Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	Amazon.com, Inc.	268,677	$260M	6.9%	$29.33	+62.6%	COM	023135106
C	Citigroup Inc.	2,187,224	$146M	3.9%	$39.32	+18.2%	COM	172967424
GOOG	Alphabet Inc. Class C	141,484	$129M	3.4%	$33.35	+36.2%	COM	02079K107
BAC	Bank of America Corporation	5,204,283	$126M	3.3%	$13.44	+42.1%	COM	060505104
AAL	American Airlines Group, Inc.	2,335,364	$118M	3.1%	$38.85	+16.0%	COM	02376R102
AIG	American International Group, Inc.	1,699,273	$106M	2.8%	$46.80	+6.4%	COM	026874784
DAL	Delta Air Lines, Inc.	1,892,479	$102M	2.7%	$39.40	+12.5%	COM	247361702
CBRE	CBRE Group, Inc. Class A	2,425,070	$88.27M	2.3%	$33.35	+4.3%	COM	12504L109
COST	Costco Wholesale Corporation	532,543	$85.17M	2.2%	$125.38	+20.4%	COM	22160K105
—	Priceline Group Inc	44,630	$83.48M	2.2%	$1324.26	—	COM	741503403
PYPL	PAYPAL HOLDINGS INC	1,423,677	$76.41M	2.0%	$36.83	+33.1%	COM	70450Y103
CX	Cemex SAB de CV Sponsored ADR	7,115,112	$67.02M	1.8%	$7.25	—	COM	151290889
MGM	MGM Resorts International	2,078,981	$65.05M	1.7%	$20.40	+43.9%	COM	552953101
—	AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19.	3,010,215	$63.45M	1.7%	$21.48	—	CONV BONDS	026874156
BRK/B	Berkshire Hathaway Inc. Class B	363,545	$61.57M	1.6%	$141.49	+17.6%	COM	084670702
WFC	Wells Fargo & Company	1,064,115	$58.96M	1.6%	$40.18	+5.0%	COM	949746101
TSM	Taiwan Semiconductor Manufacturing Co., Ltd. Spons	1,685,870	$58.94M	1.6%	$24.43	—	COM	874039100
—	BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS	4,819,039	$58.02M	1.5%	$5.35	—	CONV BONDS	060505146
AXP	American Express Company	674,109	$56.79M	1.5%	$63.58	+10.5%	COM	025816109
MBI	MBIA Inc.	5,870,156	$55.36M	1.5%	$3.02	+22.7%	COM	55262C100
COF	Capital One Financial Corporation	604,823	$49.97M	1.3%	$65.18	+7.3%	COM	14040H105
SYF	Synchrony Financial	1,594,582	$47.55M	1.3%	$25.00	-3.9%	COM	87165B103
—	Lazard Ltd Class A	1,009,287	$46.76M	1.2%	$41.21	—	COM	G54050102
MU	Micron Technology, Inc.	1,557,794	$46.52M	1.2%	$16.12	+77.1%	COM	595112103
—	Belmond Ltd. Class A	3,368,990	$44.81M	1.2%	$10.55	—	COM	G1154H107
—	Liberty Global Plc Class C	1,406,359	$43.85M	1.2%	$38.01	—	COM	G5480U120
—	SL Green Realty Corp.	411,056	$43.49M	1.1%	$107.27	—	COM	78440X101
CMCSA	COMCAST CORPORATION CLASS A	1,099,419	$42.79M	1.1%	$27.06	+17.9%	COM	20030N101
JD	JD.com, Inc. Sponsored ADR Class A	1,081,565	$42.42M	1.1%	$26.60	—	COM	47215P106
CFG	Citizens Financial Group, Inc.	1,125,875	$40.17M	1.1%	$15.80	+59.2%	COM	174610105
LBTYAUSD	Liberty Global Plc Class A	1,224,374	$39.33M	1.0%	$40.28	—	COM	G5480U104
WTW	WILLIS TOWERS WATSON PLC	259,822	$37.79M	1.0%	$103.34	+19.8%	COM	G96629103
UAL	United Continental Holdings, Inc.	486,710	$36.63M	1.0%	$56.33	+34.0%	COM	910047109
SHW	Sherwin-Williams Company	93,883	$32.95M	0.9%	$83.22	+24.3%	COM	824348106
SCHW	Charles Schwab Corporation	744,960	$32M	0.8%	$27.95	+27.9%	COM	808513105
EBAY	eBay Inc.	903,565	$31.55M	0.8%	$24.43	+24.7%	COM	278642103
—	SCORPIO TANKERS INC.	7,669,598	$30.45M	0.8%	$4.36	—	COM	Y7542C106
UNP	UNION PACIFIC CORPORATION	275,731	$30.03M	0.8%	$71.19	+26.6%	COM	907818108
NTES	NetEase, Inc. Sponsored ADR	98,209	$29.52M	0.8%	$159.19	—	COM	64110W102
TSCO	Tractor Supply Company	474,869	$25.74M	0.7%	$14.91	-30.2%	COM	892356106
F	Ford Motor Company	2,255,353	$25.24M	0.7%	$8.00	-11.3%	COM	345370860
—	Level 3 Communications, Inc.	418,978	$24.84M	0.7%	$46.79	—	COM	52729N308
MSFT	Microsoft Corporation	320,549	$22.09M	0.6%	$43.39	+43.6%	COM	594918104
EPAM	EPAM Systems, Inc.	257,269	$21.63M	0.6%	$71.60	+12.3%	COM	29414B104
IT	Gartner, Inc.	170,233	$21.02M	0.6%	$89.60	+29.5%	COM	366651107
MO	Altria Group, Inc.	281,471	$20.96M	0.6%	$29.34	+33.9%	COM	02209S103
LOW	Lowe s Companies, Inc.	270,221	$20.95M	0.6%	$59.75	+16.7%	COM	548661107
—	ACTIVISION BLIZZARD INC	363,184	$20.91M	0.6%	$35.40	—	COM	00507V109
ELV	Anthem, Inc.	111,013	$20.89M	0.6%	$126.96	+26.3%	COM	036752103
—	CoreLogic, Inc.	460,102	$19.96M	0.5%	$37.86	—	COM	21871D103
BIO	Bio-Rad Laboratories, Inc. Class A	87,487	$19.8M	0.5%	$148.82	+46.4%	COM	090572207
HPE	HEWLETT PACKARD ENTERPRISE CO.	1,161,951	$19.28M	0.5%	$7.98	+34.4%	COM	42824C109
MHK	Mohawk Industries, Inc.	79,201	$19.14M	0.5%	$199.80	+18.1%	COM	608190104
MS	Morgan Stanley	422,260	$18.82M	0.5%	$26.35	+27.3%	COM	617446448
JPM	JPMorgan Chase & Co.	203,556	$18.61M	0.5%	$51.47	+33.2%	COM	46625H100
—	Sotheby s Class A	346,411	$18.59M	0.5%	$33.85	—	COM	835898107
—	Discovery Communications, Inc. Class A	717,169	$18.52M	0.5%	$26.38	—	COM	25470F104
CTSH	Cognizant Technology Solutions Corporation Class A	265,725	$17.64M	0.5%	$54.27	+3.9%	COM	192446102
HCKT	Hackett Group, Inc.	1,128,030	$17.48M	0.5%	$14.40	+17.7%	COM	404609109
BFH	Alliance Data Systems Corporation	66,734	$17.13M	0.5%	$171.70	+0.6%	COM	018581108
WMT	WAL-MART STORES, INC.	225,082	$17.03M	0.4%	$22.02	0.0%	COM	931142103
—	KKR & Co. L.P.	880,088	$16.37M	0.4%	$15.84	—	COM	48248M102
DXC	DXC Technology Co	212,487	$16.3M	0.4%	$62.87	0.0%	COM	23355L106
—	Seagate Technology PLC	416,248	$16.13M	0.4%	$39.74	—	COM	G7945M107
MKL	MARKEL CORPORATION	16,323	$15.93M	0.4%	$875.77	+10.8%	COM	570535104
PM	Philip Morris International Inc.	132,046	$15.51M	0.4%	$52.66	+41.1%	COM	718172109
—	Liberty Interactive Corporation QVC Group	623,797	$15.31M	0.4%	$24.86	—	COM	53071M104
—	PNC FINANCIAL SERVICES GROUP INC WARRANTS 2010-31.	258,466	$14.89M	0.4%	$22.33	—	CONV BONDS	693475121
—	Hanesbrands Inc.	630,125	$14.59M	0.4%	$27.69	—	COM	410345102
DSX	DIANA SHIPPING INC.	3,559,973	$14.45M	0.4%	$2.14	+14.5%	COM	Y2066G104
GGG	Graco Inc.	128,680	$14.06M	0.4%	$21.94	+44.8%	COM	384109104
SMG	Scotts Miracle-Gro Company Class A	155,845	$13.94M	0.4%	$49.04	+37.0%	COM	810186106
VRSK	Verisk Analytics, Inc. Class A	154,422	$13.03M	0.3%	$73.18	+5.7%	COM	92345Y106
BIDU	BAIDU, INC. SPONSORED ADR CLASS A	72,586	$12.98M	0.3%	$156.62	—	COM	056752108
RL	RALPH LAUREN CORPORATION CLASS A	174,161	$12.85M	0.3%	$81.92	-22.9%	COM	751212101
—	DOW CHEMICAL COMPANY	201,910	$12.73M	0.3%	$51.33	—	COM	260543103
KR	Kroger Co.	536,993	$12.52M	0.3%	$28.45	-16.9%	COM	501044101
DNOW	NOW Inc	745,810	$11.99M	0.3%	$17.80	-4.3%	COM	67011P100
GRMN	Garmin Ltd.	232,940	$11.89M	0.3%	$31.63	+30.1%	COM	H2906T109
—	Kansas City Southern	113,009	$11.83M	0.3%	$95.10	—	COM	485170302
LIVN	LIVANOVA PLC	188,518	$11.54M	0.3%	$49.21	+14.9%	COM	G5509L101
—	Tribune Media Co. Class A	282,538	$11.52M	0.3%	$36.41	—	COM	896047503
—	LIBERTY SIRIUSXM GROUP CLASS C	273,610	$11.41M	0.3%	$31.75	—	COM	531229607
—	Raytheon Company	68,912	$11.13M	0.3%	$120.62	—	COM	755111507
WDC	Western Digital Corporation	125,495	$11.12M	0.3%	$45.91	+30.0%	COM	958102105
BMY	Bristol-Myers Squibb Company	191,928	$10.69M	0.3%	$44.88	-11.1%	COM	110122108
INTC	Intel Corporation	303,720	$10.25M	0.3%	$23.98	+23.3%	COM	458140100
—	JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS	203,568	$10.24M	0.3%	$21.25	—	CONV BONDS	46634E114
INDA	iShares MSCI India ETF	317,242	$10.18M	0.3%	$28.50	—	COM	46429B598
NBIS	YANDEX N.V.	383,120	$10.05M	0.3%	$20.39	—	COM	N97284108
MAS	Masco Corporation	261,858	$10.01M	0.3%	$24.21	+32.4%	COM	574599106
—	LIBERTY SIRIUSXM GROUP CLASS A	237,304	$9.962M	0.3%	$32.31	—	COM	531229409
CPA	COPA HOLDINGS, S.A. CLASS A	84,433	$9.879M	0.3%	$50.46	+78.0%	COM	P31076105
FCX	FREEPORT-MCMORAN, INC.	809,467	$9.722M	0.3%	$11.02	-0.1%	COM	35671D857
—	FIRSTCASH INC.	164,540	$9.593M	0.3%	$47.42	—	COM	33767D105
CHTR	Charter Communications Inc. Class A	27,845	$9.38M	0.2%	$221.29	+50.8%	COM	16119P108
SCCO	SOUTHERN COPPER CORPORATION	259,689	$8.993M	0.2%	$18.03	+29.8%	COM	84265V105
LBRDK	Liberty Broadband Corp. Class C	101,573	$8.811M	0.2%	$54.32	+50.7%	COM	530307305
GOOGL	Alphabet Inc. Class A	9,417	$8.755M	0.2%	$34.56	+34.3%	COM	02079K305
VECO	VEECO INSTRUMENTS INC.	308,883	$8.602M	0.2%	$25.35	+21.2%	COM	922417100
—	Liberty Lilac Group Class A	388,058	$8.448M	0.2%	$32.04	—	COM	G5480U138
BYD	Boyd Gaming Corporation	325,037	$8.064M	0.2%	$16.79	+34.6%	COM	103304101
WHR	WHIRLPOOL CORPORATION	41,217	$7.898M	0.2%	$160.72	+13.8%	COM	963320106
L	Loews Corporation	165,663	$7.755M	0.2%	$37.15	+21.3%	COM	540424108
TRIP	TripAdvisor, Inc.	197,913	$7.56M	0.2%	$62.06	-40.7%	COM	896945201
SIG	Signet Jewelers Limited	118,337	$7.484M	0.2%	$91.49	-44.2%	COM	G81276100
—	WESTROCK CO.	128,464	$7.279M	0.2%	$51.20	—	COM	96145D105
TXN	TEXAS INSTRUMENTS INCORPORATED	87,763	$6.752M	0.2%	$42.16	+49.8%	COM	882508104
—	USG Corporation	228,640	$6.635M	0.2%	$26.96	—	COM	903293405
RYAAY	Ryanair Holdings Plc Sponsored ADR	61,369	$6.604M	0.2%	$76.61	—	COM	783513203
SALTUSD	SCORPIO BULKERS, INC.	913,509	$6.486M	0.2%	$6.93	—	COM	Y7546A122
—	Liberty LiLAC Group Class C	284,968	$6.101M	0.2%	$31.43	—	COM	G5480U153
LYB	LYONDELLBASELL INDUSTRIES NV	71,386	$6.024M	0.2%	$45.95	+8.4%	COM	N53745100
—	CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR	106,450	$5.733M	0.2%	$51.40	—	COM	22943F100
NOAH	NOAH HOLDINGS LTD. SPONSORED ADR CLASS A	198,321	$5.682M	0.2%	$23.80	—	COM	65487X102
HPQ	HP Inc	322,222	$5.632M	0.1%	$9.53	+45.1%	COM	40434L105
—	WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS	251,790	$5.59M	0.1%	$13.20	—	CONV BONDS	949746119
VZ	Verizon Communications Inc.	124,617	$5.565M	0.1%	$28.69	+2.9%	COM	92343V104
GSM	FERROGLOBE PLC	450,794	$5.387M	0.1%	$9.12	+6.8%	COM	G33856108
—	America Movil SAB de CV Sponsored ADR Class L	334,558	$5.326M	0.1%	$15.75	—	COM	02364W105
PZZA	PAPA JOHN`S INTERNATIONAL, INC.	73,894	$5.303M	0.1%	$52.62	+23.5%	COM	698813102
LPX	Louisiana-Pacific Corporation	216,418	$5.218M	0.1%	$17.14	+42.1%	COM	546347105
CAR	Avis Budget Group, Inc.	179,649	$4.899M	0.1%	$37.12	-34.1%	COM	053774105
GLW	CORNING INCORPORATED	151,076	$4.54M	0.1%	$17.77	+28.1%	COM	219350105
HBAN	Huntington Bancshares Incorporated	329,959	$4.461M	0.1%	$7.27	+22.3%	COM	446150104
—	CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14.	107,375	$4.455M	0.1%	$30.66	—	CONV BONDS	14040H139
MCO	Moodys Corporation	36,430	$4.433M	0.1%	$94.62	+14.4%	COM	615369105
—	CAESARS ENTERTAINMENT CORPORATION	367,430	$4.409M	0.1%	$12.00	—	COM	127686103
KEX	KIRBY CORPORATION	65,219	$4.36M	0.1%	$63.75	+6.9%	COM	497266106
—	APACHE CORPORATION	90,472	$4.336M	0.1%	$49.68	—	COM	037411105
VIPS	VIPSHOP HOLDINGS LTD SPONSORED ADR	396,835	$4.187M	0.1%	$15.40	—	COM	92763W103
AAP	ADVANCE AUTO PARTS, INC.	35,284	$4.114M	0.1%	$140.60	-14.3%	COM	00751Y106
MOS	MOSAIC COMPANY	173,311	$3.957M	0.1%	$23.30	-8.6%	COM	61945C103
THO	THOR INDUSTRIES, INC.	36,768	$3.843M	0.1%	$52.53	+54.8%	COM	885160101
CF	CF Industries Holdings, Inc.	137,081	$3.833M	0.1%	$35.82	-38.6%	COM	125269100
GLNG	GOLAR LNG LIMITED	166,747	$3.71M	0.1%	$20.61	+6.6%	COM	G9456A100
—	ILG INC NPV	132,599	$3.645M	0.1%	$18.57	—	COM	44967H101
—	Liberty Interactive Corp NPV	63,377	$3.314M	0.1%	$37.81	—	COM	53071M856
—	Liberty TripAdvisor Holdings Inc Class A	268,861	$3.119M	0.1%	$21.24	—	COM	531465102
EWY	ISHARES MSCI SOUTH KOREA CAP ETF	45,447	$3.082M	0.1%	$52.07	—	COM	464286772
ADNT	ADIENT PLC	46,475	$3.039M	0.1%	$66.63	0.0%	COM	G0084W101
COTY	Coty Inc. Class A	153,494	$2.88M	0.1%	$23.39	-29.3%	COM	222070203
—	Leucadia National Corporation	108,322	$2.834M	0.1%	$20.21	—	COM	527288104
TUR	ISHARES MSCI TURKEY ETF	65,003	$2.698M	0.1%	$38.99	—	COM	464286715
HAL	Halliburton Company	61,752	$2.637M	0.1%	$33.85	+14.2%	COM	406216101
LSAK	NET 1 UEPS TECHNOLOGIES, INC.	249,396	$2.459M	0.1%	$10.65	-4.2%	COM	64107N206
—	STNG 2 3/8 07/01/19	2,749,000	$2.457M	0.1%	$0.91	—	CONV BONDS	80918TAA7
FLR	Fluor Corporation	49,747	$2.277M	0.1%	$44.38	+0.5%	COM	343412102
—	Walgreens Boots Alliance Inc	26,411	$2.068M	0.1%	$82.86	—	COM	931427108
BLD	TOPBUILD CORP.	37,936	$2.013M	0.1%	$32.65	+56.9%	COM	89055F103
—	Liberty Media Corp Series C Liberty Formula One	54,228	$1.986M	0.1%	$20.55	—	COM	531229854
—	NAVIOS MARITIME ACQUISITION CORPORATION	1,251,093	$1.839M	0.0%	$1.71	—	COM	Y62159101
LBRDA	Liberty Broadband Corp. Class A	18,539	$1.59M	0.0%	$54.28	+49.0%	COM	530307107
—	Liberty Media Corp Series A Liberty Formula One	42,488	$1.488M	0.0%	$20.57	—	COM	531229870
—	Liberty Expedia Holdings Inc NPV	26,651	$1.44M	0.0%	$40.20	—	COM	53046P109
—	BANK OF AMERICA CORP WARRANTS 2009-28.10.18 ON SHS	1,588,766	$1.255M	0.0%	$0.96	—	CONV BONDS	060505153
NGVT	INGEVITY CORP	21,797	$1.251M	0.0%	$32.99	+78.3%	COM	45688C107
FNMA	Federal National Mortgage Association	428,270	$998K	0.0%	$2.32	+9.9%	COM	313586109
—	CITIGROUP INC WARRANTS 2011-4.1.19 ON SHS	5,725,673	$859K	0.0%	$0.15	—	CONV BONDS	172967226
—	iHeartMedia, Inc. Class A	461,865	$762K	0.0%	$3.78	—	COM	45174J103
—	LIONS GATE ENTERTAINMENT CORP NPV	28,440	$747K	0.0%	$24.57	—	COM	535919500
—	NII HOLDINGS, INC ORD SHARES	914,557	$735K	0.0%	$5.20	—	COM	62913F508
HRI	Herc Holdings Inc	17,967	$706K	0.0%	$32.15	+19.7%	COM	42704L104
—	Liberty Braves Group - Class C	27,229	$653K	0.0%	$15.43	—	COM	531229888
—	Hertz Global Holdings	54,315	$625K	0.0%	$11.69	—	COM	42806J106
—	Tronc Inc	47,174	$608K	0.0%	$14.14	—	COM	89703P107
—	COMMERCEHUB INC-SERIES C	21,582	$376K	0.0%	$15.88	—	COM	20084V306