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 | 1,417 | 22,790 | SH | | SOLE | | 22,790 | 0 | 0 |
Acadia Realty Trust | Common | 004239109 | 15,981 | 583,900 | SH | | SOLE | | 285,490 | 0 | 298,410 |
Adient plc | Common | G0084W101 | 287,576 | 11,849,046 | SH | | SOLE | | 11,451,112 | 0 | 397,934 |
Alexander & Baldwin, Inc. | Common | 014491104 | 2,939 | 127,240 | SH | | SOLE | | 63,940 | 0 | 63,300 |
Alexandria Real Estate Equities, Inc. | Common | 015271109 | 16,075 | 113,937 | SH | | SOLE | | 65,163 | 0 | 48,774 |
Alibaba Group Holding Ltd., ADR | ADR | 01609W102 | 707,146 | 4,173,186 | SH | | SOLE | | 4,100,227 | 0 | 72,959 |
Alleghany Corporation | Common | 017175100 | 54,093 | 79,419 | SH | | SOLE | | 79,419 | 0 | 0 |
Alphabet Inc., Class A | Common | 02079K305 | 508,013 | 469,166 | SH | | SOLE | | 459,336 | 0 | 9,830 |
Alphabet Inc., Class C | Common | 02079K107 | 1,036,910 | 959,294 | SH | | SOLE | | 940,007 | 0 | 19,287 |
Altus Midstream Co., Class A | Common | 02215L100 | 12,113 | 3,256,100 | SH | | SOLE | | 3,256,100 | 0 | 0 |
Amazon.com, Inc. | Common | 023135106 | 1,248,576 | 659,356 | SH | | SOLE | | 642,946 | 0 | 16,410 |
American Campus Communities, Inc. | Common | 024835100 | 16,254 | 352,114 | SH | | SOLE | | 192,300 | 0 | 159,814 |
American Express Co. | Common | 025816109 | 756,489 | 6,128,392 | SH | | SOLE | | 6,021,374 | 0 | 107,018 |
American Homes 4 Rent, Class A | Common | 02665T306 | 3,961 | 162,940 | SH | | SOLE | | 78,890 | 0 | 84,050 |
Apache Corp. | Common | 037411105 | 666,564 | 23,008,783 | SH | | SOLE | | 22,480,133 | 0 | 528,650 |
Applied Materials, Inc. | Common | 038222105 | 713,204 | 15,880,737 | SH | | SOLE | | 15,411,681 | 0 | 469,056 |
Aptiv PLC | Common | G6095L109 | 17,817 | 220,420 | SH | | SOLE | | 199,622 | 0 | 20,798 |
AvalonBay Communities, Inc. | Common | 053484101 | 29,638 | 145,870 | SH | | SOLE | | 83,940 | 0 | 61,930 |
Axalta Coating Systems Ltd. | Common | G0750C108 | 701 | 23,540 | SH | | SOLE | | 23,540 | 0 | 0 |
Azul S.A., ADR | ADR | 05501U106 | 12,764 | 381,712 | SH | | SOLE | | 381,712 | 0 | 0 |
Baidu, Inc., Class A, ADR | ADR | 056752108 | 10,724 | 91,381 | SH | | SOLE | | 91,381 | 0 | 0 |
Bank of America Corp. | Common | 060505104 | 47,647 | 1,643,010 | SH | | SOLE | | 1,643,010 | 0 | 0 |
Bank of N.T. Butterfield & Son Ltd. | Common | G0772R208 | 113,367 | 3,338,242 | SH | | SOLE | | 3,286,002 | 0 | 52,240 |
Bank of New York Mellon Corp. | Common | 064058100 | 738,028 | 16,716,368 | SH | | SOLE | | 16,437,915 | 0 | 278,453 |
Berkshire Hathaway Inc., Class A | Common | 084670108 | 1,066,791 | 3,351 | SH | | SOLE | | 3,348 | 0 | 3 |
Berkshire Hathaway Inc., Class B | Common | 084670702 | 346,989 | 1,627,758 | SH | | SOLE | | 1,529,965 | 0 | 97,793 |
Booking Holdings, Inc. | Common | 09857L108 | 100,634 | 53,680 | SH | | SOLE | | 53,630 | 0 | 50 |
Boston Properties, Inc. | Common | 101121101 | 19,541 | 151,480 | SH | | SOLE | | 80,890 | 0 | 70,590 |
Brandywine Realty Trust | Common | 105368203 | 8,396 | 586,291 | SH | | SOLE | | 287,880 | 0 | 298,411 |
Brixmor Property Group, Inc. | Common | 11120U105 | 11,011 | 615,800 | SH | | SOLE | | 312,820 | 0 | 302,980 |
Camden Property Trust | Common | 133131102 | 17,804 | 170,550 | SH | | SOLE | | 89,480 | 0 | 81,070 |
Capital One Financial Corp. | Common | 14040H105 | 1,255,514 | 13,836,387 | SH | | SOLE | | 13,550,329 | 0 | 286,058 |
CarMax, Inc. | Common | 143130102 | 438 | 5,046 | SH | | SOLE | | 1,286 | 0 | 3,760 |
Charles Schwab Corp. | Common | 808513105 | 19,295 | 480,084 | SH | | SOLE | | 480,084 | 0 | 0 |
China Index Holdings Ltd., ADR | ADR | 16954W101 | 12,757 | 3,593,523 | SH | | SOLE | | 3,566,932 | 0 | 26,591 |
Chubb Ltd. | Common | H1467J104 | 317,790 | 2,157,578 | SH | | SOLE | | 2,129,429 | 0 | 28,149 |
Cigna Corp. | Common | 125523100 | 16,706 | 106,034 | SH | | SOLE | | 96,264 | 0 | 9,770 |
Coresite Realty Corp. | Common | 21870Q105 | 10,447 | 90,710 | SH | | SOLE | | 43,650 | 0 | 47,060 |
Costco Wholesale Corp. | Common | 22160K105 | 2,030 | 7,680 | SH | | SOLE | | 250 | 0 | 7,430 |
Cousins Properties, Inc. | Common | 222795502 | 7,734 | 213,815 | SH | | SOLE | | 109,310 | 0 | 104,505 |
Crown Castle International Corp. | Common | 22822V101 | 17,596 | 134,990 | SH | | SOLE | | 68,940 | 0 | 66,050 |
Ctrip.com International, Ltd., ADR | ADR | 22943F100 | 17,581 | 476,313 | SH | | SOLE | | 476,313 | 0 | 0 |
CubeSmart | Common | 229663109 | 4,882 | 145,980 | SH | | SOLE | | 61,640 | 0 | 84,340 |
CVS Health Corp. | Common | 126650100 | 60,031 | 1,101,682 | SH | | SOLE | | 1,057,541 | 0 | 44,141 |
Davis Select Financial | ETF | 23908L108 | 44,380 | 1,904,737 | SH | | SOLE | | 1,890,945 | 0 | 0 |
Davis Select International | ETF | 23908L405 | 65,180 | 3,654,046 | SH | | SOLE | | 3,638,800 | 0 | 0 |
Davis Select U.S. Equity | ETF | 23908L207 | 74,243 | 3,169,516 | SH | | SOLE | | 3,052,420 | 0 | 0 |
Davis Select Worldwide | ETF | 23908L306 | 42,067 | 1,803,388 | SH | | SOLE | | 1,720,905 | 0 | 0 |
Digital Realty Trust, Inc. | Common | 253868103 | 17,309 | 146,950 | SH | | SOLE | | 76,610 | 0 | 70,340 |
DowDuPont, Inc. | Common | 26614N102 | 300 | 4,000 | SH | | SOLE | | 4,000 | 0 | 0 |
DXC Technology Co. | Common | 23355L106 | 624 | 11,319 | SH | | SOLE | | 11,319 | 0 | 0 |
EastGroup Properties, Inc. | Common | 277276101 | 3,390 | 29,230 | SH | | SOLE | | 12,610 | 0 | 16,620 |
Eaton Corp. PLC | Common | G29183103 | 36,435 | 437,499 | SH | | SOLE | | 397,607 | 0 | 39,892 |
Electronic Arts, Inc. | Common | 285512109 | 300 | 2,960 | SH | | SOLE | | 2,960 | 0 | 0 |
Encana Corp. | Common | 292505104 | 258,023 | 50,296,797 | SH | | SOLE | | 48,714,873 | 0 | 1,581,924 |
Equinix, Inc. | Common | 29444U700 | 29,188 | 57,880 | SH | | SOLE | | 30,130 | 0 | 27,750 |
Equity LifeStyle Properties, Inc. | Common | 29472R108 | 7,606 | 62,680 | SH | | SOLE | | 32,450 | 0 | 30,230 |
Equity Residential | Common | 29476L107 | 17,713 | 233,310 | SH | | SOLE | | 110,495 | 0 | 122,815 |
Essex Property Trust, Inc. | Common | 297178105 | 19,440 | 66,591 | SH | | SOLE | | 32,760 | 0 | 33,831 |
Everest Re Group, Ltd. | Common | G3223R108 | 36,415 | 147,322 | SH | | SOLE | | 147,322 | 0 | 0 |
Extra Space Storage Inc. | Common | 30225T102 | 10,197 | 96,110 | SH | | SOLE | | 47,620 | 0 | 48,490 |
Facebook, Inc, Class A | Common | 30303M102 | 898,939 | 4,657,716 | SH | | SOLE | | 4,553,701 | 0 | 104,015 |
Fang Holdings Ltd., Class A, ADR | ADR | 30711Y102 | 6,566 | 10,568,354 | SH | | SOLE | | 10,433,722 | 0 | 134,632 |
Federal Realty Investment Trust | Common | 313747206 | 14,506 | 112,660 | SH | | SOLE | | 55,320 | 0 | 57,340 |
FedEx Corp. | Common | 31428X106 | 524 | 3,190 | SH | | SOLE | | 3,190 | 0 | 0 |
First Industrial Realty Trust, Inc. | Common | 32054K103 | 3,004 | 81,770 | SH | | SOLE | | 37,450 | 0 | 44,320 |
Futu Holdings Ltd., Class A, ADR | ADR | 36118L106 | 1,029 | 97,320 | SH | | SOLE | | 90,860 | 0 | 6,460 |
GCI Liberty, Inc., Class A | Common | 36164V305 | 24,498 | 398,598 | SH | | SOLE | | 398,253 | 0 | 345 |
Goldman Sachs Group, Inc. | Common | 38141G104 | 53,591 | 261,932 | SH | | SOLE | | 261,932 | 0 | 0 |
Greenlight Capital Re, Ltd., Class A | Common | G4095J109 | 17,291 | 2,036,640 | SH | | SOLE | | 2,036,640 | 0 | 0 |
HCP, Inc. | Common | 40414L109 | 10,375 | 324,406 | SH | | SOLE | | 179,340 | 0 | 145,066 |
Hollysys Automation Technologies, Ltd. | Common | G45667105 | 127,441 | 6,707,397 | SH | | SOLE | | 6,707,397 | 0 | 0 |
Host Hotels & Resorts, Inc. | Common | 44107P104 | 10,671 | 585,680 | SH | | SOLE | | 276,190 | 0 | 309,490 |
HP, Inc. | Common | 40434L105 | 433 | 20,830 | SH | | SOLE | | 20,830 | 0 | 0 |
Hudson Pacific Properties, Inc. | Common | 444097109 | 17,783 | 534,520 | SH | | SOLE | | 273,450 | 0 | 261,070 |
Humana Inc. | Common | 444859102 | 35,540 | 133,960 | SH | | SOLE | | 122,708 | 0 | 11,252 |
Intel Corp. | Common | 458140100 | 357,766 | 7,473,706 | SH | | SOLE | | 7,204,070 | 0 | 269,636 |
Invitation Homes, Inc. | Common | 46187W107 | 3,861 | 144,430 | SH | | SOLE | | 66,970 | 0 | 77,460 |
iQIYI, Inc., Class A, ADR | ADR | 46267X108 | 34,311 | 1,661,546 | SH | | SOLE | | 1,603,896 | 0 | 57,650 |
JD.com, Inc., Class A, ADR | ADR | 47215P106 | 195,833 | 6,465,282 | SH | | SOLE | | 6,272,156 | 0 | 193,126 |
Johnson Controls International PLC | Common | G51502105 | 41,401 | 1,002,195 | SH | | SOLE | | 928,827 | 0 | 73,368 |
JPMorgan Chase & Co. | Common | 46625H100 | 885,920 | 7,924,152 | SH | | SOLE | | 7,802,709 | 0 | 121,443 |
KKR & Co. Inc., Class A | Common | 48251W104 | 38,226 | 1,512,690 | SH | | SOLE | | 1,512,690 | 0 | 0 |
Lam Research Corp. | Common | 512807108 | 655 | 3,485 | SH | | SOLE | | 3,485 | 0 | 0 |
Liberty Expedia Holdings, Inc. | Common | 53046P109 | 12,743 | 266,654 | SH | | SOLE | | 266,424 | 0 | 230 |
Liberty Global plc, Series C | Common | G5480U120 | 25,523 | 962,034 | SH | | SOLE | | 962,034 | 0 | 0 |
Liberty Latin America Ltd., Class C | Common | G9001E128 | 15,731 | 915,149 | SH | | SOLE | | 914,341 | 0 | 808 |
Liberty Property Trust | Common | 531172104 | 6,474 | 129,370 | SH | | SOLE | | 61,890 | 0 | 67,480 |
Liberty TripAdvisor Hldgs Inc. - A | Common | 531465102 | 4,701 | 379,150 | SH | | SOLE | | 378,820 | 0 | 330 |
Life Storage, Inc. | Common | 53223X107 | 5,691 | 59,850 | SH | | SOLE | | 25,410 | 0 | 34,440 |
Loews Corp. | Common | 540424108 | 220,385 | 4,031,184 | SH | | SOLE | | 3,970,113 | 0 | 61,071 |
Macerich Co. | Common | 554382101 | 2,228 | 66,530 | SH | | SOLE | | 38,980 | 0 | 27,550 |
Magnolia Oil & Gas Corp., Class A | Common | 559663109 | 143,192 | 12,365,434 | SH | | SOLE | | 12,277,950 | 0 | 87,484 |
Markel Corp. | Common | 570535104 | 256,523 | 235,429 | SH | | SOLE | | 233,120 | 0 | 2,309 |
Microsoft Corp. | Common | 594918104 | 241,186 | 1,800,433 | SH | | SOLE | | 1,754,576 | 0 | 45,857 |
Mid-America Apartment Communities, Inc. | Common | 59522J103 | 3,237 | 27,490 | SH | | SOLE | | 13,210 | 0 | 14,280 |
New Oriental Education & Tech ADR | ADR | 647581107 | 1,073,930 | 11,119,591 | SH | | SOLE | | 10,955,211 | 0 | 164,380 |
Noah Holdings Ltd., ADS | ADR | 65487X102 | 40,160 | 943,832 | SH | | SOLE | | 928,332 | 0 | 15,500 |
Novartis AG - ADR | ADR | 66987V109 | 2,102 | 23,024 | SH | | SOLE | | 23,024 | 0 | 0 |
Oracle Corp. | Common | 68389X105 | 149,527 | 2,624,661 | SH | | SOLE | | 2,553,345 | 0 | 71,316 |
Owens Corning | Common | 690742101 | 19,540 | 335,744 | SH | | SOLE | | 306,246 | 0 | 29,498 |
PNC Financial Services Group, Inc. | Common | 693475105 | 44,952 | 327,451 | SH | | SOLE | | 327,451 | 0 | 0 |
PPG Industries, Inc. | Common | 693506107 | 638 | 5,470 | SH | | SOLE | | 5,470 | 0 | 0 |
Prologis, Inc. | Common | 74340W103 | 27,236 | 340,028 | SH | | SOLE | | 182,868 | 0 | 157,160 |
Public Storage, Inc. | Common | 74460D109 | 16,924 | 71,060 | SH | | SOLE | | 34,790 | 0 | 36,270 |
Qorvo, Inc. | Common | 74736K101 | 31,683 | 475,642 | SH | | SOLE | | 431,592 | 0 | 44,050 |
Quest Diagnostics, Inc. | Common | 74834L100 | 407,359 | 4,001,170 | SH | | SOLE | | 3,865,894 | 0 | 135,276 |
Quotient Technology, Inc. | Common | 749119103 | 48,618 | 4,526,779 | SH | | SOLE | | 4,150,729 | 0 | 376,050 |
Qurate Retail, Inc. Series A | Common | 74915M100 | 20,138 | 1,625,369 | SH | | SOLE | | 1,591,996 | 0 | 33,373 |
Regency Centers Corp. | Common | 758849103 | 13,026 | 195,180 | SH | | SOLE | | 116,190 | 0 | 78,990 |
Retail Opportunity Investments Corp. | Common | 76131N101 | 5,988 | 349,545 | SH | | SOLE | | 165,525 | 0 | 184,020 |
Rexford Industrial Realty, Inc. | Common | 76169C100 | 16,046 | 397,480 | SH | | SOLE | | 196,100 | 0 | 201,380 |
Ryman Hospitality Properties, Inc. | Common | 78377T107 | 4,055 | 50,010 | SH | | SOLE | | 24,790 | 0 | 25,220 |
SAP SE, ADR | ADR | 803054204 | 19,169 | 140,125 | SH | | SOLE | | 129,174 | 0 | 10,951 |
Simon Property Group, Inc. | Common | 828806109 | 31,759 | 198,790 | SH | | SOLE | | 109,350 | 0 | 89,440 |
SL Green Realty Corp. | Common | 78440X101 | 5,747 | 71,510 | SH | | SOLE | | 34,370 | 0 | 37,140 |
State Street Corp. | Common | 857477103 | 41,296 | 736,636 | SH | | SOLE | | 736,636 | 0 | 0 |
STORE Capital Corp. | Common | 862121100 | 5,782 | 174,210 | SH | | SOLE | | 86,930 | 0 | 87,280 |
Sun Communities, Inc. | Common | 866674104 | 7,572 | 59,070 | SH | | SOLE | | 30,730 | 0 | 28,340 |
Tarena International, Inc.,Class A, ADR | ADR | 876108101 | 12,219 | 4,887,670 | SH | | SOLE | | 4,887,670 | 0 | 0 |
Terreno Realty Corp. | Common | 88146M101 | 15,356 | 313,137 | SH | | SOLE | | 150,904 | 0 | 162,233 |
Texas Instruments, Inc. | Common | 882508104 | 468,405 | 4,081,608 | SH | | SOLE | | 3,964,773 | 0 | 116,835 |
The Stars Group, Inc. | Common | 85570W100 | 426 | 24,980 | SH | | SOLE | | 24,980 | 0 | 0 |
U.S. Bancorp | Common | 902973304 | 474,545 | 9,056,196 | SH | | SOLE | | 8,951,464 | 0 | 104,732 |
United Technologies Corp. | Common | 913017109 | 1,068,483 | 8,206,472 | SH | | SOLE | | 7,977,353 | 0 | 229,119 |
UnitedHealth Group, Inc. | Common | 91324P102 | 48,675 | 199,480 | SH | | SOLE | | 181,693 | 0 | 17,787 |
Ventas, Inc. | Common | 92276F100 | 12,641 | 184,950 | SH | | SOLE | | 141,550 | 0 | 43,400 |
Vornado Realty Trust | Common | 929042109 | 8,749 | 136,490 | SH | | SOLE | | 62,824 | 0 | 73,666 |
Wells Fargo & Co. | Common | 949746101 | 1,312,177 | 27,729,864 | SH | | SOLE | | 27,098,849 | 0 | 631,015 |
Welltower Inc. | Common | 95040Q104 | 12,239 | 150,120 | SH | | SOLE | | 76,990 | 0 | 73,130 |
Xilinx, Inc. | Common | 983919101 | 670 | 5,685 | SH | | SOLE | | 5,685 | 0 | 0 |
Yirendai Ltd., ADR | ADR | 98585L100 | 37,043 | 2,692,098 | SH | | SOLE | | 2,664,618 | 0 | 27,480 |