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 | 1,255 | 23,150 | SH | | SOLE | | 23,150 | 0 | 0 |
Acadia Realty Trust | Common | 004239109 | 13,854 | 583,100 | SH | | SOLE | | 279,220 | 0 | 303,880 |
Adient PLC | Common | G0084W101 | 168,826 | 11,185,755 | SH | | SOLE | | 10,836,933 | 0 | 348,822 |
Air Products & Chemicals, Inc. | Common | 009158106 | 244 | 1,523 | SH | | SOLE | | 0 | 0 | 1,523 |
Alexandria Real Estate Equities, Inc. | Common | 015271109 | 13,483 | 116,997 | SH | | SOLE | | 60,373 | 0 | 56,624 |
Alibaba Group Holding Ltd. ADR | ADR | 01609W102 | 569,692 | 4,153,816 | SH | | SOLE | | 4,086,924 | 0 | 66,892 |
Alleghany Corporation | Common | 017175100 | 53,661 | 86,089 | SH | | SOLE | | 86,089 | 0 | 0 |
Alphabet Inc., Class A | Common | 02079K305 | 522,058 | 499,533 | SH | | SOLE | | 488,946 | 0 | 10,587 |
Alphabet Inc., Class C | Common | 02079K107 | 1,056,970 | 1,020,558 | SH | | SOLE | | 1,000,210 | 0 | 20,348 |
Altus Midstream Co., Class A | Common | 02215L100 | 15,460 | 2,000,000 | SH | | SOLE | | 2,000,000 | 0 | 0 |
Amazon.com, Inc. | Common | 023135106 | 1,063,812 | 709,100 | SH | | SOLE | | 690,032 | 0 | 19,068 |
American Campus Communities, Inc. | Common | 024835100 | 14,110 | 340,914 | SH | | SOLE | | 178,170 | 0 | 162,744 |
American Express Co. | Common | 025816109 | 620,781 | 6,516,995 | SH | | SOLE | | 6,408,902 | 0 | 108,093 |
American Homes 4 Rent, Class A | Common | 02665T306 | 3,120 | 157,170 | SH | | SOLE | | 73,120 | 0 | 84,050 |
Apache Corporation | Common | 037411105 | 600,777 | 22,882,206 | SH | | SOLE | | 22,362,753 | 0 | 519,453 |
Applied Materials, Inc. | Common | 038222105 | 432,348 | 13,214,457 | SH | | SOLE | | 12,902,737 | 0 | 311,720 |
Aptiv PLC | Common | G6095L109 | 22,648 | 368,045 | SH | | SOLE | | 333,512 | 0 | 34,533 |
AvalonBay Communities, Inc. | Common | 053484101 | 28,814 | 165,550 | SH | | SOLE | | 82,590 | 0 | 82,960 |
Axalta Coating Systems Ltd. | Common | G0750C108 | 551 | 23,540 | SH | | SOLE | | 23,540 | 0 | 0 |
Azul S.A., ADR | ADR | 05501U106 | 10,333 | 373,176 | SH | | SOLE | | 373,176 | 0 | 0 |
Baidu, Inc. Class A, ADR | ADR | 056752108 | 13,967 | 88,065 | SH | | SOLE | | 88,065 | 0 | 0 |
Bank of N.T. Butterfield & Son Ltd. | Common | G0772R208 | 101,083 | 3,224,347 | SH | | SOLE | | 3,179,307 | 0 | 45,040 |
Bank of New York Mellon Corp. | Common | 064058100 | 821,480 | 17,462,483 | SH | | SOLE | | 17,201,533 | 0 | 260,950 |
Berkshire Hathaway Inc., Class A | Common | 084670108 | 1,076,814 | 3,519 | SH | | SOLE | | 3,516 | 0 | 3 |
Berkshire Hathaway Inc., Class B | Common | 084670702 | 356,694 | 1,751,245 | SH | | SOLE | | 1,644,808 | 0 | 106,437 |
Booking Holdings, Inc. | Common | 09857L108 | 98,161 | 56,990 | SH | | SOLE | | 56,940 | 0 | 50 |
Boston Properties, Inc. | Common | 101121101 | 17,593 | 156,310 | SH | | SOLE | | 75,070 | 0 | 81,240 |
Brandywine Realty Trust | Common | 105368203 | 7,437 | 577,831 | SH | | SOLE | | 267,740 | 0 | 310,091 |
Brixmor Property Group, Inc. | Common | 11120U105 | 8,926 | 607,630 | SH | | SOLE | | 292,780 | 0 | 314,850 |
Cabot Oil & Gas Corp. | Common | 127097103 | 13,085 | 579,300 | SH | | SOLE | | 460,257 | 0 | 119,043 |
Camden Property Trust | Common | 133131102 | 16,701 | 189,680 | SH | | SOLE | | 82,900 | 0 | 106,780 |
Capital One Financial Corp. | Common | 14040H105 | 1,002,313 | 13,267,950 | SH | | SOLE | | 13,029,883 | 0 | 238,067 |
CarMax, Inc. | Common | 143130102 | 317 | 5,046 | SH | | SOLE | | 1,286 | 0 | 3,760 |
CatchMark Timber Trust Inc., Class A | Common | 14912Y202 | 1,076 | 151,604 | SH | | SOLE | | 151,604 | 0 | 0 |
Charles Schwab Corp. | Common | 808513105 | 20,904 | 503,340 | SH | | SOLE | | 503,340 | 0 | 0 |
Chubb Ltd. | Common | H1467J104 | 282,296 | 2,186,403 | SH | | SOLE | | 2,159,595 | 0 | 26,808 |
Cigna Corp. | Common | 125523100 | 18,709 | 98,444 | SH | | SOLE | | 90,060 | 0 | 8,384 |
CoreSite Realty Corp. | Common | 21870Q105 | 7,633 | 87,510 | SH | | SOLE | | 40,450 | 0 | 47,060 |
Costco Wholesale Corp. | Common | 22160K105 | 1,564 | 7,680 | SH | | SOLE | | 250 | 0 | 7,430 |
Cousins Properties, Inc. | Common | 222795106 | 12,731 | 1,611,500 | SH | | SOLE | | 798,860 | 0 | 812,640 |
Crown Castle International Corp. | Common | 22822V101 | 14,594 | 134,350 | SH | | SOLE | | 63,890 | 0 | 70,460 |
Ctrip.com International, Ltd. ADR | ADR | 22943F100 | 13,077 | 483,248 | SH | | SOLE | | 483,248 | 0 | 0 |
CubeSmart | Common | 229663109 | 4,150 | 144,650 | SH | | SOLE | | 58,760 | 0 | 85,890 |
CVS Health Corp. | Common | 126650100 | 74,028 | 1,130,059 | SH | | SOLE | | 1,084,103 | 0 | 45,956 |
Davis Select Financial | ETF | 23908L108 | 38,721 | 1,840,055 | SH | | SOLE | | 1,840,055 | 0 | 0 |
Davis Select International | ETF | 23908L405 | 44,314 | 2,938,800 | SH | | SOLE | | 2,938,800 | 0 | 0 |
Davis Select U.S. Equity | ETF | 23908L207 | 60,507 | 3,022,320 | SH | | SOLE | | 3,022,320 | 0 | 0 |
Davis Select Worldwide | ETF | 23908L306 | 32,949 | 1,685,395 | SH | | SOLE | | 1,685,395 | 0 | 0 |
Digital Realty Trust, Inc. | Common | 253868103 | 15,710 | 147,440 | SH | | SOLE | | 71,100 | 0 | 76,340 |
DowDuPont, Inc. | Common | 26078J100 | 642 | 12,000 | SH | | SOLE | | 12,000 | 0 | 0 |
DXC Technology Co. | Common | 23355L106 | 602 | 11,319 | SH | | SOLE | | 11,319 | 0 | 0 |
EastGroup Properties, Inc. | Common | 277276101 | 2,662 | 29,020 | SH | | SOLE | | 12,400 | 0 | 16,620 |
Eaton Corporation PLC | Common | G29183103 | 33,615 | 490,110 | SH | | SOLE | | 445,869 | 0 | 44,241 |
Electronic Arts, Inc. | Common | 285512109 | 549 | 6,960 | SH | | SOLE | | 6,960 | 0 | 0 |
Encana Corporation | Common | 292505104 | 240,162 | 41,529,994 | SH | | SOLE | | 40,603,856 | 0 | 926,138 |
Equinix, Inc | Common | 29444U700 | 20,452 | 58,010 | SH | | SOLE | | 27,920 | 0 | 30,090 |
Equity LifeStyle Properties, Inc. | Common | 29472R108 | 5,910 | 60,850 | SH | | SOLE | | 30,070 | 0 | 30,780 |
Equity Residential | Common | 29476L107 | 15,680 | 237,540 | SH | | SOLE | | 102,555 | 0 | 134,985 |
Essex Property Trust, Inc. | Common | 297178105 | 16,763 | 68,361 | SH | | SOLE | | 31,160 | 0 | 37,201 |
Everest Re Group, Ltd. | Common | G3223R108 | 40,912 | 187,878 | SH | | SOLE | | 187,878 | 0 | 0 |
Extra Space Storage, Inc. | Common | 30225T102 | 8,666 | 95,780 | SH | | SOLE | | 45,390 | 0 | 50,390 |
Facebook, Inc. | Common | 30303M102 | 691,283 | 5,267,533 | SH | | SOLE | | 5,140,839 | 0 | 126,694 |
Fang Holdings Ltd., ADR | ADR | 30711Y102 | 16,126 | 11,309,804 | SH | | SOLE | | 10,943,917 | 0 | 365,887 |
Federal Realty Investment Trust | Common | 313747206 | 12,942 | 109,640 | SH | | SOLE | | 51,250 | 0 | 58,390 |
FedEx Corp. | Common | 31428X106 | 515 | 3,190 | SH | | SOLE | | 3,190 | 0 | 0 |
First Industrial Realty Trust, Inc. | Common | 32054K103 | 2,336 | 80,950 | SH | | SOLE | | 36,630 | 0 | 44,320 |
GCI Liberty Inc., Class A | Common | 36164V305 | 17,520 | 425,648 | SH | | SOLE | | 425,303 | 0 | 345 |
General Electric Co. | Common | 369604103 | 386,098 | 51,030,186 | SH | | SOLE | | 49,859,305 | 0 | 1,170,881 |
Goldman Sachs Group, Inc. | Common | 38141G104 | 46,071 | 275,790 | SH | | SOLE | | 275,790 | 0 | 0 |
Greenlight Capital Re, Ltd., Class A | Common | G4095J109 | 17,947 | 2,082,010 | SH | | SOLE | | 2,082,010 | 0 | 0 |
HCP, Inc. | Common | 40414L109 | 5,323 | 190,586 | SH | | SOLE | | 88,290 | 0 | 102,296 |
Hollysys Automation Technologies Ltd. | ADR | G45667105 | 116,655 | 6,662,570 | SH | | SOLE | | 6,662,570 | 0 | 0 |
Host Hotels & Resorts, Inc. | Common | 44107P104 | 9,654 | 579,120 | SH | | SOLE | | 263,300 | 0 | 315,820 |
HP, Inc. | Common | 40434L105 | 426 | 20,830 | SH | | SOLE | | 20,830 | 0 | 0 |
Hudson Pacific Properties, Inc. | Common | 444097109 | 15,248 | 524,700 | SH | | SOLE | | 253,410 | 0 | 271,290 |
Intel Corp. | Common | 458140100 | 37,831 | 806,478 | SH | | SOLE | | 703,881 | 0 | 102,597 |
Invitation Homes, Inc. | Common | 46187W107 | 2,871 | 142,970 | SH | | SOLE | | 65,510 | 0 | 77,460 |
iQIYI Inc., Class A, ADR | ADR | 46267X108 | 53,360 | 3,584,468 | SH | | SOLE | | 3,442,068 | 0 | 142,400 |
iShares Russell 3000 ETF | ETF | 464287689 | 7,953 | 54,132 | SH | | SOLE | | 49,335 | 0 | 4,797 |
iShares S&P 500 Value ETF | ETF | 464287408 | 52,031 | 514,441 | SH | | SOLE | | 486,140 | 0 | 28,301 |
JD.com, Inc., Class A, ADR | ADR | 47215P106 | 150,762 | 7,196,442 | SH | | SOLE | | 6,976,849 | 0 | 219,593 |
Johnson Controls International PLC | Common | G51502105 | 373,779 | 12,607,660 | SH | | SOLE | | 12,203,195 | 0 | 404,465 |
JPMorgan Chase & Co. | Common | 46625H100 | 783,824 | 8,033,318 | SH | | SOLE | | 7,916,949 | 0 | 116,369 |
Kimco Realty Corp. | Common | 49446R109 | 4,438 | 302,960 | SH | | SOLE | | 127,540 | 0 | 175,420 |
KKR & Co. Inc., Class A | Common | 48251W104 | 31,213 | 1,590,048 | SH | | SOLE | | 1,590,048 | 0 | 0 |
Lam Research Corp. | Common | 512807108 | 475 | 3,485 | SH | | SOLE | | 3,485 | 0 | 0 |
Liberty Expedia Holdings, Inc. | Common | 53046P109 | 11,104 | 283,924 | SH | | SOLE | | 283,694 | 0 | 230 |
Liberty Global PLC, Series C | Common | G5480U120 | 20,740 | 1,004,834 | SH | | SOLE | | 1,004,834 | 0 | 0 |
Liberty Latin America Ltd., Class C | Common | G9001E128 | 14,161 | 971,939 | SH | | SOLE | | 971,131 | 0 | 808 |
Liberty Property Trust | Common | 531172104 | 5,280 | 126,070 | SH | | SOLE | | 57,350 | 0 | 68,720 |
Liberty TripAdvisor Holdings, Inc., Series A | Common | 531465102 | 6,398 | 402,640 | SH | | SOLE | | 402,310 | 0 | 330 |
Life Storage, Inc. | Common | 53223X107 | 5,513 | 59,290 | SH | | SOLE | | 24,220 | 0 | 35,070 |
Loews Corp. | Common | 540424108 | 193,796 | 4,260,915 | SH | | SOLE | | 4,198,463 | 0 | 62,452 |
Macerich Co. | Common | 554382101 | 2,320 | 53,610 | SH | | SOLE | | 26,060 | 0 | 27,550 |
Magnolia Oil & Gas Corp., Class A | Common | 559663109 | 139,225 | 12,419,690 | SH | | SOLE | | 12,419,690 | 0 | 0 |
Markel Corp. | Common | 570535104 | 255,320 | 246,090 | SH | | SOLE | | 243,575 | 0 | 2,515 |
Microsoft Corp. | Common | 594918104 | 293,191 | 2,889,277 | SH | | SOLE | | 2,827,713 | 0 | 61,564 |
Mid-America Apartment Communities, Inc | Common | 59522J103 | 2,571 | 26,870 | SH | | SOLE | | 12,590 | 0 | 14,280 |
New Oriental Education & Technology ADR | ADR | 647581107 | 563,098 | 10,273,245 | SH | | SOLE | | 10,132,773 | 0 | 140,472 |
Noah Holdings Ltd. ADS | ADR | 65487X102 | 40,122 | 926,166 | SH | | SOLE | | 910,666 | 0 | 15,500 |
Novartis AG ADR | ADR | 66987V109 | 1,326 | 15,456 | SH | | SOLE | | 15,456 | 0 | 0 |
Oaktree Capital Group LLC | Partnership | 674001201 | 39,530 | 994,457 | SH | | SOLE | | 994,457 | 0 | 0 |
Oracle Corp. | Common | 68389X105 | 151,233 | 3,351,628 | SH | | SOLE | | 3,268,085 | 0 | 83,543 |
Owens Corning | Common | 690742101 | 14,804 | 337,051 | SH | | SOLE | | 304,135 | 0 | 32,916 |
PNC Financial Services Group, Inc. | Common | 693475105 | 38,831 | 332,145 | SH | | SOLE | | 332,145 | 0 | 0 |
PPG Industries, Inc. | Common | 693506107 | 559 | 5,470 | SH | | SOLE | | 5,470 | 0 | 0 |
Prologis, Inc. | Common | 74340W103 | 20,652 | 351,698 | SH | | SOLE | | 180,628 | 0 | 171,070 |
Public Storage, Inc. | Common | 74460D109 | 17,626 | 87,080 | SH | | SOLE | | 39,960 | 0 | 47,120 |
Qorvo, Inc. | Common | 74736K101 | 25,905 | 426,502 | SH | | SOLE | | 389,606 | 0 | 36,896 |
Quest Diagnostics, Inc. | Common | 74834L100 | 66,289 | 798,392 | SH | | SOLE | | 720,157 | 0 | 78,235 |
Quotient Technology, Inc. | Common | 749119103 | 48,741 | 4,561,386 | SH | | SOLE | | 4,174,660 | 0 | 386,726 |
Qurate Retail Inc., Series A | Common | 74915M100 | 33,287 | 1,706,443 | SH | | SOLE | | 1,672,724 | 0 | 33,719 |
Regency Centers Corporation | Common | 758849103 | 13,663 | 232,840 | SH | | SOLE | | 110,740 | 0 | 122,100 |
Retail Opportunity Investments Corp. | Common | 76131N101 | 5,604 | 352,915 | SH | | SOLE | | 165,525 | 0 | 187,390 |
Rexford Industrial Realty, Inc. | Common | 76169C100 | 14,180 | 481,170 | SH | | SOLE | | 235,130 | 0 | 246,040 |
Ryman Hospitality Properties, Inc. | Common | 78377T107 | 3,244 | 48,650 | SH | | SOLE | | 22,970 | 0 | 25,680 |
SAP SE, ADR | ADR | 803054204 | 14,104 | 141,765 | SH | | SOLE | | 129,798 | 0 | 11,967 |
Shire PLC, ADR | ADR | 82481R106 | 28,252 | 162,332 | SH | | SOLE | | 162,106 | 0 | 226 |
Simon Property Group, Inc. | Common | 828806109 | 35,849 | 213,400 | SH | | SOLE | | 106,940 | 0 | 106,460 |
SL Green Realty Corp. | Common | 78440X101 | 5,721 | 72,350 | SH | | SOLE | | 33,760 | 0 | 38,590 |
SPDR S& P 500 ETF Trust | ETF | 78462F103 | 462 | 1,849 | SH | | SOLE | | 1,849 | 0 | 0 |
State Street Corp. | Common | 857477103 | 48,393 | 767,294 | SH | | SOLE | | 767,294 | 0 | 0 |
Sun Communities, Inc. | Common | 866674104 | 5,831 | 57,330 | SH | | SOLE | | 28,470 | 0 | 28,860 |
Tarena International, Inc.,Class A, ADR | ADR | 876108101 | 32,603 | 5,174,780 | SH | | SOLE | | 5,174,780 | 0 | 0 |
Terreno Realty Corp. | Common | 88146M101 | 13,557 | 385,467 | SH | | SOLE | | 183,154 | 0 | 202,313 |
Texas Instruments, Inc. | Common | 882508104 | 404,721 | 4,285,380 | SH | | SOLE | | 4,177,937 | 0 | 107,443 |
The Blackstone Group L.P. | Partnership | 09253U108 | 17,530 | 588,060 | SH | | SOLE | | 588,060 | 0 | 0 |
United Technologies Corp. | Common | 913017109 | 874,733 | 8,221,190 | SH | | SOLE | | 8,005,003 | 0 | 216,187 |
UnitedHealth Group, Inc. | Common | 91324P102 | 13,999 | 56,308 | SH | | SOLE | | 51,270 | 0 | 5,038 |
US Bancorp | Common | 902973304 | 421,632 | 9,230,157 | SH | | SOLE | | 9,137,810 | 0 | 92,347 |
Ventas, Inc. | Common | 92276F100 | 7,245 | 123,650 | SH | | SOLE | | 80,250 | 0 | 43,400 |
Visa, Inc., Class A | Common | 92826C839 | 18,895 | 143,206 | SH | | SOLE | | 143,206 | 0 | 0 |
Vornado Realty Trust | Common | 929042109 | 8,620 | 138,960 | SH | | SOLE | | 62,414 | 0 | 76,546 |
Wells Fargo & Co. | Common | 949746101 | 1,242,371 | 26,971,021 | SH | | SOLE | | 26,404,683 | 0 | 566,338 |
Xilinx, Inc. | Common | 983919101 | 675 | 7,920 | SH | | SOLE | | 7,920 | 0 | 0 |
Yirendai Ltd., ADR | ADR | 98585L100 | 28,340 | 2,636,494 | SH | | SOLE | | 2,609,014 | 0 | 27,480 |
ZTO Express Cayman, Inc., Class A, ADR | ADR | 98980A105 | 11,616 | 733,772 | SH | | SOLE | | 733,772 | 0 | 0 |