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 | 2,153 | 30,086 | SH | | SOLE | | 30,086 | 0 | 0 |
Acadia Realty Trust | Common | 004239109 | 19,445 | 710,700 | SH | | SOLE | | 312,140 | 0 | 398,560 |
Adient PLC | Common | G0084W101 | 594,262 | 7,550,983 | SH | | SOLE | | 7,382,737 | 0 | 168,246 |
Aetna Inc. | Common | 00817Y108 | 587,256 | 3,255,479 | SH | | SOLE | | 3,181,799 | 0 | 73,680 |
Air Products & Chemicals, Inc. | Common | 009158106 | 309 | 1,883 | SH | | SOLE | | 0 | 0 | 1,883 |
Alexandria Real Estate Equities, Inc. | Common | 015271109 | 12,772 | 97,800 | SH | | SOLE | | 46,046 | 0 | 51,754 |
Alibaba Group Holding Ltd. ADR | ADR | 01609W102 | 602,200 | 3,492,429 | SH | | SOLE | | 3,445,798 | 0 | 46,631 |
Alleghany Corporation | Common | 017175100 | 47,561 | 79,789 | SH | | SOLE | | 79,789 | 0 | 0 |
Alphabet Inc., Class A | Common | 02079K305 | 738,938 | 701,479 | SH | | SOLE | | 688,096 | 0 | 13,383 |
Alphabet Inc., Class C | Common | 02079K107 | 1,218,958 | 1,164,907 | SH | | SOLE | | 1,149,070 | 0 | 15,837 |
Amazon.com, Inc. | Common | 023135106 | 1,738,843 | 1,486,864 | SH | | SOLE | | 1,460,370 | 0 | 26,494 |
American Campus Communities, Inc. | Common | 024835100 | 10,799 | 263,189 | SH | | SOLE | | 126,305 | 0 | 136,884 |
American Express Co. | Common | 025816109 | 773,503 | 7,788,769 | SH | | SOLE | | 7,668,277 | 0 | 120,492 |
American Homes 4 Rent, Class A | Common | 02665T306 | 2,791 | 127,782 | SH | | SOLE | | 56,532 | 0 | 71,250 |
American International Group. Inc. | Common | 026874784 | 21,766 | 365,316 | SH | | SOLE | | 365,316 | 0 | 0 |
ANGI Homeservices Inc., Class A | Common | 00183L102 | 51,811 | 4,953,268 | SH | | SOLE | | 4,647,614 | 0 | 305,654 |
Apache Corporation | Common | 037411105 | 871,847 | 20,650,094 | SH | | SOLE | | 20,237,158 | 0 | 412,936 |
Applied Materials, Inc. | Common | 038222105 | 25,725 | 503,225 | SH | | SOLE | | 470,306 | 0 | 32,919 |
Aptiv PLC | Common | G6095L109 | 211,805 | 2,496,817 | SH | | SOLE | | 2,426,581 | 0 | 70,236 |
AvalonBay Communities, Inc. | Common | 053484101 | 15,006 | 84,111 | SH | | SOLE | | 40,221 | 0 | 43,890 |
Axalta Coating Systems Ltd. | Common | G0750C108 | 309,915 | 9,577,113 | SH | | SOLE | | 9,368,733 | 0 | 208,380 |
Baidu, Inc. Class A, ADR | ADR | 056752108 | 21,834 | 93,223 | SH | | SOLE | | 93,223 | 0 | 0 |
Bank of New York Mellon Corp. | Common | 064058100 | 1,052,207 | 19,535,957 | SH | | SOLE | | 19,258,818 | 0 | 277,139 |
Berkshire Hathaway Inc., Class A | Common | 084670108 | 1,227,600 | 4,125 | SH | | SOLE | | 4,121 | 0 | 4 |
Berkshire Hathaway Inc., Class B | Common | 084670702 | 351,498 | 1,773,272 | SH | | SOLE | | 1,662,872 | 0 | 110,400 |
Boston Properties, Inc. | Common | 101121101 | 15,808 | 121,572 | SH | | SOLE | | 53,012 | 0 | 68,560 |
Brandywine Realty Trust | Common | 105368203 | 8,803 | 483,936 | SH | | SOLE | | 211,765 | 0 | 272,171 |
Brixmor Property Group, Inc. | Common | 11120U105 | 2,853 | 152,870 | SH | | SOLE | | 65,870 | 0 | 87,000 |
Brookfield Asset Management Inc., Class A | ADR | 112585104 | 31,915 | 733,011 | SH | | SOLE | | 733,011 | 0 | 0 |
Brookfield Business Partners, L.P. | Partnership | G16234109 | 459 | 13,307 | SH | | SOLE | | 13,307 | 0 | 0 |
Cabot Oil & Gas Corp. | Common | 127097103 | 412,722 | 14,430,824 | SH | | SOLE | | 13,978,886 | 0 | 451,938 |
Camden Property Trust | Common | 133131102 | 12,521 | 136,012 | SH | | SOLE | | 54,672 | 0 | 81,340 |
Capital One Financial Corp. | Common | 14040H105 | 1,184,825 | 11,898,226 | SH | | SOLE | | 11,733,257 | 0 | 164,969 |
CarMax, Inc. | Common | 143130102 | 368 | 5,742 | SH | | SOLE | | 1,442 | 0 | 4,300 |
CatchMark Timber Trust Inc., Class A | Common | 14912Y202 | 14,627 | 1,114,015 | SH | | SOLE | | 486,628 | 0 | 627,387 |
Cedar Realty Trust, Inc. | Common | 150602209 | 3,373 | 554,706 | SH | | SOLE | | 241,396 | 0 | 313,310 |
Charles Schwab Corp. | Common | 808513105 | 43,498 | 846,768 | SH | | SOLE | | 846,768 | 0 | 0 |
Chubb Ltd. | Common | H1467J104 | 209,968 | 1,436,856 | SH | | SOLE | | 1,420,096 | 0 | 16,760 |
CommerceHub, Inc., Series A | Common | 20084V108 | 1,912 | 86,955 | SH | | SOLE | | 86,893 | 0 | 62 |
CommerceHub, Inc., Series C | Common | 20084V306 | 3,585 | 174,105 | SH | | SOLE | | 173,970 | 0 | 135 |
Concho Resources Inc. | Common | 20605P101 | 20,566 | 136,907 | SH | | SOLE | | 123,128 | 0 | 13,779 |
Costco Wholesale Corp. | Common | 22160K105 | 2,529 | 13,590 | SH | | SOLE | | 13,590 | 0 | 0 |
Cousins Properties, Inc. | Common | 222795106 | 11,563 | 1,250,085 | SH | | SOLE | | 566,505 | 0 | 683,580 |
Crown Castle International Corp. | Common | 22822V101 | 9,509 | 85,655 | SH | | SOLE | | 37,485 | 0 | 48,170 |
Ctrip.com International, Ltd. ADR | ADR | 22943F100 | 11,333 | 256,991 | SH | | SOLE | | 256,991 | 0 | 0 |
CubeSmart | Common | 229663109 | 10,701 | 370,025 | SH | | SOLE | | 162,395 | 0 | 207,630 |
CyrusOne, Inc. | Common | 23283R100 | 8,652 | 145,345 | SH | | SOLE | | 64,277 | 0 | 81,068 |
Davis Select Financial | ETF | 23908L108 | 43,458 | 1,814,550 | SH | | SOLE | | 1,814,550 | 0 | 0 |
Davis Select U.S. Equity | ETF | 23908L207 | 65,587 | 2,803,000 | SH | | SOLE | | 2,803,000 | 0 | 0 |
Davis Select Worldwide | ETF | 23908L306 | 43,317 | 1,650,800 | SH | | SOLE | | 1,650,800 | 0 | 0 |
DCT Industrial Trust, Inc. | Common | 233153204 | 9,937 | 169,061 | SH | | SOLE | | 87,404 | 0 | 81,657 |
DDR Corporation | Common | 23317H102 | 1,667 | 186,013 | SH | | SOLE | | 109,053 | 0 | 76,960 |
Delphi Technologies PLC | Common | G2709G107 | 36,988 | 704,943 | SH | | SOLE | | 694,660 | 0 | 10,283 |
Diplomat Pharmacy, Inc. | Common | 25456K101 | 36,108 | 1,799,128 | SH | | SOLE | | 1,701,284 | 0 | 97,844 |
DowDuPont Inc. | Common | 26078J100 | 855 | 12,000 | SH | | SOLE | | 12,000 | 0 | 0 |
DXC Technology Co. | Common | 23355L106 | 1,074 | 11,319 | SH | | SOLE | | 11,319 | 0 | 0 |
EastGroup Properties, Inc. | Common | 277276101 | 8,664 | 98,026 | SH | | SOLE | | 43,226 | 0 | 54,800 |
Eaton Corporation Plc | Common | G29183103 | 26,543 | 335,951 | SH | | SOLE | | 301,701 | 0 | 34,250 |
Ecolab, Inc. | Common | 278865100 | 585 | 4,358 | SH | | SOLE | | 4,358 | 0 | 0 |
Encana Corporation | ADR | 292505104 | 818,747 | 61,421,348 | SH | | SOLE | | 60,160,596 | 0 | 1,260,752 |
EQT Midstream Partners L.P. | Partnership | 26885B100 | 17,198 | 235,264 | SH | | SOLE | | 215,997 | 0 | 19,267 |
Equity Residential | Common | 29476L107 | 14,097 | 221,058 | SH | | SOLE | | 82,153 | 0 | 138,905 |
Essex Property Trust, Inc. | Common | 297178105 | 20,139 | 83,436 | SH | | SOLE | | 33,265 | 0 | 50,171 |
Everest Re Group, Ltd. | Common | G3223R108 | 52,005 | 235,042 | SH | | SOLE | | 235,042 | 0 | 0 |
Express Scripts Holding Co. | Common | 30219G108 | 292,342 | 3,916,700 | SH | | SOLE | | 3,834,713 | 0 | 81,987 |
Extra Space Storage, Inc. | Common | 30225T102 | 9,742 | 111,398 | SH | | SOLE | | 47,418 | 0 | 63,980 |
Facebook, Inc. | Common | 30303M102 | 599,302 | 3,396,248 | SH | | SOLE | | 3,331,664 | 0 | 64,584 |
Fang Holdings Ltd | ADR | 30711Y102 | 154,384 | 27,667,470 | SH | | SOLE | | 27,238,803 | 0 | 428,667 |
Federal Realty Investment Trust | Common | 313747206 | 11,355 | 85,496 | SH | | SOLE | | 36,376 | 0 | 49,120 |
FedEx Corp. | Common | 31428X106 | 405,001 | 1,622,989 | SH | | SOLE | | 1,590,169 | 0 | 32,820 |
First Industrial Realty Trust, Inc. | Common | 32054K103 | 15,308 | 486,422 | SH | | SOLE | | 174,752 | 0 | 311,670 |
Forest City Realty Trust, Inc., Class A | Common | 345605109 | 12,711 | 527,436 | SH | | SOLE | | 229,226 | 0 | 298,210 |
GGP Inc. | Common | 36174X101 | 8,598 | 367,591 | SH | | SOLE | | 162,221 | 0 | 205,370 |
Goldman Sachs Group, Inc. | Common | 38141G104 | 65,541 | 257,264 | SH | | SOLE | | 257,264 | 0 | 0 |
Hollysys Automation Technologies Ltd. | ADR | G45667105 | 100,914 | 4,531,409 | SH | | SOLE | | 4,531,409 | 0 | 0 |
Host Hotels & Resorts, Inc. | Common | 44107P104 | 10,704 | 539,227 | SH | | SOLE | | 229,737 | 0 | 309,490 |
HP, Inc. | Common | 40434L105 | 438 | 20,830 | SH | | SOLE | | 20,830 | 0 | 0 |
Hudson Pacific Properties Inc. | Common | 444097109 | 11,485 | 335,314 | SH | | SOLE | | 146,514 | 0 | 188,800 |
ICICI Bank Limited ADR | ADR | 45104G104 | 6,719 | 690,574 | SH | | SOLE | | 690,574 | 0 | 0 |
Intel Corp. | Common | 458140100 | 19,716 | 427,118 | SH | | SOLE | | 388,859 | 0 | 38,259 |
InterXion Holding NV | Common | N47279109 | 3,787 | 64,266 | SH | | SOLE | | 64,266 | 0 | 0 |
Invitation Homes, Inc. | Common | 46187W107 | 2,813 | 119,366 | SH | | SOLE | | 52,766 | 0 | 66,600 |
iShares Russell 3000 Index Fund | ETF | 464287689 | 527 | 3,331 | SH | | SOLE | | 3,219 | 0 | 112 |
iShares S&P 500 Value Index Fund | ETF | 464287408 | 17,105 | 149,732 | SH | | SOLE | | 137,083 | 0 | 12,649 |
JBG SMITH Properties | Common | 46590V100 | 6,020 | 173,348 | SH | | SOLE | | 75,775 | 0 | 97,573 |
JD.com, Inc ADR | ADR | 47215P106 | 102,737 | 2,480,374 | SH | | SOLE | | 2,413,380 | 0 | 66,994 |
Johnson Controls International PLC | Common | G51502105 | 653,448 | 17,146,373 | SH | | SOLE | | 16,853,823 | 0 | 292,550 |
JPMorgan Chase & Co. | Common | 46625H100 | 1,346,293 | 12,589,233 | SH | | SOLE | | 12,405,707 | 0 | 183,526 |
Kimco Realty Corp. | Common | 49446R109 | 8,404 | 463,030 | SH | | SOLE | | 201,910 | 0 | 261,120 |
Kite Realty Group Trust | Common | 49803T300 | 2,738 | 139,687 | SH | | SOLE | | 60,775 | 0 | 78,912 |
KKR & Co. L.P. | Partnership | 48248M102 | 50,909 | 2,417,341 | SH | | SOLE | | 2,417,341 | 0 | 0 |
Lam Research Corp. | Common | 512807108 | 641 | 3,485 | SH | | SOLE | | 3,485 | 0 | 0 |
Liberty Expedia Holdings, Inc. | Common | 53046P109 | 15,435 | 348,194 | SH | | SOLE | | 347,924 | 0 | 270 |
Liberty Global PLC, LiLAC Class C | Common | G5480U153 | 24,642 | 1,238,925 | SH | | SOLE | | 1,237,987 | 0 | 938 |
Liberty Global PLC, Series C | Common | G5480U120 | 337,128 | 9,962,415 | SH | | SOLE | | 9,767,893 | 0 | 194,522 |
Liberty Interactive Corp., QVC Group, Series A | Common | 53071M104 | 49,979 | 2,046,649 | SH | | SOLE | | 2,011,924 | 0 | 34,725 |
Liberty Interactive, Liberty Ventures, Series A | Common | 53071M856 | 28,320 | 522,118 | SH | | SOLE | | 521,723 | 0 | 395 |
Liberty TripAdvisor Holdings, Inc., Series A | Common | 531465102 | 4,658 | 494,270 | SH | | SOLE | | 493,890 | 0 | 380 |
Life Storage, Inc. | Common | 53223X107 | 11,756 | 131,991 | SH | | SOLE | | 57,641 | 0 | 74,350 |
Loews Corp. | Common | 540424108 | 236,725 | 4,731,662 | SH | | SOLE | | 4,665,657 | 0 | 66,005 |
Markel Corp. | Common | 570535104 | 291,617 | 256,000 | SH | | SOLE | | 253,363 | 0 | 2,637 |
Marsh & McLennan Co. | Common | 571748102 | 24,969 | 306,784 | SH | | SOLE | | 306,784 | 0 | 0 |
Microsoft Corp. | Common | 594918104 | 295,365 | 3,452,947 | SH | | SOLE | | 3,388,343 | 0 | 64,604 |
Monsanto Co. | Common | 61166W101 | 3,424 | 29,320 | SH | | SOLE | | 29,320 | 0 | 0 |
Moody's Corp. | Common | 615369105 | 1,061 | 7,190 | SH | | SOLE | | 7,190 | 0 | 0 |
New Oriental Education & Technology ADR | ADR | 647581107 | 101,234 | 1,076,958 | SH | | SOLE | | 1,076,958 | 0 | 0 |
Noah Holdings Ltd. ADS | ADR | 65487X102 | 63,337 | 1,368,557 | SH | | SOLE | | 1,368,557 | 0 | 0 |
Novartis AG ADR | ADR | 66987V109 | 26,799 | 319,186 | SH | | SOLE | | 319,186 | 0 | 0 |
Occidental Petroleum Corp. | Common | 674599105 | 257,094 | 3,490,276 | SH | | SOLE | | 3,443,655 | 0 | 46,621 |
Oracle Corporation | Common | 68389X105 | 184,029 | 3,892,317 | SH | | SOLE | | 3,807,386 | 0 | 84,931 |
PACCAR, Inc. | Common | 693718108 | 225 | 3,167 | SH | | SOLE | | 0 | 0 | 3,167 |
PNC Financial Services Group, Inc. | Common | 693475105 | 45,621 | 316,173 | SH | | SOLE | | 316,173 | 0 | 0 |
PPG Industries, Inc. | Common | 693506107 | 639 | 5,470 | SH | | SOLE | | 5,470 | 0 | 0 |
Praxair, Inc. | Common | 74005P104 | 1,231 | 7,956 | SH | | SOLE | | 7,819 | 0 | 137 |
Prologis, Inc. | Common | 74340W103 | 17,080 | 264,760 | SH | | SOLE | | 117,120 | 0 | 147,640 |
Public Storage | Common | 74460D109 | 20,604 | 98,584 | SH | | SOLE | | 40,234 | 0 | 58,350 |
Quest Diagnostics Inc. | Common | 74834L100 | 13,069 | 132,697 | SH | | SOLE | | 119,068 | 0 | 13,629 |
Quotient Technology, Inc. | Common | 749119103 | 21,038 | 1,790,438 | SH | | SOLE | | 1,668,574 | 0 | 121,864 |
Ramco-Gershenson Properties Trust | Common | 751452202 | 3,050 | 207,051 | SH | | SOLE | | 90,051 | 0 | 117,000 |
Regency Centers Corporation | Common | 758849103 | 12,558 | 181,527 | SH | | SOLE | | 78,827 | 0 | 102,700 |
Retail Opportunity Investments Corp. | Common | 76131N101 | 12,956 | 649,424 | SH | | SOLE | | 280,244 | 0 | 369,180 |
Rexford Industrial Realty, Inc. | Common | 76169C100 | 11,899 | 408,072 | SH | | SOLE | | 177,722 | 0 | 230,350 |
SAP AG ADR | ADR | 803054204 | 16,048 | 142,826 | SH | | SOLE | | 130,332 | 0 | 12,494 |
Simon Property Group, Inc. | Common | 828806109 | 42,321 | 246,427 | SH | | SOLE | | 106,967 | 0 | 139,460 |
SL Green Realty Corp. | Common | 78440X101 | 11,892 | 117,829 | SH | | SOLE | | 51,249 | 0 | 66,580 |
State Street Corp. | Common | 857477103 | 49,561 | 507,740 | SH | | SOLE | | 507,740 | 0 | 0 |
TAL Education Group, Class A, ADR | ADR | 874080104 | 46,383 | 1,561,180 | SH | | SOLE | | 1,561,180 | 0 | 0 |
Tarena International, Inc.,Class A, ADR | ADR | 876108101 | 65,171 | 4,347,615 | SH | | SOLE | | 4,347,615 | 0 | 0 |
Terreno Realty Corp. | Common | 88146M101 | 11,473 | 327,249 | SH | | SOLE | | 137,836 | 0 | 189,413 |
Texas Instruments, Inc. | Common | 882508104 | 527,314 | 5,048,968 | SH | | SOLE | | 4,950,273 | 0 | 98,695 |
The Priceline Group, Inc. | Common | 741503403 | 121,885 | 70,140 | SH | | SOLE | | 70,090 | 0 | 50 |
United Technologies Corp. | Common | 913017109 | 969,455 | 7,599,394 | SH | | SOLE | | 7,460,041 | 0 | 139,353 |
UnitedHealth Group, Inc. | Common | 91324P102 | 14,706 | 66,706 | SH | | SOLE | | 60,719 | 0 | 5,987 |
US Bancorp | Common | 902973304 | 80,976 | 1,511,316 | SH | | SOLE | | 1,506,049 | 0 | 5,267 |
Ventas, Inc. | Common | 92276F100 | 8,352 | 139,182 | SH | | SOLE | | 63,632 | 0 | 75,550 |
Vipshop Holdings Ltd. ADS | ADR | 92763W103 | 38,410 | 3,277,318 | SH | | SOLE | | 3,277,318 | 0 | 0 |
Visa, Inc., Class A | Common | 92826C839 | 79,766 | 699,583 | SH | | SOLE | | 699,583 | 0 | 0 |
Vornado Realty Trust | Common | 929042109 | 7,295 | 93,308 | SH | | SOLE | | 41,032 | 0 | 52,276 |
Wells Fargo & Co. | Common | 949746101 | 1,591,838 | 26,237,640 | SH | | SOLE | | 25,788,937 | 0 | 448,703 |
Welltower, Inc. | Common | 95040Q104 | 16,167 | 253,523 | SH | | SOLE | | 109,483 | 0 | 144,040 |
Weyerhaeuser Co. | Common | 962166104 | 11,196 | 317,539 | SH | | SOLE | | 141,109 | 0 | 176,430 |
Xilinx, Inc. | Common | 983919101 | 534 | 7,920 | SH | | SOLE | | 7,920 | 0 | 0 |
ZTO Express Cayman, Inc. ADR | ADR | 98980A105 | 63,862 | 4,029,153 | SH | | SOLE | | 3,990,233 | 0 | 38,920 |