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 | 199,828,261 | 2,041,981 | SH | | SOLE | | 1,971,460 | 0 | 70,521 |
Alexandria Real Estate Equities, Inc. | Common | 015271109 | 16,869,269 | 142,057 | SH | | SOLE | | 77,663 | 0 | 64,394 |
Alibaba Group Holding Ltd., ADR | ADR | 01609W102 | 13,560,438 | 127,784 | SH | | SOLE | | 127,784 | 0 | 0 |
Alphabet Inc., Class A | Common | 02079K305 | 507,933,399 | 3,062,607 | SH | | SOLE | | 2,968,626 | 0 | 93,981 |
Alphabet Inc., Class C | Common | 02079K107 | 111,294,370 | 665,676 | SH | | SOLE | | 651,480 | 0 | 14,196 |
Amazon.com, Inc. | Common | 023135106 | 756,949,787 | 4,062,415 | SH | | SOLE | | 3,946,909 | 0 | 115,506 |
American Express Co. | Common | 025816109 | 77,983,125 | 287,548 | SH | | SOLE | | 286,007 | 0 | 1,541 |
American Homes 4 Rent - Class A | Common | 02665T306 | 8,372,475 | 218,090 | SH | | SOLE | | 126,690 | 0 | 91,400 |
American Tower Corp | Common | 03027X100 | 17,660,606 | 75,940 | SH | | SOLE | | 41,080 | 0 | 34,860 |
Applied Materials, Inc. | Common | 038222105 | 830,984,486 | 4,112,767 | SH | | SOLE | | 3,969,062 | 0 | 143,705 |
AvalonBay Communities, Inc. | Common | 053484101 | 12,751,403 | 56,610 | SH | | SOLE | | 31,380 | 0 | 25,230 |
Bank of America Corp. | Common | 060505104 | 46,413,180 | 1,169,687 | SH | | SOLE | | 1,169,687 | 0 | 0 |
Bank of N.T. Butterfield & Son Limited | Common | G0772R208 | 39,487,859 | 1,070,712 | SH | | SOLE | | 1,070,712 | 0 | 0 |
Bank of New York Mellon Corp. | Common | 064058100 | 385,670,854 | 5,366,975 | SH | | SOLE | | 5,240,736 | 0 | 126,239 |
Berkshire Hathaway Inc., Class A | Common | 084670108 | 1,117,638,060 | 1,617 | SH | | SOLE | | 1,617 | 0 | 0 |
Berkshire Hathaway Inc., Class B | Common | 084670702 | 343,798,111 | 746,965 | SH | | SOLE | | 682,587 | 0 | 64,378 |
Brixmor Property Group, Inc. | Common | 11120U105 | 13,776,491 | 494,490 | SH | | SOLE | | 287,370 | 0 | 207,120 |
BXP, Inc. | Common | 101121101 | 12,294,288 | 152,800 | SH | | SOLE | | 85,480 | 0 | 67,320 |
Camden Property Trust | Common | 133131102 | 8,624,865 | 69,820 | SH | | SOLE | | 41,790 | 0 | 28,030 |
Capital One Financial Corp. | Common | 14040H105 | 1,441,660,396 | 9,628,400 | SH | | SOLE | | 9,402,078 | 0 | 226,322 |
Charles Schwab Corp. | Common | 808513105 | 19,423,881 | 299,705 | SH | | SOLE | | 299,705 | 0 | 0 |
Chubb Ltd. | Common | H1467J104 | 339,820,375 | 1,178,336 | SH | | SOLE | | 1,150,702 | 0 | 27,634 |
Cigna Group | Common | 125523100 | 498,828,910 | 1,439,871 | SH | | SOLE | | 1,387,224 | 0 | 52,647 |
Clear Secure, Inc. | Common | 18467V109 | 19,638,333 | 592,587 | SH | | SOLE | | 567,451 | 0 | 25,136 |
Community Healthcare Trust, Inc. | Common | 20369C106 | 3,913,685 | 215,630 | SH | | SOLE | | 120,590 | 0 | 95,040 |
ConocoPhillips | Common | 20825C104 | 148,188,127 | 1,407,562 | SH | | SOLE | | 1,369,371 | 0 | 38,191 |
Coupang, Inc., Class A | Common | 22266T109 | 145,843,645 | 5,940,678 | SH | | SOLE | | 5,940,678 | 0 | 0 |
Cousins Properties, Inc. | Common | 222795502 | 18,278,042 | 620,015 | SH | | SOLE | | 339,560 | 0 | 280,455 |
Crown Castle, Inc. | Common | 22822V101 | 4,929,077 | 41,550 | SH | | SOLE | | 22,950 | 0 | 18,600 |
Crown Holdings, Inc. | Common | 228368106 | 821,692 | 8,570 | SH | | SOLE | | 8,570 | 0 | 0 |
CVS Health Corporation | Common | 126650100 | 23,109,155 | 367,512 | SH | | SOLE | | 327,164 | 0 | 40,348 |
Darling Ingredients Inc. | Common | 237266101 | 105,221,179 | 2,831,571 | SH | | SOLE | | 2,712,431 | 0 | 119,140 |
Davis Select Financial ETF | ETF | 23908L108 | 78,728,411 | 2,128,485 | SH | | SOLE | | 2,128,485 | 0 | 0 |
Davis Select International ETF | ETF | 23908L405 | 92,853,761 | 3,866,428 | SH | | SOLE | | 3,866,428 | 0 | 0 |
Davis Select U.S. Equity ETF | ETF | 23908L207 | 141,119,674 | 3,385,789 | SH | | SOLE | | 3,385,789 | 0 | 0 |
Davis Select Worldwide ETF | ETF | 23908L306 | 72,621,291 | 1,916,112 | SH | | SOLE | | 1,916,112 | 0 | 0 |
Digital Realty Trust, Inc. | Common | 253868103 | 16,373,150 | 101,175 | SH | | SOLE | | 56,805 | 0 | 44,370 |
Douglas Emmett, Inc | Common | 25960P109 | 2,190,803 | 124,690 | SH | | SOLE | | 70,450 | 0 | 54,240 |
Eastgroup Properties, Inc. | Common | 277276101 | 7,409,281 | 39,660 | SH | | SOLE | | 22,470 | 0 | 17,190 |
Equinix, Inc. | Common | 29444U700 | 17,156,113 | 19,328 | SH | | SOLE | | 11,128 | 0 | 8,200 |
Equity Residential | Common | 29476L107 | 7,528,278 | 101,105 | SH | | SOLE | | 59,440 | 0 | 41,665 |
Essex Property Trust, Inc. | Common | 297178105 | 9,882,094 | 33,451 | SH | | SOLE | | 19,640 | 0 | 13,811 |
Everest Group, Ltd. | Common | G3223R108 | 15,235,526 | 38,883 | SH | | SOLE | | 38,883 | 0 | 0 |
Extra Space Storage, Inc. | Common | 30225T102 | 11,080,784 | 61,495 | SH | | SOLE | | 34,990 | 0 | 26,505 |
Federal Realty Investment Trust | Common | 313745101 | 6,957,984 | 60,520 | SH | | SOLE | | 31,690 | 0 | 28,830 |
Fifth Third Bancorp | Common | 316773100 | 104,338,362 | 2,435,536 | SH | | SOLE | | 2,435,536 | 0 | 0 |
Healthpeak Properties, Inc. | Common | 42250P103 | 5,721,296 | 250,166 | SH | | SOLE | | 134,250 | 0 | 115,916 |
Highwoods Properties Inc. | Common | 431284108 | 5,264,421 | 157,100 | SH | | SOLE | | 82,220 | 0 | 74,880 |
Hudson Pacific Properties Inc. | Common | 444097109 | 5,798,250 | 1,213,023 | SH | | SOLE | | 685,270 | 0 | 527,753 |
Humana Inc. | Common | 444859102 | 731,529,084 | 2,309,557 | SH | | SOLE | | 2,241,231 | 0 | 68,326 |
IAC Inc. | Common | 44891N208 | 145,429,283 | 2,702,142 | SH | | SOLE | | 2,622,049 | 0 | 80,093 |
Intel Corp. | Common | 458140100 | 296,157,372 | 12,623,929 | SH | | SOLE | | 12,242,470 | 0 | 381,459 |
iShares S&P 500 Value Index Fund | ETF | 464287408 | 2,503,665 | 12,698 | SH | | SOLE | | 11,996 | 0 | 702 |
JD.com Inc., Class A, ADR | ADR | 47215P106 | 34,705,640 | 867,641 | SH | | SOLE | | 867,641 | 0 | 0 |
Johnson Controls International plc | Common | G51502105 | 35,985,351 | 463,669 | SH | | SOLE | | 418,491 | 0 | 45,178 |
JPMorgan Chase & Co. | Common | 46625H100 | 295,104,487 | 1,399,528 | SH | | SOLE | | 1,371,894 | 0 | 27,634 |
KE Holdings Inc., Class A, ADR | ADR | 482497104 | 117,081,312 | 5,880,528 | SH | | SOLE | | 5,880,528 | 0 | 0 |
Lam Research Corp. | Common | 512807108 | 1,002,146 | 1,228 | SH | | SOLE | | 1,228 | 0 | 0 |
Liberty Formula One, Series A | Common | 531229771 | 685,973 | 9,590 | SH | | SOLE | | 9,590 | 0 | 0 |
Loews Corp. | Common | 540424108 | 47,844,459 | 605,243 | SH | | SOLE | | 605,243 | 0 | 0 |
M & T Bank Corp | Common | 55261F104 | 8,650,398 | 48,565 | SH | | SOLE | | 48,565 | 0 | 0 |
Markel Group, Inc | Common | 570535104 | 454,260,768 | 289,600 | SH | | SOLE | | 280,599 | 0 | 9,001 |
Meta Platforms, Inc., Class A | Common | 30303M102 | 1,554,109,096 | 2,714,886 | SH | | SOLE | | 2,655,447 | 0 | 59,439 |
MGM Resorts International | Common | 552953101 | 744,206,991 | 19,038,296 | SH | | SOLE | | 18,609,150 | 0 | 429,146 |
Microsoft Corp. | Common | 594918104 | 111,077,642 | 258,140 | SH | | SOLE | | 241,132 | 0 | 17,008 |
Mid-America Apartment Communities, Inc. | Common | 59522J103 | 5,666,374 | 35,660 | SH | | SOLE | | 20,020 | 0 | 15,640 |
Noah Holdings Ltd., Class A, ADS | ADR | 65487X102 | 20,544,851 | 1,666,249 | SH | | SOLE | | 1,666,249 | 0 | 0 |
Oracle Corporation | Common | 68389X105 | 23,560,867 | 138,268 | SH | | SOLE | | 123,928 | 0 | 14,340 |
Owens Corning | Common | 690742101 | 380,099,633 | 2,153,295 | SH | | SOLE | | 2,059,893 | 0 | 93,402 |
PNC Financial Services Group, Inc. | Common | 693475105 | 92,745,900 | 501,736 | SH | | SOLE | | 501,736 | 0 | 0 |
Prologis, Inc. | Common | 74340W103 | 31,171,713 | 246,846 | SH | | SOLE | | 140,189 | 0 | 106,657 |
Public Storage, Inc. | Common | 74460D109 | 19,838,192 | 54,520 | SH | | SOLE | | 30,420 | 0 | 24,100 |
Quest Diagnostics Inc. | Common | 74834L100 | 372,460,741 | 2,399,103 | SH | | SOLE | | 2,297,191 | 0 | 101,912 |
Regency Centers Corporation | Common | 758849103 | 8,643,042 | 119,660 | SH | | SOLE | | 66,360 | 0 | 53,300 |
RenaissanceRe Holdings Ltd | Common | G7496G103 | 38,466,694 | 141,214 | SH | | SOLE | | 141,214 | 0 | 0 |
Retail Opportunity Investments Corp. | Common | 76131N101 | 4,169,315 | 265,055 | SH | | SOLE | | 134,915 | 0 | 130,140 |
Rexford Industrial Realty, Inc. | Common | 76169C100 | 10,527,368 | 209,250 | SH | | SOLE | | 116,510 | 0 | 92,740 |
RH | Common | 74967X103 | 749,123 | 2,240 | SH | | SOLE | | 2,240 | 0 | 0 |
Rocket Companies, Inc., Class A | Common | 77311W101 | 60,712,535 | 3,163,759 | SH | | SOLE | | 3,163,759 | 0 | 0 |
SAP SE - ADR | ADR | 803054204 | 22,762,231 | 99,355 | SH | | SOLE | | 89,924 | 0 | 9,431 |
Sea Ltd., Class A, ADR | ADR | 81141R100 | 61,190,360 | 649,028 | SH | | SOLE | | 649,028 | 0 | 0 |
Simon Property Group, Inc. | Common | 828806109 | 14,126,692 | 83,580 | SH | | SOLE | | 49,440 | 0 | 34,140 |
Skechers U.S.A., Inc., Class A | Common | 830566105 | 401,520 | 6,000 | SH | | SOLE | | 6,000 | 0 | 0 |
Solventum Corp. | Common | 83444M101 | 367,529,886 | 5,271,513 | SH | | SOLE | | 5,108,501 | 0 | 163,012 |
State Street Corp. | Common | 857477103 | 5,379,772 | 60,809 | SH | | SOLE | | 60,809 | 0 | 0 |
Sun Communities, Inc. | Common | 866674104 | 3,527,415 | 26,100 | SH | | SOLE | | 13,710 | 0 | 12,390 |
Sunstone Hotel Investors, Inc. | Common | 867892101 | 8,337,218 | 807,870 | SH | | SOLE | | 469,980 | 0 | 337,890 |
Teck Resources Ltd., Class B | Common | 878742204 | 595,061,191 | 11,390,911 | SH | | SOLE | | 11,048,972 | 0 | 341,939 |
Terreno Realty Corp. | Common | 88146M101 | 6,832,499 | 102,237 | SH | | SOLE | | 53,574 | 0 | 48,663 |
Texas Instruments, Inc. | Common | 882508104 | 487,703,837 | 2,360,962 | SH | | SOLE | | 2,274,973 | 0 | 85,989 |
Trip.com Group Ltd., ADR | ADR | 89677Q107 | 222,673,632 | 3,746,822 | SH | | SOLE | | 3,746,822 | 0 | 0 |
Truist Financial Corp. | Common | 89832Q109 | 5,869,669 | 137,238 | SH | | SOLE | | 137,238 | 0 | 0 |
Tyson Foods Inc | Common | 902494103 | 185,325,526 | 3,111,577 | SH | | SOLE | | 3,020,215 | 0 | 91,362 |
U.S. Bancorp | Common | 902973304 | 658,191,569 | 14,392,993 | SH | | SOLE | | 14,002,868 | 0 | 390,125 |
UDR, Inc. | Common | 902653104 | 8,946,489 | 197,320 | SH | | SOLE | | 106,380 | 0 | 90,940 |
UnitedHealth Group Inc. | Common | 91324P102 | 29,895,858 | 51,132 | SH | | SOLE | | 45,078 | 0 | 6,054 |
Ventas, Inc. | Common | 92276F100 | 18,035,280 | 281,230 | SH | | SOLE | | 163,500 | 0 | 117,730 |
Viatris Inc. | Common | 92556V106 | 727,334,758 | 62,647,266 | SH | | SOLE | | 60,501,647 | 0 | 2,145,619 |
VICI Properties, Inc. | Common | 925652109 | 4,869,589 | 146,190 | SH | | SOLE | | 88,800 | 0 | 57,390 |
Wells Fargo & Co. | Common | 949746101 | 805,729,673 | 14,263,227 | SH | | SOLE | | 13,846,401 | 0 | 416,826 |
Welltower, Inc. | Common | 95040Q104 | 3,807,612 | 29,740 | SH | | SOLE | | 17,600 | 0 | 12,140 |
Wesco International, Inc. | Common | 95082P105 | 43,006,240 | 256,020 | SH | | SOLE | | 226,000 | 0 | 30,020 |