DAVIS SELECTED ADVISERS Diversified Active

Name: DAVIS SELECTED ADVISERS Q2 2026 13F Filing | 13F Explorer
Creator: DAVIS SELECTED ADVISERS
Published: 2026-08-11

Location: Tucson, AZ

CIK: 0001036325 · Show all filings

Period: Q2 2026 (← Previous)

Filing Date: Aug 11, 2026

Total Value: $23.29B (100.0% shares, 0.0% debt)

Holdings (112)

New Positions (2)

DVN Devon Energy Corp. 4.5%

Value $1.045B Shares 25,297,991 Est. Cost $41.32 Unrealized —

SBAC SBA Communications Corp-CL A 0.0%

Value $7.182M Shares 40,700 Est. Cost $176.46 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DVN	Devon Energy Corp.	25,297,991	$1.045B	4.5%	$41.32	—	Common Stock	25179M103
SBAC	SBA Communications Corp-CL A	40,700	$7.182M	0.0%	$176.46	—	Common Stock	78410G104

Increased Positions (16)

AMZN Amazon.com, Inc. 4.4%

Value $1.019B (+42.9%) Shares 4,276,176 (+24.8%) Est. Cost $145.16 Unrealized —

UNH UnitedHealth Group Inc. 2.3%

Value $530M (+57.0%) Shares 1,274,650 (+2.2%) Est. Cost $364.66 Unrealized —

JBS JBS N.V., Class A 2.5%

Value $593M (+25.7%) Shares 50,016,236 (+90.6%) Est. Cost $13.32 Unrealized —

MKL Markel Group, Inc 3.4%

Value $794M (+8.2%) Shares 406,759 (+6.1%) Est. Cost $1181.05 Unrealized —

SE Sea Ltd., Class A, ADR 0.8%

Value $193M (+25.9%) Shares 2,011,812 (+8.8%) Est. Cost $81.39 Unrealized —

PINS Pinterest, Inc., Class A 1.1%

Value $264M (+16.3%) Shares 12,574,721 (+1.4%) Est. Cost $33.06 Unrealized —

NTES NetEase Inc. - ADR 0.3%

Value $78.54M (+66.0%) Shares 612,955 (+45.0%) Est. Cost $101.29 Unrealized —

TCOM Trip.com Group Ltd., ADR 1.5%

Value $349M (+6.9%) Shares 8,761,371 (+33.7%) Est. Cost $53.52 Unrealized —

NVDA NVIDIA Corp. 0.1%

Value $30.95M (+56.3%) Shares 154,727 (+36.3%) Est. Cost $154.84 Unrealized —

LYB LyondellBasell Industries N.V. 2.0%

Value $458M (+1.6%) Shares 8,698,852 (+55.4%) Est. Cost $52.49 Unrealized —

MSFT Microsoft Corp. 0.1%

Value $34.7M (+19.4%) Shares 92,973 (+18.5%) Est. Cost $201.60 Unrealized —

ESS Essex Property Trust, Inc. 0.0%

Value $8.311M (+104.9%) Shares 28,501 (+70.0%) Est. Cost $223.15 Unrealized —

AMH American Homes 4 Rent - Class A 0.0%

Value $10.91M (+41.0%) Shares 325,590 (+17.5%) Est. Cost $29.12 Unrealized —

ADBE Adobe Inc. 0.1%

Value $13.93M (+26.9%) Shares 67,894 (+50.4%) Est. Cost $261.48 Unrealized —

FRMI Fermi Inc. 0.0%

Value $4.135M (+131.6%) Shares 451,400 (+47.6%) Est. Cost $9.29 Unrealized —

JAN Janus Living, Inc. 0.0%

Value $1.006M (+326.8%) Shares 35,000 (+250.0%) Est. Cost $27.26 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	Amazon.com, Inc.	4,276,176 (+24.8%)	$1.019B (+42.9%)	4.4%	$145.16	—	Common Stock	023135106
UNH	UnitedHealth Group Inc.	1,274,650 (+2.2%)	$530M (+57.0%)	2.3%	$364.66	—	Common Stock	91324P102
JBS	JBS N.V., Class A	50,016,236 (+90.6%)	$593M (+25.7%)	2.5%	$13.32	—	Common Stock	N4732M103
MKL	Markel Group, Inc	406,759 (+6.1%)	$794M (+8.2%)	3.4%	$1181.05	—	Common Stock	570535104
SE	Sea Ltd., Class A, ADR	2,011,812 (+8.8%)	$193M (+25.9%)	0.8%	$81.39	—	ADR	81141R100
PINS	Pinterest, Inc., Class A	12,574,721 (+1.4%)	$264M (+16.3%)	1.1%	$33.06	—	Common Stock	72352L106
NTES	NetEase Inc. - ADR	612,955 (+45.0%)	$78.54M (+66.0%)	0.3%	$101.29	—	ADR	64110W102
TCOM	Trip.com Group Ltd., ADR	8,761,371 (+33.7%)	$349M (+6.9%)	1.5%	$53.52	—	ADR	89677Q107
NVDA	NVIDIA Corp.	154,727 (+36.3%)	$30.95M (+56.3%)	0.1%	$154.84	—	Common Stock	67066G104
LYB	LyondellBasell Industries N.V.	8,698,852 (+55.4%)	$458M (+1.6%)	2.0%	$52.49	—	Common Stock	N53745100
MSFT	Microsoft Corp.	92,973 (+18.5%)	$34.7M (+19.4%)	0.1%	$201.60	—	Common Stock	594918104
ESS	Essex Property Trust, Inc.	28,501 (+70.0%)	$8.311M (+104.9%)	0.0%	$223.15	—	Common Stock	297178105
AMH	American Homes 4 Rent - Class A	325,590 (+17.5%)	$10.91M (+41.0%)	0.0%	$29.12	—	Common Stock	02665T306
ADBE	Adobe Inc.	67,894 (+50.4%)	$13.93M (+26.9%)	0.1%	$261.48	—	Common Stock	00724F101
FRMI	Fermi Inc.	451,400 (+47.6%)	$4.135M (+131.6%)	0.0%	$9.29	—	Common Stock	314911108
JAN	Janus Living, Inc.	35,000 (+250.0%)	$1.006M (+326.8%)	0.0%	$27.26	—	Common Stock	471024109

Exited Positions (2)

CTRA Coterra Energy, Inc. 5.6%

Value $1.304B Shares 37,119,404 Est. Cost $25.06 Unrealized —

CCI Crown Castle, Inc. 0.0%

Value $3.409M Shares 41,920 Est. Cost $136.93 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CTRA	Coterra Energy, Inc.	37,119,404	$1.304B	5.6%	$25.06	—	—	127097103
CCI	Crown Castle, Inc.	41,920	$3.409M	0.0%	$136.93	—	—	22822V101

Decreased Positions (79)

CVS CVS Health Corporation 5.3%

Value $1.228B (+39.6%) Shares 11,865,916 (-3.1%) Est. Cost $56.52 Unrealized —

AMAT Applied Materials, Inc. 0.3%

Value $74.07M (-81.9%) Shares 102,521 (-91.4%) Est. Cost $75.68 Unrealized —

MGM MGM Resorts International 4.9%

Value $1.143B (+27.1%) Shares 23,903,317 (-1.6%) Est. Cost $39.76 Unrealized —

TXN Texas Instruments, Inc. 3.1%

Value $727M (+31.3%) Shares 2,437,486 (-14.5%) Est. Cost $59.77 Unrealized —

GOOGL Alphabet Inc., Class A 4.5%

Value $1.05B (+18.0%) Shares 2,937,160 (-5.1%) Est. Cost $126.11 Unrealized —

USB U.S. Bancorp 5.6%

Value $1.296B (+12.0%) Shares 21,453,510 (-3.5%) Est. Cost $38.11 Unrealized —

VTRS Viatris Inc. 5.1%

Value $1.195B (+13.1%) Shares 75,232,254 (-3.8%) Est. Cost $11.67 Unrealized —

TSN Tyson Foods Inc 3.1%

Value $724M (-13.6%) Shares 12,653,717 (-3.3%) Est. Cost $55.68 Unrealized —

COF Capital One Financial Corp. 7.1%

Value $1.659B (+6.5%) Shares 8,270,946 (-3.1%) Est. Cost $77.53 Unrealized —

QSR Restaurant Brands International, Inc. 0.9%

Value $203M (-23.7%) Shares 2,800,345 (-22.2%) Est. Cost $65.08 Unrealized —

META Meta Platforms, Inc., Class A 4.0%

Value $929M (-5.6%) Shares 1,648,172 (-4.1%) Est. Cost $154.79 Unrealized —

TECK Teck Resources Ltd., Class B 2.1%

Value $497M (-9.2%) Shares 8,363,497 (-21.0%) Est. Cost $30.58 Unrealized —

SAP SAP SE - ADR 0.0%

Value $9.334M (-82.8%) Shares 60,529 (-80.9%) Est. Cost $160.96 Unrealized —

APP AppLovin Corp., Class A 0.7%

Value $163M (+21.7%) Shares 315,539 (-6.0%) Est. Cost $407.65 Unrealized —

WCC Wesco International, Inc. 0.5%

Value $126M (+20.4%) Shares 363,915 (-4.5%) Est. Cost $171.19 Unrealized —

FITB Fifth Third Bancorp 0.6%

Value $151M (+15.8%) Shares 2,684,183 (-4.6%) Est. Cost $32.24 Unrealized —

YMM Full Truck Alliance Co. Ltd., ADR 1.0%

Value $224M (-6.0%) Shares 27,639,082 (-3.9%) Est. Cost $10.37 Unrealized —

BRK/A Berkshire Hathaway Inc., Class A 2.8%

Value $650M (-1.9%) Shares 868 (-6.0%) Est. Cost $168191.69 Unrealized —

DGX Quest Diagnostics Inc. 1.4%

Value $330M (+4.0%) Shares 1,555,612 (-3.8%) Est. Cost $111.73 Unrealized —

BRK/B Berkshire Hathaway Inc., Class B 1.6%

Value $370M (+2.8%) Shares 738,433 (-1.5%) Est. Cost $235.59 Unrealized —

WFC Wells Fargo & Co. 2.8%

Value $662M (+1.5%) Shares 8,008,728 (-2.2%) Est. Cost $30.71 Unrealized —

PNC PNC Financial Services Group, Inc. 0.5%

Value $122M (+8.3%) Shares 496,066 (-8.5%) Est. Cost $99.50 Unrealized —

BK Bank of New York Mellon Corp. 0.2%

Value $52.99M (-15.0%) Shares 366,448 (-30.2%) Est. Cost $22.39 Unrealized —

JPM JPMorgan Chase & Co. 0.7%

Value $156M (-4.7%) Shares 476,389 (-14.4%) Est. Cost $41.50 Unrealized —

FISV Fiserv, Inc. 0.1%

Value $26.48M (-19.4%) Shares 539,839 (-8.3%) Est. Cost $83.19 Unrealized —

STT State Street Corp. 0.1%

Value $25.1M (+30.3%) Shares 147,966 (-2.8%) Est. Cost $92.01 Unrealized —

GOOG Alphabet Inc., Class C 0.9%

Value $199M (+2.6%) Shares 564,274 (-16.7%) Est. Cost $122.95 Unrealized —

JCI Johnson Controls International plc 0.1%

Value $20.66M (-18.6%) Shares 141,422 (-27.1%) Est. Cost $43.11 Unrealized —

AGCO AGCO Corporation 1.1%

Value $246M (+1.9%) Shares 2,058,488 (-1.3%) Est. Cost $105.04 Unrealized —

ARE Alexandria Real Estate Equities, Inc. 0.0%

Value $4.253M (-49.3%) Shares 80,467 (-55.5%) Est. Cost $92.74 Unrealized —

CUZ Cousins Properties, Inc. 0.1%

Value $17.2M (+29.9%) Shares 573,605 (-2.2%) Est. Cost $26.56 Unrealized —

NTB Bank of N.T. Butterfield & Son Limited 0.3%

Value $60.22M (+6.9%) Shares 1,012,140 (-5.7%) Est. Cost $27.98 Unrealized —

L Loews Corp. 0.3%

Value $61.72M (-5.8%) Shares 545,211 (-11.2%) Est. Cost $43.40 Unrealized —

BXP BXP, Inc. 0.1%

Value $15.39M (+25.0%) Shares 232,050 (-2.2%) Est. Cost $64.40 Unrealized —

DOC Healthpeak Properties, Inc. 0.1%

Value $13.5M (+27.4%) Shares 631,026 (-2.2%) Est. Cost $18.27 Unrealized —

HPP Hudson Pacific Properties, Inc. 0.0%

Value $4.788M (+151.5%) Shares 315,236 (-2.2%) Est. Cost $10.83 Unrealized —

MAA Mid-America Apartment Communities, Inc. 0.0%

Value $3.043M (-48.1%) Shares 21,900 (-54.4%) Est. Cost $139.27 Unrealized —

SCHW Charles Schwab Corp. 0.1%

Value $26.75M (-8.5%) Shares 289,871 (-6.8%) Est. Cost $32.69 Unrealized —

DAR Darling Ingredients Inc. 0.0%

Value $9.34M (-19.6%) Shares 170,846 (-9.1%) Est. Cost $64.54 Unrealized —

RNR RenaissanceRe Holdings Ltd 0.3%

Value $74.32M (-2.8%) Shares 234,528 (-8.8%) Est. Cost $253.46 Unrealized —

SHO Sunstone Hotel Investors, Inc. 0.0%

Value $9.963M (+24.3%) Shares 870,120 (-2.2%) Est. Cost $10.39 Unrealized —

AVB AvalonBay Communities, Inc. 0.0%

Value $11.3M (-13.5%) Shares 59,890 (-25.1%) Est. Cost $148.21 Unrealized —

IVE iShares S&P 500 Value Index Fund 0.0%

Value $747K (-69.6%) Shares 3,288 (-71.7%) Est. Cost $210.94 Unrealized —

SPG Simon Property Group, Inc. 0.0%

Value $11.03M (+17.2%) Shares 49,318 (-2.3%) Est. Cost $114.36 Unrealized —

CB Chubb Ltd. 1.7%

Value $391M (+0.4%) Shares 1,148,090 (-4.0%) Est. Cost $125.57 Unrealized —

RKT Rocket Companies, Inc., Class A 0.3%

Value $70.29M (+2.3%) Shares 4,463,148 (-7.5%) Est. Cost $16.77 Unrealized —

CDP COPT Defense Properties 0.0%

Value $10.65M (+16.3%) Shares 292,700 (-2.2%) Est. Cost $28.37 Unrealized —

MTB M & T Bank Corp 0.1%

Value $13.82M (+10.9%) Shares 58,072 (-3.7%) Est. Cost $135.67 Unrealized —

CPT Camden Property Trust 0.0%

Value $9.86M (+14.7%) Shares 86,120 (-2.1%) Est. Cost $83.97 Unrealized —

REG Regency Centers Corporation 0.0%

Value $9.277M (-11.6%) Shares 116,340 (-16.1%) Est. Cost $56.92 Unrealized —

BRX Brixmor Property Group, Inc. 0.1%

Value $15.04M (-7.2%) Shares 477,150 (-15.3%) Est. Cost $17.40 Unrealized —

DLR Digital Realty Trust, Inc. 0.1%

Value $13.16M (-7.4%) Shares 73,280 (-7.1%) Est. Cost $110.30 Unrealized —

ANGI ANGI Inc., Class A 0.0%

Value $5.549M (-14.6%) Shares 932,653 (-1.7%) Est. Cost $14.45 Unrealized —

EG Everest Group, Ltd. 0.2%

Value $45.16M (-1.9%) Shares 126,423 (-10.3%) Est. Cost $270.86 Unrealized —

SNPS Synopsys, Inc. 0.0%

Value $11.14M (+8.4%) Shares 24,962 (-3.7%) Est. Cost $502.95 Unrealized —

ORCL Oracle Corporation 0.0%

Value $10.97M (-7.2%) Shares 74,923 (-6.8%) Est. Cost $61.71 Unrealized —

PSA Public Storage, Inc. 0.1%

Value $12.01M (+7.5%) Shares 37,740 (-8.5%) Est. Cost $194.72 Unrealized —

AMT American Tower Corp 0.0%

Value $10.35M (-7.2%) Shares 63,250 (-2.1%) Est. Cost $210.73 Unrealized —

EGP Eastgroup Properties, Inc. 0.0%

Value $10.38M (+7.0%) Shares 51,230 (-2.2%) Est. Cost $181.70 Unrealized —

EQIX Equinix, Inc. 0.1%

Value $20.13M (-3.2%) Shares 19,313 (-9.0%) Est. Cost $535.17 Unrealized —

CHCT Community Healthcare Trust, Inc. 0.0%

Value $5.902M (+12.5%) Shares 322,890 (-2.2%) Est. Cost $26.37 Unrealized —

DEI Douglas Emmett, Inc 0.0%

Value $3.559M (+22.6%) Shares 301,580 (-2.2%) Est. Cost $20.80 Unrealized —

VTR Ventas, Inc. 0.0%

Value $9.894M (+6.2%) Shares 111,420 (-2.2%) Est. Cost $43.09 Unrealized —

TSM Taiwan Semiconductor Manufacturing, ADR 0.0%

Value $1.901M (-21.9%) Shares 3,980 (-44.7%) Est. Cost $226.49 Unrealized —

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

Value $9.635M (-4.7%) Shares 964,486 (-5.6%) Est. Cost $17.36 Unrealized —

AXP American Express Co. 0.3%

Value $70.97M (+0.6%) Shares 209,821 (-10.0%) Est. Cost $60.06 Unrealized —

REXR Rexford Industrial Realty, Inc. 0.0%

Value $6.431M (-6.3%) Shares 191,960 (-8.4%) Est. Cost $36.66 Unrealized —

SUI Sun Communities, Inc. 0.0%

Value $5.094M (-6.9%) Shares 42,480 (-2.2%) Est. Cost $128.01 Unrealized —

EXR Extra Space Storage, Inc. 0.0%

Value $4.001M (+8.4%) Shares 27,535 (-2.1%) Est. Cost $126.23 Unrealized —

VICI VICI Properties, Inc. 0.0%

Value $5.718M (-4.9%) Shares 215,360 (-2.2%) Est. Cost $24.86 Unrealized —

CCK Crown Holdings, Inc. 0.0%

Value $612K (-28.8%) Shares 5,470 (-36.2%) Est. Cost $79.15 Unrealized —

TRNO Terreno Realty Corp. 0.0%

Value $7.192M (+3.2%) Shares 111,037 (-2.2%) Est. Cost $31.43 Unrealized —

CUBE CubeSmart 0.0%

Value $3.59M (+6.2%) Shares 90,280 (-2.2%) Est. Cost $36.06 Unrealized —

CHYM Chime Financial, Inc. 0.2%

Value $47.75M (+0.4%) Shares 2,331,776 (-8.2%) Est. Cost $28.09 Unrealized —

O Realty Income Corp. 0.0%

Value $5.745M (-1.1%) Shares 92,720 (-2.3%) Est. Cost $55.70 Unrealized —

BAC Bank of America Corp. 0.2%

Value $56.57M (+0.1%) Shares 992,776 (-14.4%) Est. Cost $24.00 Unrealized —

PLD Prologis, Inc. 0.1%

Value $24.19M (+0.2%) Shares 178,556 (-2.2%) Est. Cost $81.77 Unrealized —

TFC Truist Financial Corp. 0.0%

Value $10.38M (+0.5%) Shares 208,391 (-7.3%) Est. Cost $37.65 Unrealized —

EQR Equity Residential 0.0%

Value $6.24M (-0.3%) Shares 91,855 (-13.2%) Est. Cost $49.67 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVS	CVS Health Corporation	11,865,916 (-3.1%)	$1.228B (+39.6%)	5.3%	$56.52	—	Common Stock	126650100
AMAT	Applied Materials, Inc.	102,521 (-91.4%)	$74.07M (-81.9%)	0.3%	$75.68	—	Common Stock	038222105
MGM	MGM Resorts International	23,903,317 (-1.6%)	$1.143B (+27.1%)	4.9%	$39.76	—	Common Stock	552953101
TXN	Texas Instruments, Inc.	2,437,486 (-14.5%)	$727M (+31.3%)	3.1%	$59.77	—	Common Stock	882508104
GOOGL	Alphabet Inc., Class A	2,937,160 (-5.1%)	$1.05B (+18.0%)	4.5%	$126.11	—	Common Stock	02079K305
USB	U.S. Bancorp	21,453,510 (-3.5%)	$1.296B (+12.0%)	5.6%	$38.11	—	Common Stock	902973304
VTRS	Viatris Inc.	75,232,254 (-3.8%)	$1.195B (+13.1%)	5.1%	$11.67	—	Common Stock	92556V106
TSN	Tyson Foods Inc	12,653,717 (-3.3%)	$724M (-13.6%)	3.1%	$55.68	—	Common Stock	902494103
COF	Capital One Financial Corp.	8,270,946 (-3.1%)	$1.659B (+6.5%)	7.1%	$77.53	—	Common Stock	14040H105
QSR	Restaurant Brands International, Inc.	2,800,345 (-22.2%)	$203M (-23.7%)	0.9%	$65.08	—	Common Stock	76131D103
META	Meta Platforms, Inc., Class A	1,648,172 (-4.1%)	$929M (-5.6%)	4.0%	$154.79	—	Common Stock	30303M102
TECK	Teck Resources Ltd., Class B	8,363,497 (-21.0%)	$497M (-9.2%)	2.1%	$30.58	—	Common Stock	878742204
SAP	SAP SE - ADR	60,529 (-80.9%)	$9.334M (-82.8%)	0.0%	$160.96	—	ADR	803054204
APP	AppLovin Corp., Class A	315,539 (-6.0%)	$163M (+21.7%)	0.7%	$407.65	—	Common Stock	03831W108
WCC	Wesco International, Inc.	363,915 (-4.5%)	$126M (+20.4%)	0.5%	$171.19	—	Common Stock	95082P105
FITB	Fifth Third Bancorp	2,684,183 (-4.6%)	$151M (+15.8%)	0.6%	$32.24	—	Common Stock	316773100
YMM	Full Truck Alliance Co. Ltd., ADR	27,639,082 (-3.9%)	$224M (-6.0%)	1.0%	$10.37	—	ADR	35969L108
BRK/A	Berkshire Hathaway Inc., Class A	868 (-6.0%)	$650M (-1.9%)	2.8%	$168191.69	—	Common Stock	084670108
DGX	Quest Diagnostics Inc.	1,555,612 (-3.8%)	$330M (+4.0%)	1.4%	$111.73	—	Common Stock	74834L100
BRK/B	Berkshire Hathaway Inc., Class B	738,433 (-1.5%)	$370M (+2.8%)	1.6%	$235.59	—	Common Stock	084670702
WFC	Wells Fargo & Co.	8,008,728 (-2.2%)	$662M (+1.5%)	2.8%	$30.71	—	Common Stock	949746101
PNC	PNC Financial Services Group, Inc.	496,066 (-8.5%)	$122M (+8.3%)	0.5%	$99.50	—	Common Stock	693475105
BK	Bank of New York Mellon Corp.	366,448 (-30.2%)	$52.99M (-15.0%)	0.2%	$22.39	—	Common Stock	064058100
JPM	JPMorgan Chase & Co.	476,389 (-14.4%)	$156M (-4.7%)	0.7%	$41.50	—	Common Stock	46625H100
FISV	Fiserv, Inc.	539,839 (-8.3%)	$26.48M (-19.4%)	0.1%	$83.19	—	Common Stock	337738108
STT	State Street Corp.	147,966 (-2.8%)	$25.1M (+30.3%)	0.1%	$92.01	—	Common Stock	857477103
GOOG	Alphabet Inc., Class C	564,274 (-16.7%)	$199M (+2.6%)	0.9%	$122.95	—	Common Stock	02079K107
JCI	Johnson Controls International plc	141,422 (-27.1%)	$20.66M (-18.6%)	0.1%	$43.11	—	Common Stock	G51502105
AGCO	AGCO Corporation	2,058,488 (-1.3%)	$246M (+1.9%)	1.1%	$105.04	—	Common Stock	001084102
ARE	Alexandria Real Estate Equities, Inc.	80,467 (-55.5%)	$4.253M (-49.3%)	0.0%	$92.74	—	Common Stock	015271109
CUZ	Cousins Properties, Inc.	573,605 (-2.2%)	$17.2M (+29.9%)	0.1%	$26.56	—	Common Stock	222795502
NTB	Bank of N.T. Butterfield & Son Limited	1,012,140 (-5.7%)	$60.22M (+6.9%)	0.3%	$27.98	—	Common Stock	G0772R208
L	Loews Corp.	545,211 (-11.2%)	$61.72M (-5.8%)	0.3%	$43.40	—	Common Stock	540424108
BXP	BXP, Inc.	232,050 (-2.2%)	$15.39M (+25.0%)	0.1%	$64.40	—	Common Stock	101121101
DOC	Healthpeak Properties, Inc.	631,026 (-2.2%)	$13.5M (+27.4%)	0.1%	$18.27	—	Common Stock	42250P103
HPP	Hudson Pacific Properties, Inc.	315,236 (-2.2%)	$4.788M (+151.5%)	0.0%	$10.83	—	Common Stock	444097406
MAA	Mid-America Apartment Communities, Inc.	21,900 (-54.4%)	$3.043M (-48.1%)	0.0%	$139.27	—	Common Stock	59522J103
SCHW	Charles Schwab Corp.	289,871 (-6.8%)	$26.75M (-8.5%)	0.1%	$32.69	—	Common Stock	808513105
DAR	Darling Ingredients Inc.	170,846 (-9.1%)	$9.34M (-19.6%)	0.0%	$64.54	—	Common Stock	237266101
RNR	RenaissanceRe Holdings Ltd	234,528 (-8.8%)	$74.32M (-2.8%)	0.3%	$253.46	—	Common Stock	G7496G103
SHO	Sunstone Hotel Investors, Inc.	870,120 (-2.2%)	$9.963M (+24.3%)	0.0%	$10.39	—	Common Stock	867892101
AVB	AvalonBay Communities, Inc.	59,890 (-25.1%)	$11.3M (-13.5%)	0.0%	$148.21	—	Common Stock	053484101
IVE	iShares S&P 500 Value Index Fund	3,288 (-71.7%)	$747K (-69.6%)	0.0%	$210.94	—	ETF	464287408
SPG	Simon Property Group, Inc.	49,318 (-2.3%)	$11.03M (+17.2%)	0.0%	$114.36	—	Common Stock	828806109
CB	Chubb Ltd.	1,148,090 (-4.0%)	$391M (+0.4%)	1.7%	$125.57	—	Common Stock	H1467J104
RKT	Rocket Companies, Inc., Class A	4,463,148 (-7.5%)	$70.29M (+2.3%)	0.3%	$16.77	—	Common Stock	77311W101
CDP	COPT Defense Properties	292,700 (-2.2%)	$10.65M (+16.3%)	0.0%	$28.37	—	Common Stock	22002T108
MTB	M & T Bank Corp	58,072 (-3.7%)	$13.82M (+10.9%)	0.1%	$135.67	—	Common Stock	55261F104
CPT	Camden Property Trust	86,120 (-2.1%)	$9.86M (+14.7%)	0.0%	$83.97	—	Common Stock	133131102
REG	Regency Centers Corporation	116,340 (-16.1%)	$9.277M (-11.6%)	0.0%	$56.92	—	Common Stock	758849103
BRX	Brixmor Property Group, Inc.	477,150 (-15.3%)	$15.04M (-7.2%)	0.1%	$17.40	—	Common Stock	11120U105
DLR	Digital Realty Trust, Inc.	73,280 (-7.1%)	$13.16M (-7.4%)	0.1%	$110.30	—	Common Stock	253868103
ANGI	ANGI Inc., Class A	932,653 (-1.7%)	$5.549M (-14.6%)	0.0%	$14.45	—	Common Stock	00183L201
EG	Everest Group, Ltd.	126,423 (-10.3%)	$45.16M (-1.9%)	0.2%	$270.86	—	Common Stock	G3223R108
SNPS	Synopsys, Inc.	24,962 (-3.7%)	$11.14M (+8.4%)	0.0%	$502.95	—	Common Stock	871607107
ORCL	Oracle Corporation	74,923 (-6.8%)	$10.97M (-7.2%)	0.0%	$61.71	—	Common Stock	68389X105
PSA	Public Storage, Inc.	37,740 (-8.5%)	$12.01M (+7.5%)	0.1%	$194.72	—	Common Stock	74460D109
AMT	American Tower Corp	63,250 (-2.1%)	$10.35M (-7.2%)	0.0%	$210.73	—	Common Stock	03027X100
EGP	Eastgroup Properties, Inc.	51,230 (-2.2%)	$10.38M (+7.0%)	0.0%	$181.70	—	Common Stock	277276101
EQIX	Equinix, Inc.	19,313 (-9.0%)	$20.13M (-3.2%)	0.1%	$535.17	—	Common Stock	29444U700
CHCT	Community Healthcare Trust, Inc.	322,890 (-2.2%)	$5.902M (+12.5%)	0.0%	$26.37	—	Common Stock	20369C106
DEI	Douglas Emmett, Inc	301,580 (-2.2%)	$3.559M (+22.6%)	0.0%	$20.80	—	Common Stock	25960P109
VTR	Ventas, Inc.	111,420 (-2.2%)	$9.894M (+6.2%)	0.0%	$43.09	—	Common Stock	92276F100
TSM	Taiwan Semiconductor Manufacturing, ADR	3,980 (-44.7%)	$1.901M (-21.9%)	0.0%	$226.49	—	ADR	874039100
NOAH	Noah Holdings Ltd., Class A, ADS	964,486 (-5.6%)	$9.635M (-4.7%)	0.0%	$17.36	—	ADR	65487X102
AXP	American Express Co.	209,821 (-10.0%)	$70.97M (+0.6%)	0.3%	$60.06	—	Common Stock	025816109
REXR	Rexford Industrial Realty, Inc.	191,960 (-8.4%)	$6.431M (-6.3%)	0.0%	$36.66	—	Common Stock	76169C100
SUI	Sun Communities, Inc.	42,480 (-2.2%)	$5.094M (-6.9%)	0.0%	$128.01	—	Common Stock	866674104
EXR	Extra Space Storage, Inc.	27,535 (-2.1%)	$4.001M (+8.4%)	0.0%	$126.23	—	Common Stock	30225T102
VICI	VICI Properties, Inc.	215,360 (-2.2%)	$5.718M (-4.9%)	0.0%	$24.86	—	Common Stock	925652109
CCK	Crown Holdings, Inc.	5,470 (-36.2%)	$612K (-28.8%)	0.0%	$79.15	—	Common Stock	228368106
TRNO	Terreno Realty Corp.	111,037 (-2.2%)	$7.192M (+3.2%)	0.0%	$31.43	—	Common Stock	88146M101
CUBE	CubeSmart	90,280 (-2.2%)	$3.59M (+6.2%)	0.0%	$36.06	—	Common Stock	229663109
CHYM	Chime Financial, Inc.	2,331,776 (-8.2%)	$47.75M (+0.4%)	0.2%	$28.09	—	Common Stock	16935C109
O	Realty Income Corp.	92,720 (-2.3%)	$5.745M (-1.1%)	0.0%	$55.70	—	Common Stock	756109104
BAC	Bank of America Corp.	992,776 (-14.4%)	$56.57M (+0.1%)	0.2%	$24.00	—	Common Stock	060505104
PLD	Prologis, Inc.	178,556 (-2.2%)	$24.19M (+0.2%)	0.1%	$81.77	—	Common Stock	74340W103
TFC	Truist Financial Corp.	208,391 (-7.3%)	$10.38M (+0.5%)	0.0%	$37.65	—	Common Stock	89832Q109
EQR	Equity Residential	91,855 (-13.2%)	$6.24M (-0.3%)	0.0%	$49.67	—	Common Stock	29476L107

Unchanged Positions (15)

OC Owens Corning 1.4%

Value $331M Shares 2,081,213 Est. Cost $90.59 Unrealized —

SOLV Solventum Corp. 2.1%

Value $487M Shares 6,307,729 Est. Cost $63.09 Unrealized —

COP ConocoPhillips 0.8%

Value $195M Shares 1,877,583 Est. Cost $103.61 Unrealized —

CI Cigna Group 2.7%

Value $621M Shares 2,253,424 Est. Cost $255.69 Unrealized —

DUSA Davis Select U.S. Equity ETF 0.8%

Value $191M Shares 3,400,745 Est. Cost $25.21 Unrealized —

IAC People Inc. 0.5%

Value $111M Shares 2,394,024 Est. Cost $91.68 Unrealized —

DFNL Davis Select Financial ETF 0.5%

Value $105M Shares 2,130,666 Est. Cost $21.79 Unrealized —

DINT Davis Select International ETF 0.5%

Value $112M Shares 3,915,748 Est. Cost $18.76 Unrealized —

DWLD Davis Select Worldwide ETF 0.4%

Value $89.5M Shares 1,935,585 Est. Cost $21.35 Unrealized —

VALE Vale S.A., ADR 0.2%

Value $44.06M Shares 2,929,850 Est. Cost $9.96 Unrealized —

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

Value $7.218M Shares 283,280 Est. Cost $58.93 Unrealized —

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

Value $26.89M Shares 1,850,782 Est. Cost $15.27 Unrealized —

LRCX Lam Research Corp. 0.0%

Value $1.205M Shares 2,780 Est. Cost $74.98 Unrealized —

CBRE CBRE Group, Inc. 0.0%

Value $3.42M Shares 25,390 Est. Cost $161.40 Unrealized —

JLL Jones Lang LaSalle, Inc. 0.0%

Value $3.811M Shares 12,295 Est. Cost $336.02 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OC	Owens Corning	2,081,213	$331M	1.4%	$90.59	—	Common Stock	690742101
SOLV	Solventum Corp.	6,307,729	$487M	2.1%	$63.09	—	Common Stock	83444M101
COP	ConocoPhillips	1,877,583	$195M	0.8%	$103.61	—	Common Stock	20825C104
CI	Cigna Group	2,253,424	$621M	2.7%	$255.69	—	Common Stock	125523100
DUSA	Davis Select U.S. Equity ETF	3,400,745	$191M	0.8%	$25.21	—	ETF	23908L207
IAC	People Inc.	2,394,024	$111M	0.5%	$91.68	—	Common Stock	44891N208
DFNL	Davis Select Financial ETF	2,130,666	$105M	0.5%	$21.79	—	ETF	23908L108
DINT	Davis Select International ETF	3,915,748	$112M	0.5%	$18.76	—	ETF	23908L405
DWLD	Davis Select Worldwide ETF	1,935,585	$89.5M	0.4%	$21.35	—	ETF	23908L306
VALE	Vale S.A., ADR	2,929,850	$44.06M	0.2%	$9.96	—	ADR	91912E105
JD	JD.com Inc., Class A, ADR	283,280	$7.218M	0.0%	$58.93	—	ADR	47215P106
BEKE	KE Holdings Inc., Class A, ADR	1,850,782	$26.89M	0.1%	$15.27	—	ADR	482497104
LRCX	Lam Research Corp.	2,780	$1.205M	0.0%	$74.98	—	Common Stock	512807306
CBRE	CBRE Group, Inc.	25,390	$3.42M	0.0%	$161.40	—	Common Stock	12504L109
JLL	Jones Lang LaSalle, Inc.	12,295	$3.811M	0.0%	$336.02	—	Common Stock	48020Q107