Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DAL	Delta Air Lines, Inc.	2,628,998	$118M	5.8%	$39.55	0.0%	COM	247361702
AMZN	Amazon.com, Inc.	185,037	$94.72M	4.6%	$25.28	0.0%	COM	023135106
AAL	American Airlines Group, Inc.	2,400,760	$93.22M	4.5%	$39.12	0.0%	COM	02376R102
AIG	American International Group, Inc.	1,490,419	$84.69M	4.1%	$47.19	0.0%	COM	026874784
C	Citigroup Inc.	1,414,126	$70.16M	3.4%	$40.76	0.0%	COM	172967424
BAC	Bank of America Corporation	3,532,154	$55.03M	2.7%	$13.45	0.0%	COM	060505104
GOOG	Alphabet Inc. Class C	89,799	$54.64M	2.7%	$30.50	0.0%	COM	02079K107
COST	Costco Wholesale Corporation	364,420	$52.68M	2.6%	$119.60	0.0%	COM	22160K105
LBTYAUSD	Liberty Global Plc Class A	1,184,146	$50.85M	2.5%	$42.94	—	COM	G5480U104
CBRE	CBRE Group, Inc. Class A	1,509,121	$48.29M	2.4%	$35.48	0.0%	COM	12504L109
—	Cablevision Systems Corporation Class A	1,463,034	$47.51M	2.3%	$32.47	—	COM	12686C109
—	Liberty Global Plc Class C	1,108,382	$45.47M	2.2%	$41.02	—	COM	G5480U120
—	Priceline Group Inc	31,524	$38.99M	1.9%	$1236.87	—	COM	741503403
AXP	American Express Company	435,496	$32.28M	1.6%	$66.24	0.0%	COM	025816109
WFC	Wells Fargo & Company	628,184	$32.26M	1.6%	$41.08	0.0%	COM	949746101
PYPL	PAYPAL HOLDINGS INC	1,002,523	$31.12M	1.5%	$35.85	0.0%	COM	70450Y103
BRK/B	Berkshire Hathaway Inc. Class B	234,036	$30.52M	1.5%	$137.00	0.0%	COM	084670702
—	SL Green Realty Corp.	264,709	$28.63M	1.4%	$108.16	—	COM	78440X101
COF	Capital One Financial Corporation	390,674	$28.33M	1.4%	$66.57	0.0%	COM	14040H105
—	Lazard Ltd Class A	647,778	$28.05M	1.4%	$43.30	—	COM	G54050102
CX	Cemex SAB de CV Sponsored ADR	3,939,973	$27.54M	1.3%	$6.99	—	COM	151290889
UAL	United Continental Holdings, Inc.	488,116	$25.89M	1.3%	$56.42	0.0%	COM	910047109
TSCO	Tractor Supply Company	304,833	$25.7M	1.3%	$15.25	0.0%	COM	892356106
MGM	MGM Resorts International	1,345,437	$24.82M	1.2%	$18.88	0.0%	COM	552953101
MBI	MBIA Inc.	3,994,433	$24.29M	1.2%	$2.80	0.0%	COM	55262C100
IT	Gartner, Inc.	275,314	$23.11M	1.1%	$87.10	0.0%	COM	366651107
—	Belmond Ltd. Class A	2,171,564	$21.95M	1.1%	$10.11	—	COM	G1154H107
INTC	Intel Corporation	718,040	$21.64M	1.1%	$22.62	0.0%	COM	458140100
TSM	Taiwan Semiconductor Manufacturing Co., Ltd. Spons	962,070	$19.96M	1.0%	$20.75	—	COM	874039100
F	Ford Motor Company	1,456,403	$19.76M	1.0%	$8.15	0.0%	COM	345370860
MU	Micron Technology, Inc.	1,298,108	$19.45M	0.9%	$16.78	0.0%	COM	595112103
—	BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS	3,128,523	$17.93M	0.9%	$5.73	—	CONV BONDS	060505146
SYF	Synchrony Financial	571,615	$17.89M	0.9%	$26.47	0.0%	COM	87165B103
EBAY	eBay Inc.	698,801	$17.08M	0.8%	$23.93	0.0%	COM	278642103
—	Towers Watson & Co. Class A	144,862	$17M	0.8%	$117.38	—	COM	891894107
—	Level 3 Communications, Inc.	386,448	$16.88M	0.8%	$43.69	—	COM	52729N308
—	Discovery Communications, Inc. Class A	572,972	$14.91M	0.7%	$26.03	—	COM	25470F104
—	AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19.	635,138	$14.42M	0.7%	$22.70	—	CONV BONDS	026874156
—	CoreLogic, Inc.	369,682	$13.76M	0.7%	$37.23	—	COM	21871D103
—	Hanesbrands Inc.	472,447	$13.67M	0.7%	$28.94	—	COM	410345102
SCHW	Charles Schwab Corporation	466,705	$13.33M	0.6%	$28.23	0.0%	COM	808513105
SHW	Sherwin-Williams Company	59,608	$13.28M	0.6%	$79.61	0.0%	COM	824348106
WDC	Western Digital Corporation	158,570	$12.6M	0.6%	$50.91	0.0%	COM	958102105
EPAM	EPAM Systems, Inc.	165,827	$12.36M	0.6%	$72.17	0.0%	COM	29414B104
LOW	Lowe s Companies, Inc.	172,352	$11.88M	0.6%	$56.94	0.0%	COM	548661107
MO	Altria Group, Inc.	208,386	$11.34M	0.6%	$27.01	0.0%	COM	02209S103
—	Liberty Interactive Corporation QVC Group	415,556	$10.9M	0.5%	$26.23	—	COM	53071M104
JD	JD.com, Inc. Sponsored ADR Class A	412,287	$10.74M	0.5%	$26.06	—	COM	47215P106
CTSH	Cognizant Technology Solutions Corporation Class A	170,238	$10.66M	0.5%	$55.65	0.0%	COM	192446102
—	Seagate Technology PLC	237,556	$10.64M	0.5%	$44.80	—	COM	G7945M107
—	ACTIVISION BLIZZARD INC	330,938	$10.22M	0.5%	$30.89	—	COM	00507V109
—	Tesoro Corporation	104,626	$10.17M	0.5%	$97.24	—	COM	881609101
HCKT	Hackett Group, Inc.	734,829	$10.1M	0.5%	$13.71	0.0%	COM	404609109
—	Sotheby s Class A	305,327	$9.764M	0.5%	$31.98	—	COM	835898107
—	America Movil SAB de CV Sponsored ADR Class L	569,827	$9.431M	0.5%	$16.55	—	COM	02364W105
MS	Morgan Stanley	298,601	$9.406M	0.5%	$27.26	0.0%	COM	617446448
CFG	Citizens Financial Group, Inc.	393,179	$9.381M	0.5%	$17.55	0.0%	COM	174610105
CAR	Avis Budget Group, Inc.	212,074	$9.263M	0.5%	$41.20	0.0%	COM	053774105
MHK	Mohawk Industries, Inc.	50,680	$9.213M	0.4%	$198.07	0.0%	COM	608190104
MSFT	Microsoft Corporation	204,582	$9.055M	0.4%	$38.92	0.0%	COM	594918104
MCO	Moodys Corporation	91,119	$8.948M	0.4%	$95.89	0.0%	COM	615369105
—	Delphi Automotive PLC	116,398	$8.851M	0.4%	$76.04	—	COM	G27823106
SIG	Signet Jewelers Limited	64,072	$8.722M	0.4%	$104.84	0.0%	COM	G81276100
—	Liberty Media Corp Class C	250,104	$8.619M	0.4%	$34.46	—	COM	531229300
ELV	Anthem, Inc.	60,757	$8.506M	0.4%	$129.85	0.0%	COM	036752103
BFH	Alliance Data Systems Corporation	32,592	$8.441M	0.4%	$186.69	0.0%	COM	018581108
MKL	MARKEL CORPORATION	10,502	$8.421M	0.4%	$846.01	0.0%	COM	570535104
L	Loews Corporation	229,721	$8.302M	0.4%	$35.60	0.0%	COM	540424108
NTES	NetEase, Inc. Sponsored ADR	68,293	$8.203M	0.4%	$120.11	—	COM	64110W102
INDA	iShares MSCI India ETF	286,273	$8.179M	0.4%	$28.57	—	COM	46429B598
—	Liberty Media Corp. Class A	227,894	$8.14M	0.4%	$35.72	—	COM	531229102
TRIP	TripAdvisor, Inc.	126,666	$7.982M	0.4%	$67.29	0.0%	COM	896945201
JPM	JPMorgan Chase & Co.	130,900	$7.981M	0.4%	$49.62	0.0%	COM	46625H100
PM	Philip Morris International Inc.	98,228	$7.792M	0.4%	$48.90	0.0%	COM	718172109
KR	Kroger Co.	204,413	$7.373M	0.4%	$30.18	0.0%	COM	501044101
VRSK	Verisk Analytics, Inc. Class A	98,548	$7.284M	0.4%	$71.27	0.0%	COM	92345Y106
BMY	Bristol-Myers Squibb Company	123,005	$7.282M	0.4%	$44.54	0.0%	COM	110122108
DNOW	NOW Inc	479,983	$7.104M	0.3%	$17.42	0.0%	COM	67011P100
—	WESTROCK CO.	136,349	$7.014M	0.3%	$51.44	—	COM	96145D105
COTY	Coty Inc. Class A	245,028	$6.63M	0.3%	$24.51	0.0%	COM	222070203
—	Tribune Media Co. Class A	183,538	$6.534M	0.3%	$35.60	—	COM	896047503
—	KKR & Co. L.P.	377,596	$6.336M	0.3%	$16.78	—	COM	48248M102
BIO	Bio-Rad Laboratories, Inc. Class A	45,288	$6.083M	0.3%	$143.92	0.0%	COM	090572207
SMG	Scotts Miracle-Gro Company Class A	99,941	$6.078M	0.3%	$44.01	0.0%	COM	810186106
—	Charter Communications, Inc. Class A	33,615	$5.911M	0.3%	$175.84	—	COM	16117M305
—	Hertz Global Holdings, Inc.	349,293	$5.844M	0.3%	$16.73	—	COM	42805T105
CSCO	Cisco Systems, Inc.	222,122	$5.831M	0.3%	$19.57	0.0%	COM	17275R102
EL	Estee Lauder Companies Inc. Class A	71,356	$5.757M	0.3%	$73.33	0.0%	COM	518439104
PRSU	Viad Corp	197,587	$5.728M	0.3%	$26.48	0.0%	COM	92552R406
MAS	Masco Corporation	223,176	$5.62M	0.3%	$22.00	0.0%	COM	574599106
GGG	Graco Inc.	82,266	$5.514M	0.3%	$20.04	0.0%	COM	384109104
—	Sberbank Russia OJSC Sponsored ADR	1,104,922	$5.436M	0.3%	$4.92	—	COM	80585Y308
GRMN	Garmin Ltd.	151,452	$5.434M	0.3%	$29.43	0.0%	COM	H2906T109
BIDU	BAIDU, INC. SPONSORED ADR CLASS A	39,148	$5.379M	0.3%	$137.40	—	COM	056752108
—	Hewlett-Packard Company	207,358	$5.31M	0.3%	$25.61	—	COM	428236103
—	TWITTER, INC.	189,655	$5.109M	0.2%	$26.94	—	COM	90184L102
—	Blue Nile, Inc.	145,738	$4.888M	0.2%	$33.54	—	COM	09578R103
—	Raytheon Company	43,885	$4.795M	0.2%	$109.26	—	COM	755111507
HBAN	Huntington Bancshares Incorporated	439,993	$4.664M	0.2%	$7.32	0.0%	COM	446150104
—	SanDisk Corporation	84,081	$4.568M	0.2%	$54.33	—	COM	80004C101
—	Liberty Interactive Corporation Ventures Series A	110,977	$4.478M	0.2%	$40.35	—	COM	53071M880
—	Kansas City Southern	48,932	$4.447M	0.2%	$90.88	—	COM	485170302
VIPS	VIPSHOP HOLDINGS LTD SPONSORED ADR	257,126	$4.32M	0.2%	$16.80	—	COM	92763W103
—	Liberty Lilac Group Class A	127,365	$4.291M	0.2%	$33.69	—	COM	G5480U138
LBRDA	Liberty Broadband Corp. Class A	80,323	$4.132M	0.2%	$50.67	0.0%	COM	530307107
CF	CF Industries Holdings, Inc.	89,039	$3.998M	0.2%	$43.37	0.0%	COM	125269100
—	USG Corporation	146,123	$3.89M	0.2%	$26.62	—	COM	903293405
GOOGL	Alphabet Inc. Class A	6,002	$3.831M	0.2%	$31.95	0.0%	COM	02079K305
—	NII HOLDINGS, INC ORD SHARES	586,923	$3.821M	0.2%	$6.51	—	COM	62913F508
—	Leucadia National Corporation	187,830	$3.805M	0.2%	$20.26	—	COM	527288104
LBRDK	Liberty Broadband Corp. Class C	74,097	$3.792M	0.2%	$49.98	0.0%	COM	530307305
—	Starz Inc Class A	94,732	$3.537M	0.2%	$37.34	—	COM	85571Q102
VZ	Verizon Communications Inc.	79,970	$3.479M	0.2%	$27.01	0.0%	COM	92343V104
—	Macquarie Infrastructure Company LLC	44,396	$3.315M	0.2%	$74.67	—	COM	55608B105
BK	BANK OF NEW YORK MELLON CORPORATION	81,562	$3.193M	0.2%	$32.00	0.0%	COM	064058100
PSMT	PriceSmart, Inc.	37,905	$2.932M	0.1%	$79.18	0.0%	COM	741511109
TXN	TEXAS INSTRUMENTS INCORPORATED	56,217	$2.784M	0.1%	$36.73	0.0%	COM	882508104
BKU	BankUnited, Inc.	77,851	$2.783M	0.1%	$26.43	0.0%	COM	06652K103
HOG	HARLEY-DAVIDSON, INC.	50,315	$2.762M	0.1%	$56.42	0.0%	COM	412822108
—	Liberty TripAdvisor Holdings Inc Class A	117,468	$2.604M	0.1%	$22.17	—	COM	531465102
—	CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14.	76,034	$2.41M	0.1%	$31.70	—	CONV BONDS	14040H139
—	Discovery Communications, Inc. Class C	92,084	$2.237M	0.1%	$24.29	—	COM	25470F302
CPA	COPA HOLDINGS, S.A. CLASS A	53,193	$2.23M	0.1%	$46.14	0.0%	COM	P31076105
BYD	Boyd Gaming Corporation	135,484	$2.208M	0.1%	$15.53	0.0%	COM	103304101
—	CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR	34,295	$2.167M	0.1%	$63.19	—	COM	22943F100
LPX	Louisiana-Pacific Corporation	138,512	$1.972M	0.1%	$15.87	0.0%	COM	546347105
EMBJ	Embraer S.A. Sponsored ADR	71,127	$1.819M	0.1%	$25.57	—	COM	29082A107
—	Liberty LiLAC Group Class C	50,190	$1.719M	0.1%	$34.25	—	COM	G5480U153
—	LUXOFT HOLDING, INC. CLASS A	25,999	$1.645M	0.1%	$63.27	—	COM	G57279104
—	iHeartMedia, Inc. Class A	332,728	$1.531M	0.1%	$4.60	—	COM	45174J103
EPC	EDGEWELL PERSONAL CARE CO	18,581	$1.516M	0.1%	$82.42	0.0%	COM	28035Q102
RMBS	Rambus Inc.	127,118	$1.5M	0.1%	$12.99	0.0%	COM	750917106
—	Walgreens Boots Alliance Inc	17,216	$1.431M	0.1%	$83.12	—	COM	931427108
HAL	Halliburton Company	39,464	$1.395M	0.1%	$32.17	0.0%	COM	406216101
FLR	Fluor Corporation	31,523	$1.335M	0.1%	$42.46	0.0%	COM	343412102
—	VONAGE HOLDINGS CORP.	218,402	$1.284M	0.1%	$5.88	—	COM	92886T201
—	Ryanair Holdings Plc Sponsored ADR	10,393	$814K	0.0%	$78.32	—	COM	783513104
BLD	TOPBUILD CORP.	24,602	$762K	0.0%	$30.95	0.0%	COM	89055F103
ENR	ENERGIZER HOLDINGS INC.	18,500	$716K	0.0%	$28.77	0.0%	COM	29272W109
FNMA	Federal National Mortgage Association	269,831	$607K	0.0%	$2.32	0.0%	COM	313586109
—	CTC Media, Inc.	148,582	$260K	0.0%	$1.75	—	COM	12642X106
—	Tribune Publishing Co	29,911	$235K	0.0%	$7.86	—	COM	896082104