Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AMZN	Amazon.com, Inc.	204,926	$122M	5.6%	$593.64 *	$25.62	+15.9%	COM	023135106
AAL	American Airlines Group, Inc.	2,263,942	$92.84M	4.3%	$41.01 *	$39.12	+0.5%	COM	02376R102
AIG	American International Group, Inc.	1,630,847	$88.15M	4.0%	$54.05 *	$46.81	-9.6%	COM	026874784
DAL	Delta Air Lines, Inc.	1,606,994	$78.23M	3.6%	$48.68 *	$39.55	+9.2%	COM	247361702
GOOG	Alphabet Inc. Class C	98,197	$73.15M	3.4%	$744.95 *	$30.93	+19.5%	COM	02079K107
C	Citigroup Inc.	1,545,892	$64.54M	3.0%	$41.75 *	$40.04	-22.0%	COM	172967424
COST	Costco Wholesale Corporation	397,389	$62.62M	2.9%	$157.58 *	$120.22	+10.6%	COM	22160K105
BAC	Bank of America Corporation	3,960,354	$53.54M	2.5%	$13.52 *	$13.00	-16.1%	COM	060505104
LBTYAUSD	Liberty Global Plc Class A	1,296,489	$49.91M	2.3%	$38.50	$42.60	—	COM	G5480U104
CBRE	CBRE Group, Inc. Class A	1,708,280	$49.23M	2.3%	$28.82	$34.65	-16.8%	COM	12504L109
PYPL	PAYPAL HOLDINGS INC	1,199,099	$46.28M	2.1%	$38.60	$35.81	+7.5%	COM	70450Y103
—	Priceline Group Inc	34,749	$44.79M	2.1%	$1288.96	$1241.54	—	COM	741503403
—	Liberty Global Plc Class C	1,137,297	$42.72M	2.0%	$37.56	$40.76	—	COM	G5480U120
MBI	MBIA Inc.	4,335,280	$38.37M	1.8%	$8.85 *	$2.83	+36.4%	COM	55262C100
BRK/B	Berkshire Hathaway Inc. Class B	255,299	$36.22M	1.7%	$141.88	$136.65	+3.8%	COM	084670702
CX	Cemex SAB de CV Sponsored ADR	4,554,188	$33.15M	1.5%	$7.28	$7.67	-5.1%	COM	151290889
WFC	Wells Fargo & Company	683,234	$33.04M	1.5%	$48.36 *	$40.64	-9.6%	COM	949746101
MGM	MGM Resorts International	1,459,072	$31.28M	1.4%	$21.44 *	$18.86	+7.4%	COM	552953101
SYF	Synchrony Financial	1,054,987	$30.24M	1.4%	$28.66 *	$25.34	-9.8%	COM	87165B103
TSCO	Tractor Supply Company	332,913	$30.11M	1.4%	$90.46 *	$15.21	+2.4%	COM	892356106
COF	Capital One Financial Corporation	426,793	$29.58M	1.4%	$69.31 *	$65.71	-11.4%	COM	14040H105
AXP	American Express Company	474,732	$29.15M	1.3%	$61.40 *	$65.09	-18.1%	COM	025816109
—	SL Green Realty Corp.	289,596	$28.06M	1.3%	$96.88	$107.38	—	COM	78440X101
TSM	Taiwan Semiconductor Manufacturing Co., Ltd. Spons	1,051,000	$27.54M	1.3%	$26.20	$21.19	+23.6%	COM	874039100
—	Lazard Ltd Class A	708,248	$27.48M	1.3%	$38.80	$42.99	—	COM	G54050102
IT	Gartner, Inc.	301,278	$26.92M	1.2%	$89.35	$86.92	+2.8%	COM	366651107
CFG	Citizens Financial Group, Inc.	1,152,315	$24.14M	1.1%	$20.95 *	$15.60	-6.8%	COM	174610105
CMCSA	COMCAST CORPORATION CLASS A	385,051	$23.52M	1.1%	$61.08 *	$22.75	+6.4%	COM	20030N101
—	Belmond Ltd. Class A	2,375,416	$22.54M	1.0%	$9.49	$10.06	—	COM	G1154H107
INTC	Intel Corporation	694,411	$22.46M	1.0%	$32.35 *	$22.68	+13.7%	COM	458140100
—	Level 3 Communications, Inc.	422,511	$22.33M	1.0%	$52.85	$44.49	—	COM	52729N308
WTW	WILLIS TOWERS WATSON PLC	182,103	$21.61M	1.0%	$118.66 *	$100.14	+3.4%	COM	G96629103
F	Ford Motor Company	1,580,440	$21.34M	1.0%	$13.50 *	$8.10	-0.5%	COM	345370860
UAL	United Continental Holdings, Inc.	343,259	$20.55M	0.9%	$59.86	$56.42	+6.1%	COM	910047109
JD	JD.com, Inc. Sponsored ADR Class A	765,390	$20.28M	0.9%	$26.50	$27.89	-5.0%	COM	47215P106
SHW	Sherwin-Williams Company	65,427	$18.63M	0.9%	$284.67 *	$79.61	+8.9%	COM	824348106
—	Discovery Communications, Inc. Class A	558,790	$16M	0.7%	$28.63	$26.03	—	COM	25470F104
MU	Micron Technology, Inc.	1,478,817	$15.48M	0.7%	$10.47 *	$16.06	-36.4%	COM	595112103
EBAY	eBay Inc.	633,910	$15.13M	0.7%	$23.86 *	$23.76	-10.6%	COM	278642103
—	BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS	3,800,870	$14.79M	0.7%	$3.89	$5.43	—	CONV BONDS	060505146
SCHW	Charles Schwab Corporation	526,340	$14.75M	0.7%	$28.02 *	$27.37	-9.5%	COM	808513105
—	Hanesbrands Inc.	516,339	$14.63M	0.7%	$28.34	$28.90	—	COM	410345102
—	AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19.	768,993	$14.38M	0.7%	$18.70	$22.05	—	CONV BONDS	026874156
MO	Altria Group, Inc.	228,167	$14.3M	0.7%	$62.66 *	$27.34	+18.6%	COM	02209S103
LOW	Lowe s Companies, Inc.	188,695	$14.29M	0.7%	$75.75 *	$57.14	+10.7%	COM	548661107
—	Seagate Technology PLC	400,751	$13.81M	0.6%	$34.45	$41.32	—	COM	G7945M107
—	CoreLogic, Inc.	396,191	$13.75M	0.6%	$34.70	$37.04	—	COM	21871D103
EPAM	EPAM Systems, Inc.	181,267	$13.54M	0.6%	$74.67	$72.02	+3.7%	COM	29414B104
MSFT	Microsoft Corporation	223,775	$12.36M	0.6%	$55.23 *	$39.53	+23.2%	COM	594918104
HCKT	Hackett Group, Inc.	802,671	$12.14M	0.6%	$15.12	$13.78	+9.7%	COM	404609109
CTSH	Cognizant Technology Solutions Corporation Class A	186,283	$11.68M	0.5%	$62.70 *	$55.37	+0.4%	COM	192446102
—	Liberty Interactive Corporation QVC Group	454,480	$11.48M	0.5%	$25.25	$26.17	—	COM	53071M104
GGG	Graco Inc.	135,084	$11.34M	0.5%	$83.96 *	$20.76	+18.4%	COM	384109104
—	ACTIVISION BLIZZARD INC	325,210	$11.01M	0.5%	$33.84	$30.99	—	COM	00507V109
NTES	NetEase, Inc. Sponsored ADR	74,613	$10.71M	0.5%	$143.58	$130.69	+9.9%	COM	64110W102
MHK	Mohawk Industries, Inc.	55,458	$10.59M	0.5%	$190.90	$196.21	-2.7%	COM	608190104
PM	Philip Morris International Inc.	107,580	$10.55M	0.5%	$98.11 *	$49.46	+22.0%	COM	718172109
—	Liberty Media Corp Class C	273,550	$10.42M	0.5%	$38.09	$34.77	—	COM	531229300
BFH	Alliance Data Systems Corporation	47,142	$10.37M	0.5%	$219.99 *	$180.68	-16.1%	COM	018581108
MKL	MARKEL CORPORATION	11,474	$10.21M	0.5%	$889.49	$847.28	+5.2%	COM	570535104
—	America Movil SAB de CV Sponsored ADR Class L	623,004	$9.675M	0.4%	$15.53	$16.45	—	COM	02364W105
—	Liberty Media Corp. Class A	249,323	$9.631M	0.4%	$38.63	$35.98	—	COM	531229102
—	Delphi Automotive PLC	127,186	$9.541M	0.4%	$75.02	$76.08	—	COM	G27823106
MCO	Moodys Corporation	96,977	$9.364M	0.4%	$96.56 *	$94.82	-7.4%	COM	615369105
DNOW	NOW Inc	525,110	$9.305M	0.4%	$17.72	$17.26	+2.7%	COM	67011P100
ELV	Anthem, Inc.	66,495	$9.242M	0.4%	$138.99 *	$128.74	-5.5%	COM	036752103
TRIP	TripAdvisor, Inc.	138,436	$9.206M	0.4%	$66.50 *	$66.73	-11.4%	COM	896945201
—	KKR & Co. L.P.	619,779	$9.105M	0.4%	$14.69	$16.25	—	COM	48248M102
—	Sotheby s Class A	334,159	$8.932M	0.4%	$26.73	$31.51	—	COM	835898107
SIG	Signet Jewelers Limited	70,146	$8.7M	0.4%	$124.03 *	$104.05	-2.2%	COM	G81276100
VRSK	Verisk Analytics, Inc. Class A	107,871	$8.621M	0.4%	$79.92 *	$71.17	+7.3%	COM	92345Y106
BMY	Bristol-Myers Squibb Company	134,583	$8.597M	0.4%	$63.88 *	$44.58	+2.4%	COM	110122108
KR	Kroger Co.	223,500	$8.549M	0.4%	$38.25 *	$30.30	+3.5%	COM	501044101
JPM	JPMorgan Chase & Co.	143,063	$8.472M	0.4%	$59.22 *	$49.27	-7.7%	COM	46625H100
BIO	Bio-Rad Laboratories, Inc. Class A	61,318	$8.383M	0.4%	$136.71	$141.99	-3.7%	COM	090572207
—	Tesoro Corporation	97,025	$8.345M	0.4%	$86.01	$97.35	—	COM	881609101
WDC	Western Digital Corporation	173,248	$8.184M	0.4%	$47.24 *	$49.36	-37.2%	COM	958102105
MS	Morgan Stanley	326,231	$8.159M	0.4%	$25.01 *	$26.66	-28.9%	COM	617446448
BIDU	BAIDU, INC. SPONSORED ADR CLASS A	42,612	$8.134M	0.4%	$190.89	$165.46	+15.4%	COM	056752108
SMG	Scotts Miracle-Gro Company Class A	109,325	$7.956M	0.4%	$72.77 *	$44.44	+18.9%	COM	810186106
—	Tribune Media Co. Class A	200,707	$7.697M	0.4%	$38.35	$35.78	—	COM	896047503
MAS	Masco Corporation	244,228	$7.681M	0.4%	$31.45 *	$22.16	+22.6%	COM	574599106
—	Charter Communications, Inc. Class A	36,770	$7.443M	0.3%	$202.42	$177.90	—	COM	16117M305
EL	Estee Lauder Companies Inc. Class A	78,040	$7.36M	0.3%	$94.31 *	$73.74	+12.9%	COM	518439104
GRMN	Garmin Ltd.	165,353	$6.608M	0.3%	$39.96 *	$29.32	+4.7%	COM	H2906T109
PCAR	PACCAR INC	109,643	$5.996M	0.3%	$54.69 *	$23.08	+10.0%	COM	693718108
—	Raytheon Company	48,148	$5.904M	0.3%	$122.62	$110.47	—	COM	755111507
—	WESTROCK CO.	136,711	$5.336M	0.2%	$39.03	$51.36	—	COM	96145D105
INDA	iShares MSCI India ETF	188,242	$5.105M	0.2%	$27.12	$29.37	-7.7%	COM	46429B598
LBRDA	Liberty Broadband Corp. Class A	87,673	$5.099M	0.2%	$58.16 *	$50.41	+8.1%	COM	530307107
GOOGL	Alphabet Inc. Class A	6,602	$5.037M	0.2%	$762.95 *	$32.37	+17.0%	COM	02079K305
—	Liberty Lilac Group Class A	138,964	$4.872M	0.2%	$35.06	$33.88	—	COM	G5480U138
CSCO	Cisco Systems, Inc.	169,417	$4.823M	0.2%	$28.47 *	$19.53	+7.4%	COM	17275R102
—	Macquarie Infrastructure Company LLC	70,810	$4.775M	0.2%	$67.43	$72.01	—	COM	55608B105
—	Liberty Interactive Corporation Ventures Series A	121,310	$4.746M	0.2%	$39.12	$40.32	—	COM	53071M880
VZ	Verizon Communications Inc.	87,515	$4.733M	0.2%	$54.08 *	$27.23	+19.3%	COM	92343V104
BYD	Boyd Gaming Corporation	228,926	$4.73M	0.2%	$20.66 *	$15.97	+21.3%	COM	103304101
LBRDK	Liberty Broadband Corp. Class C	81,289	$4.711M	0.2%	$57.95 *	$49.75	+9.1%	COM	530307305
HBAN	Huntington Bancshares Incorporated	480,981	$4.589M	0.2%	$9.54 *	$7.24	-11.9%	COM	446150104
—	Kansas City Southern	53,361	$4.56M	0.2%	$85.46	$90.30	—	COM	485170302
L	Loews Corporation	118,277	$4.525M	0.2%	$38.26 *	$35.57	+2.8%	COM	540424108
—	Liberty TripAdvisor Holdings Inc Class A	191,032	$4.233M	0.2%	$22.16	$22.23	—	COM	531465102
—	Blue Nile, Inc.	159,391	$4.098M	0.2%	$25.71	$33.01	—	COM	09578R103
CPA	COPA HOLDINGS, S.A. CLASS A	59,355	$4.021M	0.2%	$67.74 *	$45.64	+12.6%	COM	P31076105
HPE	HEWLETT PACKARD ENTERPRISE CO.	226,718	$4.02M	0.2%	$17.73 *	$6.49	+21.0%	COM	42824C109
—	USG Corporation	159,781	$3.964M	0.2%	$24.81	$26.46	—	COM	903293405
VIPS	VIPSHOP HOLDINGS LTD SPONSORED ADR	280,470	$3.612M	0.2%	$12.88	$18.70	-31.1%	COM	92763W103
—	NII HOLDINGS, INC ORD SHARES	641,542	$3.548M	0.2%	$5.53	$6.42	—	COM	62913F508
WHR	WHIRLPOOL CORPORATION	19,606	$3.536M	0.2%	$180.35	$149.07	+21.0%	COM	963320106
TXN	TEXAS INSTRUMENTS INCORPORATED	61,526	$3.533M	0.2%	$57.42 *	$37.07	+18.4%	COM	882508104
PSMT	PriceSmart, Inc.	41,419	$3.503M	0.2%	$84.57 *	$78.39	-4.4%	COM	741511109
CAR	Avis Budget Group, Inc.	125,451	$3.432M	0.2%	$27.36 *	$40.08	-35.1%	COM	053774105
—	TWITTER, INC.	207,240	$3.43M	0.2%	$16.55	$26.13	—	COM	90184L102
—	CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR	74,998	$3.319M	0.2%	$44.25	$53.89	—	COM	22943F100
WSM	WILLIAMS-SONOMA, INC.	57,154	$3.129M	0.1%	$54.75 *	$21.42	+1.1%	COM	969904101
—	LIONS GATE ENTERTAINMENT CORP.	140,044	$3.06M	0.1%	$21.85	$21.85	—	COM	535919203
CF	CF Industries Holdings, Inc.	96,990	$3.04M	0.1%	$31.34 *	$41.97	-43.2%	COM	125269100
COTY	Coty Inc. Class A	107,184	$2.983M	0.1%	$27.83 *	$24.38	-0.7%	COM	222070203
HOG	HARLEY-DAVIDSON, INC.	55,066	$2.827M	0.1%	$51.34	$55.38	-7.3%	COM	412822108
HPQ	HP Inc	226,718	$2.793M	0.1%	$12.32 *	$9.02	-0.8%	COM	40434L105
LPX	Louisiana-Pacific Corporation	151,456	$2.593M	0.1%	$17.12	$15.89	+7.8%	COM	546347105
—	Starz Inc Class A	96,061	$2.529M	0.1%	$26.33	$36.54	—	COM	85571Q102
—	CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14.	83,142	$2.378M	0.1%	$28.60	$31.47	—	CONV BONDS	14040H139
—	Liberty LiLAC Group Class C	54,758	$2.074M	0.1%	$37.88	$34.61	—	COM	G5480U153
—	Hertz Global Holdings, Inc.	188,974	$1.99M	0.1%	$10.53	$16.28	—	COM	42805T105
FLR	Fluor Corporation	34,571	$1.856M	0.1%	$53.69 *	$42.50	+15.7%	COM	343412102
THO	THOR INDUSTRIES, INC.	25,815	$1.646M	0.1%	$63.76 *	$45.45	+16.0%	COM	885160101
—	Walgreens Boots Alliance Inc	18,811	$1.585M	0.1%	$84.26	$83.23	—	COM	931427108
—	LUXOFT HOLDING, INC. CLASS A	28,344	$1.56M	0.1%	$55.04	$62.86	—	COM	G57279104
HAL	Halliburton Company	43,190	$1.543M	0.1%	$35.73 *	$31.76	-6.8%	COM	406216101
—	INTERVAL LEISURE GROUP INC.	93,182	$1.346M	0.1%	$14.44	$15.53	—	COM	46113M108
—	Leucadia National Corporation	76,000	$1.229M	0.1%	$16.17	$19.96	—	COM	527288104
—	VONAGE HOLDINGS CORP.	238,376	$1.089M	0.0%	$4.57	$5.78	—	COM	92886T201
—	Discovery Communications, Inc. Class C	39,101	$1.056M	0.0%	$27.01	$24.31	—	COM	25470F302
RYAAY	Ryanair Holdings Plc Sponsored ADR	11,518	$988K	0.0%	$85.78	$81.71	+5.0%	COM	783513203
BLD	TOPBUILD CORP.	26,772	$796K	0.0%	$29.73	$30.67	-3.0%	COM	89055F103
FNMA	Federal National Mortgage Association	292,276	$409K	0.0%	$1.40	$2.26	-38.0%	COM	313586109
—	iHeartMedia, Inc. Class A	361,983	$402K	0.0%	$1.11	$4.32	—	COM	45174J103
—	CTC Media, Inc.	160,429	$314K	0.0%	$1.96	$1.76	—	COM	12642X106
—	Tribune Publishing Co	32,631	$252K	0.0%	$7.72	$7.86	—	COM	896082104