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 | 183,593,978 | 1,512,163 | SH | | SOLE | | 1,470,237 | 0 | 41,926 |
Alexandria Real Estate Equities, Inc. | Common | 015271109 | 18,251,964 | 143,977 | SH | | SOLE | | 78,893 | 0 | 65,084 |
Alibaba Group Holding Ltd | ADR | 01609W102 | 14,115,656 | 182,114 | SH | | SOLE | | 182,114 | 0 | 0 |
Alphabet Inc., Class A | Common | 02079K305 | 492,054,320 | 3,522,043 | SH | | SOLE | | 3,433,262 | 0 | 88,781 |
Alphabet Inc., Class C | Common | 02079K107 | 98,565,315 | 699,392 | SH | | SOLE | | 686,536 | 0 | 12,856 |
Amazon.com, Inc. | Common | 023135106 | 1,065,695,740 | 7,013,917 | SH | | SOLE | | 6,859,879 | 0 | 154,038 |
American Express Co. | Common | 025816109 | 169,261,408 | 903,491 | SH | | SOLE | | 888,947 | 0 | 14,544 |
American Homes 4 Rent, Class A | Common | 02665T306 | 9,139,594 | 254,160 | SH | | SOLE | | 142,210 | 0 | 111,950 |
American Tower Corp Class A | Common | 03027X100 | 12,562,057 | 58,190 | SH | | SOLE | | 31,440 | 0 | 26,750 |
Applied Materials, Inc. | Common | 038222105 | 962,250,097 | 5,937,245 | SH | | SOLE | | 5,772,648 | 0 | 164,597 |
AvalonBay Communities, Inc. | Common | 053484101 | 13,858,024 | 74,020 | SH | | SOLE | | 39,990 | 0 | 34,030 |
Baidu, Inc., Class A, ADR | ADR | 056752108 | 5,520,655 | 46,357 | SH | | SOLE | | 46,357 | 0 | 0 |
Bank of America Corp. | Common | 060505104 | 40,923,966 | 1,215,443 | SH | | SOLE | | 1,215,443 | 0 | 0 |
Bank of N.T. Butterfield & Son Ltd. | Common | G0772R208 | 55,264,644 | 1,726,478 | SH | | SOLE | | 1,726,478 | 0 | 0 |
Bank of New York Mellon Corp. | Common | 064058100 | 655,953,690 | 12,602,375 | SH | | SOLE | | 12,323,648 | 0 | 278,727 |
Berkshire Hathaway Inc., Class A | Common | 084670108 | 1,021,762,931 | 1,883 | SH | | SOLE | | 1,883 | 0 | 0 |
Berkshire Hathaway Inc., Class B | Common | 084670702 | 391,915,540 | 1,098,843 | SH | | SOLE | | 1,032,270 | 0 | 66,573 |
Boston Properties, Inc. | Common | 101121101 | 11,040,548 | 157,340 | SH | | SOLE | | 86,470 | 0 | 70,870 |
Brixmor Property Group, Inc. | Common | 11120U105 | 16,554,976 | 711,430 | SH | | SOLE | | 394,550 | 0 | 316,880 |
Camden Property Trust | Common | 133131102 | 4,457,128 | 44,890 | SH | | SOLE | | 27,870 | 0 | 17,020 |
Capital One Financial Corp. | Common | 14040H105 | 1,428,109,854 | 10,891,619 | SH | | SOLE | | 10,645,733 | 0 | 245,886 |
Carrier Global Corp. | Common | 14448C104 | 29,566,779 | 514,650 | SH | | SOLE | | 475,094 | 0 | 39,556 |
Charles Schwab Corp. | Common | 808513105 | 21,432,782 | 311,523 | SH | | SOLE | | 311,523 | 0 | 0 |
Chubb Ltd. | Common | H1467J104 | 316,375,528 | 1,399,886 | SH | | SOLE | | 1,372,434 | 0 | 27,452 |
The Cigna Group | Common | 125523100 | 495,077,420 | 1,653,283 | SH | | SOLE | | 1,602,583 | 0 | 50,700 |
Clear Secure, Inc. | Common | 18467V109 | 13,412,495 | 649,513 | SH | | SOLE | | 631,275 | 0 | 18,238 |
Community Healthcare Trust, Inc. | Common | 20369C106 | 5,943,384 | 223,100 | SH | | SOLE | | 123,030 | 0 | 100,070 |
Coupang, Inc., Class A | Common | 22266T109 | 99,489,063 | 6,145,093 | SH | | SOLE | | 6,145,093 | 0 | 0 |
Cousins Properties, Inc. | Common | 222795502 | 16,900,239 | 694,055 | SH | | SOLE | | 375,410 | 0 | 318,645 |
Crown Castle International Corp. | Common | 22822V101 | 4,901,335 | 42,550 | SH | | SOLE | | 23,420 | 0 | 19,130 |
CubeSmart | Common | 229663109 | 3,339,054 | 72,040 | SH | | SOLE | | 41,010 | 0 | 31,030 |
CVS Health Corp. | Common | 126650100 | 16,298,564 | 206,414 | SH | | SOLE | | 190,696 | 0 | 15,718 |
Darling Ingredients, Inc. | Common | 237266101 | 153,298,945 | 3,075,812 | SH | | SOLE | | 2,983,754 | 0 | 92,058 |
Davis Select Financial ETF | ETF | 23908L108 | 64,716,736 | 2,138,178 | SH | | SOLE | | 2,138,178 | 0 | 0 |
Davis Select International ETF | ETF | 23908L405 | 72,578,608 | 3,916,775 | SH | | SOLE | | 3,916,775 | 0 | 0 |
Davis Select U.S. Equity ETF | ETF | 23908L207 | 119,532,829 | 3,390,041 | SH | | SOLE | | 3,390,041 | 0 | 0 |
Davis Select Worldwide ETF | ETF | 23908L306 | 57,847,987 | 1,953,004 | SH | | SOLE | | 1,953,004 | 0 | 0 |
Digital Realty Trust, Inc. | Common | 253868103 | 13,948,544 | 103,645 | SH | | SOLE | | 56,935 | 0 | 46,710 |
Douglas Emmett, Inc. | Common | 25960P109 | 3,771,450 | 260,100 | SH | | SOLE | | 144,800 | 0 | 115,300 |
Eaton Corp. PLC | Common | G29183103 | 35,025,453 | 145,440 | SH | | SOLE | | 134,178 | 0 | 11,262 |
Equinix, Inc. | Common | 29444U700 | 14,374,601 | 17,848 | SH | | SOLE | | 9,938 | 0 | 7,910 |
Equity Residential | Common | 29476L107 | 8,863,001 | 144,915 | SH | | SOLE | | 81,000 | 0 | 63,915 |
Essex Property Trust, Inc. | Common | 297178105 | 13,822,903 | 55,751 | SH | | SOLE | | 31,300 | 0 | 24,451 |
Everest Re Group, Ltd. | Common | G3223R108 | 14,837,278 | 41,963 | SH | | SOLE | | 41,963 | 0 | 0 |
Extra Space Storage, Inc. | Common | 30225T102 | 6,617,621 | 41,275 | SH | | SOLE | | 23,420 | 0 | 17,855 |
Federal Realty Investment Trust | Common | 313745101 | 6,417,954 | 62,280 | SH | | SOLE | | 31,930 | 0 | 30,350 |
Ferguson PLC | Common | G3421J106 | 39,805,802 | 206,170 | SH | | SOLE | | 192,191 | 0 | 13,979 |
Fifth Third Bancorp | Common | 316773100 | 86,310,018 | 2,502,465 | SH | | SOLE | | 2,502,465 | 0 | 0 |
Healthpeak Properties, Inc. | Common | 42250P103 | 5,583,521 | 281,996 | SH | | SOLE | | 136,980 | 0 | 145,016 |
Highwoods Properties, Inc. | Common | 431284108 | 3,730,770 | 162,490 | SH | | SOLE | | 83,650 | 0 | 78,840 |
Hollysys Automation Technologies, Ltd. | Common | G45667105 | 138,291,130 | 5,248,240 | SH | | SOLE | | 5,248,240 | 0 | 0 |
Hudson Pacific Properties, Inc. | Common | 444097109 | 6,457,816 | 693,643 | SH | | SOLE | | 388,480 | 0 | 305,163 |
Humana Inc. | Common | 444859102 | 19,944,248 | 43,563 | SH | | SOLE | | 39,736 | 0 | 3,827 |
IAC Inc. | Common | 44891N208 | 152,450,119 | 2,910,455 | SH | | SOLE | | 2,844,576 | 0 | 65,879 |
Intel Corp. | Common | 458140100 | 454,047,231 | 9,035,759 | SH | | SOLE | | 8,800,267 | 0 | 235,492 |
iShares S&P 500 Value Index Fund | ETF | 464287408 | 24,265,480 | 139,545 | SH | | SOLE | | 107,993 | 0 | 31,552 |
JD.com, Inc., Class A, ADR | ADR | 47215P106 | 129,717,171 | 4,490,036 | SH | | SOLE | | 4,490,036 | 0 | 0 |
Johnson Controls International PLC | Common | G51502105 | 29,726,343 | 515,723 | SH | | SOLE | | 479,187 | 0 | 36,536 |
JPMorgan Chase & Co. | Common | 46625H100 | 679,249,671 | 3,993,234 | SH | | SOLE | | 3,897,507 | 0 | 95,727 |
KE Holdings, Inc | ADR | 482497104 | 76,369,733 | 4,711,272 | SH | | SOLE | | 4,711,272 | 0 | 0 |
Lam Research Corp. | Common | 512807108 | 961,843 | 1,228 | SH | | SOLE | | 1,228 | 0 | 0 |
Liberty Formula One, Series A | Common | 531229771 | 28,311,655 | 488,300 | SH | | SOLE | | 488,300 | 0 | 0 |
Liberty Formula One, Series C | Common | 531229755 | 16,275,040 | 257,802 | SH | | SOLE | | 257,802 | 0 | 0 |
Liberty TripAdvisor Hldgs Inc. - A | Common | 531465102 | 201,521 | 237,084 | SH | | SOLE | | 237,084 | 0 | 0 |
Loews Corp. | Common | 540424108 | 100,967,880 | 1,450,893 | SH | | SOLE | | 1,432,371 | 0 | 18,522 |
M&T Bank Corp. | Common | 55261F104 | 6,769,696 | 49,385 | SH | | SOLE | | 49,385 | 0 | 0 |
Markel Corp. | Common | 570535104 | 426,849,496 | 300,604 | SH | | SOLE | | 292,470 | 0 | 8,134 |
Masterbrand, Inc. | Common | 57638P104 | 29,705,719 | 2,000,385 | SH | | SOLE | | 1,833,062 | 0 | 167,323 |
Meta Platforms, Inc., Class A | Common | 30303M102 | 1,400,855,406 | 3,957,652 | SH | | SOLE | | 3,887,619 | 0 | 70,033 |
MGM Resorts International | Common | 552953101 | 461,638,915 | 10,332,109 | SH | | SOLE | | 10,153,203 | 0 | 178,906 |
Microsoft Corp. | Common | 594918104 | 125,401,797 | 333,476 | SH | | SOLE | | 316,878 | 0 | 16,598 |
Noah Holdings Ltd., Class A, ADS | ADR | 65487X102 | 10,688,860 | 773,993 | SH | | SOLE | | 773,993 | 0 | 0 |
Oracle Corp. | Common | 68389X105 | 19,186,735 | 181,985 | SH | | SOLE | | 168,129 | 0 | 13,856 |
Owens Corning | Common | 690742101 | 398,119,765 | 2,685,808 | SH | | SOLE | | 2,593,144 | 0 | 92,664 |
PNC Financial Services Group, Inc. | Common | 693475105 | 77,852,076 | 502,758 | SH | | SOLE | | 502,758 | 0 | 0 |
Prologis, Inc. | Common | 74340W103 | 25,406,447 | 190,596 | SH | | SOLE | | 102,859 | 0 | 87,737 |
Public Storage, Inc. | Common | 74460D109 | 16,619,450 | 54,490 | SH | | SOLE | | 29,230 | 0 | 25,260 |
Quest Diagnostics, Inc. | Common | 74834L100 | 367,667,954 | 2,666,564 | SH | | SOLE | | 2,573,929 | 0 | 92,635 |
Regency Centers Corp. | Common | 758849103 | 8,233,630 | 122,890 | SH | | SOLE | | 66,770 | 0 | 56,120 |
Retail Opportunity Investments Corp. | Common | 76131N101 | 8,035,753 | 572,755 | SH | | SOLE | | 304,635 | 0 | 268,120 |
Rexford Industrial Realty, Inc. | Common | 76169C100 | 8,935,608 | 159,280 | SH | | SOLE | | 88,300 | 0 | 70,980 |
RH | Common | 74967X103 | 652,915 | 2,240 | SH | | SOLE | | 2,240 | 0 | 0 |
Rocket Companies, Inc., Class A | Common | 77311W101 | 47,531,512 | 3,282,563 | SH | | SOLE | | 3,282,563 | 0 | 0 |
SAP SE, ADR | ADR | 803054204 | 21,544,955 | 139,367 | SH | | SOLE | | 129,779 | 0 | 9,588 |
Simon Property Group, Inc. | Common | 828806109 | 15,872,979 | 111,280 | SH | | SOLE | | 63,020 | 0 | 48,260 |
Skechers U.S.A, Inc. Class A | Common | 830566105 | 773,016 | 12,400 | SH | | SOLE | | 12,400 | 0 | 0 |
SL Green Realty Corp. | Common | 78440X887 | 3,856,615 | 85,380 | SH | | SOLE | | 46,870 | 0 | 38,510 |
State Street Corp. | Common | 857477103 | 4,281,447 | 55,273 | SH | | SOLE | | 55,273 | 0 | 0 |
Sun Communities, Inc. | Common | 866674104 | 6,599,637 | 49,380 | SH | | SOLE | | 26,330 | 0 | 23,050 |
Sunstone Hotel Investors, Inc. | Common | 867892101 | 9,080,584 | 846,280 | SH | | SOLE | | 473,920 | 0 | 372,360 |
Teck Resources Ltd., Class B | Common | 878742204 | 539,766,528 | 12,769,491 | SH | | SOLE | | 12,460,083 | 0 | 309,408 |
Terreno Realty Corp. | Common | 88146M101 | 12,530,052 | 199,937 | SH | | SOLE | | 105,964 | 0 | 93,973 |
Texas Instruments, Inc. | Common | 882508104 | 451,845,628 | 2,650,737 | SH | | SOLE | | 2,572,401 | 0 | 78,336 |
Truist Financial Corp. | Common | 89832Q109 | 5,330,362 | 144,376 | SH | | SOLE | | 144,376 | 0 | 0 |
UDR, Inc. | Common | 902653104 | 7,840,260 | 204,760 | SH | | SOLE | | 109,010 | 0 | 95,750 |
U.S. Bancorp | Common | 902973304 | 661,594,256 | 15,286,371 | SH | | SOLE | | 14,956,256 | 0 | 330,115 |
UnitedHealth Group, Inc. | Common | 91324P102 | 57,033,494 | 108,331 | SH | | SOLE | | 99,449 | 0 | 8,882 |
Ventas, Inc. | Common | 92276F100 | 14,483,006 | 290,590 | SH | | SOLE | | 166,640 | 0 | 123,950 |
Viatris, Inc. | Common | 92556V106 | 678,626,527 | 62,661,728 | SH | | SOLE | | 61,054,564 | 0 | 1,607,164 |
VICI Properties, Inc. | Common | 925652109 | 4,852,136 | 152,200 | SH | | SOLE | | 88,960 | 0 | 63,240 |
Wells Fargo & Co. | Common | 949746101 | 1,444,852,797 | 29,354,991 | SH | | SOLE | | 28,777,367 | 0 | 577,624 |
Welltower Inc. | Common | 95040Q104 | 12,114,340 | 134,350 | SH | | SOLE | | 77,140 | 0 | 57,210 |
Wesco International, Inc. | Common | 95082P105 | 32,577,568 | 187,354 | SH | | SOLE | | 172,525 | 0 | 14,829 |