Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BAC	Bank of America Corp	3,943,127	$119M	5.2%	$30.20 *	$17.63	+57.4%	COM	060505104
AMZN	Amazon.com, Inc.	989,495	$112M	4.9%	$113.00	$119.43	-5.4%	COM	023135106
COST	Costco Wholesale Corporation	229,354	$108M	4.7%	$472.27 *	$129.68	+248.9%	COM	22160K105
WFC	Wells Fargo & Company	2,225,279	$89.5M	3.9%	$40.22 *	$30.49	+21.2%	COM	949746101
GOOG	Alphabet Inc. Class C	881,056	$84.71M	3.7%	$96.15	$106.84	-10.7%	COM	02079K107
CBRE	CBRE Group, Inc. Class A	1,017,281	$68.68M	3.0%	$67.51	$34.54	+95.4%	COM	12504L109
AXP	American Express Company	422,632	$57.02M	2.5%	$134.91 *	$74.87	+72.5%	COM	025816109
AIG	American International Group, Inc.	1,120,765	$53.21M	2.3%	$47.48 *	$41.05	+7.6%	COM	026874784
SCHW	Charles Schwab Corp	709,990	$51.03M	2.2%	$71.87 *	$51.84	+32.4%	COM	808513105
TSM	Taiwan Semiconductor Manufacturing Co., Ltd. Spons	728,267	$49.93M	2.2%	$68.56	$26.00	+163.7%	COM	874039100
C	Citigroup Inc.	1,174,465	$48.94M	2.1%	$41.67 *	$41.25	-10.5%	COM	172967424
BRK/B	Berkshire Hathaway Inc. Class B	175,531	$46.87M	2.0%	$267.02	$147.44	+81.1%	COM	084670702
BKNG	Booking Holdings Inc.	28,089	$46.16M	2.0%	$1643.21	$1920.93	-15.8%	COM	09857L108
COP	ConocoPhillips	400,791	$41.02M	1.8%	$102.34 *	$61.24	+50.0%	COM	20825C104
FCX	Freeport-McMoRan, Inc.	1,290,043	$35.26M	1.5%	$27.33 *	$10.80	+141.3%	COM	35671D857
TSCO	Tractor Supply Company	187,176	$34.79M	1.5%	$185.88 *	$14.75	+138.0%	COM	892356106
KLAC	KLA Corporation	107,790	$32.62M	1.4%	$302.63 *	$172.33	+69.9%	COM	482480100
MU	Micron Technology, Inc.	649,441	$32.54M	1.4%	$50.10	$27.70	+77.5%	COM	595112103
MSFT	Microsoft Corporation	136,606	$31.82M	1.4%	$232.90 *	$47.98	+372.7%	COM	594918104
MGM	MGM Resorts International	1,054,016	$31.32M	1.4%	$29.72	$21.69	+37.0%	COM	552953101
PYPL	PayPal Holdings, Inc.	352,103	$30.31M	1.3%	$86.07	$43.11	+99.2%	COM	70450Y103
BTU	Peabody Energy Corporation	1,096,635	$27.22M	1.2%	$24.82 *	$19.84	+20.3%	COM	704551100
ELV	Elevance Health, Inc.	56,228	$25.54M	1.1%	$454.24 *	$146.61	+195.4%	COM	036752103
IT	Gartner, Inc.	89,659	$24.81M	1.1%	$276.69	$93.20	+196.9%	COM	366651107
SYF	Synchrony Financial	878,596	$24.77M	1.1%	$28.19 *	$23.88	+9.4%	COM	87165B103
COF	Capital One Financial Corp	263,570	$24.29M	1.1%	$92.17 *	$66.32	+31.2%	COM	14040H105
SHW	Sherwin-Williams Company	117,504	$24.06M	1.0%	$204.75 *	$203.98	-2.5%	COM	824348106
DAL	Delta Air Lines, Inc.	823,777	$23.11M	1.0%	$28.06 *	$36.85	-25.9%	COM	247361702
STNG	Scorpio Tankers Inc.	541,431	$22.76M	1.0%	$42.04	$19.38	—	COM	Y7542C130
RYAAY	Ryanair Holdings Plc Sponsored ADR	389,365	$22.75M	1.0%	$58.42	$72.00	-18.9%	COM	783513203
DHT	DHT Holdings, Inc.	2,836,995	$21.45M	0.9%	$7.56 *	$2.91	+100.1%	COM	Y2065G121
AA	Alcoa Corporation	624,398	$21.02M	0.9%	$33.66 *	$26.62	+21.6%	COM	013872106
BIO	Bio-Rad Laboratories, Inc. Class A	48,758	$20.34M	0.9%	$417.14	$164.02	+154.3%	COM	090572207
EPAM	EPAM Systems, Inc.	55,918	$20.25M	0.9%	$362.19	$78.73	+360.1%	COM	29414B104
MPC	Marathon Petroleum Corporation	190,603	$18.93M	0.8%	$99.33 *	$53.18	+73.9%	COM	56585A102
UNP	Union Pacific Corporation	96,835	$18.86M	0.8%	$194.82 *	$74.98	+140.7%	COM	907818108
AAL	American Airlines Group, Inc.	1,551,281	$18.68M	0.8%	$12.04	$30.32	-60.3%	COM	02376R102
JEF	Jefferies Financial Group Inc.	619,729	$18.28M	0.8%	$29.50 *	$17.73	+43.4%	COM	47233W109
CFG	Citizens Financial Group, Inc.	486,588	$16.72M	0.7%	$34.36 *	$17.36	+70.7%	COM	174610105
MBI	MBIA Inc.	1,816,888	$16.71M	0.7%	$9.20 *	$3.13	+28.1%	COM	55262C100
DIS	Walt Disney Company	172,017	$16.23M	0.7%	$94.33 *	$126.99	-27.4%	COM	254687106
INSW	International Seaways, Inc.	450,435	$15.82M	0.7%	$35.13 *	$11.37	+113.4%	COM	Y41053102
GLW	Corning Inc	525,224	$15.24M	0.7%	$29.02 *	$31.56	-16.1%	COM	219350105
MS	Morgan Stanley	190,340	$15.04M	0.7%	$79.01 *	$28.71	+146.3%	COM	617446448
MKL	Markel Corporation	13,671	$14.82M	0.6%	$1084.19	$949.39	+14.2%	COM	570535104
KR	Kroger Co.	327,099	$14.31M	0.6%	$43.75 *	$22.50	+80.8%	COM	501044101
PBR	Petroleo Brasileiro SA Sponsored ADR	1,127,953	$13.92M	0.6%	$12.34	$10.27	+20.1%	COM	71654V408
GSM	Ferroglobe PLC	2,592,838	$13.69M	0.6%	$5.28 *	$2.67	+92.9%	COM	G33856108
BAP	Credicorp Ltd.	109,459	$13.44M	0.6%	$122.80 *	$122.96	-8.0%	COM	G2519Y108
NVDA	NVIDIA Corporation	107,893	$13.1M	0.6%	$121.39 *	$16.08	-24.6%	COM	67066G104
CX	Cemex SAB de CV Sponsored ADR	3,744,033	$12.84M	0.6%	$3.43	$6.62	-48.2%	COM	151290889
JPM	JPMorgan Chase & Co.	122,348	$12.79M	0.6%	$104.50 *	$69.58	+38.2%	COM	46625H100
WTW	Willis Towers Watson Public Limited Company	62,087	$12.48M	0.5%	$200.94 *	$105.00	+83.5%	COM	G96629103
DSX	Diana Shipping Inc.	3,401,358	$12.28M	0.5%	$3.61 *	$2.05	+36.4%	COM	Y2066G104
FCFS	FirstCash Holdings, Inc.	156,106	$11.45M	0.5%	$73.35 *	$72.50	-3.2%	COM	33768G107
GOOGL	Alphabet Inc. Class A	114,921	$10.99M	0.5%	$95.65	$106.25	-10.6%	COM	02079K305
ADBE	Adobe Incorporated	39,829	$10.96M	0.5%	$275.20	$383.14	-28.2%	COM	00724F101
PNC	PNC Financial Services Group, Inc.	72,929	$10.9M	0.5%	$149.42 *	$115.83	+13.2%	COM	693475105
DXC	DXC Technology Co.	437,543	$10.71M	0.5%	$24.48	$36.04	-32.1%	COM	23355L106
HCKT	Hackett Group, Inc.	602,667	$10.68M	0.5%	$17.72	$14.57	+21.6%	COM	404609109
STX	Seagate Technology Holdings PLC	200,414	$10.67M	0.5%	$53.23 *	$77.58	-38.1%	COM	G7997R103
PM	Philip Morris International Inc.	125,334	$10.4M	0.5%	$83.01 *	$60.54	+17.9%	COM	718172109
—	Lazard Ltd Class A	322,821	$10.28M	0.4%	$31.83	$41.94	—	COM	G54050102
SLG	SL Green Realty Corp.	250,183	$10.05M	0.4%	$40.16	$81.18	—	COM	78440X887
GRMN	Garmin Ltd.	123,378	$9.908M	0.4%	$80.31 *	$33.56	+123.6%	COM	H2906T109
—	Liberty Media Corp. Series C Liberty Formula One	161,686	$9.459M	0.4%	$58.50	$29.76	—	COM	531229854
META	Meta Platforms Inc. Class A	68,652	$9.315M	0.4%	$135.68	$210.59	-36.0%	COM	30303M102
TXN	Texas Instruments Incorporated	58,719	$9.089M	0.4%	$154.79 *	$76.18	+84.0%	COM	882508104
NE1USD	NOBLE CORP PLC	304,217	$8.999M	0.4%	$29.58	$28.17	—	COM	G6610J209
GLNG	Golar LNG Limited	357,100	$8.899M	0.4%	$24.92 *	$15.42	+46.8%	COM	G9456A100
VAL	Valaris Ltd.	180,668	$8.842M	0.4%	$48.94	$51.20	-4.4%	COM	G9460G101
ADNT	Adient plc	314,476	$8.727M	0.4%	$27.75	$22.76	+21.9%	COM	G0084W101
AVGO	Broadcom Inc.	19,587	$8.697M	0.4%	$444.02 *	$19.69	+113.8%	COM	11135F101
GGG	Graco Inc.	144,174	$8.643M	0.4%	$59.95 *	$33.90	+69.1%	COM	384109104
STLD	Steel Dynamics, Inc.	117,058	$8.305M	0.4%	$70.95 *	$34.87	+94.0%	COM	858119100
LBTYAUSD	Liberty Global Plc Class A	486,512	$7.585M	0.3%	$15.59	$39.58	—	COM	G5480U104
V	Visa Inc. Class A	42,570	$7.563M	0.3%	$177.66 *	$219.04	-20.9%	COM	92826C839
MCK	McKesson Corporation	22,153	$7.529M	0.3%	$339.86	$144.36	+131.7%	COM	58155Q103
BMY	Bristol-Myers Squibb Company	102,277	$7.271M	0.3%	$71.09 *	$45.13	+35.3%	COM	110122108
LIVN	LivaNova Plc	140,661	$7.141M	0.3%	$50.77	$59.75	-15.0%	COM	G5509L101
QCOM	QUALCOMM Incorporated	61,973	$7.002M	0.3%	$112.98 *	$127.05	-17.5%	COM	747525103
SCCO	Southern Copper Corporation	154,743	$6.939M	0.3%	$44.84 *	$19.94	+90.8%	COM	84265V105
LPX	Louisiana-Pacific Corporation	135,333	$6.928M	0.3%	$51.19	$18.79	+172.5%	COM	546347105
PBT	Permian Basin Royalty Trust	401,508	$6.557M	0.3%	$16.33	$16.45	—	COM	714236106
VIPS	Vipshop Holdings Ltd Sponsored ADR	770,387	$6.479M	0.3%	$8.41	$11.29	-25.5%	COM	92763W103
L	Loews Corporation	128,321	$6.396M	0.3%	$49.84	$42.20	+16.8%	COM	540424108
INDA	iShares MSCI India ETF	151,986	$6.198M	0.3%	$40.78	$33.99	+20.0%	COM	46429B598
CAR	Avis Budget Group, Inc.	41,480	$6.158M	0.3%	$148.46 *	$37.40	+277.2%	COM	053774105
EBAY	eBay Inc.	166,990	$6.147M	0.3%	$36.81 *	$24.97	+38.5%	COM	278642103
—	WestRock Company	191,921	$5.928M	0.3%	$30.89	$48.07	—	COM	96145D105
APA	APA Corp.	172,963	$5.914M	0.3%	$34.19 *	$16.01	+90.2%	COM	03743Q108
AMAT	Applied Materials, Inc.	71,925	$5.893M	0.3%	$81.93 *	$128.83	-38.2%	COM	038222105
HEPS	D-MARKET Elektronik Hizmetler ve Ticaret AS Sponso	6,012,109	$5.791M	0.3%	$0.96	$2.89	-66.6%	COM	23292B104
RTX	Raytheon Technologies Corporation	70,492	$5.77M	0.3%	$81.85 *	$54.61	+39.3%	COM	75513E101
FNV	Franco-Nevada Corporation	46,457	$5.551M	0.2%	$119.49 *	$126.46	-8.3%	COM	351858105
LYB	LyondellBasell Industries NV	73,712	$5.549M	0.2%	$75.28 *	$56.81	+6.7%	COM	N53745100
MAS	Masco Corporation	115,277	$5.382M	0.2%	$46.69 *	$25.81	+70.1%	COM	574599106
INTC	Intel Corporation	206,947	$5.333M	0.2%	$25.77 *	$31.05	-21.0%	COM	458140100
UBER	Uber Technologies, Inc.	193,847	$5.137M	0.2%	$26.50	$30.50	-13.1%	COM	90353T100
WPM	Wheaton Precious Metals Corp	143,133	$4.632M	0.2%	$32.36 *	$39.57	-20.8%	COM	962879102
CHTR	Charter Communications, Inc. Class A	14,765	$4.479M	0.2%	$303.35	$234.69	+29.3%	COM	16119P108
MO	Altria Group Inc	106,741	$4.31M	0.2%	$40.38 *	$29.41	+5.9%	COM	02209S103
HPQ	HP Inc.	171,873	$4.283M	0.2%	$24.92 *	$10.33	+113.7%	COM	40434L105
HCC	Warrior Met Coal, Inc.	145,649	$4.142M	0.2%	$28.44	$22.98	+23.7%	COM	93627C101
CPA	Copa Holdings, S.A. Class A	61,104	$4.095M	0.2%	$67.02 *	$53.58	+6.4%	COM	P31076105
BLD	TopBuild Corp.	23,800	$3.922M	0.2%	$164.79	$37.84	+335.4%	COM	89055F103
—	Lam Research Corporation	10,583	$3.873M	0.2%	$365.96	$169.14	—	COM	512807108
MHK	Mohawk Industries, Inc.	42,269	$3.855M	0.2%	$91.20	$187.70	-51.4%	COM	608190104
—	Liberty Media Corp. Series C Liberty SiriusXM	92,217	$3.478M	0.2%	$37.72	$33.47	—	COM	531229607
LEA	Lear Corporation	28,843	$3.452M	0.2%	$119.68 *	$137.68	-20.2%	COM	521865204
LUMN	Lumen Technologies, Inc.	471,013	$3.429M	0.1%	$7.28	$10.83	-32.8%	COM	550241103
CNC	Centene Corporation	43,808	$3.409M	0.1%	$77.82	$62.12	+25.3%	COM	15135B101
TPL	Texas Pacific Land Corporation	1,910	$3.395M	0.1%	$1777.49 *	$156.06	+22.1%	COM	88262P102
—	Hanesbrands Inc.	486,136	$3.384M	0.1%	$6.96	$25.04	—	COM	410345102
WDC	Western Digital Corporation	98,990	$3.222M	0.1%	$32.55 *	$42.81	-42.8%	COM	958102105
MCHP	Microchip Technology Incorporated	51,849	$3.164M	0.1%	$61.02 *	$71.47	-21.0%	COM	595017104
—	America Movil SAB de CV Sponsored ADR Class L	185,803	$3.06M	0.1%	$16.47	$16.03	—	COM	02364W105
CTVA	Corteva Inc	52,955	$3.026M	0.1%	$57.14 *	$25.02	+120.4%	COM	22052L104
VICI	VICI Properties Inc	99,486	$2.97M	0.1%	$29.85 *	$13.93	+79.6%	COM	925652109
CZR	Caesars Entertainment Inc	91,050	$2.937M	0.1%	$32.26	$43.94	-26.6%	COM	12769G100
THO	Thor Industries, Inc.	41,900	$2.932M	0.1%	$69.98 *	$64.60	+0.7%	COM	885160101
AAP	Advance Auto Parts, Inc.	18,708	$2.925M	0.1%	$156.35 *	$134.66	+7.4%	COM	00751Y106
DD	DuPont de Nemours, Inc.	52,718	$2.657M	0.1%	$50.40 *	$27.24	-27.5%	COM	26614N102
—	Liberty Global Plc Class C	155,063	$2.559M	0.1%	$16.50	$37.39	—	COM	G5480U120
DNOW	NOW Inc.	254,617	$2.559M	0.1%	$10.05	$16.06	-37.4%	COM	67011P100
VAC	Marriott Vacations Worldwide Corporation	20,621	$2.513M	0.1%	$121.87	$106.41	+14.5%	COM	57164Y107
HBAN	Huntington Bancshares Incorporated	176,980	$2.333M	0.1%	$13.18 *	$7.61	+49.3%	COM	446150104
DOW	Dow, Inc.	52,920	$2.325M	0.1%	$43.93 *	$36.37	-0.3%	COM	260557103
SMG	Scotts Miracle-Gro Company Class A	53,780	$2.299M	0.1%	$42.75 *	$49.04	-24.9%	COM	810186106
RXT	Rackspace Technology, Inc.	558,588	$2.279M	0.1%	$4.08	$18.92	-78.4%	COM	750102105
UAL	United Airlines Holdings, Inc.	68,754	$2.237M	0.1%	$32.54	$58.24	-44.1%	COM	910047109
HPE	Hewlett Packard Enterprise Co.	174,111	$2.086M	0.1%	$11.98 *	$8.22	+33.0%	COM	42824C109
LSAK	Lesaka Technologies, Inc.	556,288	$1.958M	0.1%	$3.52	$7.94	-55.7%	COM	64107N206
—	Spirit Airlines, Inc.	93,798	$1.765M	0.1%	$18.82	$45.50	—	COM	848577102
—	Liberty Media Corp. Series A Liberty SiriusXM	41,524	$1.581M	0.1%	$38.07	$33.30	—	COM	531229409
CME	CME Group Inc. Class A	8,806	$1.56M	0.1%	$177.15 *	$140.20	+9.4%	COM	12572Q105
—	Liberty Media Corp. Series A Liberty Formula One	23,654	$1.242M	0.1%	$52.51	$21.72	—	COM	531229870
SPOT	Spotify Technology SA	13,968	$1.205M	0.1%	$86.27	$141.56	-39.0%	COM	L8681T102
OPTU	Altice USA, Inc. Class A	191,036	$1.114M	0.0%	$5.83	$23.21	-74.9%	COM	02156K103
VECO	Veeco Instruments Inc.	52,058	$954K	0.0%	$18.33	$22.02	-16.8%	COM	922417100
RLX	RLX Technology, Inc. Sponsored ADR Class A	805,839	$846K	0.0%	$1.05	$2.91	-63.9%	COM	74969N103
LBRDK	Liberty Broadband Corp. Class C	11,435	$844K	0.0%	$73.81 *	$83.15	-16.9%	COM	530307305
LILAK	Liberty Latin America Ltd. Class C	128,846	$792K	0.0%	$6.15	$16.80	-63.4%	COM	G9001E128
NGVT	Ingevity Corporation	11,923	$723K	0.0%	$60.64	$37.75	+60.6%	COM	45688C107
BFH	Bread Financial Holdings, Inc.	22,990	$723K	0.0%	$31.45 *	$170.99	-82.8%	COM	018581108
LILA	Liberty Latin America Ltd. Class A	96,535	$598K	0.0%	$6.19	$20.32	-69.5%	COM	G9001E102
KT	KT Corporation Sponsored ADR	21,564	$264K	0.0%	$12.24	$15.50	-21.1%	COM	48268K101
JXN	Jackson Financial Incorporation Class A	7,930	$220K	0.0%	$27.74 *	$21.96	+8.4%	COM	46817M107
LBRDA	Liberty Broadband Corp. Class A	2,851	$213K	0.0%	$74.71 *	$57.51	+21.6%	COM	530307107
—	Lions Gate Entertainment Corp Class B	13,050	$91,000	0.0%	$6.97	$24.95	—	COM	535919500
—	Qurate Retail, Inc. Class A	37,030	$74,000	0.0%	$2.00	$21.20	—	COM	74915M100
—	Venator Materials PLC	83,359	$73,000	0.0%	$0.88	$9.84	—	COM	G9329Z100
NBIS	Yandex NV Class A	278,906	$0	0.0%	$0.00	$24.16	—	COM	N97284108