Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
GOOG	Alphabet Inc. Class C	852,615	$103M	4.4%	$120.97	$105.10	+14.2%	COM	02079K107
COST	Costco Wholesale Corporation	187,086	$101M	4.3%	$538.38 *	$139.80	+271.0%	COM	22160K105
BAC	Bank of America Corp	3,044,568	$87.35M	3.7%	$28.69 *	$17.88	+50.5%	COM	060505104
WFC	Wells Fargo & Company	1,756,775	$74.98M	3.2%	$42.68 *	$31.20	+28.3%	COM	949746101
AMZN	Amazon.com, Inc.	572,102	$74.58M	3.2%	$130.36	$119.05	+9.5%	COM	023135106
AIG	American International Group, Inc.	1,282,931	$73.82M	3.1%	$57.54 *	$44.21	+23.4%	COM	026874784
AXP	American Express Company	394,468	$68.72M	2.9%	$174.20 *	$82.77	+103.8%	COM	025816109
CBRE	CBRE Group, Inc. Class A	739,849	$59.71M	2.5%	$80.71	$39.05	+106.7%	COM	12504L109
BRK/B	Berkshire Hathaway Inc. Class B	164,082	$55.95M	2.4%	$341.00	$165.55	+106.0%	COM	084670702
BKNG	Booking Holdings Inc.	20,512	$55.39M	2.3%	$2700.33	$1973.67	+34.6%	COM	09857L108
C	Citigroup Inc.	1,163,579	$53.57M	2.3%	$46.04 *	$41.25	+2.2%	COM	172967424
FCX	Freeport-McMoRan, Inc.	1,257,252	$50.29M	2.1%	$40.00 *	$14.30	+170.0%	COM	35671D857
ELV	Elevance Health, Inc.	100,470	$44.64M	1.9%	$444.29 *	$323.42	+32.1%	COM	036752103
MGM	MGM Resorts International	1,004,961	$44.14M	1.9%	$43.92	$22.68	+93.6%	COM	552953101
MU	Micron Technology, Inc.	676,677	$42.71M	1.8%	$63.11	$33.48	+86.2%	COM	595112103
COP	ConocoPhillips	371,994	$38.54M	1.6%	$103.61 *	$65.84	+45.8%	COM	20825C104
SCHW	Charles Schwab Corp	664,892	$37.69M	1.6%	$56.68 *	$51.61	+6.0%	COM	808513105
DAL	Delta Air Lines, Inc.	736,832	$35.03M	1.5%	$47.54 *	$36.40	+27.1%	COM	247361702
RYAAY	Ryanair Holdings Plc Sponsored ADR	315,679	$34.91M	1.5%	$110.60	$73.29	+50.9%	COM	783513203
SYF	Synchrony Financial	1,006,437	$34.14M	1.4%	$33.92 *	$25.82	+24.2%	COM	87165B103
MSFT	Microsoft Corporation	99,243	$33.8M	1.4%	$340.54	$68.46	+388.1%	COM	594918104
DHT	DHT Holdings, Inc.	3,929,678	$33.52M	1.4%	$8.53 *	$4.55	+54.2%	COM	Y2065G121
TSM	Taiwan Semiconductor Manufacturing Co., Ltd. Spons	321,017	$32.4M	1.4%	$100.92	$26.00	+288.2%	COM	874039100
JPM	JPMorgan Chase & Co.	217,860	$31.69M	1.3%	$145.44 *	$96.27	+42.5%	COM	46625H100
INSW	International Seaways, Inc.	802,887	$30.7M	1.3%	$38.24 *	$20.36	+45.7%	COM	Y41053102
AVGO	Broadcom Inc.	34,996	$30.36M	1.3%	$867.43 *	$36.47	+130.3%	COM	11135F101
NE	Noble Corporation PLC Class A	720,019	$29.74M	1.3%	$41.31 *	$32.20	+12.0%	COM	G65431127
MS	Morgan Stanley	339,723	$29.01M	1.2%	$85.40 *	$54.53	+43.9%	COM	617446448
CX	Cemex SAB de CV Sponsored ADR	4,047,486	$28.66M	1.2%	$7.08	$5.88	+20.4%	COM	151290889
COF	Capital One Financial Corp	255,848	$27.98M	1.2%	$109.37 *	$70.23	+49.6%	COM	14040H105
BTU	Peabody Energy Corporation	1,250,109	$27.08M	1.1%	$21.66 *	$20.24	+3.2%	COM	704551100
BIO	Bio-Rad Laboratories, Inc. Class A	70,691	$26.8M	1.1%	$379.12	$267.44	+41.8%	COM	090572207
AAL	American Airlines Group Inc.	1,442,554	$25.88M	1.1%	$17.94	$24.31	-26.2%	COM	02376R102
JEF	Jefferies Financial Group Inc.	756,049	$25.08M	1.1%	$33.17 *	$21.54	+42.6%	COM	47233W109
MPC	Marathon Petroleum Corporation	197,690	$23.05M	1.0%	$116.60 *	$64.01	+72.8%	COM	56585A102
PYPL	PayPal Holdings, Inc.	334,522	$22.32M	0.9%	$66.73	$46.70	+42.6%	COM	70450Y103
AA	Alcoa Corporation	650,019	$22.06M	0.9%	$33.93 *	$29.19	+12.6%	COM	013872106
GLW	Corning Inc	619,198	$21.7M	0.9%	$35.04 *	$31.18	+5.2%	COM	219350105
GSM	Ferroglobe PLC	4,355,036	$20.77M	0.9%	$4.77 *	$3.80	+22.4%	COM	G33856108
UNP	Union Pacific Corporation	90,945	$18.61M	0.8%	$204.62 *	$87.44	+121.1%	COM	907818108
PM	Philip Morris International Inc.	188,704	$18.42M	0.8%	$97.62 *	$70.83	+23.3%	COM	718172109
LPX	Louisiana-Pacific Corporation	240,052	$18M	0.8%	$74.98	$40.42	+85.5%	COM	546347105
TSCO	Tractor Supply Company	78,233	$17.3M	0.7%	$221.10 *	$16.70	+153.6%	COM	892356106
MBI	MBIA Inc.	1,922,150	$16.61M	0.7%	$8.64 *	$3.45	+9.1%	COM	55262C100
STLD	Steel Dynamics, Inc.	144,015	$15.69M	0.7%	$108.93 *	$62.63	+67.7%	COM	858119100
DSX	Diana Shipping Inc.	4,207,275	$15.52M	0.7%	$3.69 *	$2.42	+32.3%	COM	Y2066G104
STNG	Scorpio Tankers Inc.	325,717	$15.38M	0.6%	$47.23	$19.38	—	COM	Y7542C130
KR	Kroger Co.	321,910	$15.13M	0.6%	$47.00 *	$25.72	+72.8%	COM	501044101
BAP	Credicorp Ltd.	101,469	$14.98M	0.6%	$147.64 *	$123.41	+10.8%	COM	G2519Y108
—	Liberty Media Corp. Series C Liberty Formula One	190,261	$14.32M	0.6%	$75.28	$39.83	—	COM	531229854
VAL	Valaris Ltd.	225,939	$14.22M	0.6%	$62.93	$54.92	+14.6%	COM	G9460G101
IT	Gartner, Inc.	37,275	$13.06M	0.6%	$350.31	$108.86	+221.8%	COM	366651107
SHW	Sherwin-Williams Company	48,983	$13.01M	0.5%	$265.52 *	$205.74	+26.3%	COM	824348106
TDW	Tidewater Inc	232,322	$12.88M	0.5%	$55.44	$44.46	+24.7%	COM	88642R109
GLNG	Golar LNG Limited	637,923	$12.87M	0.5%	$20.17 *	$19.04	-2.7%	COM	G9456A100
WTW	Willis Towers Watson Public Limited Company	54,340	$12.8M	0.5%	$235.50 *	$114.79	+98.9%	COM	G96629103
QCOM	QUALCOMM Incorporated	107,459	$12.79M	0.5%	$119.04 *	$117.58	-4.2%	COM	747525103
NVDA	NVIDIA Corporation	29,780	$12.6M	0.5%	$423.02 *	$16.08	+163.0%	COM	67066G104
VIPS	Vipshop Holdings Ltd Sponsored ADR	751,506	$12.4M	0.5%	$16.50	$12.34	+33.7%	COM	92763W103
HEPS	D-MARKET Elektronik Hizmetler ve Ticaret AS Sponso	7,350,031	$12.35M	0.5%	$1.68	$2.55	-34.1%	COM	23292B104
DIS	Walt Disney Company	136,277	$12.17M	0.5%	$89.28 *	$124.70	-30.1%	COM	254687106
—	Lam Research Corporation	18,903	$12.15M	0.5%	$642.86	$323.04	—	COM	512807108
STX	Seagate Technology Holdings PLC	190,961	$11.81M	0.5%	$61.87 *	$74.49	-22.3%	COM	G7997R103
MAS	Masco Corporation	205,649	$11.8M	0.5%	$57.38 *	$36.70	+49.6%	COM	574599106
BLD	TopBuild Corp.	42,176	$11.22M	0.5%	$266.02	$107.42	+147.6%	COM	89055F103
PBT	Permian Basin Royalty Trust	444,065	$11.07M	0.5%	$24.93	$18.61	—	COM	714236106
CPA	Copa Holdings, S.A. Class A	97,551	$10.79M	0.5%	$110.58 *	$61.60	+55.3%	COM	P31076105
HCC	Warrior Met Coal, Inc.	263,718	$10.27M	0.4%	$38.95	$31.77	+22.6%	COM	93627C101
CFG	Citizens Financial Group, Inc.	382,438	$9.974M	0.4%	$26.08 *	$18.26	+27.5%	COM	174610105
AMAT	Applied Materials, Inc.	68,136	$9.848M	0.4%	$144.54 *	$126.56	+11.7%	COM	038222105
V	Visa Inc. Class A	40,956	$9.726M	0.4%	$237.48	$217.97	+6.9%	COM	92826C839
SLG	SL Green Realty Corp.	305,148	$9.17M	0.4%	$30.05	$65.89	—	COM	78440X887
LYB	LyondellBasell Industries NV	95,871	$8.804M	0.4%	$91.83 *	$61.10	+26.0%	COM	N53745100
PNC	PNC Financial Services Group, Inc.	67,010	$8.44M	0.4%	$125.95 *	$115.70	-1.5%	COM	693475105
MCHP	Microchip Technology Incorporated	92,395	$8.278M	0.3%	$89.59 *	$68.30	+23.0%	COM	595017104
CZR	Caesars Entertainment Inc	162,080	$8.261M	0.3%	$50.97	$44.33	+15.0%	COM	12769G100
KLAC	KLA Corporation	16,402	$7.955M	0.3%	$485.02 *	$188.38	+151.7%	COM	482480100
THO	Thor Industries, Inc.	74,772	$7.739M	0.3%	$103.50 *	$70.58	+38.7%	COM	885160101
WPM	Wheaton Precious Metals Corp	173,306	$7.49M	0.3%	$43.22 *	$38.93	+8.6%	COM	962879102
EPAM	EPAM Systems, Inc.	33,093	$7.438M	0.3%	$224.75	$78.73	+185.5%	COM	29414B104
—	WestRock Company	248,932	$7.236M	0.3%	$29.07	$42.92	—	COM	96145D105
L	Loews Corporation	121,101	$7.191M	0.3%	$59.38	$43.84	+34.4%	COM	540424108
FCFS	FirstCash Holdings, Inc.	74,300	$6.934M	0.3%	$93.33 *	$73.96	+22.0%	COM	33768G107
CTVA	Corteva Inc	116,460	$6.673M	0.3%	$57.30 *	$43.48	+28.1%	COM	22052L104
WCC	WESCO International, Inc.	33,672	$6.029M	0.3%	$179.06 *	$144.24	+21.3%	COM	95082P105
MNTK	Montauk Renewables, Inc.	792,250	$5.894M	0.2%	$7.44	$7.83	-5.0%	COM	61218C103
TPL	Texas Pacific Land Corporation	4,250	$5.595M	0.2%	$1316.50 *	$156.12	-9.1%	COM	88262P102
VICI	VICI Properties Inc	177,972	$5.594M	0.2%	$31.43 *	$20.94	+30.5%	COM	925652109
LSAK	Lesaka Technologies, Inc.	1,413,499	$5.385M	0.2%	$3.81	$5.58	-31.7%	COM	64107N206
GRMN	Garmin Ltd.	51,021	$5.321M	0.2%	$104.29 *	$37.75	+163.8%	COM	H2906T109
CNC	Centene Corporation	78,247	$5.278M	0.2%	$67.45	$71.22	-5.3%	COM	15135B101
GGG	Graco Inc.	60,224	$5.2M	0.2%	$86.35 *	$36.67	+127.5%	COM	384109104
HCKT	Hackett Group, Inc.	230,626	$5.154M	0.2%	$22.35	$14.92	+49.8%	COM	404609109
ADBE	Adobe Incorporated	9,826	$4.805M	0.2%	$488.99	$384.41	+27.2%	COM	00724F101
GOGL	Golden Ocean Group Ltd	589,148	$4.448M	0.2%	$7.55	$9.34	—	COM	G39637205
INDA	iShares MSCI India ETF	99,784	$4.361M	0.2%	$43.70	$33.99	+28.6%	COM	46429B598
SBLK	Star Bulk Carriers Corp.	242,626	$4.294M	0.2%	$17.70	$21.63	-18.2%	COM	Y8162K204
MO	Altria Group, Inc.	90,175	$4.085M	0.2%	$45.30 *	$30.16	+23.3%	COM	02209S103
CAR	Avis Budget Group, Inc.	17,309	$3.958M	0.2%	$228.67 *	$46.80	+364.2%	COM	053774105
EBAY	eBay Inc.	69,112	$3.089M	0.1%	$44.69 *	$26.13	+63.3%	COM	278642103
CME	CME Group Inc. Class A	15,784	$2.925M	0.1%	$185.29 *	$147.30	+13.9%	COM	12572Q105
INTC	Intel Corporation	86,412	$2.89M	0.1%	$33.44	$31.03	+5.6%	COM	458140100
BMY	Bristol-Myers Squibb Company	42,550	$2.721M	0.1%	$63.95 *	$46.07	+22.1%	COM	110122108
DXC	DXC Technology Co.	97,190	$2.597M	0.1%	$26.72	$35.64	-25.0%	COM	23355L106
ADNT	Adient plc	67,571	$2.589M	0.1%	$38.32	$23.74	+61.4%	COM	G0084W101
—	Liberty Media Corp. Series A Liberty Formula One	37,480	$2.534M	0.1%	$67.62	$37.73	—	COM	531229870
APA	APA Corporation	72,171	$2.466M	0.1%	$34.17 *	$17.08	+81.4%	COM	03743Q108
VECO	Veeco Instruments Inc.	93,028	$2.389M	0.1%	$25.68	$20.58	+24.8%	COM	922417100
CHTR	Charter Communications, Inc. Class A	6,185	$2.272M	0.1%	$367.37	$241.91	+51.9%	COM	16119P108
RTX	Raytheon Technologies Corporation	22,744	$2.228M	0.1%	$97.96 *	$54.61	+69.6%	COM	75513E101
—	Cushman & Wakefield Plc	271,558	$2.221M	0.1%	$8.18	$8.18	—	COM	G2717B108
HPQ	HP Inc.	70,892	$2.177M	0.1%	$30.71 *	$11.44	+144.1%	COM	40434L105
—	Liberty Media Corp. Series C Liberty SiriusXM	66,336	$2.171M	0.1%	$32.73	$33.42	—	COM	531229607
VTS	Vitesse Energy, Inc.	89,092	$1.996M	0.1%	$22.40	$17.53	+27.8%	COM	92852X103
IBKR	Interactive Brokers Group, Inc. Class A	23,554	$1.957M	0.1%	$83.07 *	$19.44	+5.3%	COM	45841N107
WY	Weyerhaeuser Company	57,002	$1.91M	0.1%	$33.51 *	$27.83	+11.8%	COM	962166104
OXY	Occidental Petroleum Corporation	31,336	$1.843M	0.1%	$58.80 *	$57.29	-1.8%	COM	674599105
MHK	Mohawk Industries, Inc.	17,606	$1.816M	0.1%	$103.16	$181.67	-43.2%	COM	608190104
RIG	Transocean Ltd.	251,334	$1.762M	0.1%	$7.01	$6.42	+9.2%	COM	H8817H100
HBAN	Huntington Bancshares Incorporated	161,998	$1.746M	0.1%	$10.78 *	$9.68	-0.2%	COM	446150104
RLX	RLX Technology, Inc. Sponsored ADR Class A	893,827	$1.582M	0.1%	$1.77	$2.79	-36.7%	COM	74969N103
WDC	Western Digital Corporation	41,412	$1.571M	0.1%	$37.93 *	$41.77	-31.6%	COM	958102105
RXT	Rackspace Technology, Inc.	522,391	$1.421M	0.1%	$2.72	$17.19	-84.2%	COM	750102105
SMG	Scotts Miracle-Gro Company Class A	22,521	$1.412M	0.1%	$62.69 *	$49.74	+11.9%	COM	810186106
—	Liberty Media Corp. Series A Liberty SiriusXM	39,536	$1.297M	0.1%	$32.81	$33.58	—	COM	531229409
—	Lazard Ltd Class A	40,289	$1.289M	0.1%	$32.00	$41.94	—	COM	G54050102
HPE	Hewlett Packard Enterprise Co.	73,281	$1.231M	0.1%	$16.80 *	$8.63	+81.8%	COM	42824C109
—	Liberty Global Plc Class C	64,838	$1.152M	0.0%	$17.77	$36.01	—	COM	G5480U120
ADSK	Autodesk, Inc.	5,402	$1.105M	0.0%	$204.61	$200.68	+2.0%	COM	052769106
LBTYAUSD	Liberty Global Plc Class A	65,344	$1.102M	0.0%	$16.86	$38.76	—	COM	G5480U104
LILAK	Liberty Latin America Ltd. Class C	122,692	$1.058M	0.0%	$8.62	$15.72	-45.2%	COM	G9001E128
LBRDK	Liberty Broadband Corp. Class C	12,701	$1.017M	0.0%	$80.11 *	$81.16	-7.6%	COM	530307305
LIVN	LivaNova Plc	19,373	$996K	0.0%	$51.43	$58.59	-12.2%	COM	G5509L101
—	Hanesbrands Inc.	203,234	$923K	0.0%	$4.54	$23.63	—	COM	410345102
LILA	Liberty Latin America Ltd. Class A	90,765	$794K	0.0%	$8.75	$18.96	-53.9%	COM	G9001E102
AAP	Advance Auto Parts, Inc.	7,778	$547K	0.0%	$70.30 *	$132.04	-49.6%	COM	00751Y106
NGVT	Ingevity Corporation	5,167	$301K	0.0%	$58.16	$39.47	+47.3%	COM	45688C107
LBRDA	Liberty Broadband Corp. Class A	2,908	$232K	0.0%	$79.73 *	$60.35	+23.8%	COM	530307107
LUMN	Lumen Technologies, Inc.	67,470	$152K	0.0%	$2.26	$10.16	-77.7%	COM	550241103
—	Liberty TripAdvisor Holdings Inc Class A	12,432	$8,081	0.0%	$0.65	$0.67	—	COM	531465102
NBIS	Yandex NV Class A	263,014	$3	0.0%	$0.00	$24.16	—	COM	N97284108
—	GCI Liberty Inc - Class A Escrow Line	39,113	$0	0.0%	$0.00	—	—	COM	361ESC049