alliance Data Systems Corporation | COM | 018581108 | 9,475 | 42,768 | SH | | SOLE | 0 | 37,978 | 0 | 4,790 |
| American International Group, Inc. | COM | 026874784 | 91,646 | 1,492,850 | SH | | SOLE | 0 | 1,326,016 | 0 | 166,834 |
| AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19. | CONV BONDS | 026874156 | 60,452 | 3,022,586 | PRN | | SOLE | 0 | 2,682,209 | 0 | 340,377 |
| America Movil SAB de CV Sponsored ADR Class L | COM | 02364W105 | 6,022 | 339,281 | SH | | SOLE | 0 | 301,729 | 0 | 37,552 |
| Amazon.com, Inc. | COM | 023135106 | 204,096 | 212,301 | SH | | SOLE | 0 | 188,317 | 0 | 23,984 |
| Andeavor | COM | 03349M105 | 8,039 | 77,935 | SH | | SOLE | 0 | 68,942 | 0 | 8,993 |
| Anthem, Inc. | COM | 036752103 | 21,141 | 111,340 | SH | | SOLE | 0 | 98,884 | 0 | 12,456 |
| APACHE CORPORATION | COM | 037411105 | 4,164 | 90,924 | SH | | SOLE | 0 | 80,871 | 0 | 10,053 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 | 23,509 | 364,422 | SH | | SOLE | 0 | 323,327 | 0 | 41,095 |
| BROADCOM LIMITED | COM | Y09827109 | 3,041 | 12,539 | SH | | SOLE | 0 | 11,132 | 0 | 1,407 |
| American Express Company | COM | 025816109 | 61,255 | 677,148 | SH | | SOLE | 0 | 601,022 | 0 | 76,126 |
| Bank of America Corporation | COM | 060505104 | 132,582 | 5,232,119 | SH | | SOLE | 0 | 4,642,998 | 0 | 589,121 |
| BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS | CONV BONDS | 060505146 | 64,089 | 4,840,594 | PRN | | SOLE | 0 | 4,295,605 | 0 | 544,989 |
| BANK OF AMERICA CORP WARRANTS 2009-28.10.18 ON SHS | CONV BONDS | 060505153 | 1,247 | 1,595,477 | PRN | | SOLE | 0 | 1,415,094 | 0 | 180,383 |
| Liberty Braves Group - Class C | COM | 531229888 | 697 | 27,584 | SH | | SOLE | 0 | 24,316 | 0 | 3,268 |
| Belmond Ltd. Class A | COM | G1154H107 | 46,201 | 3,384,653 | SH | | SOLE | 0 | 3,001,955 | 0 | 382,698 |
| Sotheby s Class A | COM | 835898107 | 16,054 | 348,170 | SH | | SOLE | 0 | 308,943 | 0 | 39,227 |
| BAIDU, INC. SPONSORED ADR CLASS A | COM | 056752108 | 18,045 | 72,854 | SH | | SOLE | 0 | 64,561 | 0 | 8,293 |
| Bio-Rad Laboratories, Inc. Class A | COM | 090572207 | 19,524 | 87,858 | SH | | SOLE | 0 | 77,959 | 0 | 9,899 |
| TOPBUILD CORP. | COM | 89055F103 | 2,488 | 38,178 | SH | | SOLE | 0 | 33,752 | 0 | 4,426 |
| Bristol-Myers Squibb Company | COM | 110122108 | 12,271 | 192,519 | SH | | SOLE | 0 | 171,057 | 0 | 21,462 |
| Berkshire Hathaway Inc. Class B | COM | 084670702 | 66,963 | 365,281 | SH | | SOLE | 0 | 323,801 | 0 | 41,480 |
| Citigroup Inc. | COM | 172967424 | 159,828 | 2,197,245 | SH | | SOLE | 0 | 1,951,676 | 0 | 245,569 |
| CITIGROUP INC WARRANTS 2011-4.1.19 ON SHS | CONV BONDS | 172967226 | 662 | 5,749,254 | PRN | | SOLE | 0 | 5,098,816 | 0 | 650,438 |
| Avis Budget Group, Inc. | COM | 053774105 | 6,858 | 180,181 | SH | | SOLE | 0 | 160,389 | 0 | 19,792 |
| CBRE Group, Inc. Class A | COM | 12504L109 | 92,305 | 2,436,782 | SH | | SOLE | 0 | 2,159,272 | 0 | 277,510 |
| CF Industries Holdings, Inc. | COM | 125269100 | 4,843 | 137,752 | SH | | SOLE | 0 | 122,131 | 0 | 15,621 |
| Citizens Financial Group, Inc. | COM | 174610105 | 42,878 | 1,132,234 | SH | | SOLE | 0 | 1,004,963 | 0 | 127,271 |
| Charter Communications Inc. Class A | COM | 16119P108 | 10,176 | 28,001 | SH | | SOLE | 0 | 24,893 | 0 | 3,108 |
| COMMERCEHUB INC-SERIES A | COM | 20084V108 | 217 | 9,624 | SH | | SOLE | 0 | 8,181 | 0 | 1,443 |
| COMMERCEHUB INC-SERIES C | COM | 20084V306 | 469 | 21,982 | SH | | SOLE | 0 | 19,098 | 0 | 2,884 |
| CoreLogic, Inc. | COM | 21871D103 | 21,363 | 462,193 | SH | | SOLE | 0 | 409,924 | 0 | 52,269 |
| COMCAST CORPORATION CLASS A | COM | 20030N101 | 42,556 | 1,105,921 | SH | | SOLE | 0 | 981,785 | 0 | 124,136 |
| Capital One Financial Corporation | COM | 14040H105 | 51,474 | 608,013 | SH | | SOLE | 0 | 539,113 | 0 | 68,900 |
| CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14. | CONV BONDS | 14040H139 | 4,596 | 107,800 | PRN | | SOLE | 0 | 95,515 | 0 | 12,285 |
| Costco Wholesale Corporation | COM | 22160K105 | 87,956 | 535,373 | SH | | SOLE | 0 | 475,148 | 0 | 60,225 |
| Coty Inc. Class A | COM | 222070203 | 2,552 | 154,359 | SH | | SOLE | 0 | 136,956 | 0 | 17,403 |
| COPA HOLDINGS, S.A. CLASS A | COM | P31076105 | 10,581 | 84,965 | SH | | SOLE | 0 | 74,824 | 0 | 10,141 |
| CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR | COM | 22943F100 | 5,636 | 106,873 | SH | | SOLE | 0 | 94,342 | 0 | 12,531 |
| Cognizant Technology Solutions Corporation Class A | COM | 192446102 | 19,362 | 266,917 | SH | | SOLE | 0 | 236,663 | 0 | 30,254 |
| Cemex SAB de CV Sponsored ADR | COM | 151290889 | 64,868 | 7,144,062 | SH | | SOLE | 0 | 6,343,628 | 0 | 800,434 |
| CAESARS ENTERTAINMENT CORPORATION | COM | 127686103 | 13,859 | 1,038,146 | SH | | SOLE | 0 | 921,252 | 0 | 116,894 |
| Delta Air Lines, Inc. | COM | 247361702 | 91,661 | 1,900,891 | SH | | SOLE | 0 | 1,685,489 | 0 | 215,402 |
| Discovery Communications, Inc. Class A | COM | 25470F104 | 15,340 | 720,523 | SH | | SOLE | 0 | 639,763 | 0 | 80,760 |
| NOW Inc | COM | 67011P100 | 10,364 | 750,436 | SH | | SOLE | 0 | 665,784 | 0 | 84,652 |
| DIANA SHIPPING INC. | COM | Y2066G104 | 12,945 | 3,566,045 | SH | | SOLE | 0 | 3,177,668 | 0 | 388,377 |
| DOWDUPONT INC | COM | 26078J100 | 14,082 | 203,414 | SH | | SOLE | 0 | 181,299 | 0 | 22,115 |
| DXC Technology Co | COM | 23355L106 | 18,322 | 213,346 | SH | | SOLE | 0 | 189,200 | 0 | 24,146 |
| eBay Inc. | COM | 278642103 | 34,901 | 907,450 | SH | | SOLE | 0 | 805,035 | 0 | 102,415 |
| EPAM Systems, Inc. | COM | 29414B104 | 22,711 | 258,280 | SH | | SOLE | 0 | 228,748 | 0 | 29,532 |
| ISHARES MSCI SOUTH KOREA CAP ETF | COM | 464286772 | 2,624 | 38,000 | SH | | SOLE | 0 | 38,000 | 0 | 0 |
| Ford Motor Company | COM | 345370860 | 27,118 | 2,265,509 | SH | | SOLE | 0 | 2,010,904 | 0 | 254,605 |
| FIRSTCASH INC. | COM | 33767D105 | 10,438 | 165,288 | SH | | SOLE | 0 | 146,332 | 0 | 18,956 |
| FREEPORT-MCMORAN, INC. | COM | 35671D857 | 11,410 | 812,695 | SH | | SOLE | 0 | 718,325 | 0 | 94,370 |
| Fluor Corporation | COM | 343412102 | 2,108 | 50,081 | SH | | SOLE | 0 | 44,424 | 0 | 5,657 |
| Federal National Mortgage Association | COM | 313586109 | 1,285 | 430,531 | SH | | SOLE | 0 | 383,097 | 0 | 47,434 |
| Liberty Media Corp Series A Liberty Formula One | COM | 531229870 | 1,560 | 42,749 | SH | | SOLE | 0 | 37,817 | 0 | 4,932 |
| Liberty Media Corp Series C Liberty Formula One | COM | 531229854 | 2,079 | 54,578 | SH | | SOLE | 0 | 48,368 | 0 | 6,210 |
| Graco Inc. | COM | 384109104 | 16,029 | 129,590 | SH | | SOLE | 0 | 115,392 | 0 | 14,198 |
| GOLAR LNG LIMITED | COM | G9456A100 | 6,036 | 266,967 | SH | | SOLE | 0 | 236,958 | 0 | 30,009 |
| CORNING INCORPORATED | COM | 219350105 | 4,540 | 151,740 | SH | | SOLE | 0 | 134,660 | 0 | 17,080 |
| Alphabet Inc. Class C | COM | 02079K107 | 108,127 | 112,737 | SH | | SOLE | 0 | 99,834 | 0 | 12,903 |
| Alphabet Inc. Class A | COM | 02079K305 | 9,259 | 9,509 | SH | | SOLE | 0 | 8,441 | 0 | 1,068 |
| Garmin Ltd. | COM | H2906T109 | 12,627 | 233,971 | SH | | SOLE | 0 | 207,589 | 0 | 26,382 |
| FERROGLOBE PLC | COM | G33856108 | 5,953 | 452,370 | SH | | SOLE | 0 | 401,527 | 0 | 50,843 |
| HAIN CELESTIAL GROUP, INC. | COM | 405217100 | 5,413 | 131,547 | SH | | SOLE | 0 | 116,606 | 0 | 14,941 |
| Halliburton Company | COM | 406216101 | 2,861 | 62,162 | SH | | SOLE | 0 | 55,143 | 0 | 7,019 |
| Huntington Bancshares Incorporated | COM | 446150104 | 4,625 | 331,325 | SH | | SOLE | 0 | 294,524 | 0 | 36,801 |
| Hanesbrands Inc. | COM | 410345102 | 15,593 | 632,819 | SH | | SOLE | 0 | 563,420 | 0 | 69,399 |
| Hackett Group, Inc. | COM | 404609109 | 17,199 | 1,132,277 | SH | | SOLE | 0 | 1,005,699 | 0 | 126,578 |
| HEWLETT PACKARD ENTERPRISE CO. | COM | 42824C109 | 17,224 | 1,170,890 | SH | | SOLE | 0 | 1,039,024 | 0 | 131,866 |
| HP Inc | COM | 40434L105 | 6,461 | 323,708 | SH | | SOLE | 0 | 287,930 | 0 | 35,778 |
| Herc Holdings Inc | COM | 42704L104 | 886 | 18,040 | SH | | SOLE | 0 | 16,021 | 0 | 2,019 |
| Hertz Global Holdings | COM | 42806J106 | 1,222 | 54,632 | SH | | SOLE | 0 | 48,566 | 0 | 6,066 |
| iHeartMedia, Inc. Class A | COM | 45174J103 | 711 | 458,604 | SH | | SOLE | 0 | 417,665 | 0 | 40,939 |
| ILG INC NPV | COM | 44967H101 | 3,563 | 133,293 | SH | | SOLE | 0 | 118,119 | 0 | 15,174 |
| iShares MSCI India ETF | COM | 46429B598 | 14,948 | 455,024 | SH | | SOLE | 0 | 455,024 | 0 | 0 |
| Intel Corporation | COM | 458140100 | 11,621 | 305,162 | SH | | SOLE | 0 | 271,313 | 0 | 33,849 |
| Gartner, Inc. | COM | 366651107 | 21,269 | 170,962 | SH | | SOLE | 0 | 152,228 | 0 | 18,734 |
| JD.com, Inc. Sponsored ADR Class A | COM | 47215P106 | 41,472 | 1,085,667 | SH | | SOLE | 0 | 960,201 | 0 | 125,466 |
| JPMorgan Chase & Co. | COM | 46625H100 | 19,526 | 204,438 | SH | | SOLE | 0 | 181,711 | 0 | 22,727 |
| JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS | CONV BONDS | 46634E114 | 11,046 | 204,336 | PRN | | SOLE | 0 | 181,275 | 0 | 23,061 |
| KIRBY CORPORATION | COM | 497266106 | 4,321 | 65,520 | SH | | SOLE | 0 | 58,027 | 0 | 7,493 |
| KKR & Co. L.P. | COM | 48248M102 | 17,960 | 883,443 | SH | | SOLE | 0 | 783,319 | 0 | 100,124 |
| Kroger Co. | COM | 501044101 | 15,743 | 784,807 | SH | | SOLE | 0 | 696,262 | 0 | 88,545 |
| Kansas City Southern | COM | 485170302 | 12,339 | 113,532 | SH | | SOLE | 0 | 100,824 | 0 | 12,708 |
| KT CORPORATION SPONSORED ADR | COM | 48268K101 | 343 | 24,725 | SH | | SOLE | 0 | 24,725 | 0 | 0 |
| Loews Corporation | COM | 540424108 | 7,961 | 166,344 | SH | | SOLE | 0 | 147,981 | 0 | 18,363 |
| Lazard Ltd Class A | COM | G54050102 | 45,851 | 1,013,954 | SH | | SOLE | 0 | 900,506 | 0 | 113,448 |
| Liberty Broadband Corp. Class A | COM | 530307107 | 1,756 | 18,642 | SH | | SOLE | 0 | 16,458 | 0 | 2,184 |
| Liberty Broadband Corp. Class C | COM | 530307305 | 8,177 | 85,806 | SH | | SOLE | 0 | 75,688 | 0 | 10,118 |
| Liberty Global Plc Class A | COM | G5480U104 | 41,685 | 1,229,285 | SH | | SOLE | 0 | 1,088,850 | 0 | 140,435 |
| Liberty Global Plc Class C | COM | G5480U120 | 46,181 | 1,412,275 | SH | | SOLE | 0 | 1,252,125 | 0 | 160,150 |
| Liberty Expedia Holdings Inc NPV | COM | 53046P109 | 615 | 11,585 | SH | | SOLE | 0 | 10,164 | 0 | 1,421 |
| LIONS GATE ENTERTAINMENT CORP NPV | COM | 535919500 | 906 | 28,487 | SH | | SOLE | 0 | 25,236 | 0 | 3,251 |
| Liberty Lilac Group Class A | COM | G5480U138 | 6,949 | 292,484 | SH | | SOLE | 0 | 258,393 | 0 | 34,091 |
| Liberty LiLAC Group Class C | COM | G5480U153 | 11,926 | 511,857 | SH | | SOLE | 0 | 452,765 | 0 | 59,092 |
| LIVANOVA PLC | COM | G5509L101 | 19,405 | 276,978 | SH | | SOLE | 0 | 245,654 | 0 | 31,324 |
| Lowe s Companies, Inc. | COM | 548661107 | 21,711 | 271,597 | SH | | SOLE | 0 | 241,004 | 0 | 30,593 |
| Louisiana-Pacific Corporation | COM | 546347105 | 5,887 | 217,395 | SH | | SOLE | 0 | 192,897 | 0 | 24,498 |
| LIBERTY SIRIUSXM GROUP CLASS A | COM | 531229409 | 9,985 | 238,310 | SH | | SOLE | 0 | 210,726 | 0 | 27,584 |
| LIBERTY SIRIUSXM GROUP CLASS C | COM | 531229607 | 11,505 | 274,785 | SH | | SOLE | 0 | 243,354 | 0 | 31,431 |
| Liberty TripAdvisor Holdings Inc Class A | COM | 531465102 | 3,334 | 269,948 | SH | | SOLE | 0 | 238,434 | 0 | 31,514 |
| Leucadia National Corporation | COM | 527288104 | 2,749 | 108,855 | SH | | SOLE | 0 | 96,581 | 0 | 12,274 |
| Level 3 Communications, Inc. | COM | 52729N308 | 22,443 | 421,154 | SH | | SOLE | 0 | 374,063 | 0 | 47,091 |
| Liberty Interactive Corp NPV | COM | 53071M856 | 3,670 | 63,768 | SH | | SOLE | 0 | 56,357 | 0 | 7,411 |
| LYONDELLBASELL INDUSTRIES NV | COM | N53745100 | 7,109 | 71,775 | SH | | SOLE | 0 | 63,570 | 0 | 8,205 |
| Masco Corporation | COM | 574599106 | 10,258 | 262,950 | SH | | SOLE | 0 | 233,600 | 0 | 29,350 |
| MBIA Inc. | COM | 55262C100 | 51,283 | 5,894,581 | SH | | SOLE | 0 | 5,224,745 | 0 | 669,836 |
| Moodys Corporation | COM | 615369105 | 5,106 | 36,676 | SH | | SOLE | 0 | 32,359 | 0 | 4,317 |
| MICRO FOCUS INTL PLC NPV ADR | COM | 594837304 | 5,129 | 160,787 | SH | | SOLE | 0 | 142,680 | 0 | 18,107 |
| MGM Resorts International | COM | 552953101 | 68,070 | 2,088,692 | SH | | SOLE | 0 | 1,849,604 | 0 | 239,088 |
| Mohawk Industries, Inc. | COM | 608190104 | 19,721 | 79,676 | SH | | SOLE | 0 | 70,803 | 0 | 8,873 |
| MARKEL CORPORATION | COM | 570535104 | 17,539 | 16,423 | SH | | SOLE | 0 | 14,511 | 0 | 1,912 |
| Altria Group, Inc. | COM | 02209S103 | 17,971 | 283,365 | SH | | SOLE | 0 | 246,478 | 0 | 36,887 |
| MOSAIC COMPANY | COM | 61945C103 | 3,762 | 174,242 | SH | | SOLE | 0 | 154,506 | 0 | 19,736 |
| Morgan Stanley | COM | 617446448 | 20,424 | 424,003 | SH | | SOLE | 0 | 376,881 | 0 | 47,122 |
| Microsoft Corporation | COM | 594918104 | 24,016 | 322,401 | SH | | SOLE | 0 | 286,535 | 0 | 35,866 |
| Micron Technology, Inc. | COM | 595112103 | 61,514 | 1,564,040 | SH | | SOLE | 0 | 1,389,970 | 0 | 174,070 |
| INGEVITY CORP | COM | 45688C107 | 1,372 | 21,962 | SH | | SOLE | 0 | 19,547 | 0 | 2,415 |
| NII HOLDINGS, INC ORD SHARES | COM | 62913F508 | 424 | 921,777 | SH | | SOLE | 0 | 817,872 | 0 | 103,905 |
| NAVIOS MARITIME ACQUISITION CORPORATION | COM | Y62159101 | 1,531 | 1,254,779 | SH | | SOLE | 0 | 1,112,161 | 0 | 142,618 |
| NOAH HOLDINGS LTD. SPONSORED ADR CLASS A | COM | 65487X102 | 6,393 | 199,088 | SH | | SOLE | 0 | 176,468 | 0 | 22,620 |
| NetEase, Inc. Sponsored ADR | COM | 64110W102 | 26,058 | 98,776 | SH | | SOLE | 0 | 87,468 | 0 | 11,308 |
| Priceline Group Inc | COM | 741503403 | 80,064 | 43,731 | SH | | SOLE | 0 | 38,788 | 0 | 4,943 |
| Philip Morris International Inc. | COM | 718172109 | 14,758 | 132,943 | SH | | SOLE | 0 | 115,708 | 0 | 17,235 |
| PNC FINANCIAL SERVICES GROUP INC WARRANTS 2010-31. | CONV BONDS | 693475121 | 17,483 | 259,545 | PRN | | SOLE | 0 | 230,228 | 0 | 29,317 |
| PAYPAL HOLDINGS INC | COM | 70450Y103 | 91,559 | 1,429,941 | SH | | SOLE | 0 | 1,267,730 | 0 | 162,211 |
| PAPA JOHN`S INTERNATIONAL, INC. | COM | 698813102 | 7,684 | 105,161 | SH | | SOLE | 0 | 93,162 | 0 | 11,999 |
| Liberty Interactive Corporation QVC Group | COM | 53071M104 | 14,787 | 627,345 | SH | | SOLE | 0 | 556,974 | 0 | 70,371 |
| RALPH LAUREN CORPORATION CLASS A | COM | 751212101 | 15,431 | 174,778 | SH | | SOLE | 0 | 154,968 | 0 | 19,810 |
| Raytheon Company | COM | 755111507 | 12,930 | 69,301 | SH | | SOLE | 0 | 61,417 | 0 | 7,884 |
| Ryanair Holdings Plc Sponsored ADR | COM | 783513203 | 6,569 | 62,310 | SH | | SOLE | 0 | 55,117 | 0 | 7,193 |
| SCORPIO BULKERS, INC. | COM | Y7546A122 | 6,455 | 915,660 | SH | | SOLE | 0 | 811,111 | 0 | 104,549 |
| SOUTHERN COPPER CORPORATION | COM | 84265V105 | 10,369 | 260,788 | SH | | SOLE | 0 | 230,830 | 0 | 29,958 |
| Charles Schwab Corporation | COM | 808513105 | 32,728 | 748,241 | SH | | SOLE | 0 | 662,528 | 0 | 85,713 |
| Sherwin-Williams Company | COM | 824348106 | 33,966 | 94,866 | SH | | SOLE | 0 | 84,123 | 0 | 10,743 |
| Signet Jewelers Limited | COM | G81276100 | 7,923 | 119,049 | SH | | SOLE | 0 | 105,693 | 0 | 13,356 |
| SL Green Realty Corp. | COM | 78440X101 | 27,945 | 275,807 | SH | | SOLE | 0 | 244,740 | 0 | 31,067 |
| Scotts Miracle-Gro Company Class A | COM | 810186106 | 15,243 | 156,591 | SH | | SOLE | 0 | 139,285 | 0 | 17,306 |
| STNG 2 3/8 07/01/19 | CONV BONDS | 80918TAA7 | 2,501 | 2,785,000 | PRN | | SOLE | 0 | 2,451,000 | 0 | 334,000 |
| SCORPIO TANKERS INC. | COM | Y7542C106 | 28,480 | 8,303,222 | SH | | SOLE | 0 | 7,368,726 | 0 | 934,496 |
| Seagate Technology PLC | COM | G7945M107 | 13,852 | 417,614 | SH | | SOLE | 0 | 370,535 | 0 | 47,079 |
| Synchrony Financial | COM | 87165B103 | 49,732 | 1,601,677 | SH | | SOLE | 0 | 1,421,500 | 0 | 180,177 |
| THOR INDUSTRIES, INC. | COM | 885160101 | 4,660 | 37,010 | SH | | SOLE | 0 | 32,741 | 0 | 4,269 |
| Tribune Media Co. Class A | COM | 896047503 | 11,599 | 283,878 | SH | | SOLE | 0 | 251,400 | 0 | 32,478 |
| TripAdvisor, Inc. | COM | 896945201 | 8,053 | 198,692 | SH | | SOLE | 0 | 176,034 | 0 | 22,658 |
| Tronc Inc | COM | 89703P107 | 689 | 47,408 | SH | | SOLE | 0 | 42,028 | 0 | 5,380 |
| Tractor Supply Company | COM | 892356106 | 30,258 | 478,089 | SH | | SOLE | 0 | 423,954 | 0 | 54,135 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Spons | COM | 874039100 | 63,631 | 1,694,559 | SH | | SOLE | 0 | 1,504,774 | 0 | 189,785 |
| ISHARES MSCI TURKEY ETF | COM | 464286715 | 2,718 | 65,003 | SH | | SOLE | 0 | 65,003 | 0 | 0 |
| TEXAS INSTRUMENTS INCORPORATED | COM | 882508104 | 7,909 | 88,227 | SH | | SOLE | 0 | 78,196 | 0 | 10,031 |
| United Continental Holdings, Inc. | COM | 910047109 | 29,771 | 489,015 | SH | | SOLE | 0 | 433,090 | 0 | 55,925 |
| NET 1 UEPS TECHNOLOGIES, INC. | COM | 64107N206 | 4,626 | 474,947 | SH | | SOLE | 0 | 421,558 | 0 | 53,389 |
| UNION PACIFIC CORPORATION | COM | 907818108 | 32,140 | 277,138 | SH | | SOLE | 0 | 245,952 | 0 | 31,186 |
| USG Corporation | COM | 903293405 | 7,499 | 229,693 | SH | | SOLE | 0 | 203,887 | 0 | 25,806 |
| VEECO INSTRUMENTS INC. | COM | 922417100 | 6,634 | 309,987 | SH | | SOLE | 0 | 274,199 | 0 | 35,788 |
| VIPSHOP HOLDINGS LTD SPONSORED ADR | COM | 92763W103 | 8,667 | 985,995 | SH | | SOLE | 0 | 873,836 | 0 | 112,159 |
| Verisk Analytics, Inc. Class A | COM | 92345Y106 | 12,901 | 155,079 | SH | | SOLE | 0 | 137,349 | 0 | 17,730 |
| Verizon Communications Inc. | COM | 92343V104 | 6,197 | 125,216 | SH | | SOLE | 0 | 110,949 | 0 | 14,267 |
| Western Digital Corporation | COM | 958102105 | 10,869 | 125,793 | SH | | SOLE | 0 | 111,786 | 0 | 14,007 |
| Wells Fargo & Company | COM | 949746101 | 54,329 | 985,116 | SH | | SOLE | 0 | 872,272 | 0 | 112,844 |
| WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS | CONV BONDS | 949746119 | 10,390 | 481,912 | PRN | | SOLE | 0 | 427,235 | 0 | 54,677 |
| WHIRLPOOL CORPORATION | COM | 963320106 | 7,627 | 41,352 | SH | | SOLE | 0 | 36,676 | 0 | 4,676 |
| WILLIS TOWERS WATSON PLC | COM | G96629103 | 40,320 | 261,428 | SH | | SOLE | 0 | 231,897 | 0 | 29,531 |
| WAL-MART STORES, INC. | COM | 931142103 | 25,740 | 329,410 | SH | | SOLE | 0 | 305,801 | 0 | 23,609 |
| WESTROCK CO. | COM | 96145D105 | 7,327 | 129,161 | SH | | SOLE | 0 | 115,088 | 0 | 14,073 |
| YANDEX N.V. | COM | N97284108 | 12,666 | 384,400 | SH | | SOLE | 0 | 340,579 | 0 | 43,821 |
