Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	Amazon.com, Inc.	235,975	$169M	7.0%	$26.70	+26.7%	COM	023135106
AIG	American International Group, Inc.	1,867,285	$98.76M	4.1%	$46.37	-6.6%	COM	026874784
GOOG	Alphabet Inc. Class C	113,225	$78.36M	3.3%	$31.56	+13.0%	COM	02079K107
C	Citigroup Inc.	1,766,446	$74.88M	3.1%	$39.17	-15.5%	COM	172967424
COST	Costco Wholesale Corporation	456,362	$71.67M	3.0%	$121.23	+5.6%	COM	22160K105
AAL	American Airlines Group, Inc.	2,369,061	$67.07M	2.8%	$38.82	-16.4%	COM	02376R102
BAC	Bank of America Corporation	4,533,650	$60.16M	2.5%	$12.79	-11.3%	COM	060505104
DAL	Delta Air Lines, Inc.	1,528,345	$55.68M	2.3%	$39.55	-4.5%	COM	247361702
CBRE	CBRE Group, Inc. Class A	1,951,825	$51.68M	2.1%	$33.97	-13.9%	COM	12504L109
—	Priceline Group Inc	39,790	$49.67M	2.1%	$1242.41	—	COM	741503403
LBTYAUSD	Liberty Global Plc Class A	1,505,899	$43.76M	1.8%	$40.72	—	COM	G5480U104
BRK/B	Berkshire Hathaway Inc. Class B	293,931	$42.56M	1.8%	$137.48	+4.0%	COM	084670702
PYPL	PAYPAL HOLDINGS INC	1,150,643	$42.01M	1.7%	$35.81	+6.5%	COM	70450Y103
—	Liberty Global Plc Class C	1,351,188	$38.71M	1.6%	$38.85	—	COM	G5480U120
MGM	MGM Resorts International	1,675,375	$37.91M	1.6%	$19.20	+11.8%	COM	552953101
WFC	Wells Fargo & Company	786,697	$37.23M	1.5%	$40.19	-7.4%	COM	949746101
—	SL Green Realty Corp.	333,055	$35.46M	1.5%	$107.26	—	COM	78440X101
TSCO	Tractor Supply Company	383,887	$35M	1.5%	$15.32	+4.6%	COM	892356106
MBI	MBIA Inc.	4,988,864	$34.07M	1.4%	$2.88	+12.4%	COM	55262C100
CX	Cemex SAB de CV Sponsored ADR	5,440,984	$33.57M	1.4%	$6.87	—	COM	151290889
AXP	American Express Company	545,828	$33.16M	1.4%	$63.81	-13.4%	COM	025816109
TSM	Taiwan Semiconductor Manufacturing Co., Ltd. Spons	1,211,193	$31.77M	1.3%	$21.84	—	COM	874039100
COF	Capital One Financial Corporation	491,032	$31.18M	1.3%	$64.79	-9.5%	COM	14040H105
SYF	Synchrony Financial	1,214,964	$30.71M	1.3%	$25.06	-7.3%	COM	87165B103
CMCSA	COMCAST CORPORATION CLASS A	443,585	$28.92M	1.2%	$23.01	+7.4%	COM	20030N101
—	Belmond Ltd. Class A	2,728,085	$27.01M	1.1%	$10.04	—	COM	G1154H107
CFG	Citizens Financial Group, Inc.	1,325,449	$26.48M	1.1%	$15.59	-0.8%	COM	174610105
WTW	WILLIS TOWERS WATSON PLC	209,797	$26.08M	1.1%	$101.13	+6.5%	COM	G96629103
—	Level 3 Communications, Inc.	486,652	$25.06M	1.0%	$45.41	—	COM	52729N308
—	Lazard Ltd Class A	816,831	$24.32M	1.0%	$41.23	—	COM	G54050102
MU	Micron Technology, Inc.	1,700,032	$23.39M	1.0%	$15.41	-28.1%	COM	595112103
F	Ford Motor Company	1,820,297	$22.88M	1.0%	$8.08	-1.8%	COM	345370860
SHW	Sherwin-Williams Company	75,569	$22.19M	0.9%	$80.89	+10.2%	COM	824348106
UNP	UNION PACIFIC CORPORATION	221,747	$19.35M	0.8%	$68.24	0.0%	COM	907818108
JD	JD.com, Inc. Sponsored ADR Class A	879,204	$18.67M	0.8%	$25.92	—	COM	47215P106
—	CoreLogic, Inc.	456,106	$17.55M	0.7%	$37.23	—	COM	21871D103
LOW	Lowe s Companies, Inc.	217,192	$17.2M	0.7%	$58.14	+11.4%	COM	548661107
EBAY	eBay Inc.	729,904	$17.09M	0.7%	$23.46	-8.5%	COM	278642103
HPE	HEWLETT PACKARD ENTERPRISE CO.	932,400	$17.04M	0.7%	$7.45	+4.1%	COM	42824C109
NTES	NetEase, Inc. Sponsored ADR	85,850	$16.59M	0.7%	$131.80	—	COM	64110W102
MO	Altria Group, Inc.	240,202	$16.56M	0.7%	$27.63	+20.2%	COM	02209S103
—	AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19.	880,973	$16.46M	0.7%	$21.62	—	CONV BONDS	026874156
INTC	Intel Corporation	496,281	$16.28M	0.7%	$22.68	+10.8%	COM	458140100
UAL	United Continental Holdings, Inc.	394,634	$16.2M	0.7%	$55.23	-14.3%	COM	910047109
SCHW	Charles Schwab Corporation	604,254	$15.29M	0.6%	$27.09	-7.1%	COM	808513105
—	BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS	4,343,762	$15.12M	0.6%	$5.18	—	CONV BONDS	060505146
—	ACTIVISION BLIZZARD INC	373,649	$14.81M	0.6%	$32.11	—	COM	00507V109
—	Discovery Communications, Inc. Class A	577,236	$14.56M	0.6%	$26.00	—	COM	25470F104
EPAM	EPAM Systems, Inc.	208,135	$13.38M	0.6%	$72.14	+1.2%	COM	29414B104
IT	Gartner, Inc.	137,101	$13.36M	0.6%	$86.92	+9.3%	COM	366651107
MSFT	Microsoft Corporation	257,997	$13.2M	0.5%	$40.39	+13.9%	COM	594918104
HCKT	Hackett Group, Inc.	923,196	$12.8M	0.5%	$13.89	+5.1%	COM	404609109
—	Hanesbrands Inc.	508,352	$12.78M	0.5%	$28.90	—	COM	410345102
—	Liberty Interactive Corporation QVC Group	502,433	$12.75M	0.5%	$26.09	—	COM	53071M104
MKL	MARKEL CORPORATION	13,179	$12.56M	0.5%	$858.14	+8.5%	COM	570535104
GGG	Graco Inc.	155,409	$12.28M	0.5%	$21.14	+12.0%	COM	384109104
CTSH	Cognizant Technology Solutions Corporation Class A	214,065	$12.25M	0.5%	$55.13	-2.8%	COM	192446102
MHK	Mohawk Industries, Inc.	63,809	$12.11M	0.5%	$196.00	-0.7%	COM	608190104
INDA	iShares MSCI India ETF	431,528	$12.05M	0.5%	$28.20	—	COM	46429B598
ELV	Anthem, Inc.	89,595	$11.77M	0.5%	$126.46	-5.2%	COM	036752103
PM	Philip Morris International Inc.	113,284	$11.52M	0.5%	$50.06	+22.7%	COM	718172109
BMY	Bristol-Myers Squibb Company	155,209	$11.42M	0.5%	$45.37	+11.3%	COM	110122108
—	Seagate Technology PLC	460,166	$11.21M	0.5%	$39.13	—	COM	G7945M107
—	Liberty Lilac Group Class A	345,555	$11.15M	0.5%	$32.91	—	COM	G5480U138
DNOW	NOW Inc	601,862	$10.92M	0.5%	$17.30	+1.5%	COM	67011P100
BFH	Alliance Data Systems Corporation	54,294	$10.64M	0.4%	$175.80	-18.3%	COM	018581108
MCO	Moodys Corporation	111,431	$10.44M	0.4%	$93.94	-6.2%	COM	615369105
TRIP	TripAdvisor, Inc.	159,898	$10.28M	0.4%	$65.51	-12.0%	COM	896945201
JPM	JPMorgan Chase & Co.	164,461	$10.22M	0.4%	$49.15	-1.7%	COM	46625H100
BIO	Bio-Rad Laboratories, Inc. Class A	70,766	$10.12M	0.4%	$142.08	+0.4%	COM	090572207
VRSK	Verisk Analytics, Inc. Class A	124,474	$10.09M	0.4%	$71.68	+4.6%	COM	92345Y106
MS	Morgan Stanley	375,108	$9.745M	0.4%	$25.78	-22.8%	COM	617446448
KR	Kroger Co.	257,489	$9.473M	0.4%	$30.20	-2.1%	COM	501044101
WDC	Western Digital Corporation	199,068	$9.408M	0.4%	$46.67	-38.7%	COM	958102105
—	Delphi Automotive PLC	146,143	$9.149M	0.4%	$74.33	—	COM	G27823106
—	Tribune Media Co. Class A	230,265	$9.022M	0.4%	$36.22	—	COM	896047503
—	KKR & Co. L.P.	714,851	$8.821M	0.4%	$15.73	—	COM	48248M102
SMG	Scotts Miracle-Gro Company Class A	125,782	$8.793M	0.4%	$45.24	+11.8%	COM	810186106
—	America Movil SAB de CV Sponsored ADR Class L	715,163	$8.768M	0.4%	$15.91	—	COM	02364W105
MAS	Masco Corporation	280,897	$8.691M	0.4%	$22.84	+19.6%	COM	574599106
—	Tesoro Corporation	111,526	$8.356M	0.3%	$94.43	—	COM	881609101
—	LIBERTY SIRIUSXM GROUP CLASS C	269,493	$8.319M	0.3%	$30.87	—	COM	531229607
—	LIBERTY SIRIUSXM GROUP CLASS A	264,063	$8.281M	0.3%	$31.36	—	COM	531229409
—	DOW CHEMICAL COMPANY	164,097	$8.157M	0.3%	$49.71	—	COM	260543103
EL	Estee Lauder Companies Inc. Class A	89,532	$8.149M	0.3%	$74.86	+10.2%	COM	518439104
BIDU	BAIDU, INC. SPONSORED ADR CLASS A	49,051	$8.101M	0.3%	$144.80	—	COM	056752108
GRMN	Garmin Ltd.	190,177	$8.067M	0.3%	$29.67	+7.9%	COM	H2906T109
SIG	Signet Jewelers Limited	95,656	$7.883M	0.3%	$98.58	-15.3%	COM	G81276100
—	Sotheby s Class A	278,334	$7.626M	0.3%	$31.51	—	COM	835898107
—	Liberty LiLAC Group Class C	232,967	$7.569M	0.3%	$32.99	—	COM	G5480U153
—	Raytheon Company	55,482	$7.543M	0.3%	$113.84	—	COM	755111507
PCAR	PACCAR INC	126,121	$6.542M	0.3%	$23.41	+9.6%	COM	693718108
CHTR	Charter Communications Inc. Class A	28,586	$6.536M	0.3%	$214.89	0.0%	COM	16119P108
—	Macquarie Infrastructure Company LLC	81,424	$6.029M	0.3%	$72.28	—	COM	55608B105
LBRDA	Liberty Broadband Corp. Class A	95,975	$5.701M	0.2%	$50.77	+7.6%	COM	530307107
VZ	Verizon Communications Inc.	100,853	$5.632M	0.2%	$27.80	+13.2%	COM	92343V104
CSCO	Cisco Systems, Inc.	194,907	$5.592M	0.2%	$19.70	+5.9%	COM	17275R102
L	Loews Corporation	135,187	$5.555M	0.2%	$35.86	+5.8%	COM	540424108
—	Kansas City Southern	61,509	$5.541M	0.2%	$90.27	—	COM	485170302
GOOGL	Alphabet Inc. Class A	7,615	$5.357M	0.2%	$32.91	+10.7%	COM	02079K305
—	Blue Nile, Inc.	183,420	$5.022M	0.2%	$32.27	—	COM	09578R103
—	USG Corporation	184,034	$4.962M	0.2%	$26.53	—	COM	903293405
HBAN	Huntington Bancshares Incorporated	553,110	$4.945M	0.2%	$7.15	-8.0%	COM	446150104
—	Liberty Interactive Corporation Ventures Series A	132,722	$4.92M	0.2%	$40.04	—	COM	53071M880
LBRDK	Liberty Broadband Corp. Class C	81,079	$4.865M	0.2%	$49.75	+9.7%	COM	530307305
BYD	Boyd Gaming Corporation	263,033	$4.84M	0.2%	$16.26	+11.8%	COM	103304101
—	Liberty TripAdvisor Holdings Inc Class A	217,302	$4.755M	0.2%	$22.19	—	COM	531465102
CAR	Avis Budget Group, Inc.	144,979	$4.673M	0.2%	$38.22	-31.3%	COM	053774105
PSMT	PriceSmart, Inc.	47,660	$4.46M	0.2%	$78.21	-1.5%	COM	741511109
TXN	TEXAS INSTRUMENTS INCORPORATED	70,779	$4.434M	0.2%	$38.20	+19.5%	COM	882508104
THD	ISHARES MSCI THAILAND CAPPED ETF	60,124	$4.143M	0.2%	$68.91	—	COM	464286624
PZZA	PAPA JOHN`S INTERNATIONAL, INC.	59,459	$4.043M	0.2%	$49.58	0.0%	COM	698813102
—	TWITTER, INC.	238,678	$4.036M	0.2%	$24.92	—	COM	90184L102
—	WESTROCK CO.	103,280	$4.014M	0.2%	$51.36	—	COM	96145D105
WHR	WHIRLPOOL CORPORATION	22,548	$3.757M	0.2%	$152.64	+15.6%	COM	963320106
—	JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS	179,029	$3.625M	0.2%	$20.25	—	CONV BONDS	46634E114
VIPS	VIPSHOP HOLDINGS LTD SPONSORED ADR	322,456	$3.602M	0.1%	$15.81	—	COM	92763W103
CPA	COPA HOLDINGS, S.A. CLASS A	68,565	$3.583M	0.1%	$45.42	-3.2%	COM	P31076105
—	POPEYES LOUISIANA KITCHEN, INC.	65,476	$3.578M	0.1%	$54.65	—	COM	732872106
—	CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR	85,917	$3.54M	0.1%	$52.28	—	COM	22943F100
—	FIRST CASH FINANCIAL SERVICES, INC.	67,721	$3.476M	0.1%	$51.33	—	COM	31942D107
WSM	WILLIAMS-SONOMA, INC.	65,591	$3.419M	0.1%	$21.47	+1.5%	COM	969904101
—	Starz Inc Class A	110,353	$3.302M	0.1%	$35.68	—	COM	85571Q102
HPQ	HP Inc	260,548	$3.27M	0.1%	$9.03	+0.4%	COM	40434L105
—	LIONS GATE ENTERTAINMENT CORP.	161,605	$3.269M	0.1%	$21.63	—	COM	535919203
COTY	Coty Inc. Class A	123,660	$3.214M	0.1%	$24.31	-2.0%	COM	222070203
LPX	Louisiana-Pacific Corporation	174,461	$3.027M	0.1%	$16.11	+9.3%	COM	546347105
EWY	ISHARES MSCI SOUTH KOREA CAP ETF	57,460	$2.992M	0.1%	$52.07	—	COM	464286772
HOG	HARLEY-DAVIDSON, INC.	63,183	$2.862M	0.1%	$54.18	-15.0%	COM	412822108
CF	CF Industries Holdings, Inc.	111,346	$2.683M	0.1%	$39.48	-42.6%	COM	125269100
—	Hertz Global Holdings	218,258	$2.416M	0.1%	$11.07	—	COM	42806J106
—	NII HOLDINGS, INC ORD SHARES	738,904	$2.35M	0.1%	$5.99	—	COM	62913F508
—	CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14.	95,401	$2.274M	0.1%	$30.49	—	CONV BONDS	14040H139
HAL	Halliburton Company	49,665	$2.249M	0.1%	$32.07	+6.4%	COM	406216101
RYAAY	Ryanair Holdings Plc Sponsored ADR	32,259	$2.243M	0.1%	$75.54	—	COM	783513203
TUR	ISHARES MSCI TURKEY ETF	54,876	$2.176M	0.1%	$39.65	—	COM	464286715
FLR	Fluor Corporation	39,867	$1.965M	0.1%	$43.20	+10.4%	COM	343412102
THO	THOR INDUSTRIES, INC.	29,700	$1.923M	0.1%	$46.42	+14.0%	COM	885160101
—	Walgreens Boots Alliance Inc	21,536	$1.793M	0.1%	$83.23	—	COM	931427108
LSAK	NET 1 UEPS TECHNOLOGIES, INC.	178,418	$1.782M	0.1%	$10.64	0.0%	COM	64107N206
—	INTERVAL LEISURE GROUP INC.	107,269	$1.706M	0.1%	$15.58	—	COM	46113M108
—	LUXOFT HOLDING, INC. CLASS A	32,613	$1.697M	0.1%	$61.44	—	COM	G57279104
—	Leucadia National Corporation	87,680	$1.519M	0.1%	$19.61	—	COM	527288104
—	PNC FINANCIAL SERVICES GROUP INC WARRANTS 2010-31.	84,742	$1.476M	0.1%	$17.42	—	CONV BONDS	693475121
—	WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS	102,541	$1.397M	0.1%	$13.62	—	CONV BONDS	949746119
—	Liberty Media Corp - C	67,471	$1.28M	0.1%	$18.97	—	COM	531229854
—	Liberty Media Corp - A	66,157	$1.266M	0.1%	$19.14	—	COM	531229870
BLD	TOPBUILD CORP.	30,841	$1.116M	0.0%	$31.08	+8.7%	COM	89055F103
NGVT	INGEVITY CORP	26,224	$893K	0.0%	$30.20	0.0%	COM	45688C107
—	Liberty Braves Group - Class C	52,358	$768K	0.0%	$14.67	—	COM	531229888
FNMA	Federal National Mortgage Association	337,533	$675K	0.0%	$2.21	-13.8%	COM	313586109
—	iHeartMedia, Inc. Class A	411,759	$535K	0.0%	$3.95	—	COM	45174J103
—	Tronc Inc	37,867	$523K	0.0%	$13.81	—	COM	89703P107
—	Liberty Braves Group - Class A	26,565	$400K	0.0%	$15.06	—	COM	531229706