Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LPX	Louisiana-Pacific Corporation	399,850 (+120.4%)	$31.45M (+138.3%)	1.0%	$64.68	—	Common Stocks	546347105
BKNG	Booking Holdings Inc.	373,795 (+2751.7%)	$66.63M (+20.7%)	2.2%	$241.20	—	Common Stocks	09857L108
MCHP	Microchip Technology Incorporated	331,151 (+9.4%)	$30.2M (+54.5%)	1.0%	$65.52	—	Common Stocks	595017104
CPNG	Coupang Inc	1,991,777 (+48.4%)	$34.6M (+36.5%)	1.2%	$20.23	—	Common Stocks	22266T109
BIO	Bio-Rad Laboratories, Inc. Class A	94,430 (+36.8%)	$27.73M (+44.1%)	0.9%	$282.71	—	Common Stocks	090572207
AAL	American Airlines Group Inc.	1,000,274 (+10.1%)	$18.07M (+85.2%)	0.6%	$20.68	—	Common Stocks	02376R102
QCOM	QUALCOMM Incorporated	92,349 (+8.1%)	$17.07M (+55.2%)	0.6%	$129.54	—	Common Stocks	747525103
EPAM	EPAM Systems, Inc.	28,860 (+7.6%)	$2.29M (-36.9%)	0.1%	$105.19	—	Common Stocks	29414B104
NU	Nu Holdings Ltd. Class A	911,678 (+3.1%)	$12.18M (-4.1%)	0.4%	$13.26	—	Common Stocks	G6683N103
ARLO	Arlo Technologies, Inc.	1,186,439 (+2.3%)	$15.99M (-3.1%)	0.5%	$12.17	—	Common Stocks	04206A101

Exited Positions (2)

PBT Permian Basin Royalty Trust 0.2%

Value $6.032M Shares 280,292 Est. Cost $16.21 Unrealized —

DSX/WS Diana Shipping Inc Warrant 0.0%

Value $70,769 Shares 321,677 Est. Cost $0.28 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PBT	Permian Basin Royalty Trust	280,292	$6.032M	0.2%	$16.21	—	—	714236106
DSX/WS	Diana Shipping Inc Warrant	321,677	$70,769	0.0%	$0.28	—	—	Y2066G138

Decreased Positions (86)

MU Micron Technology, Inc. 7.4%

Value $222M (+161.6%) Shares 192,446 (-23.4%) Est. Cost $59.84 Unrealized —

LYB LyondellBasell Industries NV 1.4%

Value $43.18M (-37.9%) Shares 820,140 (-5.0%) Est. Cost $62.61 Unrealized —

GLW Corning Inc 2.4%

Value $71.63M (+54.9%) Shares 280,442 (-17.6%) Est. Cost $31.79 Unrealized —

STX Seagate Technology Holdings PLC 1.7%

Value $51.97M (+85.9%) Shares 53,855 (-24.5%) Est. Cost $74.49 Unrealized —

AMZN Amazon.com, Inc. 1.9%

Value $58.24M (-26.3%) Shares 244,346 (-35.6%) Est. Cost $129.41 Unrealized —

OXY Occidental Petroleum Corporation 0.6%

Value $17.49M (-52.7%) Shares 359,997 (-36.7%) Est. Cost $55.32 Unrealized —

C Citigroup Inc. 4.8%

Value $144M (+12.4%) Shares 1,026,006 (-8.9%) Est. Cost $46.23 Unrealized —

GSM Ferroglobe PLC 1.1%

Value $32.53M (-31.7%) Shares 10,230,131 (-11.5%) Est. Cost $4.48 Unrealized —

TDW Tidewater Inc 1.4%

Value $40.62M (-26.6%) Shares 609,611 (-8.0%) Est. Cost $47.03 Unrealized —

GOOG Alphabet Inc. Class C 5.0%

Value $151M (+10.5%) Shares 428,454 (-10.3%) Est. Cost $108.22 Unrealized —

NE Noble Corporation PLC Class A 1.2%

Value $37.3M (-27.7%) Shares 1,000,121 (-4.9%) Est. Cost $33.69 Unrealized —

LRCX Lam Research Corporation 1.2%

Value $36.84M (+61.2%) Shares 85,010 (-20.5%) Est. Cost $74.98 Unrealized —

ELV Elevance Health, Inc. 1.9%

Value $58.01M (+30.0%) Shares 150,011 (-1.6%) Est. Cost $328.13 Unrealized —

DAL Delta Air Lines, Inc. 1.6%

Value $48.91M (+35.0%) Shares 522,169 (-4.2%) Est. Cost $41.02 Unrealized —

DHT DHT Holdings, Inc. 1.7%

Value $51.55M (-19.7%) Shares 3,118,435 (-11.2%) Est. Cost $4.86 Unrealized —

IBKR Interactive Brokers Group, Inc. Class A 3.1%

Value $92.36M (+15.2%) Shares 1,061,140 (-11.2%) Est. Cost $43.53 Unrealized —

AA Alcoa Corporation 0.8%

Value $24.05M (-29.9%) Shares 461,239 (-10.8%) Est. Cost $30.17 Unrealized —

HCC Warrior Met Coal, Inc. 1.7%

Value $51.49M (-15.8%) Shares 634,480 (-3.4%) Est. Cost $48.49 Unrealized —

VAL Valaris Ltd. 0.6%

Value $18.52M (-33.3%) Shares 255,160 (-9.9%) Est. Cost $55.32 Unrealized —

SDRL Seadrill Ltd 0.9%

Value $26.64M (-25.2%) Shares 704,515 (-10.0%) Est. Cost $41.84 Unrealized —

COP ConocoPhillips 0.9%

Value $26.64M (-23.4%) Shares 256,273 (-2.8%) Est. Cost $71.17 Unrealized —

MS Morgan Stanley 1.3%

Value $39.36M (+24.9%) Shares 188,286 (-1.7%) Est. Cost $58.85 Unrealized —

AMAT Applied Materials, Inc. 0.6%

Value $18.57M (+73.0%) Shares 25,682 (-18.2%) Est. Cost $138.19 Unrealized —

MGM MGM Resorts International 1.1%

Value $33.99M (+25.1%) Shares 710,946 (-3.1%) Est. Cost $23.55 Unrealized —

AVGO Broadcom Inc. 1.5%

Value $43.66M (+18.1%) Shares 115,572 (-3.3%) Est. Cost $156.30 Unrealized —

BAC Bank of America Corp 1.7%

Value $52.31M (+13.2%) Shares 918,075 (-3.1%) Est. Cost $18.97 Unrealized —

AXP American Express Company 2.4%

Value $71.08M (+8.3%) Shares 210,141 (-3.1%) Est. Cost $85.46 Unrealized —

COST Costco Wholesale Corporation 1.8%

Value $54.94M (-9.0%) Shares 58,728 (-3.0%) Est. Cost $153.67 Unrealized —

TIGO Millicom International Cellular 1.0%

Value $31.07M (+18.0%) Shares 342,311 (-2.6%) Est. Cost $27.55 Unrealized —

AIG American International Group, Inc. 2.0%

Value $61.57M (-7.0%) Shares 826,142 (-6.1%) Est. Cost $47.07 Unrealized —

STLD Steel Dynamics, Inc. 1.1%

Value $33.98M (+15.4%) Shares 148,084 (-9.5%) Est. Cost $86.17 Unrealized —

KR Kroger Co. 0.4%

Value $13.02M (-25.6%) Shares 234,520 (-3.1%) Est. Cost $26.29 Unrealized —

SYF Synchrony Financial 1.8%

Value $53.41M (+8.9%) Shares 702,325 (-2.6%) Est. Cost $26.29 Unrealized —

JEF Jefferies Financial Group Inc. 0.8%

Value $25.18M (+18.3%) Shares 503,811 (-2.3%) Est. Cost $25.53 Unrealized —

FNKO Funko, Inc. Class A 0.3%

Value $8.106M (+83.3%) Shares 1,378,584 (-1.8%) Est. Cost $3.71 Unrealized —

KWR Quaker Houghton 0.6%

Value $17.89M (+25.6%) Shares 112,605 (-1.8%) Est. Cost $130.01 Unrealized —

STNG Scorpio Tankers Inc. 0.3%

Value $9.337M (-28.0%) Shares 134,813 (-22.4%) Est. Cost $20.44 Unrealized —

RPRX Royalty Pharma Plc Class A 0.9%

Value $27.37M (+14.6%) Shares 488,108 (-2.0%) Est. Cost $38.91 Unrealized —

INSW International Seaways, Inc. 1.5%

Value $46.61M (-6.9%) Shares 608,569 (-11.4%) Est. Cost $22.44 Unrealized —

AMR Alpha Metallurgical Resources, Inc. 0.4%

Value $12.81M (-20.8%) Shares 77,658 (-1.4%) Est. Cost $222.90 Unrealized —

COF Capital One Financial Corp 1.7%

Value $51.2M (+7.0%) Shares 255,208 (-2.7%) Est. Cost $97.35 Unrealized —

RIG Transocean Ltd. 0.2%

Value $5.585M (-36.3%) Shares 1,142,083 (-13.7%) Est. Cost $5.78 Unrealized —

BAP Credicorp Ltd. 1.0%

Value $29.6M (+11.9%) Shares 75,986 (-2.6%) Est. Cost $125.27 Unrealized —

JPM JPMorgan Chase & Co. 1.1%

Value $33.39M (+9.5%) Shares 102,010 (-1.6%) Est. Cost $109.01 Unrealized —

MAS Masco Corporation 0.4%

Value $11.57M (+32.6%) Shares 142,178 (-1.6%) Est. Cost $39.82 Unrealized —

CPA Copa Holdings, S.A. Class A 0.3%

Value $9.83M (+33.4%) Shares 63,186 (-2.6%) Est. Cost $65.84 Unrealized —

CFG Citizens Financial Group, Inc. 0.7%

Value $21.01M (+13.2%) Shares 299,852 (-3.1%) Est. Cost $21.78 Unrealized —

GLNG Golar LNG Limited 0.6%

Value $19.28M (-10.3%) Shares 386,768 (-2.6%) Est. Cost $19.42 Unrealized —

CTVA Corteva Inc 0.2%

Value $5.213M (-28.0%) Shares 61,557 (-28.8%) Est. Cost $47.09 Unrealized —

CVE CENOVUS ENERGY INC. 0.7%

Value $19.73M (-8.9%) Shares 795,192 (-2.6%) Est. Cost $17.37 Unrealized —

CNR Core Natural Resources Inc 0.2%

Value $5.354M (-25.7%) Shares 66,903 (-2.7%) Est. Cost $84.81 Unrealized —

BRK/B Berkshire Hathaway Inc. Class B 2.5%

Value $75.19M (+2.4%) Shares 150,263 (-1.9%) Est. Cost $222.59 Unrealized —

XOM Exxon Mobil Corporation 0.2%

Value $6.699M (-20.8%) Shares 48,998 (-1.7%) Est. Cost $110.09 Unrealized —

CVX Chevron Corporation 0.2%

Value $6.272M (-21.2%) Shares 37,836 (-1.7%) Est. Cost $140.68 Unrealized —

MPC Marathon Petroleum Corporation 1.8%

Value $52.88M (+3.0%) Shares 206,846 (-1.6%) Est. Cost $102.50 Unrealized —

TPL Texas Pacific Land Corporation 0.5%

Value $15.2M (-9.0%) Shares 34,739 (-1.3%) Est. Cost $282.65 Unrealized —

UNP Union Pacific Corporation 0.5%

Value $16.42M (+8.7%) Shares 60,370 (-3.1%) Est. Cost $91.02 Unrealized —

SCHW Charles Schwab Corp 0.8%

Value $25.38M (-4.9%) Shares 275,090 (-3.1%) Est. Cost $53.52 Unrealized —

WTW Willis Towers Watson Public Limited Company 0.3%

Value $8.28M (-11.6%) Shares 31,681 (-1.7%) Est. Cost $114.79 Unrealized —

FCFS FirstCash Holdings, Inc. 0.3%

Value $8.47M (+11.5%) Shares 39,157 (-3.1%) Est. Cost $74.49 Unrealized —

BTU Peabody Energy Corporation 0.1%

Value $1.858M (-31.8%) Shares 80,375 (-2.9%) Est. Cost $20.36 Unrealized —

DSX Diana Shipping Inc. 0.1%

Value $3.654M (-18.6%) Shares 1,739,792 (-3.0%) Est. Cost $2.55 Unrealized —

FCX Freeport-McMoRan, Inc. 2.8%

Value $85.47M (+0.9%) Shares 1,358,971 (-5.7%) Est. Cost $23.02 Unrealized —

PSX Phillips 66 0.3%

Value $8.609M (-8.4%) Shares 50,924 (-1.3%) Est. Cost $147.11 Unrealized —

MBI MBIA Inc. 0.3%

Value $10.1M (+7.8%) Shares 1,549,265 (-2.2%) Est. Cost $3.56 Unrealized —

PYPL PayPal Holdings, Inc. 0.3%

Value $8.725M (-7.5%) Shares 202,050 (-3.1%) Est. Cost $46.85 Unrealized —

FWONK Liberty Media Corp. Series C Liberty Formula One 0.2%

Value $7.423M (+10.0%) Shares 78,022 (-1.7%) Est. Cost $62.30 Unrealized —

V Visa Inc. Class A 0.2%

Value $7.422M (+10.0%) Shares 21,632 (-3.1%) Est. Cost $218.52 Unrealized —

LSAK Lesaka Technologies, Inc. 0.5%

Value $13.54M (-4.1%) Shares 2,724,153 (-1.7%) Est. Cost $4.96 Unrealized —

PM Philip Morris International Inc. 0.3%

Value $7.949M (+7.3%) Shares 43,937 (-1.9%) Est. Cost $81.81 Unrealized —

HSHP Himalaya Shipping Ltd 0.8%

Value $24.44M (-2.2%) Shares 1,829,186 (-2.6%) Est. Cost $5.76 Unrealized —

WFC Wells Fargo & Company 1.3%

Value $39.54M (+1.4%) Shares 478,415 (-2.4%) Est. Cost $35.28 Unrealized —

CZR Caesars Entertainment Inc 0.1%

Value $4.142M (+12.3%) Shares 137,235 (-1.7%) Est. Cost $45.80 Unrealized —

DIS Walt Disney Company 0.4%

Value $12.48M (-3.2%) Shares 129,677 (-3.1%) Est. Cost $120.20 Unrealized —

VLO Valero Energy Corporation 0.3%

Value $10.47M (+4.1%) Shares 40,215 (-1.3%) Est. Cost $190.06 Unrealized —

THO Thor Industries, Inc. 0.2%

Value $4.788M (-7.5%) Shares 63,706 (-1.7%) Est. Cost $75.37 Unrealized —

TRUP Trupanion Inc 0.2%

Value $7.409M (-4.5%) Shares 299,096 (-1.3%) Est. Cost $39.29 Unrealized —

WSO Watsco , Inc. 0.1%

Value $2.908M (+12.7%) Shares 6,979 (-1.6%) Est. Cost $392.19 Unrealized —

L Loews Corporation 0.3%

Value $10.46M (+2.8%) Shares 92,432 (-3.1%) Est. Cost $47.10 Unrealized —

SIRI Liberty Sirius Xm Holdings Inc 0.0%

Value $845K (+24.1%) Shares 28,596 (-3.0%) Est. Cost $31.06 Unrealized —

MNTK Montauk Renewables, Inc. 0.0%

Value $609K (+33.5%) Shares 390,517 (-1.6%) Est. Cost $7.85 Unrealized —

LBRDK Liberty Broadband Corp. Class C 0.0%

Value $227K (-35.0%) Shares 6,836 (-1.7%) Est. Cost $81.23 Unrealized —

BLD TopBuild Corp. 0.4%

Value $12.47M (-0.8%) Shares 35,180 (-1.7%) Est. Cost $135.59 Unrealized —

LLYVK Liberty Live Holdings Inc C 0.0%

Value $585K (+8.9%) Shares 5,538 (-3.0%) Est. Cost $85.87 Unrealized —

LLYVA Liberty Live Holdings Inc A 0.0%

Value $391K (+7.1%) Shares 3,857 (-3.1%) Est. Cost $83.24 Unrealized —

CRH CRH Plc 0.3%

Value $8.699M (+0.0%) Shares 81,297 (-1.7%) Est. Cost $70.71 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MU	Micron Technology, Inc.	192,446 (-23.4%)	$222M (+161.6%)	7.4%	$59.84	—	Common Stocks	595112103
LYB	LyondellBasell Industries NV	820,140 (-5.0%)	$43.18M (-37.9%)	1.4%	$62.61	—	Common Stocks	N53745100
GLW	Corning Inc	280,442 (-17.6%)	$71.63M (+54.9%)	2.4%	$31.79	—	Common Stocks	219350105
STX	Seagate Technology Holdings PLC	53,855 (-24.5%)	$51.97M (+85.9%)	1.7%	$74.49	—	Common Stocks	G7997R103
AMZN	Amazon.com, Inc.	244,346 (-35.6%)	$58.24M (-26.3%)	1.9%	$129.41	—	Common Stocks	023135106
OXY	Occidental Petroleum Corporation	359,997 (-36.7%)	$17.49M (-52.7%)	0.6%	$55.32	—	Common Stocks	674599105
C	Citigroup Inc.	1,026,006 (-8.9%)	$144M (+12.4%)	4.8%	$46.23	—	Common Stocks	172967424
GSM	Ferroglobe PLC	10,230,131 (-11.5%)	$32.53M (-31.7%)	1.1%	$4.48	—	Common Stocks	G33856108
TDW	Tidewater Inc	609,611 (-8.0%)	$40.62M (-26.6%)	1.4%	$47.03	—	Common Stocks	88642R109
GOOG	Alphabet Inc. Class C	428,454 (-10.3%)	$151M (+10.5%)	5.0%	$108.22	—	Common Stocks	02079K107
NE	Noble Corporation PLC Class A	1,000,121 (-4.9%)	$37.3M (-27.7%)	1.2%	$33.69	—	Common Stocks	G65431127
LRCX	Lam Research Corporation	85,010 (-20.5%)	$36.84M (+61.2%)	1.2%	$74.98	—	Common Stocks	512807306
ELV	Elevance Health, Inc.	150,011 (-1.6%)	$58.01M (+30.0%)	1.9%	$328.13	—	Common Stocks	036752103
DAL	Delta Air Lines, Inc.	522,169 (-4.2%)	$48.91M (+35.0%)	1.6%	$41.02	—	Common Stocks	247361702
DHT	DHT Holdings, Inc.	3,118,435 (-11.2%)	$51.55M (-19.7%)	1.7%	$4.86	—	Common Stocks	Y2065G121
IBKR	Interactive Brokers Group, Inc. Class A	1,061,140 (-11.2%)	$92.36M (+15.2%)	3.1%	$43.53	—	Common Stocks	45841N107
AA	Alcoa Corporation	461,239 (-10.8%)	$24.05M (-29.9%)	0.8%	$30.17	—	Common Stocks	013872106
HCC	Warrior Met Coal, Inc.	634,480 (-3.4%)	$51.49M (-15.8%)	1.7%	$48.49	—	Common Stocks	93627C101
VAL	Valaris Ltd.	255,160 (-9.9%)	$18.52M (-33.3%)	0.6%	$55.32	—	Common Stocks	G9460G101
SDRL	Seadrill Ltd	704,515 (-10.0%)	$26.64M (-25.2%)	0.9%	$41.84	—	Common Stocks	G7997W102
COP	ConocoPhillips	256,273 (-2.8%)	$26.64M (-23.4%)	0.9%	$71.17	—	Common Stocks	20825C104
MS	Morgan Stanley	188,286 (-1.7%)	$39.36M (+24.9%)	1.3%	$58.85	—	Common Stocks	617446448
AMAT	Applied Materials, Inc.	25,682 (-18.2%)	$18.57M (+73.0%)	0.6%	$138.19	—	Common Stocks	038222105
MGM	MGM Resorts International	710,946 (-3.1%)	$33.99M (+25.1%)	1.1%	$23.55	—	Common Stocks	552953101
AVGO	Broadcom Inc.	115,572 (-3.3%)	$43.66M (+18.1%)	1.5%	$156.30	—	Common Stocks	11135F101
BAC	Bank of America Corp	918,075 (-3.1%)	$52.31M (+13.2%)	1.7%	$18.97	—	Common Stocks	060505104
AXP	American Express Company	210,141 (-3.1%)	$71.08M (+8.3%)	2.4%	$85.46	—	Common Stocks	025816109
COST	Costco Wholesale Corporation	58,728 (-3.0%)	$54.94M (-9.0%)	1.8%	$153.67	—	Common Stocks	22160K105
TIGO	Millicom International Cellular	342,311 (-2.6%)	$31.07M (+18.0%)	1.0%	$27.55	—	Common Stocks	L6388F110
AIG	American International Group, Inc.	826,142 (-6.1%)	$61.57M (-7.0%)	2.0%	$47.07	—	Common Stocks	026874784
STLD	Steel Dynamics, Inc.	148,084 (-9.5%)	$33.98M (+15.4%)	1.1%	$86.17	—	Common Stocks	858119100
KR	Kroger Co.	234,520 (-3.1%)	$13.02M (-25.6%)	0.4%	$26.29	—	Common Stocks	501044101
SYF	Synchrony Financial	702,325 (-2.6%)	$53.41M (+8.9%)	1.8%	$26.29	—	Common Stocks	87165B103
JEF	Jefferies Financial Group Inc.	503,811 (-2.3%)	$25.18M (+18.3%)	0.8%	$25.53	—	Common Stocks	47233W109
FNKO	Funko, Inc. Class A	1,378,584 (-1.8%)	$8.106M (+83.3%)	0.3%	$3.71	—	Common Stocks	361008105
KWR	Quaker Houghton	112,605 (-1.8%)	$17.89M (+25.6%)	0.6%	$130.01	—	Common Stocks	747316107
STNG	Scorpio Tankers Inc.	134,813 (-22.4%)	$9.337M (-28.0%)	0.3%	$20.44	—	Common Stocks	Y7542C130
RPRX	Royalty Pharma Plc Class A	488,108 (-2.0%)	$27.37M (+14.6%)	0.9%	$38.91	—	Common Stocks	G7709Q104
INSW	International Seaways, Inc.	608,569 (-11.4%)	$46.61M (-6.9%)	1.5%	$22.44	—	Common Stocks	Y41053102
AMR	Alpha Metallurgical Resources, Inc.	77,658 (-1.4%)	$12.81M (-20.8%)	0.4%	$222.90	—	Common Stocks	020764106
COF	Capital One Financial Corp	255,208 (-2.7%)	$51.2M (+7.0%)	1.7%	$97.35	—	Common Stocks	14040H105
RIG	Transocean Ltd.	1,142,083 (-13.7%)	$5.585M (-36.3%)	0.2%	$5.78	—	Common Stocks	H8817H100
BAP	Credicorp Ltd.	75,986 (-2.6%)	$29.6M (+11.9%)	1.0%	$125.27	—	Common Stocks	G2519Y108
JPM	JPMorgan Chase & Co.	102,010 (-1.6%)	$33.39M (+9.5%)	1.1%	$109.01	—	Common Stocks	46625H100
MAS	Masco Corporation	142,178 (-1.6%)	$11.57M (+32.6%)	0.4%	$39.82	—	Common Stocks	574599106
CPA	Copa Holdings, S.A. Class A	63,186 (-2.6%)	$9.83M (+33.4%)	0.3%	$65.84	—	Common Stocks	P31076105
CFG	Citizens Financial Group, Inc.	299,852 (-3.1%)	$21.01M (+13.2%)	0.7%	$21.78	—	Common Stocks	174610105
GLNG	Golar LNG Limited	386,768 (-2.6%)	$19.28M (-10.3%)	0.6%	$19.42	—	Common Stocks	G9456A100
CTVA	Corteva Inc	61,557 (-28.8%)	$5.213M (-28.0%)	0.2%	$47.09	—	Common Stocks	22052L104
CVE	CENOVUS ENERGY INC.	795,192 (-2.6%)	$19.73M (-8.9%)	0.7%	$17.37	—	Common Stocks	15135U109
CNR	Core Natural Resources Inc	66,903 (-2.7%)	$5.354M (-25.7%)	0.2%	$84.81	—	Common Stocks	218937100
BRK/B	Berkshire Hathaway Inc. Class B	150,263 (-1.9%)	$75.19M (+2.4%)	2.5%	$222.59	—	Common Stocks	084670702
XOM	Exxon Mobil Corporation	48,998 (-1.7%)	$6.699M (-20.8%)	0.2%	$110.09	—	Common Stocks	30231G102
CVX	Chevron Corporation	37,836 (-1.7%)	$6.272M (-21.2%)	0.2%	$140.68	—	Common Stocks	166764100
MPC	Marathon Petroleum Corporation	206,846 (-1.6%)	$52.88M (+3.0%)	1.8%	$102.50	—	Common Stocks	56585A102
TPL	Texas Pacific Land Corporation	34,739 (-1.3%)	$15.2M (-9.0%)	0.5%	$282.65	—	Common Stocks	88262P102
UNP	Union Pacific Corporation	60,370 (-3.1%)	$16.42M (+8.7%)	0.5%	$91.02	—	Common Stocks	907818108
SCHW	Charles Schwab Corp	275,090 (-3.1%)	$25.38M (-4.9%)	0.8%	$53.52	—	Common Stocks	808513105
WTW	Willis Towers Watson Public Limited Company	31,681 (-1.7%)	$8.28M (-11.6%)	0.3%	$114.79	—	Common Stocks	G96629103
FCFS	FirstCash Holdings, Inc.	39,157 (-3.1%)	$8.47M (+11.5%)	0.3%	$74.49	—	Common Stocks	33768G107
BTU	Peabody Energy Corporation	80,375 (-2.9%)	$1.858M (-31.8%)	0.1%	$20.36	—	Common Stocks	704551100
DSX	Diana Shipping Inc.	1,739,792 (-3.0%)	$3.654M (-18.6%)	0.1%	$2.55	—	Common Stocks	Y2066G104
FCX	Freeport-McMoRan, Inc.	1,358,971 (-5.7%)	$85.47M (+0.9%)	2.8%	$23.02	—	Common Stocks	35671D857
PSX	Phillips 66	50,924 (-1.3%)	$8.609M (-8.4%)	0.3%	$147.11	—	Common Stocks	718546104
MBI	MBIA Inc.	1,549,265 (-2.2%)	$10.1M (+7.8%)	0.3%	$3.56	—	Common Stocks	55262C100
PYPL	PayPal Holdings, Inc.	202,050 (-3.1%)	$8.725M (-7.5%)	0.3%	$46.85	—	Common Stocks	70450Y103
FWONK	Liberty Media Corp. Series C Liberty Formula One	78,022 (-1.7%)	$7.423M (+10.0%)	0.2%	$62.30	—	Common Stocks	531229755
V	Visa Inc. Class A	21,632 (-3.1%)	$7.422M (+10.0%)	0.2%	$218.52	—	Common Stocks	92826C839
LSAK	Lesaka Technologies, Inc.	2,724,153 (-1.7%)	$13.54M (-4.1%)	0.5%	$4.96	—	Common Stocks	64107N206
PM	Philip Morris International Inc.	43,937 (-1.9%)	$7.949M (+7.3%)	0.3%	$81.81	—	Common Stocks	718172109
HSHP	Himalaya Shipping Ltd	1,829,186 (-2.6%)	$24.44M (-2.2%)	0.8%	$5.76	—	Common Stocks	G4660A103
WFC	Wells Fargo & Company	478,415 (-2.4%)	$39.54M (+1.4%)	1.3%	$35.28	—	Common Stocks	949746101
CZR	Caesars Entertainment Inc	137,235 (-1.7%)	$4.142M (+12.3%)	0.1%	$45.80	—	Common Stocks	12769G100
DIS	Walt Disney Company	129,677 (-3.1%)	$12.48M (-3.2%)	0.4%	$120.20	—	Common Stocks	254687106
VLO	Valero Energy Corporation	40,215 (-1.3%)	$10.47M (+4.1%)	0.3%	$190.06	—	Common Stocks	91913Y100
THO	Thor Industries, Inc.	63,706 (-1.7%)	$4.788M (-7.5%)	0.2%	$75.37	—	Common Stocks	885160101
TRUP	Trupanion Inc	299,096 (-1.3%)	$7.409M (-4.5%)	0.2%	$39.29	—	Common Stocks	898202106
WSO	Watsco , Inc.	6,979 (-1.6%)	$2.908M (+12.7%)	0.1%	$392.19	—	Common Stocks	942622200
L	Loews Corporation	92,432 (-3.1%)	$10.46M (+2.8%)	0.3%	$47.10	—	Common Stocks	540424108
SIRI	Liberty Sirius Xm Holdings Inc	28,596 (-3.0%)	$845K (+24.1%)	0.0%	$31.06	—	Common Stocks	829933100
MNTK	Montauk Renewables, Inc.	390,517 (-1.6%)	$609K (+33.5%)	0.0%	$7.85	—	Common Stocks	61218C103
LBRDK	Liberty Broadband Corp. Class C	6,836 (-1.7%)	$227K (-35.0%)	0.0%	$81.23	—	Common Stocks	530307305
BLD	TopBuild Corp.	35,180 (-1.7%)	$12.47M (-0.8%)	0.4%	$135.59	—	Common Stocks	89055F103
LLYVK	Liberty Live Holdings Inc C	5,538 (-3.0%)	$585K (+8.9%)	0.0%	$85.87	—	Common Stocks	530909308
LLYVA	Liberty Live Holdings Inc A	3,857 (-3.1%)	$391K (+7.1%)	0.0%	$83.24	—	Common Stocks	530909100
CRH	CRH Plc	81,297 (-1.7%)	$8.699M (+0.0%)	0.3%	$70.71	—	Common Stocks	G25508105

Unchanged Positions (1)

CBRE CBRE Group, Inc. Class A 2.2%

Value $66.31M Shares 492,329 Est. Cost $44.68 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CBRE	CBRE Group, Inc. Class A	492,329	$66.31M	2.2%	$44.68	—	Common Stocks	12504L109