Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COF	Capital One Financial Corp.	8,999,453	$1.614B	9.3%	$73.48	+154.2%	Common	14040H105
META	Meta Platforms, Inc., Class A	2,210,250	$1.274B	7.3%	$143.60	+348.0%	Common	30303M102
BRK/A	Berkshire Hathaway Inc., Class A	1,558	$1.244B	7.2%	$168191.69	+333.6%	Common	084670108
CVS	CVS Health Corporation	11,549,057	$782M	4.5%	$53.88	+7.6%	Common	126650100
AMAT	Applied Materials, Inc.	4,993,172	$725M	4.2%	$63.03	+164.4%	Common	038222105
MKL	Markel Group, Inc	371,469	$695M	4.0%	$1034.69	+77.8%	Common	570535104
AMZN	Amazon.com, Inc.	3,519,954	$670M	3.9%	$112.10	+93.6%	Common	023135106
USB	U.S. Bancorp	14,889,014	$629M	3.6%	$35.47	+24.6%	Common	902973304
MGM	MGM Resorts International	20,815,057	$617M	3.6%	$41.73	-19.5%	Common	552953101
HUM	Humana Inc.	2,331,343	$617M	3.6%	$358.69	-25.6%	Common	444859102
WFC	Wells Fargo & Co.	8,468,647	$608M	3.5%	$27.32	+169.7%	Common	949746101
VTRS	Viatris Inc.	64,948,236	$566M	3.3%	$11.97	-16.3%	Common	92556V106
CI	Cigna Group	1,433,251	$472M	2.7%	$195.79	+51.0%	Common	125523100
GOOGL	Alphabet Inc., Class A	3,039,483	$470M	2.7%	$106.06	+70.4%	Common	02079K305
TXN	Texas Instruments, Inc.	2,431,035	$437M	2.5%	$34.11	+434.2%	Common	882508104
TECK	Teck Resources Ltd., Class B	11,190,628	$408M	2.3%	$29.43	+41.0%	Common	878742204
DGX	Quest Diagnostics Inc.	2,388,302	$404M	2.3%	$98.32	+64.7%	Common	74834L100
SOLV	Solventum Corp.	5,288,138	$402M	2.3%	$60.69	+22.7%	Common	83444M101
BRK/B	Berkshire Hathaway Inc., Class B	678,453	$361M	2.1%	$129.75	+274.7%	Common	084670702
CB	Chubb Ltd.	1,086,389	$328M	1.9%	$107.46	+157.1%	Common	H1467J104
TCOM	Trip.com Group Ltd., ADR	4,862,997	$309M	1.8%	$60.38	—	ADR	89677Q107
TSN	Tyson Foods Inc	4,679,582	$299M	1.7%	$55.81	+1.9%	Common	902494103
OC	Owens Corning	1,787,242	$255M	1.5%	$85.46	+93.4%	Common	690742101
QSR	Restaurant Brands International, Inc.	3,372,511	$225M	1.3%	$64.48	0.0%	Common	76131D103
AGCO	AGCO Corporation	2,027,266	$188M	1.1%	$104.58	-7.7%	Common	001084102
BK	Bank of New York Mellon Corp.	1,910,645	$160M	0.9%	$22.39	+268.7%	Common	064058100
JPM	JPMorgan Chase & Co.	639,852	$157M	0.9%	$41.50	+504.6%	Common	46625H100
COP	ConocoPhillips	1,402,068	$147M	0.8%	$107.61	-10.1%	Common	20825C104
DUSA	Davis Select U.S. Equity ETF	3,383,338	$143M	0.8%	$25.21	—	ETF	23908L207
CPNG	Coupang, Inc., Class A	5,880,990	$129M	0.7%	$32.21	-27.9%	Common	22266T109
IAC	IAC Inc.	2,657,782	$122M	0.7%	$98.51	-63.0%	Common	44891N208
GOOG	Alphabet Inc., Class C	646,697	$101M	0.6%	$106.53	+71.3%	Common	02079K107
YMM	Full Truck Alliance Co. Ltd.	7,819,344	$99.85M	0.6%	$11.42	—	ADR	35969L108
FITB	Fifth Third Bancorp	2,461,119	$96.48M	0.6%	$30.58	+33.1%	Common	316773100
MSFT	Microsoft Corp.	256,523	$96.3M	0.6%	$26.70	+1417.0%	Common	594918104
DINT	Davis Select International ETF	3,890,080	$89.9M	0.5%	$18.76	—	ETF	23908L405
PNC	PNC Financial Services Group, Inc.	495,808	$87.15M	0.5%	$90.30	+103.0%	Common	693475105
DFNL	Davis Select Financial ETF	2,129,860	$83.66M	0.5%	$21.79	—	ETF	23908L108
DAR	Darling Ingredients Inc.	2,476,469	$77.36M	0.4%	$69.39	-49.6%	Common	237266101
AXP	American Express Co.	271,435	$73.03M	0.4%	$60.06	+386.9%	Common	025816109
DWLD	Davis Select Worldwide ETF	1,916,287	$72.22M	0.4%	$21.35	—	ETF	23908L306
SE	Sea Ltd., Class A, ADR	514,628	$67.15M	0.4%	$71.42	—	ADR	81141R100
NTES	NetEase Inc. - ADR	596,114	$61.35M	0.4%	$89.21	—	ADR	64110W102
L	Loews Corp.	599,066	$55.06M	0.3%	$41.93	+103.6%	Common	540424108
BAC	Bank of America Corp.	1,156,148	$48.25M	0.3%	$24.00	+81.8%	Common	060505104
APP	AppLovin Corp., Class A	163,011	$43.19M	0.2%	$344.61	0.0%	Common	03831W108
NTB	Bank of N.T. Butterfield & Son Limited	1,068,441	$41.58M	0.2%	$27.54	+33.5%	Common	G0772R208
WCC	Wesco International, Inc.	258,503	$40.15M	0.2%	$144.26	+22.9%	Common	95082P105
RKT	Rocket Companies, Inc., Class A	3,139,289	$37.89M	0.2%	$15.01	-18.0%	Common	77311W101
BEKE	KE Holdings Inc., Class A, ADR	1,860,528	$37.38M	0.2%	$15.27	—	ADR	482497104
RNR	RenaissanceRe Holdings Ltd	143,801	$34.51M	0.2%	$241.27	+0.3%	Common	G7496G103
JCI	Johnson Controls International plc	404,164	$32.38M	0.2%	$33.87	+140.9%	Common	G51502105
VALE	Vale S.A., ADR	2,733,513	$27.28M	0.2%	$9.98	—	ADR	91912E105
UNH	UnitedHealth Group Inc.	48,519	$25.41M	0.1%	$181.38	+175.4%	Common	91324P102
SCHW	Charles Schwab Corp.	297,606	$23.3M	0.1%	$29.48	+163.5%	Common	808513105
SAP	SAP SE - ADR	76,126	$20.44M	0.1%	$86.97	—	ADR	803054204
AMT	American Tower Corp	88,940	$19.35M	0.1%	$211.12	-10.2%	Common	03027X100
PLD	Prologis, Inc.	171,756	$19.2M	0.1%	$66.64	+67.9%	Common	74340W103
ORCL	Oracle Corporation	136,380	$19.07M	0.1%	$27.58	+485.7%	Common	68389X105
VTR	Ventas, Inc.	250,190	$17.2M	0.1%	$43.09	+44.1%	Common	92276F100
NOAH	Noah Holdings Ltd., Class A, ADS	1,654,817	$15.64M	0.1%	$17.36	—	ADR	65487X102
YOU	Clear Secure, Inc.	581,691	$15.07M	0.1%	$34.81	-30.2%	Common	18467V109
PSA	Public Storage, Inc.	49,760	$14.89M	0.1%	$185.67	+54.9%	Common	74460D109
EG	Everest Group, Ltd.	39,662	$14.41M	0.1%	$117.46	+197.7%	Common	G3223R108
REXR	Rexford Industrial Realty, Inc.	363,620	$14.24M	0.1%	$36.45	—	Common	76169C100
JD	JD.com Inc., Class A, ADR	345,461	$14.21M	0.1%	$58.93	—	ADR	47215P106
ARE	Alexandria Real Estate Equities, Inc.	151,317	$14M	0.1%	$96.61	-4.8%	Common	015271109
BXP	BXP, Inc.	203,440	$13.67M	0.1%	$63.62	+5.0%	Common	101121101
CUZ	Cousins Properties, Inc.	446,935	$13.18M	0.1%	$26.98	—	Common	222795502
BRX	Brixmor Property Group, Inc.	484,360	$12.86M	0.1%	$15.46	—	Common	11120U105
EQIX	Equinix, Inc.	15,373	$12.53M	0.1%	$427.00	+106.2%	Common	29444U700
AVB	AvalonBay Communities, Inc.	56,650	$12.16M	0.1%	$133.04	+57.5%	Common	053484101
SPG	Simon Property Group, Inc.	68,033	$11.3M	0.1%	$97.58	+71.0%	Common	828806109
DLR	Digital Realty Trust, Inc.	67,130	$9.619M	0.1%	$98.17	+61.0%	Common	253868103
CPT	Camden Property Trust	76,510	$9.357M	0.1%	$79.55	+42.4%	Common	133131102
AMH	American Homes 4 Rent - Class A	243,120	$9.192M	0.1%	$27.41	—	Common	02665T306
MTB	M & T Bank Corp	51,185	$9.149M	0.1%	$123.06	+49.9%	Common	55261F104
REG	Regency Centers Corporation	118,140	$8.714M	0.1%	$54.31	+29.0%	Common	758849103
MAA	Mid-America Apartment Communities, Inc.	51,450	$8.622M	0.0%	$138.35	+10.8%	Common	59522J103
ESS	Essex Property Trust, Inc.	27,731	$8.501M	0.0%	$171.08	+64.6%	Common	297178105
EXR	Extra Space Storage, Inc.	56,785	$8.432M	0.0%	$126.23	+15.1%	Common	30225T102
EGP	Eastgroup Properties, Inc.	44,750	$7.883M	0.0%	$183.99	—	Common	277276101
SHO	Sunstone Hotel Investors, Inc.	791,730	$7.45M	0.0%	$11.38	—	Common	867892101
UDR	UDR, Inc.	158,610	$7.164M	0.0%	$37.11	+11.5%	Common	902653104
EQR	Equity Residential	99,855	$7.148M	0.0%	$48.40	+40.0%	Common	29476L107
—	Hudson Pacific Properties Inc.	2,296,963	$6.776M	0.0%	$9.86	—	Common	444097109
STT	State Street Corp.	72,704	$6.509M	0.0%	$64.73	+43.3%	Common	857477103
TFC	Truist Financial Corp.	156,431	$6.437M	0.0%	$32.96	+29.5%	Common	89832Q109
TRNO	Terreno Realty Corp.	100,827	$6.374M	0.0%	$26.41	—	Common	88146M101
CHCT	Community Healthcare Trust, Inc.	301,740	$5.48M	0.0%	$27.52	—	Common	20369C106
DOC	Healthpeak Properties, Inc.	246,806	$4.99M	0.0%	$21.00	-9.2%	Common	42250P103
VICI	VICI Properties, Inc.	143,440	$4.679M	0.0%	$21.13	+38.0%	Common	925652109
DEI	Douglas Emmett, Inc	268,820	$4.301M	0.0%	$21.76	—	Common	25960P109
CCI	Crown Castle, Inc.	41,000	$4.273M	0.0%	$139.03	-35.9%	Common	22822V101
HIW	Highwoods Properties Inc.	129,180	$3.829M	0.0%	$35.25	—	Common	431284108
IVE	iShares S&P 500 Value Index Fund	19,712	$3.757M	0.0%	$190.31	—	ETF	464287408
FRT	Federal Realty Investment Trust	32,930	$3.221M	0.0%	$100.44	-1.1%	Common	313745101
SUI	Sun Communities, Inc.	25,040	$3.221M	0.0%	$128.64	—	Common	866674104
NTST	NetSTREIT Corp.	114,960	$1.822M	0.0%	$15.85	—	Common	64119V303
LRCX	Lam Research Corp.	12,280	$893K	0.0%	$74.98	+4.2%	Common	512807306
CCK	Crown Holdings, Inc.	8,570	$765K	0.0%	$79.15	+9.1%	Common	228368106
RH	RH	2,240	$525K	0.0%	$279.85	+23.7%	Common	74967X103
—	Skechers U.S.A., Inc., Class A	6,000	$341K	0.0%	$40.73	—	Common	830566105
INTC	Intel Corp.	10,683	$243K	0.0%	$39.25	-44.3%	Common	458140100