Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	Amazon.com, Inc.	179,631	$260M	5.8%	$29.33	+143.8%	COM	023135106
BAC	Bank of America Corporation	5,890,894	$177M	3.9%	$14.63	+78.1%	COM	060505104
C	Citigroup Inc.	2,467,635	$167M	3.7%	$41.25	+39.7%	COM	172967424
GOOG	Alphabet Inc. Class C	126,385	$130M	2.9%	$35.39	+54.8%	COM	02079K107
AAL	American Airlines Group, Inc.	2,459,435	$128M	2.8%	$39.45	+32.5%	COM	02376R102
PYPL	PAYPAL HOLDINGS INC	1,603,931	$122M	2.7%	$40.95	+93.2%	COM	70450Y103
CBRE	CBRE Group, Inc. Class A	2,561,776	$121M	2.7%	$33.89	+34.4%	COM	12504L109
DAL	Delta Air Lines, Inc.	2,187,145	$120M	2.7%	$40.63	+24.9%	COM	247361702
COST	Costco Wholesale Corporation	599,625	$113M	2.5%	$129.10	+31.1%	COM	22160K105
BKNG	Booking Holdings Inc.	49,104	$102M	2.3%	$1933.58	0.0%	COM	09857L108
—	BANK OF AMERICA CORP WARRANTS 2009-16.1.19 ON SHS	5,377,865	$97.72M	2.2%	$6.59	—	CONV BONDS	060505146
AIG	American International Group, Inc.	1,613,472	$87.81M	1.9%	$46.94	+2.4%	COM	026874784
TSM	Taiwan Semiconductor Manufacturing Co., Ltd. Spons	1,901,113	$83.19M	1.8%	$26.26	—	COM	874039100
MGM	MGM Resorts International	2,327,545	$81.51M	1.8%	$21.57	+56.2%	COM	552953101
BRK/B	Berkshire Hathaway Inc. Class B	406,147	$81.02M	1.8%	$146.89	+39.8%	COM	084670702
AXP	American Express Company	666,449	$62.17M	1.4%	$64.63	+34.6%	COM	025816109
COF	Capital One Financial Corporation	644,488	$61.76M	1.4%	$66.32	+31.0%	COM	14040H105
SYF	Synchrony Financial	1,798,981	$60.32M	1.3%	$25.44	+19.9%	COM	87165B103
—	Lazard Ltd Class A	1,134,371	$59.62M	1.3%	$42.41	—	COM	G54050102
WFC	Wells Fargo & Company	1,102,727	$57.79M	1.3%	$40.81	+16.9%	COM	949746101
—	AMERICAN INTERNATIONAL GROUP INC WARRANTS 2011-19.	3,391,530	$55.62M	1.2%	$21.05	—	CONV BONDS	026874156
CFG	Citizens Financial Group, Inc.	1,274,125	$53.49M	1.2%	$17.35	+86.2%	COM	174610105
CX	Cemex SAB de CV Sponsored ADR	7,663,283	$50.73M	1.1%	$7.27	—	COM	151290889
MU	Micron Technology, Inc.	964,120	$50.27M	1.1%	$16.12	+189.7%	COM	595112103
JD	JD.com, Inc. Sponsored ADR Class A	1,221,727	$49.47M	1.1%	$28.21	—	COM	47215P106
—	Liberty Global Plc Class C	1,589,182	$48.36M	1.1%	$37.39	—	COM	G5480U120
MBI	MBIA Inc.	5,116,635	$47.38M	1.0%	$3.03	+15.5%	COM	55262C100
LBTYAUSD	Liberty Global Plc Class A	1,383,596	$43.32M	1.0%	$39.58	—	COM	G5480U104
CMCSA	COMCAST CORPORATION CLASS A	1,243,386	$42.49M	0.9%	$27.50	+15.6%	COM	20030N101
SHW	Sherwin-Williams Company	106,801	$41.88M	0.9%	$88.02	+44.4%	COM	824348106
UNP	UNION PACIFIC CORPORATION	311,397	$41.86M	0.9%	$74.98	+50.8%	COM	907818108
KR	Kroger Co.	1,660,350	$39.75M	0.9%	$22.50	+2.1%	COM	501044101
WMT	WALMART INC.	440,705	$39.21M	0.9%	$23.48	+20.7%	COM	931142103
UAL	United Continental Holdings, Inc.	505,324	$35.1M	0.8%	$56.89	+21.4%	COM	910047109
WTW	WILLIS TOWERS WATSON PLC	229,382	$34.91M	0.8%	$105.00	+33.9%	COM	G96629103
—	Belmond Ltd. Class A	3,011,278	$33.58M	0.7%	$10.55	—	COM	G1154H107
EPAM	EPAM Systems, Inc.	290,164	$33.23M	0.7%	$75.27	+52.0%	COM	29414B104
MSFT	Microsoft Corporation	362,805	$33.11M	0.7%	$47.34	+78.1%	COM	594918104
BTU	PEABODY ENERGY CORPORATION	879,809	$32.11M	0.7%	$29.12	+19.0%	COM	704551100
TSCO	Tractor Supply Company	506,477	$31.92M	0.7%	$14.75	-16.4%	COM	892356106
LIVN	LIVANOVA PLC	357,148	$31.61M	0.7%	$59.75	+42.5%	COM	G5509L101
NTES	NetEase, Inc. Sponsored ADR	110,536	$30.99M	0.7%	$176.37	—	COM	64110W102
EBAY	eBay Inc.	728,701	$29.32M	0.6%	$24.97	+47.5%	COM	278642103
F	Ford Motor Company	2,547,361	$28.23M	0.6%	$7.97	-6.1%	COM	345370860
—	ACTIVISION BLIZZARD INC	409,417	$27.62M	0.6%	$38.65	—	COM	00507V109
—	Seagate Technology PLC	470,096	$27.51M	0.6%	$40.71	—	COM	G7945M107
DXC	DXC Technology Co	273,414	$27.49M	0.6%	$66.24	+25.9%	COM	23355L106
ELV	Anthem, Inc.	125,104	$27.48M	0.6%	$134.95	+56.9%	COM	036752103
PBR	PETROLEO BRASILEIRO SA SPONSORED ADR	1,912,230	$27.04M	0.6%	$10.46	—	COM	71654V408
VIPS	VIPSHOP HOLDINGS LTD SPONSORED ADR	1,620,586	$26.93M	0.6%	$11.56	—	COM	92763W103
—	SL Green Realty Corp.	276,554	$26.78M	0.6%	$106.81	—	COM	78440X101
INDA	iShares MSCI India ETF	781,578	$26.68M	0.6%	$32.08	—	COM	46429B598
MS	Morgan Stanley	476,429	$25.71M	0.6%	$28.00	+56.0%	COM	617446448
PNC	PNC FINANCIAL SERVICES GROUP, INC.	167,010	$25.26M	0.6%	$118.19	0.0%	COM	693475105
JPM	JPMorgan Chase & Co.	229,465	$25.23M	0.6%	$55.17	+65.7%	COM	46625H100
BIO	Bio-Rad Laboratories, Inc. Class A	98,748	$24.7M	0.5%	$159.67	+59.5%	COM	090572207
CTSH	Cognizant Technology Solutions Corporation Class A	299,611	$24.12M	0.5%	$55.69	+26.8%	COM	192446102
—	CoreLogic, Inc.	518,484	$23.45M	0.5%	$38.72	—	COM	21871D103
IT	Gartner, Inc.	191,783	$22.56M	0.5%	$93.20	+34.0%	COM	366651107
—	DOWDUPONT INC	341,630	$21.77M	0.5%	$69.70	—	COM	26078J100
MKL	MARKEL CORPORATION	18,404	$21.54M	0.5%	$900.57	+25.0%	COM	570535104
MHK	Mohawk Industries, Inc.	89,320	$20.74M	0.5%	$206.75	+24.6%	COM	608190104
HCKT	Hackett Group, Inc.	1,275,677	$20.49M	0.5%	$14.57	+14.6%	COM	404609109
—	KKR & Co. L.P.	993,615	$20.17M	0.4%	$16.38	—	COM	48248M102
—	SCORPIO TANKERS INC.	9,999,898	$19.6M	0.4%	$4.03	—	COM	Y7542C106
MO	Altria Group, Inc.	308,922	$19.25M	0.4%	$29.94	+22.2%	COM	02209S103
AA	ALCOA CORP.	408,643	$18.37M	0.4%	$43.84	+7.9%	COM	013872106
BIDU	BAIDU, INC. SPONSORED ADR CLASS A	81,842	$18.27M	0.4%	$164.66	—	COM	056752108
INTC	Intel Corporation	342,368	$17.83M	0.4%	$25.49	+57.2%	COM	458140100
DSX	DIANA SHIPPING INC.	4,844,391	$17.73M	0.4%	$2.18	+3.8%	COM	Y2066G104
—	Liberty Interactive Corporation QVC Group	704,354	$17.73M	0.4%	$24.85	—	COM	53071M104
—	Discovery Communications, Inc. Class A	808,235	$17.32M	0.4%	$25.90	—	COM	25470F104
NBIS	YANDEX N.V.	432,477	$17.06M	0.4%	$22.07	—	COM	N97284108
—	Raytheon Company	78,012	$16.84M	0.4%	$129.41	—	COM	755111507
—	Sotheby s Class A	323,073	$16.58M	0.4%	$34.62	—	COM	835898107
—	Hanesbrands Inc.	898,311	$16.55M	0.4%	$25.58	—	COM	410345102
FCX	FREEPORT-MCMORAN, INC.	917,355	$16.12M	0.4%	$11.48	+48.3%	COM	35671D857
—	JPMORGAN CHASE & CO WARRANTS 2009-28.10.18 ON SHS	229,939	$15.99M	0.4%	$26.42	—	CONV BONDS	46634E114
SCCO	SOUTHERN COPPER CORPORATION	293,542	$15.9M	0.4%	$19.52	+77.6%	COM	84265V105
GRMN	Garmin Ltd.	263,091	$15.5M	0.3%	$33.56	+50.7%	COM	H2906T109
—	FIRSTCASH INC.	185,784	$15.1M	0.3%	$50.26	—	COM	33767D105
PM	Philip Morris International Inc.	144,901	$14.4M	0.3%	$54.00	+27.2%	COM	718172109
GGG	Graco Inc.	312,295	$14.28M	0.3%	$32.85	+25.6%	COM	384109104
—	Kansas City Southern	127,649	$14.02M	0.3%	$96.43	—	COM	485170302
BMY	Bristol-Myers Squibb Company	216,202	$13.68M	0.3%	$45.13	+6.6%	COM	110122108
—	CAESARS ENTERTAINMENT CORPORATION	1,168,002	$13.14M	0.3%	$12.78	—	COM	127686103
WDC	Western Digital Corporation	140,598	$12.97M	0.3%	$47.36	+29.9%	COM	958102105
—	CENTURYLINK, INC.	788,391	$12.95M	0.3%	$16.67	—	COM	156700106
—	LIBERTY SIRIUSXM GROUP CLASS C	308,290	$12.59M	0.3%	$32.66	—	COM	531229607
—	WELLS FARGO & CO WARRANTS 2010-28.10.18 ON SHS	645,426	$12.39M	0.3%	$18.17	—	CONV BONDS	949746119
L	Loews Corporation	243,312	$12.1M	0.3%	$40.53	+20.5%	COM	540424108
MAS	Masco Corporation	296,051	$11.97M	0.3%	$25.60	+48.2%	COM	574599106
—	VISTA OUTDOOR INC	704,383	$11.5M	0.3%	$14.65	—	COM	928377100
GOOGL	Alphabet Inc. Class A	10,761	$11.16M	0.2%	$36.66	+50.1%	COM	02079K305
—	LIBERTY SIRIUSXM GROUP CLASS A	268,557	$11.04M	0.2%	$33.20	—	COM	531229409
LILAK	Liberty Latin America Class C	576,079	$11M	0.2%	$20.25	0.0%	COM	G9001E128
NOAH	NOAH HOLDINGS LTD. SPONSORED ADR CLASS A	223,782	$10.56M	0.2%	$26.32	—	COM	65487X102
DNOW	NOW Inc	1,027,650	$10.5M	0.2%	$16.06	-32.1%	COM	67011P100
—	USG Corporation	257,515	$10.41M	0.2%	$28.29	—	COM	903293405
TXN	TEXAS INSTRUMENTS INCORPORATED	99,058	$10.29M	0.2%	$46.44	+87.0%	COM	882508104
BFH	Alliance Data Systems Corporation	48,008	$10.22M	0.2%	$170.99	-0.1%	COM	018581108
SMG	Scotts Miracle-Gro Company Class A	116,074	$9.953M	0.2%	$49.04	+47.1%	COM	810186106
CHTR	Charter Communications Inc. Class A	31,417	$9.778M	0.2%	$234.69	+49.8%	COM	16119P108
VRSK	Verisk Analytics, Inc. Class A	91,978	$9.566M	0.2%	$74.11	+28.7%	COM	92345Y106
CAR	Avis Budget Group, Inc.	201,938	$9.459M	0.2%	$37.40	+14.4%	COM	053774105
RYAAY	Ryanair Holdings Plc Sponsored ADR	75,461	$9.27M	0.2%	$83.30	—	COM	783513203
—	WESTROCK CO.	144,218	$9.254M	0.2%	$52.49	—	COM	96145D105
TRIP	TripAdvisor, Inc.	223,873	$9.154M	0.2%	$58.82	-40.9%	COM	896945201
VECO	VEECO INSTRUMENTS INC.	526,015	$8.942M	0.2%	$22.02	-21.0%	COM	922417100
—	Andeavor	87,631	$8.812M	0.2%	$103.78	—	COM	03349M105
—	BROADCOM LIMITED	36,169	$8.523M	0.2%	$238.65	—	COM	Y09827109
LYB	LYONDELLBASELL INDUSTRIES NV	80,352	$8.492M	0.2%	$48.06	+43.6%	COM	N53745100
GLNG	GOLAR LNG LIMITED	300,327	$8.217M	0.2%	$20.40	+22.0%	COM	G9456A100
—	ENSCO PLC CLASS A	1,866,110	$8.192M	0.2%	$4.39	—	COM	G3157S106
—	MICRO FOCUS INTL PLC NPV ADR	570,867	$8.015M	0.2%	$24.07	—	COM	594837304
HPQ	HP Inc	364,246	$7.984M	0.2%	$10.33	+68.1%	COM	40434L105
—	America Movil SAB de CV Sponsored ADR Class L	383,871	$7.328M	0.2%	$16.03	—	COM	02364W105
SALTUSD	SCORPIO BULKERS, INC.	1,030,787	$7.267M	0.2%	$6.97	—	COM	Y7546A122
LOW	Lowe s Companies, Inc.	82,644	$7.252M	0.2%	$60.79	+34.7%	COM	548661107
LPX	Louisiana-Pacific Corporation	245,309	$7.058M	0.2%	$18.34	+56.2%	COM	546347105
MCK	MCKESSON CORPORATION	49,419	$6.962M	0.2%	$146.42	0.0%	COM	58155Q103
PZZA	PAPA JOHN`S INTERNATIONAL, INC.	118,344	$6.781M	0.2%	$54.85	-9.5%	COM	698813102
MCO	Moodys Corporation	41,305	$6.662M	0.1%	$99.92	+51.1%	COM	615369105
—	SPIRIT AIRLINES, INC.	176,140	$6.655M	0.1%	$44.52	—	COM	848577102
LBRDK	Liberty Broadband Corp. Class C	76,115	$6.522M	0.1%	$56.38	+49.5%	COM	530307305
—	CAPITAL ONE FINANCIAL CORP WARRANTS 2009-14.	120,979	$6.497M	0.1%	$33.46	—	CONV BONDS	14040H139
HPE	HEWLETT PACKARD ENTERPRISE CO.	367,018	$6.437M	0.1%	$8.22	+61.5%	COM	42824C109
LILA	Liberty Latin America Class A	329,406	$6.407M	0.1%	$20.32	0.0%	COM	G9001E102
LEA	LEAR CORPORATION	33,504	$6.235M	0.1%	$149.67	+7.3%	COM	521865204
STLD	STEEL DYNAMICS, INC.	136,235	$6.024M	0.1%	$32.75	+19.1%	COM	858119100
TUR	ISHARES MSCI TURKEY ETF	135,888	$5.764M	0.1%	$40.79	—	COM	464286715
HBAN	Huntington Bancshares Incorporated	374,178	$5.65M	0.1%	$7.61	+44.7%	COM	446150104
KEX	KIRBY CORPORATION	73,272	$5.638M	0.1%	$64.33	+16.3%	COM	497266106
—	CTRIP.COM INTERNATIONAL LTD. SPONSORED ADR	120,047	$5.597M	0.1%	$50.71	—	COM	22943F100
GSM	FERROGLOBE PLC	509,529	$5.467M	0.1%	$9.76	+50.4%	COM	G33856108
SIG	Signet Jewelers Limited	133,507	$5.143M	0.1%	$86.75	-51.6%	COM	G81276100
LSAK	NET 1 UEPS TECHNOLOGIES, INC.	531,406	$5.027M	0.1%	$10.21	+6.8%	COM	64107N206
THO	THOR INDUSTRIES, INC.	41,507	$4.78M	0.1%	$59.38	+90.4%	COM	885160101
GLW	CORNING INCORPORATED	171,372	$4.778M	0.1%	$18.61	+33.3%	COM	219350105
AAP	ADVANCE AUTO PARTS, INC.	40,144	$4.759M	0.1%	$134.66	-25.4%	COM	00751Y106
HAIN	HAIN CELESTIAL GROUP, INC.	148,325	$4.757M	0.1%	$40.98	-11.4%	COM	405217100
—	ILG INC NPV	149,643	$4.655M	0.1%	$19.76	—	COM	44967H101
INSW	INTERNATIONAL SEAWAYS, INC.	249,602	$4.393M	0.1%	$11.66	-6.0%	COM	Y41053102
—	APACHE CORPORATION	102,641	$3.95M	0.1%	$48.66	—	COM	037411105
—	GCI LIBERTY INC NPV A	71,865	$3.799M	0.1%	$52.86	—	COM	36164V305
—	BANK OF AMERICA CORP WARRANTS 2009-28.10.18 ON SHS	1,799,092	$3.58M	0.1%	$1.08	—	CONV BONDS	060505153
WHR	WHIRLPOOL CORPORATION	23,202	$3.552M	0.1%	$161.00	+3.7%	COM	963320106
—	AQUAVENTURE HOLDINGS LIMITED	273,174	$3.393M	0.1%	$13.20	—	COM	G0443N107
BLD	TOPBUILD CORP.	42,750	$3.271M	0.1%	$36.64	+106.3%	COM	89055F103
HAL	Halliburton Company	69,654	$3.27M	0.1%	$34.45	+22.2%	COM	406216101
—	Liberty TripAdvisor Holdings Inc Class A	304,042	$3.268M	0.1%	$19.98	—	COM	531465102
—	VENATOR MATERIALS PLC	179,196	$3.242M	0.1%	$18.09	—	COM	G9329Z100
FLR	Fluor Corporation	56,544	$3.235M	0.1%	$44.76	+21.2%	COM	343412102
COTY	Coty Inc. Class A	172,581	$3.158M	0.1%	$22.65	-20.9%	COM	222070203
ADNT	ADIENT PLC	52,804	$3.156M	0.1%	$67.49	-2.2%	COM	G0084W101
EWY	ISHARES MSCI SOUTH KOREA CAP ETF	38,161	$2.879M	0.1%	$52.84	—	COM	464286772
—	STNG 2 3/8 07/01/19	3,047,000	$2.788M	0.1%	$0.91	—	CONV BONDS	80918TAA7
—	Leucadia National Corporation	122,623	$2.787M	0.1%	$20.77	—	COM	527288104
—	Liberty Media Corp Series C Liberty Formula One	61,095	$1.885M	0.0%	$21.87	—	COM	531229854
NGVT	INGEVITY CORP	24,900	$1.835M	0.0%	$37.75	+98.2%	COM	45688C107
—	Liberty Media Corp Series A Liberty Formula One	48,071	$1.408M	0.0%	$21.72	—	COM	531229870
HRI	Herc Holdings Inc	20,021	$1.3M	0.0%	$34.32	+75.0%	COM	42704L104
—	NII HOLDINGS, INC ORD SHARES	595,570	$1.257M	0.0%	$5.20	—	COM	62913F508
—	Hertz Global Holdings	61,173	$1.214M	0.0%	$12.72	—	COM	42806J106
—	NAVIOS MARITIME ACQUISITION CORPORATION	1,402,293	$1.178M	0.0%	$1.64	—	COM	Y62159101
—	Tronc Inc	52,870	$868K	0.0%	$14.45	—	COM	89703P107
—	LIONS GATE ENTERTAINMENT CORP NPV	31,684	$763K	0.0%	$24.95	—	COM	535919500
—	CITIGROUP INC WARRANTS 2011-4.1.19 ON SHS	15,946,267	$734K	0.0%	$0.09	—	CONV BONDS	172967226
FNMA	Federal National Mortgage Association	487,627	$688K	0.0%	$2.35	-20.5%	COM	313586109
—	COMMERCEHUB INC-SERIES C	25,611	$576K	0.0%	$16.78	—	COM	20084V306
KT	KT CORPORATION SPONSORED ADR	38,471	$527K	0.0%	$13.85	—	COM	48268K101
—	Liberty Expedia Holdings Inc NPV	13,401	$526K	0.0%	$40.42	—	COM	53046P109
LBRDA	Liberty Broadband Corp. Class A	5,902	$500K	0.0%	$56.23	+49.2%	COM	530307107
—	COMMERCEHUB INC-SERIES A	9,750	$219K	0.0%	$22.54	—	COM	20084V108
—	iHeartMedia, Inc. Class A	478,384	$206K	0.0%	$3.63	—	COM	45174J103