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 |
58.com, Inc. ADR | ADR | 31680Q104 | 1,031 | 29,146 | SH | | SOLE | | 29,146 | 0 | 0 |
Acadia Realty Trust | Common | 004239109 | 15,000 | 499,011 | SH | | SOLE | | 264,981 | 0 | 234,030 |
Adient PLC | Common | G0084W101 | 549,762 | 7,565,186 | SH | | SOLE | | 7,421,108 | 0 | 144,078 |
Aetna Inc. | Common | 00817Y108 | 531,100 | 4,163,857 | SH | | SOLE | | 4,079,719 | 0 | 84,138 |
Air Products & Chemicals, Inc. | Common | 009158106 | 250 | 1,848 | SH | | SOLE | | 0 | 0 | 1,848 |
Alexandria Real Estate Equities, Inc. | Common | 015271109 | 10,781 | 97,548 | SH | | SOLE | | 45,794 | 0 | 51,754 |
Alibaba Group Holding Ltd. ADR | ADR | 01609W102 | 43,592 | 404,270 | SH | | SOLE | | 404,270 | 0 | 0 |
Alphabet Inc., Class A | Common | 02079K305 | 668,953 | 789,046 | SH | | SOLE | | 773,992 | 0 | 15,054 |
Alphabet Inc., Class C | Common | 02079K107 | 1,037,510 | 1,250,676 | SH | | SOLE | | 1,232,891 | 0 | 17,785 |
Amazon.com, Inc. | Common | 023135106 | 1,532,144 | 1,728,229 | SH | | SOLE | | 1,698,308 | 0 | 29,921 |
American Campus Communities, Inc. | Common | 024835100 | 16,284 | 342,171 | SH | | SOLE | | 159,647 | 0 | 182,524 |
American Express Co. | Common | 025816109 | 935,927 | 11,830,707 | SH | | SOLE | | 11,677,927 | 0 | 152,780 |
American International Group. Inc. | Common | 026874784 | 22,273 | 356,760 | SH | | SOLE | | 356,760 | 0 | 0 |
Angie's List, Inc. | Common | 034754101 | 18,842 | 3,305,641 | SH | | SOLE | | 3,013,914 | 0 | 291,727 |
Apache Corporation | Common | 037411105 | 1,124,086 | 21,873,634 | SH | | SOLE | | 21,450,972 | 0 | 422,662 |
Apartment Investment & Management | Common | 03748R101 | 9,666 | 217,937 | SH | | SOLE | | 88,637 | 0 | 129,300 |
Applied Materials, Inc. | Common | 038222105 | 30,483 | 783,612 | SH | | SOLE | | 719,986 | 0 | 63,626 |
AvalonBay Communities, Inc. | Common | 053484101 | 21,054 | 114,675 | SH | | SOLE | | 53,335 | 0 | 61,340 |
Axalta Coating Systems Ltd. | Common | G0750C108 | 215,727 | 6,699,596 | SH | | SOLE | | 6,621,280 | 0 | 78,316 |
Baidu, Inc. Class A, ADR | ADR | 056752108 | 14,296 | 82,863 | SH | | SOLE | | 82,863 | 0 | 0 |
Bank of New York Mellon Corp. | Common | 064058100 | 991,892 | 21,001,307 | SH | | SOLE | | 20,727,588 | 0 | 273,719 |
Berkshire Hathaway Inc., Class A | Common | 084670108 | 1,065,610 | 4,265 | SH | | SOLE | | 4,262 | 0 | 3 |
Berkshire Hathaway Inc., Class B | Common | 084670702 | 278,708 | 1,672,116 | SH | | SOLE | | 1,561,437 | 0 | 110,679 |
Boston Properties, Inc. | Common | 101121101 | 9,844 | 74,347 | SH | | SOLE | | 32,457 | 0 | 41,890 |
Brookfield Asset Management Inc., Class A | ADR | 112585104 | 26,077 | 715,225 | SH | | SOLE | | 715,225 | 0 | 0 |
Brookfield Business Partners, L.P. | Partnership | G16234109 | 328 | 13,307 | SH | | SOLE | | 13,307 | 0 | 0 |
Cabot Oil & Gas Corp. | Common | 127097103 | 364,497 | 15,244,534 | SH | | SOLE | | 14,819,053 | 0 | 425,481 |
Camden Property Trust | Common | 133131102 | 5,806 | 72,155 | SH | | SOLE | | 26,895 | 0 | 45,260 |
Capital One Financial Corp. | Common | 14040H105 | 328,255 | 3,787,852 | SH | | SOLE | | 3,750,702 | 0 | 37,150 |
CarMax, Inc. | Common | 143130102 | 274,648 | 4,637,751 | SH | | SOLE | | 4,559,494 | 0 | 78,257 |
CatchMark Timber Trust Inc., Class A | Common | 14912Y202 | 26,972 | 2,341,357 | SH | | SOLE | | 815,607 | 0 | 1,525,750 |
Cedar Realty Trust, Inc. | Common | 150602209 | 2,792 | 556,254 | SH | | SOLE | | 242,944 | 0 | 313,310 |
Charles Schwab Corp. | Common | 808513105 | 33,188 | 813,225 | SH | | SOLE | | 813,225 | 0 | 0 |
Chubb Ltd. | Common | H1467J104 | 212,855 | 1,562,241 | SH | | SOLE | | 1,544,902 | 0 | 17,339 |
CommerceHub, Inc., Series A | Common | 20084V108 | 1,581 | 102,121 | SH | | SOLE | | 102,059 | 0 | 62 |
CommerceHub, Inc., Series C | Common | 20084V306 | 3,176 | 204,518 | SH | | SOLE | | 204,383 | 0 | 135 |
Costco Wholesale Corp. | Common | 22160K105 | 296,420 | 1,767,667 | SH | | SOLE | | 1,716,225 | 0 | 51,442 |
Cousins Properties, Inc. | Common | 222795106 | 10,318 | 1,247,690 | SH | | SOLE | | 564,110 | 0 | 683,580 |
Crown Castle International Corp. | Common | 22822V101 | 13,424 | 142,125 | SH | | SOLE | | 61,925 | 0 | 80,200 |
Ctrip.com International, Ltd. ADR | ADR | 22943F100 | 4,634 | 94,291 | SH | | SOLE | | 94,291 | 0 | 0 |
CubeSmart | Common | 229663109 | 9,554 | 368,040 | SH | | SOLE | | 160,410 | 0 | 207,630 |
CyrusOne, Inc. | Common | 23283R100 | 16,998 | 330,255 | SH | | SOLE | | 139,377 | 0 | 190,878 |
Davis Select Financial | ETF | 23908L108 | 20,956 | 1,009,450 | SH | | SOLE | | 1,009,450 | 0 | 0 |
Davis Select U.S. Equity | ETF | 23908L207 | 20,480 | 1,005,900 | SH | | SOLE | | 1,005,900 | 0 | 0 |
Davis Select Worldwide | ETF | 23908L306 | 19,893 | 943,700 | SH | | SOLE | | 943,700 | 0 | 0 |
DCT Industrial Trust, Inc. | Common | 233153204 | 10,446 | 217,083 | SH | | SOLE | | 107,236 | 0 | 109,847 |
DDR Corporation | Common | 23317H102 | 2,339 | 186,636 | SH | | SOLE | | 109,676 | 0 | 76,960 |
Delphi Automotive PLC | Common | G27823106 | 310,732 | 3,860,504 | SH | | SOLE | | 3,752,855 | 0 | 107,649 |
Diplomat Pharmacy, Inc. | Common | 25456K101 | 26,033 | 1,632,146 | SH | | SOLE | | 1,537,013 | 0 | 95,133 |
DuPont Fabros Technology, Inc. | Common | 26613Q106 | 8,371 | 168,810 | SH | | SOLE | | 61,750 | 0 | 107,060 |
EastGroup Properties, Inc. | Common | 277276101 | 7,163 | 97,418 | SH | | SOLE | | 42,618 | 0 | 54,800 |
Eaton Corporation Plc | Common | G29183103 | 37,979 | 512,192 | SH | | SOLE | | 453,446 | 0 | 58,746 |
Ecolab, Inc. | Common | 278865100 | 209,803 | 1,673,872 | SH | | SOLE | | 1,651,368 | 0 | 22,504 |
Encana Corporation | ADR | 292505104 | 811,831 | 69,328,046 | SH | | SOLE | | 67,988,768 | 0 | 1,339,278 |
EQT Midstream Partners L.P. | Partnership | 26885B100 | 10,178 | 132,352 | SH | | SOLE | | 132,352 | 0 | 0 |
Equity Residential | Common | 29476L107 | 13,773 | 221,367 | SH | | SOLE | | 82,012 | 0 | 139,355 |
Essex Property Trust, Inc. | Common | 297178105 | 19,275 | 83,251 | SH | | SOLE | | 33,080 | 0 | 50,171 |
Everest Re Group, Ltd. | Common | G3223R108 | 53,393 | 228,360 | SH | | SOLE | | 228,360 | 0 | 0 |
Express Scripts Holding Co. | Common | 30219G108 | 280,596 | 4,257,264 | SH | | SOLE | | 4,176,434 | 0 | 80,830 |
Extra Space Storage, Inc. | Common | 30225T102 | 8,231 | 110,653 | SH | | SOLE | | 46,673 | 0 | 63,980 |
Facebook, Inc. | Common | 30303M102 | 521,200 | 3,669,129 | SH | | SOLE | | 3,607,049 | 0 | 62,080 |
Fang Holdings Ltd | ADR | 30711Y102 | 66,621 | 20,435,842 | SH | | SOLE | | 20,079,889 | 0 | 355,953 |
Federal Realty Investment Trust | Common | 313747206 | 11,349 | 85,014 | SH | | SOLE | | 35,894 | 0 | 49,120 |
FedEx Corp. | Common | 31428X106 | 89,959 | 460,972 | SH | | SOLE | | 460,642 | 0 | 330 |
First Industrial Realty Trust, Inc. | Common | 32054K103 | 12,931 | 485,581 | SH | | SOLE | | 173,911 | 0 | 311,670 |
Forest City Realty Trust, Inc., Class A | Common | 345605109 | 6,193 | 284,353 | SH | | SOLE | | 122,943 | 0 | 161,410 |
GGP Inc. | Common | 36174X101 | 8,540 | 368,437 | SH | | SOLE | | 162,867 | 0 | 205,570 |
Goldman Sachs Group, Inc. | Common | 38141G104 | 57,726 | 251,290 | SH | | SOLE | | 251,290 | 0 | 0 |
Grupo Televisa S.A.B., ADR | ADR | 40049J206 | 29,314 | 1,130,055 | SH | | SOLE | | 1,130,055 | 0 | 0 |
Hewlett Packard Enterprise Company | Common | 42824C109 | 494 | 20,830 | SH | | SOLE | | 20,830 | 0 | 0 |
Hollysys Automation Technologies Ltd. | ADR | G45667105 | 21,372 | 1,262,388 | SH | | SOLE | | 1,262,388 | 0 | 0 |
Host Hotels & Resorts, Inc. | Common | 44107P104 | 10,001 | 535,935 | SH | | SOLE | | 226,445 | 0 | 309,490 |
HP, Inc. | Common | 40434L105 | 372 | 20,830 | SH | | SOLE | | 20,830 | 0 | 0 |
Hudson Pacific Properties Inc. | Common | 444097109 | 8,578 | 247,630 | SH | | SOLE | | 108,960 | 0 | 138,670 |
ICICI Bank Limited ADR | ADR | 45104G104 | 5,399 | 627,795 | SH | | SOLE | | 627,795 | 0 | 0 |
Intel Corp. | Common | 458140100 | 945 | 26,206 | SH | | SOLE | | 26,206 | 0 | 0 |
InterXion Holding NV | Common | N47279109 | 7,837 | 198,105 | SH | | SOLE | | 198,105 | 0 | 0 |
JD.com, Inc ADR | ADR | 47215P106 | 72,305 | 2,324,161 | SH | | SOLE | | 2,249,790 | 0 | 74,371 |
Johnson Controls International PLC | Common | G51502105 | 606,225 | 14,392,807 | SH | | SOLE | | 14,127,009 | 0 | 265,798 |
JPMorgan Chase & Co. | Common | 46625H100 | 1,341,671 | 15,274,029 | SH | | SOLE | | 15,051,327 | 0 | 222,702 |
Jumei International ADR | ADR | 48138L107 | 376 | 101,850 | SH | | SOLE | | 101,850 | 0 | 0 |
Kite Realty Group Trust | Common | 49803T300 | 3,012 | 140,079 | SH | | SOLE | | 61,167 | 0 | 78,912 |
KKR & Co. L.P. | Partnership | 48248M102 | 41,794 | 2,292,605 | SH | | SOLE | | 2,292,605 | 0 | 0 |
Lam Research Corp. | Common | 512807108 | 559 | 4,355 | SH | | SOLE | | 4,355 | 0 | 0 |
LendingClub Corp. | Common | 52603A109 | 1,427 | 259,898 | SH | | SOLE | | 259,898 | 0 | 0 |
Liberty Expedia Holdings, Inc. | Common | 53046P109 | 18,597 | 408,900 | SH | | SOLE | | 408,630 | 0 | 270 |
Liberty Global PLC, LiLAC Class C | Common | G5480U153 | 36,337 | 1,577,106 | SH | | SOLE | | 1,576,149 | 0 | 957 |
Liberty Global PLC, Series C | Common | G5480U120 | 394,504 | 11,258,671 | SH | | SOLE | | 11,039,487 | 0 | 219,184 |
Liberty Interactive Corp., QVC Group, Series A | Common | 53071M104 | 47,012 | 2,348,248 | SH | | SOLE | | 2,309,104 | 0 | 39,144 |
Liberty Interactive, Liberty Ventures, Series A | Common | 53071M856 | 27,282 | 613,355 | SH | | SOLE | | 612,960 | 0 | 395 |
Liberty TripAdvisor Holdings, Inc., Series A | Common | 531465102 | 8,211 | 582,364 | SH | | SOLE | | 581,984 | 0 | 380 |
Life Storage, Inc. | Common | 53223X107 | 10,817 | 131,717 | SH | | SOLE | | 57,367 | 0 | 74,350 |
Loews Corp. | Common | 540424108 | 256,036 | 5,474,363 | SH | | SOLE | | 5,403,504 | 0 | 70,859 |
Markel Corp. | Common | 570535104 | 274,397 | 281,185 | SH | | SOLE | | 277,076 | 0 | 4,109 |
Marsh & McLennan Co. | Common | 571748102 | 37,448 | 506,814 | SH | | SOLE | | 506,814 | 0 | 0 |
Micron Technology, Inc. | Common | 595112103 | 463 | 16,028 | SH | | SOLE | | 16,028 | 0 | 0 |
Microsoft Corp. | Common | 594918104 | 259,998 | 3,947,741 | SH | | SOLE | | 3,873,088 | 0 | 74,653 |
Mid-America Apartment Communities, Inc | Common | 59522J103 | 20,743 | 203,882 | SH | | SOLE | | 79,523 | 0 | 124,359 |
Mobileye N.V. | ADR | N51488117 | 35,217 | 573,570 | SH | | SOLE | | 509,614 | 0 | 63,956 |
Monsanto Co. | Common | 61166W101 | 581,778 | 5,139,380 | SH | | SOLE | | 5,056,665 | 0 | 82,715 |
Moody's Corp. | Common | 615369105 | 22,573 | 201,470 | SH | | SOLE | | 201,470 | 0 | 0 |
New Oriental Education & Technology ADR | ADR | 647581107 | 50,257 | 832,339 | SH | | SOLE | | 832,339 | 0 | 0 |
New York REIT, Inc. | Common | 64976L109 | 6,155 | 635,195 | SH | | SOLE | | 278,195 | 0 | 357,000 |
Noah Holdings Ltd. ADS | ADR | 65487X102 | 32,116 | 1,265,416 | SH | | SOLE | | 1,265,416 | 0 | 0 |
Novartis AG ADR | ADR | 66987V109 | 22,185 | 298,710 | SH | | SOLE | | 298,710 | 0 | 0 |
Occidental Petroleum Corp. | Common | 674599105 | 438,802 | 6,925,539 | SH | | SOLE | | 6,838,111 | 0 | 87,428 |
Oracle Corporation | Common | 68389X105 | 183,511 | 4,113,671 | SH | | SOLE | | 4,065,299 | 0 | 48,372 |
PACCAR, Inc. | Common | 693718108 | 210 | 3,132 | SH | | SOLE | | 0 | 0 | 3,132 |
PNC Financial Services Group, Inc. | Common | 693475105 | 36,325 | 302,100 | SH | | SOLE | | 302,100 | 0 | 0 |
PPG Industries, Inc. | Common | 693506107 | 575 | 5,470 | SH | | SOLE | | 5,470 | 0 | 0 |
Praxair, Inc. | Common | 74005P104 | 338,655 | 2,855,442 | SH | | SOLE | | 2,817,497 | 0 | 37,945 |
Prologis, Inc. | Common | 74340W103 | 19,262 | 371,284 | SH | | SOLE | | 162,864 | 0 | 208,420 |
Public Storage | Common | 74460D109 | 22,836 | 104,317 | SH | | SOLE | | 45,967 | 0 | 58,350 |
Quest Diagnostics Inc. | Common | 74834L100 | 12,708 | 129,419 | SH | | SOLE | | 113,957 | 0 | 15,462 |
Quotient Technology, Inc. | Common | 749119103 | 17,215 | 1,802,635 | SH | | SOLE | | 1,663,986 | 0 | 138,649 |
Ramco-Gershenson Properties Trust | Common | 751452202 | 2,459 | 175,360 | SH | | SOLE | | 76,290 | 0 | 99,070 |
Regency Centers Corporation | Common | 758849103 | 5,699 | 85,836 | SH | | SOLE | | 36,836 | 0 | 49,000 |
Retail Opportunity Investments Corp. | Common | 76131N101 | 13,638 | 648,521 | SH | | SOLE | | 279,341 | 0 | 369,180 |
Rexford Industrial Realty, Inc. | Common | 76169C100 | 4,721 | 209,658 | SH | | SOLE | | 90,948 | 0 | 118,710 |
S&P Global, Inc. | Common | 78409V104 | 23,073 | 176,478 | SH | | SOLE | | 176,478 | 0 | 0 |
SAP AG ADR | ADR | 803054204 | 13,446 | 136,970 | SH | | SOLE | | 123,542 | 0 | 13,428 |
Simon Property Group, Inc. | Common | 828806109 | 37,593 | 218,527 | SH | | SOLE | | 84,867 | 0 | 133,660 |
SL Green Realty Corp. | Common | 78440X101 | 9,510 | 89,193 | SH | | SOLE | | 38,803 | 0 | 50,390 |
State Street Corp. | Common | 857477103 | 38,644 | 485,411 | SH | | SOLE | | 485,411 | 0 | 0 |
TAL Education Group, Class A, ADR | ADR | 874080104 | 40,837 | 383,192 | SH | | SOLE | | 383,192 | 0 | 0 |
Terreno Realty Corp. | Common | 88146M101 | 23,053 | 823,323 | SH | | SOLE | | 353,390 | 0 | 469,933 |
Texas Instruments, Inc. | Common | 882508104 | 471,714 | 5,855,439 | SH | | SOLE | | 5,744,786 | 0 | 110,653 |
The Priceline Group, Inc. | Common | 741503403 | 216,136 | 121,427 | SH | | SOLE | | 119,424 | 0 | 2,003 |
United Technologies Corp. | Common | 913017109 | 912,297 | 8,130,264 | SH | | SOLE | | 7,982,509 | 0 | 147,755 |
UnitedHealth Group, Inc. | Common | 91324P102 | 477,929 | 2,914,023 | SH | | SOLE | | 2,852,219 | 0 | 61,804 |
US Bancorp | Common | 902973304 | 121,320 | 2,355,729 | SH | | SOLE | | 2,350,548 | 0 | 5,181 |
Valeant Pharmaceuticals International | ADR | 91911K102 | 43,213 | 3,917,812 | SH | | SOLE | | 3,765,555 | 0 | 152,257 |
Ventas, Inc. | Common | 92276F100 | 5,881 | 90,415 | SH | | SOLE | | 62,655 | 0 | 27,760 |
Vipshop Holdings Ltd. ADS | ADR | 92763W103 | 47,173 | 3,536,206 | SH | | SOLE | | 3,471,510 | 0 | 64,696 |
Visa, Inc., Class A | Common | 92826C839 | 368,242 | 4,143,608 | SH | | SOLE | | 4,094,017 | 0 | 49,591 |
Vornado Realty Trust | Common | 929042109 | 16,668 | 166,166 | SH | | SOLE | | 72,680 | 0 | 93,486 |
Wells Fargo & Co. | Common | 949746101 | 1,419,009 | 25,494,226 | SH | | SOLE | | 25,063,683 | 0 | 430,543 |
Welltower, Inc. | Common | 95040Q104 | 17,850 | 252,046 | SH | | SOLE | | 108,006 | 0 | 144,040 |
Weyerhaeuser Co. | Common | 962166104 | 13,533 | 398,252 | SH | | SOLE | | 175,752 | 0 | 222,500 |
Xilinx, Inc. | Common | 983919101 | 458 | 7,920 | SH | | SOLE | | 7,920 | 0 | 0 |
ZTO Express Cayman, Inc. ADR | ADR | 98980A105 | 54,820 | 4,187,932 | SH | | SOLE | | 4,077,373 | 0 | 110,559 |