Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
COST	Costco Wholesale Corporation	188,050	$93.44M	4.3%	$496.87 *	$139.80	+241.7%	COM	22160K105
GOOG	Alphabet Inc. Class C	829,847	$86.3M	4.0%	$104.00	$104.83	-1.5%	COM	02079K107
BAC	Bank of America Corp	2,960,040	$84.66M	3.9%	$28.60 *	$17.63	+50.9%	COM	060505104
WFC	Wells Fargo & Company	1,819,066	$68M	3.2%	$37.38 *	$31.20	+11.5%	COM	949746101
AXP	American Express Company	368,191	$60.73M	2.8%	$164.95 *	$77.53	+105.2%	COM	025816109
AMZN	Amazon.com, Inc.	530,477	$54.79M	2.5%	$103.29	$119.43	-13.5%	COM	023135106
AIG	American International Group, Inc.	1,020,189	$51.38M	2.4%	$50.36 *	$42.55	+11.4%	COM	026874784
C	Citigroup Inc.	1,078,509	$50.57M	2.3%	$46.89 *	$41.13	+3.2%	COM	172967424
BKNG	Booking Holdings Inc.	18,917	$50.18M	2.3%	$2652.41	$1920.93	+35.9%	COM	09857L108
CBRE	CBRE Group, Inc. Class A	657,194	$47.85M	2.2%	$72.81	$34.54	+110.8%	COM	12504L109
FCX	Freeport-McMoRan, Inc.	1,166,228	$47.71M	2.2%	$40.91 *	$12.54	+213.6%	COM	35671D857
BRK/B	Berkshire Hathaway Inc. Class B	151,988	$46.93M	2.2%	$308.77	$152.76	+102.1%	COM	084670702
MGM	MGM Resorts International	975,114	$43.31M	2.0%	$44.42	$22.07	+101.3%	COM	552953101
MU	Micron Technology, Inc.	696,801	$42.04M	1.9%	$60.34	$33.48	+77.6%	COM	595112103
ELV	Elevance Health, Inc.	91,431	$42.04M	1.9%	$459.81 *	$311.64	+41.5%	COM	036752103
DHT	DHT Holdings, Inc.	3,607,829	$39M	1.8%	$10.81 *	$4.32	+99.9%	COM	Y2065G121
COP	ConocoPhillips	369,867	$36.69M	1.7%	$99.21 *	$65.84	+38.1%	COM	20825C104
EWY	iShares MSCI South Korea ETF	522,630	$32M	1.5%	$61.22	$60.84	+0.6%	COM	464286772
INSW	International Seaways, Inc.	731,989	$30.51M	1.4%	$41.68 *	$19.56	+58.0%	COM	Y41053102
TSM	Taiwan Semiconductor Manufacturing Co., Ltd. Spons	320,868	$29.85M	1.4%	$93.02	$26.00	+257.8%	COM	874039100
SCHW	Charles Schwab Corp	557,968	$29.23M	1.4%	$52.38 *	$51.84	-3.0%	COM	808513105
BTU	Peabody Energy Corporation	1,122,979	$28.75M	1.3%	$25.60 *	$20.12	+22.4%	COM	704551100
RYAAY	Ryanair Holdings Plc Sponsored ADR	300,797	$28.36M	1.3%	$94.29	$71.93	+31.1%	COM	783513203
MS	Morgan Stanley	309,288	$27.16M	1.3%	$87.80 *	$52.19	+53.2%	COM	617446448
SYF	Synchrony Financial	931,764	$27.1M	1.3%	$29.08 *	$25.58	+6.7%	COM	87165B103
MSFT	Microsoft Corporation	91,404	$26.35M	1.2%	$288.30 *	$47.98	+488.3%	COM	594918104
JPM	JPMorgan Chase & Co.	198,582	$25.88M	1.2%	$130.31 *	$93.03	+31.1%	COM	46625H100
AA	Alcoa Corporation	606,791	$25.83M	1.2%	$42.56 *	$28.77	+42.9%	COM	013872106
BIO	Bio-Rad Laboratories, Inc. Class A	52,290	$25.05M	1.2%	$479.02	$218.34	+119.4%	COM	090572207
MPC	Marathon Petroleum Corporation	180,149	$24.29M	1.1%	$134.83 *	$59.54	+113.4%	COM	56585A102
PYPL	PayPal Holdings, Inc.	312,160	$23.71M	1.1%	$75.94	$45.18	+67.7%	COM	70450Y103
NE	Noble Corporation PLC Class A	594,918	$23.48M	1.1%	$39.47 *	$31.90	+8.0%	COM	G65431127
DAL	Delta Air Lines, Inc.	664,788	$23.21M	1.1%	$34.92 *	$36.45	-6.8%	COM	247361702
COF	Capital One Financial Corp	238,831	$22.97M	1.1%	$96.16 *	$68.40	+34.1%	COM	14040H105
JEF	Jefferies Financial Group Inc.	697,431	$22.14M	1.0%	$31.74 *	$20.93	+39.0%	COM	47233W109
STLD	Steel Dynamics, Inc.	190,157	$21.5M	1.0%	$113.06 *	$62.63	+73.4%	COM	858119100
CX	Cemex SAB de CV Sponsored ADR	3,846,415	$21.27M	1.0%	$5.53	$5.86	-5.6%	COM	151290889
AVGO	Broadcom Inc.	31,884	$20.45M	0.9%	$641.54 *	$33.32	+85.4%	COM	11135F101
STNG	Scorpio Tankers Inc.	361,501	$20.36M	0.9%	$56.31	$19.38	—	COM	Y7542C130
GLW	Corning Inc	573,263	$20.22M	0.9%	$35.28 *	$31.23	+4.8%	COM	219350105
GSM	Ferroglobe PLC	3,961,428	$19.57M	0.9%	$4.94 *	$3.73	+29.0%	COM	G33856108
TSCO	Tractor Supply Company	72,982	$17.15M	0.8%	$235.04 *	$14.75	+203.6%	COM	892356106
UNP	Union Pacific Corporation	84,899	$17.09M	0.8%	$201.26 *	$80.35	+135.0%	COM	907818108
MBI	MBIA Inc.	1,774,027	$16.43M	0.8%	$9.26 *	$3.41	+18.3%	COM	55262C100
PM	Philip Morris International Inc.	162,904	$15.84M	0.7%	$97.25 *	$68.67	+25.0%	COM	718172109
DSX	Diana Shipping Inc.	3,884,892	$15.15M	0.7%	$3.90 *	$2.35	+38.6%	COM	Y2066G104
KR	Kroger Co.	300,496	$14.84M	0.7%	$49.37 *	$24.34	+90.8%	COM	501044101
VAL	Valaris Ltd.	221,107	$14.39M	0.7%	$65.06	$54.80	+18.7%	COM	G9460G101
EPAM	EPAM Systems, Inc.	46,375	$13.87M	0.6%	$299.00	$78.73	+279.8%	COM	29414B104
AAL	American Airlines Group Inc.	888,992	$13.11M	0.6%	$14.75	$30.32	-51.4%	COM	02376R102
CFG	Citizens Financial Group, Inc.	430,248	$13.07M	0.6%	$30.37 *	$18.26	+46.3%	COM	174610105
—	Liberty Media Corp. Series C Liberty Formula One	173,832	$13.01M	0.6%	$74.83	$36.48	—	COM	531229854
QCOM	QUALCOMM Incorporated	100,525	$12.82M	0.6%	$127.58 *	$118.22	+1.4%	COM	747525103
DIS	Walt Disney Company	127,207	$12.74M	0.6%	$100.13 *	$126.99	-23.0%	COM	254687106
GLNG	Golar LNG Limited	581,426	$12.56M	0.6%	$21.60 *	$18.99	+3.3%	COM	G9456A100
BAP	Credicorp Ltd.	92,459	$12.24M	0.6%	$132.39 *	$123.08	-0.9%	COM	G2519Y108
LPX	Louisiana-Pacific Corporation	218,588	$11.85M	0.5%	$54.21	$38.32	+41.5%	COM	546347105
STX	Seagate Technology Holdings PLC	178,126	$11.78M	0.5%	$66.12 *	$75.79	-19.3%	COM	G7997R103
WTW	Willis Towers Watson Public Limited Company	49,817	$11.58M	0.5%	$232.38 *	$105.00	+113.8%	COM	G96629103
IT	Gartner, Inc.	34,763	$11.32M	0.5%	$325.77	$93.20	+249.6%	COM	366651107
SHW	Sherwin-Williams Company	45,677	$10.27M	0.5%	$224.77 *	$203.98	+7.5%	COM	824348106
PBT	Permian Basin Royalty Trust	409,520	$9.992M	0.5%	$24.40	$18.08	—	COM	714236106
EWM	iShares MSCI Malaysia ETF	449,835	$9.973M	0.5%	$22.17	$22.61	-2.0%	COM	46434G814
MAS	Masco Corporation	187,424	$9.319M	0.4%	$49.72 *	$35.41	+33.6%	COM	574599106
—	Lam Research Corporation	17,220	$9.129M	0.4%	$530.12	$291.78	—	COM	512807108
HEPS	D-MARKET Elektronik Hizmetler ve Ticaret AS Sponso	6,775,516	$9.079M	0.4%	$1.34	$2.67	-49.8%	COM	23292B104
VIPS	Vipshop Holdings Ltd Sponsored ADR	570,355	$8.658M	0.4%	$15.18	$11.29	+34.5%	COM	92763W103
V	Visa Inc. Class A	38,222	$8.618M	0.4%	$225.46 *	$217.51	+1.5%	COM	92826C839
NVDA	NVIDIA Corporation	29,953	$8.32M	0.4%	$277.77 *	$16.08	+72.7%	COM	67066G104
LBTYAUSD	Liberty Global Plc Class A	423,900	$8.266M	0.4%	$19.50	$38.76	—	COM	G5480U104
CPA	Copa Holdings, S.A. Class A	89,247	$8.242M	0.4%	$92.35 *	$59.30	+32.4%	COM	P31076105
LYB	LyondellBasell Industries NV	87,390	$8.205M	0.4%	$93.89 *	$59.65	+30.1%	COM	N53745100
DXC	DXC Technology Co.	316,178	$8.082M	0.4%	$25.56	$35.64	-28.3%	COM	23355L106
BLD	TopBuild Corp.	38,468	$8.007M	0.4%	$208.14	$96.58	+115.5%	COM	89055F103
PNC	PNC Financial Services Group, Inc.	61,740	$7.847M	0.4%	$127.10 *	$116.16	-2.2%	COM	693475105
AMAT	Applied Materials, Inc.	63,601	$7.812M	0.4%	$122.83 *	$126.87	-5.5%	COM	038222105
WPM	Wheaton Precious Metals Corp	161,752	$7.79M	0.4%	$48.16 *	$38.40	+22.4%	COM	962879102
CZR	Caesars Entertainment Inc	147,694	$7.209M	0.3%	$48.81	$44.23	+10.4%	COM	12769G100
MCHP	Microchip Technology Incorporated	84,268	$7.06M	0.3%	$83.78 *	$67.77	+15.4%	COM	595017104
—	WestRock Company	227,468	$6.931M	0.3%	$30.47	$44.23	—	COM	96145D105
SLG	SL Green Realty Corp.	281,945	$6.631M	0.3%	$23.52	$68.84	—	COM	78440X887
FCFS	FirstCash Holdings, Inc.	69,335	$6.612M	0.3%	$95.37 *	$72.50	+26.8%	COM	33768G107
L	Loews Corporation	113,015	$6.557M	0.3%	$58.02	$42.87	+34.1%	COM	540424108
CTVA	Corteva Inc	108,669	$6.554M	0.3%	$60.31 *	$42.54	+37.4%	COM	22052L104
TUR	iShares MSCI Turkey ETF	194,331	$6.339M	0.3%	$32.62	$34.43	-5.3%	COM	464286715
—	Lazard Ltd Class A	189,435	$6.272M	0.3%	$33.11	$41.94	—	COM	G54050102
LSAK	Lesaka Technologies, Inc.	1,293,939	$6.211M	0.3%	$4.80	$5.74	-16.4%	COM	64107N206
KLAC	KLA Corporation	15,284	$6.101M	0.3%	$399.17 *	$172.33	+125.6%	COM	482480100
HCC	Warrior Met Coal, Inc.	163,389	$5.998M	0.3%	$36.71	$29.03	+26.4%	COM	93627C101
THO	Thor Industries, Inc.	68,148	$5.427M	0.3%	$79.64 *	$69.68	+7.4%	COM	885160101
VICI	VICI Properties Inc	162,197	$5.291M	0.2%	$32.62 *	$20.29	+38.1%	COM	925652109
GOGL	Golden Ocean Group Ltd	536,676	$5.109M	0.2%	$9.52	$9.52	—	COM	G39637205
TDW	Tidewater Inc	109,135	$4.811M	0.2%	$44.08	$42.97	+2.6%	COM	88642R109
GRMN	Garmin Ltd.	47,648	$4.809M	0.2%	$100.92 *	$33.56	+185.2%	COM	H2906T109
SBLK	Star Bulk Carriers Corp.	220,999	$4.667M	0.2%	$21.12	$21.86	-3.4%	COM	Y8162K204
CNC	Centene Corporation	71,348	$4.51M	0.2%	$63.21	$71.66	-11.8%	COM	15135B101
GGG	Graco Inc.	56,174	$4.101M	0.2%	$73.01 *	$33.90	+107.4%	COM	384109104
RTX	Raytheon Technologies Corporation	41,132	$4.028M	0.2%	$97.93 *	$54.61	+68.5%	COM	75513E101
HCKT	Hackett Group, Inc.	214,854	$3.971M	0.2%	$18.48	$14.57	+26.8%	COM	404609109
INDA	iShares MSCI India ETF	99,925	$3.933M	0.2%	$39.36	$33.99	+15.8%	COM	46429B598
ADSK	Autodesk, Inc.	17,784	$3.702M	0.2%	$208.16	$200.68	+3.7%	COM	052769106
MO	Altria Group, Inc.	80,730	$3.602M	0.2%	$44.62 *	$29.41	+22.0%	COM	02209S103
ADBE	Adobe Incorporated	9,191	$3.542M	0.2%	$385.37	$383.14	+0.6%	COM	00724F101
CAR	Avis Budget Group, Inc.	16,118	$3.14M	0.1%	$194.80 *	$37.40	+394.9%	COM	053774105
WCC	WESCO International, Inc.	19,690	$3.043M	0.1%	$154.54 *	$145.73	+3.4%	COM	95082P105
EBAY	eBay Inc.	64,462	$2.86M	0.1%	$44.37 *	$24.97	+68.7%	COM	278642103
CME	CME Group Inc. Class A	14,399	$2.758M	0.1%	$191.52 *	$145.45	+18.5%	COM	12572Q105
TPL	Texas Pacific Land Corporation	1,616	$2.749M	0.1%	$1701.02 *	$157.40	+16.3%	COM	88262P102
BMY	Bristol-Myers Squibb Company	39,641	$2.748M	0.1%	$69.31 *	$45.13	+34.0%	COM	110122108
INTC	Intel Corporation	80,491	$2.63M	0.1%	$32.67 *	$31.05	+2.7%	COM	458140100
ADNT	Adient plc	62,944	$2.578M	0.1%	$40.96	$22.76	+79.9%	COM	G0084W101
DNOW	NOW Inc.	222,527	$2.481M	0.1%	$11.15	$15.91	-29.9%	COM	67011P100
APA	APA Corporation	67,214	$2.424M	0.1%	$36.06 *	$16.01	+103.0%	COM	03743Q108
RLX	RLX Technology, Inc. Sponsored ADR Class A	801,717	$2.325M	0.1%	$2.90	$2.86	+1.4%	COM	74969N103
—	Liberty Media Corp. Series A Liberty Formula One	34,224	$2.31M	0.1%	$67.50	$34.89	—	COM	531229870
CHTR	Charter Communications, Inc. Class A	5,766	$2.062M	0.1%	$357.61	$234.69	+52.4%	COM	16119P108
EWZ	iShares MSCI Brazil ETF	71,015	$1.944M	0.1%	$27.38	$28.02	-2.3%	COM	464286400
HPQ	HP Inc.	66,169	$1.942M	0.1%	$29.35 *	$10.33	+156.4%	COM	40434L105
MNTK	Montauk Renewables, Inc.	229,121	$1.803M	0.1%	$7.87	$10.15	-22.4%	COM	61218C103
VECO	Veeco Instruments Inc.	85,068	$1.797M	0.1%	$21.13	$20.45	+3.3%	COM	922417100
—	Liberty Media Corp. Series C Liberty SiriusXM	61,836	$1.731M	0.1%	$27.99	$33.47	—	COM	531229607
HBAN	Huntington Bancshares Incorporated	151,080	$1.692M	0.1%	$11.20 *	$9.70	+2.1%	COM	446150104
RIG	Transocean Ltd.	263,563	$1.676M	0.1%	$6.36	$6.42	-0.9%	COM	H8817H100
MHK	Mohawk Industries, Inc.	16,422	$1.646M	0.1%	$100.22	$187.70	-46.6%	COM	608190104
VTS	Vitesse Energy, Inc.	82,062	$1.562M	0.1%	$19.03	$17.24	+10.4%	COM	92852X103
SMG	Scotts Miracle-Gro Company Class A	20,967	$1.462M	0.1%	$69.74 *	$49.04	+25.0%	COM	810186106
WDC	Western Digital Corporation	38,557	$1.452M	0.1%	$37.67 *	$42.81	-33.8%	COM	958102105
—	Liberty Global Plc Class C	60,261	$1.228M	0.1%	$20.38	$37.39	—	COM	G5480U120
HPE	Hewlett Packard Enterprise Co.	68,276	$1.088M	0.1%	$15.93 *	$8.22	+79.7%	COM	42824C109
—	Liberty Media Corp. Series A Liberty SiriusXM	36,778	$1.033M	0.0%	$28.09	$33.63	—	COM	531229409
—	Hanesbrands Inc.	189,270	$996K	0.0%	$5.26	$25.04	—	COM	410345102
LBRDK	Liberty Broadband Corp. Class C	11,834	$967K	0.0%	$81.70 *	$81.80	-6.5%	COM	530307305
LILAK	Liberty Latin America Ltd. Class C	114,389	$945K	0.0%	$8.26	$16.26	-49.2%	COM	G9001E128
RXT	Rackspace Technology, Inc.	487,025	$916K	0.0%	$1.88	$18.32	-89.7%	COM	750102105
AAP	Advance Auto Parts, Inc.	7,234	$880K	0.0%	$121.61 *	$134.66	-15.6%	COM	00751Y106
LIVN	LivaNova Plc	18,050	$787K	0.0%	$43.58	$59.45	-26.7%	COM	G5509L101
LILA	Liberty Latin America Ltd. Class A	84,656	$703K	0.0%	$8.31	$19.74	-57.9%	COM	G9001E102
JXN	Jackson Financial Incorporation Class A	12,922	$483K	0.0%	$37.41 *	$25.86	+27.9%	COM	46817M107
NGVT	Ingevity Corporation	4,766	$341K	0.0%	$71.52	$37.75	+89.5%	COM	45688C107
LBRDA	Liberty Broadband Corp. Class A	2,706	$222K	0.0%	$82.12 *	$59.46	+29.4%	COM	530307107
LUMN	Lumen Technologies, Inc.	62,197	$165K	0.0%	$2.65	$10.83	-75.5%	COM	550241103
—	Liberty TripAdvisor Holdings Inc Class A	12,432	$10,679	0.0%	$0.86	$0.67	—	COM	531465102
NBIS	Yandex NV Class A	263,014	$3	0.0%	$0.00	$24.16	—	COM	N97284108