| 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 |
| Alcoa Corporation | COM | 013872106 | 25,825,025 | 606,791 | SH | | SOLE | 0 | 413,928 | 0 | 192,863 |
| American Airlines Group Inc. | COM | 02376R102 | 13,112,632 | 888,992 | SH | | SOLE | 0 | 551,402 | 0 | 337,590 |
| Advance Auto Parts, Inc. | COM | 00751Y106 | 879,727 | 7,234 | SH | | SOLE | 0 | 4,889 | 0 | 2,345 |
| Adobe Incorporated | COM | 00724F101 | 3,541,936 | 9,191 | SH | | SOLE | 0 | 6,314 | 0 | 2,877 |
| Adient plc | COM | G0084W101 | 2,578,186 | 62,944 | SH | | SOLE | 0 | 42,677 | 0 | 20,267 |
| Autodesk, Inc. | COM | 052769106 | 3,701,917 | 17,784 | SH | | SOLE | 0 | 12,124 | 0 | 5,660 |
| American International Group, Inc. | COM | 026874784 | 51,376,718 | 1,020,189 | SH | | SOLE | 0 | 696,201 | 0 | 323,988 |
| Applied Materials, Inc. | COM | 038222105 | 7,812,111 | 63,601 | SH | | SOLE | 0 | 43,382 | 0 | 20,219 |
| Amazon.com, Inc. | COM | 023135106 | 54,792,969 | 530,477 | SH | | SOLE | 0 | 362,485 | 0 | 167,992 |
| APA Corporation | COM | 03743Q108 | 2,423,737 | 67,214 | SH | | SOLE | 0 | 45,475 | 0 | 21,739 |
| Broadcom Inc. | COM | 11135F101 | 20,454,861 | 31,884 | SH | | SOLE | 0 | 21,815 | 0 | 10,069 |
| American Express Company | COM | 025816109 | 60,733,105 | 368,191 | SH | | SOLE | 0 | 250,974 | 0 | 117,217 |
| Bank of America Corp | COM | 060505104 | 84,657,144 | 2,960,040 | SH | | SOLE | 0 | 2,035,251 | 0 | 924,789 |
| Credicorp Ltd. | COM | G2519Y108 | 12,240,647 | 92,459 | SH | | SOLE | 0 | 63,214 | 0 | 29,245 |
| Bio-Rad Laboratories, Inc. Class A | COM | 090572207 | 25,047,956 | 52,290 | SH | | SOLE | 0 | 35,744 | 0 | 16,546 |
| Booking Holdings Inc. | COM | 09857L108 | 50,175,640 | 18,917 | SH | | SOLE | 0 | 12,947 | 0 | 5,970 |
| TopBuild Corp. | COM | 89055F103 | 8,006,730 | 38,468 | SH | | SOLE | 0 | 26,800 | 0 | 11,668 |
| Bristol-Myers Squibb Company | COM | 110122108 | 2,747,518 | 39,641 | SH | | SOLE | 0 | 27,016 | 0 | 12,625 |
| Berkshire Hathaway Inc. Class B | COM | 084670702 | 46,929,335 | 151,988 | SH | | SOLE | 0 | 104,458 | 0 | 47,530 |
| Peabody Energy Corporation | COM | 704551100 | 28,748,262 | 1,122,979 | SH | | SOLE | 0 | 557,344 | 0 | 565,635 |
| Citigroup Inc. | COM | 172967424 | 50,571,287 | 1,078,509 | SH | | SOLE | 0 | 735,709 | 0 | 342,800 |
| Avis Budget Group, Inc. | COM | 053774105 | 3,139,786 | 16,118 | SH | | SOLE | 0 | 10,906 | 0 | 5,212 |
| CBRE Group, Inc. Class A | COM | 12504L109 | 47,850,295 | 657,194 | SH | | SOLE | 0 | 448,129 | 0 | 209,065 |
| Citizens Financial Group, Inc. | COM | 174610105 | 13,066,632 | 430,248 | SH | | SOLE | 0 | 293,788 | 0 | 136,460 |
| Charter Communications, Inc. Class A | COM | 16119P108 | 2,061,979 | 5,766 | SH | | SOLE | 0 | 3,957 | 0 | 1,809 |
| CME Group Inc. Class A | COM | 12572Q105 | 2,757,696 | 14,399 | SH | | SOLE | 0 | 10,005 | 0 | 4,394 |
| Centene Corporation | COM | 15135B101 | 4,509,907 | 71,348 | SH | | SOLE | 0 | 49,177 | 0 | 22,171 |
| Capital One Financial Corp | COM | 14040H105 | 22,965,989 | 238,831 | SH | | SOLE | 0 | 162,920 | 0 | 75,911 |
| ConocoPhillips | COM | 20825C104 | 36,694,505 | 369,867 | SH | | SOLE | 0 | 252,809 | 0 | 117,058 |
| Costco Wholesale Corporation | COM | 22160K105 | 93,436,404 | 188,050 | SH | | SOLE | 0 | 128,176 | 0 | 59,874 |
| Copa Holdings, S.A. Class A | COM | P31076105 | 8,241,960 | 89,247 | SH | | SOLE | 0 | 61,203 | 0 | 28,044 |
| Corteva Inc | COM | 22052L104 | 6,553,827 | 108,669 | SH | | SOLE | 0 | 74,019 | 0 | 34,650 |
| Cemex SAB de CV Sponsored ADR | COM | 151290889 | 21,270,675 | 3,846,415 | SH | | SOLE | 0 | 2,291,623 | 0 | 1,554,792 |
| Caesars Entertainment Inc | COM | 12769G100 | 7,208,944 | 147,694 | SH | | SOLE | 0 | 101,332 | 0 | 46,362 |
| Delta Air Lines, Inc. | COM | 247361702 | 23,214,397 | 664,788 | SH | | SOLE | 0 | 425,277 | 0 | 239,511 |
| DHT Holdings, Inc. | COM | Y2065G121 | 39,000,631 | 3,607,829 | SH | | SOLE | 0 | 2,474,573 | 0 | 1,133,256 |
| Walt Disney Company | COM | 254687106 | 12,737,237 | 127,207 | SH | | SOLE | 0 | 86,774 | 0 | 40,433 |
| NOW Inc. | COM | 67011P100 | 2,481,176 | 222,527 | SH | | SOLE | 0 | 153,978 | 0 | 68,549 |
| Diana Shipping Inc. | COM | Y2066G104 | 15,151,079 | 3,884,892 | SH | | SOLE | 0 | 2,655,721 | 0 | 1,229,171 |
| DXC Technology Co. | COM | 23355L106 | 8,081,510 | 316,178 | SH | | SOLE | 0 | 216,280 | 0 | 99,898 |
| eBay Inc. | COM | 278642103 | 2,860,179 | 64,462 | SH | | SOLE | 0 | 43,971 | 0 | 20,491 |
| Elevance Health, Inc. | COM | 036752103 | 42,040,888 | 91,431 | SH | | SOLE | 0 | 62,477 | 0 | 28,954 |
| EPAM Systems, Inc. | COM | 29414B104 | 13,866,125 | 46,375 | SH | | SOLE | 0 | 31,634 | 0 | 14,741 |
| iShares MSCI Malaysia ETF | COM | 46434G814 | 9,972,842 | 449,835 | SH | | SOLE | 0 | 449,835 | 0 | 0 |
| iShares MSCI South Korea ETF | COM | 464286772 | 31,995,409 | 522,630 | SH | | SOLE | 0 | 522,630 | 0 | 0 |
| iShares MSCI Brazil ETF | COM | 464286400 | 1,944,391 | 71,015 | SH | | SOLE | 0 | 71,015 | 0 | 0 |
| FirstCash Holdings, Inc. | COM | 33768G107 | 6,612,479 | 69,335 | SH | | SOLE | 0 | 47,273 | 0 | 22,062 |
| Freeport-McMoRan, Inc. | COM | 35671D857 | 47,710,387 | 1,166,228 | SH | | SOLE | 0 | 795,118 | 0 | 371,110 |
| Liberty Media Corp. Series A Liberty Formula One | COM | 531229870 | 2,310,120 | 34,224 | SH | | SOLE | 0 | 22,766 | 0 | 11,458 |
| Liberty Media Corp. Series C Liberty Formula One | COM | 531229854 | 13,007,849 | 173,832 | SH | | SOLE | 0 | 118,705 | 0 | 55,127 |
| Graco Inc. | COM | 384109104 | 4,101,264 | 56,174 | SH | | SOLE | 0 | 38,171 | 0 | 18,003 |
| Golar LNG Limited | COM | G9456A100 | 12,558,802 | 581,426 | SH | | SOLE | 0 | 399,311 | 0 | 182,115 |
| Corning Inc | COM | 219350105 | 20,224,719 | 573,263 | SH | | SOLE | 0 | 391,089 | 0 | 182,174 |
| Golden Ocean Group Ltd | COM | G39637205 | 5,109,156 | 536,676 | SH | | SOLE | 0 | 363,629 | 0 | 173,047 |
| Alphabet Inc. Class C | COM | 02079K107 | 86,304,088 | 829,847 | SH | | SOLE | 0 | 569,134 | 0 | 260,713 |
| Garmin Ltd. | COM | H2906T109 | 4,808,636 | 47,648 | SH | | SOLE | 0 | 32,717 | 0 | 14,931 |
| Ferroglobe PLC | COM | G33856108 | 19,569,454 | 3,961,428 | SH | | SOLE | 0 | 2,302,616 | 0 | 1,658,812 |
| Huntington Bancshares Incorporated | COM | 446150104 | 1,692,096 | 151,080 | SH | | SOLE | 0 | 102,849 | 0 | 48,231 |
| Hanesbrands Inc. | COM | 410345102 | 995,560 | 189,270 | SH | | SOLE | 0 | 128,558 | 0 | 60,712 |
| Warrior Met Coal, Inc. | COM | 93627C101 | 5,998,010 | 163,389 | SH | | SOLE | 0 | 88,801 | 0 | 74,588 |
| Hackett Group, Inc. | COM | 404609109 | 3,970,502 | 214,854 | SH | | SOLE | 0 | 145,498 | 0 | 69,356 |
| D-MARKET Elektronik Hizmetler ve Ticaret AS Sponso | COM | 23292B104 | 9,079,191 | 6,775,516 | SH | | SOLE | 0 | 4,694,089 | 0 | 2,081,427 |
| Hewlett Packard Enterprise Co. | COM | 42824C109 | 1,087,637 | 68,276 | SH | | SOLE | 0 | 46,618 | 0 | 21,658 |
| HP Inc. | COM | 40434L105 | 1,942,060 | 66,169 | SH | | SOLE | 0 | 45,551 | 0 | 20,618 |
| iShares MSCI India ETF | COM | 46429B598 | 3,933,048 | 99,925 | SH | | SOLE | 0 | 99,925 | 0 | 0 |
| International Seaways, Inc. | COM | Y41053102 | 30,509,302 | 731,989 | SH | | SOLE | 0 | 503,080 | 0 | 228,909 |
| Intel Corporation | COM | 458140100 | 2,629,641 | 80,491 | SH | | SOLE | 0 | 54,639 | 0 | 25,852 |
| Gartner, Inc. | COM | 366651107 | 11,324,743 | 34,763 | SH | | SOLE | 0 | 23,695 | 0 | 11,068 |
| Jefferies Financial Group Inc. | COM | 47233W109 | 22,136,460 | 697,431 | SH | | SOLE | 0 | 476,582 | 0 | 220,849 |
| JPMorgan Chase & Co. | COM | 46625H100 | 25,877,220 | 198,582 | SH | | SOLE | 0 | 136,629 | 0 | 61,953 |
| Jackson Financial Incorporation Class A | COM | 46817M107 | 483,412 | 12,922 | SH | | SOLE | 0 | 9,012 | 0 | 3,910 |
| KLA Corporation | COM | 482480100 | 6,100,914 | 15,284 | SH | | SOLE | 0 | 10,347 | 0 | 4,937 |
| Kroger Co. | COM | 501044101 | 14,835,488 | 300,496 | SH | | SOLE | 0 | 204,986 | 0 | 95,510 |
| Loews Corporation | COM | 540424108 | 6,557,130 | 113,015 | SH | | SOLE | 0 | 77,055 | 0 | 35,960 |
| Lazard Ltd Class A | COM | G54050102 | 6,272,193 | 189,435 | SH | | SOLE | 0 | 129,403 | 0 | 60,032 |
| Liberty Broadband Corp. Class A | COM | 530307107 | 222,217 | 2,706 | SH | | SOLE | 0 | 1,935 | 0 | 771 |
| Liberty Broadband Corp. Class C | COM | 530307305 | 966,838 | 11,834 | SH | | SOLE | 0 | 8,068 | 0 | 3,766 |
| Liberty Global Plc Class A | COM | G5480U104 | 8,266,050 | 423,900 | SH | | SOLE | 0 | 288,382 | 0 | 135,518 |
| Liberty Global Plc Class C | COM | G5480U120 | 1,228,119 | 60,261 | SH | | SOLE | 0 | 40,699 | 0 | 19,562 |
| Liberty Latin America Ltd. Class A | COM | G9001E102 | 703,491 | 84,656 | SH | | SOLE | 0 | 57,969 | 0 | 26,687 |
| Liberty Latin America Ltd. Class C | COM | G9001E128 | 944,853 | 114,389 | SH | | SOLE | 0 | 78,165 | 0 | 36,224 |
| LivaNova Plc | COM | G5509L101 | 786,619 | 18,050 | SH | | SOLE | 0 | 12,315 | 0 | 5,735 |
| Louisiana-Pacific Corporation | COM | 546347105 | 11,849,655 | 218,588 | SH | | SOLE | 0 | 149,861 | 0 | 68,727 |
| Lam Research Corporation | COM | 512807108 | 9,128,666 | 17,220 | SH | | SOLE | 0 | 11,736 | 0 | 5,484 |
| Lesaka Technologies, Inc. | COM | 64107N206 | 6,210,907 | 1,293,939 | SH | | SOLE | 0 | 883,269 | 0 | 410,670 |
| Liberty Media Corp. Series A Liberty SiriusXM | COM | 531229409 | 1,033,094 | 36,778 | SH | | SOLE | 0 | 25,117 | 0 | 11,661 |
| Liberty Media Corp. Series C Liberty SiriusXM | COM | 531229607 | 1,730,790 | 61,836 | SH | | SOLE | 0 | 42,312 | 0 | 19,524 |
| Liberty TripAdvisor Holdings Inc Class A | COM | 531465102 | 10,679 | 12,432 | SH | | SOLE | 0 | 8,575 | 0 | 3,857 |
| Lumen Technologies, Inc. | COM | 550241103 | 164,822 | 62,197 | SH | | SOLE | 0 | 42,573 | 0 | 19,624 |
| LyondellBasell Industries NV | COM | N53745100 | 8,205,047 | 87,390 | SH | | SOLE | 0 | 59,829 | 0 | 27,561 |
| Masco Corporation | COM | 574599106 | 9,318,721 | 187,424 | SH | | SOLE | 0 | 128,705 | 0 | 58,719 |
| MBIA Inc. | COM | 55262C100 | 16,427,490 | 1,774,027 | SH | | SOLE | 0 | 1,212,880 | 0 | 561,147 |
| Microchip Technology Incorporated | COM | 595017104 | 7,059,973 | 84,268 | SH | | SOLE | 0 | 58,022 | 0 | 26,246 |
| MGM Resorts International | COM | 552953101 | 43,314,564 | 975,114 | SH | | SOLE | 0 | 665,588 | 0 | 309,526 |
| Mohawk Industries, Inc. | COM | 608190104 | 1,645,813 | 16,422 | SH | | SOLE | 0 | 11,274 | 0 | 5,148 |
| Montauk Renewables, Inc. | COM | 61218C103 | 1,803,182 | 229,121 | SH | | SOLE | 0 | 165,184 | 0 | 63,937 |
| Altria Group, Inc. | COM | 02209S103 | 3,602,173 | 80,730 | SH | | SOLE | 0 | 38,890 | 0 | 41,840 |
| Marathon Petroleum Corporation | COM | 56585A102 | 24,289,490 | 180,149 | SH | | SOLE | 0 | 123,611 | 0 | 56,538 |
| Morgan Stanley | COM | 617446448 | 27,155,486 | 309,288 | SH | | SOLE | 0 | 211,083 | 0 | 98,205 |
| Microsoft Corporation | COM | 594918104 | 26,351,773 | 91,404 | SH | | SOLE | 0 | 62,534 | 0 | 28,870 |
| Micron Technology, Inc. | COM | 595112103 | 42,044,972 | 696,801 | SH | | SOLE | 0 | 476,587 | 0 | 220,214 |
| Noble Corporation PLC Class A | COM | G65431127 | 23,481,413 | 594,918 | SH | | SOLE | 0 | 399,783 | 0 | 195,135 |
| Ingevity Corporation | COM | 45688C107 | 340,864 | 4,766 | SH | | SOLE | 0 | 3,168 | 0 | 1,598 |
| NVIDIA Corporation | COM | 67066G104 | 8,320,045 | 29,953 | SH | | SOLE | 0 | 20,436 | 0 | 9,517 |
| Permian Basin Royalty Trust | COM | 714236106 | 9,992,288 | 409,520 | SH | | SOLE | 0 | 287,482 | 0 | 122,038 |
| Philip Morris International Inc. | COM | 718172109 | 15,842,414 | 162,904 | SH | | SOLE | 0 | 78,944 | 0 | 83,960 |
| PNC Financial Services Group, Inc. | COM | 693475105 | 7,847,154 | 61,740 | SH | | SOLE | 0 | 42,653 | 0 | 19,087 |
| PayPal Holdings, Inc. | COM | 70450Y103 | 23,705,430 | 312,160 | SH | | SOLE | 0 | 212,511 | 0 | 99,649 |
| QUALCOMM Incorporated | COM | 747525103 | 12,824,980 | 100,525 | SH | | SOLE | 0 | 69,261 | 0 | 31,264 |
| Transocean Ltd. | COM | H8817H100 | 1,676,261 | 263,563 | SH | | SOLE | 0 | 178,386 | 0 | 85,177 |
| RLX Technology, Inc. Sponsored ADR Class A | COM | 74969N103 | 2,324,979 | 801,717 | SH | | SOLE | 0 | 389,630 | 0 | 412,087 |
| Raytheon Technologies Corporation | COM | 75513E101 | 4,028,057 | 41,132 | SH | | SOLE | 0 | 38,135 | 0 | 2,997 |
| Rackspace Technology, Inc. | COM | 750102105 | 915,607 | 487,025 | SH | | SOLE | 0 | 332,786 | 0 | 154,239 |
| Ryanair Holdings Plc Sponsored ADR | COM | 783513203 | 28,362,149 | 300,797 | SH | | SOLE | 0 | 160,238 | 0 | 140,559 |
| Star Bulk Carriers Corp. | COM | Y8162K204 | 4,667,499 | 220,999 | SH | | SOLE | 0 | 149,732 | 0 | 71,267 |
| Charles Schwab Corp | COM | 808513105 | 29,226,364 | 557,968 | SH | | SOLE | 0 | 381,181 | 0 | 176,787 |
| Sherwin-Williams Company | COM | 824348106 | 10,266,819 | 45,677 | SH | | SOLE | 0 | 31,056 | 0 | 14,621 |
| SL Green Realty Corp. | COM | 78440X887 | 6,631,346 | 281,945 | SH | | SOLE | 0 | 192,460 | 0 | 89,485 |
| Scotts Miracle-Gro Company Class A | COM | 810186106 | 1,462,239 | 20,967 | SH | | SOLE | 0 | 14,253 | 0 | 6,714 |
| Steel Dynamics, Inc. | COM | 858119100 | 21,499,150 | 190,157 | SH | | SOLE | 0 | 130,218 | 0 | 59,939 |
| Scorpio Tankers Inc. | COM | Y7542C130 | 20,356,121 | 361,501 | SH | | SOLE | 0 | 248,728 | 0 | 112,773 |
| Seagate Technology Holdings PLC | COM | G7997R103 | 11,777,691 | 178,126 | SH | | SOLE | 0 | 121,114 | 0 | 57,012 |
| Synchrony Financial | COM | 87165B103 | 27,095,697 | 931,764 | SH | | SOLE | 0 | 635,718 | 0 | 296,046 |
| Tidewater Inc | COM | 88642R109 | 4,810,671 | 109,135 | SH | | SOLE | 0 | 73,967 | 0 | 35,168 |
| Thor Industries, Inc. | COM | 885160101 | 5,427,307 | 68,148 | SH | | SOLE | 0 | 46,715 | 0 | 21,433 |
| Texas Pacific Land Corporation | COM | 88262P102 | 2,748,848 | 1,616 | SH | | SOLE | 0 | 1,118 | 0 | 498 |
| Tractor Supply Company | COM | 892356106 | 17,153,689 | 72,982 | SH | | SOLE | 0 | 49,638 | 0 | 23,344 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Spons | COM | 874039100 | 29,847,141 | 320,868 | SH | | SOLE | 0 | 218,429 | 0 | 102,439 |
| iShares MSCI Turkey ETF | COM | 464286715 | 6,339,077 | 194,331 | SH | | SOLE | 0 | 194,331 | 0 | 0 |
| Union Pacific Corporation | COM | 907818108 | 17,086,773 | 84,899 | SH | | SOLE | 0 | 57,966 | 0 | 26,933 |
| Visa Inc. Class A | COM | 92826C839 | 8,617,532 | 38,222 | SH | | SOLE | 0 | 26,070 | 0 | 12,152 |
| Valaris Ltd. | COM | G9460G101 | 14,385,221 | 221,107 | SH | | SOLE | 0 | 153,803 | 0 | 67,304 |
| Veeco Instruments Inc. | COM | 922417100 | 1,797,487 | 85,068 | SH | | SOLE | 0 | 59,180 | 0 | 25,888 |
| VICI Properties Inc | COM | 925652109 | 5,290,866 | 162,197 | SH | | SOLE | 0 | 111,159 | 0 | 51,038 |
| Vipshop Holdings Ltd Sponsored ADR | COM | 92763W103 | 8,657,989 | 570,355 | SH | | SOLE | 0 | 389,453 | 0 | 180,902 |
| Vitesse Energy, Inc. | COM | 92852X103 | 1,561,640 | 82,062 | SH | | SOLE | 0 | 56,071 | 0 | 25,991 |
| WESCO International, Inc. | COM | 95082P105 | 3,042,893 | 19,690 | SH | | SOLE | 0 | 13,347 | 0 | 6,343 |
| Western Digital Corporation | COM | 958102105 | 1,452,442 | 38,557 | SH | | SOLE | 0 | 26,189 | 0 | 12,368 |
| Wells Fargo & Company | COM | 949746101 | 67,996,687 | 1,819,066 | SH | | SOLE | 0 | 1,261,275 | 0 | 557,791 |
| Wheaton Precious Metals Corp | COM | 962879102 | 7,789,976 | 161,752 | SH | | SOLE | 0 | 110,284 | 0 | 51,468 |
| WestRock Company | COM | 96145D105 | 6,930,950 | 227,468 | SH | | SOLE | 0 | 155,658 | 0 | 71,810 |
| Willis Towers Watson Public Limited Company | COM | G96629103 | 11,576,474 | 49,817 | SH | | SOLE | 0 | 33,790 | 0 | 16,027 |
| Yandex NV Class A | COM | N97284108 | 3 | 263,014 | SH | | SOLE | 0 | 205,222 | 0 | 57,792 |
