The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alcoa Corp. COM 013872106 22,406 972,049 SH   SOLE 0 810,471 0 161,578
American Airlines Group, Inc. COM 02376R102 26,483 1,679,314 SH   SOLE 0 1,398,749 0 280,565
Advance Auto Parts, Inc. COM 00751Y106 4,585 29,112 SH   SOLE 0 24,134 0 4,978
Adient plc COM G0084W101 17,004 489,038 SH   SOLE 0 406,910 0 82,128
Alliance Data Systems Corporation COM 018581108 2,594 35,005 SH   SOLE 0 29,178 0 5,827
American International Group, Inc. COM 026874784 64,112 1,693,407 SH   SOLE 0 1,410,981 0 282,426
American International Group, Inc. Warrants 2011-1 CONV BONDS 026874156 358 2,981,990 PRN   SOLE 0 2,481,655 0 500,335
America Movil SAB de CV Sponsored ADR Class L COM 02364W105 4,169 286,730 SH   SOLE 0 238,759 0 47,971
Amazon.com, Inc. COM 023135106 252,327 77,474 SH   SOLE 0 64,526 0 12,948
Anthem, Inc. COM 036752103 27,886 86,848 SH   SOLE 0 72,260 0 14,588
Apache Corporation COM 037411105 5,173 364,578 SH   SOLE 0 303,370 0 61,208
Altice USA, Inc. Class A COM 02156K103 22,368 590,644 SH   SOLE 0 491,777 0 98,867
Activision Blizzard, Inc. COM 00507V109 30,659 330,199 SH   SOLE 0 274,584 0 55,615
Broadcom Inc. COM 11135F101 13,257 30,277 SH   SOLE 0 25,177 0 5,100
American Express Company COM 025816109 76,568 633,263 SH   SOLE 0 526,830 0 106,433
Bank of America Corp COM 060505104 195,907 6,463,455 SH   SOLE 0 5,377,911 0 1,085,544
Credicorp Ltd. COM G2519Y108 13,655 83,251 SH   SOLE 0 69,302 0 13,949
Baidu, Inc. Sponsored ADR Class A COM 056752108 14,285 66,060 SH   SOLE 0 54,858 0 11,202
Bio-Rad Laboratories, Inc. Class A COM 090572207 44,714 76,705 SH   SOLE 0 63,665 0 13,040
Booking Holdings Inc. COM 09857L108 100,163 44,971 SH   SOLE 0 37,439 0 7,532
TopBuild Corp. COM 89055F103 6,536 35,509 SH   SOLE 0 29,590 0 5,919
Bristol-Myers Squibb Company COM 110122108 9,827 158,421 SH   SOLE 0 131,856 0 26,565
Berkshire Hathaway Inc. Class B COM 084670702 72,569 312,972 SH   SOLE 0 260,377 0 52,595
Peabody Energy Corporation COM 704551100 5,877 2,438,702 SH   SOLE 0 2,030,254 0 408,448
Citigroup Inc. COM 172967424 112,828 1,829,841 SH   SOLE 0 1,524,146 0 305,695
Avis Budget Group, Inc. COM 053774105 5,506 147,613 SH   SOLE 0 123,006 0 24,607
CBRE Group, Inc. Class A COM 12504L109 106,331 1,695,331 SH   SOLE 0 1,413,336 0 281,995
Citizens Financial Group, Inc. COM 174610105 27,026 755,769 SH   SOLE 0 630,348 0 125,421
Charter Communications, Inc. Class A COM 16119P108 15,225 23,014 SH   SOLE 0 19,201 0 3,813
CoreLogic, Inc. COM 21871D103 15,781 204,094 SH   SOLE 0 170,176 0 33,918
CME Group Inc. Class A COM 12572Q105 2,409 13,230 SH   SOLE 0 11,031 0 2,199
Centene Corporation COM 15135B101 4,001 66,658 SH   SOLE 0 55,551 0 11,107
Capital One Financial Corporation COM 14040H105 40,709 411,823 SH   SOLE 0 343,006 0 68,817
ConocoPhillips COM 20825C104 3,086 77,164 SH   SOLE 0 64,167 0 12,997
Costco Wholesale Corporation COM 22160K105 141,794 376,332 SH   SOLE 0 313,400 0 62,932
Copa Holdings, S.A. Class A COM P31076105 10,274 133,037 SH   SOLE 0 110,856 0 22,181
Cognizant Technology Solutions Corporation Class A COM 192446102 5,633 68,740 SH   SOLE 0 57,212 0 11,528
Corteva Inc COM 22052L104 3,134 80,941 SH   SOLE 0 67,311 0 13,630
Cemex SAB de CV Sponsored ADR COM 151290889 37,321 7,218,675 SH   SOLE 0 6,013,033 0 1,205,642
Caesars Entertainment Inc COM 12769G100 10,422 140,326 SH   SOLE 0 116,766 0 23,560
Delta Air Lines, Inc. COM 247361702 75,097 1,867,628 SH   SOLE 0 1,554,690 0 312,938
DuPont de Nemours, Inc. COM 26614N102 5,758 80,971 SH   SOLE 0 67,341 0 13,630
DHT Holdings, Inc. COM Y2065G121 18,354 3,509,463 SH   SOLE 0 2,924,500 0 584,963
Walt Disney Company COM 254687106 62,877 347,041 SH   SOLE 0 289,079 0 57,962
NOW Inc. COM 67011P100 2,794 389,117 SH   SOLE 0 324,430 0 64,687
Dow, Inc. COM 260557103 4,512 81,290 SH   SOLE 0 67,659 0 13,631
Diana Shipping Inc. COM Y2066G104 11,048 5,724,407 SH   SOLE 0 4,769,571 0 954,836
DXC Technology Co. COM 23355L106 18,973 736,821 SH   SOLE 0 614,385 0 122,436
eBay Inc. COM 278642103 13,115 260,991 SH   SOLE 0 217,443 0 43,548
EPAM Systems, Inc. COM 29414B104 41,298 115,245 SH   SOLE 0 95,942 0 19,303
Expedia Group, Inc. COM 30212P303 428 3,230 SH   SOLE 0 2,706 0 524
Ford Motor Company COM 345370860 10,779 1,226,311 SH   SOLE 0 1,022,717 0 203,594
Facebook, Inc. Class A COM 30303M102 20,212 73,994 SH   SOLE 0 61,645 0 12,349
FirstCash, Inc. COM 33767D105 16,915 241,508 SH   SOLE 0 201,123 0 40,385
Freeport-McMoRan, Inc. COM 35671D857 50,924 1,957,123 SH   SOLE 0 1,629,300 0 327,823
Federal National Mortgage Association COM 313586109 1,021 427,224 SH   SOLE 0 358,592 0 68,632
Liberty Media Corporation Series A Liberty Formula COM 531229870 1,390 36,589 SH   SOLE 0 30,398 0 6,191
Liberty Media Corporation Series C Liberty Formula COM 531229854 10,609 249,044 SH   SOLE 0 207,798 0 41,246
Graco Inc. COM 384109104 16,440 227,225 SH   SOLE 0 189,081 0 38,144
Golar LNG Limited COM G9456A100 3,580 371,417 SH   SOLE 0 309,318 0 62,099
Corning Inc COM 219350105 5,172 143,678 SH   SOLE 0 119,265 0 24,413
Alphabet Inc. Class C COM 02079K107 135,753 77,490 SH   SOLE 0 64,547 0 12,943
Alphabet Inc. Class A COM 02079K305 15,567 8,882 SH   SOLE 0 7,303 0 1,579
Garmin Ltd. COM H2906T109 22,876 191,174 SH   SOLE 0 159,374 0 31,800
Ferroglobe PLC COM G33856108 6,243 3,806,843 SH   SOLE 0 3,170,439 0 636,404
Huntington Bancshares Incorporated COM 446150104 3,444 272,672 SH   SOLE 0 226,814 0 45,858
Hanesbrands Inc. COM 410345102 11,142 764,225 SH   SOLE 0 636,055 0 128,170
Warrior Met Coal, Inc. COM 93627C101 9,711 455,486 SH   SOLE 0 379,224 0 76,262
Hackett Group, Inc. COM 404609109 13,362 928,587 SH   SOLE 0 769,790 0 158,797
Hewlett Packard Enterprise Co. COM 42824C109 3,163 266,878 SH   SOLE 0 221,216 0 45,662
HP Inc. COM 40434L105 6,521 265,205 SH   SOLE 0 221,914 0 43,291
Hertz Global Holdings, Inc. COM 42806J106 99 77,453 SH   SOLE 0 66,038 0 11,415
iShares MSCI India ETF COM 46429B598 5,799 144,193 SH   SOLE 0 144,193 0 0
International Seaways, Inc. COM Y41053102 6,548 400,995 SH   SOLE 0 334,105 0 66,890
Intel Corporation COM 458140100 12,504 250,987 SH   SOLE 0 209,294 0 41,693
Gartner, Inc. COM 366651107 22,382 139,721 SH   SOLE 0 116,386 0 23,335
Jefferies Financial Group Inc. COM 47233W109 19,045 774,188 SH   SOLE 0 644,061 0 130,127
JPMorgan Chase & Co. COM 46625H100 24,265 190,956 SH   SOLE 0 158,408 0 32,548
KKR & Co. Inc. COM 48251W104 24,304 600,258 SH   SOLE 0 498,651 0 101,607
KLA Corporation COM 482480100 27,426 105,929 SH   SOLE 0 88,177 0 17,752
Kroger Co. COM 501044101 31,340 986,788 SH   SOLE 0 821,340 0 165,448
Kansas City Southern COM 485170302 21,783 106,710 SH   SOLE 0 88,599 0 18,111
KT Corporation Sponsored ADR COM 48268K101 237 21,564 SH   SOLE 0 21,564 0 0
Loews Corporation COM 540424108 6,647 147,648 SH   SOLE 0 123,098 0 24,550
Lazard Ltd Class A COM G54050102 27,481 649,664 SH   SOLE 0 541,693 0 107,971
Liberty Broadband Corp. Class A COM 530307107 643 4,081 SH   SOLE 0 3,449 0 632
Liberty Broadband Corp. Class C COM 530307305 14,991 94,656 SH   SOLE 0 78,789 0 15,867
Liberty Global Plc Class A COM G5480U104 18,234 752,836 SH   SOLE 0 624,800 0 128,036
Liberty Global Plc Class C COM G5480U120 18,883 798,431 SH   SOLE 0 663,261 0 135,170
Lear Corporation COM 521865204 7,039 44,259 SH   SOLE 0 36,859 0 7,400
Lions Gate Entertainment Corp Class B COM 535919500 208 20,062 SH   SOLE 0 16,882 0 3,180
Liberty Latin America Ltd. Class A COM G9001E102 2,086 187,415 SH   SOLE 0 154,489 0 32,926
Liberty Latin America Ltd. Class C COM G9001E128 4,185 377,358 SH   SOLE 0 311,963 0 65,395
LivaNova Plc COM G5509L101 16,006 241,741 SH   SOLE 0 201,119 0 40,622
Lowe s Companies, Inc. COM 548661107 8,045 50,123 SH   SOLE 0 41,538 0 8,585
Louisiana-Pacific Corporation COM 546347105 7,678 206,562 SH   SOLE 0 171,359 0 35,203
Lam Research Corporation COM 512807108 7,687 16,277 SH   SOLE 0 13,525 0 2,752
Liberty Media Corp. Series A Liberty SiriusXM COM 531229409 2,699 62,489 SH   SOLE 0 51,906 0 10,583
Liberty Media Corp. Series C Liberty SiriusXM COM 531229607 6,126 140,789 SH   SOLE 0 117,142 0 23,647
Liberty TripAdvisor Holdings Inc Class A COM 531465102 55 12,620 SH   SOLE 0 10,794 0 1,826
Lumen Technologies, Inc. COM 156700106 7,011 719,061 SH   SOLE 0 598,313 0 120,748
LyondellBasell Industries NV COM N53745100 5,954 64,961 SH   SOLE 0 54,298 0 10,663
Masco Corporation COM 574599106 9,713 176,816 SH   SOLE 0 147,311 0 29,505
MBIA Inc. COM 55262C100 13,820 2,100,243 SH   SOLE 0 1,742,807 0 357,436
McKesson Corporation COM 58155Q103 5,924 34,063 SH   SOLE 0 28,298 0 5,765
Micro Focus International plc Sponsored ADR COM 594837403 1,689 295,790 SH   SOLE 0 246,631 0 49,159
MGM Resorts International COM 552953101 52,184 1,656,101 SH   SOLE 0 1,379,191 0 276,910
Mohawk Industries, Inc. COM 608190104 9,225 65,448 SH   SOLE 0 54,652 0 10,796
Markel Corporation COM 570535104 21,819 21,116 SH   SOLE 0 17,580 0 3,536
Altria Group Inc COM 02209S103 7,936 193,564 SH   SOLE 0 129,518 0 64,046
Marathon Petroleum Corporation COM 56585A102 12,131 293,308 SH   SOLE 0 244,292 0 49,016
Morgan Stanley COM 617446448 20,188 294,581 SH   SOLE 0 244,760 0 49,821
Microsoft Corporation COM 594918104 47,358 212,922 SH   SOLE 0 177,221 0 35,701
Micron Technology, Inc. COM 595112103 66,256 881,300 SH   SOLE 0 732,382 0 148,918
Ingevity Corporation COM 45688C107 1,400 18,489 SH   SOLE 0 15,390 0 3,099
Noah Holdings Ltd. Sponsored ADR Class A COM 65487X102 6,399 133,842 SH   SOLE 0 111,050 0 22,792
NVIDIA Corporation COM 67066G104 18,010 34,489 SH   SOLE 0 28,713 0 5,776
Petroleo Brasileiro SA Sponsored ADR COM 71654V408 14,802 1,318,063 SH   SOLE 0 1,096,556 0 221,507
Philip Morris International Inc. COM 718172109 12,580 151,946 SH   SOLE 0 101,725 0 50,221
PNC Financial Services Group, Inc. COM 693475105 20,017 134,341 SH   SOLE 0 111,549 0 22,792
Perspecta, Inc. COM 715347100 1,445 60,017 SH   SOLE 0 49,664 0 10,353
PayPal Holdings Inc COM 70450Y103 138,213 590,151 SH   SOLE 0 491,477 0 98,674
Qurate Retail Inc Pfd Shr COM 74915M308 1,621 16,370 SH   SOLE 0 13,632 0 2,738
Qurate Retail, Inc. Class A COM 74915M100 5,961 543,413 SH   SOLE 0 452,338 0 91,075
Raytheon Technologies Corporation COM 75513E101 9,460 132,290 SH   SOLE 0 109,921 0 22,369
Ryanair Holdings Plc Sponsored ADR COM 783513203 53,244 484,122 SH   SOLE 0 381,712 0 102,410
Scorpio Bulkers, Inc. COM Y7546A130 1,366 80,696 SH   SOLE 0 67,016 0 13,680
Spirit Airlines, Inc. COM 848577102 3,493 142,854 SH   SOLE 0 118,293 0 24,561
Southern Copper Corporation COM 84265V105 15,545 238,707 SH   SOLE 0 198,421 0 40,286
Charles Schwab Corporation COM 808513105 34,424 649,018 SH   SOLE 0 540,040 0 108,978
Sherwin-Williams Company COM 824348106 44,874 61,061 SH   SOLE 0 50,806 0 10,255
SL Green Realty Corp. COM 78440X101 22,833 383,228 SH   SOLE 0 319,515 0 63,713
Scotts Miracle-Gro Company Class A COM 810186106 16,833 84,526 SH   SOLE 0 70,379 0 14,147
Spectrum Brands Holdings, Inc. COM 84790A105 921 11,666 SH   SOLE 0 9,759 0 1,907
Spotify Technology SA COM L8681T102 6,710 21,325 SH   SOLE 0 17,759 0 3,566
Steel Dynamics, Inc. COM 858119100 4,186 113,530 SH   SOLE 0 94,376 0 19,154
Scorpio Tankers Inc. COM Y7542C130 13,642 1,219,144 SH   SOLE 0 1,014,948 0 204,196
Seagate Technology PLC COM G7945M107 19,511 313,879 SH   SOLE 0 261,095 0 52,784
Synchrony Financial COM 87165B103 47,476 1,367,790 SH   SOLE 0 1,139,941 0 227,849
Thor Industries, Inc. COM 885160101 5,960 64,089 SH   SOLE 0 53,298 0 10,791
Tencent Music Entertainment Group Sponsored ADR Cl COM 88034P109 6,657 345,978 SH   SOLE 0 288,076 0 57,902
Tribune Publishing Co. COM 89609W107 481 35,089 SH   SOLE 0 29,749 0 5,340
Tractor Supply Company COM 892356106 41,223 293,237 SH   SOLE 0 244,097 0 49,140
Taiwan Semiconductor Manufacturing Co., Ltd. Spons COM 874039100 141,425 1,297,005 SH   SOLE 0 1,081,087 0 215,918
Texas Instruments Incorporated COM 882508104 14,798 90,158 SH   SOLE 0 75,111 0 15,047
United Airlines Holdings, Inc. COM 910047109 12,731 294,351 SH   SOLE 0 244,983 0 49,368
Uber Technologies, Inc. COM 90353T100 15,302 300,048 SH   SOLE 0 249,942 0 50,106
Net 1 UEPS Technologies, Inc. COM 64107N206 2,178 442,731 SH   SOLE 0 368,682 0 74,049
Union Pacific Corporation COM 907818108 31,301 150,325 SH   SOLE 0 125,157 0 25,168
Marriott Vacations Worldwide Corporation COM 57164Y107 4,283 31,214 SH   SOLE 0 25,978 0 5,236
Veeco Instruments Inc. COM 922417100 1,358 78,252 SH   SOLE 0 64,984 0 13,268
VICI Properties Inc COM 925652109 3,860 151,388 SH   SOLE 0 125,798 0 25,590
Vipshop Holdings Ltd Sponsored ADR COM 92763W103 33,259 1,183,186 SH   SOLE 0 983,714 0 199,472
Venator Materials PLC COM G9329Z100 1,827 551,897 SH   SOLE 0 459,725 0 92,172
Vista Outdoor Inc COM 928377100 10,863 457,194 SH   SOLE 0 381,198 0 75,996
Western Digital Corporation COM 958102105 8,538 154,141 SH   SOLE 0 128,208 0 25,933
Wells Fargo & Company COM 949746101 120,144 3,980,905 SH   SOLE 0 3,312,320 0 668,585
Willis Towers Watson Public Limited Company COM G96629103 28,664 136,057 SH   SOLE 0 113,213 0 22,844
Walmart Inc. COM 931142103 20,912 145,070 SH   SOLE 0 120,598 0 24,472
WestRock Company COM 96145D105 4,577 105,145 SH   SOLE 0 88,106 0 17,039
Yandex NV Class A COM N97284108 28,020 402,695 SH   SOLE 0 334,906 0 67,789