The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alexandria Real Estate Equities, Inc. Common 015271109   11,952,641 119,407 SH   SOLE   64,423 0 54,984
Alibaba Group Holding Ltd ADR 01609W102   15,927,546 183,624 SH   SOLE   183,624 0 0
Alphabet Inc., Class A Common 02079K305   466,984,621 3,568,210 SH   SOLE   3,481,317 0 86,893
Alphabet Inc., Class C Common 02079K107   93,900,537 712,177 SH   SOLE   699,071 0 13,106
Amazon.com, Inc. Common 023135106   944,646,046 7,431,131 SH   SOLE   7,269,831 0 161,300
American Express Co. Common 025816109   139,090,543 932,300 SH   SOLE   917,765 0 14,535
American Homes 4 Rent, Class A Common 02665T306   8,936,609 265,260 SH   SOLE   153,310 0 111,950
American Tower Corp Class A Common 03027X100   7,364,071 44,780 SH   SOLE   23,820 0 20,960
Applied Materials, Inc. Common 038222105   942,820,366 6,809,823 SH   SOLE   6,641,372 0 168,451
AvalonBay Communities, Inc. Common 053484101   13,917,810 81,040 SH   SOLE   47,010 0 34,030
Baidu, Inc., Class A, ADR ADR 056752108   6,195,147 46,112 SH   SOLE   46,112 0 0
Bank of America Corp. Common 060505104   75,760,214 2,766,991 SH   SOLE   2,766,991 0 0
Bank of N.T. Butterfield & Son Ltd. Common G0772R208   86,782,866 3,204,685 SH   SOLE   3,204,580 0 105
Bank of New York Mellon Corp. Common 064058100   554,299,527 12,996,471 SH   SOLE   12,712,371 0 284,100
Berkshire Hathaway Inc., Class A Common 084670108   1,050,198,552 1,976 SH   SOLE   1,976 0 0
Berkshire Hathaway Inc., Class B Common 084670702   390,735,120 1,115,427 SH   SOLE   1,047,944 0 67,483
Boston Properties, Inc. Common 101121101   9,331,817 156,890 SH   SOLE   86,020 0 70,870
Brixmor Property Group, Inc. Common 11120U105   14,739,046 709,290 SH   SOLE   392,410 0 316,880
Camden Property Trust Common 133131102   5,519,689 58,360 SH   SOLE   37,430 0 20,930
Capital One Financial Corp. Common 14040H105   1,076,202,105 11,089,149 SH   SOLE   10,834,977 0 254,172
Carrier Global Corp. Common 14448C104   28,340,804 513,418 SH   SOLE   473,895 0 39,523
Charles Schwab Corp. Common 808513105   17,693,117 322,279 SH   SOLE   322,279 0 0
Chubb Ltd. Common H1467J104   302,600,636 1,453,549 SH   SOLE   1,426,458 0 27,091
The Cigna Group Common 125523100   486,454,400 1,700,471 SH   SOLE   1,650,618 0 49,853
Clear Secure, Inc. Common 18467V109   12,642,303 663,985 SH   SOLE   643,029 0 20,956
Community Healthcare Trust, Inc. Common 20369C106   4,852,980 163,400 SH   SOLE   89,450 0 73,950
Coupang, Inc., Class A Common 22266T109   109,058,364 6,415,197 SH   SOLE   6,415,075 0 122
Cousins Properties, Inc. Common 222795502   14,106,123 692,495 SH   SOLE   373,850 0 318,645
Crown Castle International Corp. Common 22822V101   3,121,658 33,920 SH   SOLE   18,540 0 15,380
CubeSmart Common 229663109   3,712,718 97,370 SH   SOLE   66,340 0 31,030
CVS Health Corp. Common 126650100   14,287,443 204,632 SH   SOLE   188,782 0 15,850
Darling Ingredients, Inc. Common 237266101   162,297,772 3,109,149 SH   SOLE   3,018,115 0 91,034
Davis Select Financial ETF ETF 23908L108   56,530,500 2,112,316 SH   SOLE   2,112,316 0 0
Davis Select International ETF ETF 23908L405   69,493,607 3,893,199 SH   SOLE   3,893,199 0 0
Davis Select U.S. Equity ETF ETF 23908L207   105,238,125 3,332,430 SH   SOLE   3,332,430 0 0
Davis Select Worldwide ETF ETF 23908L306   53,362,786 1,941,227 SH   SOLE   1,941,227 0 0
Digital Realty Trust, Inc. Common 253868103   12,512,863 103,395 SH   SOLE   56,685 0 46,710
Douglas Emmett, Inc. Common 25960P109   6,545,625 512,980 SH   SOLE   262,780 0 250,200
Eaton Corp. PLC Common G29183103   31,210,720 146,334 SH   SOLE   134,913 0 11,421
Equinix, Inc. Common 29444U700   13,739,387 18,918 SH   SOLE   11,008 0 7,910
Equity Residential Common 29476L107   8,486,824 144,555 SH   SOLE   80,640 0 63,915
Essex Property Trust, Inc. Common 297178105   12,129,639 57,191 SH   SOLE   32,740 0 24,451
Everest Re Group, Ltd. Common G3223R108   16,225,254 43,655 SH   SOLE   43,655 0 0
Extra Space Storage, Inc. Common 30225T102   6,003,013 49,375 SH   SOLE   31,520 0 17,855
Federal Realty Investment Trust Common 313745101   4,912,146 54,200 SH   SOLE   31,670 0 22,530
Ferguson PLC Common G3421J106   39,153,986 237,800 SH   SOLE   221,157 0 16,643
Fifth Third Bancorp Common 316773100   63,258,407 2,497,371 SH   SOLE   2,497,371 0 0
Healthpeak Properties, Inc. Common 42250P103   6,986,274 380,516 SH   SOLE   190,940 0 189,576
Highwoods Properties, Inc. Common 431284108   3,348,919 162,490 SH   SOLE   83,650 0 78,840
Hollysys Automation Technologies, Ltd. Common G45667105   106,503,390 5,368,114 SH   SOLE   5,367,799 0 315
Hudson Pacific Properties, Inc. Common 444097109   4,612,726 693,643 SH   SOLE   388,480 0 305,163
Humana Inc. Common 444859102   21,194,839 43,564 SH   SOLE   39,807 0 3,757
IAC Inc. Common 44891N208   149,200,826 2,960,918 SH   SOLE   2,888,573 0 72,345
Intel Corp. Common 458140100   333,651,998 9,385,423 SH   SOLE   9,151,655 0 233,768
iQIYI, Inc., Class A, ADR ADR 46267X108   1,205,079 254,236 SH   SOLE   254,236 0 0
iShares S&P 500 Value Index Fund ETF 464287408   2,640,202 17,162 SH   SOLE   11,281 0 5,881
JD.com, Inc., Class A, ADR ADR 47215P106   138,934,880 4,769,477 SH   SOLE   4,769,270 0 207
Johnson Controls International PLC Common G51502105   27,109,322 509,477 SH   SOLE   473,604 0 35,873
JPMorgan Chase & Co. Common 46625H100   599,974,917 4,137,185 SH   SOLE   4,040,114 0 97,071
KE Holdings, Inc ADR 482497104   54,362,938 3,502,766 SH   SOLE   3,502,428 0 338
Lam Research Corp. Common 512807108   769,674 1,228 SH   SOLE   1,228 0 0
Liberty Formula One, Series A Common 531229870   29,111,174 514,877 SH   SOLE   514,789 0 88
Liberty Formula One, Series C Common 531229854   16,523,829 265,230 SH   SOLE   265,230 0 0
Liberty TripAdvisor Hldgs Inc. - A Common 531465102   121,831 249,144 SH   SOLE   249,144 0 0
Loews Corp. Common 540424108   95,939,282 1,515,387 SH   SOLE   1,496,593 0 18,794
M&T Bank Corp. Common 55261F104   6,158,747 48,705 SH   SOLE   48,705 0 0
Markel Corp. Common 570535104   385,954,613 262,103 SH   SOLE   254,286 0 7,817
Masterbrand, Inc. Common 57638P104   27,609,373 2,272,376 SH   SOLE   2,098,751 0 173,625
Meta Platforms, Inc., Class A Common 30303M102   1,467,700,197 4,888,906 SH   SOLE   4,812,510 0 76,396
MGM Resorts International Common 552953101   361,915,148 9,845,345 SH   SOLE   9,643,403 0 201,942
Microsoft Corp. Common 594918104   106,230,497 336,436 SH   SOLE   319,957 0 16,479
NetSTREIT Corp. Common 64119V303   2,504,952 160,780 SH   SOLE   92,190 0 68,590
Noah Holdings Ltd., Class A, ADS ADR 65487X102   9,806,277 786,389 SH   SOLE   786,346 0 43
Oracle Corp. Common 68389X105   19,801,272 186,945 SH   SOLE   172,479 0 14,466
Owens Corning Common 690742101   502,621,305 3,684,624 SH   SOLE   3,572,153 0 112,471
PNC Financial Services Group, Inc. Common 693475105   52,492,032 427,564 SH   SOLE   427,564 0 0
Prologis, Inc. Common 74340W103   23,586,093 210,196 SH   SOLE   117,899 0 92,297
Public Storage, Inc. Common 74460D109   15,231,456 57,800 SH   SOLE   32,540 0 25,260
Quest Diagnostics, Inc. Common 74834L100   203,226,072 1,667,698 SH   SOLE   1,597,397 0 70,301
Regency Centers Corp. Common 758849103   7,304,582 122,890 SH   SOLE   66,770 0 56,120
Retail Opportunity Investments Corp. Common 76131N101   7,430,414 600,195 SH   SOLE   302,655 0 297,540
Rexford Industrial Realty, Inc. Common 76169C100   7,110,842 144,090 SH   SOLE   88,300 0 55,790
RH Common 74967X103   592,166 2,240 SH   SOLE   2,240 0 0
Rocket Companies, Inc., Class A Common 77311W101   27,898,716 3,410,601 SH   SOLE   3,410,601 0 0
SAP SE, ADR ADR 803054204   18,222,772 140,912 SH   SOLE   131,417 0 9,495
Simon Property Group, Inc. Common 828806109   13,841,884 128,130 SH   SOLE   73,890 0 54,240
Skechers U.S.A, Inc. Class A Common 830566105   606,980 12,400 SH   SOLE   12,400 0 0
SL Green Realty Corp. Common 78440X887   3,184,674 85,380 SH   SOLE   46,870 0 38,510
State Street Corp. Common 857477103   3,744,336 55,919 SH   SOLE   55,919 0 0
Sun Communities, Inc. Common 866674104   5,843,629 49,380 SH   SOLE   26,330 0 23,050
Sunstone Hotel Investors, Inc. Common 867892101   7,885,229 843,340 SH   SOLE   470,980 0 372,360
Teck Resources Ltd., Class B Common 878742204   554,790,283 12,875,150 SH   SOLE   12,559,897 0 315,253
Terreno Realty Corp. Common 88146M101   11,326,886 199,417 SH   SOLE   105,444 0 93,973
Texas Instruments, Inc. Common 882508104   432,891,706 2,722,415 SH   SOLE   2,641,387 0 81,028
Truist Financial Corp. Common 89832Q109   4,201,836 146,866 SH   SOLE   146,866 0 0
UDR, Inc. Common 902653104   8,927,844 250,290 SH   SOLE   133,030 0 117,260
U.S. Bancorp Common 902973304   507,161,108 15,340,624 SH   SOLE   14,982,354 0 358,270
UnitedHealth Group, Inc. Common 91324P102   57,318,827 113,684 SH   SOLE   104,767 0 8,917
Ventas, Inc. Common 92276F100   10,590,218 251,370 SH   SOLE   143,720 0 107,650
Viatris, Inc. Common 92556V106   631,668,929 64,063,785 SH   SOLE   62,236,755 0 1,827,030
VICI Properties, Inc. Common 925652109   4,429,020 152,200 SH   SOLE   88,960 0 63,240
Wells Fargo & Co. Common 949746101   1,238,600,102 30,313,265 SH   SOLE   29,728,704 0 584,561
Welltower Inc. Common 95040Q104   12,508,365 152,690 SH   SOLE   87,010 0 65,680
Wesco International, Inc. Common 95082P105   19,201,421 133,510 SH   SOLE   122,849 0 10,661