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
Acadia Realty Trust Common 004239109 7,131 502,567 SH   SOLE   223,607 0 278,960
Alexandria Real Estate Equities, Inc. Common 015271109 13,733 77,057 SH   SOLE   36,413 0 40,644
Alibaba Group Holding Ltd., ADR ADR 01609W102 795,936 3,419,998 SH   SOLE   3,388,919 0 31,079
Alleghany Corp. Common 017175100 41,212 68,266 SH   SOLE   68,266 0 0
Alphabet Inc., Class A Common 02079K305 498,218 284,267 SH   SOLE   279,613 0 4,654
Alphabet Inc., Class C Common 02079K107 1,202,880 686,623 SH   SOLE   677,490 0 9,133
Amazon.com, Inc. Common 023135106 1,092,430 335,417 SH   SOLE   329,568 0 5,849
American Campus Communities, Inc. Common 024835100 12,078 282,385 SH   SOLE   146,010 0 136,375
American Express Co. Common 025816109 615,662 5,091,902 SH   SOLE   5,003,095 0 88,807
American Homes 4 Rent, Class A Common 02665T306 7,924 264,130 SH   SOLE   135,830 0 128,300
Applied Materials, Inc. Common 038222105 1,269,691 14,712,522 SH   SOLE   14,448,605 0 263,917
Aptiv PLC Common G6095L109 23,929 183,656 SH   SOLE   167,815 0 15,841
AvalonBay Communities, Inc. Common 053484101 13,279 82,770 SH   SOLE   44,910 0 37,860
Baidu, Inc., Class A, ADR ADR 056752108 20,271 93,741 SH   SOLE   93,741 0 0
Bank of America Corp. Common 060505104 110,160 3,634,459 SH   SOLE   3,634,459 0 0
Bank of N.T. Butterfield & Son Ltd. Common G0772R208 125,340 4,022,478 SH   SOLE   4,022,478 0 0
Bank of New York Mellon Corp. Common 064058100 656,162 15,460,941 SH   SOLE   15,210,169 0 250,772
Berkshire Hathaway Inc., Class A Common 084670108 897,711 2,581 SH   SOLE   2,581 0 0
Berkshire Hathaway Inc., Class B Common 084670702 352,231 1,519,087 SH   SOLE   1,431,039 0 88,048
Boston Properties, Inc. Common 101121101 11,053 116,930 SH   SOLE   63,040 0 53,890
Brixmor Property Group, Inc. Common 11120U105 17,309 1,045,840 SH   SOLE   501,140 0 544,700
Camden Property Trust Common 133131102 13,206 132,170 SH   SOLE   72,480 0 59,690
Capital One Financial Corp. Common 14040H105 1,607,589 16,262,910 SH   SOLE   16,010,585 0 252,325
CarMax, Inc. Common 143130102 355 3,760 SH   SOLE   0 0 3,760
Carrier Global Corp. Common 14448C104 822,321 21,800,651 SH   SOLE   21,295,029 0 505,622
Charles Schwab Corp. Common 808513105 48,238 909,457 SH   SOLE   909,457 0 0
China Index Holdings Ltd., ADR ADR 16954W101 9,276 4,708,684 SH   SOLE   4,698,504 0 10,180
Chubb Ltd. Common H1467J104 284,147 1,846,071 SH   SOLE   1,821,159 0 24,912
Cigna Corp. Common 125523100 157,842 758,199 SH   SOLE   726,935 0 31,264
Coresite Realty Corp. Common 21870Q105 8,673 69,230 SH   SOLE   34,130 0 35,100
Cousins Properties, Inc. Common 222795502 11,274 336,545 SH   SOLE   175,000 0 161,545
Crown Castle International Corp. Common 22822V101 13,291 83,490 SH   SOLE   40,600 0 42,890
CVS Health Corp. Common 126650100 54,053 791,399 SH   SOLE   773,751 0 17,648
CyrusOne Inc. Common 23283R100 10,941 149,565 SH   SOLE   80,150 0 69,415
Davis Select Financial ETF ETF 23908L108 47,117 1,975,142 SH   SOLE   1,975,142 0 0
Davis Select International ETF ETF 23908L405 88,053 3,780,082 SH   SOLE   3,780,082 0 0
Davis Select U.S. Equity ETF ETF 23908L207 95,264 3,243,486 SH   SOLE   3,243,486 0 0
Davis Select Worldwide ETF ETF 23908L306 57,645 1,875,859 SH   SOLE   1,875,859 0 0
Digital Realty Trust, Inc. Common 253868103 10,658 76,395 SH   SOLE   40,375 0 36,020
Douglas Emmett, Inc. Common 25960P109 8,683 297,560 SH   SOLE   153,970 0 143,590
DXC Technology Co. Common 23355L106 1,735 67,379 SH   SOLE   67,379 0 0
EastGroup Properties, Inc. Common 277276101 3,032 21,960 SH   SOLE   13,380 0 8,580
Eaton Corp. PLC Common G29183103 34,223 284,862 SH   SOLE   258,996 0 25,866
Equinix, Inc. Common 29444U700 22,889 32,050 SH   SOLE   16,570 0 15,480
Equity Residential Common 29476L107 11,777 198,670 SH   SOLE   105,175 0 93,495
Essex Property Trust, Inc. Common 297178105 16,145 68,001 SH   SOLE   36,580 0 31,421
Everest Re Group, Ltd. Common G3223R108 14,005 59,828 SH   SOLE   59,828 0 0
Extra Space Storage Inc. Common 30225T102 9,871 85,200 SH   SOLE   45,010 0 40,190
Facebook, Inc, Class A Common 30303M102 898,024 3,287,537 SH   SOLE   3,233,493 0 54,044
Fang Holdings Ltd., Class A, ADR ADR 30711Y300 1,087 81,137 SH   SOLE   81,137 0 0
Federal Realty Investment Trust Common 313747206 8,567 100,650 SH   SOLE   49,290 0 51,360
Greenlight Capital Re, Ltd., Class A Common G4095J109 7,856 1,074,734 SH   SOLE   1,074,734 0 0
Healthpeak Properties, Inc. Common 42250P103 11,992 396,676 SH   SOLE   203,140 0 193,536
Highwoods Properties, Inc. Common 431284108 7,178 181,130 SH   SOLE   91,280 0 89,850
Hollysys Automation Technologies, Ltd. Common G45667105 104,142 7,089,307 SH   SOLE   7,089,307 0 0
Host Hotels & Resorts, Inc. Common 44107P104 16,165 1,104,890 SH   SOLE   531,590 0 573,300
Hudson Pacific Properties, Inc. Common 444097109 13,347 555,650 SH   SOLE   277,060 0 278,590
Humana Inc. Common 444859102 26,073 63,551 SH   SOLE   57,748 0 5,803
IAC/InterActiveCorp. Common 44891N109 415,811 2,195,994 SH   SOLE   2,153,677 0 42,317
Intel Corp. Common 458140100 631,387 12,673,355 SH   SOLE   12,451,993 0 221,362
iQIYI, Inc., Class A, ADR ADR 46267X108 19,569 1,119,512 SH   SOLE   1,119,512 0 0
iShares Russell 3000 ETF ETF 464287689 318 1,424 SH   SOLE   776 0 648
iShares S&P 500 Value ETF ETF 464287408 3,675 28,704 SH   SOLE   25,993 0 2,711
JD.com, Inc., Class A, ADR ADR 47215P106 279,214 3,176,497 SH   SOLE   3,176,497 0 0
Johnson Controls International PLC Common G51502105 42,617 914,720 SH   SOLE   838,560 0 76,160
JPMorgan Chase & Co. Common 46625H100 871,368 6,857,389 SH   SOLE   6,742,585 0 114,804
Lam Research Corp. Common 512807108 1,159 2,455 SH   SOLE   2,455 0 0
Liberty Global plc, Series C Common G5480U120 20,653 873,274 SH   SOLE   873,274 0 0
Liberty TripAdvisor Hldgs Inc. - A Common 531465102 1,366 314,704 SH   SOLE   314,704 0 0
Life Storage, Inc. Common 53223X107 9,129 76,460 SH   SOLE   38,460 0 38,000
Loews Corp. Common 540424108 117,853 2,617,793 SH   SOLE   2,581,117 0 36,676
M&T Bank Corp. Common 55261F104 5,580 43,833 SH   SOLE   43,833 0 0
Markel Corp. Common 570535104 204,053 197,477 SH   SOLE   195,695 0 1,782
Microsoft Corp. Common 594918104 103,195 463,965 SH   SOLE   443,112 0 20,853
New Oriental Education & Tech ADR ADR 647581107 1,169,044 6,291,608 SH   SOLE   6,239,596 0 52,012
Noah Holdings Ltd., Class A, ADS ADR 65487X102 46,196 966,240 SH   SOLE   966,240 0 0
Novartis AG - ADR ADR 66987V109 3,896 41,256 SH   SOLE   41,256 0 0
Oracle Corp. Common 68389X105 19,549 302,190 SH   SOLE   277,891 0 24,299
Otis Worldwide Corp. Common 68902V107 850 12,579 SH   SOLE   11,480 0 1,099
Owens Corning Common 690742101 53,526 706,514 SH   SOLE   642,733 0 63,781
PNC Financial Services Group, Inc. Common 693475105 83,541 560,681 SH   SOLE   560,681 0 0
Prologis, Inc. Common 74340W103 31,335 314,422 SH   SOLE   164,652 0 149,770
Public Storage, Inc. Common 74460D109 22,100 95,700 SH   SOLE   50,550 0 45,150
Qorvo, Inc. Common 74736K101 68,783 413,685 SH   SOLE   374,765 0 38,920
Quest Diagnostics, Inc. Common 74834L100 348,925 2,927,958 SH   SOLE   2,836,396 0 91,562
Quotient Technology, Inc. Common 749119103 35,580 3,777,056 SH   SOLE   3,606,146 0 170,910
Raytheon Technologies Corp. Common 75513E101 792,364 11,080,470 SH   SOLE   10,866,529 0 213,941
Retail Opportunity Investments Corp. Common 76131N101 7,205 538,075 SH   SOLE   229,435 0 308,640
Rexford Industrial Realty, Inc. Common 76169C100 20,093 409,140 SH   SOLE   206,240 0 202,900
Rocket Companies, Inc., Class A Common 77311W101 16,011 791,823 SH   SOLE   791,823 0 0
SAP SE, ADR ADR 803054204 16,225 124,436 SH   SOLE   116,251 0 8,185
Simon Property Group, Inc. Common 828806109 10,393 121,870 SH   SOLE   68,050 0 53,820
SL Green Realty Corp. Common 78440X101 4,236 71,090 SH   SOLE   34,260 0 36,830
State Street Corp. Common 857477103 4,803 65,989 SH   SOLE   65,989 0 0
Sunstone Hotel Investors, Inc. Common 867892101 9,771 862,360 SH   SOLE   438,340 0 424,020
Terreno Realty Corp. Common 88146M101 19,935 340,717 SH   SOLE   167,854 0 172,863
Texas Instruments, Inc. Common 882508104 561,801 3,422,904 SH   SOLE   3,341,020 0 81,884
Trip.com Group Ltd., ADR ADR 89677Q107 16,686 494,701 SH   SOLE   494,701 0 0
Truist Financial Corp. Common 89832Q109 1,763 36,789 SH   SOLE   36,789 0 0
U.S. Bancorp Common 902973304 786,134 16,873,440 SH   SOLE   16,642,084 0 231,356
Ulta Beauty, Inc. Common 90384S303 884 3,080 SH   SOLE   3,080 0 0
UnitedHealth Group, Inc. Common 91324P102 69,224 197,400 SH   SOLE   179,558 0 17,842
Ventas, Inc. Common 92276F100 10,402 212,110 SH   SOLE   116,220 0 95,890
Viatris, Inc. Common 92556V106 219,764 11,727,007 SH   SOLE   11,518,508 0 208,499
VMware, Inc., Class A Common 928563402 10,984 78,313 SH   SOLE   72,767 0 5,546
Vornado Realty Trust Common 929042109 3,921 105,000 SH   SOLE   55,574 0 49,426
Wells Fargo & Co. Common 949746101 1,217,519 40,341,902 SH   SOLE   39,647,393 0 694,509
Welltower Inc. Common 95040Q104 18,033 279,060 SH   SOLE   151,840 0 127,220
Yirendai Ltd., ADR ADR 98585L100 5,296 1,585,583 SH   SOLE   1,585,583 0 0