Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WFC	Wells Fargo & Co.	27,729,864	$1.312B	6.5%	$29.39	+33.0%	Common	949746101
COF	Capital One Financial Corp.	13,836,387	$1.256B	6.2%	$71.39	+11.8%	Common	14040H105
AMZN	Amazon.com, Inc.	659,356	$1.249B	6.2%	$16.54	+463.1%	Common	023135106
—	New Oriental Education & Tech ADR	11,119,591	$1.074B	5.3%	$74.76	—	ADR	647581107
—	United Technologies Corp.	8,206,472	$1.068B	5.3%	$93.01	—	Common	913017109
BRK/A	Berkshire Hathaway Inc., Class A	3,351	$1.067B	5.3%	$168191.69	+84.8%	Common	084670108
GOOG	Alphabet Inc., Class C	959,294	$1.037B	5.1%	$35.82	+59.8%	Common	02079K107
META	Facebook, Inc, Class A	4,657,716	$899M	4.4%	$133.43	+36.0%	Common	30303M102
JPM	JPMorgan Chase & Co.	7,924,152	$886M	4.4%	$40.83	+125.4%	Common	46625H100
AXP	American Express Co.	6,128,392	$756M	3.7%	$59.62	+80.3%	Common	025816109
BK	Bank of New York Mellon Corp.	16,716,368	$738M	3.7%	$22.02	+76.2%	Common	064058100
AMAT	Applied Materials, Inc.	15,880,737	$713M	3.5%	$37.74	+4.3%	Common	038222105
BABA	Alibaba Group Holding Ltd., ADR	4,173,186	$707M	3.5%	$163.53	—	ADR	01609W102
—	Apache Corp.	23,008,783	$667M	3.3%	$46.09	—	Common	037411105
GOOGL	Alphabet Inc., Class A	469,166	$508M	2.5%	$36.73	+56.4%	Common	02079K305
USB	U.S. Bancorp	9,056,196	$475M	2.3%	$36.08	+7.9%	Common	902973304
TXN	Texas Instruments, Inc.	4,081,608	$468M	2.3%	$29.01	+219.8%	Common	882508104
DGX	Quest Diagnostics, Inc.	4,001,170	$407M	2.0%	$76.36	+10.4%	Common	74834L100
INTC	Intel Corp.	7,473,706	$358M	1.8%	$42.15	+2.3%	Common	458140100
BRK/B	Berkshire Hathaway Inc., Class B	1,627,758	$347M	1.7%	$126.14	+64.0%	Common	084670702
CB	Chubb Ltd.	2,157,578	$318M	1.6%	$103.37	+25.1%	Common	H1467J104
ADNT	Adient plc	11,849,046	$288M	1.4%	$50.03	-58.9%	Common	G0084W101
—	Encana Corp.	50,296,797	$258M	1.3%	$12.36	—	Common	292505104
MKL	Markel Corp.	235,429	$257M	1.3%	$559.36	+87.3%	Common	570535104
MSFT	Microsoft Corp.	1,800,433	$241M	1.2%	$26.70	+347.6%	Common	594918104
L	Loews Corp.	4,031,184	$220M	1.1%	$42.08	+18.5%	Common	540424108
JD	JD.com, Inc., Class A, ADR	6,465,282	$196M	1.0%	$29.35	—	ADR	47215P106
ORCL	Oracle Corp.	2,624,661	$150M	0.7%	$27.58	+78.2%	Common	68389X105
MGY	Magnolia Oil & Gas Corp., Class A	12,365,434	$143M	0.7%	$13.05	-6.0%	Common	559663109
—	Hollysys Automation Technologies, Ltd.	6,707,397	$127M	0.6%	$19.15	—	Common	G45667105
NTB	Bank of N.T. Butterfield & Son Ltd.	3,338,242	$113M	0.6%	$29.13	-10.0%	Common	G0772R208
BKNG	Booking Holdings, Inc.	53,680	$101M	0.5%	$1933.58	-8.6%	Common	09857L108
DUSA	Davis Select U.S. Equity	3,169,516	$74.24M	0.4%	$21.77	—	ETF	23908L207
DINT	Davis Select International	3,654,046	$65.18M	0.3%	$18.17	—	ETF	23908L405
CVS	CVS Health Corp.	1,101,682	$60.03M	0.3%	$59.39	-26.6%	Common	126650100
—	Alleghany Corporation	79,419	$54.09M	0.3%	$596.56	—	Common	017175100
GS	Goldman Sachs Group, Inc.	261,932	$53.59M	0.3%	$127.86	+32.3%	Common	38141G104
UNH	UnitedHealth Group, Inc.	199,480	$48.67M	0.2%	$175.00	+23.1%	Common	91324P102
—	Quotient Technology, Inc.	4,526,779	$48.62M	0.2%	$10.64	—	Common	749119103
BAC	Bank of America Corp.	1,643,010	$47.65M	0.2%	$23.94	+2.3%	Common	060505104
PNC	PNC Financial Services Group, Inc.	327,451	$44.95M	0.2%	$69.16	+50.5%	Common	693475105
DFNL	Davis Select Financial	1,904,737	$44.38M	0.2%	$21.36	—	ETF	23908L108
DWLD	Davis Select Worldwide	1,803,388	$42.07M	0.2%	$22.28	—	ETF	23908L306
JCI	Johnson Controls International PLC	1,002,195	$41.4M	0.2%	$32.09	+4.0%	Common	G51502105
STT	State Street Corp.	736,636	$41.3M	0.2%	$53.85	-7.1%	Common	857477103
NOAH	Noah Holdings Ltd., ADS	943,832	$40.16M	0.2%	$26.44	—	ADR	65487X102
KKR	KKR & Co. Inc., Class A	1,512,690	$38.23M	0.2%	$24.27	-8.2%	Common	48251W104
YRD	Yirendai Ltd., ADR	2,692,098	$37.04M	0.2%	$20.97	—	ADR	98585L100
ETN	Eaton Corp. PLC	437,499	$36.44M	0.2%	$52.58	+35.8%	Common	G29183103
EG	Everest Re Group, Ltd.	147,322	$36.41M	0.2%	$113.03	+84.7%	Common	G3223R108
HUM	Humana Inc.	133,960	$35.54M	0.2%	$239.24	0.0%	Common	444859102
IQ	iQIYI, Inc., Class A, ADR	1,661,546	$34.31M	0.2%	$17.40	—	ADR	46267X108
SPG	Simon Property Group, Inc.	198,790	$31.76M	0.2%	$106.89	+11.4%	Common	828806109
QRVO	Qorvo, Inc.	475,642	$31.68M	0.2%	$74.45	-6.7%	Common	74736K101
AVB	AvalonBay Communities, Inc.	145,870	$29.64M	0.1%	$119.75	+34.3%	Common	053484101
EQIX	Equinix, Inc.	57,880	$29.19M	0.1%	$359.32	+18.1%	Common	29444U700
PLD	Prologis, Inc.	340,028	$27.24M	0.1%	$42.31	+49.7%	Common	74340W103
—	Liberty Global plc, Series C	962,034	$25.52M	0.1%	$51.51	—	Common	G5480U120
—	GCI Liberty, Inc., Class A	398,598	$24.5M	0.1%	$52.86	—	Common	36164V305
—	Qurate Retail, Inc. Series A	1,625,369	$20.14M	0.1%	$21.22	—	Common	74915M100
BXP	Boston Properties, Inc.	151,480	$19.54M	0.1%	$78.85	+23.7%	Common	101121101
OC	Owens Corning	335,744	$19.54M	0.1%	$48.47	+5.3%	Common	690742101
ESS	Essex Property Trust, Inc.	66,591	$19.44M	0.1%	$137.15	+66.6%	Common	297178105
SCHW	Charles Schwab Corp.	480,084	$19.3M	0.1%	$21.24	+86.8%	Common	808513105
SAP	SAP SE, ADR	140,125	$19.17M	0.1%	$77.70	—	ADR	803054204
—	Aptiv PLC	220,420	$17.82M	0.1%	$84.73	—	Common	G6095L109
CPT	Camden Property Trust	170,550	$17.8M	0.1%	$62.04	+31.9%	Common	133131102
—	Hudson Pacific Properties, Inc.	534,520	$17.78M	0.1%	$33.03	—	Common	444097109
EQR	Equity Residential	233,310	$17.71M	0.1%	$45.44	+30.6%	Common	29476L107
CCI	Crown Castle International Corp.	134,990	$17.6M	0.1%	$63.29	+52.6%	Common	22822V101
—	Ctrip.com International, Ltd., ADR	476,313	$17.58M	0.1%	$41.78	—	ADR	22943F100
DLR	Digital Realty Trust, Inc.	146,950	$17.31M	0.1%	$81.99	+15.3%	Common	253868103
GLRE	Greenlight Capital Re, Ltd., Class A	2,036,640	$17.29M	0.1%	$13.13	-21.7%	Common	G4095J109
PSA	Public Storage, Inc.	71,060	$16.92M	0.1%	$168.88	+2.9%	Common	74460D109
CI	Cigna Corp.	106,034	$16.71M	0.1%	$187.46	-23.5%	Common	125523100
—	American Campus Communities, Inc.	352,114	$16.25M	0.1%	$39.42	—	Common	024835100
ARE	Alexandria Real Estate Equities, Inc.	113,937	$16.07M	0.1%	$56.75	+97.6%	Common	015271109
REXR	Rexford Industrial Realty, Inc.	397,480	$16.05M	0.1%	$25.21	—	Common	76169C100
AKR	Acadia Realty Trust	583,900	$15.98M	0.1%	$27.39	—	Common	004239109
LILAK	Liberty Latin America Ltd., Class C	915,149	$15.73M	0.1%	$20.25	-11.3%	Common	G9001E128
TRNO	Terreno Realty Corp.	313,137	$15.36M	0.1%	$23.34	—	Common	88146M101
—	Federal Realty Investment Trust	112,660	$14.51M	0.1%	$121.74	—	Common	313747206
REG	Regency Centers Corp.	195,180	$13.03M	0.1%	$46.37	+10.1%	Common	758849103
—	Azul S.A., ADR	381,712	$12.76M	0.1%	$17.99	—	ADR	05501U106
—	China Index Holdings Ltd., ADR	3,593,523	$12.76M	0.1%	$3.55	—	ADR	16954W101
—	Liberty Expedia Holdings, Inc.	266,654	$12.74M	0.1%	$39.67	—	Common	53046P109
VTR	Ventas, Inc.	184,950	$12.64M	0.1%	$45.30	+7.8%	Common	92276F100
WELL	Welltower Inc.	150,120	$12.24M	0.1%	$63.99	0.0%	Common	95040Q104
—	Tarena International, Inc.,Class A, ADR	4,887,670	$12.22M	0.1%	$14.48	—	ADR	876108101
—	Altus Midstream Co., Class A	3,256,100	$12.11M	0.1%	$6.18	—	Common	02215L100
BRX	Brixmor Property Group, Inc.	615,800	$11.01M	0.1%	$16.39	—	Common	11120U105
BIDU	Baidu, Inc., Class A, ADR	91,381	$10.72M	0.1%	$196.72	—	ADR	056752108
HST	Host Hotels & Resorts, Inc.	585,680	$10.67M	0.1%	$11.27	+30.9%	Common	44107P104
—	Coresite Realty Corp.	90,710	$10.45M	0.1%	$94.26	—	Common	21870Q105
—	HCP, Inc.	324,406	$10.38M	0.1%	$28.15	—	Common	40414L109
EXR	Extra Space Storage Inc.	96,110	$10.2M	0.1%	$61.70	+32.6%	Common	30225T102
VNO	Vornado Realty Trust	136,490	$8.749M	0.0%	$87.85	—	Common	929042109
BDN	Brandywine Realty Trust	586,291	$8.396M	0.0%	$17.55	—	Common	105368203
CUZ	Cousins Properties, Inc.	213,815	$7.734M	0.0%	$36.17	—	Common	222795502
ELS	Equity LifeStyle Properties, Inc.	62,680	$7.606M	0.0%	$97.28	—	Common	29472R108
SUI	Sun Communities, Inc.	59,070	$7.572M	0.0%	$102.09	—	Common	866674104
—	Fang Holdings Ltd., Class A, ADR	10,568,354	$6.566M	0.0%	$4.19	—	ADR	30711Y102
—	Liberty Property Trust	129,370	$6.474M	0.0%	$42.04	—	Common	531172104
—	Retail Opportunity Investments Corp.	349,545	$5.988M	0.0%	$18.54	—	Common	76131N101
—	STORE Capital Corp.	174,210	$5.782M	0.0%	$33.26	—	Common	862121100
—	SL Green Realty Corp.	71,510	$5.747M	0.0%	$105.37	—	Common	78440X101
—	Life Storage, Inc.	59,850	$5.691M	0.0%	$86.40	—	Common	53223X107
CUBE	CubeSmart	145,980	$4.882M	0.0%	$27.21	—	Common	229663109
—	Liberty TripAdvisor Hldgs Inc. - A	379,150	$4.701M	0.0%	$33.90	—	Common	531465102
RHP	Ryman Hospitality Properties, Inc.	50,010	$4.055M	0.0%	$80.11	—	Common	78377T107
AMH	American Homes 4 Rent, Class A	162,940	$3.961M	0.0%	$21.92	—	Common	02665T306
INVH	Invitation Homes, Inc.	144,430	$3.861M	0.0%	$18.86	+12.1%	Common	46187W107
EGP	EastGroup Properties, Inc.	29,230	$3.39M	0.0%	$58.13	—	Common	277276101
MAA	Mid-America Apartment Communities, Inc.	27,490	$3.237M	0.0%	$78.82	+14.2%	Common	59522J103
FR	First Industrial Realty Trust, Inc.	81,770	$3.004M	0.0%	$21.10	—	Common	32054K103
ALEX	Alexander & Baldwin, Inc.	127,240	$2.939M	0.0%	$25.41	—	Common	014491104
MAC	Macerich Co.	66,530	$2.228M	0.0%	$43.16	—	Common	554382101
NVS	Novartis AG - ADR	23,024	$2.102M	0.0%	$81.34	—	ADR	66987V109
COST	Costco Wholesale Corp.	7,680	$2.03M	0.0%	$86.56	+161.8%	Common	22160K105
—	58.com Inc., Class A, ADR	22,790	$1.417M	0.0%	$41.57	—	ADR	31680Q104
FUTU	Futu Holdings Ltd., Class A, ADR	97,320	$1.029M	0.0%	$18.52	—	ADR	36118L106
AXTA	Axalta Coating Systems Ltd.	23,540	$701K	0.0%	$28.60	-7.3%	Common	G0750C108
—	Xilinx, Inc.	5,685	$670K	0.0%	$46.83	—	Common	983919101
—	Lam Research Corp.	3,485	$655K	0.0%	$83.02	—	Common	512807108
PPG	PPG Industries, Inc.	5,470	$638K	0.0%	$86.33	+16.3%	Common	693506107
DXC	DXC Technology Co.	11,319	$624K	0.0%	$64.92	-13.9%	Common	23355L106
FDX	FedEx Corp.	3,190	$524K	0.0%	$170.35	-9.1%	Common	31428X106
KMX	CarMax, Inc.	5,046	$438K	0.0%	$46.21	+69.2%	Common	143130102
HPQ	HP, Inc.	20,830	$433K	0.0%	$7.89	+99.1%	Common	40434L105
—	The Stars Group, Inc.	24,980	$426K	0.0%	$17.28	—	Common	85570W100
EA	Electronic Arts, Inc.	2,960	$300K	0.0%	$125.34	-26.1%	Common	285512109
DD	DowDuPont, Inc.	4,000	$300K	0.0%	$27.24	0.0%	Common	26614N102