| 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 | 21,584,787 | 542,604 | SH | | SOLE | 0 | 320,313 | 0 | 222,291 |
| American Airlines Group Inc. | COM | 02376R102 | 10,406,039 | 918,450 | SH | | SOLE | 0 | 542,186 | 0 | 376,264 |
| American International Group, Inc. | COM | 026874784 | 85,237,023 | 1,148,128 | SH | | SOLE | 0 | 677,279 | 0 | 470,849 |
| Applied Materials, Inc. | COM | 038222105 | 16,217,233 | 68,720 | SH | | SOLE | 0 | 40,507 | 0 | 28,213 |
| ALPHA METALLURGICAL RESOURCES, INC. | COM | 020764106 | 5,123,319 | 18,263 | SH | | SOLE | 0 | 10,784 | 0 | 7,479 |
| Amazon.com, Inc. | COM | 023135106 | 93,446,617 | 483,553 | SH | | SOLE | 0 | 284,999 | 0 | 198,554 |
| Broadcom Inc. | COM | 11135F101 | 58,198,857 | 36,249 | SH | | SOLE | 0 | 21,267 | 0 | 14,982 |
| American Express Company | COM | 025816109 | 72,296,625 | 312,229 | SH | | SOLE | 0 | 184,236 | 0 | 127,993 |
| Bank of America Corp | COM | 060505104 | 65,278,001 | 1,641,388 | SH | | SOLE | 0 | 970,929 | 0 | 670,459 |
| Credicorp Ltd. | COM | G2519Y108 | 17,096,624 | 105,973 | SH | | SOLE | 0 | 62,414 | 0 | 43,559 |
| Bio-Rad Laboratories, Inc. Class A | COM | 090572207 | 17,770,175 | 65,066 | SH | | SOLE | 0 | 38,305 | 0 | 26,761 |
| Booking Holdings Inc. | COM | 09857L108 | 70,003,667 | 17,671 | SH | | SOLE | 0 | 10,440 | 0 | 7,231 |
| TopBuild Corp. | COM | 89055F103 | 16,655,993 | 43,232 | SH | | SOLE | 0 | 25,777 | 0 | 17,455 |
| Brookfield Corporation | COM | 11271J107 | 3,371,096 | 81,153 | SH | | SOLE | 0 | 75,524 | 0 | 5,629 |
| Berkshire Hathaway Inc. Class B | COM | 084670702 | 51,786,047 | 127,301 | SH | | SOLE | 0 | 75,428 | 0 | 51,873 |
| Peabody Energy Corporation | COM | 704551100 | 25,941,473 | 1,172,761 | SH | | SOLE | 0 | 473,515 | 0 | 699,246 |
| Citigroup Inc. | COM | 172967424 | 76,074,642 | 1,198,781 | SH | | SOLE | 0 | 707,204 | 0 | 491,577 |
| CBRE Group, Inc. Class A | COM | 12504L109 | 54,262,465 | 608,938 | SH | | SOLE | 0 | 359,478 | 0 | 249,460 |
| Citizens Financial Group, Inc. | COM | 174610105 | 11,442,443 | 317,581 | SH | | SOLE | 0 | 187,676 | 0 | 129,905 |
| CME Group Inc. Class A | COM | 12572Q105 | 3,200,845 | 16,281 | SH | | SOLE | 0 | 9,742 | 0 | 6,539 |
| Centene Corporation | COM | 15135B101 | 5,360,819 | 80,857 | SH | | SOLE | 0 | 47,848 | 0 | 33,009 |
| Capital One Financial Corp | COM | 14040H105 | 40,174,313 | 290,172 | SH | | SOLE | 0 | 172,012 | 0 | 118,160 |
| ConocoPhillips | COM | 20825C104 | 44,384,587 | 388,045 | SH | | SOLE | 0 | 229,978 | 0 | 158,067 |
| Costco Wholesale Corporation | COM | 22160K105 | 77,227,541 | 90,857 | SH | | SOLE | 0 | 53,003 | 0 | 37,854 |
| Copa Holdings, S.A. Class A | COM | P31076105 | 8,396,494 | 88,217 | SH | | SOLE | 0 | 52,511 | 0 | 35,706 |
| Coupang Inc | COM | 22266T109 | 12,999,978 | 620,524 | SH | | SOLE | 0 | 365,358 | 0 | 255,166 |
| Cresud SA Sponsored ADR | COM | 226406106 | 6,819,148 | 829,580 | SH | | SOLE | 0 | 490,409 | 0 | 339,171 |
| CRH Plc | COM | G25508105 | 7,465,909 | 99,572 | SH | | SOLE | 0 | 60,848 | 0 | 38,724 |
| Corteva Inc | COM | 22052L104 | 8,903,498 | 165,063 | SH | | SOLE | 0 | 97,291 | 0 | 67,772 |
| CHEVRON CORPORATION | COM | 166764100 | 4,780,664 | 30,563 | SH | | SOLE | 0 | 18,087 | 0 | 12,476 |
| Cushman & Wakefield Plc | COM | G2717B108 | 3,083,642 | 296,504 | SH | | SOLE | 0 | 175,064 | 0 | 121,440 |
| Cemex SAB de CV Sponsored ADR | COM | 151290889 | 29,125,876 | 4,558,040 | SH | | SOLE | 0 | 2,691,357 | 0 | 1,866,683 |
| Caesars Entertainment Inc | COM | 12769G100 | 6,674,691 | 167,959 | SH | | SOLE | 0 | 98,957 | 0 | 69,002 |
| Delta Air Lines, Inc. | COM | 247361702 | 24,631,654 | 519,217 | SH | | SOLE | 0 | 306,478 | 0 | 212,739 |
| DHT Holdings, Inc. | COM | Y2065G121 | 45,272,508 | 3,912,922 | SH | | SOLE | 0 | 2,306,328 | 0 | 1,606,594 |
| Walt Disney Company | COM | 254687106 | 11,293,642 | 113,744 | SH | | SOLE | 0 | 67,145 | 0 | 46,599 |
| Diamond Offshore Drilling Inc | COM | 25271C201 | 10,928,846 | 705,542 | SH | | SOLE | 0 | 416,565 | 0 | 288,977 |
| Diana Shipping Inc. | COM | Y2066G104 | 11,602,382 | 4,056,777 | SH | | SOLE | 0 | 2,442,866 | 0 | 1,613,911 |
| Diana Shipping Inc Warrant | CONV BONDS | Y2066G138 | 522,232 | 916,197 | PRN | | SOLE | 0 | 549,066 | 0 | 367,131 |
| Elevance Health, Inc. | COM | 036752103 | 56,076,008 | 103,488 | SH | | SOLE | 0 | 60,308 | 0 | 43,180 |
| EPAM Systems, Inc. | COM | 29414B104 | 4,163,251 | 22,132 | SH | | SOLE | 0 | 13,095 | 0 | 9,037 |
| FirstCash Holdings, Inc. | COM | 33768G107 | 6,498,365 | 61,960 | SH | | SOLE | 0 | 36,528 | 0 | 25,432 |
| Freeport-McMoRan, Inc. | COM | 35671D857 | 62,059,381 | 1,276,942 | SH | | SOLE | 0 | 751,897 | 0 | 525,045 |
| FLEX LNG LTD | COM | G35947202 | 7,777,380 | 287,625 | SH | | SOLE | 0 | 172,881 | 0 | 114,744 |
| Liberty Media Corp. Series A Liberty Formula One | COM | 531229771 | 2,279,780 | 35,494 | SH | | SOLE | 0 | 20,702 | 0 | 14,792 |
| Liberty Media Corp. Series C Liberty Formula One | COM | 531229755 | 13,706,138 | 190,787 | SH | | SOLE | 0 | 113,083 | 0 | 77,704 |
| GCI Liberty Inc - Class A Escrow Line | COM | 361ESC049 | 0 | 31,295 | SH | | SOLE | 0 | 22,418 | 0 | 8,877 |
| Golar LNG Limited | COM | G9456A100 | 20,622,344 | 657,810 | SH | | SOLE | 0 | 386,785 | 0 | 271,025 |
| Corning Inc | COM | 219350105 | 21,780,514 | 560,631 | SH | | SOLE | 0 | 330,237 | 0 | 230,394 |
| Golden Ocean Group Ltd | COM | G39637205 | 18,673,166 | 1,353,128 | SH | | SOLE | 0 | 798,511 | 0 | 554,617 |
| Alphabet Inc. Class C | COM | 02079K107 | 116,400,350 | 634,611 | SH | | SOLE | 0 | 374,283 | 0 | 260,328 |
| Ferroglobe PLC | COM | G33856108 | 48,823,822 | 9,108,922 | SH | | SOLE | 0 | 5,408,774 | 0 | 3,700,148 |
| Warrior Met Coal, Inc. | COM | 93627C101 | 30,264,367 | 482,147 | SH | | SOLE | 0 | 283,739 | 0 | 198,408 |
| D-MARKET Elektronik Hizmetler ve Ticaret AS Sponso | COM | 23292B104 | 10,827,672 | 4,899,399 | SH | | SOLE | 0 | 2,941,146 | 0 | 1,958,253 |
| Himalaya Shipping Ltd | COM | G4660A103 | 5,161,303 | 563,461 | SH | | SOLE | 0 | 331,940 | 0 | 231,521 |
| Interactive Brokers Group, Inc. Class A | COM | 45841N107 | 32,086,504 | 261,717 | SH | | SOLE | 0 | 154,947 | 0 | 106,770 |
| iShares MSCI India ETF | COM | 46429B598 | 2,918,186 | 52,316 | SH | | SOLE | 0 | 52,316 | 0 | 0 |
| International Seaways, Inc. | COM | Y41053102 | 52,096,664 | 881,053 | SH | | SOLE | 0 | 519,250 | 0 | 361,803 |
| Jefferies Financial Group Inc. | COM | 47233W109 | 40,587,839 | 815,672 | SH | | SOLE | 0 | 479,138 | 0 | 336,534 |
| JPMorgan Chase & Co. | COM | 46625H100 | 52,396,262 | 259,054 | SH | | SOLE | 0 | 152,494 | 0 | 106,560 |
| Kroger Co. | COM | 501044101 | 13,418,088 | 268,738 | SH | | SOLE | 0 | 158,655 | 0 | 110,083 |
| Loews Corporation | COM | 540424108 | 7,545,451 | 100,956 | SH | | SOLE | 0 | 59,499 | 0 | 41,457 |
| Liberty Broadband Corp. Class C | COM | 530307305 | 583,011 | 10,635 | SH | | SOLE | 0 | 6,304 | 0 | 4,331 |
| Liberty Latin America Ltd. Class A | COM | G9001E102 | 730,773 | 76,043 | SH | | SOLE | 0 | 45,348 | 0 | 30,695 |
| Liberty Latin America Ltd. Class C | COM | G9001E128 | 982,587 | 102,140 | SH | | SOLE | 0 | 60,474 | 0 | 41,666 |
| Liberty Media Corp. Series A Liberty Live | COM | 531229748 | 223,410 | 5,956 | SH | | SOLE | 0 | 3,633 | 0 | 2,323 |
| Liberty Media Corp. Series C Liberty Live | COM | 531229722 | 329,199 | 8,602 | SH | | SOLE | 0 | 5,224 | 0 | 3,378 |
| Louisiana-Pacific Corporation | COM | 546347105 | 24,130,182 | 293,091 | SH | | SOLE | 0 | 170,948 | 0 | 122,143 |
| Lam Research Corporation | COM | 512807108 | 23,972,968 | 22,513 | SH | | SOLE | 0 | 13,249 | 0 | 9,264 |
| Lesaka Technologies, Inc. | COM | 64107N206 | 12,202,576 | 2,607,388 | SH | | SOLE | 0 | 1,545,070 | 0 | 1,062,318 |
| Liberty Media Corp. Series A Liberty SiriusXM | COM | 531229813 | 496,138 | 22,399 | SH | | SOLE | 0 | 13,322 | 0 | 9,077 |
| Liberty Media Corp. Series C Liberty SiriusXM | COM | 531229789 | 692,212 | 31,237 | SH | | SOLE | 0 | 18,482 | 0 | 12,755 |
| LyondellBasell Industries NV | COM | N53745100 | 21,252,878 | 222,171 | SH | | SOLE | 0 | 131,100 | 0 | 91,071 |
| Masco Corporation | COM | 574599106 | 14,188,443 | 212,816 | SH | | SOLE | 0 | 125,416 | 0 | 87,400 |
| MBIA Inc. | COM | 55262C100 | 9,016,156 | 1,642,287 | SH | | SOLE | 0 | 973,254 | 0 | 669,033 |
| Microchip Technology Incorporated | COM | 595017104 | 8,811,816 | 96,304 | SH | | SOLE | 0 | 57,248 | 0 | 39,056 |
| MGM Resorts International | COM | 552953101 | 38,414,780 | 864,419 | SH | | SOLE | 0 | 510,822 | 0 | 353,597 |
| Montauk Renewables, Inc. | COM | 61218C103 | 4,406,989 | 773,156 | SH | | SOLE | 0 | 469,916 | 0 | 303,240 |
| Altria Group, Inc. | COM | 02209S103 | 2,266,978 | 49,769 | SH | | SOLE | 0 | 19,148 | 0 | 30,621 |
| Marathon Petroleum Corporation | COM | 56585A102 | 41,171,314 | 237,326 | SH | | SOLE | 0 | 139,660 | 0 | 97,666 |
| Morgan Stanley | COM | 617446448 | 34,048,961 | 350,334 | SH | | SOLE | 0 | 204,206 | 0 | 146,128 |
| Microsoft Corporation | COM | 594918104 | 17,717,545 | 39,641 | SH | | SOLE | 0 | 23,276 | 0 | 16,365 |
| Micron Technology, Inc. | COM | 595112103 | 98,559,243 | 749,329 | SH | | SOLE | 0 | 441,199 | 0 | 308,130 |
| Noble Corporation PLC Class A | COM | G65431127 | 36,762,354 | 823,345 | SH | | SOLE | 0 | 485,559 | 0 | 337,786 |
| NVIDIA Corporation | COM | 67066G104 | 28,869,074 | 233,682 | SH | | SOLE | 0 | 139,902 | 0 | 93,780 |
| Occidental Petroleum Corporation | COM | 674599105 | 31,483,422 | 499,499 | SH | | SOLE | 0 | 295,167 | 0 | 204,332 |
| Permian Basin Royalty Trust | COM | 714236106 | 2,397,648 | 212,935 | SH | | SOLE | 0 | 128,154 | 0 | 84,781 |
| Philip Morris International Inc. | COM | 718172109 | 11,191,899 | 110,450 | SH | | SOLE | 0 | 43,633 | 0 | 66,817 |
| PNC Financial Services Group, Inc. | COM | 693475105 | 9,548,493 | 61,413 | SH | | SOLE | 0 | 37,134 | 0 | 24,279 |
| PayPal Holdings, Inc. | COM | 70450Y103 | 12,815,635 | 220,845 | SH | | SOLE | 0 | 130,381 | 0 | 90,464 |
| QUALCOMM Incorporated | COM | 747525103 | 14,963,796 | 75,127 | SH | | SOLE | 0 | 44,351 | 0 | 30,776 |
| Transocean Ltd. | COM | H8817H100 | 7,288,155 | 1,362,272 | SH | | SOLE | 0 | 807,135 | 0 | 555,137 |
| RLX Technology, Inc. Sponsored ADR Class A | COM | 74969N103 | 1,542,249 | 838,179 | SH | | SOLE | 0 | 337,605 | 0 | 500,574 |
| Ryanair Holdings Plc Sponsored ADR | COM | 783513203 | 30,666,104 | 263,364 | SH | | SOLE | 0 | 132,726 | 0 | 130,638 |
| SANDSTORM GOLD LTD. | COM | 80013R206 | 1,452,714 | 267,043 | SH | | SOLE | 0 | 159,286 | 0 | 107,757 |
| Star Bulk Carriers Corp. | COM | Y8162K204 | 6,306,228 | 258,664 | SH | | SOLE | 0 | 152,562 | 0 | 106,102 |
| Charles Schwab Corp | COM | 808513105 | 32,451,455 | 440,378 | SH | | SOLE | 0 | 261,387 | 0 | 178,991 |
| Seadrill Ltd | COM | G7997W102 | 15,024,353 | 291,735 | SH | | SOLE | 0 | 120,930 | 0 | 170,805 |
| SL Green Realty Corp. | COM | 78440X887 | 15,901,057 | 280,739 | SH | | SOLE | 0 | 165,648 | 0 | 115,091 |
| Steel Dynamics, Inc. | COM | 858119100 | 27,889,768 | 215,365 | SH | | SOLE | 0 | 126,179 | 0 | 89,186 |
| Scorpio Tankers Inc. | COM | Y7542C130 | 17,436,705 | 214,500 | SH | | SOLE | 0 | 126,340 | 0 | 88,160 |
| Seagate Technology Holdings PLC | COM | G7997R103 | 12,434,947 | 120,412 | SH | | SOLE | 0 | 71,092 | 0 | 49,320 |
| Synchrony Financial | COM | 87165B103 | 42,811,051 | 907,206 | SH | | SOLE | 0 | 533,357 | 0 | 373,849 |
| Tidewater Inc | COM | 88642R109 | 22,588,192 | 237,246 | SH | | SOLE | 0 | 145,141 | 0 | 92,105 |
| Thor Industries, Inc. | COM | 885160101 | 7,298,538 | 78,101 | SH | | SOLE | 0 | 46,219 | 0 | 31,882 |
| Texas Pacific Land Corporation | COM | 88262P102 | 5,589,998 | 7,613 | SH | | SOLE | 0 | 4,635 | 0 | 2,978 |
| Trupanion Inc | COM | 898202106 | 3,522,796 | 119,823 | SH | | SOLE | 0 | 70,662 | 0 | 49,161 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Spons | COM | 874039100 | 43,500,472 | 250,276 | SH | | SOLE | 0 | 147,593 | 0 | 102,683 |
| Union Pacific Corporation | COM | 907818108 | 17,150,055 | 75,798 | SH | | SOLE | 0 | 44,757 | 0 | 31,041 |
| Visa Inc. Class A | COM | 92826C839 | 8,981,461 | 34,219 | SH | | SOLE | 0 | 20,211 | 0 | 14,008 |
| Valaris Ltd. | COM | G9460G101 | 19,108,058 | 256,484 | SH | | SOLE | 0 | 155,222 | 0 | 101,262 |
| Veeco Instruments Inc. | COM | 922417100 | 4,581,083 | 98,075 | SH | | SOLE | 0 | 59,693 | 0 | 38,382 |
| VICI Properties Inc | COM | 925652109 | 5,297,283 | 184,961 | SH | | SOLE | 0 | 109,015 | 0 | 75,946 |
| Vipshop Holdings Ltd Sponsored ADR | COM | 92763W103 | 8,869,875 | 681,250 | SH | | SOLE | 0 | 400,610 | 0 | 280,640 |
| Vitesse Energy, Inc. | COM | 92852X103 | 891,926 | 37,634 | SH | | SOLE | 0 | 22,299 | 0 | 15,335 |
| WESCO International, Inc. | COM | 95082P105 | 9,770,539 | 61,636 | SH | | SOLE | 0 | 36,415 | 0 | 25,221 |
| Wells Fargo & Company | COM | 949746101 | 49,314,368 | 830,348 | SH | | SOLE | 0 | 489,593 | 0 | 340,755 |
| Willis Towers Watson Public Limited Company | COM | G96629103 | 10,170,508 | 38,798 | SH | | SOLE | 0 | 22,782 | 0 | 16,016 |
| Weyerhaeuser Company | COM | 962166104 | 960,604 | 33,836 | SH | | SOLE | 0 | 20,380 | 0 | 13,456 |
| Exxon Mobil Corporation | COM | 30231G102 | 9,452,503 | 82,110 | SH | | SOLE | 0 | 48,515 | 0 | 33,595 |
