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., Class A, ADR ADR 31680Q104 37,030 572,072 SH   SOLE   572,072 0 0
Acadia Realty Trust Common 004239109 12,828 494,730 SH   SOLE   247,930 0 246,800
Adient plc Common G0084W101 96,937 4,561,745 SH   SOLE   4,473,232 0 88,513
Alexander & Baldwin, Inc. Common 014491104 1,322 63,090 SH   SOLE   0 0 63,090
Alexandria Real Estate Equities, Inc. Common 015271109 19,127 118,377 SH   SOLE   70,173 0 48,204
Alibaba Group Holding Ltd., ADR ADR 01609W102 867,610 4,090,570 SH   SOLE   4,045,969 0 44,601
Alleghany Corporation Common 017175100 39,460 49,351 SH   SOLE   49,351 0 0
Alphabet Inc., Class A Common 02079K305 581,599 434,227 SH   SOLE   425,704 0 8,523
Alphabet Inc., Class C Common 02079K107 1,178,734 881,613 SH   SOLE   870,294 0 11,319
Altus Midstream Co., Class A Common 02215L100 10,921 3,818,700 SH   SOLE   3,818,700 0 0
Amazon.com, Inc. Common 023135106 1,121,694 607,030 SH   SOLE   595,423 0 11,607
American Campus Communities, Inc. Common 024835100 18,603 395,554 SH   SOLE   206,890 0 188,664
American Express Co. Common 025816109 692,121 5,559,654 SH   SOLE   5,463,964 0 95,690
American Homes 4 Rent, Class A Common 02665T306 4,423 168,740 SH   SOLE   84,970 0 83,770
Apache Corp. Common 037411105 515,168 20,131,629 SH   SOLE   19,729,848 0 401,781
Applied Materials, Inc. Common 038222105 920,440 15,079,298 SH   SOLE   14,782,443 0 296,855
Aptiv PLC Common G6095L109 18,913 199,144 SH   SOLE   181,180 0 17,964
AvalonBay Communities, Inc. Common 053484101 30,000 143,060 SH   SOLE   79,240 0 63,820
Axalta Coating Systems Ltd. Common G0750C108 617 20,310 SH   SOLE   20,310 0 0
Azul S.A., ADR ADR 05501U106 16,487 385,204 SH   SOLE   385,204 0 0
Baidu, Inc., Class A, ADR ADR 056752108 11,687 92,464 SH   SOLE   92,464 0 0
Bank of America Corp. Common 060505104 87,946 2,497,058 SH   SOLE   2,497,058 0 0
Bank of N.T. Butterfield & Son Ltd. Common G0772R208 122,368 3,305,459 SH   SOLE   3,305,459 0 0
Bank of New York Mellon Corp. Common 064058100 789,642 15,689,291 SH   SOLE   15,451,302 0 237,989
Berkshire Hathaway Inc., Class A Common 084670108 1,061,219 3,125 SH   SOLE   3,125 0 0
Berkshire Hathaway Inc., Class B Common 084670702 355,596 1,569,962 SH   SOLE   1,478,335 0 91,627
Booking Holdings, Inc. Common 09857L108 99,801 48,595 SH   SOLE   48,595 0 0
Boston Properties, Inc. Common 101121101 14,630 106,120 SH   SOLE   58,400 0 47,720
Brandywine Realty Trust Common 105368203 6,578 417,621 SH   SOLE   206,390 0 211,231
Brixmor Property Group, Inc. Common 11120U105 13,784 637,850 SH   SOLE   335,880 0 301,970
Cabot Oil & Gas Corp. Common 127097103 17,665 1,014,668 SH   SOLE   909,006 0 105,662
Camden Property Trust Common 133131102 18,809 177,280 SH   SOLE   96,480 0 80,800
Capital One Financial Corp. Common 14040H105 1,360,986 13,225,015 SH   SOLE   13,021,438 0 203,577
CarMax, Inc. Common 143130102 330 3,760 SH   SOLE   0 0 3,760
Charles Schwab Corp. Common 808513105 42,857 901,116 SH   SOLE   901,116 0 0
China Index Holdings Ltd., ADR ADR 16954W101 17,634 4,844,438 SH   SOLE   4,825,641 0 18,797
Chubb Ltd. Common H1467J104 301,003 1,933,719 SH   SOLE   1,907,981 0 25,738
Cigna Corp. Common 125523100 36,264 177,340 SH   SOLE   163,066 0 14,274
Coresite Realty Corp. Common 21870Q105 6,049 53,950 SH   SOLE   31,970 0 21,980
Cousins Properties, Inc. Common 222795502 12,457 302,345 SH   SOLE   163,540 0 138,805
Crown Castle International Corp. Common 22822V101 11,025 77,560 SH   SOLE   40,710 0 36,850
CubeSmart Common 229663109 4,726 150,120 SH   SOLE   66,060 0 84,060
CVS Health Corp. Common 126650100 60,346 812,308 SH   SOLE   795,487 0 16,821
CyrusOne Inc. Common 23283R100 6,218 95,040 SH   SOLE   66,440 0 28,600
Davis Select Financial ETF 23908L108 48,518 1,904,737 SH   SOLE   1,904,737 0 0
Davis Select International ETF 23908L405 69,518 3,654,046 SH   SOLE   3,654,046 0 0
Davis Select U.S. Equity ETF 23908L207 81,919 3,169,516 SH   SOLE   3,169,516 0 0
Davis Select Worldwide ETF 23908L306 45,265 1,803,388 SH   SOLE   1,803,388 0 0
Digital Realty Trust, Inc. Common 253868103 13,294 111,020 SH   SOLE   59,470 0 51,550
Douglas Emmett, Inc. Common 25960P109 5,872 133,750 SH   SOLE   72,570 0 61,180
Dow Inc. Common 260557103 219 4,000 SH   SOLE   4,000 0 0
DowDuPont, Inc. Common 26614N102 257 4,000 SH   SOLE   4,000 0 0
DXC Technology Co. Common 23355L106 2,614 69,539 SH   SOLE   69,539 0 0
EastGroup Properties, Inc. Common 277276101 2,887 21,760 SH   SOLE   13,500 0 8,260
Eaton Corp. PLC Common G29183103 39,596 418,036 SH   SOLE   380,916 0 37,120
Electronic Arts, Inc. Common 285512109 318 2,960 SH   SOLE   2,960 0 0
Encana Corp. Common 292505104 177,951 37,942,550 SH   SOLE   37,577,768 0 364,782
Equinix, Inc. Common 29444U700 20,949 35,890 SH   SOLE   19,240 0 16,650
Equity LifeStyle Properties, Inc. Common 29472R108 6,062 86,120 SH   SOLE   46,030 0 40,090
Equity Residential Common 29476L107 19,360 239,250 SH   SOLE   118,705 0 120,545
Essex Property Trust, Inc. Common 297178105 19,270 64,051 SH   SOLE   35,070 0 28,981
Everest Re Group, Ltd. Common G3223R108 27,461 99,194 SH   SOLE   99,194 0 0
Expedia Group, Inc. Common 30212P303 9,417 87,082 SH   SOLE   87,082 0 0
Extra Space Storage Inc. Common 30225T102 8,219 77,820 SH   SOLE   42,230 0 35,590
Facebook, Inc, Class A Common 30303M102 887,506 4,324,023 SH   SOLE   4,252,806 0 71,217
Fang Holdings Ltd., Class A, ADR ADR 30711Y201 5,265 1,841,050 SH   SOLE   1,823,124 0 17,926
Federal Realty Investment Trust Common 313747206 12,197 94,750 SH   SOLE   47,770 0 46,980
FedEx Corp. Common 31428X106 422 2,790 SH   SOLE   2,790 0 0
GCI Liberty, Inc., Class A Common 36164V305 26,005 367,050 SH   SOLE   367,050 0 0
Goldman Sachs Group, Inc. Common 38141G104 53,188 231,322 SH   SOLE   231,322 0 0
Greenlight Capital Re, Ltd., Class A Common G4095J109 18,813 1,860,842 SH   SOLE   1,860,842 0 0
Healthpeak Properties, Inc. Common 42250P103 11,705 339,576 SH   SOLE   194,990 0 144,586
Hollysys Automation Technologies, Ltd. Common G45667105 108,351 6,602,765 SH   SOLE   6,602,765 0 0
Host Hotels & Resorts, Inc. Common 44107P104 11,195 603,490 SH   SOLE   295,030 0 308,460
HP, Inc. Common 40434L105 428 20,830 SH   SOLE   20,830 0 0
Hudson Pacific Properties, Inc. Common 444097109 18,680 496,150 SH   SOLE   256,790 0 239,360
Humana Inc. Common 444859102 47,349 129,184 SH   SOLE   117,988 0 11,196
Intel Corp. Common 458140100 504,007 8,421,171 SH   SOLE   8,258,301 0 162,870
iQIYI, Inc., Class A, ADR ADR 46267X108 22,450 1,063,456 SH   SOLE   1,063,456 0 0
iShares Russell 3000 Index Fund ETF 464287689 387 2,053 SH   SOLE   1,827 0 226
iShares S&P 500 Value ETF ETF 464287408 7,539 57,956 SH   SOLE   47,807 0 10,149
JD.com, Inc., Class A, ADR ADR 47215P106 183,294 5,202,770 SH   SOLE   5,202,770 0 0
Jernigan Capital, Inc. Common 476405105 432 22,578 SH   SOLE   12,248 0 10,330
Johnson Controls International PLC Common G51502105 40,026 983,200 SH   SOLE   913,663 0 69,537
JPMorgan Chase & Co. Common 46625H100 1,029,518 7,385,354 SH   SOLE   7,274,133 0 111,221
Lam Research Corp. Common 512807108 1,019 3,485 SH   SOLE   3,485 0 0
Liberty Global plc, Series C Common G5480U120 19,860 911,234 SH   SOLE   911,234 0 0
Liberty Latin America Ltd., Class C Common G9001E128 16,231 834,060 SH   SOLE   834,060 0 0
Liberty Property Trust Common 531172104 4,001 66,630 SH   SOLE   66,630 0 0
Liberty TripAdvisor Hldgs Inc. - A Common 531465102 2,548 346,704 SH   SOLE   346,704 0 0
Life Storage, Inc. Common 53223X107 7,617 70,350 SH   SOLE   36,030 0 34,320
Loews Corp. Common 540424108 128,681 2,451,543 SH   SOLE   2,411,507 0 40,036
Macerich Co. Common 554382101 1,819 67,570 SH   SOLE   40,530 0 27,040
Magnolia Oil & Gas Corp., Class A Common 559663109 151,421 12,036,669 SH   SOLE   11,855,927 0 180,742
Markel Corp. Common 570535104 247,520 216,521 SH   SOLE   214,497 0 2,024
Microsoft Corp. Common 594918104 195,207 1,237,840 SH   SOLE   1,202,189 0 35,651
New Oriental Education & Tech ADR ADR 647581107 1,241,770 10,241,402 SH   SOLE   10,136,061 0 105,341
Noah Holdings Ltd., ADS ADR 65487X102 32,642 922,880 SH   SOLE   922,880 0 0
Novartis AG - ADR ADR 66987V109 2,473 26,120 SH   SOLE   26,120 0 0
Oracle Corp. Common 68389X105 126,859 2,394,461 SH   SOLE   2,331,347 0 63,114
Owens Corning Common 690742101 20,319 312,017 SH   SOLE   284,853 0 27,164
PNC Financial Services Group, Inc. Common 693475105 50,666 317,399 SH   SOLE   317,399 0 0
PPG Industries, Inc. Common 693506107 730 5,470 SH   SOLE   5,470 0 0
Prologis, Inc. Common 74340W103 31,409 352,358 SH   SOLE   195,718 0 156,640
Public Storage, Inc. Common 74460D109 20,695 97,180 SH   SOLE   52,320 0 44,860
Qorvo, Inc. Common 74736K101 51,037 439,106 SH   SOLE   399,503 0 39,603
Quest Diagnostics, Inc. Common 74834L100 416,960 3,904,487 SH   SOLE   3,782,093 0 122,394
Quotient Technology, Inc. Common 749119103 38,974 3,952,738 SH   SOLE   3,750,057 0 202,681
Qurate Retail, Inc. Series A Common 74915M100 136 16,096 SH   SOLE   16,096 0 0
Regency Centers Corp. Common 758849103 8,375 132,740 SH   SOLE   75,030 0 57,710
Retail Opportunity Investments Corp. Common 76131N101 6,224 352,445 SH   SOLE   169,035 0 183,410
Rexford Industrial Realty, Inc. Common 76169C100 18,712 409,730 SH   SOLE   209,330 0 200,400
Ryman Hospitality Properties, Inc. Common 78377T107 4,492 51,840 SH   SOLE   26,700 0 25,140
SAP SE, ADR ADR 803054204 17,370 129,640 SH   SOLE   119,384 0 10,256
Simon Property Group, Inc. Common 828806109 33,579 225,420 SH   SOLE   127,530 0 97,890
SL Green Realty Corp. Common 78440X101 9,914 107,900 SH   SOLE   53,900 0 54,000
Slack Technologies, Inc., Class A Common 83088V102 627 27,900 SH   SOLE   27,900 0 0
State Street Corp. Common 857477103 57,393 725,580 SH   SOLE   725,580 0 0
STORE Capital Corp. Common 862121100 6,714 180,300 SH   SOLE   93,310 0 86,990
Sun Communities, Inc. Common 866674104 6,342 42,250 SH   SOLE   22,810 0 19,440
Sunstone Hotel Investors, Inc. Common 867892101 5,832 419,000 SH   SOLE   227,130 0 191,870
Tarena International, Inc.,Class A, ADR ADR 876108101 7,936 4,048,979 SH   SOLE   4,048,979 0 0
Terreno Realty Corp. Common 88146M101 17,440 322,127 SH   SOLE   160,634 0 161,493
Texas Instruments, Inc. Common 882508104 482,840 3,763,659 SH   SOLE   3,679,738 0 83,921
Trip Com Group Ltd ADR 89677Q107 16,284 485,507 SH   SOLE   485,507 0 0
U.S. Bancorp Common 902973304 497,132 8,384,749 SH   SOLE   8,291,363 0 93,386
United Technologies Corp. Common 913017109 1,134,622 7,576,268 SH   SOLE   7,414,977 0 161,291
UnitedHealth Group, Inc. Common 91324P102 65,027 221,196 SH   SOLE   201,365 0 19,831
Ventas, Inc. Common 92276F100 8,932 154,690 SH   SOLE   111,430 0 43,260
Vornado Realty Trust Common 929042109 12,596 189,410 SH   SOLE   93,734 0 95,676
Wells Fargo & Co. Common 949746101 1,424,946 26,485,994 SH   SOLE   26,042,977 0 443,017
Welltower Inc. Common 95040Q104 12,705 155,360 SH   SOLE   82,470 0 72,890
Xilinx, Inc. Common 983919101 556 5,685 SH   SOLE   5,685 0 0
Yirendai Ltd., ADR ADR 98585L100 13,044 2,350,352 SH   SOLE   2,350,352 0 0