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 |
AGCO Corporation | Common | 001084102 | 166,896,190 | 1,356,659 | SH | | SOLE | | 1,313,281 | 0 | 43,378 |
Alexandria Real Estate Equities, Inc. | Common | 015271109 | 18,261,004 | 141,657 | SH | | SOLE | | 77,013 | 0 | 64,644 |
Alibaba Group Holding Ltd., ADR | ADR | 01609W102 | 13,183,413 | 182,192 | SH | | SOLE | | 182,192 | 0 | 0 |
Alphabet Inc., Class A | Common | 02079K305 | 465,208,822 | 3,082,282 | SH | | SOLE | | 2,990,020 | 0 | 92,262 |
Alphabet Inc., Class C | Common | 02079K107 | 102,176,661 | 671,067 | SH | | SOLE | | 658,017 | 0 | 13,050 |
Amazon.com, Inc. | Common | 023135106 | 1,040,003,618 | 5,765,626 | SH | | SOLE | | 5,609,757 | 0 | 155,869 |
American Express Co. | Common | 025816109 | 174,489,169 | 766,345 | SH | | SOLE | | 752,277 | 0 | 14,068 |
American Homes 4 Rent - Class A | Common | 02665T306 | 9,028,387 | 245,470 | SH | | SOLE | | 139,230 | 0 | 106,240 |
American Tower Corp | Common | 03027X100 | 13,175,301 | 66,680 | SH | | SOLE | | 35,900 | 0 | 30,780 |
Applied Materials, Inc. | Common | 038222105 | 961,208,556 | 4,660,857 | SH | | SOLE | | 4,523,357 | 0 | 137,500 |
AvalonBay Communities, Inc. | Common | 053484101 | 12,269,227 | 66,120 | SH | | SOLE | | 35,960 | 0 | 30,160 |
Baidu, Inc. Class A, ADR | ADR | 056752108 | 4,983,639 | 47,337 | SH | | SOLE | | 47,337 | 0 | 0 |
Bank of America Corp. | Common | 060505104 | 45,408,404 | 1,197,479 | SH | | SOLE | | 1,197,479 | 0 | 0 |
Bank of N.T. Butterfield & Son Limited | Common | G0772R208 | 34,727,064 | 1,085,560 | SH | | SOLE | | 1,085,560 | 0 | 0 |
Bank of New York Mellon Corp. | Common | 064058100 | 592,531,501 | 10,283,435 | SH | | SOLE | | 10,054,467 | 0 | 228,968 |
Berkshire Hathaway Inc., Class A | Common | 084670108 | 1,172,445,120 | 1,848 | SH | | SOLE | | 1,848 | 0 | 0 |
Berkshire Hathaway Inc., Class B | Common | 084670702 | 340,596,810 | 809,942 | SH | | SOLE | | 743,046 | 0 | 66,896 |
Boston Properties, Inc. | Common | 101121101 | 10,110,641 | 154,810 | SH | | SOLE | | 84,410 | 0 | 70,400 |
Brixmor Property Group, Inc. | Common | 11120U105 | 14,435,586 | 615,590 | SH | | SOLE | | 348,860 | 0 | 266,730 |
Camden Property Trust | Common | 133131102 | 6,935,232 | 70,480 | SH | | SOLE | | 41,840 | 0 | 28,640 |
Capital One Financial Corp. | Common | 14040H105 | 1,440,558,503 | 9,675,321 | SH | | SOLE | | 9,455,558 | 0 | 219,763 |
Carrier Global Corp. | Common | 14448C104 | 13,352,170 | 229,695 | SH | | SOLE | | 205,515 | 0 | 24,180 |
Charles Schwab Corp. | Common | 808513105 | 22,210,478 | 307,029 | SH | | SOLE | | 307,029 | 0 | 0 |
Chubb Ltd. | Common | H1467J104 | 327,143,175 | 1,262,467 | SH | | SOLE | | 1,234,952 | 0 | 27,515 |
Cigna Group | Common | 125523100 | 527,776,812 | 1,453,170 | SH | | SOLE | | 1,402,166 | 0 | 51,004 |
Clear Secure, Inc. | Common | 18467V109 | 12,525,648 | 588,888 | SH | | SOLE | | 566,195 | 0 | 22,693 |
Community Healthcare Trust, Inc. | Common | 20369C106 | 5,844,983 | 220,150 | SH | | SOLE | | 120,750 | 0 | 99,400 |
Coupang, Inc., Class A | Common | 22266T109 | 106,886,163 | 6,008,216 | SH | | SOLE | | 6,008,216 | 0 | 0 |
Cousins Properties, Inc. | Common | 222795502 | 16,416,796 | 682,895 | SH | | SOLE | | 366,380 | 0 | 316,515 |
Crown Castle, Inc. | Common | 22822V101 | 4,443,802 | 41,990 | SH | | SOLE | | 22,990 | 0 | 19,000 |
CVS Health Corporation | Common | 126650100 | 13,777,982 | 172,743 | SH | | SOLE | | 155,379 | 0 | 17,364 |
Darling Ingredients Inc. | Common | 237266101 | 132,414,482 | 2,847,011 | SH | | SOLE | | 2,735,789 | 0 | 111,222 |
Davis Select Financial ETF | ETF | 23908L108 | 70,919,391 | 2,128,485 | SH | | SOLE | | 2,128,485 | 0 | 0 |
Davis Select International ETF | ETF | 23908L405 | 74,583,395 | 3,866,428 | SH | | SOLE | | 3,866,428 | 0 | 0 |
Davis Select U.S. Equity ETF | ETF | 23908L207 | 136,684,291 | 3,385,789 | SH | | SOLE | | 3,385,789 | 0 | 0 |
Davis Select Worldwide ETF | ETF | 23908L306 | 62,254,565 | 1,916,112 | SH | | SOLE | | 1,916,112 | 0 | 0 |
Digital Realty Trust, Inc. | Common | 253868103 | 14,687,039 | 101,965 | SH | | SOLE | | 55,565 | 0 | 46,400 |
Douglas Emmett, Inc | Common | 25960P109 | 3,560,429 | 256,700 | SH | | SOLE | | 142,170 | 0 | 114,530 |
Equinix, Inc. | Common | 29444U700 | 14,251,798 | 17,268 | SH | | SOLE | | 9,758 | 0 | 7,510 |
Equity Residential | Common | 29476L107 | 8,816,783 | 139,705 | SH | | SOLE | | 79,050 | 0 | 60,655 |
Essex Property Trust, Inc. | Common | 297178105 | 11,337,396 | 46,311 | SH | | SOLE | | 26,340 | 0 | 19,971 |
Everest Group, Ltd. | Common | G3223R108 | 16,380,578 | 41,209 | SH | | SOLE | | 41,209 | 0 | 0 |
Extra Space Storage, Inc. | Common | 30225T102 | 5,871,915 | 39,945 | SH | | SOLE | | 23,000 | 0 | 16,945 |
Federal Realty Investment Trust | Common | 313745101 | 6,266,083 | 61,360 | SH | | SOLE | | 31,210 | 0 | 30,150 |
Ferguson PLC | Common | G3421J106 | 21,669,785 | 99,207 | SH | | SOLE | | 92,702 | 0 | 6,505 |
Fifth Third Bancorp | Common | 316773100 | 92,473,883 | 2,485,189 | SH | | SOLE | | 2,485,189 | 0 | 0 |
Healthpeak Properties, Inc. | Common | 42250P103 | 4,795,238 | 255,746 | SH | | SOLE | | 134,520 | 0 | 121,226 |
Highwoods Properties Inc. | Common | 431284108 | 4,202,675 | 160,530 | SH | | SOLE | | 82,220 | 0 | 78,310 |
Hollysys Automation Technologies Ltd. | Common | G45667105 | 16,741,266 | 654,467 | SH | | SOLE | | 654,467 | 0 | 0 |
Hudson Pacific Properties Inc. | Common | 444097109 | 4,437,297 | 687,953 | SH | | SOLE | | 384,830 | 0 | 303,123 |
Humana Inc. | Common | 444859102 | 690,017,527 | 1,990,129 | SH | | SOLE | | 1,931,537 | 0 | 58,592 |
IAC Inc. | Common | 44891N208 | 144,190,661 | 2,703,237 | SH | | SOLE | | 2,627,693 | 0 | 75,544 |
Intel Corp. | Common | 458140100 | 299,968,099 | 6,791,218 | SH | | SOLE | | 6,573,034 | 0 | 218,184 |
JD.com Inc., Class A, ADR | ADR | 47215P106 | 120,099,179 | 4,384,782 | SH | | SOLE | | 4,384,782 | 0 | 0 |
Johnson Controls International plc | Common | G51502105 | 28,526,812 | 436,724 | SH | | SOLE | | 397,340 | 0 | 39,384 |
JPMorgan Chase & Co. | Common | 46625H100 | 646,502,091 | 3,227,669 | SH | | SOLE | | 3,155,495 | 0 | 72,174 |
KE Holdings Inc., Class A, ADR | ADR | 482497104 | 82,518,467 | 6,010,085 | SH | | SOLE | | 6,010,085 | 0 | 0 |
Lam Research Corp. | Common | 512807108 | 1,193,088 | 1,228 | SH | | SOLE | | 1,228 | 0 | 0 |
Liberty Formula One, Series A | Common | 531229771 | 21,665,837 | 368,843 | SH | | SOLE | | 368,843 | 0 | 0 |
Loews Corp. | Common | 540424108 | 49,288,174 | 629,559 | SH | | SOLE | | 629,559 | 0 | 0 |
M & T Bank Corp | Common | 55261F104 | 7,017,044 | 48,247 | SH | | SOLE | | 48,247 | 0 | 0 |
Markel Group, Inc | Common | 570535104 | 435,281,734 | 286,091 | SH | | SOLE | | 277,694 | 0 | 8,397 |
Masterbrand, Inc. | Common | 57638P104 | 16,130,381 | 860,746 | SH | | SOLE | | 768,027 | 0 | 92,719 |
Meta Platforms, Inc., Class A | Common | 30303M102 | 1,495,034,560 | 3,078,864 | SH | | SOLE | | 3,021,854 | 0 | 57,010 |
MGM Resorts International | Common | 552953101 | 561,576,121 | 11,895,279 | SH | | SOLE | | 11,632,738 | 0 | 262,541 |
Microsoft Corp. | Common | 594918104 | 108,817,125 | 258,645 | SH | | SOLE | | 241,992 | 0 | 16,653 |
Noah Holdings Ltd., Class A, ADS | ADR | 65487X102 | 8,669,975 | 758,528 | SH | | SOLE | | 758,528 | 0 | 0 |
Oracle Corporation | Common | 68389X105 | 17,750,326 | 141,313 | SH | | SOLE | | 127,458 | 0 | 13,855 |
Owens Corning | Common | 690742101 | 386,341,994 | 2,316,199 | SH | | SOLE | | 2,222,414 | 0 | 93,785 |
PNC Financial Services Group, Inc. | Common | 693475105 | 80,690,112 | 499,320 | SH | | SOLE | | 499,320 | 0 | 0 |
Prologis, Inc. | Common | 74340W103 | 23,603,156 | 181,256 | SH | | SOLE | | 100,889 | 0 | 80,367 |
Public Storage, Inc. | Common | 74460D109 | 15,274,560 | 52,660 | SH | | SOLE | | 28,690 | 0 | 23,970 |
Quest Diagnostics Inc. | Common | 74834L100 | 316,956,607 | 2,381,163 | SH | | SOLE | | 2,285,377 | 0 | 95,786 |
Regency Centers Corporation | Common | 758849103 | 7,348,350 | 121,340 | SH | | SOLE | | 65,600 | 0 | 55,740 |
Retail Opportunity Investments Corp. | Common | 76131N101 | 7,228,493 | 563,845 | SH | | SOLE | | 297,525 | 0 | 266,320 |
Rexford Industrial Realty, Inc. | Common | 76169C100 | 10,543,383 | 209,610 | SH | | SOLE | | 116,510 | 0 | 93,100 |
RH | Common | 74967X103 | 780,102 | 2,240 | SH | | SOLE | | 2,240 | 0 | 0 |
Rocket Companies, Inc., Class A | Common | 77311W101 | 47,059,923 | 3,234,359 | SH | | SOLE | | 3,234,359 | 0 | 0 |
SAP SE - ADR | ADR | 803054204 | 22,828,651 | 117,052 | SH | | SOLE | | 106,927 | 0 | 10,125 |
Simon Property Group, Inc. | Common | 828806109 | 16,839,889 | 107,610 | SH | | SOLE | | 61,810 | 0 | 45,800 |
Skechers U.S.A., Inc., Class A | Common | 830566105 | 458,837 | 7,490 | SH | | SOLE | | 7,490 | 0 | 0 |
SL Green Realty Corp. | Common | 78440X887 | 4,643,049 | 84,220 | SH | | SOLE | | 45,970 | 0 | 38,250 |
State Street Corp. | Common | 857477103 | 4,246,182 | 54,917 | SH | | SOLE | | 54,917 | 0 | 0 |
Sun Communities, Inc. | Common | 866674104 | 6,266,989 | 48,740 | SH | | SOLE | | 25,840 | 0 | 22,900 |
Sunstone Hotel Investors, Inc. | Common | 867892101 | 9,094,473 | 816,380 | SH | | SOLE | | 463,010 | 0 | 353,370 |
Teck Resources Ltd., Class B | Common | 878742204 | 530,315,749 | 11,584,005 | SH | | SOLE | | 11,259,479 | 0 | 324,526 |
Terreno Realty Corp. | Common | 88146M101 | 10,532,169 | 158,617 | SH | | SOLE | | 83,444 | 0 | 75,173 |
Texas Instruments, Inc. | Common | 882508104 | 413,529,232 | 2,373,740 | SH | | SOLE | | 2,287,771 | 0 | 85,969 |
Truist Financial Corp. | Common | 89832Q109 | 5,258,870 | 134,912 | SH | | SOLE | | 134,912 | 0 | 0 |
U.S. Bancorp | Common | 902973304 | 634,069,808 | 14,185,007 | SH | | SOLE | | 13,806,565 | 0 | 378,442 |
UDR, Inc. | Common | 902653104 | 7,542,978 | 201,630 | SH | | SOLE | | 106,520 | 0 | 95,110 |
UnitedHealth Group Inc. | Common | 91324P102 | 44,450,279 | 89,853 | SH | | SOLE | | 80,517 | 0 | 9,336 |
Ventas, Inc. | Common | 92276F100 | 12,448,521 | 285,910 | SH | | SOLE | | 162,790 | 0 | 123,120 |
Viatris Inc. | Common | 92556V106 | 686,136,864 | 57,465,399 | SH | | SOLE | | 55,536,408 | 0 | 1,928,991 |
VICI Properties, Inc. | Common | 925652109 | 4,393,131 | 147,470 | SH | | SOLE | | 87,450 | 0 | 60,020 |
Wells Fargo & Co. | Common | 949746101 | 1,362,263,481 | 23,503,511 | SH | | SOLE | | 22,928,406 | 0 | 575,105 |
Welltower, Inc. | Common | 95040Q104 | 12,144,397 | 129,970 | SH | | SOLE | | 75,680 | 0 | 54,290 |
Wesco International, Inc. | Common | 95082P105 | 32,683,992 | 190,822 | SH | | SOLE | | 174,414 | 0 | 16,408 |