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 | 132,885,118 | 1,357,633 | SH | | SOLE | | 1,314,557 | 0 | 43,076 |
Alexandria Real Estate Equities, Inc. | Common | 015271109 | 0 | 141,587 | SH | | SOLE | | 76,943 | 0 | 64,644 |
Alibaba Group Holding Ltd., ADR | ADR | 01609W102 | 12,233,376 | 169,908 | SH | | SOLE | | 169,908 | 0 | 0 |
Alphabet Inc., Class A | Common | 02079K305 | 560,006,575 | 3,074,425 | SH | | SOLE | | 2,984,189 | 0 | 90,236 |
Alphabet Inc., Class C | Common | 02079K107 | 123,890,489 | 675,447 | SH | | SOLE | | 662,132 | 0 | 13,315 |
Amazon.com, Inc. | Common | 023135106 | 1,105,456,478 | 5,720,344 | SH | | SOLE | | 5,566,516 | 0 | 153,828 |
American Express Co. | Common | 025816109 | 84,238,536 | 363,803 | SH | | SOLE | | 362,266 | 0 | 1,537 |
American Homes 4 Rent - Class A | Common | 02665T306 | 0 | 222,270 | SH | | SOLE | | 126,690 | 0 | 95,580 |
American Tower Corp | Common | 03027X100 | 0 | 76,070 | SH | | SOLE | | 41,080 | 0 | 34,990 |
Applied Materials, Inc. | Common | 038222105 | 987,836,266 | 4,185,924 | SH | | SOLE | | 4,048,217 | 0 | 137,707 |
AvalonBay Communities, Inc. | Common | 053484101 | 0 | 57,770 | SH | | SOLE | | 31,380 | 0 | 26,390 |
Baidu, Inc. Class A, ADR | ADR | 056752108 | 4,050,810 | 46,841 | SH | | SOLE | | 46,841 | 0 | 0 |
Bank of America Corp. | Common | 060505104 | 47,360,860 | 1,190,869 | SH | | SOLE | | 1,190,869 | 0 | 0 |
Bank of N.T. Butterfield & Son Limited | Common | G0772R208 | 37,941,541 | 1,080,340 | SH | | SOLE | | 1,080,340 | 0 | 0 |
Bank of New York Mellon Corp. | Common | 064058100 | 446,234,852 | 7,450,908 | SH | | SOLE | | 7,276,655 | 0 | 174,253 |
Berkshire Hathaway Inc., Class A | Common | 084670108 | 1,121,013,271 | 1,831 | SH | | SOLE | | 1,831 | 0 | 0 |
Berkshire Hathaway Inc., Class B | Common | 084670702 | 329,574,309 | 810,163 | SH | | SOLE | | 743,076 | 0 | 67,087 |
Boston Properties, Inc. | Common | 101121101 | 0 | 154,730 | SH | | SOLE | | 84,330 | 0 | 70,400 |
Brixmor Property Group, Inc. | Common | 11120U105 | 0 | 503,980 | SH | | SOLE | | 287,370 | 0 | 216,610 |
Camden Property Trust | Common | 133131102 | 0 | 70,430 | SH | | SOLE | | 41,790 | 0 | 28,640 |
Capital One Financial Corp. | Common | 14040H105 | 1,334,034,443 | 9,635,496 | SH | | SOLE | | 9,414,358 | 0 | 221,138 |
Charles Schwab Corp. | Common | 808513105 | 22,459,901 | 304,789 | SH | | SOLE | | 304,789 | 0 | 0 |
Chubb Ltd. | Common | H1467J104 | 320,594,770 | 1,256,840 | SH | | SOLE | | 1,229,631 | 0 | 27,209 |
Cigna Group | Common | 125523100 | 478,046,863 | 1,446,129 | SH | | SOLE | | 1,394,434 | 0 | 51,695 |
Clear Secure, Inc. | Common | 18467V109 | 11,034,484 | 589,764 | SH | | SOLE | | 565,959 | 0 | 23,805 |
Community Healthcare Trust, Inc. | Common | 20369C106 | 0 | 219,990 | SH | | SOLE | | 120,590 | 0 | 99,400 |
ConocoPhillips | Common | 20825C104 | 43,461,083 | 379,971 | SH | | SOLE | | 379,105 | 0 | 866 |
Coupang, Inc., Class A | Common | 22266T109 | 125,172,940 | 5,974,842 | SH | | SOLE | | 5,974,842 | 0 | 0 |
Cousins Properties, Inc. | Common | 222795502 | 0 | 682,525 | SH | | SOLE | | 366,010 | 0 | 316,515 |
Crown Castle, Inc. | Common | 22822V101 | 0 | 41,950 | SH | | SOLE | | 22,950 | 0 | 19,000 |
Crown Holdings, Inc. | Common | 228368106 | 637,522 | 8,570 | SH | | SOLE | | 8,570 | 0 | 0 |
CVS Health Corporation | Common | 126650100 | 21,544,025 | 364,782 | SH | | SOLE | | 326,929 | 0 | 37,853 |
Darling Ingredients Inc. | Common | 237266101 | 104,286,137 | 2,837,718 | SH | | SOLE | | 2,723,993 | 0 | 113,725 |
Davis Select Financial ETF | ETF | 23908L108 | 70,685,356 | 2,128,485 | SH | | SOLE | | 2,128,485 | 0 | 0 |
Davis Select International ETF | ETF | 23908L405 | 76,908,114 | 3,866,428 | SH | | SOLE | | 3,866,428 | 0 | 0 |
Davis Select U.S. Equity ETF | ETF | 23908L207 | 137,530,738 | 3,385,789 | SH | | SOLE | | 3,385,789 | 0 | 0 |
Davis Select Worldwide ETF | ETF | 23908L306 | 63,894,663 | 1,916,112 | SH | | SOLE | | 1,916,112 | 0 | 0 |
Digital Realty Trust, Inc. | Common | 253868103 | 0 | 101,905 | SH | | SOLE | | 55,505 | 0 | 46,400 |
Douglas Emmett, Inc | Common | 25960P109 | 0 | 127,180 | SH | | SOLE | | 70,450 | 0 | 56,730 |
Equinix, Inc. | Common | 29444U700 | 0 | 17,258 | SH | | SOLE | | 9,748 | 0 | 7,510 |
Equity Residential | Common | 29476L107 | 0 | 103,015 | SH | | SOLE | | 59,440 | 0 | 43,575 |
Essex Property Trust, Inc. | Common | 297178105 | 0 | 46,271 | SH | | SOLE | | 26,300 | 0 | 19,971 |
Everest Group, Ltd. | Common | G3223R108 | 15,579,527 | 40,889 | SH | | SOLE | | 40,889 | 0 | 0 |
Extra Space Storage, Inc. | Common | 30225T102 | 0 | 61,595 | SH | | SOLE | | 34,990 | 0 | 26,605 |
Federal Realty Investment Trust | Common | 313745101 | 0 | 61,320 | SH | | SOLE | | 31,170 | 0 | 30,150 |
Fifth Third Bancorp | Common | 316773100 | 90,425,103 | 2,478,079 | SH | | SOLE | | 2,478,079 | 0 | 0 |
Healthpeak Properties, Inc. | Common | 42250P103 | 0 | 255,476 | SH | | SOLE | | 134,250 | 0 | 121,226 |
Highwoods Properties Inc. | Common | 431284108 | 0 | 160,530 | SH | | SOLE | | 82,220 | 0 | 78,310 |
Hollysys Automation Technologies Ltd. | Common | G45667105 | 4,777,268 | 220,761 | SH | | SOLE | | 220,761 | 0 | 0 |
Hudson Pacific Properties Inc. | Common | 444097109 | 0 | 1,224,493 | SH | | SOLE | | 685,270 | 0 | 539,223 |
Humana Inc. | Common | 444859102 | 863,640,411 | 2,311,362 | SH | | SOLE | | 2,246,128 | 0 | 65,234 |
IAC Inc. | Common | 44891N208 | 126,692,098 | 2,704,207 | SH | | SOLE | | 2,627,862 | 0 | 76,345 |
Intel Corp. | Common | 458140100 | 391,532,520 | 12,642,316 | SH | | SOLE | | 12,269,731 | 0 | 372,585 |
iShares S&P 500 Value Index Fund | ETF | 464287408 | 4,310,179 | 23,681 | SH | | SOLE | | 20,553 | 0 | 3,128 |
JD.com Inc., Class A, ADR | ADR | 47215P106 | 111,238,926 | 4,304,912 | SH | | SOLE | | 4,304,912 | 0 | 0 |
Johnson Controls International plc | Common | G51502105 | 29,223,004 | 439,642 | SH | | SOLE | | 397,965 | 0 | 41,677 |
JPMorgan Chase & Co. | Common | 46625H100 | 374,050,139 | 1,849,353 | SH | | SOLE | | 1,810,326 | 0 | 39,027 |
KE Holdings Inc., Class A, ADR | ADR | 482497104 | 84,832,504 | 5,995,230 | SH | | SOLE | | 5,995,230 | 0 | 0 |
Lam Research Corp. | Common | 512807108 | 1,307,636 | 1,228 | SH | | SOLE | | 1,228 | 0 | 0 |
Liberty Formula One, Series A | Common | 531229771 | 22,985,412 | 357,861 | SH | | SOLE | | 357,861 | 0 | 0 |
Loews Corp. | Common | 540424108 | 46,851,442 | 626,859 | SH | | SOLE | | 626,859 | 0 | 0 |
M & T Bank Corp | Common | 55261F104 | 7,302,666 | 48,247 | SH | | SOLE | | 48,247 | 0 | 0 |
Markel Group, Inc | Common | 570535104 | 452,310,535 | 287,061 | SH | | SOLE | | 278,521 | 0 | 8,540 |
Masterbrand, Inc. | Common | 57638P104 | 12,089,068 | 823,506 | SH | | SOLE | | 729,240 | 0 | 94,266 |
Meta Platforms, Inc., Class A | Common | 30303M102 | 1,542,669,707 | 3,059,517 | SH | | SOLE | | 3,001,704 | 0 | 57,813 |
MGM Resorts International | Common | 552953101 | 529,349,682 | 11,911,559 | SH | | SOLE | | 11,653,716 | 0 | 257,843 |
Microsoft Corp. | Common | 594918104 | 115,367,628 | 258,122 | SH | | SOLE | | 241,455 | 0 | 16,667 |
Mid-America Apartment Communities, Inc. | Common | 59522J103 | 0 | 24,080 | SH | | SOLE | | 13,300 | 0 | 10,780 |
Noah Holdings Ltd., Class A, ADS | ADR | 65487X102 | 16,227,922 | 1,681,650 | SH | | SOLE | | 1,681,650 | 0 | 0 |
Oracle Corporation | Common | 68389X105 | 19,504,238 | 138,132 | SH | | SOLE | | 124,357 | 0 | 13,775 |
Owens Corning | Common | 690742101 | 395,339,642 | 2,275,729 | SH | | SOLE | | 2,186,322 | 0 | 89,407 |
PNC Financial Services Group, Inc. | Common | 693475105 | 79,350,773 | 510,360 | SH | | SOLE | | 510,360 | 0 | 0 |
Prologis, Inc. | Common | 74340W103 | 0 | 236,886 | SH | | SOLE | | 131,879 | 0 | 105,007 |
Public Storage, Inc. | Common | 74460D109 | 0 | 55,620 | SH | | SOLE | | 30,420 | 0 | 25,200 |
Quest Diagnostics Inc. | Common | 74834L100 | 327,256,537 | 2,390,828 | SH | | SOLE | | 2,293,074 | 0 | 97,754 |
Regency Centers Corporation | Common | 758849103 | 0 | 121,200 | SH | | SOLE | | 65,460 | 0 | 55,740 |
Retail Opportunity Investments Corp. | Common | 76131N101 | 0 | 499,455 | SH | | SOLE | | 263,435 | 0 | 236,020 |
Rexford Industrial Realty, Inc. | Common | 76169C100 | 0 | 209,610 | SH | | SOLE | | 116,510 | 0 | 93,100 |
RH | Common | 74967X103 | 547,546 | 2,240 | SH | | SOLE | | 2,240 | 0 | 0 |
Rocket Companies, Inc., Class A | Common | 77311W101 | 44,081,243 | 3,217,609 | SH | | SOLE | | 3,217,609 | 0 | 0 |
SAP SE - ADR | ADR | 803054204 | 19,930,360 | 98,807 | SH | | SOLE | | 89,921 | 0 | 8,886 |
Sea Ltd., Class A, ADR | ADR | 81141R100 | 46,588,409 | 652,316 | SH | | SOLE | | 652,316 | 0 | 0 |
Simon Property Group, Inc. | Common | 828806109 | 0 | 85,140 | SH | | SOLE | | 49,440 | 0 | 35,700 |
Skechers U.S.A., Inc., Class A | Common | 830566105 | 517,709 | 7,490 | SH | | SOLE | | 7,490 | 0 | 0 |
Solventum Corp. | Common | 83444M101 | 273,069,940 | 5,163,955 | SH | | SOLE | | 5,007,326 | 0 | 156,629 |
State Street Corp. | Common | 857477103 | 4,063,858 | 54,917 | SH | | SOLE | | 54,917 | 0 | 0 |
Sun Communities, Inc. | Common | 866674104 | 0 | 26,670 | SH | | SOLE | | 13,710 | 0 | 12,960 |
Sunstone Hotel Investors, Inc. | Common | 867892101 | 0 | 815,490 | SH | | SOLE | | 462,120 | 0 | 353,370 |
Teck Resources Ltd., Class B | Common | 878742204 | 552,318,614 | 11,530,660 | SH | | SOLE | | 11,200,619 | 0 | 330,041 |
Terreno Realty Corp. | Common | 88146M101 | 0 | 158,467 | SH | | SOLE | | 83,294 | 0 | 75,173 |
Texas Instruments, Inc. | Common | 882508104 | 459,342,432 | 2,361,294 | SH | | SOLE | | 2,276,500 | 0 | 84,794 |
Truist Financial Corp. | Common | 89832Q109 | 5,241,331 | 134,912 | SH | | SOLE | | 134,912 | 0 | 0 |
Tyson Foods Inc | Common | 902494103 | 177,438,556 | 3,105,330 | SH | | SOLE | | 3,017,959 | 0 | 87,371 |
U.S. Bancorp | Common | 902973304 | 564,869,245 | 14,228,444 | SH | | SOLE | | 13,847,145 | 0 | 381,299 |
UDR, Inc. | Common | 902653104 | 0 | 201,490 | SH | | SOLE | | 106,380 | 0 | 95,110 |
UnitedHealth Group Inc. | Common | 91324P102 | 45,982,613 | 90,293 | SH | | SOLE | | 80,520 | 0 | 9,773 |
Ventas, Inc. | Common | 92276F100 | 0 | 285,660 | SH | | SOLE | | 162,540 | 0 | 123,120 |
Viatris Inc. | Common | 92556V106 | 611,607,181 | 57,535,953 | SH | | SOLE | | 55,567,344 | 0 | 1,968,609 |
VICI Properties, Inc. | Common | 925652109 | 0 | 147,340 | SH | | SOLE | | 87,320 | 0 | 60,020 |
Wells Fargo & Co. | Common | 949746101 | 911,644,000 | 15,350,126 | SH | | SOLE | | 14,899,759 | 0 | 450,367 |
Welltower, Inc. | Common | 95040Q104 | 0 | 96,500 | SH | | SOLE | | 57,050 | 0 | 39,450 |
Wesco International, Inc. | Common | 95082P105 | 30,696,764 | 193,646 | SH | | SOLE | | 175,426 | 0 | 18,220 |