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 | 2,363 | 29,586 | SH | | SOLE | | 29,586 | 0 | 0 |
Acadia Realty Trust | Common | 004239109 | 11,493 | 467,193 | SH | | SOLE | | 205,813 | 0 | 261,380 |
Adient PLC | Common | G0084W101 | 478,196 | 8,001,944 | SH | | SOLE | | 7,795,662 | 0 | 206,282 |
Aetna Inc. | Common | 00817Y108 | 772,318 | 4,569,931 | SH | | SOLE | | 4,466,999 | 0 | 102,932 |
Air Products & Chemicals, Inc. | Common | 009158106 | 301 | 1,894 | SH | | SOLE | | 0 | 0 | 1,894 |
Alexandria Real Estate Equities, Inc. | Common | 015271109 | 12,223 | 97,874 | SH | | SOLE | | 46,120 | 0 | 51,754 |
Alibaba Group Holding Ltd. ADR | ADR | 01609W102 | 709,165 | 3,863,816 | SH | | SOLE | | 3,815,235 | 0 | 48,581 |
Alleghany Corporation | Common | 017175100 | 49,465 | 80,504 | SH | | SOLE | | 80,504 | 0 | 0 |
Alphabet Inc., Class A | Common | 02079K305 | 700,310 | 675,232 | SH | | SOLE | | 662,534 | 0 | 12,698 |
Alphabet Inc., Class C | Common | 02079K107 | 1,180,451 | 1,144,081 | SH | | SOLE | | 1,128,695 | 0 | 15,386 |
Amazon.com, Inc. | Common | 023135106 | 1,649,622 | 1,139,761 | SH | | SOLE | | 1,117,841 | 0 | 21,920 |
American Campus Communities, Inc. | Common | 024835100 | 10,187 | 263,777 | SH | | SOLE | | 126,893 | 0 | 136,884 |
American Express Co. | Common | 025816109 | 703,666 | 7,543,585 | SH | | SOLE | | 7,426,771 | 0 | 116,814 |
American Homes 4 Rent, Class A | Common | 02665T306 | 2,565 | 127,756 | SH | | SOLE | | 56,506 | 0 | 71,250 |
American International Group. Inc. | Common | 026874784 | 19,757 | 363,048 | SH | | SOLE | | 363,048 | 0 | 0 |
ANGI Homeservices Inc., Class A | Common | 00183L102 | 39,772 | 2,928,710 | SH | | SOLE | | 2,690,488 | 0 | 238,222 |
Apache Corporation | Common | 037411105 | 918,510 | 23,869,802 | SH | | SOLE | | 23,340,128 | 0 | 529,674 |
Applied Materials, Inc. | Common | 038222105 | 28,294 | 508,802 | SH | | SOLE | | 477,169 | 0 | 31,633 |
Aptiv PLC | Common | G6095L109 | 154,622 | 1,819,720 | SH | | SOLE | | 1,756,079 | 0 | 63,641 |
AvalonBay Communities, Inc. | Common | 053484101 | 19,124 | 116,282 | SH | | SOLE | | 54,452 | 0 | 61,830 |
Axalta Coating Systems Ltd. | Common | G0750C108 | 268,185 | 8,883,246 | SH | | SOLE | | 8,658,394 | 0 | 224,852 |
Baidu, Inc. Class A, ADR | ADR | 056752108 | 22,639 | 101,433 | SH | | SOLE | | 101,433 | 0 | 0 |
The Bank of N.T. Butterfield & Son Ltd. | Common | G0772R208 | 105,215 | 2,344,364 | SH | | SOLE | | 2,344,364 | 0 | 0 |
Bank of New York Mellon Corp. | Common | 064058100 | 986,473 | 19,143,658 | SH | | SOLE | | 18,852,303 | 0 | 291,355 |
Berkshire Hathaway Inc., Class A | Common | 084670108 | 1,182,043 | 3,952 | SH | | SOLE | | 3,949 | 0 | 3 |
Berkshire Hathaway Inc., Class B | Common | 084670702 | 367,620 | 1,842,892 | SH | | SOLE | | 1,727,352 | 0 | 115,540 |
Booking Holdings, Inc. | Common | 09857L108 | 139,001 | 66,815 | SH | | SOLE | | 66,765 | 0 | 50 |
Boston Properties, Inc. | Common | 101121101 | 15,013 | 121,835 | SH | | SOLE | | 53,275 | 0 | 68,560 |
Brandywine Realty Trust | Common | 105368203 | 7,684 | 483,887 | SH | | SOLE | | 211,716 | 0 | 272,171 |
Brixmor Property Group, Inc. | Common | 11120U105 | 7,400 | 485,271 | SH | | SOLE | | 210,421 | 0 | 274,850 |
Brookfield Asset Management Inc., Class A | ADR | 112585104 | 27,790 | 712,563 | SH | | SOLE | | 712,563 | 0 | 0 |
Brookfield Business Partners, L.P. | Partnership | G16234109 | 479 | 13,307 | SH | | SOLE | | 13,307 | 0 | 0 |
Cabot Oil & Gas Corp. | Common | 127097103 | 50,542 | 2,107,681 | SH | | SOLE | | 1,974,984 | 0 | 132,697 |
Camden Property Trust | Common | 133131102 | 12,778 | 151,794 | SH | | SOLE | | 61,664 | 0 | 90,130 |
Capital One Financial Corp. | Common | 14040H105 | 1,280,947 | 13,368,267 | SH | | SOLE | | 13,170,965 | 0 | 197,302 |
CarMax, Inc. | Common | 143130102 | 346 | 5,586 | SH | | SOLE | | 1,286 | 0 | 4,300 |
CatchMark Timber Trust Inc., Class A | Common | 14912Y202 | 7,027 | 563,550 | SH | | SOLE | | 247,543 | 0 | 316,007 |
Charles Schwab Corp. | Common | 808513105 | 42,654 | 816,812 | SH | | SOLE | | 816,812 | 0 | 0 |
Chubb Ltd. | Common | H1467J104 | 190,243 | 1,390,969 | SH | | SOLE | | 1,373,609 | 0 | 17,360 |
CommerceHub, Inc., Series A | Common | 20084V108 | 1,864 | 82,845 | SH | | SOLE | | 82,783 | 0 | 62 |
CommerceHub, Inc., Series C | Common | 20084V306 | 3,731 | 165,875 | SH | | SOLE | | 165,760 | 0 | 115 |
CoreSite Realty Corp. | Common | 21870Q105 | 3,652 | 36,427 | SH | | SOLE | | 16,027 | 0 | 20,400 |
Costco Wholesale Corp. | Common | 22160K105 | 2,540 | 13,480 | SH | | SOLE | | 13,480 | 0 | 0 |
Cousins Properties, Inc. | Common | 222795106 | 10,859 | 1,251,060 | SH | | SOLE | | 567,480 | 0 | 683,580 |
Crown Castle International Corp. | Common | 22822V101 | 9,369 | 85,479 | SH | | SOLE | | 37,309 | 0 | 48,170 |
Ctrip.com International, Ltd. ADR | ADR | 22943F100 | 14,165 | 303,839 | SH | | SOLE | | 303,839 | 0 | 0 |
CubeSmart | Common | 229663109 | 10,435 | 370,035 | SH | | SOLE | | 162,405 | 0 | 207,630 |
CyrusOne, Inc. | Common | 23283R100 | 2,528 | 49,370 | SH | | SOLE | | 21,672 | 0 | 27,698 |
Davis Select Financial | ETF | 23908L108 | 44,088 | 1,840,055 | SH | | SOLE | | 1,840,055 | 0 | 0 |
Davis Select U.S. Equity | ETF | 23908L207 | 69,653 | 3,019,820 | SH | | SOLE | | 3,019,820 | 0 | 0 |
Davis Select Worldwide | ETF | 23908L306 | 43,753 | 1,685,395 | SH | | SOLE | | 1,685,395 | 0 | 0 |
Davis Select International | ETF | 23908L405 | 8,249 | 420,000 | SH | | SOLE | | 420,000 | 0 | 0 |
DCT Industrial Trust, Inc. | Common | 233153204 | 9,506 | 168,731 | SH | | SOLE | | 87,074 | 0 | 81,657 |
Digital Realty Trust, Inc. | Common | 253868103 | 11,601 | 110,084 | SH | | SOLE | | 48,674 | 0 | 61,410 |
Diplomat Pharmacy, Inc. | Common | 25456K101 | 9,696 | 481,187 | SH | | SOLE | | 481,187 | 0 | 0 |
DowDuPont, Inc. | Common | 26078J100 | 765 | 12,000 | SH | | SOLE | | 12,000 | 0 | 0 |
DXC Technology Co. | Common | 23355L106 | 1,138 | 11,319 | SH | | SOLE | | 11,319 | 0 | 0 |
EastGroup Properties, Inc. | Common | 277276101 | 8,103 | 98,024 | SH | | SOLE | | 43,224 | 0 | 54,800 |
Eaton Corporation Plc | Common | G29183103 | 27,079 | 338,868 | SH | | SOLE | | 305,605 | 0 | 33,263 |
Ecolab, Inc. | Common | 278865100 | 589 | 4,295 | SH | | SOLE | | 4,295 | 0 | 0 |
Education Realty Trust, Inc. | Common | 28140H203 | 5,271 | 160,940 | SH | | SOLE | | 70,740 | 0 | 90,200 |
Encana Corporation | ADR | 292505104 | 665,096 | 60,463,280 | SH | | SOLE | | 59,140,430 | 0 | 1,322,850 |
EQT Midstream Partners L.P. | Partnership | 26885B100 | 19,465 | 329,755 | SH | | SOLE | | 305,607 | 0 | 24,148 |
Equinix, Inc | Common | 29444U700 | 17,890 | 42,784 | SH | | SOLE | | 18,774 | 0 | 24,010 |
Equity Residential | Common | 29476L107 | 13,642 | 221,390 | SH | | SOLE | | 82,485 | 0 | 138,905 |
Essex Property Trust, Inc. | Common | 297178105 | 14,519 | 60,326 | SH | | SOLE | | 23,085 | 0 | 37,241 |
Everest Re Group, Ltd. | Common | G3223R108 | 59,894 | 233,213 | SH | | SOLE | | 233,213 | 0 | 0 |
Express Scripts Holding Co. | Common | 30219G108 | 26,626 | 385,436 | SH | | SOLE | | 349,765 | 0 | 35,671 |
Extra Space Storage, Inc. | Common | 30225T102 | 12,578 | 143,983 | SH | | SOLE | | 61,913 | 0 | 82,070 |
Facebook, Inc. | Common | 30303M102 | 621,751 | 3,891,049 | SH | | SOLE | | 3,814,847 | 0 | 76,202 |
Fang Holdings Ltd. | ADR | 30711Y102 | 132,493 | 25,776,782 | SH | | SOLE | | 25,337,190 | 0 | 439,592 |
Federal Realty Investment Trust | Common | 313747206 | 9,926 | 85,491 | SH | | SOLE | | 36,371 | 0 | 49,120 |
FedEx Corp. | Common | 31428X106 | 397,133 | 1,653,963 | SH | | SOLE | | 1,617,764 | 0 | 36,199 |
First Industrial Realty Trust, Inc. | Common | 32054K103 | 14,232 | 486,907 | SH | | SOLE | | 175,237 | 0 | 311,670 |
Forest City Realty Trust, Inc., Class A | Common | 345605109 | 14,847 | 732,836 | SH | | SOLE | | 318,736 | 0 | 414,100 |
GCI Liberty Inc., Class A | Common | 36164V305 | 26,299 | 497,528 | SH | | SOLE | | 497,183 | 0 | 345 |
GGP, Inc. | Common | 36174X101 | 7,520 | 367,533 | SH | | SOLE | | 162,163 | 0 | 205,370 |
Goldman Sachs Group, Inc. | Common | 38141G104 | 64,368 | 255,571 | SH | | SOLE | | 255,571 | 0 | 0 |
Hollysys Automation Technologies Ltd. | ADR | G45667105 | 129,591 | 5,242,366 | SH | | SOLE | | 5,242,366 | 0 | 0 |
Host Hotels & Resorts, Inc. | Common | 44107P104 | 10,069 | 540,182 | SH | | SOLE | | 230,692 | 0 | 309,490 |
HP, Inc. | Common | 40434L105 | 457 | 20,830 | SH | | SOLE | | 20,830 | 0 | 0 |
Hudson Pacific Properties, Inc. | Common | 444097109 | 10,906 | 335,274 | SH | | SOLE | | 146,474 | 0 | 188,800 |
ICICI Bank Limited ADR | ADR | 45104G104 | 6,112 | 690,574 | SH | | SOLE | | 690,574 | 0 | 0 |
Intel Corp. | Common | 458140100 | 38,460 | 738,476 | SH | | SOLE | | 688,727 | 0 | 49,749 |
Invitation Homes, Inc. | Common | 46187W107 | 2,725 | 119,341 | SH | | SOLE | | 52,741 | 0 | 66,600 |
iQIYI Inc., Class A, ADR | ADR | 46267X108 | 44,324 | 2,850,400 | SH | | SOLE | | 2,850,400 | 0 | 0 |
JBG SMITH Properties | Common | 46590V100 | 5,842 | 173,306 | SH | | SOLE | | 75,733 | 0 | 97,573 |
JD.com, Inc., Class A, ADR | ADR | 47215P106 | 103,839 | 2,564,558 | SH | | SOLE | | 2,500,185 | 0 | 64,373 |
Johnson Controls International PLC | Common | G51502105 | 790,010 | 22,417,989 | SH | | SOLE | | 22,004,363 | 0 | 413,626 |
JPMorgan Chase & Co. | Common | 46625H100 | 1,334,653 | 12,136,523 | SH | | SOLE | | 11,954,637 | 0 | 181,886 |
Kimco Realty Corp. | Common | 49446R109 | 6,667 | 463,002 | SH | | SOLE | | 201,882 | 0 | 261,120 |
KKR & Co. L.P. | Partnership | 48248M102 | 48,671 | 2,397,586 | SH | | SOLE | | 2,397,586 | 0 | 0 |
Lam Research Corp. | Common | 512807108 | 708 | 3,485 | SH | | SOLE | | 3,485 | 0 | 0 |
LaSalle Hotel Properties | Common | 517942108 | 5,939 | 204,732 | SH | | SOLE | | 89,532 | 0 | 115,200 |
Liberty Expedia Holdings, Inc. | Common | 53046P109 | 13,034 | 331,824 | SH | | SOLE | | 331,594 | 0 | 230 |
Liberty Global PLC, Series C | Common | G5480U120 | 265,824 | 8,735,594 | SH | | SOLE | | 8,606,415 | 0 | 129,179 |
Liberty Interactive Corp., QVC Group, Series A | Common | 53071M104 | 49,521 | 1,967,463 | SH | | SOLE | | 1,933,050 | 0 | 34,413 |
Liberty Latin America Ltd., Class C | Common | G9001E128 | 22,558 | 1,181,665 | SH | | SOLE | | 1,180,857 | 0 | 808 |
Liberty TripAdvisor Holdings, Inc., Series A | Common | 531465102 | 5,061 | 470,800 | SH | | SOLE | | 470,470 | 0 | 330 |
Life Storage, Inc. | Common | 53223X107 | 11,052 | 132,333 | SH | | SOLE | | 57,983 | 0 | 74,350 |
Loews Corp. | Common | 540424108 | 228,682 | 4,598,480 | SH | | SOLE | | 4,532,995 | 0 | 65,485 |
Markel Corp. | Common | 570535104 | 295,839 | 252,800 | SH | | SOLE | | 250,135 | 0 | 2,665 |
Marsh & McLennan Co. | Common | 571748102 | 25,576 | 309,670 | SH | | SOLE | | 309,670 | 0 | 0 |
Microsoft Corp. | Common | 594918104 | 303,744 | 3,327,972 | SH | | SOLE | | 3,262,104 | 0 | 65,868 |
Moody's Corp. | Common | 615369105 | 773 | 4,790 | SH | | SOLE | | 4,790 | 0 | 0 |
New Oriental Education & Technology ADR | ADR | 647581107 | 416,722 | 4,754,390 | SH | | SOLE | | 4,695,852 | 0 | 58,538 |
Noah Holdings Ltd. ADS | ADR | 65487X102 | 48,447 | 1,026,208 | SH | | SOLE | | 1,026,208 | 0 | 0 |
Novartis AG ADR | ADR | 66987V109 | 16,611 | 205,456 | SH | | SOLE | | 205,456 | 0 | 0 |
Oaktree Capital Group LLC | Partnership | 674001201 | 36,174 | 913,476 | SH | | SOLE | | 913,476 | 0 | 0 |
Occidental Petroleum Corp. | Common | 674599105 | 221,185 | 3,404,947 | SH | | SOLE | | 3,357,862 | 0 | 47,085 |
Oracle Corporation | Common | 68389X105 | 171,940 | 3,758,247 | SH | | SOLE | | 3,672,870 | 0 | 85,377 |
PACCAR, Inc. | Common | 693718108 | 214 | 3,230 | SH | | SOLE | | 0 | 0 | 3,230 |
PNC Financial Services Group, Inc. | Common | 693475105 | 46,425 | 306,961 | SH | | SOLE | | 306,961 | 0 | 0 |
PPG Industries, Inc. | Common | 693506107 | 610 | 5,470 | SH | | SOLE | | 5,470 | 0 | 0 |
Praxair, Inc. | Common | 74005P104 | 1,038 | 7,195 | SH | | SOLE | | 7,195 | 0 | 0 |
Prologis, Inc. | Common | 74340W103 | 19,256 | 305,696 | SH | | SOLE | | 135,076 | 0 | 170,620 |
Public Storage | Common | 74460D109 | 17,058 | 85,125 | SH | | SOLE | | 34,265 | 0 | 50,860 |
Qorvo, Inc. | Common | 74736K101 | 30,031 | 426,274 | SH | | SOLE | | 385,818 | 0 | 40,456 |
Quest Diagnostics, Inc. | Common | 74834L100 | 13,378 | 133,375 | SH | | SOLE | | 120,384 | 0 | 12,991 |
Quotient Technology, Inc. | Common | 749119103 | 39,528 | 3,017,402 | SH | | SOLE | | 2,860,223 | 0 | 157,179 |
Regency Centers Corporation | Common | 758849103 | 10,706 | 181,521 | SH | | SOLE | | 78,821 | 0 | 102,700 |
Retail Opportunity Investments Corp. | Common | 76131N101 | 11,484 | 649,912 | SH | | SOLE | | 280,732 | 0 | 369,180 |
Rexford Industrial Realty, Inc. | Common | 76169C100 | 11,747 | 408,031 | SH | | SOLE | | 177,681 | 0 | 230,350 |
SAP AG ADR | ADR | 803054204 | 15,394 | 146,384 | SH | | SOLE | | 133,767 | 0 | 12,617 |
Shire Plc., ADR | ADR | 82481R106 | 277,900 | 1,860,234 | SH | | SOLE | | 1,844,418 | 0 | 15,816 |
Simon Property Group, Inc. | Common | 828806109 | 31,662 | 205,130 | SH | | SOLE | | 93,090 | 0 | 112,040 |
SL Green Realty Corp. | Common | 78440X101 | 11,442 | 118,170 | SH | | SOLE | | 51,590 | 0 | 66,580 |
State Street Corp. | Common | 857477103 | 48,963 | 490,960 | SH | | SOLE | | 490,960 | 0 | 0 |
TAL Education Group, Class A, ADR | ADR | 874080104 | 54,166 | 1,460,406 | SH | | SOLE | | 1,460,406 | 0 | 0 |
Tarena International, Inc.,Class A, ADR | ADR | 876108101 | 54,554 | 4,862,181 | SH | | SOLE | | 4,862,181 | 0 | 0 |
Terreno Realty Corp. | Common | 88146M101 | 11,323 | 328,122 | SH | | SOLE | | 138,709 | 0 | 189,413 |
Texas Instruments, Inc. | Common | 882508104 | 513,665 | 4,944,319 | SH | | SOLE | | 4,841,800 | 0 | 102,519 |
The Blackstone Group L.P. | Common | 09253U108 | 17,572 | 549,980 | SH | | SOLE | | 549,980 | 0 | 0 |
United Technologies Corp. | Common | 913017109 | 952,488 | 7,570,243 | SH | | SOLE | | 7,414,398 | 0 | 155,845 |
UnitedHealth Group, Inc. | Common | 91324P102 | 11,778 | 55,035 | SH | | SOLE | | 49,171 | 0 | 5,864 |
US Bancorp | Common | 902973304 | 87,231 | 1,727,343 | SH | | SOLE | | 1,722,049 | 0 | 5,294 |
Ventas, Inc. | Common | 92276F100 | 6,891 | 139,120 | SH | | SOLE | | 63,570 | 0 | 75,550 |
Vipshop Holdings Ltd., Class A, ADR | ADR | 92763W103 | 262 | 15,770 | SH | | SOLE | | 15,770 | 0 | 0 |
Visa, Inc., Class A | Common | 92826C839 | 81,800 | 683,829 | SH | | SOLE | | 683,829 | 0 | 0 |
Vornado Realty Trust | Common | 929042109 | 6,280 | 93,313 | SH | | SOLE | | 41,037 | 0 | 52,276 |
Wells Fargo & Co. | Common | 949746101 | 1,398,136 | 26,676,903 | SH | | SOLE | | 26,202,739 | 0 | 474,164 |
Welltower, Inc. | Common | 95040Q104 | 11,649 | 214,011 | SH | | SOLE | | 92,046 | 0 | 121,965 |
Weyerhaeuser Co. | Common | 962166104 | 5,834 | 166,699 | SH | | SOLE | | 75,239 | 0 | 91,460 |
Xilinx, Inc. | Common | 983919101 | 572 | 7,920 | SH | | SOLE | | 7,920 | 0 | 0 |
Yirendai Ltd., ADR | ADR | 98585L100 | 10,046 | 249,714 | SH | | SOLE | | 249,714 | 0 | 0 |
ZTO Express Cayman, Inc., Class A, ADR | ADR | 98980A105 | 41,990 | 2,801,230 | SH | | SOLE | | 2,801,230 | 0 | 0 |