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 | 186,152,052 | 1,991,357 | SH | | SOLE | | 1,931,989 | 0 | 59,368 |
Alexandria Real Estate Equities, Inc. | Common | 015271109 | 14,651,717 | 150,197 | SH | | SOLE | | 83,103 | 0 | 67,094 |
Alphabet Inc., Class A | Common | 02079K305 | 570,872,789 | 3,015,704 | SH | | SOLE | | 2,925,781 | 0 | 89,923 |
Alphabet Inc., Class C | Common | 02079K107 | 123,206,301 | 646,956 | SH | | SOLE | | 632,591 | 0 | 14,365 |
Amazon.com, Inc. | Common | 023135106 | 835,345,415 | 3,807,582 | SH | | SOLE | | 3,710,850 | 0 | 96,732 |
American Express Co. | Common | 025816109 | 81,465,934 | 274,490 | SH | | SOLE | | 272,945 | 0 | 1,545 |
American Homes 4 Rent - Class A | Common | 02665T306 | 8,107,791 | 216,670 | SH | | SOLE | | 126,690 | 0 | 89,980 |
American Tower Corp | Common | 03027X100 | 16,420,697 | 89,530 | SH | | SOLE | | 51,040 | 0 | 38,490 |
Applied Materials, Inc. | Common | 038222105 | 766,347,819 | 4,712,217 | SH | | SOLE | | 4,557,107 | 0 | 155,110 |
AvalonBay Communities, Inc. | Common | 053484101 | 12,366,713 | 56,220 | SH | | SOLE | | 31,380 | 0 | 24,840 |
Bank of America Corp. | Common | 060505104 | 51,440,618 | 1,170,435 | SH | | SOLE | | 1,170,435 | 0 | 0 |
Bank of N.T. Butterfield & Son Limited | Common | G0772R208 | 39,343,297 | 1,076,424 | SH | | SOLE | | 1,076,424 | 0 | 0 |
Bank of New York Mellon Corp. | Common | 064058100 | 164,183,732 | 2,136,974 | SH | | SOLE | | 2,124,912 | 0 | 12,062 |
Berkshire Hathaway Inc., Class A | Common | 084670108 | 1,077,215,440 | 1,582 | SH | | SOLE | | 1,582 | 0 | 0 |
Berkshire Hathaway Inc., Class B | Common | 084670702 | 325,234,293 | 717,513 | SH | | SOLE | | 655,339 | 0 | 62,174 |
Brixmor Property Group, Inc. | Common | 11120U105 | 13,676,957 | 491,270 | SH | | SOLE | | 287,370 | 0 | 203,900 |
BXP, Inc. | Common | 101121101 | 11,362,208 | 152,800 | SH | | SOLE | | 85,480 | 0 | 67,320 |
Camden Property Trust | Common | 133131102 | 8,050,855 | 69,380 | SH | | SOLE | | 41,790 | 0 | 27,590 |
Capital One Financial Corp. | Common | 14040H105 | 1,649,289,777 | 9,249,045 | SH | | SOLE | | 9,042,295 | 0 | 206,750 |
Charles Schwab Corp. | Common | 808513105 | 22,207,145 | 300,056 | SH | | SOLE | | 300,056 | 0 | 0 |
Chubb Ltd. | Common | H1467J104 | 302,548,928 | 1,095,002 | SH | | SOLE | | 1,069,509 | 0 | 25,493 |
Cigna Group | Common | 125523100 | 395,376,148 | 1,431,796 | SH | | SOLE | | 1,380,422 | 0 | 51,374 |
Clear Secure, Inc. | Common | 18467V109 | 15,442,835 | 579,686 | SH | | SOLE | | 553,987 | 0 | 25,699 |
Community Healthcare Trust, Inc. | Common | 20369C106 | 4,142,252 | 215,630 | SH | | SOLE | | 120,590 | 0 | 95,040 |
ConocoPhillips | Common | 20825C104 | 135,939,559 | 1,370,773 | SH | | SOLE | | 1,338,989 | 0 | 31,784 |
Coupang, Inc., Class A | Common | 22266T109 | 129,943,232 | 5,911,885 | SH | | SOLE | | 5,911,885 | 0 | 0 |
Cousins Properties, Inc. | Common | 222795502 | 15,449,148 | 504,215 | SH | | SOLE | | 291,320 | 0 | 212,895 |
Crown Castle, Inc. | Common | 22822V101 | 3,744,758 | 41,260 | SH | | SOLE | | 22,950 | 0 | 18,310 |
Crown Holdings, Inc. | Common | 228368106 | 708,653 | 8,570 | SH | | SOLE | | 8,570 | 0 | 0 |
CVS Health Corporation | Common | 126650100 | 511,115,296 | 11,385,950 | SH | | SOLE | | 11,060,700 | 0 | 325,250 |
Darling Ingredients Inc. | Common | 237266101 | 80,123,175 | 2,378,248 | SH | | SOLE | | 2,275,450 | 0 | 102,798 |
Davis Select Financial ETF | ETF | 23908L108 | 81,103,714 | 2,129,265 | SH | | SOLE | | 2,129,265 | 0 | 0 |
Davis Select International ETF | ETF | 23908L405 | 84,503,644 | 3,869,214 | SH | | SOLE | | 3,869,214 | 0 | 0 |
Davis Select U.S. Equity ETF | ETF | 23908L207 | 142,622,229 | 3,386,897 | SH | | SOLE | | 3,386,897 | 0 | 0 |
Davis Select Worldwide ETF | ETF | 23908L306 | 69,641,862 | 1,917,980 | SH | | SOLE | | 1,917,980 | 0 | 0 |
Digital Realty Trust, Inc. | Common | 253868103 | 16,074,078 | 90,645 | SH | | SOLE | | 51,305 | 0 | 39,340 |
Douglas Emmett, Inc | Common | 25960P109 | 2,314,246 | 124,690 | SH | | SOLE | | 70,450 | 0 | 54,240 |
Eastgroup Properties, Inc. | Common | 277276101 | 7,132,176 | 44,440 | SH | | SOLE | | 25,360 | 0 | 19,080 |
Equinix, Inc. | Common | 29444U700 | 18,101,602 | 19,198 | SH | | SOLE | | 11,128 | 0 | 8,070 |
Equity Residential | Common | 29476L107 | 7,208,651 | 100,455 | SH | | SOLE | | 59,440 | 0 | 41,015 |
Essex Property Trust, Inc. | Common | 297178105 | 9,488,311 | 33,241 | SH | | SOLE | | 19,640 | 0 | 13,601 |
Everest Group, Ltd. | Common | G3223R108 | 14,212,782 | 39,212 | SH | | SOLE | | 39,212 | 0 | 0 |
Extra Space Storage, Inc. | Common | 30225T102 | 9,138,316 | 61,085 | SH | | SOLE | | 34,990 | 0 | 26,095 |
Federal Realty Investment Trust | Common | 313745101 | 6,724,837 | 60,070 | SH | | SOLE | | 31,690 | 0 | 28,380 |
Fifth Third Bancorp | Common | 316773100 | 103,339,761 | 2,444,176 | SH | | SOLE | | 2,444,176 | 0 | 0 |
Full Truck Alliance Co. Ltd. | ADR | 35969L108 | 58,432,230 | 5,400,391 | SH | | SOLE | | 5,400,391 | 0 | 0 |
Healthpeak Properties, Inc. | Common | 42250P103 | 5,034,379 | 248,366 | SH | | SOLE | | 134,250 | 0 | 114,116 |
Highwoods Properties Inc. | Common | 431284108 | 3,976,929 | 130,050 | SH | | SOLE | | 68,340 | 0 | 61,710 |
Hudson Pacific Properties Inc. | Common | 444097109 | 6,911,318 | 2,280,963 | SH | | SOLE | | 1,301,580 | 0 | 979,383 |
Humana Inc. | Common | 444859102 | 572,600,383 | 2,256,909 | SH | | SOLE | | 2,196,569 | 0 | 60,340 |
IAC Inc. | Common | 44891N208 | 113,700,820 | 2,635,624 | SH | | SOLE | | 2,566,519 | 0 | 69,105 |
Intel Corp. | Common | 458140100 | 51,480,699 | 2,567,616 | SH | | SOLE | | 2,557,567 | 0 | 10,049 |
iShares S&P 500 Value Index Fund | ETF | 464287408 | 37,636,764 | 197,175 | SH | | SOLE | | 158,252 | 0 | 38,923 |
JD.com Inc., Class A, ADR | ADR | 47215P106 | 12,336,730 | 355,833 | SH | | SOLE | | 355,833 | 0 | 0 |
Johnson Controls International plc | Common | G51502105 | 31,850,939 | 403,534 | SH | | SOLE | | 360,021 | 0 | 43,513 |
JPMorgan Chase & Co. | Common | 46625H100 | 157,662,764 | 657,723 | SH | | SOLE | | 654,124 | 0 | 3,599 |
KE Holdings Inc., Class A, ADR | ADR | 482497104 | 67,193,802 | 3,647,872 | SH | | SOLE | | 3,647,872 | 0 | 0 |
Lam Research Corp. | Common | 512807306 | 886,984 | 12,280 | SH | | SOLE | | 12,280 | 0 | 0 |
Loews Corp. | Common | 540424108 | 51,338,824 | 606,197 | SH | | SOLE | | 606,197 | 0 | 0 |
M & T Bank Corp | Common | 55261F104 | 9,339,961 | 49,678 | SH | | SOLE | | 49,678 | 0 | 0 |
Markel Group, Inc | Common | 570535104 | 639,606,192 | 370,522 | SH | | SOLE | | 360,103 | 0 | 10,419 |
Meta Platforms, Inc., Class A | Common | 30303M102 | 1,459,440,487 | 2,492,597 | SH | | SOLE | | 2,437,894 | 0 | 54,703 |
MGM Resorts International | Common | 552953101 | 690,252,706 | 19,920,713 | SH | | SOLE | | 19,442,748 | 0 | 477,965 |
Microsoft Corp. | Common | 594918104 | 107,478,707 | 254,991 | SH | | SOLE | | 238,355 | 0 | 16,636 |
Mid-America Apartment Communities, Inc. | Common | 59522J103 | 5,511,966 | 35,660 | SH | | SOLE | | 20,020 | 0 | 15,640 |
NetEase Inc. - ADR | ADR | 64110W102 | 53,286,918 | 597,320 | SH | | SOLE | | 597,320 | 0 | 0 |
Noah Holdings Ltd., Class A, ADS | ADR | 65487X102 | 19,505,301 | 1,665,696 | SH | | SOLE | | 1,665,696 | 0 | 0 |
Oracle Corporation | Common | 68389X105 | 22,864,675 | 137,210 | SH | | SOLE | | 122,819 | 0 | 14,391 |
Owens Corning | Common | 690742101 | 308,494,314 | 1,811,263 | SH | | SOLE | | 1,724,829 | 0 | 86,434 |
PNC Financial Services Group, Inc. | Common | 693475105 | 96,739,153 | 501,629 | SH | | SOLE | | 501,629 | 0 | 0 |
Prologis, Inc. | Common | 74340W103 | 18,930,447 | 179,096 | SH | | SOLE | | 104,799 | 0 | 74,297 |
Public Storage, Inc. | ETF | 74460D109 | 14,998,950 | 50,090 | SH | | SOLE | | 27,480 | 0 | 22,610 |
Quest Diagnostics Inc. | ETF | 74834L100 | 361,650,643 | 2,397,260 | SH | | SOLE | | 2,292,542 | 0 | 104,718 |
Regency Centers Corporation | Common | 758849103 | 8,785,102 | 118,830 | SH | | SOLE | | 66,360 | 0 | 52,470 |
RenaissanceRe Holdings Ltd | Common | G7496G103 | 35,408,898 | 142,313 | SH | | SOLE | | 142,313 | 0 | 0 |
Rexford Industrial Realty, Inc. | Common | 76169C100 | 13,128,549 | 339,590 | SH | | SOLE | | 191,730 | 0 | 147,860 |
RH | Common | 74967X103 | 881,642 | 2,240 | SH | | SOLE | | 2,240 | 0 | 0 |
Rocket Companies, Inc., Class A | Common | 77311W101 | 35,704,773 | 3,170,939 | SH | | SOLE | | 3,170,939 | 0 | 0 |
SAP SE - ADR | ADR | 803054204 | 24,002,274 | 97,487 | SH | | SOLE | | 87,916 | 0 | 9,571 |
Sea Ltd., Class A, ADR | ADR | 81141R100 | 67,693,286 | 638,014 | SH | | SOLE | | 638,014 | 0 | 0 |
Simon Property Group, Inc. | Common | 828806109 | 13,900,791 | 80,720 | SH | | SOLE | | 47,110 | 0 | 33,610 |
Skechers U.S.A., Inc., Class A | Common | 830566105 | 403,440 | 6,000 | SH | | SOLE | | 6,000 | 0 | 0 |
Solventum Corp. | Common | 83444M101 | 346,591,321 | 5,246,614 | SH | | SOLE | | 5,084,823 | 0 | 161,791 |
State Street Corp. | Common | 857477103 | 6,194,345 | 63,111 | SH | | SOLE | | 63,111 | 0 | 0 |
Sunstone Hotel Investors, Inc. | Common | 867892101 | 9,503,021 | 802,620 | SH | | SOLE | | 469,980 | 0 | 332,640 |
Teck Resources Ltd., Class B | Common | 878742204 | 457,941,175 | 11,298,820 | SH | | SOLE | | 10,961,202 | 0 | 337,618 |
Terreno Realty Corp. | Common | 88146M101 | 6,001,350 | 101,477 | SH | | SOLE | | 53,574 | 0 | 47,903 |
Texas Instruments, Inc. | Common | 882508104 | 440,665,311 | 2,350,090 | SH | | SOLE | | 2,266,489 | 0 | 83,601 |
Trip.com Group Ltd., ADR | ADR | 89677Q107 | 257,280,075 | 3,747,161 | SH | | SOLE | | 3,747,161 | 0 | 0 |
Truist Financial Corp. | Common | 89832Q109 | 6,306,541 | 145,379 | SH | | SOLE | | 145,379 | 0 | 0 |
Tyson Foods Inc | Common | 902494103 | 176,954,604 | 3,080,686 | SH | | SOLE | | 2,993,912 | 0 | 86,774 |
U.S. Bancorp | Common | 902973304 | 687,562,915 | 14,375,139 | SH | | SOLE | | 13,981,279 | 0 | 393,860 |
UDR, Inc. | Common | 902653104 | 8,504,453 | 195,910 | SH | | SOLE | | 106,380 | 0 | 89,530 |
UnitedHealth Group Inc. | Common | 91324P102 | 25,857,034 | 51,115 | SH | | SOLE | | 45,123 | 0 | 5,992 |
Ventas, Inc. | Common | 92276F100 | 14,825,558 | 251,750 | SH | | SOLE | | 148,130 | 0 | 103,620 |
Viatris Inc. | Common | 92556V106 | 779,040,847 | 62,573,562 | SH | | SOLE | | 62,519,682 | 0 | 53,880 |
VICI Properties, Inc. | Common | 925652109 | 4,244,213 | 145,300 | SH | | SOLE | | 88,800 | 0 | 56,500 |
Wells Fargo & Co. | Common | 949746101 | 606,525,961 | 8,635,051 | SH | | SOLE | | 8,421,371 | 0 | 213,680 |
Welltower, Inc. | Common | 95040Q104 | 3,724,187 | 29,550 | SH | | SOLE | | 17,600 | 0 | 11,950 |
Wesco International, Inc. | Common | 95082P105 | 46,504,368 | 256,987 | SH | | SOLE | | 226,601 | 0 | 30,386 |