Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	Amazon.com, Inc.	117,219	$229M	8.0%	$29.33	+230.0%	COM	023135106
BAC	Bank of America Corp	6,971,792	$148M	5.2%	$17.44	+48.6%	COM	060505104
COST	Costco Wholesale Corporation	464,314	$132M	4.6%	$129.68	+114.2%	COM	22160K105
GOOG	Alphabet Inc. Class C	98,069	$114M	4.0%	$35.39	+90.3%	COM	02079K107
PYPL	PayPal Holdings Inc	872,900	$83.57M	2.9%	$40.95	+169.0%	COM	70450Y103
C	Citigroup Inc.	1,977,052	$83.27M	2.9%	$41.25	+31.4%	COM	172967424
TSM	Taiwan Semiconductor Manufacturing Co., Ltd. Spons	1,531,995	$73.21M	2.6%	$26.26	—	COM	874039100
CBRE	CBRE Group, Inc. Class A	1,898,302	$71.58M	2.5%	$34.54	+60.0%	COM	12504L109
BKNG	Booking Holdings Inc.	48,153	$64.78M	2.3%	$1911.72	-9.7%	COM	09857L108
BRK/B	Berkshire Hathaway Inc. Class B	342,704	$62.66M	2.2%	$147.44	+44.2%	COM	084670702
AXP	American Express Company	671,690	$57.5M	2.0%	$74.10	+45.2%	COM	025816109
JD	JD.com, Inc. Sponsored ADR Class A	1,393,298	$56.43M	2.0%	$26.79	—	COM	47215P106
WFC	Wells Fargo & Company	1,940,282	$55.69M	1.9%	$39.63	-7.5%	COM	949746101
MSFT	Microsoft Corporation	300,793	$47.44M	1.7%	$47.98	+225.8%	COM	594918104
DAL	Delta Air Lines, Inc.	1,658,274	$47.31M	1.7%	$40.63	+18.2%	COM	247361702
AAL	American Airlines Group, Inc.	3,761,030	$45.85M	1.6%	$34.05	-33.2%	COM	02376R102
MU	Micron Technology, Inc.	1,039,268	$43.71M	1.5%	$21.55	+135.4%	COM	595112103
KR	Kroger Co.	1,237,579	$37.28M	1.3%	$22.50	+15.1%	COM	501044101
BABA	Alibaba Group Holding Ltd. Sponsored ADR	180,923	$35.19M	1.2%	$175.09	—	COM	01609W102
NTES	NetEase, Inc. Sponsored ADR	102,466	$32.89M	1.1%	$180.66	—	COM	64110W102
DIS	Walt Disney Company	338,631	$32.71M	1.1%	$125.80	-1.8%	COM	254687106
SHW	Sherwin-Williams Company	69,902	$32.12M	1.1%	$88.57	+93.3%	COM	824348106
AIG	American International Group, Inc.	1,313,208	$31.84M	1.1%	$46.61	-21.1%	COM	026874784
BIO	Bio-Rad Laboratories, Inc. Class A	88,224	$30.93M	1.1%	$164.02	+124.2%	COM	090572207
DHT	DHT Holdings, Inc.	3,736,933	$28.66M	1.0%	$2.75	+40.0%	COM	Y2065G121
TSCO	Tractor Supply Company	337,149	$28.51M	1.0%	$14.75	+10.9%	COM	892356106
RYAAY	Ryanair Holdings Plc Sponsored ADR	527,350	$28M	1.0%	$71.86	—	COM	783513203
EPAM	EPAM Systems, Inc.	144,524	$26.83M	0.9%	$78.73	+174.3%	COM	29414B104
WMT	Walmart Inc.	234,955	$26.7M	0.9%	$23.53	+50.3%	COM	931142103
WTW	Willis Towers Watson Public Limited Company	155,947	$26.49M	0.9%	$105.00	+72.8%	COM	G96629103
UNP	Union Pacific Corporation	172,419	$24.32M	0.8%	$74.98	+93.4%	COM	907818108
COF	Capital One Financial Corporation	473,662	$23.88M	0.8%	$66.32	+19.8%	COM	14040H105
STNG	Scorpio Tankers Inc.	1,231,237	$23.54M	0.8%	$19.77	—	COM	Y7542C130
ELV	Anthem, Inc.	99,736	$22.64M	0.8%	$146.61	+71.5%	COM	036752103
—	Activision Blizzard, Inc.	378,471	$22.51M	0.8%	$39.23	—	COM	00507V109
VIPS	Vipshop Holdings Ltd Sponsored ADR	1,354,773	$21.11M	0.7%	$11.56	—	COM	92763W103
MGM	MGM Resorts International	1,775,728	$20.95M	0.7%	$21.69	+17.7%	COM	552953101
JPM	JPMorgan Chase & Co.	218,780	$19.7M	0.7%	$69.58	+48.9%	COM	46625H100
SYF	Synchrony Financial	1,192,070	$19.18M	0.7%	$25.44	-1.0%	COM	87165B103
MKL	Markel Corporation	20,119	$18.67M	0.7%	$941.70	+21.4%	COM	570535104
—	Seagate Technology PLC	359,413	$17.54M	0.6%	$40.71	—	COM	G7945M107
KLAC	KLA Corporation	121,210	$17.42M	0.6%	$102.59	+46.4%	COM	482480100
MBI	MBIA Inc.	2,412,383	$17.22M	0.6%	$3.03	+21.5%	COM	55262C100
GRMN	Garmin Ltd.	218,910	$16.41M	0.6%	$33.56	+136.1%	COM	H2906T109
KKR	KKR & Co. Inc. Class A	689,708	$16.19M	0.6%	$24.47	+10.7%	COM	48251W104
CX	Cemex SAB de CV Sponsored ADR	7,516,609	$15.94M	0.6%	$6.62	—	COM	151290889
IT	Gartner, Inc.	159,754	$15.91M	0.6%	$93.20	+47.0%	COM	366651107
—	Lazard Ltd Class A	670,734	$15.8M	0.6%	$42.41	—	COM	G54050102
NBIS	Yandex NV Class A	460,403	$15.68M	0.5%	$24.16	—	COM	N97284108
PNC	PNC Financial Services Group, Inc.	163,744	$15.67M	0.5%	$115.83	-6.5%	COM	693475105
—	Kansas City Southern	122,294	$15.55M	0.5%	$96.33	—	COM	485170302
INTC	Intel Corporation	286,388	$15.5M	0.5%	$25.49	+105.3%	COM	458140100
SCHW	Charles Schwab Corporation	454,227	$15.27M	0.5%	$38.68	0.0%	COM	808513105
OPTU	Altice USA, Inc. Class A	677,172	$15.09M	0.5%	$23.21	+12.5%	COM	02156K103
CFG	Citizens Financial Group, Inc.	786,543	$14.79M	0.5%	$17.35	+44.5%	COM	174610105
PM	Philip Morris International Inc.	199,669	$14.57M	0.5%	$56.28	+7.9%	COM	718172109
—	Liberty Global Plc Class C	913,840	$14.36M	0.5%	$37.39	—	COM	G5480U120
LBTYAUSD	Liberty Global Plc Class A	861,767	$14.23M	0.5%	$39.58	—	COM	G5480U104
META	Facebook, Inc. Class A	84,772	$14.14M	0.5%	$194.43	0.0%	COM	30303M102
HCKT	Hackett Group, Inc.	1,063,529	$13.53M	0.5%	$14.57	+3.0%	COM	404609109
GGG	Graco Inc.	260,234	$12.68M	0.4%	$32.85	+44.9%	COM	384109104
LIVN	LivaNova Plc	276,821	$12.53M	0.4%	$59.75	+8.4%	COM	G5509L101
—	FirstCash, Inc.	172,324	$12.36M	0.4%	$51.86	—	COM	33767D105
JEF	Jefferies Financial Group Inc.	888,093	$12.14M	0.4%	$16.63	-4.7%	COM	47233W109
GOOGL	Alphabet Inc. Class A	10,266	$11.93M	0.4%	$38.37	+75.3%	COM	02079K305
MS	Morgan Stanley	337,683	$11.48M	0.4%	$28.71	+36.4%	COM	617446448
CHTR	Charter Communications, Inc. Class A	26,304	$11.48M	0.4%	$234.69	+108.4%	COM	16119P108
UAL	United Airlines Holdings, Inc.	350,273	$11.05M	0.4%	$58.24	+13.5%	COM	910047109
—	CoreLogic, Inc.	358,568	$10.95M	0.4%	$38.72	—	COM	21871D103
NVDA	NVIDIA Corporation	39,492	$10.41M	0.4%	$4.12	+52.7%	COM	67066G104
TXN	Texas Instruments Incorporated	103,327	$10.32M	0.4%	$76.18	+33.4%	COM	882508104
BMY	Bristol-Myers Squibb Company	181,171	$10.1M	0.4%	$45.13	+7.6%	COM	110122108
SMG	Scotts Miracle-Gro Company Class A	96,780	$9.91M	0.3%	$49.04	+78.8%	COM	810186106
MAS	Masco Corporation	284,735	$9.843M	0.3%	$25.81	+53.2%	COM	574599106
MO	Altria Group Inc	251,584	$9.729M	0.3%	$29.34	-6.1%	COM	02209S103
UBER	Uber Technologies, Inc.	343,683	$9.596M	0.3%	$30.50	+7.9%	COM	90353T100
EBAY	eBay Inc.	298,403	$8.97M	0.3%	$24.97	+26.2%	COM	278642103
FCX	Freeport-McMoRan, Inc.	1,318,134	$8.897M	0.3%	$11.18	-12.5%	COM	35671D857
F	Ford Motor Company	1,775,481	$8.576M	0.3%	$7.97	-29.1%	COM	345370860
INSW	International Seaways, Inc.	357,427	$8.539M	0.3%	$11.48	+23.6%	COM	Y41053102
—	Raytheon Company	64,691	$8.484M	0.3%	$129.41	—	COM	755111507
—	58.com Inc. Sponsored ADR Class A	171,059	$8.334M	0.3%	$68.37	—	COM	31680Q104
PBR	Petroleo Brasileiro SA Sponsored ADR	1,511,450	$8.313M	0.3%	$10.46	—	COM	71654V408
—	SL Green Realty Corp.	192,138	$8.281M	0.3%	$106.81	—	COM	78440X101
AVGO	Broadcom Inc.	34,752	$8.24M	0.3%	$19.69	+23.3%	COM	11135F101
LBRDK	Liberty Broadband Corp. Class C	73,273	$8.113M	0.3%	$57.37	+103.1%	COM	530307305
MPC	Marathon Petroleum Corporation	336,065	$7.938M	0.3%	$53.18	-27.9%	COM	56585A102
DSX	Diana Shipping Inc.	5,323,267	$7.878M	0.3%	$2.16	-35.2%	COM	Y2066G104
—	CenturyLink, Inc.	821,974	$7.776M	0.3%	$17.01	—	COM	156700106
SCCO	Southern Copper Corporation	273,123	$7.691M	0.3%	$19.94	+34.7%	COM	84265V105
BIDU	Baidu, Inc. Sponsored ADR Class A	75,812	$7.641M	0.3%	$164.22	—	COM	056752108
INDA	iShares MSCI India ETF	256,209	$6.93M	0.2%	$32.43	—	COM	46429B598
—	Hanesbrands Inc.	875,109	$6.887M	0.2%	$25.04	—	COM	410345102
DXC	DXC Technology Co.	473,071	$6.174M	0.2%	$47.34	-45.2%	COM	23355L106
BTU	Peabody Energy Corporation	2,092,581	$6.068M	0.2%	$23.94	-74.3%	COM	704551100
L	Loews Corporation	169,290	$5.896M	0.2%	$40.53	+13.5%	COM	540424108
MHK	Mohawk Industries, Inc.	74,692	$5.695M	0.2%	$187.70	-36.9%	COM	608190104
HCC	Warrior Met Coal, Inc.	521,178	$5.535M	0.2%	$22.98	-21.4%	COM	93627C101
—	Discovery, Inc. Class A	277,423	$5.393M	0.2%	$25.90	—	COM	25470F104
MCK	McKesson Corporation	38,944	$5.268M	0.2%	$144.36	-2.4%	COM	58155Q103
HPQ	HP Inc.	303,355	$5.266M	0.2%	$10.33	+59.7%	COM	40434L105
ADNT	Adient plc	559,993	$5.079M	0.2%	$22.76	-11.5%	COM	G0084W101
LOW	Lowe s Companies, Inc.	57,433	$4.942M	0.2%	$60.79	+61.7%	COM	548661107
WDC	Western Digital Corporation	116,431	$4.846M	0.2%	$47.36	-8.1%	COM	958102105
—	Lam Research Corporation	18,597	$4.463M	0.2%	$169.14	—	COM	512807108
—	Liberty Media Corp. Series C Liberty SiriusXM	140,754	$4.451M	0.2%	$33.40	—	COM	531229607
—	Vista Outdoor Inc	489,125	$4.304M	0.2%	$14.65	—	COM	928377100
NOAH	Noah Holdings Ltd. Sponsored ADR Class A	162,474	$4.202M	0.1%	$26.32	—	COM	65487X102
LEA	Lear Corporation	50,599	$4.111M	0.1%	$137.68	-25.6%	COM	521865204
LPX	Louisiana-Pacific Corporation	236,160	$4.057M	0.1%	$18.79	+47.3%	COM	546347105
TME	Tencent Music Entertainment Group Sponsored ADR Cl	395,851	$3.982M	0.1%	$10.06	—	COM	88034P109
—	Qurate Retail, Inc. Class A	620,495	$3.788M	0.1%	$21.20	—	COM	74915M100
—	America Movil SAB de CV Sponsored ADR Class L	319,297	$3.761M	0.1%	$16.03	—	COM	02364W105
LYB	LyondellBasell Industries NV	74,374	$3.691M	0.1%	$48.77	+1.7%	COM	N53745100
CTSH	Cognizant Technology Solutions Corporation Class A	78,483	$3.647M	0.1%	$56.25	-3.1%	COM	192446102
LILAK	Liberty Latin America Ltd. Class C	342,562	$3.515M	0.1%	$20.25	-26.8%	COM	G9001E128
—	GCI Liberty, Inc. Class A	60,938	$3.472M	0.1%	$52.86	—	COM	36164V305
—	WestRock Company	120,068	$3.393M	0.1%	$52.49	—	COM	96145D105
GLW	Corning Inc	164,010	$3.369M	0.1%	$19.38	+14.0%	COM	219350105
AA	Alcoa Corp.	540,993	$3.333M	0.1%	$37.40	-64.9%	COM	013872106
DD	DuPont de Nemours, Inc.	92,693	$3.161M	0.1%	$27.24	-33.4%	COM	26614N102
AAP	Advance Auto Parts, Inc.	33,258	$3.104M	0.1%	$134.66	-15.2%	COM	00751Y106
THO	Thor Industries, Inc.	73,516	$3.101M	0.1%	$64.60	-4.8%	COM	885160101
HPE	Hewlett Packard Enterprise Co.	305,179	$2.963M	0.1%	$8.22	+31.8%	COM	42824C109
SPOT	Spotify Technology SA	24,361	$2.958M	0.1%	$141.56	0.0%	COM	L8681T102
STLD	Steel Dynamics, Inc.	130,092	$2.932M	0.1%	$32.72	-25.6%	COM	858119100
BLD	TopBuild Corp.	40,771	$2.921M	0.1%	$37.84	+169.8%	COM	89055F103
VICI	VICI Properties Inc	173,250	$2.883M	0.1%	$13.93	+21.8%	COM	925652109
—	American International Group, Inc. Warrants 2011-1	3,524,198	$2.819M	0.1%	$19.26	—	CONV BONDS	026874156
CPA	Copa Holdings, S.A. Class A	61,711	$2.795M	0.1%	$72.27	0.0%	COM	P31076105
DOW	Dow, Inc.	93,211	$2.725M	0.1%	$36.37	-15.9%	COM	260557103
COP	ConocoPhillips	88,188	$2.716M	0.1%	$53.41	-23.3%	COM	20825C104
LILA	Liberty Latin America Ltd. Class A	248,547	$2.615M	0.1%	$20.32	-27.2%	COM	G9001E102
TCOM	Trip.com Group Ltd. Sponsored ADR	111,461	$2.614M	0.1%	$33.54	—	COM	89677Q107
HBAN	Huntington Bancshares Incorporated	311,264	$2.555M	0.1%	$7.61	+22.2%	COM	446150104
SALTUSD	Scorpio Bulkers, Inc.	977,982	$2.474M	0.1%	$6.83	—	COM	Y7546A122
CAR	Avis Budget Group, Inc.	168,657	$2.344M	0.1%	$37.40	-23.9%	COM	053774105
—	Eldorado Resorts Inc	160,861	$2.316M	0.1%	$46.07	—	COM	28470R102
DNOW	NOW Inc.	444,774	$2.295M	0.1%	$16.06	-43.9%	COM	67011P100
GLNG	Golar LNG Limited	287,221	$2.263M	0.1%	$20.66	-51.8%	COM	G9456A100
—	Liberty Media Corp. Series A Liberty SiriusXM	71,013	$2.25M	0.1%	$33.30	—	COM	531229409
—	Apache Corporation	526,388	$2.2M	0.1%	$16.05	—	COM	037411105
CTVA	Corteva Inc	92,676	$2.178M	0.1%	$25.02	+2.2%	COM	22052L104
—	Spirit Airlines, Inc.	163,188	$2.103M	0.1%	$45.50	—	COM	848577102
VAC	Marriott Vacations Worldwide Corporation	35,696	$1.984M	0.1%	$106.41	-2.4%	COM	57164Y107
—	Micro Focus International plc Sponsored ADR	336,743	$1.707M	0.1%	$26.19	—	COM	594837403
CME	CME Group Inc. Class A	9,627	$1.665M	0.1%	$142.24	+12.2%	COM	12572Q105
—	Perspecta, Inc.	88,146	$1.608M	0.1%	$20.55	—	COM	715347100
LSAK	Net 1 UEPS Technologies, Inc.	505,793	$1.472M	0.1%	$9.77	-62.1%	COM	64107N206
—	Liberty Media Corporation Series C Liberty Formula	52,668	$1.434M	0.1%	$21.87	—	COM	531229854
BFH	Alliance Data Systems Corporation	39,971	$1.345M	0.0%	$170.99	-64.1%	COM	018581108
—	Venator Materials PLC	629,180	$1.082M	0.0%	$9.84	—	COM	G9329Z100
—	Liberty Media Corporation Series A Liberty Formula	41,381	$1.068M	0.0%	$21.72	—	COM	531229870
GSM	Ferroglobe PLC	2,024,828	$921K	0.0%	$3.54	-78.2%	COM	G33856108
COTY	Coty Inc. Class A	169,996	$877K	0.0%	$21.15	-55.9%	COM	222070203
VECO	Veeco Instruments Inc.	89,915	$860K	0.0%	$22.02	-39.0%	COM	922417100
SPB	Spectrum Brands Holdings, Inc.	22,917	$833K	0.0%	$52.17	+3.6%	COM	84790A105
—	Change Healthcare, Inc.	77,294	$772K	0.0%	$9.99	—	COM	15912K100
FNMA	Federal National Mortgage Association	483,084	$768K	0.0%	$2.23	+26.1%	COM	313586109
NGVT	Ingevity Corporation	20,822	$733K	0.0%	$37.75	+54.7%	COM	45688C107
—	Valaris PLC Class A	1,254,421	$565K	0.0%	$5.62	—	COM	G3157S106
—	Hertz Global Holdings, Inc.	86,845	$537K	0.0%	$13.14	—	COM	42806J106
LBRDA	Liberty Broadband Corp. Class A	4,596	$492K	0.0%	$57.51	+99.6%	COM	530307107
FLR	Fluor Corporation	54,924	$380K	0.0%	$44.40	-68.8%	COM	343412102
—	Tribune Publishing Co.	39,832	$323K	0.0%	$11.29	—	COM	89609W107
KT	KT Corporation Sponsored ADR	27,229	$212K	0.0%	$13.91	—	COM	48268K101
EXPE	Expedia Group, Inc.	3,648	$205K	0.0%	$129.93	-26.9%	COM	30212P303
—	Lions Gate Entertainment Corp Class B	22,983	$128K	0.0%	$24.95	—	COM	535919500
—	Liberty TripAdvisor Holdings Inc Class A	13,739	$25,000	0.0%	$19.74	—	COM	531465102