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
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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 Corporation Common Stocks 013872106 18,036,186 429,433 SH SOLE 429,433 0 0
Alpha Metallurgical Resources, Inc. Common Stocks 020764106 12,600,856 74,907 SH SOLE 74,907 0 0
Alphabet Inc. Class C Common Stocks 02079K107 134,503,026 394,738 SH SOLE 394,738 0 0
Amazon.com, Inc. Common Stocks 023135106 57,068,555 229,053 SH SOLE 229,053 0 0
American Airlines Group Inc. Common Stocks 02376R102 12,478,141 933,294 SH SOLE 933,294 0 0
American Express Company Common Stocks 025816109 59,611,811 196,027 SH SOLE 196,027 0 0
American International Group, Inc. Common Stocks 026874784 57,640,002 774,523 SH SOLE 774,523 0 0
Applied Materials, Inc. Common Stocks 038222105 12,518,582 24,480 SH SOLE 24,480 0 0
Arlo Technologies, Inc. Common Stocks 04206A101 14,988,971 1,208,788 SH SOLE 1,208,788 0 0
Bank of America Corp Common Stocks 060505104 46,585,059 855,871 SH SOLE 855,871 0 0
Berkshire Hathaway Inc. Class B Common Stocks 084670702 69,299,702 139,170 SH SOLE 139,170 0 0
Bio-Rad Laboratories, Inc. Class A Common Stocks 090572207 36,060,729 95,472 SH SOLE 95,472 0 0
Booking Holdings Inc. Common Stocks 09857L108 57,352,954 352,053 SH SOLE 352,053 0 0
Broadcom Inc. Common Stocks 11135F101 41,754,735 118,895 SH SOLE 118,895 0 0
Caesars Entertainment Inc Common Stocks 12769G100 3,855,745 130,042 SH SOLE 130,042 0 0
Capital One Financial Corp Common Stocks 14040H105 45,613,560 236,254 SH SOLE 236,254 0 0
CBRE Group, Inc. Class A Common Stocks 12504L109 59,197,691 460,790 SH SOLE 460,790 0 0
CENOVUS ENERGY INC. Common Stocks 15135U109 22,447,064 722,235 SH SOLE 722,235 0 0
Charles Schwab Corp Common Stocks 808513105 25,033,071 256,119 SH SOLE 256,119 0 0
Chevron Corporation Common Stocks 166764100 7,309,901 35,796 SH SOLE 35,796 0 0
Citigroup Inc. Common Stocks 172967424 110,846,145 856,087 SH SOLE 856,087 0 0
Citizens Financial Group, Inc. Common Stocks 174610105 16,464,362 258,224 SH SOLE 258,224 0 0
ConocoPhillips Common Stocks 20825C104 29,979,683 239,550 SH SOLE 239,550 0 0
Copa Holdings, S.A. Class A Common Stocks P31076105 7,564,498 57,372 SH SOLE 57,372 0 0
Core Natural Resources Inc Common Stocks 218937100 5,659,946 65,936 SH SOLE 65,936 0 0
Corning Inc Common Stocks 219350105 42,453,597 276,103 SH SOLE 276,103 0 0
Corpay, Inc. Common Stocks 219948106 8,577,956 22,074 SH SOLE 22,074 0 0
Corteva Inc Common Stocks 22052L104 4,456,566 57,393 SH SOLE 57,393 0 0
Costco Wholesale Corporation Common Stocks 22160K105 48,393,674 53,160 SH SOLE 53,160 0 0
Coupang Inc Common Stocks 22266T109 28,723,314 2,070,895 SH SOLE 2,070,895 0 0
Credicorp Ltd. Common Stocks G2519Y108 26,256,614 69,120 SH SOLE 69,120 0 0
CRH Plc Common Stocks G25508105 6,352,168 76,717 SH SOLE 76,717 0 0
Delta Air Lines, Inc. Common Stocks 247361702 38,777,936 464,629 SH SOLE 464,629 0 0
DHT Holdings, Inc. Common Stocks Y2065G121 63,371,595 2,807,780 SH SOLE 2,807,780 0 0
Diana Shipping Inc. Common Stocks Y2066G104 3,459,926 1,258,155 SH SOLE 1,258,155 0 0
Elevance Health, Inc. Common Stocks 036752103 54,600,826 140,427 SH SOLE 140,427 0 0
EPAM Systems, Inc. Common Stocks 29414B104 1,614,131 14,896 SH SOLE 14,896 0 0
Exxonmobil Holdings Corp Common Stocks 30233Q108 7,541,998 46,341 SH SOLE 46,341 0 0
Ferroglobe PLC Common Stocks G33856108 33,290,323 8,374,924 SH SOLE 8,374,924 0 0
FirstCash Holdings, Inc. Common Stocks 33768G107 7,716,866 36,533 SH SOLE 36,533 0 0
Flutter Entertainment PLC Common Stocks 92189F486 5,812,480 77,978 SH SOLE 77,978 0 0
Freeport-McMoRan, Inc. Common Stocks 35671D857 87,577,000 1,251,100 SH SOLE 1,251,100 0 0
Funko, Inc. Class A Common Stocks 361008105 7,088,799 1,310,314 SH SOLE 1,310,314 0 0
Golar LNG Limited Common Stocks G9456A100 16,726,755 351,994 SH SOLE 351,994 0 0
Himalaya Shipping Ltd Common Stocks G4660A103 28,818,515 1,659,097 SH SOLE 1,659,097 0 0
Interactive Brokers Group, Inc. Class A Common Stocks 45841N107 81,161,728 950,149 SH SOLE 950,149 0 0
International Seaways, Inc. Common Stocks Y41053102 49,255,269 447,206 SH SOLE 447,206 0 0
Jefferies Financial Group Inc. Common Stocks 47233W109 21,648,079 473,389 SH SOLE 473,389 0 0
JPMorgan Chase & Co. Common Stocks 46625H100 31,809,966 96,152 SH SOLE 96,152 0 0
Kroger Co. Common Stocks 501044101 12,798,622 218,332 SH SOLE 218,332 0 0
Lam Research Corporation Common Stocks 512807306 28,775,176 87,593 SH SOLE 87,593 0 0
Lesaka Technologies, Inc. Common Stocks 64107N206 15,005,390 3,465,448 SH SOLE 3,465,448 0 0
Liberty Live Holdings Inc A Common Stocks 530909100 341,461 3,608 SH SOLE 3,608 0 0
Liberty Live Holdings Inc C Common Stocks 530909308 503,950 5,182 SH SOLE 5,182 0 0
Liberty Media Corporation Series C Common Stocks 531229755 6,815,516 73,761 SH SOLE 73,761 0 0
Liberty Sirius Xm Holdings Inc Common Stocks 829933100 692,911 26,774 SH SOLE 26,774 0 0
Loews Corporation Common Stocks 540424108 8,985,053 86,039 SH SOLE 86,039 0 0
Louisiana-Pacific Corporation Common Stocks 546347105 25,626,479 397,002 SH SOLE 397,002 0 0
LyondellBasell Industries NV Common Stocks N53745100 44,662,236 777,140 SH SOLE 777,140 0 0
Marathon Petroleum Corporation Common Stocks 56585A102 67,678,901 171,157 SH SOLE 171,157 0 0
Marsh & Mclennan Companies, Inc Common Stocks 571748102 10,926,720 64,000 SH SOLE 64,000 0 0
Masco Corporation Common Stocks 574599106 9,034,633 134,045 SH SOLE 134,045 0 0
MBIA Inc. Common Stocks 55262C100 6,204,486 1,456,452 SH SOLE 1,456,452 0 0
Meta Platforms Inc. Class A Common Stocks 30303M102 21,918,566 30,225 SH SOLE 30,225 0 0
MGM Resorts International Common Stocks 552953101 20,555,721 662,020 SH SOLE 662,020 0 0
Microchip Technology Incorporated Common Stocks 595017104 23,094,968 296,965 SH SOLE 296,965 0 0
Micron Technology, Inc. Common Stocks 595112103 182,389,436 171,240 SH SOLE 171,240 0 0
Millicom International Cellular Common Stocks L6388F110 27,180,883 311,922 SH SOLE 311,922 0 0
Montauk Renewables, Inc. Common Stocks 61218C103 1,011,610 370,553 SH SOLE 370,553 0 0
Morgan Stanley Common Stocks 617446448 33,532,595 178,289 SH SOLE 178,289 0 0
Nabors Industries Ltd. Common Stocks G6359F137 2,970,201 38,021 SH SOLE 38,021 0 0
Noble Corporation PLC Class A Common Stocks G65431127 39,178,333 938,628 SH SOLE 938,628 0 0
Nu Holdings Ltd. Class A Common Stocks G6683N103 14,187,125 1,120,626 SH SOLE 1,120,626 0 0
Occidental Petroleum Corporation Common Stocks 674599105 14,497,491 262,066 SH SOLE 262,066 0 0
PayPal Holdings, Inc. Common Stocks 70450Y103 9,858,568 187,675 SH SOLE 187,675 0 0
Peabody Energy Corporation Common Stocks 704551100 1,932,932 79,251 SH SOLE 79,251 0 0
Philip Morris International Inc. Common Stocks 718172109 8,327,385 43,640 SH SOLE 43,640 0 0
Phillips 66 Common Stocks 718546104 11,756,770 46,049 SH SOLE 46,049 0 0
Quaker Houghton Common Stocks 747316107 16,867,699 106,920 SH SOLE 106,920 0 0
QUALCOMM Incorporated Common Stocks 747525103 16,503,603 89,674 SH SOLE 89,674 0 0
QXO, Inc Common Stocks 82846H405 3,880,028 331,910 SH SOLE 331,910 0 0
Range Resources Corporation Common Stocks 75281A109 5,363,503 144,803 SH SOLE 144,803 0 0
Royalty Pharma Plc Class A Common Stocks G7709Q104 28,592,607 489,935 SH SOLE 489,935 0 0
Scorpio Tankers Inc. Common Stocks Y7542C130 10,478,822 125,195 SH SOLE 125,195 0 0
Seadrill Ltd Common Stocks G7997W102 30,270,045 677,637 SH SOLE 677,637 0 0
Seagate Technology Holdings PLC Common Stocks G7997R103 47,649,929 51,662 SH SOLE 51,662 0 0
Steel Dynamics, Inc. Common Stocks 858119100 31,059,306 140,153 SH SOLE 140,153 0 0
Synchrony Financial Common Stocks 87165B103 46,699,537 658,018 SH SOLE 658,018 0 0
Texas Pacific Land Corporation Common Stocks 88262P102 12,650,350 38,825 SH SOLE 38,825 0 0
Thor Industries, Inc. Common Stocks 885160101 4,161,755 60,228 SH SOLE 60,228 0 0
Tidewater Inc Common Stocks 88642R109 41,407,795 510,577 SH SOLE 510,577 0 0
Transocean Ltd. Common Stocks H8817H100 5,504,845 1,050,543 SH SOLE 1,050,543 0 0
Trupanion Inc Common Stocks 898202106 6,317,245 270,430 SH SOLE 270,430 0 0
Uber Technologies, Inc. Common Stocks 90353T100 27,996,132 408,643 SH SOLE 408,643 0 0
Union Pacific Corporation Common Stocks 907818108 15,307,313 56,250 SH SOLE 56,250 0 0
Valaris Ltd. Common Stocks G9460G101 18,447,803 234,944 SH SOLE 234,944 0 0
Valero Energy Corporation Common Stocks 91913Y100 14,096,988 36,369 SH SOLE 36,369 0 0
Visa Inc. Class A Common Stocks 92826C839 7,252,357 20,183 SH SOLE 20,183 0 0
Walt Disney Company Common Stocks 254687106 12,647,688 120,569 SH SOLE 120,569 0 0
Warrior Met Coal, Inc. Common Stocks 93627C101 51,291,968 582,400 SH SOLE 582,400 0 0
Watsco , Inc. Common Stocks 942622200 2,533,515 8,370 SH SOLE 8,370 0 0
Wells Fargo & Company Common Stocks 949746101 35,967,185 449,309 SH SOLE 449,309 0 0