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 |
Alexandria Real Estate Equities, Inc. | Common | 015271109 | 13,192,872 | 116,247 | SH | | SOLE | | 63,923 | 0 | 52,324 |
Alibaba Group Holding Ltd | ADR | 01609W102 | 15,395,912 | 184,714 | SH | | SOLE | | 184,714 | 0 | 0 |
Alphabet Inc., Class A | Common | 02079K305 | 431,774,321 | 3,606,619 | SH | | SOLE | | 3,521,472 | 0 | 85,147 |
Alphabet Inc., Class C | Common | 02079K107 | 88,140,919 | 728,618 | SH | | SOLE | | 715,541 | 0 | 13,077 |
Amazon.com, Inc. | Common | 023135106 | 1,072,810,834 | 8,229,601 | SH | | SOLE | | 8,065,935 | 0 | 163,666 |
American Express Co. | Common | 025816109 | 165,502,268 | 950,068 | SH | | SOLE | | 935,692 | 0 | 14,376 |
American Homes 4 Rent, Class A | Common | 02665T306 | 9,403,467 | 265,260 | SH | | SOLE | | 153,310 | 0 | 111,950 |
American Tower Corp Class A | Common | 03027X100 | 12,301,614 | 63,430 | SH | | SOLE | | 34,690 | 0 | 28,740 |
Applied Materials, Inc. | Common | 038222105 | 1,003,834,167 | 6,945,026 | SH | | SOLE | | 6,774,524 | 0 | 170,502 |
AvalonBay Communities, Inc. | Common | 053484101 | 17,990,114 | 95,050 | SH | | SOLE | | 54,550 | 0 | 40,500 |
Baidu, Inc., Class A, ADR | ADR | 056752108 | 6,695,857 | 48,907 | SH | | SOLE | | 48,907 | 0 | 0 |
Bank of America Corp. | Common | 060505104 | 81,109,757 | 2,827,109 | SH | | SOLE | | 2,827,109 | 0 | 0 |
Bank of N.T. Butterfield & Son Ltd. | Common | G0772R208 | 88,155,381 | 3,222,053 | SH | | SOLE | | 3,221,948 | 0 | 105 |
Bank of New York Mellon Corp. | Common | 064058100 | 584,511,761 | 13,129,195 | SH | | SOLE | | 12,840,987 | 0 | 288,208 |
Berkshire Hathaway Inc., Class A | Common | 084670108 | 1,043,387,150 | 2,015 | SH | | SOLE | | 2,015 | 0 | 0 |
Berkshire Hathaway Inc., Class B | Common | 084670702 | 386,471,155 | 1,133,346 | SH | | SOLE | | 1,065,164 | 0 | 68,182 |
Boston Properties, Inc. | Common | 101121101 | 7,256,916 | 126,010 | SH | | SOLE | | 70,300 | 0 | 55,710 |
Brixmor Property Group, Inc. | Common | 11120U105 | 15,200,020 | 690,910 | SH | | SOLE | | 389,390 | 0 | 301,520 |
Camden Property Trust | Common | 133131102 | 6,353,653 | 58,360 | SH | | SOLE | | 37,430 | 0 | 20,930 |
Capital One Financial Corp. | Common | 14040H105 | 1,231,955,594 | 11,264,109 | SH | | SOLE | | 11,008,342 | 0 | 255,767 |
Carrier Global Corp. | Common | 14448C104 | 31,045,277 | 624,528 | SH | | SOLE | | 577,809 | 0 | 46,719 |
Charles Schwab Corp. | Common | 808513105 | 18,704,287 | 329,998 | SH | | SOLE | | 329,998 | 0 | 0 |
Chubb Ltd. | Common | H1467J104 | 284,814,717 | 1,479,094 | SH | | SOLE | | 1,452,188 | 0 | 26,906 |
The Cigna Group | Common | 125523100 | 483,234,414 | 1,722,146 | SH | | SOLE | | 1,672,493 | 0 | 49,653 |
Clear Secure, Inc. | Common | 18467V109 | 15,606,907 | 673,582 | SH | | SOLE | | 653,046 | 0 | 20,536 |
Community Healthcare Trust, Inc. | Common | 20369C106 | 3,461,487 | 104,830 | SH | | SOLE | | 58,950 | 0 | 45,880 |
Coupang, Inc., Class A | Common | 22266T109 | 113,336,280 | 6,513,579 | SH | | SOLE | | 6,513,457 | 0 | 122 |
Cousins Properties, Inc. | Common | 222795502 | 15,788,886 | 692,495 | SH | | SOLE | | 373,850 | 0 | 318,645 |
Crown Castle International Corp. | Common | 22822V101 | 8,527,270 | 74,840 | SH | | SOLE | | 41,520 | 0 | 33,320 |
CubeSmart | Common | 229663109 | 5,306,055 | 118,810 | SH | | SOLE | | 78,110 | 0 | 40,700 |
CVS Health Corp. | Common | 126650100 | 14,365,849 | 207,809 | SH | | SOLE | | 192,279 | 0 | 15,530 |
Darling Ingredients, Inc. | Common | 237266101 | 203,433,677 | 3,189,114 | SH | | SOLE | | 3,097,885 | 0 | 91,229 |
Davis Select Financial ETF | ETF | 23908L108 | 57,277,567 | 2,112,316 | SH | | SOLE | | 2,112,316 | 0 | 0 |
Davis Select International ETF | ETF | 23908L405 | 73,386,806 | 3,893,199 | SH | | SOLE | | 3,893,199 | 0 | 0 |
Davis Select U.S. Equity ETF | ETF | 23908L207 | 106,777,707 | 3,332,430 | SH | | SOLE | | 3,332,430 | 0 | 0 |
Davis Select Worldwide ETF | ETF | 23908L306 | 55,907,346 | 1,941,227 | SH | | SOLE | | 1,941,227 | 0 | 0 |
Digital Realty Trust, Inc. | Common | 253868103 | 11,773,589 | 103,395 | SH | | SOLE | | 56,685 | 0 | 46,710 |
Douglas Emmett, Inc. | Common | 25960P109 | 6,239,371 | 496,370 | SH | | SOLE | | 258,290 | 0 | 238,080 |
Eaton Corp. PLC | Common | G29183103 | 34,193,812 | 170,033 | SH | | SOLE | | 157,458 | 0 | 12,575 |
Equinix, Inc. | Common | 29444U700 | 14,830,577 | 18,918 | SH | | SOLE | | 11,008 | 0 | 7,910 |
Equity Residential | Common | 29476L107 | 9,536,293 | 144,555 | SH | | SOLE | | 80,640 | 0 | 63,915 |
Essex Property Trust, Inc. | Common | 297178105 | 15,984,180 | 68,221 | SH | | SOLE | | 38,690 | 0 | 29,531 |
Everest Re Group, Ltd. | Common | G3223R108 | 15,335,156 | 44,858 | SH | | SOLE | | 44,858 | 0 | 0 |
Federal Realty Investment Trust | Common | 313745101 | 5,080,425 | 52,500 | SH | | SOLE | | 31,060 | 0 | 21,440 |
Ferguson PLC | Common | G3421J106 | 37,600,279 | 238,906 | SH | | SOLE | | 222,671 | 0 | 16,235 |
Fifth Third Bancorp | Common | 316773100 | 64,671,183 | 2,467,424 | SH | | SOLE | | 2,467,424 | 0 | 0 |
Healthpeak Properties, Inc. | Common | 42250P103 | 4,035,598 | 200,776 | SH | | SOLE | | 115,830 | 0 | 84,946 |
Highwoods Properties, Inc. | Common | 431284108 | 3,754,348 | 157,020 | SH | | SOLE | | 82,000 | 0 | 75,020 |
Hollysys Automation Technologies, Ltd. | Common | G45667105 | 95,481,217 | 5,428,153 | SH | | SOLE | | 5,427,838 | 0 | 315 |
Hudson Pacific Properties, Inc. | Common | 444097109 | 2,864,760 | 678,853 | SH | | SOLE | | 388,480 | 0 | 290,373 |
Humana Inc. | Common | 444859102 | 19,490,032 | 43,589 | SH | | SOLE | | 39,894 | 0 | 3,695 |
IAC Inc. | Common | 44891N208 | 159,063,282 | 2,532,853 | SH | | SOLE | | 2,461,455 | 0 | 71,398 |
Intel Corp. | Common | 458140100 | 377,576,365 | 11,291,159 | SH | | SOLE | | 11,025,272 | 0 | 265,887 |
iQIYI, Inc., Class A, ADR | ADR | 46267X108 | 7,675,423 | 1,437,345 | SH | | SOLE | | 1,437,345 | 0 | 0 |
iShares S&P 500 Value Index Fund | ETF | 464287408 | 428,282 | 2,657 | SH | | SOLE | | 2,457 | 0 | 200 |
JD.com, Inc., Class A, ADR | ADR | 47215P106 | 165,038,268 | 4,835,578 | SH | | SOLE | | 4,835,371 | 0 | 207 |
Johnson Controls International PLC | Common | G51502105 | 34,953,044 | 512,959 | SH | | SOLE | | 478,262 | 0 | 34,697 |
JPMorgan Chase & Co. | Common | 46625H100 | 611,733,393 | 4,206,087 | SH | | SOLE | | 4,107,986 | 0 | 98,101 |
Lam Research Corp. | Common | 512807108 | 789,432 | 1,228 | SH | | SOLE | | 1,228 | 0 | 0 |
Liberty Formula One, Series A | Common | 531229870 | 35,101,741 | 519,103 | SH | | SOLE | | 519,015 | 0 | 88 |
Liberty Formula One, Series C | Common | 531229854 | 20,160,586 | 267,808 | SH | | SOLE | | 267,808 | 0 | 0 |
Liberty TripAdvisor Hldgs Inc. - A | Common | 531465102 | 164,797 | 253,534 | SH | | SOLE | | 253,534 | 0 | 0 |
Life Storage, Inc. | Common | 53223X107 | 7,263,605 | 54,630 | SH | | SOLE | | 34,680 | 0 | 19,950 |
Loews Corp. | Common | 540424108 | 92,025,219 | 1,549,767 | SH | | SOLE | | 1,530,935 | 0 | 18,832 |
M&T Bank Corp. | Common | 55261F104 | 5,803,725 | 46,895 | SH | | SOLE | | 46,895 | 0 | 0 |
Markel Corp. | Common | 570535104 | 366,869,812 | 265,233 | SH | | SOLE | | 257,504 | 0 | 7,729 |
Masterbrand, Inc. | Common | 57638P104 | 26,399,240 | 2,269,926 | SH | | SOLE | | 2,101,121 | 0 | 168,805 |
Meta Platforms, Inc., Class A | Common | 30303M102 | 1,640,181,923 | 5,715,317 | SH | | SOLE | | 5,630,868 | 0 | 84,449 |
Microsoft Corp. | Common | 594918104 | 117,619,519 | 345,390 | SH | | SOLE | | 329,042 | 0 | 16,348 |
NetSTREIT Corp. | Common | 64119V303 | 2,843,296 | 159,110 | SH | | SOLE | | 90,520 | 0 | 68,590 |
Noah Holdings Ltd., Class A, ADS | ADR | 65487X102 | 11,147,479 | 791,724 | SH | | SOLE | | 791,681 | 0 | 43 |
Oracle Corp. | Common | 68389X105 | 23,277,298 | 195,460 | SH | | SOLE | | 181,014 | 0 | 14,446 |
Owens Corning | Common | 690742101 | 544,874,060 | 4,175,279 | SH | | SOLE | | 4,035,522 | 0 | 139,757 |
PNC Financial Services Group, Inc. | Common | 693475105 | 53,996,402 | 428,713 | SH | | SOLE | | 428,713 | 0 | 0 |
Prologis, Inc. | Common | 74340W103 | 25,776,335 | 210,196 | SH | | SOLE | | 117,899 | 0 | 92,297 |
Public Storage, Inc. | Common | 74460D109 | 17,813,436 | 61,030 | SH | | SOLE | | 34,310 | 0 | 26,720 |
Quest Diagnostics, Inc. | Common | 74834L100 | 212,792,107 | 1,513,888 | SH | | SOLE | | 1,456,926 | 0 | 56,962 |
Regency Centers Corp. | Common | 758849103 | 5,608,716 | 90,800 | SH | | SOLE | | 50,360 | 0 | 40,440 |
Retail Opportunity Investments Corp. | Common | 76131N101 | 7,836,678 | 580,065 | SH | | SOLE | | 296,945 | 0 | 283,120 |
Rexford Industrial Realty, Inc. | Common | 76169C100 | 7,383,386 | 141,390 | SH | | SOLE | | 88,300 | 0 | 53,090 |
RH | Common | 74967X103 | 738,282 | 2,240 | SH | | SOLE | | 2,240 | 0 | 0 |
Rocket Companies, Inc., Class A | Common | 77311W101 | 31,303,310 | 3,493,673 | SH | | SOLE | | 3,493,673 | 0 | 0 |
SAP SE, ADR | ADR | 803054204 | 19,276,342 | 140,899 | SH | | SOLE | | 131,599 | 0 | 9,300 |
Simon Property Group, Inc. | Common | 828806109 | 15,563,240 | 134,770 | SH | | SOLE | | 77,180 | 0 | 57,590 |
Skechers U.S.A, Inc. Class A | Common | 830566105 | 652,984 | 12,400 | SH | | SOLE | | 12,400 | 0 | 0 |
State Street Corp. | Common | 857477103 | 4,163,064 | 56,888 | SH | | SOLE | | 56,888 | 0 | 0 |
Sun Communities, Inc. | Common | 866674104 | 4,414,766 | 33,840 | SH | | SOLE | | 18,050 | 0 | 15,790 |
Sunstone Hotel Investors, Inc. | Common | 867892101 | 8,462,344 | 836,200 | SH | | SOLE | | 463,840 | 0 | 372,360 |
Teck Resources Ltd., Class B | Common | 878742204 | 543,253,754 | 12,903,889 | SH | | SOLE | | 12,588,498 | 0 | 315,391 |
Terreno Realty Corp. | Common | 88146M101 | 11,711,507 | 194,867 | SH | | SOLE | | 105,444 | 0 | 89,423 |
Texas Instruments, Inc. | Common | 882508104 | 503,245,194 | 2,795,495 | SH | | SOLE | | 2,715,040 | 0 | 80,455 |
Truist Financial Corp. | Common | 89832Q109 | 2,003,525 | 66,014 | SH | | SOLE | | 66,014 | 0 | 0 |
UDR, Inc. | Common | 902653104 | 10,508,446 | 244,610 | SH | | SOLE | | 133,030 | 0 | 111,580 |
U.S. Bancorp | Common | 902973304 | 509,553,884 | 15,422,333 | SH | | SOLE | | 15,063,004 | 0 | 359,329 |
UnitedHealth Group, Inc. | Common | 91324P102 | 54,694,048 | 113,794 | SH | | SOLE | | 104,985 | 0 | 8,809 |
Ventas, Inc. | Common | 92276F100 | 11,829,790 | 250,260 | SH | | SOLE | | 142,610 | 0 | 107,650 |
Viatris, Inc. | Common | 92556V106 | 628,222,593 | 62,948,155 | SH | | SOLE | | 61,222,940 | 0 | 1,725,215 |
VICI Properties, Inc. | Common | 925652109 | 4,730,529 | 150,510 | SH | | SOLE | | 87,270 | 0 | 63,240 |
Vimeo, Inc. | Common | 92719V100 | 4,048,562 | 982,661 | SH | | SOLE | | 905,829 | 0 | 76,832 |
Wells Fargo & Co. | Common | 949746101 | 1,311,971,275 | 30,739,720 | SH | | SOLE | | 30,155,324 | 0 | 584,396 |
Welltower Inc. | Common | 95040Q104 | 14,685,580 | 181,550 | SH | | SOLE | | 91,840 | 0 | 89,710 |
Wesco International, Inc. | Common | 95082P105 | 23,861,900 | 133,262 | SH | | SOLE | | 122,825 | 0 | 10,437 |