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 |
Alexandria Real Estate Equities, Inc. | Common | 015271109 | 11,952,641 | 119,407 | SH | | SOLE | | 64,423 | 0 | 54,984 |
Alibaba Group Holding Ltd | ADR | 01609W102 | 15,927,546 | 183,624 | SH | | SOLE | | 183,624 | 0 | 0 |
Alphabet Inc., Class A | Common | 02079K305 | 466,984,621 | 3,568,210 | SH | | SOLE | | 3,481,317 | 0 | 86,893 |
Alphabet Inc., Class C | Common | 02079K107 | 93,900,537 | 712,177 | SH | | SOLE | | 699,071 | 0 | 13,106 |
Amazon.com, Inc. | Common | 023135106 | 944,646,046 | 7,431,131 | SH | | SOLE | | 7,269,831 | 0 | 161,300 |
American Express Co. | Common | 025816109 | 139,090,543 | 932,300 | SH | | SOLE | | 917,765 | 0 | 14,535 |
American Homes 4 Rent, Class A | Common | 02665T306 | 8,936,609 | 265,260 | SH | | SOLE | | 153,310 | 0 | 111,950 |
American Tower Corp Class A | Common | 03027X100 | 7,364,071 | 44,780 | SH | | SOLE | | 23,820 | 0 | 20,960 |
Applied Materials, Inc. | Common | 038222105 | 942,820,366 | 6,809,823 | SH | | SOLE | | 6,641,372 | 0 | 168,451 |
AvalonBay Communities, Inc. | Common | 053484101 | 13,917,810 | 81,040 | SH | | SOLE | | 47,010 | 0 | 34,030 |
Baidu, Inc., Class A, ADR | ADR | 056752108 | 6,195,147 | 46,112 | SH | | SOLE | | 46,112 | 0 | 0 |
Bank of America Corp. | Common | 060505104 | 75,760,214 | 2,766,991 | SH | | SOLE | | 2,766,991 | 0 | 0 |
Bank of N.T. Butterfield & Son Ltd. | Common | G0772R208 | 86,782,866 | 3,204,685 | SH | | SOLE | | 3,204,580 | 0 | 105 |
Bank of New York Mellon Corp. | Common | 064058100 | 554,299,527 | 12,996,471 | SH | | SOLE | | 12,712,371 | 0 | 284,100 |
Berkshire Hathaway Inc., Class A | Common | 084670108 | 1,050,198,552 | 1,976 | SH | | SOLE | | 1,976 | 0 | 0 |
Berkshire Hathaway Inc., Class B | Common | 084670702 | 390,735,120 | 1,115,427 | SH | | SOLE | | 1,047,944 | 0 | 67,483 |
Boston Properties, Inc. | Common | 101121101 | 9,331,817 | 156,890 | SH | | SOLE | | 86,020 | 0 | 70,870 |
Brixmor Property Group, Inc. | Common | 11120U105 | 14,739,046 | 709,290 | SH | | SOLE | | 392,410 | 0 | 316,880 |
Camden Property Trust | Common | 133131102 | 5,519,689 | 58,360 | SH | | SOLE | | 37,430 | 0 | 20,930 |
Capital One Financial Corp. | Common | 14040H105 | 1,076,202,105 | 11,089,149 | SH | | SOLE | | 10,834,977 | 0 | 254,172 |
Carrier Global Corp. | Common | 14448C104 | 28,340,804 | 513,418 | SH | | SOLE | | 473,895 | 0 | 39,523 |
Charles Schwab Corp. | Common | 808513105 | 17,693,117 | 322,279 | SH | | SOLE | | 322,279 | 0 | 0 |
Chubb Ltd. | Common | H1467J104 | 302,600,636 | 1,453,549 | SH | | SOLE | | 1,426,458 | 0 | 27,091 |
The Cigna Group | Common | 125523100 | 486,454,400 | 1,700,471 | SH | | SOLE | | 1,650,618 | 0 | 49,853 |
Clear Secure, Inc. | Common | 18467V109 | 12,642,303 | 663,985 | SH | | SOLE | | 643,029 | 0 | 20,956 |
Community Healthcare Trust, Inc. | Common | 20369C106 | 4,852,980 | 163,400 | SH | | SOLE | | 89,450 | 0 | 73,950 |
Coupang, Inc., Class A | Common | 22266T109 | 109,058,364 | 6,415,197 | SH | | SOLE | | 6,415,075 | 0 | 122 |
Cousins Properties, Inc. | Common | 222795502 | 14,106,123 | 692,495 | SH | | SOLE | | 373,850 | 0 | 318,645 |
Crown Castle International Corp. | Common | 22822V101 | 3,121,658 | 33,920 | SH | | SOLE | | 18,540 | 0 | 15,380 |
CubeSmart | Common | 229663109 | 3,712,718 | 97,370 | SH | | SOLE | | 66,340 | 0 | 31,030 |
CVS Health Corp. | Common | 126650100 | 14,287,443 | 204,632 | SH | | SOLE | | 188,782 | 0 | 15,850 |
Darling Ingredients, Inc. | Common | 237266101 | 162,297,772 | 3,109,149 | SH | | SOLE | | 3,018,115 | 0 | 91,034 |
Davis Select Financial ETF | ETF | 23908L108 | 56,530,500 | 2,112,316 | SH | | SOLE | | 2,112,316 | 0 | 0 |
Davis Select International ETF | ETF | 23908L405 | 69,493,607 | 3,893,199 | SH | | SOLE | | 3,893,199 | 0 | 0 |
Davis Select U.S. Equity ETF | ETF | 23908L207 | 105,238,125 | 3,332,430 | SH | | SOLE | | 3,332,430 | 0 | 0 |
Davis Select Worldwide ETF | ETF | 23908L306 | 53,362,786 | 1,941,227 | SH | | SOLE | | 1,941,227 | 0 | 0 |
Digital Realty Trust, Inc. | Common | 253868103 | 12,512,863 | 103,395 | SH | | SOLE | | 56,685 | 0 | 46,710 |
Douglas Emmett, Inc. | Common | 25960P109 | 6,545,625 | 512,980 | SH | | SOLE | | 262,780 | 0 | 250,200 |
Eaton Corp. PLC | Common | G29183103 | 31,210,720 | 146,334 | SH | | SOLE | | 134,913 | 0 | 11,421 |
Equinix, Inc. | Common | 29444U700 | 13,739,387 | 18,918 | SH | | SOLE | | 11,008 | 0 | 7,910 |
Equity Residential | Common | 29476L107 | 8,486,824 | 144,555 | SH | | SOLE | | 80,640 | 0 | 63,915 |
Essex Property Trust, Inc. | Common | 297178105 | 12,129,639 | 57,191 | SH | | SOLE | | 32,740 | 0 | 24,451 |
Everest Re Group, Ltd. | Common | G3223R108 | 16,225,254 | 43,655 | SH | | SOLE | | 43,655 | 0 | 0 |
Extra Space Storage, Inc. | Common | 30225T102 | 6,003,013 | 49,375 | SH | | SOLE | | 31,520 | 0 | 17,855 |
Federal Realty Investment Trust | Common | 313745101 | 4,912,146 | 54,200 | SH | | SOLE | | 31,670 | 0 | 22,530 |
Ferguson PLC | Common | G3421J106 | 39,153,986 | 237,800 | SH | | SOLE | | 221,157 | 0 | 16,643 |
Fifth Third Bancorp | Common | 316773100 | 63,258,407 | 2,497,371 | SH | | SOLE | | 2,497,371 | 0 | 0 |
Healthpeak Properties, Inc. | Common | 42250P103 | 6,986,274 | 380,516 | SH | | SOLE | | 190,940 | 0 | 189,576 |
Highwoods Properties, Inc. | Common | 431284108 | 3,348,919 | 162,490 | SH | | SOLE | | 83,650 | 0 | 78,840 |
Hollysys Automation Technologies, Ltd. | Common | G45667105 | 106,503,390 | 5,368,114 | SH | | SOLE | | 5,367,799 | 0 | 315 |
Hudson Pacific Properties, Inc. | Common | 444097109 | 4,612,726 | 693,643 | SH | | SOLE | | 388,480 | 0 | 305,163 |
Humana Inc. | Common | 444859102 | 21,194,839 | 43,564 | SH | | SOLE | | 39,807 | 0 | 3,757 |
IAC Inc. | Common | 44891N208 | 149,200,826 | 2,960,918 | SH | | SOLE | | 2,888,573 | 0 | 72,345 |
Intel Corp. | Common | 458140100 | 333,651,998 | 9,385,423 | SH | | SOLE | | 9,151,655 | 0 | 233,768 |
iQIYI, Inc., Class A, ADR | ADR | 46267X108 | 1,205,079 | 254,236 | SH | | SOLE | | 254,236 | 0 | 0 |
iShares S&P 500 Value Index Fund | ETF | 464287408 | 2,640,202 | 17,162 | SH | | SOLE | | 11,281 | 0 | 5,881 |
JD.com, Inc., Class A, ADR | ADR | 47215P106 | 138,934,880 | 4,769,477 | SH | | SOLE | | 4,769,270 | 0 | 207 |
Johnson Controls International PLC | Common | G51502105 | 27,109,322 | 509,477 | SH | | SOLE | | 473,604 | 0 | 35,873 |
JPMorgan Chase & Co. | Common | 46625H100 | 599,974,917 | 4,137,185 | SH | | SOLE | | 4,040,114 | 0 | 97,071 |
KE Holdings, Inc | ADR | 482497104 | 54,362,938 | 3,502,766 | SH | | SOLE | | 3,502,428 | 0 | 338 |
Lam Research Corp. | Common | 512807108 | 769,674 | 1,228 | SH | | SOLE | | 1,228 | 0 | 0 |
Liberty Formula One, Series A | Common | 531229870 | 29,111,174 | 514,877 | SH | | SOLE | | 514,789 | 0 | 88 |
Liberty Formula One, Series C | Common | 531229854 | 16,523,829 | 265,230 | SH | | SOLE | | 265,230 | 0 | 0 |
Liberty TripAdvisor Hldgs Inc. - A | Common | 531465102 | 121,831 | 249,144 | SH | | SOLE | | 249,144 | 0 | 0 |
Loews Corp. | Common | 540424108 | 95,939,282 | 1,515,387 | SH | | SOLE | | 1,496,593 | 0 | 18,794 |
M&T Bank Corp. | Common | 55261F104 | 6,158,747 | 48,705 | SH | | SOLE | | 48,705 | 0 | 0 |
Markel Corp. | Common | 570535104 | 385,954,613 | 262,103 | SH | | SOLE | | 254,286 | 0 | 7,817 |
Masterbrand, Inc. | Common | 57638P104 | 27,609,373 | 2,272,376 | SH | | SOLE | | 2,098,751 | 0 | 173,625 |
Meta Platforms, Inc., Class A | Common | 30303M102 | 1,467,700,197 | 4,888,906 | SH | | SOLE | | 4,812,510 | 0 | 76,396 |
MGM Resorts International | Common | 552953101 | 361,915,148 | 9,845,345 | SH | | SOLE | | 9,643,403 | 0 | 201,942 |
Microsoft Corp. | Common | 594918104 | 106,230,497 | 336,436 | SH | | SOLE | | 319,957 | 0 | 16,479 |
NetSTREIT Corp. | Common | 64119V303 | 2,504,952 | 160,780 | SH | | SOLE | | 92,190 | 0 | 68,590 |
Noah Holdings Ltd., Class A, ADS | ADR | 65487X102 | 9,806,277 | 786,389 | SH | | SOLE | | 786,346 | 0 | 43 |
Oracle Corp. | Common | 68389X105 | 19,801,272 | 186,945 | SH | | SOLE | | 172,479 | 0 | 14,466 |
Owens Corning | Common | 690742101 | 502,621,305 | 3,684,624 | SH | | SOLE | | 3,572,153 | 0 | 112,471 |
PNC Financial Services Group, Inc. | Common | 693475105 | 52,492,032 | 427,564 | SH | | SOLE | | 427,564 | 0 | 0 |
Prologis, Inc. | Common | 74340W103 | 23,586,093 | 210,196 | SH | | SOLE | | 117,899 | 0 | 92,297 |
Public Storage, Inc. | Common | 74460D109 | 15,231,456 | 57,800 | SH | | SOLE | | 32,540 | 0 | 25,260 |
Quest Diagnostics, Inc. | Common | 74834L100 | 203,226,072 | 1,667,698 | SH | | SOLE | | 1,597,397 | 0 | 70,301 |
Regency Centers Corp. | Common | 758849103 | 7,304,582 | 122,890 | SH | | SOLE | | 66,770 | 0 | 56,120 |
Retail Opportunity Investments Corp. | Common | 76131N101 | 7,430,414 | 600,195 | SH | | SOLE | | 302,655 | 0 | 297,540 |
Rexford Industrial Realty, Inc. | Common | 76169C100 | 7,110,842 | 144,090 | SH | | SOLE | | 88,300 | 0 | 55,790 |
RH | Common | 74967X103 | 592,166 | 2,240 | SH | | SOLE | | 2,240 | 0 | 0 |
Rocket Companies, Inc., Class A | Common | 77311W101 | 27,898,716 | 3,410,601 | SH | | SOLE | | 3,410,601 | 0 | 0 |
SAP SE, ADR | ADR | 803054204 | 18,222,772 | 140,912 | SH | | SOLE | | 131,417 | 0 | 9,495 |
Simon Property Group, Inc. | Common | 828806109 | 13,841,884 | 128,130 | SH | | SOLE | | 73,890 | 0 | 54,240 |
Skechers U.S.A, Inc. Class A | Common | 830566105 | 606,980 | 12,400 | SH | | SOLE | | 12,400 | 0 | 0 |
SL Green Realty Corp. | Common | 78440X887 | 3,184,674 | 85,380 | SH | | SOLE | | 46,870 | 0 | 38,510 |
State Street Corp. | Common | 857477103 | 3,744,336 | 55,919 | SH | | SOLE | | 55,919 | 0 | 0 |
Sun Communities, Inc. | Common | 866674104 | 5,843,629 | 49,380 | SH | | SOLE | | 26,330 | 0 | 23,050 |
Sunstone Hotel Investors, Inc. | Common | 867892101 | 7,885,229 | 843,340 | SH | | SOLE | | 470,980 | 0 | 372,360 |
Teck Resources Ltd., Class B | Common | 878742204 | 554,790,283 | 12,875,150 | SH | | SOLE | | 12,559,897 | 0 | 315,253 |
Terreno Realty Corp. | Common | 88146M101 | 11,326,886 | 199,417 | SH | | SOLE | | 105,444 | 0 | 93,973 |
Texas Instruments, Inc. | Common | 882508104 | 432,891,706 | 2,722,415 | SH | | SOLE | | 2,641,387 | 0 | 81,028 |
Truist Financial Corp. | Common | 89832Q109 | 4,201,836 | 146,866 | SH | | SOLE | | 146,866 | 0 | 0 |
UDR, Inc. | Common | 902653104 | 8,927,844 | 250,290 | SH | | SOLE | | 133,030 | 0 | 117,260 |
U.S. Bancorp | Common | 902973304 | 507,161,108 | 15,340,624 | SH | | SOLE | | 14,982,354 | 0 | 358,270 |
UnitedHealth Group, Inc. | Common | 91324P102 | 57,318,827 | 113,684 | SH | | SOLE | | 104,767 | 0 | 8,917 |
Ventas, Inc. | Common | 92276F100 | 10,590,218 | 251,370 | SH | | SOLE | | 143,720 | 0 | 107,650 |
Viatris, Inc. | Common | 92556V106 | 631,668,929 | 64,063,785 | SH | | SOLE | | 62,236,755 | 0 | 1,827,030 |
VICI Properties, Inc. | Common | 925652109 | 4,429,020 | 152,200 | SH | | SOLE | | 88,960 | 0 | 63,240 |
Wells Fargo & Co. | Common | 949746101 | 1,238,600,102 | 30,313,265 | SH | | SOLE | | 29,728,704 | 0 | 584,561 |
Welltower Inc. | Common | 95040Q104 | 12,508,365 | 152,690 | SH | | SOLE | | 87,010 | 0 | 65,680 |
Wesco International, Inc. | Common | 95082P105 | 19,201,421 | 133,510 | SH | | SOLE | | 122,849 | 0 | 10,661 |