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., Class A, ADR | ADR | 31680Q104 | 1,497 | 22,790 | SH | | SOLE | | 22,790 | 0 | 0 |
Acadia Realty Trust | Common | 004239109 | 16,072 | 589,370 | SH | | SOLE | | 285,490 | 0 | 303,880 |
Adient plc | Common | G0084W101 | 160,456 | 12,380,835 | SH | | SOLE | | 11,939,842 | 0 | 440,993 |
Alexander & Baldwin, Inc. | Common | 014491104 | 3,201 | 125,830 | SH | | SOLE | | 62,530 | 0 | 63,300 |
Alexandria Real Estate Equities, Inc. | Common | 015271109 | 16,996 | 119,217 | SH | | SOLE | | 63,723 | 0 | 55,494 |
Alibaba Group Holding Ltd., ADR | ADR | 01609W102 | 765,385 | 4,195,037 | SH | | SOLE | | 4,119,773 | 0 | 75,264 |
Alleghany Corporation | Common | 017175100 | 49,598 | 80,989 | SH | | SOLE | | 80,989 | 0 | 0 |
Alphabet Inc., Class A | Common | 02079K305 | 564,003 | 479,232 | SH | | SOLE | | 468,992 | 0 | 10,240 |
Alphabet Inc., Class C | Common | 02079K107 | 1,151,373 | 981,304 | SH | | SOLE | | 961,405 | 0 | 19,899 |
Altus Midstream Co., Class A | Common | 02215L100 | 11,768 | 1,994,600 | SH | | SOLE | | 1,994,600 | 0 | 0 |
Amazon.com, Inc. | Common | 023135106 | 1,207,584 | 678,132 | SH | | SOLE | | 660,274 | 0 | 17,858 |
American Campus Communities, Inc. | Common | 024835100 | 16,690 | 350,784 | SH | | SOLE | | 188,040 | 0 | 162,744 |
American Express Co. | Common | 025816109 | 689,878 | 6,311,785 | SH | | SOLE | | 6,201,971 | 0 | 109,814 |
American Homes 4 Rent, Class A | Common | 02665T306 | 3,662 | 161,200 | SH | | SOLE | | 77,150 | 0 | 84,050 |
Apache Corp. | Common | 037411105 | 837,090 | 24,151,466 | SH | | SOLE | | 23,459,914 | 0 | 691,552 |
Applied Materials, Inc. | Common | 038222105 | 615,363 | 15,515,968 | SH | | SOLE | | 15,070,272 | 0 | 445,696 |
Aptiv PLC | Common | G6095L109 | 29,834 | 375,319 | SH | | SOLE | | 341,014 | 0 | 34,305 |
AvalonBay Communities, Inc. | Common | 053484101 | 31,400 | 156,430 | SH | | SOLE | | 82,310 | 0 | 74,120 |
Axalta Coating Systems Ltd. | Common | G0750C108 | 593 | 23,540 | SH | | SOLE | | 23,540 | 0 | 0 |
Azul S.A., ADR | ADR | 05501U106 | 11,093 | 379,772 | SH | | SOLE | | 379,772 | 0 | 0 |
Baidu, Inc., Class A, ADR | ADR | 056752108 | 14,845 | 90,053 | SH | | SOLE | | 90,053 | 0 | 0 |
Bank of America Corp. | Common | 060505104 | 41,631 | 1,508,920 | SH | | SOLE | | 1,508,920 | 0 | 0 |
Bank of N.T. Butterfield & Son Ltd. | Common | G0772R208 | 119,940 | 3,342,811 | SH | | SOLE | | 3,302,771 | 0 | 40,040 |
Bank of New York Mellon Corp. | Common | 064058100 | 859,676 | 17,046,925 | SH | | SOLE | | 16,767,070 | 0 | 279,855 |
Berkshire Hathaway Inc., Class A | Common | 084670108 | 1,024,432 | 3,401 | SH | | SOLE | | 3,398 | 0 | 3 |
Berkshire Hathaway Inc., Class B | Common | 084670702 | 336,341 | 1,674,254 | SH | | SOLE | | 1,574,140 | 0 | 100,114 |
Booking Holdings, Inc. | Common | 09857L108 | 95,743 | 54,870 | SH | | SOLE | | 54,820 | 0 | 50 |
Boston Properties, Inc. | Common | 101121101 | 20,747 | 154,970 | SH | | SOLE | | 79,100 | 0 | 75,870 |
Brandywine Realty Trust | Common | 105368203 | 9,285 | 585,421 | SH | | SOLE | | 281,540 | 0 | 303,881 |
Brixmor Property Group, Inc. | Common | 11120U105 | 11,324 | 616,450 | SH | | SOLE | | 307,910 | 0 | 308,540 |
Cabot Oil & Gas Corp. | Common | 127097103 | 14,522 | 556,389 | SH | | SOLE | | 448,370 | 0 | 108,019 |
Camden Property Trust | Common | 133131102 | 19,502 | 192,140 | SH | | SOLE | | 87,500 | 0 | 104,640 |
Capital One Financial Corp. | Common | 14040H105 | 1,125,196 | 13,773,978 | SH | | SOLE | | 13,485,446 | 0 | 288,532 |
CarMax, Inc. | Common | 143130102 | 352 | 5,046 | SH | | SOLE | | 1,286 | 0 | 3,760 |
Charles Schwab Corp. | Common | 808513105 | 20,936 | 489,624 | SH | | SOLE | | 489,624 | 0 | 0 |
Chubb Ltd. | Common | H1467J104 | 306,069 | 2,184,959 | SH | | SOLE | | 2,156,553 | 0 | 28,406 |
Cigna Corp. | Common | 125523100 | 15,865 | 98,648 | SH | | SOLE | | 90,084 | 0 | 8,564 |
Coresite Realty Corp. | Common | 21870Q105 | 9,605 | 89,750 | SH | | SOLE | | 42,690 | 0 | 47,060 |
Costco Wholesale Corp. | Common | 22160K105 | 1,860 | 7,680 | SH | | SOLE | | 250 | 0 | 7,430 |
Cousins Properties, Inc. | Common | 222795106 | 8,243 | 853,270 | SH | | SOLE | | 427,590 | 0 | 425,680 |
Crown Castle International Corp. | Common | 22822V101 | 17,649 | 137,880 | SH | | SOLE | | 67,420 | 0 | 70,460 |
Ctrip.com International, Ltd., ADR | ADR | 22943F100 | 21,630 | 495,080 | SH | | SOLE | | 495,080 | 0 | 0 |
CubeSmart | Common | 229663109 | 4,684 | 146,180 | SH | | SOLE | | 60,290 | 0 | 85,890 |
CVS Health Corp. | Common | 126650100 | 60,630 | 1,124,239 | SH | | SOLE | | 1,078,567 | 0 | 45,672 |
Davis Select Financial | ETF | 23908L108 | 42,038 | 1,904,737 | SH | | SOLE | | 1,904,737 | 0 | 0 |
Davis Select International | ETF | 23908L405 | 65,455 | 3,654,046 | SH | | SOLE | | 3,654,046 | 0 | 0 |
Davis Select U.S. Equity | ETF | 23908L207 | 71,548 | 3,169,516 | SH | | SOLE | | 3,169,516 | 0 | 0 |
Davis Select Worldwide | ETF | 23908L306 | 41,821 | 1,803,388 | SH | | SOLE | | 1,803,388 | 0 | 0 |
Digital Realty Trust, Inc. | Common | 253868103 | 18,000 | 151,260 | SH | | SOLE | | 74,920 | 0 | 76,340 |
DowDuPont, Inc. | Common | 26078J100 | 640 | 12,000 | SH | | SOLE | | 12,000 | 0 | 0 |
DXC Technology Co. | Common | 23355L106 | 728 | 11,319 | SH | | SOLE | | 11,319 | 0 | 0 |
EastGroup Properties, Inc. | Common | 277276101 | 3,232 | 28,950 | SH | | SOLE | | 12,330 | 0 | 16,620 |
Eaton Corp. PLC | Common | G29183103 | 35,796 | 444,340 | SH | | SOLE | | 400,895 | 0 | 43,445 |
Electronic Arts, Inc. | Common | 285512109 | 301 | 2,960 | SH | | SOLE | | 2,960 | 0 | 0 |
Encana Corp. | Common | 292505104 | 297,296 | 41,062,977 | SH | | SOLE | | 39,835,597 | 0 | 1,227,380 |
Equinix, Inc. | Common | 29444U700 | 26,986 | 59,550 | SH | | SOLE | | 29,460 | 0 | 30,090 |
Equity LifeStyle Properties, Inc. | Common | 29472R108 | 7,145 | 62,510 | SH | | SOLE | | 31,730 | 0 | 30,780 |
Equity Residential | Common | 29476L107 | 18,102 | 240,340 | SH | | SOLE | | 108,055 | 0 | 132,285 |
Essex Property Trust, Inc. | Common | 297178105 | 19,810 | 68,491 | SH | | SOLE | | 32,040 | 0 | 36,451 |
Everest Re Group, Ltd. | Common | G3223R108 | 37,305 | 172,742 | SH | | SOLE | | 172,742 | 0 | 0 |
Extra Space Storage Inc. | Common | 30225T102 | 9,778 | 95,950 | SH | | SOLE | | 46,570 | 0 | 49,380 |
Facebook, Inc, Class A | Common | 30303M102 | 885,618 | 5,312,965 | SH | | SOLE | | 5,177,082 | 0 | 135,883 |
Fang Holdings Ltd., Class A, ADR | ADR | 30711Y102 | 14,600 | 10,814,989 | SH | | SOLE | | 10,662,501 | 0 | 152,488 |
Federal Realty Investment Trust | Common | 313747206 | 15,505 | 112,480 | SH | | SOLE | | 54,090 | 0 | 58,390 |
FedEx Corp. | Common | 31428X106 | 579 | 3,190 | SH | | SOLE | | 3,190 | 0 | 0 |
First Industrial Realty Trust, Inc. | Common | 32054K103 | 2,862 | 80,950 | SH | | SOLE | | 36,630 | 0 | 44,320 |
Futu Holdings Ltd., Class A, ADR | ADR | 36118L106 | 1,852 | 100,000 | SH | | SOLE | | 93,540 | 0 | 6,460 |
GCI Liberty, Inc., Class A | Common | 36164V305 | 22,604 | 406,478 | SH | | SOLE | | 406,133 | 0 | 345 |
General Electric Co. | Common | 369604103 | 224,957 | 22,518,253 | SH | | SOLE | | 21,856,276 | 0 | 661,977 |
Goldman Sachs Group, Inc. | Common | 38141G104 | 51,300 | 267,202 | SH | | SOLE | | 267,202 | 0 | 0 |
Greenlight Capital Re, Ltd., Class A | Common | G4095J109 | 22,309 | 2,052,360 | SH | | SOLE | | 2,052,360 | 0 | 0 |
HCP, Inc. | Common | 40414L109 | 10,111 | 323,046 | SH | | SOLE | | 175,320 | 0 | 147,726 |
Hollysys Automation Technologies, Ltd. | Common | G45667105 | 141,229 | 6,744,448 | SH | | SOLE | | 6,744,448 | 0 | 0 |
Host Hotels & Resorts, Inc. | Common | 44107P104 | 10,955 | 579,620 | SH | | SOLE | | 270,130 | 0 | 309,490 |
HP, Inc. | Common | 40434L105 | 405 | 20,830 | SH | | SOLE | | 20,830 | 0 | 0 |
Hudson Pacific Properties, Inc. | Common | 444097109 | 18,355 | 533,270 | SH | | SOLE | | 267,410 | 0 | 265,860 |
Intel Corp. | Common | 458140100 | 44,296 | 824,878 | SH | | SOLE | | 722,041 | 0 | 102,837 |
Invitation Homes, Inc. | Common | 46187W107 | 3,478 | 142,970 | SH | | SOLE | | 65,510 | 0 | 77,460 |
iQIYI, Inc., Class A, ADR | ADR | 46267X108 | 87,637 | 3,663,754 | SH | | SOLE | | 3,534,820 | 0 | 128,934 |
JD.com, Inc., Class A, ADR | ADR | 47215P106 | 219,156 | 7,268,860 | SH | | SOLE | | 7,059,726 | 0 | 209,134 |
Johnson Controls International plc | Common | G51502105 | 486,400 | 13,167,287 | SH | | SOLE | | 12,697,210 | 0 | 470,077 |
JPMorgan Chase & Co. | Common | 46625H100 | 804,962 | 7,951,809 | SH | | SOLE | | 7,828,846 | 0 | 122,963 |
KKR & Co. Inc., Class A | Common | 48251W104 | 36,244 | 1,542,970 | SH | | SOLE | | 1,542,970 | 0 | 0 |
Lam Research Corp. | Common | 512807108 | 624 | 3,485 | SH | | SOLE | | 3,485 | 0 | 0 |
Liberty Expedia Holdings, Inc. | Common | 53046P109 | 11,639 | 271,944 | SH | | SOLE | | 271,714 | 0 | 230 |
Liberty Global plc, Series C | Common | G5480U120 | 23,789 | 982,594 | SH | | SOLE | | 982,594 | 0 | 0 |
Liberty Latin America Ltd., Class C | Common | G9001E128 | 18,149 | 933,089 | SH | | SOLE | | 932,281 | 0 | 808 |
Liberty Property Trust | Common | 531172104 | 6,258 | 129,240 | SH | | SOLE | | 60,520 | 0 | 68,720 |
Liberty TripAdvisor Hldgs Inc. - A | Common | 531465102 | 5,486 | 386,610 | SH | | SOLE | | 386,280 | 0 | 330 |
Life Storage, Inc. | Common | 53223X107 | 5,828 | 59,920 | SH | | SOLE | | 24,850 | 0 | 35,070 |
Loews Corp. | Common | 540424108 | 197,689 | 4,124,538 | SH | | SOLE | | 4,062,309 | 0 | 62,229 |
Macerich Co. | Common | 554382101 | 2,847 | 65,680 | SH | | SOLE | | 38,130 | 0 | 27,550 |
Magnolia Oil & Gas Corp., Class A | Common | 559663109 | 148,876 | 12,406,370 | SH | | SOLE | | 12,406,370 | 0 | 0 |
Markel Corp. | Common | 570535104 | 237,735 | 238,632 | SH | | SOLE | | 236,159 | 0 | 2,473 |
Microsoft Corp. | Common | 594918104 | 217,842 | 1,847,059 | SH | | SOLE | | 1,799,691 | 0 | 47,368 |
Mid-America Apartment Communities, Inc. | Common | 59522J103 | 2,974 | 27,200 | SH | | SOLE | | 12,920 | 0 | 14,280 |
New Oriental Education & Tech ADR | ADR | 647581107 | 944,073 | 10,479,224 | SH | | SOLE | | 10,326,020 | 0 | 153,204 |
Noah Holdings Ltd., ADS | ADR | 65487X102 | 45,438 | 937,635 | SH | | SOLE | | 922,135 | 0 | 15,500 |
Novartis AG - ADR | ADR | 66987V109 | 2,048 | 21,304 | SH | | SOLE | | 21,304 | 0 | 0 |
Oracle Corp. | Common | 68389X105 | 148,553 | 2,765,829 | SH | | SOLE | | 2,687,244 | 0 | 78,585 |
Owens Corning | Common | 690742101 | 16,092 | 341,512 | SH | | SOLE | | 309,641 | 0 | 31,871 |
PNC Financial Services Group, Inc. | Common | 693475105 | 40,942 | 333,781 | SH | | SOLE | | 333,781 | 0 | 0 |
PPG Industries, Inc. | Common | 693506107 | 617 | 5,470 | SH | | SOLE | | 5,470 | 0 | 0 |
Prologis, Inc. | Common | 74340W103 | 25,038 | 347,998 | SH | | SOLE | | 180,358 | 0 | 167,640 |
Public Storage, Inc. | Common | 74460D109 | 15,985 | 73,400 | SH | | SOLE | | 34,020 | 0 | 39,380 |
Qorvo, Inc. | Common | 74736K101 | 34,560 | 481,807 | SH | | SOLE | | 434,167 | 0 | 47,640 |
Quest Diagnostics, Inc. | Common | 74834L100 | 327,224 | 3,639,061 | SH | | SOLE | | 3,511,961 | 0 | 127,100 |
Quotient Technology, Inc. | Common | 749119103 | 46,796 | 4,741,248 | SH | | SOLE | | 4,345,838 | 0 | 395,410 |
Qurate Retail, Inc. Series A | Common | 74915M100 | 26,543 | 1,661,016 | SH | | SOLE | | 1,627,444 | 0 | 33,572 |
Regency Centers Corp. | Common | 758849103 | 15,909 | 235,730 | SH | | SOLE | | 113,630 | 0 | 122,100 |
Retail Opportunity Investments Corp. | Common | 76131N101 | 6,120 | 352,915 | SH | | SOLE | | 165,525 | 0 | 187,390 |
Rexford Industrial Realty, Inc. | Common | 76169C100 | 14,366 | 401,170 | SH | | SOLE | | 196,100 | 0 | 205,070 |
Ryman Hospitality Properties, Inc. | Common | 78377T107 | 4,105 | 49,920 | SH | | SOLE | | 24,240 | 0 | 25,680 |
SAP SE, ADR | ADR | 803054204 | 16,758 | 145,137 | SH | | SOLE | | 133,302 | 0 | 11,835 |
Simon Property Group, Inc. | Common | 828806109 | 37,371 | 205,100 | SH | | SOLE | | 109,350 | 0 | 95,750 |
SL Green Realty Corp. | Common | 78440X101 | 6,424 | 71,440 | SH | | SOLE | | 33,620 | 0 | 37,820 |
State Street Corp. | Common | 857477103 | 48,993 | 744,456 | SH | | SOLE | | 744,456 | 0 | 0 |
STORE Capital Corp. | Common | 862121100 | 1,250 | 37,300 | SH | | SOLE | | 18,720 | 0 | 18,580 |
Sun Communities, Inc. | Common | 866674104 | 6,982 | 58,910 | SH | | SOLE | | 30,050 | 0 | 28,860 |
Tarena International, Inc.,Class A, ADR | ADR | 876108101 | 26,406 | 4,862,912 | SH | | SOLE | | 4,862,912 | 0 | 0 |
Terreno Realty Corp. | Common | 88146M101 | 13,289 | 316,107 | SH | | SOLE | | 150,904 | 0 | 165,203 |
Texas Instruments, Inc. | Common | 882508104 | 441,912 | 4,166,232 | SH | | SOLE | | 4,056,570 | 0 | 109,662 |
The Blackstone Group L.P. | Partnership | 09253U108 | 19,978 | 571,300 | SH | | SOLE | | 571,300 | 0 | 0 |
The Stars Group, Inc. | Common | 85570W100 | 206 | 11,750 | SH | | SOLE | | 11,750 | 0 | 0 |
U.S. Bancorp | Common | 902973304 | 444,621 | 9,226,412 | SH | | SOLE | | 9,119,933 | 0 | 106,479 |
United Technologies Corp. | Common | 913017109 | 1,066,798 | 8,276,810 | SH | | SOLE | | 8,051,112 | 0 | 225,698 |
UnitedHealth Group, Inc. | Common | 91324P102 | 30,660 | 124,001 | SH | | SOLE | | 111,167 | 0 | 12,834 |
Ventas, Inc. | Common | 92276F100 | 10,060 | 157,650 | SH | | SOLE | | 114,250 | 0 | 43,400 |
Visa Inc., Class A | Common | 92826C839 | 18,718 | 119,842 | SH | | SOLE | | 119,842 | 0 | 0 |
Vornado Realty Trust | Common | 929042109 | 9,247 | 137,120 | SH | | SOLE | | 62,104 | 0 | 75,016 |
Wabtec Corp. | Common | 929740108 | 11,056 | 149,969 | SH | | SOLE | | 146,775 | 0 | 3,194 |
Wells Fargo & Co. | Common | 949746101 | 1,330,537 | 27,535,957 | SH | | SOLE | | 26,908,199 | 0 | 627,758 |
Xilinx, Inc. | Common | 983919101 | 803 | 6,335 | SH | | SOLE | | 6,335 | 0 | 0 |
Yirendai Ltd., ADR | ADR | 98585L100 | 36,330 | 2,679,239 | SH | | SOLE | | 2,651,759 | 0 | 27,480 |
ZTO Express Cayman, Inc., Class A, ADR | ADR | 98980A105 | 13,842 | 757,232 | SH | | SOLE | | 757,232 | 0 | 0 |