Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
META	Meta Platforms, Inc., Class A	4,888,906	$1.468B	9.2%	$143.60	+108.4%	Common	30303M102
WFC	Wells Fargo & Co.	30,313,265	$1.239B	7.8%	$27.32	+48.9%	Common	949746101
COF	Capital One Financial Corp.	11,089,149	$1.076B	6.7%	$73.48	+40.2%	Common	14040H105
BRK/A	Berkshire Hathaway Inc., Class A	1,976	$1.05B	6.6%	$168191.69	+220.5%	Common	084670108
AMZN	Amazon.com, Inc.	7,431,131	$945M	5.9%	$112.10	+19.5%	Common	023135106
AMAT	Applied Materials, Inc.	6,809,823	$943M	5.9%	$39.02	+259.8%	Common	038222105
VTRS	Viatris, Inc.	64,063,785	$632M	4.0%	$12.15	-23.2%	Common	92556V106
JPM	JPMorgan Chase & Co.	4,137,185	$600M	3.8%	$41.50	+242.9%	Common	46625H100
TECK	Teck Resources Ltd., Class B	12,875,150	$555M	3.5%	$29.43	+40.8%	Common	878742204
BK	Bank of New York Mellon Corp.	12,996,471	$554M	3.5%	$22.39	+86.8%	Common	064058100
USB	U.S. Bancorp	15,340,624	$507M	3.2%	$35.09	-7.4%	Common	902973304
OC	Owens Corning	3,684,624	$503M	3.2%	$85.46	+60.8%	Common	690742101
CI	The Cigna Group	1,700,471	$486M	3.1%	$195.79	+39.3%	Common	125523100
GOOGL	Alphabet Inc., Class A	3,568,210	$467M	2.9%	$106.06	+21.1%	Common	02079K305
TXN	Texas Instruments, Inc.	2,722,415	$433M	2.7%	$29.01	+447.7%	Common	882508104
BRK/B	Berkshire Hathaway Inc., Class B	1,115,427	$391M	2.5%	$129.75	+173.4%	Common	084670702
MKL	Markel Corp.	262,103	$386M	2.4%	$778.10	+88.1%	Common	570535104
MGM	MGM Resorts International	9,845,345	$362M	2.3%	$44.19	0.0%	Common	552953101
INTC	Intel Corp.	9,385,423	$334M	2.1%	$45.07	-24.1%	Common	458140100
CB	Chubb Ltd.	1,453,549	$303M	1.9%	$107.46	+83.1%	Common	H1467J104
DGX	Quest Diagnostics, Inc.	1,667,698	$203M	1.3%	$81.58	+56.0%	Common	74834L100
DAR	Darling Ingredients, Inc.	3,109,149	$162M	1.0%	$70.81	-11.8%	Common	237266101
IAC	IAC Inc.	2,960,918	$149M	0.9%	$98.51	-50.8%	Common	44891N208
AXP	American Express Co.	932,300	$139M	0.9%	$60.06	+164.5%	Common	025816109
JD	JD.com, Inc., Class A, ADR	4,769,477	$139M	0.9%	$58.93	—	ADR	47215P106
CPNG	Coupang, Inc., Class A	6,415,197	$109M	0.7%	$32.21	-44.2%	Common	22266T109
—	Hollysys Automation Technologies, Ltd.	5,368,114	$107M	0.7%	$18.68	—	Common	G45667105
MSFT	Microsoft Corp.	336,436	$106M	0.7%	$26.70	+1115.5%	Common	594918104
DUSA	Davis Select U.S. Equity ETF	3,332,430	$105M	0.7%	$25.04	—	ETF	23908L207
L	Loews Corp.	1,515,387	$95.94M	0.6%	$41.93	+47.5%	Common	540424108
GOOG	Alphabet Inc., Class C	712,177	$93.9M	0.6%	$106.53	+21.1%	Common	02079K107
NTB	Bank of N.T. Butterfield & Son Ltd.	3,204,685	$86.78M	0.5%	$27.54	-5.2%	Common	G0772R208
BAC	Bank of America Corp.	2,766,991	$75.76M	0.5%	$24.00	+15.9%	Common	060505104
DINT	Davis Select International ETF	3,893,199	$69.49M	0.4%	$18.76	—	ETF	23908L405
FITB	Fifth Third Bancorp	2,497,371	$63.26M	0.4%	$30.58	-19.9%	Common	316773100
UNH	UnitedHealth Group, Inc.	113,684	$57.32M	0.4%	$181.38	+159.1%	Common	91324P102
DFNL	Davis Select Financial ETF	2,112,316	$56.53M	0.4%	$21.68	—	ETF	23908L108
BEKE	KE Holdings, Inc	3,502,766	$54.36M	0.3%	$15.52	—	ADR	482497104
DWLD	Davis Select Worldwide ETF	1,941,227	$53.36M	0.3%	$21.35	—	ETF	23908L306
PNC	PNC Financial Services Group, Inc.	427,564	$52.49M	0.3%	$83.63	+37.6%	Common	693475105
FERG1GBX	Ferguson PLC	237,800	$39.15M	0.2%	$120.74	—	Common	G3421J106
ETN	Eaton Corp. PLC	146,334	$31.21M	0.2%	$52.83	+296.9%	Common	G29183103
—	Liberty Formula One, Series A	514,877	$29.11M	0.2%	$38.39	—	Common	531229870
CARR	Carrier Global Corp.	513,418	$28.34M	0.2%	$17.13	+211.9%	Common	14448C104
RKT	Rocket Companies, Inc., Class A	3,410,601	$27.9M	0.2%	$15.01	-36.3%	Common	77311W101
MBC	Masterbrand, Inc.	2,272,376	$27.61M	0.2%	$8.21	+49.4%	Common	57638P104
JCI	Johnson Controls International PLC	509,477	$27.11M	0.2%	$31.73	+86.5%	Common	G51502105
PLD	Prologis, Inc.	210,196	$23.59M	0.1%	$52.20	+116.5%	Common	74340W103
HUM	Humana Inc.	43,564	$21.19M	0.1%	$241.08	+89.4%	Common	444859102
ORCL	Oracle Corp.	186,945	$19.8M	0.1%	$27.58	+308.9%	Common	68389X105
WCC	Wesco International, Inc.	133,510	$19.2M	0.1%	$134.86	+17.0%	Common	95082P105
SAP	SAP SE, ADR	140,912	$18.22M	0.1%	$86.97	—	ADR	803054204
SCHW	Charles Schwab Corp.	322,279	$17.69M	0.1%	$29.48	+98.3%	Common	808513105
—	Liberty Formula One, Series C	265,230	$16.52M	0.1%	$43.40	—	Common	531229854
EG	Everest Re Group, Ltd.	43,655	$16.23M	0.1%	$114.80	+203.9%	Common	G3223R108
BABA	Alibaba Group Holding Ltd	183,624	$15.93M	0.1%	$142.86	—	ADR	01609W102
PSA	Public Storage, Inc.	57,800	$15.23M	0.1%	$181.63	+39.7%	Common	74460D109
BRX	Brixmor Property Group, Inc.	709,290	$14.74M	0.1%	$15.46	—	Common	11120U105
CVS	CVS Health Corp.	204,632	$14.29M	0.1%	$59.39	+8.7%	Common	126650100
CUZ	Cousins Properties, Inc.	692,495	$14.11M	0.1%	$26.98	—	Common	222795502
AVB	AvalonBay Communities, Inc.	81,040	$13.92M	0.1%	$133.04	+27.4%	Common	053484101
SPG	Simon Property Group, Inc.	128,130	$13.84M	0.1%	$97.58	+5.8%	Common	828806109
EQIX	Equinix, Inc.	18,918	$13.74M	0.1%	$382.90	+92.2%	Common	29444U700
YOU	Clear Secure, Inc.	663,985	$12.64M	0.1%	$34.81	-42.1%	Common	18467V109
DLR	Digital Realty Trust, Inc.	103,395	$12.51M	0.1%	$98.17	+15.7%	Common	253868103
WELL	Welltower Inc.	152,690	$12.51M	0.1%	$62.50	+25.0%	Common	95040Q104
ESS	Essex Property Trust, Inc.	57,191	$12.13M	0.1%	$171.08	+24.8%	Common	297178105
ARE	Alexandria Real Estate Equities, Inc.	119,407	$11.95M	0.1%	$96.46	+5.7%	Common	015271109
TRNO	Terreno Realty Corp.	199,417	$11.33M	0.1%	$26.41	—	Common	88146M101
VTR	Ventas, Inc.	251,370	$10.59M	0.1%	$43.30	-4.1%	Common	92276F100
NOAH	Noah Holdings Ltd., Class A, ADS	786,389	$9.806M	0.1%	$26.73	—	ADR	65487X102
BXP	Boston Properties, Inc.	156,890	$9.332M	0.1%	$62.56	-10.8%	Common	101121101
AMH	American Homes 4 Rent, Class A	265,260	$8.937M	0.1%	$26.14	—	Common	02665T306
UDR	UDR, Inc.	250,290	$8.928M	0.1%	$37.11	-2.6%	Common	902653104
EQR	Equity Residential	144,555	$8.487M	0.1%	$48.40	+20.6%	Common	29476L107
SHO	Sunstone Hotel Investors, Inc.	843,340	$7.885M	0.0%	$11.38	—	Common	867892101
—	Retail Opportunity Investments Corp.	600,195	$7.43M	0.0%	$15.85	—	Common	76131N101
AMT	American Tower Corp Class A	44,780	$7.364M	0.0%	$237.82	-29.5%	Common	03027X100
REG	Regency Centers Corp.	122,890	$7.305M	0.0%	$54.31	+5.2%	Common	758849103
REXR	Rexford Industrial Realty, Inc.	144,090	$7.111M	0.0%	$27.08	—	Common	76169C100
DOC	Healthpeak Properties, Inc.	380,516	$6.986M	0.0%	$21.00	-15.9%	Common	42250P103
DEI	Douglas Emmett, Inc.	512,980	$6.546M	0.0%	$28.42	—	Common	25960P109
BIDU	Baidu, Inc., Class A, ADR	46,112	$6.195M	0.0%	$162.98	—	ADR	056752108
MTB	M&T Bank Corp.	48,705	$6.159M	0.0%	$119.60	+0.7%	Common	55261F104
EXR	Extra Space Storage, Inc.	49,375	$6.003M	0.0%	$121.22	0.0%	Common	30225T102
SUI	Sun Communities, Inc.	49,380	$5.844M	0.0%	$153.78	—	Common	866674104
CPT	Camden Property Trust	58,360	$5.52M	0.0%	$68.27	+41.5%	Common	133131102
FRT	Federal Realty Investment Trust	54,200	$4.912M	0.0%	$102.64	-13.7%	Common	313745101
CHCT	Community Healthcare Trust, Inc.	163,400	$4.853M	0.0%	$32.94	—	Common	20369C106
—	Hudson Pacific Properties, Inc.	693,643	$4.613M	0.0%	$15.88	—	Common	444097109
VICI	VICI Properties, Inc.	152,200	$4.429M	0.0%	$21.13	+27.9%	Common	925652109
TFC	Truist Financial Corp.	146,866	$4.202M	0.0%	$31.49	-13.8%	Common	89832Q109
STT	State Street Corp.	55,919	$3.744M	0.0%	$57.23	+13.4%	Common	857477103
CUBE	CubeSmart	97,370	$3.713M	0.0%	$46.30	—	Common	229663109
HIW	Highwoods Properties, Inc.	162,490	$3.349M	0.0%	$35.25	—	Common	431284108
SLG	SL Green Realty Corp.	85,380	$3.185M	0.0%	$37.30	—	Common	78440X887
CCI	Crown Castle International Corp.	33,920	$3.122M	0.0%	$151.30	-40.3%	Common	22822V101
IVE	iShares S&P 500 Value Index Fund	17,162	$2.64M	0.0%	$154.98	—	ETF	464287408
NTST	NetSTREIT Corp.	160,780	$2.505M	0.0%	$22.25	—	Common	64119V303
IQ	iQIYI, Inc., Class A, ADR	254,236	$1.205M	0.0%	$16.00	—	ADR	46267X108
—	Lam Research Corp.	1,228	$770K	0.0%	$83.02	—	Common	512807108
—	Skechers U.S.A, Inc. Class A	12,400	$607K	0.0%	$40.73	—	Common	830566105
RH	RH	2,240	$592K	0.0%	$279.85	+24.2%	Common	74967X103
—	Liberty TripAdvisor Hldgs Inc. - A	249,144	$122K	0.0%	$33.90	—	Common	531465102