The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
58.com, Inc. ADR ADR 31680Q104 1,905 30,176 SH   SOLE   30,176 0 0
Acadia Realty Trust Common 004239109 14,288 499,220 SH   SOLE   265,190 0 234,030
Adient PLC Common G0084W101 600,990 7,154,891 SH   SOLE   7,002,534 0 152,357
Aetna Inc. Common 00817Y108 607,752 3,824,917 SH   SOLE   3,743,938 0 80,979
Air Products & Chemicals, Inc. Common 009158106 283 1,872 SH   SOLE   0 0 1,872
Alexandria Real Estate Equities, Inc. Common 015271109 11,594 97,450 SH   SOLE   45,696 0 51,754
Alibaba Group Holding Ltd. ADR ADR 01609W102 95,738 554,328 SH   SOLE   554,328 0 0
Alleghany Corporation Common 017175100 43,503 78,524 SH   SOLE   78,524 0 0
Alphabet Inc., Class A Common 02079K305 696,559 715,768 SH   SOLE   701,874 0 13,894
Alphabet Inc., Class C Common 02079K107 1,100,755 1,148,225 SH   SOLE   1,132,008 0 16,217
Amazon.com, Inc. Common 023135106 1,448,635 1,507,337 SH   SOLE   1,479,553 0 27,784
American Campus Communities, Inc. Common 024835100 11,595 262,619 SH   SOLE   125,735 0 136,884
American Express Co. Common 025816109 986,229 10,904,535 SH   SOLE   10,755,589 0 148,946
American International Group. Inc. Common 026874784 21,955 357,634 SH   SOLE   357,634 0 0
Angie's List, Inc. Common 034754101 51,869 4,162,001 SH   SOLE   3,860,110 0 301,891
Apache Corporation Common 037411105 961,724 20,998,334 SH   SOLE   20,522,232 0 476,102
Apartment Investment & Management Common 03748R101 9,587 218,572 SH   SOLE   89,272 0 129,300
Applied Materials, Inc. Common 038222105 26,224 505,017 SH   SOLE   470,443 0 34,574
AvalonBay Communities, Inc. Common 053484101 14,986 83,991 SH   SOLE   40,101 0 43,890
Axalta Coating Systems Ltd. Common G0750C108 271,921 9,402,305 SH   SOLE   9,194,967 0 207,338
Baidu, Inc. Class A, ADR ADR 056752108 20,754 83,789 SH   SOLE   83,789 0 0
Bank of New York Mellon Corp. Common 064058100 1,045,469 19,718,607 SH   SOLE   19,440,234 0 278,373
Berkshire Hathaway Inc., Class A Common 084670108 1,150,336 4,187 SH   SOLE   4,184 0 3
Berkshire Hathaway Inc., Class B Common 084670702 317,984 1,734,829 SH   SOLE   1,622,314 0 112,515
Boston Properties, Inc. Common 101121101 14,939 121,572 SH   SOLE   53,012 0 68,560
Brixmor Property Group, Inc. Common 11120U105 2,874 152,870 SH   SOLE   65,870 0 87,000
Brookfield Asset Management Inc., Class A ADR 112585104 29,614 717,049 SH   SOLE   717,049 0 0
Brookfield Business Partners, L.P. Partnership G16234109 395 13,307 SH   SOLE   13,307 0 0
Cabot Oil & Gas Corp. Common 127097103 386,567 14,448,060 SH   SOLE   13,985,956 0 462,104
Camden Property Trust Common 133131102 12,403 135,627 SH   SOLE   54,287 0 81,340
Capital One Financial Corp. Common 14040H105 980,149 11,581,237 SH   SOLE   11,413,896 0 167,341
CarMax, Inc. Common 143130102 308,245 4,065,627 SH   SOLE   4,002,141 0 63,486
CatchMark Timber Trust Inc., Class A Common 14912Y202 25,186 1,997,328 SH   SOLE   697,758 0 1,299,570
Cedar Realty Trust, Inc. Common 150602209 3,117 554,706 SH   SOLE   241,396 0 313,310
Charles Schwab Corp. Common 808513105 36,201 827,632 SH   SOLE   827,632 0 0
Chubb Ltd. Common H1467J104 204,586 1,435,348 SH   SOLE   1,418,520 0 16,828
CommerceHub, Inc., Series A Common 20084V108 1,987 88,051 SH   SOLE   87,989 0 62
CommerceHub, Inc., Series C Common 20084V306 3,764 176,298 SH   SOLE   176,163 0 135
Concho Resources Inc. Common 20605P101 17,923 136,047 SH   SOLE   121,751 0 14,296
Costco Wholesale Corp. Common 22160K105 227,714 1,386,367 SH   SOLE   1,355,950 0 30,417
Cousins Properties, Inc. Common 222795106 11,635 1,245,745 SH   SOLE   562,165 0 683,580
Crown Castle International Corp. Common 22822V101 8,544 85,455 SH   SOLE   37,285 0 48,170
Ctrip.com International, Ltd. ADR ADR 22943F100 6,306 119,561 SH   SOLE   119,561 0 0
CubeSmart Common 229663109 9,577 368,895 SH   SOLE   161,265 0 207,630
CyrusOne, Inc. Common 23283R100 13,148 223,111 SH   SOLE   93,243 0 129,868
Davis Select Financial ETF 23908L108 40,722 1,801,050 SH   SOLE   1,801,050 0 0
Davis Select U.S. Equity ETF 23908L207 45,238 2,060,000 SH   SOLE   2,060,000 0 0
Davis Select Worldwide ETF 23908L306 39,401 1,612,800 SH   SOLE   1,612,800 0 0
DCT Industrial Trust, Inc. Common 233153204 9,769 168,661 SH   SOLE   87,004 0 81,657
DDR Corporation Common 23317H102 1,704 186,013 SH   SOLE   109,053 0 76,960
Delphi Automotive PLC Common G27823106 354,091 3,600,448 SH   SOLE   3,494,294 0 106,154
Diplomat Pharmacy, Inc. Common 25456K101 35,282 1,705,234 SH   SOLE   1,609,214 0 96,020
DowDuPont Inc. Common 26078J100 956 13,810 SH   SOLE   13,810 0 0
DXC Technology Co. Common 23355L106 972 11,319 SH   SOLE   11,319 0 0
EastGroup Properties, Inc. Common 277276101 8,613 97,746 SH   SOLE   42,946 0 54,800
Eaton Corporation Plc Common G29183103 40,959 534,224 SH   SOLE   477,941 0 56,283
Ecolab, Inc. Common 278865100 151,494 1,177,479 SH   SOLE   1,157,122 0 20,357
Encana Corporation ADR 292505104 769,216 65,304,863 SH   SOLE   64,016,080 0 1,288,783
EQT Midstream Partners L.P. Partnership 26885B100 9,454 126,102 SH   SOLE   126,102 0 0
Equity Residential Common 29476L107 14,618 221,717 SH   SOLE   82,362 0 139,355
Essex Property Trust, Inc. Common 297178105 21,155 83,276 SH   SOLE   33,105 0 50,171
Everest Re Group, Ltd. Common G3223R108 52,699 230,741 SH   SOLE   230,741 0 0
Express Scripts Holding Co. Common 30219G108 243,617 3,848,419 SH   SOLE   3,771,897 0 76,522
Extra Space Storage, Inc. Common 30225T102 8,878 111,088 SH   SOLE   47,108 0 63,980
Facebook, Inc. Common 30303M102 577,503 3,382,612 SH   SOLE   3,317,957 0 64,655
Fang Holdings Ltd ADR 30711Y102 109,669 27,088,293 SH   SOLE   26,635,171 0 453,122
Federal Realty Investment Trust Common 313747206 10,587 85,236 SH   SOLE   36,116 0 49,120
FedEx Corp. Common 31428X106 365,325 1,620,124 SH   SOLE   1,586,497 0 33,627
First Industrial Realty Trust, Inc. Common 32054K103 14,596 485,082 SH   SOLE   173,412 0 311,670
Forest City Realty Trust, Inc., Class A Common 345605109 13,424 526,236 SH   SOLE   228,026 0 298,210
GGP Inc. Common 36174X101 12,947 623,351 SH   SOLE   273,681 0 349,670
Goldman Sachs Group, Inc. Common 38141G104 60,006 252,986 SH   SOLE   252,986 0 0
Hollysys Automation Technologies Ltd. ADR G45667105 89,792 4,155,115 SH   SOLE   4,155,115 0 0
Host Hotels & Resorts, Inc. Common 44107P104 9,941 537,617 SH   SOLE   228,127 0 309,490
HP, Inc. Common 40434L105 416 20,830 SH   SOLE   20,830 0 0
Hudson Pacific Properties Inc. Common 444097109 11,170 333,134 SH   SOLE   144,334 0 188,800
ICICI Bank Limited ADR ADR 45104G104 5,911 690,574 SH   SOLE   690,574 0 0
Intel Corp. Common 458140100 16,091 422,981 SH   SOLE   383,465 0 39,516
InterXion Holding NV Common N47279109 5,088 99,896 SH   SOLE   99,896 0 0
iShares S&P 500 Value Index Fund ETF 464287408 241 2,237 SH   SOLE   2,237 0 0
JBG SMITH Properties Common 46590V100 2,840 83,006 SH   SOLE   36,263 0 46,743
JD.com, Inc ADR ADR 47215P106 92,708 2,425,536 SH   SOLE   2,356,174 0 69,362
Johnson Controls International PLC Common G51502105 533,907 13,256,345 SH   SOLE   13,005,250 0 251,095
JPMorgan Chase & Co. Common 46625H100 1,217,869 12,752,186 SH   SOLE   12,561,800 0 190,386
Jumei International ADR ADR 48138L107 174 59,940 SH   SOLE   59,940 0 0
Kimco Realty Corp. Common 49446R109 9,022 461,480 SH   SOLE   200,360 0 261,120
Kite Realty Group Trust Common 49803T300 2,829 139,687 SH   SOLE   60,775 0 78,912
KKR & Co. L.P. Partnership 48248M102 47,303 2,326,754 SH   SOLE   2,326,754 0 0
Lam Research Corp. Common 512807108 645 3,485 SH   SOLE   3,485 0 0
LendingClub Corp. Common 52603A109 1,146 188,220 SH   SOLE   188,220 0 0
Liberty Expedia Holdings, Inc. Common 53046P109 18,727 352,600 SH   SOLE   352,330 0 270
Liberty Global PLC, LiLAC Class C Common G5480U153 32,089 1,377,197 SH   SOLE   1,376,259 0 938
Liberty Global PLC, Series C Common G5480U120 333,255 10,204,759 SH   SOLE   9,992,928 0 211,831
Liberty Interactive Corp., QVC Group, Series A Common 53071M104 48,903 2,076,235 SH   SOLE   2,040,488 0 35,747
Liberty Interactive, Liberty Ventures, Series A Common 53071M856 30,428 528,715 SH   SOLE   528,320 0 395
Liberty TripAdvisor Holdings, Inc., Series A Common 531465102 6,181 500,514 SH   SOLE   500,134 0 380
Life Storage, Inc. Common 53223X107 10,760 131,521 SH   SOLE   57,171 0 74,350
Loews Corp. Common 540424108 243,502 5,087,910 SH   SOLE   5,019,506 0 68,404
Markel Corp. Common 570535104 282,018 264,054 SH   SOLE   261,359 0 2,695
Marsh & McLennan Co. Common 571748102 42,761 510,212 SH   SOLE   510,212 0 0
Microsoft Corp. Common 594918104 259,717 3,488,561 SH   SOLE   3,422,847 0 65,714
Mid-America Apartment Communities, Inc Common 59522J103 12,779 119,564 SH   SOLE   43,255 0 76,309
Monsanto Co. Common 61166W101 51,296 428,111 SH   SOLE   428,111 0 0
Moody's Corp. Common 615369105 28,227 202,766 SH   SOLE   202,766 0 0
New Oriental Education & Technology ADR ADR 647581107 93,434 1,058,617 SH   SOLE   1,058,617 0 0
Noah Holdings Ltd. ADS ADR 65487X102 45,782 1,425,790 SH   SOLE   1,425,790 0 0
Novartis AG ADR ADR 66987V109 30,063 350,186 SH   SOLE   350,186 0 0
Occidental Petroleum Corp. Common 674599105 400,487 6,232,951 SH   SOLE   6,147,478 0 85,473
Oracle Corporation Common 68389X105 189,679 3,924,554 SH   SOLE   3,837,954 0 86,600
PACCAR, Inc. Common 693718108 228 3,156 SH   SOLE   0 0 3,156
PNC Financial Services Group, Inc. Common 693475105 41,783 310,032 SH   SOLE   310,032 0 0
PPG Industries, Inc. Common 693506107 594 5,470 SH   SOLE   5,470 0 0
Praxair, Inc. Common 74005P104 355,642 2,543,551 SH   SOLE   2,506,999 0 36,552
Prologis, Inc. Common 74340W103 16,724 263,530 SH   SOLE   115,890 0 147,640
Public Storage Common 74460D109 21,068 98,454 SH   SOLE   40,104 0 58,350
Quest Diagnostics Inc. Common 74834L100 12,382 132,655 SH   SOLE   118,370 0 14,285
Quotient Technology, Inc. Common 749119103 27,927 1,785,168 SH   SOLE   1,657,685 0 127,483
Ramco-Gershenson Properties Trust Common 751452202 2,694 207,051 SH   SOLE   90,051 0 117,000
Regency Centers Corporation Common 758849103 11,221 180,867 SH   SOLE   78,167 0 102,700
Retail Opportunity Investments Corp. Common 76131N101 12,305 647,274 SH   SOLE   278,094 0 369,180
Rexford Industrial Realty, Inc. Common 76169C100 9,006 314,670 SH   SOLE   136,690 0 177,980
S&P Global, Inc. Common 78409V104 28,236 180,638 SH   SOLE   180,638 0 0
SAP AG ADR ADR 803054204 15,537 141,865 SH   SOLE   128,895 0 12,970
Simon Property Group, Inc. Common 828806109 37,521 233,037 SH   SOLE   99,377 0 133,660
SL Green Realty Corp. Common 78440X101 11,898 117,429 SH   SOLE   50,849 0 66,580
State Street Corp. Common 857477103 47,562 497,827 SH   SOLE   497,827 0 0
TAL Education Group, Class A, ADR ADR 874080104 85,550 2,537,827 SH   SOLE   2,537,827 0 0
Tarena International, Inc.,Class A, ADR ADR 876108101 35,778 2,458,979 SH   SOLE   2,458,979 0 0
Terreno Realty Corp. Common 88146M101 17,533 484,604 SH   SOLE   205,991 0 278,613
Texas Instruments, Inc. Common 882508104 469,268 5,234,988 SH   SOLE   5,134,301 0 100,687
The Priceline Group, Inc. Common 741503403 130,122 71,073 SH   SOLE   70,985 0 88
United Technologies Corp. Common 913017109 889,784 7,666,203 SH   SOLE   7,523,460 0 142,743
UnitedHealth Group, Inc. Common 91324P102 255,634 1,305,135 SH   SOLE   1,272,304 0 32,831
US Bancorp Common 902973304 72,965 1,361,537 SH   SOLE   1,356,299 0 5,238
Ventas, Inc. Common 92276F100 9,002 138,212 SH   SOLE   62,662 0 75,550
Vipshop Holdings Ltd. ADS ADR 92763W103 32,215 3,659,664 SH   SOLE   3,598,172 0 61,492
Visa, Inc., Class A Common 92826C839 246,481 2,342,817 SH   SOLE   2,315,254 0 27,563
Vornado Realty Trust Common 929042109 12,763 166,018 SH   SOLE   72,532 0 93,486
Wells Fargo & Co. Common 949746101 1,451,064 26,335,478 SH   SOLE   25,877,265 0 458,213
Welltower, Inc. Common 95040Q104 17,749 252,553 SH   SOLE   108,513 0 144,040
Weyerhaeuser Co. Common 962166104 13,534 397,704 SH   SOLE   175,204 0 222,500
Xilinx, Inc. Common 983919101 561 7,920 SH   SOLE   7,920 0 0
ZTO Express Cayman, Inc. ADR ADR 98980A105 65,798 4,686,871 SH   SOLE   4,574,621 0 112,250