Davis Selected Advisers Diversified Active

CIK: 0001036325 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 2, 2026

Total Value ($000): $22,249,324 (100.0% shares, 0.0% debt)

Holdings (108)

New Positions (4)

JBS JBS N.V., Class A 0.8%

Value ($000) $170,945 Shares 11,854,741 Est. Cost $13.74 Unrealized 0.0%

FISV Fiserv, Inc. 0.2%

Value ($000) $38,219 Shares 568,982 Est. Cost $83.87 Unrealized 0.0%

HPP Hudson Pacific Properties, Inc. 0.0%

Value ($000) $3,509 Shares 324,026 Est. Cost $10.83 Unrealized —

CUBE CubeSmart 0.0%

Value ($000) $3,278 Shares 90,930 Est. Cost $36.05 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JBS	JBS N.V., Class A	11,854,741	$170,945	0.8%	$13.74	0.0%	Common Stock	N4732M103
FISV	Fiserv, Inc.	568,982	$38,219	0.2%	$83.87	0.0%	Common Stock	337738108
HPP	Hudson Pacific Properties, Inc.	324,026	$3,509	0.0%	$10.83	—	Common Stock	444097406
CUBE	CubeSmart	90,930	$3,278	0.0%	$36.05	—	Common Stock	229663109

Increased Positions (49)

CTRA Coterra Energy, Inc. 3.8%

Value ($000) $856,387 (+82.1%) Shares 32,537,508 (+63.6%) Est. Cost $24.60 Unrealized +2.0%

COF Capital One Financial Corp. 9.4%

Value ($000) $2,087,878 (+17.2%) Shares 8,614,766 (+2.8%) Est. Cost $77.53 Unrealized +186.6%

GOOGL Alphabet Inc., Class A 4.4%

Value ($000) $976,175 (+44.9%) Shares 3,118,760 (+12.6%) Est. Cost $126.11 Unrealized +126.5%

VTRS Viatris Inc. 4.4%

Value ($000) $973,316 (+41.8%) Shares 78,177,984 (+12.7%) Est. Cost $11.67 Unrealized -8.1%

USB U.S. Bancorp 5.3%

Value ($000) $1,176,148 (+25.2%) Shares 22,041,759 (+13.4%) Est. Cost $38.11 Unrealized +27.9%

TSN Tyson Foods Inc 3.4%

Value ($000) $751,951 (+39.0%) Shares 12,827,540 (+28.8%) Est. Cost $55.54 Unrealized -1.7%

MKL Markel Group, Inc 4.0%

Value ($000) $892,496 (+25.0%) Shares 415,160 (+11.1%) Est. Cost $1134.09 Unrealized +78.6%

CVS CVS Health Corporation 4.6%

Value ($000) $1,012,675 (+17.8%) Shares 12,760,511 (+11.9%) Est. Cost $56.52 Unrealized +39.2%

MGM MGM Resorts International 4.4%

Value ($000) $978,669 (+17.9%) Shares 26,820,202 (+12.0%) Est. Cost $39.76 Unrealized -14.7%

WFC Wells Fargo & Co. 3.5%

Value ($000) $769,649 (+17.9%) Shares 8,258,031 (+6.1%) Est. Cost $30.71 Unrealized +182.1%

BRK/B Berkshire Hathaway Inc., Class B 1.7%

Value ($000) $371,908 (+38.5%) Shares 739,875 (+38.6%) Est. Cost $232.12 Unrealized +114.3%

META Meta Platforms, Inc., Class A 5.2%

Value ($000) $1,157,131 (-8.2%) Shares 1,752,974 (+2.2%) Est. Cost $154.79 Unrealized +331.1%

AMZN Amazon.com, Inc. 3.6%

Value ($000) $791,545 (+14.9%) Shares 3,429,262 (+9.3%) Est. Cost $122.01 Unrealized +87.5%

TECK Teck Resources Ltd., Class B 2.6%

Value ($000) $575,620 (+19.0%) Shares 12,019,609 (+9.0%) Est. Cost $30.58 Unrealized +41.7%

SOLV Solventum Corp. 2.2%

Value ($000) $492,880 (+22.4%) Shares 6,220,072 (+12.7%) Est. Cost $62.82 Unrealized +21.9%

TXN Texas Instruments, Inc. 2.2%

Value ($000) $495,009 (+16.3%) Shares 2,853,227 (+23.1%) Est. Cost $59.77 Unrealized +185.7%

CB Chubb Ltd. 1.7%

Value ($000) $370,380 (+22.6%) Shares 1,186,647 (+10.9%) Est. Cost $125.57 Unrealized +132.9%

GOOG Alphabet Inc., Class C 1.0%

Value ($000) $223,102 (+41.8%) Shares 710,963 (+10.0%) Est. Cost $122.95 Unrealized +132.9%

PINS Pinterest, Inc., Class A 1.4%

Value ($000) $305,554 (+20.4%) Shares 11,801,983 (+49.5%) Est. Cost $33.79 Unrealized -14.8%

QSR Restaurant Brands International, Inc. 1.2%

Value ($000) $274,340 (+20.7%) Shares 4,020,791 (+13.5%) Est. Cost $65.08 Unrealized +5.9%

RNR RenaissanceRe Holdings Ltd 0.3%

Value ($000) $64,593 (+77.7%) Shares 229,739 (+60.5%) Est. Cost $249.52 Unrealized +5.5%

WCC Wesco International, Inc. 0.4%

Value ($000) $89,172 (+44.1%) Shares 364,502 (+24.6%) Est. Cost $165.88 Unrealized +47.7%

UNH UnitedHealth Group Inc. 1.9%

Value ($000) $420,369 (+6.9%) Shares 1,273,400 (+11.8%) Est. Cost $363.55 Unrealized -7.2%

DAR Darling Ingredients Inc. 0.5%

Value ($000) $102,324 (+35.1%) Shares 2,842,306 (+15.8%) Est. Cost $64.54 Unrealized -47.5%

EG Everest Group, Ltd. 0.2%

Value ($000) $40,049 (+190.0%) Shares 118,017 (+199.3%) Est. Cost $259.15 Unrealized +27.4%

IVE iShares S&P 500 Value Index Fund 0.1%

Value ($000) $26,944 (+1872.7%) Shares 127,053 (+1821.0%) Est. Cost $210.94 Unrealized —

OC Owens Corning 1.0%

Value ($000) $229,035 (-8.9%) Shares 2,046,583 (+15.1%) Est. Cost $89.66 Unrealized +30.9%

IAC IAC Inc. 0.4%

Value ($000) $98,301 (+28.6%) Shares 2,514,072 (+12.1%) Est. Cost $91.68 Unrealized -61.8%

AGCO AGCO Corporation 1.0%

Value ($000) $213,736 (+10.1%) Shares 2,048,835 (+13.0%) Est. Cost $104.74 Unrealized +1.2%

CI Cigna Group 0.9%

Value ($000) $207,212 (+9.5%) Shares 752,852 (+14.7%) Est. Cost $206.49 Unrealized +35.2%

COP ConocoPhillips 0.8%

Value ($000) $168,301 (+11.3%) Shares 1,797,887 (+12.4%) Est. Cost $103.65 Unrealized -13.2%

DGX Quest Diagnostics Inc. 1.2%

Value ($000) $275,895 (+6.3%) Shares 1,589,883 (+16.8%) Est. Cost $110.35 Unrealized +65.0%

CHYM Chime Financial, Inc. 0.3%

Value ($000) $62,223 (+28.6%) Shares 2,472,106 (+3.0%) Est. Cost $28.20 Unrealized -24.7%

PNC PNC Financial Services Group, Inc. 0.5%

Value ($000) $110,645 (+9.7%) Shares 530,089 (+5.6%) Est. Cost $96.70 Unrealized +99.4%

FITB Fifth Third Bancorp 0.6%

Value ($000) $128,461 (+8.0%) Shares 2,744,310 (+2.8%) Est. Cost $31.76 Unrealized +37.5%

TCOM Trip.com Group Ltd., ADR 1.6%

Value ($000) $363,389 (-2.2%) Shares 5,053,389 (+2.3%) Est. Cost $60.61 Unrealized —

STT State Street Corp. 0.1%

Value ($000) $18,548 (+54.1%) Shares 143,773 (+38.5%) Est. Cost $89.76 Unrealized +32.5%

APP AppLovin Corp., Class A 0.8%

Value ($000) $167,098 (+4.0%) Shares 247,981 (+10.9%) Est. Cost $372.42 Unrealized +69.2%

YMM Full Truck Alliance Co. Ltd., ADR 0.8%

Value ($000) $188,178 (-3.2%) Shares 17,537,524 (+17.1%) Est. Cost $11.70 Unrealized —

JCI Johnson Controls International plc 0.1%

Value ($000) $25,143 (+22.9%) Shares 209,960 (+12.9%) Est. Cost $43.11 Unrealized +166.3%

NVDA NVIDIA Corp. 0.1%

Value ($000) $20,709 (+23.6%) Shares 111,038 (+23.7%) Est. Cost $137.36 Unrealized +35.5%

ORCL Oracle Corporation 0.1%

Value ($000) $15,480 (-17.9%) Shares 79,416 (+18.4%) Est. Cost $60.35 Unrealized +294.4%

MSFT Microsoft Corp. 0.1%

Value ($000) $29,406 (+8.5%) Shares 60,801 (+16.2%) Est. Cost $92.91 Unrealized +438.8%

TFC Truist Financial Corp. 0.0%

Value ($000) $9,451 (+32.1%) Shares 192,053 (+22.8%) Est. Cost $35.34 Unrealized +29.6%

SCHW Charles Schwab Corp. 0.1%

Value ($000) $30,142 (+6.5%) Shares 301,695 (+1.8%) Est. Cost $30.61 Unrealized +209.5%

RKT Rocket Companies, Inc., Class A 0.3%

Value ($000) $62,492 (+2.9%) Shares 3,227,910 (+3.0%) Est. Cost $15.10 Unrealized +18.4%

AVB AvalonBay Communities, Inc. 0.1%

Value ($000) $14,294 (+11.1%) Shares 78,840 (+18.4%) Est. Cost $147.75 Unrealized +21.7%

SAP SAP SE - ADR 0.1%

Value ($000) $13,688 (+9.5%) Shares 56,347 (+20.4%) Est. Cost $113.43 Unrealized —

MTB M & T Bank Corp 0.1%

Value ($000) $11,252 (+11.6%) Shares 55,846 (+9.4%) Est. Cost $128.84 Unrealized +47.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CTRA	Coterra Energy, Inc.	32,537,508 (+63.6%)	$856,387 (+82.1%)	3.8%	$24.60	+2.0%	Common Stock	127097103
COF	Capital One Financial Corp.	8,614,766 (+2.8%)	$2,087,878 (+17.2%)	9.4%	$77.53	+186.6%	Common Stock	14040H105
GOOGL	Alphabet Inc., Class A	3,118,760 (+12.6%)	$976,175 (+44.9%)	4.4%	$126.11	+126.5%	Common Stock	02079K305
VTRS	Viatris Inc.	78,177,984 (+12.7%)	$973,316 (+41.8%)	4.4%	$11.67	-8.1%	Common Stock	92556V106
USB	U.S. Bancorp	22,041,759 (+13.4%)	$1,176,148 (+25.2%)	5.3%	$38.11	+27.9%	Common Stock	902973304
TSN	Tyson Foods Inc	12,827,540 (+28.8%)	$751,951 (+39.0%)	3.4%	$55.54	-1.7%	Common Stock	902494103
MKL	Markel Group, Inc	415,160 (+11.1%)	$892,496 (+25.0%)	4.0%	$1134.09	+78.6%	Common Stock	570535104
CVS	CVS Health Corporation	12,760,511 (+11.9%)	$1,012,675 (+17.8%)	4.6%	$56.52	+39.2%	Common Stock	126650100
MGM	MGM Resorts International	26,820,202 (+12.0%)	$978,669 (+17.9%)	4.4%	$39.76	-14.7%	Common Stock	552953101
WFC	Wells Fargo & Co.	8,258,031 (+6.1%)	$769,649 (+17.9%)	3.5%	$30.71	+182.1%	Common Stock	949746101
BRK/B	Berkshire Hathaway Inc., Class B	739,875 (+38.6%)	$371,908 (+38.5%)	1.7%	$232.12	+114.3%	Common Stock	084670702
META	Meta Platforms, Inc., Class A	1,752,974 (+2.2%)	$1,157,131 (-8.2%)	5.2%	$154.79	+331.1%	Common Stock	30303M102
AMZN	Amazon.com, Inc.	3,429,262 (+9.3%)	$791,545 (+14.9%)	3.6%	$122.01	+87.5%	Common Stock	023135106
TECK	Teck Resources Ltd., Class B	12,019,609 (+9.0%)	$575,620 (+19.0%)	2.6%	$30.58	+41.7%	Common Stock	878742204
SOLV	Solventum Corp.	6,220,072 (+12.7%)	$492,880 (+22.4%)	2.2%	$62.82	+21.9%	Common Stock	83444M101
TXN	Texas Instruments, Inc.	2,853,227 (+23.1%)	$495,009 (+16.3%)	2.2%	$59.77	+185.7%	Common Stock	882508104
CB	Chubb Ltd.	1,186,647 (+10.9%)	$370,380 (+22.6%)	1.7%	$125.57	+132.9%	Common Stock	H1467J104
GOOG	Alphabet Inc., Class C	710,963 (+10.0%)	$223,102 (+41.8%)	1.0%	$122.95	+132.9%	Common Stock	02079K107
PINS	Pinterest, Inc., Class A	11,801,983 (+49.5%)	$305,554 (+20.4%)	1.4%	$33.79	-14.8%	Common Stock	72352L106
QSR	Restaurant Brands International, Inc.	4,020,791 (+13.5%)	$274,340 (+20.7%)	1.2%	$65.08	+5.9%	Common Stock	76131D103
RNR	RenaissanceRe Holdings Ltd	229,739 (+60.5%)	$64,593 (+77.7%)	0.3%	$249.52	+5.5%	Common Stock	G7496G103
WCC	Wesco International, Inc.	364,502 (+24.6%)	$89,172 (+44.1%)	0.4%	$165.88	+47.7%	Common Stock	95082P105
UNH	UnitedHealth Group Inc.	1,273,400 (+11.8%)	$420,369 (+6.9%)	1.9%	$363.55	-7.2%	Common Stock	91324P102
DAR	Darling Ingredients Inc.	2,842,306 (+15.8%)	$102,324 (+35.1%)	0.5%	$64.54	-47.5%	Common Stock	237266101
EG	Everest Group, Ltd.	118,017 (+199.3%)	$40,049 (+190.0%)	0.2%	$259.15	+27.4%	Common Stock	G3223R108
IVE	iShares S&P 500 Value Index Fund	127,053 (+1821.0%)	$26,944 (+1872.7%)	0.1%	$210.94	—	ETF	464287408
OC	Owens Corning	2,046,583 (+15.1%)	$229,035 (-8.9%)	1.0%	$89.66	+30.9%	Common Stock	690742101
IAC	IAC Inc.	2,514,072 (+12.1%)	$98,301 (+28.6%)	0.4%	$91.68	-61.8%	Common Stock	44891N208
AGCO	AGCO Corporation	2,048,835 (+13.0%)	$213,736 (+10.1%)	1.0%	$104.74	+1.2%	Common Stock	001084102
CI	Cigna Group	752,852 (+14.7%)	$207,212 (+9.5%)	0.9%	$206.49	+35.2%	Common Stock	125523100
COP	ConocoPhillips	1,797,887 (+12.4%)	$168,301 (+11.3%)	0.8%	$103.65	-13.2%	Common Stock	20825C104
DGX	Quest Diagnostics Inc.	1,589,883 (+16.8%)	$275,895 (+6.3%)	1.2%	$110.35	+65.0%	Common Stock	74834L100
CHYM	Chime Financial, Inc.	2,472,106 (+3.0%)	$62,223 (+28.6%)	0.3%	$28.20	-24.7%	Common Stock	16935C109
PNC	PNC Financial Services Group, Inc.	530,089 (+5.6%)	$110,645 (+9.7%)	0.5%	$96.70	+99.4%	Common Stock	693475105
FITB	Fifth Third Bancorp	2,744,310 (+2.8%)	$128,461 (+8.0%)	0.6%	$31.76	+37.5%	Common Stock	316773100
TCOM	Trip.com Group Ltd., ADR	5,053,389 (+2.3%)	$363,389 (-2.2%)	1.6%	$60.61	—	ADR	89677Q107
STT	State Street Corp.	143,773 (+38.5%)	$18,548 (+54.1%)	0.1%	$89.76	+32.5%	Common Stock	857477103
APP	AppLovin Corp., Class A	247,981 (+10.9%)	$167,098 (+4.0%)	0.8%	$372.42	+69.2%	Common Stock	03831W108
YMM	Full Truck Alliance Co. Ltd., ADR	17,537,524 (+17.1%)	$188,178 (-3.2%)	0.8%	$11.70	—	ADR	35969L108
JCI	Johnson Controls International plc	209,960 (+12.9%)	$25,143 (+22.9%)	0.1%	$43.11	+166.3%	Common Stock	G51502105
NVDA	NVIDIA Corp.	111,038 (+23.7%)	$20,709 (+23.6%)	0.1%	$137.36	+35.5%	Common Stock	67066G104
ORCL	Oracle Corporation	79,416 (+18.4%)	$15,480 (-17.9%)	0.1%	$60.35	+294.4%	Common Stock	68389X105
MSFT	Microsoft Corp.	60,801 (+16.2%)	$29,406 (+8.5%)	0.1%	$92.91	+438.8%	Common Stock	594918104
TFC	Truist Financial Corp.	192,053 (+22.8%)	$9,451 (+32.1%)	0.0%	$35.34	+29.6%	Common Stock	89832Q109
SCHW	Charles Schwab Corp.	301,695 (+1.8%)	$30,142 (+6.5%)	0.1%	$30.61	+209.5%	Common Stock	808513105
RKT	Rocket Companies, Inc., Class A	3,227,910 (+3.0%)	$62,492 (+2.9%)	0.3%	$15.10	+18.4%	Common Stock	77311W101
AVB	AvalonBay Communities, Inc.	78,840 (+18.4%)	$14,294 (+11.1%)	0.1%	$147.75	+21.7%	Common Stock	053484101
SAP	SAP SE - ADR	56,347 (+20.4%)	$13,688 (+9.5%)	0.1%	$113.43	—	ADR	803054204
MTB	M & T Bank Corp	55,846 (+9.4%)	$11,252 (+11.6%)	0.1%	$128.84	+47.5%	Common Stock	55261F104

Exited Positions (3)

HUM Humana Inc. 0.5%

Value ($000) $100,306 Shares 385,539 Est. Cost $358.69 Unrealized -27.1%

— Hudson Pacific Properties Inc. 0.0%

Value ($000) $6,349 Shares 2,300,183 Est. Cost $9.86 Unrealized —

RH RH 0.0%

Value ($000) $455 Shares 2,240 Est. Cost $279.85 Unrealized -38.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HUM	Humana Inc.	385,539	$100,306	0.5%	$358.69	-27.1%	—	444859102
—	Hudson Pacific Properties Inc.	2,300,183	$6,349	0.0%	$9.86	—	—	444097109
RH	RH	2,240	$455	0.0%	$279.85	-38.9%	—	74967X103

Decreased Positions (39)

AMAT Applied Materials, Inc. 4.9%

Value ($000) $1,079,696 (-5.1%) Shares 4,201,298 (-24.4%) Est. Cost $75.68 Unrealized +216.5%

BK Bank of New York Mellon Corp. 0.3%

Value ($000) $60,567 (-45.0%) Shares 521,722 (-48.4%) Est. Cost $22.39 Unrealized +393.5%

BRK/A Berkshire Hathaway Inc., Class A 3.2%

Value ($000) $711,776 (-5.4%) Shares 943 (-5.5%) Est. Cost $168191.69 Unrealized +343.8%

NTES NetEase Inc. - ADR 0.3%

Value ($000) $58,649 (-35.1%) Shares 426,164 (-28.3%) Est. Cost $89.21 Unrealized —

AXP American Express Co. 0.4%

Value ($000) $89,417 (+8.6%) Shares 241,700 (-2.5%) Est. Cost $60.06 Unrealized +494.3%

ARE Alexandria Real Estate Equities, Inc. 0.0%

Value ($000) $8,718 (-41.9%) Shares 178,127 (-1.1%) Est. Cost $93.40 Unrealized -37.9%

EXR Extra Space Storage, Inc. 0.0%

Value ($000) $3,640 (-53.1%) Shares 27,955 (-49.2%) Est. Cost $126.23 Unrealized +6.9%

JPM JPMorgan Chase & Co. 0.8%

Value ($000) $184,176 (-2.0%) Shares 571,586 (-4.0%) Est. Cost $41.50 Unrealized +645.9%

REXR Rexford Industrial Realty, Inc. 0.1%

Value ($000) $13,352 (-17.8%) Shares 344,830 (-12.7%) Est. Cost $36.66 Unrealized —

NTST NetSTREIT Corp. 0.0%

Value ($000) $3,345 (-45.9%) Shares 189,600 (-44.6%) Est. Cost $16.97 Unrealized —

UDR UDR, Inc. 0.0%

Value ($000) $4,155 (-40.1%) Shares 113,280 (-39.2%) Est. Cost $37.35 Unrealized -4.9%

JD JD.com Inc., Class A, ADR 0.0%

Value ($000) $9,449 (-21.0%) Shares 329,221 (-3.7%) Est. Cost $58.93 Unrealized —

SPG Simon Property Group, Inc. 0.1%

Value ($000) $12,251 (-14.9%) Shares 66,183 (-13.7%) Est. Cost $114.36 Unrealized +57.4%

BXP BXP, Inc. 0.1%

Value ($000) $15,784 (-11.4%) Shares 233,910 (-2.4%) Est. Cost $64.35 Unrealized +9.4%

CUZ Cousins Properties, Inc. 0.1%

Value ($000) $12,880 (-13.1%) Shares 499,615 (-2.5%) Est. Cost $27.26 Unrealized —

DLR Digital Realty Trust, Inc. 0.1%

Value ($000) $12,261 (-12.7%) Shares 79,250 (-2.5%) Est. Cost $110.30 Unrealized +47.9%

PSA Public Storage, Inc. 0.1%

Value ($000) $11,293 (-12.4%) Shares 43,520 (-2.4%) Est. Cost $194.72 Unrealized +42.4%

DOC Healthpeak Properties, Inc. 0.0%

Value ($000) $7,010 (-18.1%) Shares 435,936 (-2.4%) Est. Cost $19.27 Unrealized -9.4%

DEI Douglas Emmett, Inc 0.0%

Value ($000) $3,405 (-31.1%) Shares 309,810 (-2.5%) Est. Cost $20.80 Unrealized —

AMT American Tower Corp 0.1%

Value ($000) $11,231 (-11.1%) Shares 63,970 (-2.6%) Est. Cost $211.10 Unrealized -14.6%

BRX Brixmor Property Group, Inc. 0.1%

Value ($000) $14,578 (-7.6%) Shares 555,970 (-2.5%) Est. Cost $17.25 Unrealized —

EQIX Equinix, Inc. 0.1%

Value ($000) $15,915 (-6.8%) Shares 20,773 (-4.7%) Est. Cost $530.21 Unrealized +47.3%

VICI VICI Properties, Inc. 0.0%

Value ($000) $6,081 (-15.9%) Shares 216,240 (-2.4%) Est. Cost $24.80 Unrealized +18.1%

SHO Sunstone Hotel Investors, Inc. 0.1%

Value ($000) $11,440 (-6.9%) Shares 1,279,610 (-2.5%) Est. Cost $10.39 Unrealized —

REG Regency Centers Corporation 0.0%

Value ($000) $9,433 (-7.6%) Shares 136,650 (-2.5%) Est. Cost $56.76 Unrealized +22.4%

VTR Ventas, Inc. 0.0%

Value ($000) $8,853 (+7.8%) Shares 114,410 (-2.5%) Est. Cost $43.09 Unrealized +74.0%

CDP COPT Defense Properties 0.0%

Value ($000) $8,194 (-6.7%) Shares 294,740 (-2.4%) Est. Cost $28.34 Unrealized —

AMH American Homes 4 Rent - Class A 0.0%

Value ($000) $8,943 (-5.8%) Shares 278,610 (-2.4%) Est. Cost $28.35 Unrealized —

O Realty Income Corp. 0.0%

Value ($000) $5,152 (-9.4%) Shares 91,390 (-2.3%) Est. Cost $55.64 Unrealized +3.1%

CCI Crown Castle, Inc. 0.0%

Value ($000) $3,747 (-10.2%) Shares 42,160 (-2.5%) Est. Cost $136.93 Unrealized -33.5%

SUI Sun Communities, Inc. 0.0%

Value ($000) $5,308 (-6.4%) Shares 42,840 (-2.5%) Est. Cost $128.03 Unrealized —

EQR Equity Residential 0.0%

Value ($000) $6,589 (-5.1%) Shares 104,515 (-2.5%) Est. Cost $49.52 Unrealized +22.5%

PLD Prologis, Inc. 0.1%

Value ($000) $22,995 (+1.3%) Shares 180,126 (-9.1%) Est. Cost $81.13 Unrealized +52.7%

MAA Mid-America Apartment Communities, Inc. 0.0%

Value ($000) $8,248 (-3.0%) Shares 59,380 (-2.4%) Est. Cost $139.27 Unrealized -4.5%

CHCT Community Healthcare Trust, Inc. 0.0%

Value ($000) $5,346 (+4.9%) Shares 325,560 (-2.3%) Est. Cost $26.52 Unrealized —

EGP Eastgroup Properties, Inc. 0.0%

Value ($000) $9,197 (+2.6%) Shares 51,630 (-2.5%) Est. Cost $181.65 Unrealized —

ESS Essex Property Trust, Inc. 0.0%

Value ($000) $4,321 (-4.8%) Shares 16,511 (-2.6%) Est. Cost $173.97 Unrealized +47.3%

TRNO Terreno Realty Corp. 0.0%

Value ($000) $6,924 (+0.9%) Shares 117,937 (-2.5%) Est. Cost $31.43 Unrealized —

CPT Camden Property Trust 0.0%

Value ($000) $9,569 (+0.6%) Shares 86,930 (-2.5%) Est. Cost $83.64 Unrealized +23.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	Applied Materials, Inc.	4,201,298 (-24.4%)	$1,079,696 (-5.1%)	4.9%	$75.68	+216.5%	Common Stock	038222105
BK	Bank of New York Mellon Corp.	521,722 (-48.4%)	$60,567 (-45.0%)	0.3%	$22.39	+393.5%	Common Stock	064058100
BRK/A	Berkshire Hathaway Inc., Class A	943 (-5.5%)	$711,776 (-5.4%)	3.2%	$168191.69	+343.8%	Common Stock	084670108
NTES	NetEase Inc. - ADR	426,164 (-28.3%)	$58,649 (-35.1%)	0.3%	$89.21	—	ADR	64110W102
AXP	American Express Co.	241,700 (-2.5%)	$89,417 (+8.6%)	0.4%	$60.06	+494.3%	Common Stock	025816109
ARE	Alexandria Real Estate Equities, Inc.	178,127 (-1.1%)	$8,718 (-41.9%)	0.0%	$93.40	-37.9%	Common Stock	015271109
EXR	Extra Space Storage, Inc.	27,955 (-49.2%)	$3,640 (-53.1%)	0.0%	$126.23	+6.9%	Common Stock	30225T102
JPM	JPMorgan Chase & Co.	571,586 (-4.0%)	$184,176 (-2.0%)	0.8%	$41.50	+645.9%	Common Stock	46625H100
REXR	Rexford Industrial Realty, Inc.	344,830 (-12.7%)	$13,352 (-17.8%)	0.1%	$36.66	—	Common Stock	76169C100
NTST	NetSTREIT Corp.	189,600 (-44.6%)	$3,345 (-45.9%)	0.0%	$16.97	—	Common Stock	64119V303
UDR	UDR, Inc.	113,280 (-39.2%)	$4,155 (-40.1%)	0.0%	$37.35	-4.9%	Common Stock	902653104
JD	JD.com Inc., Class A, ADR	329,221 (-3.7%)	$9,449 (-21.0%)	0.0%	$58.93	—	ADR	47215P106
SPG	Simon Property Group, Inc.	66,183 (-13.7%)	$12,251 (-14.9%)	0.1%	$114.36	+57.4%	Common Stock	828806109
BXP	BXP, Inc.	233,910 (-2.4%)	$15,784 (-11.4%)	0.1%	$64.35	+9.4%	Common Stock	101121101
CUZ	Cousins Properties, Inc.	499,615 (-2.5%)	$12,880 (-13.1%)	0.1%	$27.26	—	Common Stock	222795502
DLR	Digital Realty Trust, Inc.	79,250 (-2.5%)	$12,261 (-12.7%)	0.1%	$110.30	+47.9%	Common Stock	253868103
PSA	Public Storage, Inc.	43,520 (-2.4%)	$11,293 (-12.4%)	0.1%	$194.72	+42.4%	Common Stock	74460D109
DOC	Healthpeak Properties, Inc.	435,936 (-2.4%)	$7,010 (-18.1%)	0.0%	$19.27	-9.4%	Common Stock	42250P103
DEI	Douglas Emmett, Inc	309,810 (-2.5%)	$3,405 (-31.1%)	0.0%	$20.80	—	Common Stock	25960P109
AMT	American Tower Corp	63,970 (-2.6%)	$11,231 (-11.1%)	0.1%	$211.10	-14.6%	Common Stock	03027X100
BRX	Brixmor Property Group, Inc.	555,970 (-2.5%)	$14,578 (-7.6%)	0.1%	$17.25	—	Common Stock	11120U105
EQIX	Equinix, Inc.	20,773 (-4.7%)	$15,915 (-6.8%)	0.1%	$530.21	+47.3%	Common Stock	29444U700
VICI	VICI Properties, Inc.	216,240 (-2.4%)	$6,081 (-15.9%)	0.0%	$24.80	+18.1%	Common Stock	925652109
SHO	Sunstone Hotel Investors, Inc.	1,279,610 (-2.5%)	$11,440 (-6.9%)	0.1%	$10.39	—	Common Stock	867892101
REG	Regency Centers Corporation	136,650 (-2.5%)	$9,433 (-7.6%)	0.0%	$56.76	+22.4%	Common Stock	758849103
VTR	Ventas, Inc.	114,410 (-2.5%)	$8,853 (+7.8%)	0.0%	$43.09	+74.0%	Common Stock	92276F100
CDP	COPT Defense Properties	294,740 (-2.4%)	$8,194 (-6.7%)	0.0%	$28.34	—	Common Stock	22002T108
AMH	American Homes 4 Rent - Class A	278,610 (-2.4%)	$8,943 (-5.8%)	0.0%	$28.35	—	Common Stock	02665T306
O	Realty Income Corp.	91,390 (-2.3%)	$5,152 (-9.4%)	0.0%	$55.64	+3.1%	Common Stock	756109104
CCI	Crown Castle, Inc.	42,160 (-2.5%)	$3,747 (-10.2%)	0.0%	$136.93	-33.5%	Common Stock	22822V101
SUI	Sun Communities, Inc.	42,840 (-2.5%)	$5,308 (-6.4%)	0.0%	$128.03	—	Common Stock	866674104
EQR	Equity Residential	104,515 (-2.5%)	$6,589 (-5.1%)	0.0%	$49.52	+22.5%	Common Stock	29476L107
PLD	Prologis, Inc.	180,126 (-9.1%)	$22,995 (+1.3%)	0.1%	$81.13	+52.7%	Common Stock	74340W103
MAA	Mid-America Apartment Communities, Inc.	59,380 (-2.4%)	$8,248 (-3.0%)	0.0%	$139.27	-4.5%	Common Stock	59522J103
CHCT	Community Healthcare Trust, Inc.	325,560 (-2.3%)	$5,346 (+4.9%)	0.0%	$26.52	—	Common Stock	20369C106
EGP	Eastgroup Properties, Inc.	51,630 (-2.5%)	$9,197 (+2.6%)	0.0%	$181.65	—	Common Stock	277276101
ESS	Essex Property Trust, Inc.	16,511 (-2.6%)	$4,321 (-4.8%)	0.0%	$173.97	+47.3%	Common Stock	297178105
TRNO	Terreno Realty Corp.	117,937 (-2.5%)	$6,924 (+0.9%)	0.0%	$31.43	—	Common Stock	88146M101
CPT	Camden Property Trust	86,930 (-2.5%)	$9,569 (+0.6%)	0.0%	$83.64	+23.3%	Common Stock	133131102

Unchanged Positions (16)

SE Sea Ltd., Class A, ADR 0.3%

Value ($000) $55,689 Shares 436,534 Est. Cost $71.42 Unrealized —

DUSA Davis Select U.S. Equity ETF 0.8%

Value ($000) $173,053 Shares 3,384,566 Est. Cost $25.21 Unrealized —

NTB Bank of N.T. Butterfield & Son Limited 0.2%

Value ($000) $52,496 Shares 1,053,710 Est. Cost $27.54 Unrealized +67.3%

DFNL Davis Select Financial ETF 0.5%

Value ($000) $102,960 Shares 2,130,361 Est. Cost $21.79 Unrealized —

VALE Vale S.A., ADR 0.2%

Value ($000) $38,194 Shares 2,931,198 Est. Cost $9.96 Unrealized —

BEKE KE Holdings Inc., Class A, ADR 0.1%

Value ($000) $29,184 Shares 1,851,804 Est. Cost $15.27 Unrealized —

BAC Bank of America Corp. 0.3%

Value ($000) $63,243 Shares 1,149,873 Est. Cost $24.00 Unrealized +119.4%

L Loews Corp. 0.3%

Value ($000) $63,191 Shares 600,046 Est. Cost $41.93 Unrealized +146.2%

ANGI ANGI Inc., Class A 0.1%

Value ($000) $12,270 Shares 948,993 Est. Cost $14.45 Unrealized -10.9%

DWLD Davis Select Worldwide ETF 0.4%

Value ($000) $89,430 Shares 1,917,460 Est. Cost $21.35 Unrealized —

DINT Davis Select International ETF 0.5%

Value ($000) $110,935 Shares 3,892,451 Est. Cost $18.76 Unrealized —

NOAH Noah Holdings Ltd., Class A, ADS 0.0%

Value ($000) $10,257 Shares 1,021,585 Est. Cost $17.36 Unrealized —

LRCX Lam Research Corp. 0.0%

Value ($000) $2,102 Shares 12,280 Est. Cost $74.98 Unrealized +107.2%

SNPS Synopsys, Inc. 0.0%

Value ($000) $4,065 Shares 8,655 Est. Cost $565.30 Unrealized -21.4%

TSM Taiwan Semiconductor Manufacturing, ADR 0.0%

Value ($000) $2,188 Shares 7,200 Est. Cost $226.49 Unrealized —

CCK Crown Holdings, Inc. 0.0%

Value ($000) $882 Shares 8,570 Est. Cost $79.15 Unrealized +23.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SE	Sea Ltd., Class A, ADR	436,534	$55,689	0.3%	$71.42	—	ADR	81141R100
DUSA	Davis Select U.S. Equity ETF	3,384,566	$173,053	0.8%	$25.21	—	ETF	23908L207
NTB	Bank of N.T. Butterfield & Son Limited	1,053,710	$52,496	0.2%	$27.54	+67.3%	Common Stock	G0772R208
DFNL	Davis Select Financial ETF	2,130,361	$102,960	0.5%	$21.79	—	ETF	23908L108
VALE	Vale S.A., ADR	2,931,198	$38,194	0.2%	$9.96	—	ADR	91912E105
BEKE	KE Holdings Inc., Class A, ADR	1,851,804	$29,184	0.1%	$15.27	—	ADR	482497104
BAC	Bank of America Corp.	1,149,873	$63,243	0.3%	$24.00	+119.4%	Common Stock	060505104
L	Loews Corp.	600,046	$63,191	0.3%	$41.93	+146.2%	Common Stock	540424108
ANGI	ANGI Inc., Class A	948,993	$12,270	0.1%	$14.45	-10.9%	Common Stock	00183L201
DWLD	Davis Select Worldwide ETF	1,917,460	$89,430	0.4%	$21.35	—	ETF	23908L306
DINT	Davis Select International ETF	3,892,451	$110,935	0.5%	$18.76	—	ETF	23908L405
NOAH	Noah Holdings Ltd., Class A, ADS	1,021,585	$10,257	0.0%	$17.36	—	ADR	65487X102
LRCX	Lam Research Corp.	12,280	$2,102	0.0%	$74.98	+107.2%	Common Stock	512807306
SNPS	Synopsys, Inc.	8,655	$4,065	0.0%	$565.30	-21.4%	Common Stock	871607107
TSM	Taiwan Semiconductor Manufacturing, ADR	7,200	$2,188	0.0%	$226.49	—	ADR	874039100
CCK	Crown Holdings, Inc.	8,570	$882	0.0%	$79.15	+23.0%	Common Stock	228368106