Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	Amazon.com, Inc.	249,943	$187M	6.0%	$28.10	+39.4%	COM	023135106
C	Citigroup Inc.	1,924,395	$114M	3.7%	$38.56	+5.4%	COM	172967424
AIG	American International Group, Inc.	1,630,382	$106M	3.4%	$46.37	+7.4%	COM	026874784
BAC	Bank of America Corporation	4,657,234	$103M	3.3%	$12.75	+23.0%	COM	060505104
AAL	American Airlines Group, Inc.	2,086,435	$97.42M	3.1%	$38.24	+9.9%	COM	02376R102
GOOG	Alphabet Inc. Class C	125,586	$96.93M	3.1%	$32.30	+19.7%	COM	02079K107
DAL	Delta Air Lines, Inc.	1,692,680	$83.26M	2.7%	$38.86	+5.3%	COM	247361702
COST	Costco Wholesale Corporation	476,062	$76.22M	2.4%	$123.16	+5.4%	COM	22160K105
CBRE	CBRE Group, Inc. Class A	2,165,578	$68.19M	2.2%	$33.31	-13.1%	COM	12504L109
MBI	MBIA Inc.	5,527,683	$59.15M	1.9%	$2.95	+36.5%	COM	55262C100
—	Priceline Group Inc	40,016	$58.67M	1.9%	$1270.09	—	COM	741503403
MGM	MGM Resorts International	1,856,354	$53.52M	1.7%	$19.64	+33.2%	COM	552953101
BRK/B	Berkshire Hathaway Inc. Class B	325,990	$53.13M	1.7%	$138.54	+11.1%	COM	084670702
WFC	Wells Fargo & Company	953,664	$52.56M	1.7%	$39.74	-1.8%	COM	949746101
CFG	Citizens Financial Group, Inc.	1,465,414	$52.21M	1.7%	$15.65	+36.3%	COM	174610105
CX	Cemex SAB de CV Sponsored ADR	6,402,566	$51.41M	1.6%	$7.05	—	COM	151290889
PYPL	PAYPAL HOLDINGS INC	1,272,256	$50.22M	1.6%	$36.11	+11.1%	COM	70450Y103
—	AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19.	2,091,602	$49.07M	1.6%	$21.59	—	CONV BONDS	026874156
SYF	Synchrony Financial	1,347,424	$48.87M	1.6%	$24.69	+4.0%	COM	87165B103
COF	Capital One Financial Corporation	542,916	$47.36M	1.5%	$64.02	+7.4%	COM	14040H105
—	BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS	4,645,318	$46.22M	1.5%	$5.12	—	CONV BONDS	060505146
AXP	American Express Company	604,003	$44.74M	1.4%	$62.92	-3.1%	COM	025816109
TSM	Taiwan Semiconductor Manufacturing Co., Ltd. Spons	1,508,155	$43.36M	1.4%	$23.40	—	COM	874039100
—	Belmond Ltd. Class A	3,015,302	$40.25M	1.3%	$10.35	—	COM	G1154H107
—	SL Green Realty Corp.	368,221	$39.6M	1.3%	$107.36	—	COM	78440X101
—	Liberty Global Plc Class C	1,320,291	$39.21M	1.3%	$38.30	—	COM	G5480U120
MU	Micron Technology, Inc.	1,732,783	$37.98M	1.2%	$15.39	+19.1%	COM	595112103
—	Lazard Ltd Class A	904,439	$37.16M	1.2%	$40.65	—	COM	G54050102
LBTYAUSD	Liberty Global Plc Class A	1,127,963	$34.5M	1.1%	$40.72	—	COM	G5480U104
CMCSA	COMCAST CORPORATION CLASS A	491,608	$33.95M	1.1%	$23.45	+14.4%	COM	20030N101
TSCO	Tractor Supply Company	426,383	$32.32M	1.0%	$15.21	-19.0%	COM	892356106
UAL	United Continental Holdings, Inc.	435,550	$31.74M	1.0%	$54.40	+17.1%	COM	910047109
WTW	WILLIS TOWERS WATSON PLC	233,102	$28.5M	0.9%	$102.10	+7.4%	COM	G96629103
SCHW	Charles Schwab Corporation	668,666	$26.39M	0.8%	$26.96	+17.9%	COM	808513105
UNP	UNION PACIFIC CORPORATION	246,389	$25.55M	0.8%	$69.19	+16.1%	COM	907818108
JD	JD.com, Inc. Sponsored ADR Class A	970,043	$24.68M	0.8%	$25.94	—	COM	47215P106
F	Ford Motor Company	2,017,975	$24.48M	0.8%	$8.03	-7.0%	COM	345370860
HPE	HEWLETT PACKARD ENTERPRISE CO.	1,040,378	$24.07M	0.8%	$7.70	+32.9%	COM	42824C109
EBAY	eBay Inc.	807,565	$23.98M	0.8%	$23.87	+10.1%	COM	278642103
SHW	Sherwin-Williams Company	84,021	$22.58M	0.7%	$81.89	-0.6%	COM	824348106
—	Level 3 Communications, Inc.	375,018	$21.14M	0.7%	$45.53	—	COM	52729N308
INTC	Intel Corporation	550,777	$19.98M	0.6%	$23.40	+24.6%	COM	458140100
NTES	NetEase, Inc. Sponsored ADR	88,253	$19M	0.6%	$144.81	—	COM	64110W102
HCKT	Hackett Group, Inc.	1,023,045	$18.07M	0.6%	$14.05	+20.5%	COM	404609109
MSFT	Microsoft Corporation	286,632	$17.81M	0.6%	$41.60	+29.7%	COM	594918104
—	Discovery Communications, Inc. Class A	641,394	$17.58M	0.6%	$26.12	—	COM	25470F104
LOW	Lowe s Companies, Inc.	241,648	$17.19M	0.6%	$59.04	+1.3%	COM	548661107
MO	Altria Group, Inc.	246,870	$16.69M	0.5%	$28.03	+21.2%	COM	02209S103
INDA	iShares MSCI India ETF	620,503	$16.64M	0.5%	$28.50	—	COM	46429B598
KR	Kroger Co.	479,543	$16.55M	0.5%	$28.74	-6.1%	COM	501044101
MS	Morgan Stanley	378,320	$15.98M	0.5%	$25.43	+14.6%	COM	617446448
JPM	JPMorgan Chase & Co.	182,120	$15.71M	0.5%	$49.35	+21.4%	COM	46625H100
IT	Gartner, Inc.	152,135	$15.38M	0.5%	$87.76	+10.1%	COM	366651107
—	CoreLogic, Inc.	411,407	$15.15M	0.5%	$37.47	—	COM	21871D103
EPAM	EPAM Systems, Inc.	230,575	$14.83M	0.5%	$71.64	-10.4%	COM	29414B104
ELV	Anthem, Inc.	99,360	$14.29M	0.5%	$124.92	-5.1%	COM	036752103
BIO	Bio-Rad Laboratories, Inc. Class A	78,291	$14.27M	0.5%	$143.23	+19.0%	COM	090572207
—	Seagate Technology PLC	372,108	$14.2M	0.5%	$39.13	—	COM	G7945M107
MHK	Mohawk Industries, Inc.	70,904	$14.16M	0.5%	$197.17	-0.4%	COM	608190104
RL	RALPH LAUREN CORPORATION CLASS A	155,702	$14.06M	0.5%	$83.56	+1.1%	COM	751212101
BFH	Alliance Data Systems Corporation	60,024	$13.71M	0.4%	$172.40	-12.7%	COM	018581108
DNOW	NOW Inc	667,458	$13.66M	0.4%	$17.62	+20.3%	COM	67011P100
CTSH	Cognizant Technology Solutions Corporation Class A	237,869	$13.33M	0.4%	$54.56	-13.0%	COM	192446102
SMG	Scotts Miracle-Gro Company Class A	139,435	$13.32M	0.4%	$46.75	+41.4%	COM	810186106
MKL	MARKEL CORPORATION	14,582	$13.19M	0.4%	$867.04	+2.8%	COM	570535104
—	PNC FINANCIAL SERVICES GROUP INC WARRANTS 2010-31.	260,616	$12.85M	0.4%	$21.76	—	CONV BONDS	693475121
—	Sotheby s Class A	309,281	$12.33M	0.4%	$32.31	—	COM	835898107
—	Hanesbrands Inc.	564,413	$12.17M	0.4%	$28.46	—	COM	410345102
—	KKR & Co. L.P.	789,645	$12.15M	0.4%	$15.56	—	COM	48248M102
—	ACTIVISION BLIZZARD INC	325,241	$11.74M	0.4%	$33.57	—	COM	00507V109
VRSK	Verisk Analytics, Inc. Class A	138,006	$11.2M	0.4%	$72.57	+7.9%	COM	92345Y106
—	Liberty Interactive Corporation QVC Group	560,077	$11.19M	0.4%	$25.33	—	COM	53071M104
—	Delphi Automotive PLC	161,506	$10.88M	0.3%	$73.98	—	COM	G27823106
BIDU	BAIDU, INC. SPONSORED ADR CLASS A	64,987	$10.69M	0.3%	$154.65	—	COM	056752108
PM	Philip Morris International Inc.	116,433	$10.65M	0.3%	$50.73	+14.8%	COM	718172109
—	DOW CHEMICAL COMPANY	181,456	$10.38M	0.3%	$49.96	—	COM	260543103
GRMN	Garmin Ltd.	210,377	$10.2M	0.3%	$30.71	+27.7%	COM	H2906T109
—	LIBERTY SIRIUSXM GROUP CLASS A	291,495	$10.06M	0.3%	$31.67	—	COM	531229409
BMY	Bristol-Myers Squibb Company	171,876	$10.04M	0.3%	$45.46	-13.0%	COM	110122108
SIG	Signet Jewelers Limited	106,059	$9.997M	0.3%	$95.10	-23.7%	COM	G81276100
MAS	Masco Corporation	311,701	$9.856M	0.3%	$23.71	+17.9%	COM	574599106
GGG	Graco Inc.	115,080	$9.562M	0.3%	$21.27	+9.9%	COM	384109104
CHTR	Charter Communications Inc. Class A	31,683	$9.122M	0.3%	$219.43	+22.7%	COM	16119P108
—	Tribune Media Co. Class A	254,968	$8.919M	0.3%	$36.25	—	COM	896047503
—	JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS	198,557	$8.79M	0.3%	$20.78	—	CONV BONDS	46634E114
—	Raytheon Company	61,302	$8.705M	0.3%	$116.45	—	COM	755111507
—	Liberty Lilac Group Class A	388,225	$8.525M	0.3%	$32.21	—	COM	G5480U138
—	LIBERTY SIRIUSXM GROUP CLASS C	244,945	$8.309M	0.3%	$30.87	—	COM	531229607
—	Blue Nile, Inc.	203,010	$8.248M	0.3%	$32.52	—	COM	09578R103
TRIP	TripAdvisor, Inc.	176,939	$8.205M	0.3%	$64.52	-24.2%	COM	896945201
VECO	VEECO INSTRUMENTS INC.	277,365	$8.085M	0.3%	$25.01	0.0%	COM	922417100
HBAN	Huntington Bancshares Incorporated	611,157	$8.079M	0.3%	$7.06	+12.0%	COM	446150104
—	SCORPIO TANKERS INC.	1,773,586	$8.034M	0.3%	$4.53	—	COM	Y7542C106
LBRDA	Liberty Broadband Corp. Class A	106,473	$7.715M	0.2%	$52.10	+23.3%	COM	530307107
WDC	Western Digital Corporation	112,136	$7.62M	0.2%	$45.12	-9.4%	COM	958102105
LIVN	LIVANOVA PLC	168,641	$7.584M	0.2%	$49.13	0.0%	COM	G5509L101
SCCO	SOUTHERN COPPER CORPORATION	232,316	$7.42M	0.2%	$17.30	+16.9%	COM	84265V105
L	Loews Corporation	148,757	$6.966M	0.2%	$36.26	+16.1%	COM	540424108
—	FIRSTCASH INC.	147,205	$6.919M	0.2%	$47.06	—	COM	33767D105
NBIS	YANDEX N.V.	342,809	$6.901M	0.2%	$20.13	—	COM	N97284108
CPA	COPA HOLDINGS, S.A. CLASS A	75,503	$6.858M	0.2%	$46.89	+49.4%	COM	P31076105
WHR	WHIRLPOOL CORPORATION	36,957	$6.718M	0.2%	$158.68	+4.3%	COM	963320106
LBRDK	Liberty Broadband Corp. Class C	90,477	$6.702M	0.2%	$51.35	+28.1%	COM	530307305
GOOGL	Alphabet Inc. Class A	8,452	$6.698M	0.2%	$33.64	+18.0%	COM	02079K305
—	Tesoro Corporation	69,273	$6.058M	0.2%	$94.43	—	COM	881609101
VZ	Verizon Communications Inc.	111,625	$5.959M	0.2%	$28.40	+9.1%	COM	92343V104
—	USG Corporation	204,626	$5.91M	0.2%	$26.44	—	COM	903293405
CAR	Avis Budget Group, Inc.	160,219	$5.877M	0.2%	$37.77	-8.9%	COM	053774105
BYD	Boyd Gaming Corporation	291,217	$5.874M	0.2%	$16.47	+9.6%	COM	103304101
—	WESTROCK CO.	114,601	$5.818M	0.2%	$51.02	—	COM	96145D105
—	Kansas City Southern	68,166	$5.784M	0.2%	$90.64	—	COM	485170302
TXN	TEXAS INSTRUMENTS INCORPORATED	78,565	$5.733M	0.2%	$39.96	+38.8%	COM	882508104
FCX	FREEPORT-MCMORAN, INC.	433,911	$5.723M	0.2%	$10.81	+7.3%	COM	35671D857
PZZA	PAPA JOHN`S INTERNATIONAL, INC.	65,791	$5.63M	0.2%	$50.92	+33.1%	COM	698813102
LYB	LYONDELLBASELL INDUSTRIES NV	64,011	$5.491M	0.2%	$45.08	+9.6%	COM	N53745100
—	Liberty LiLAC Group Class C	255,106	$5.401M	0.2%	$32.44	—	COM	G5480U153
—	WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS	245,022	$5.226M	0.2%	$12.95	—	CONV BONDS	949746119
—	CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14.	105,308	$4.759M	0.2%	$30.48	—	CONV BONDS	14040H139
MOS	MOSAIC COMPANY	155,332	$4.556M	0.1%	$23.02	-0.5%	COM	61945C103
—	POPEYES LOUISIANA KITCHEN, INC.	72,359	$4.376M	0.1%	$54.47	—	COM	732872106
GSM	FERROGLOBE PLC	403,290	$4.368M	0.1%	$9.01	+9.8%	COM	G33856108
DSX	DIANA SHIPPING INC.	1,434,629	$4.333M	0.1%	$1.72	0.0%	COM	Y2066G104
—	TWITTER, INC.	264,849	$4.317M	0.1%	$24.69	—	COM	90184L102
HPQ	HP Inc	288,631	$4.283M	0.1%	$9.20	+22.0%	COM	40434L105
RYAAY	Ryanair Holdings Plc Sponsored ADR	50,998	$4.246M	0.1%	$75.35	—	COM	783513203
VIPS	VIPSHOP HOLDINGS LTD SPONSORED ADR	357,736	$3.939M	0.1%	$15.67	—	COM	92763W103
CF	CF Industries Holdings, Inc.	123,389	$3.884M	0.1%	$37.00	-43.0%	COM	125269100
KEX	KIRBY CORPORATION	58,376	$3.882M	0.1%	$63.22	0.0%	COM	497266106
—	CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR	95,466	$3.819M	0.1%	$51.58	—	COM	22943F100
—	America Movil SAB de CV Sponsored ADR Class L	298,917	$3.757M	0.1%	$15.91	—	COM	02364W105
LPX	Louisiana-Pacific Corporation	193,342	$3.66M	0.1%	$16.50	+15.5%	COM	546347105
—	Liberty TripAdvisor Holdings Inc Class A	239,903	$3.611M	0.1%	$22.15	—	COM	531465102
CSCO	Cisco Systems, Inc.	116,875	$3.532M	0.1%	$19.70	+17.0%	COM	17275R102
GLNG	GOLAR LNG LIMITED	149,144	$3.421M	0.1%	$20.30	0.0%	COM	G9456A100
THO	THOR INDUSTRIES, INC.	32,887	$3.29M	0.1%	$48.58	+54.8%	COM	885160101
GLW	CORNING INCORPORATED	135,283	$3.283M	0.1%	$17.37	+7.3%	COM	219350105
MCO	Moodys Corporation	32,528	$3.066M	0.1%	$93.94	-1.3%	COM	615369105
HAL	Halliburton Company	55,010	$2.975M	0.1%	$32.59	+28.0%	COM	406216101
LSAK	NET 1 UEPS TECHNOLOGIES, INC.	223,081	$2.561M	0.1%	$10.47	+4.9%	COM	64107N206
COTY	Coty Inc. Class A	137,562	$2.519M	0.1%	$24.16	-24.8%	COM	222070203
SALTUSD	SCORPIO BULKERS, INC.	491,771	$2.483M	0.1%	$5.05	—	COM	Y7546A122
EWY	ISHARES MSCI SOUTH KOREA CAP ETF	45,447	$2.419M	0.1%	$52.07	—	COM	464286772
FLR	Fluor Corporation	44,300	$2.327M	0.1%	$43.72	+9.8%	COM	343412102
—	Leucadia National Corporation	97,042	$2.256M	0.1%	$19.54	—	COM	527288104
—	ILG INC NPV	118,685	$2.157M	0.1%	$18.17	—	COM	44967H101
TUR	ISHARES MSCI TURKEY ETF	65,003	$2.111M	0.1%	$38.99	—	COM	464286715
—	Liberty Interactive Corp NPV	56,635	$2.088M	0.1%	$36.87	—	COM	53071M856
NOAH	NOAH HOLDINGS LTD. SPONSORED ADR CLASS A	93,805	$2.057M	0.1%	$21.93	—	COM	65487X102
—	Walgreens Boots Alliance Inc	23,770	$1.967M	0.1%	$82.92	—	COM	931427108
—	NII HOLDINGS, INC ORD SHARES	815,044	$1.752M	0.1%	$5.68	—	COM	62913F508
—	Liberty Media Corp - C	48,725	$1.527M	0.0%	$18.97	—	COM	531229854
—	Liberty Expedia Holdings Inc NPV	37,760	$1.498M	0.0%	$39.67	—	COM	53046P109
—	BANK OF AMERICA CORP WARRANTS 2009-28.10.18 ON SHS	1,542,820	$1.481M	0.0%	$0.96	—	CONV BONDS	060505153
FNMA	Federal National Mortgage Association	373,805	$1.458M	0.0%	$2.17	+28.2%	COM	313586109
BLD	TOPBUILD CORP.	34,125	$1.215M	0.0%	$31.57	+9.0%	COM	89055F103
—	Liberty Media Corp - A	38,123	$1.195M	0.0%	$19.14	—	COM	531229870
NGVT	INGEVITY CORP	19,516	$1.071M	0.0%	$30.20	+58.8%	COM	45688C107
—	Hertz Global Holdings	48,265	$1.041M	0.0%	$11.07	—	COM	42806J106
—	CITIGROUP INC WARRANTS 2011-4.1.19 ON SHS	5,561,725	$845K	0.0%	$0.15	—	CONV BONDS	172967226
—	Liberty Braves Group - Class C	36,027	$742K	0.0%	$14.67	—	COM	531229888
HRI	Herc Holdings Inc	16,024	$644K	0.0%	$30.89	+7.6%	COM	42704L104
—	LIONS GATE ENTERTAINMENT CORP NPV	25,410	$624K	0.0%	$24.56	—	COM	535919500
—	Tronc Inc	42,085	$584K	0.0%	$14.19	—	COM	89703P107
—	iHeartMedia, Inc. Class A	424,726	$471K	0.0%	$3.80	—	COM	45174J103
—	NAVIOS MARITIME ACQUISITION CORPORATION	267,240	$454K	0.0%	$1.70	—	COM	Y62159101
—	COMMERCEHUB INC-SERIES C	19,840	$298K	0.0%	$15.91	—	COM	20084V306
—	Liberty Braves Group - Class A	14,340	$294K	0.0%	$15.06	—	COM	531229706