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
Estimated average burden
hours per response: 23.8
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 9,295 489,997 SH   SOLE   223,607 0 266,390
Alexandria Real Estate Equities, Inc. Common 015271109 11,616 70,697 SH   SOLE   36,413 0 34,284
Alibaba Group Holding Ltd., ADR ADR 01609W102 925,075 4,080,075 SH   SOLE   4,035,783 0 44,292
Alleghany Corp. Common 017175100 43,672 69,731 SH   SOLE   69,731 0 0
Alphabet Inc., Class A Common 02079K305 546,737 265,082 SH   SOLE   260,328 0 4,754
Alphabet Inc., Class C Common 02079K107 1,196,942 578,616 SH   SOLE   569,831 0 8,785
Amazon.com, Inc. Common 023135106 995,799 321,840 SH   SOLE   315,985 0 5,855
American Campus Communities, Inc. Common 024835100 12,169 281,875 SH   SOLE   147,760 0 134,115
American Express Co. Common 025816109 700,918 4,955,587 SH   SOLE   4,867,413 0 88,174
American Homes 4 Rent, Class A Common 02665T306 8,806 264,130 SH   SOLE   135,830 0 128,300
Applied Materials, Inc. Common 038222105 1,304,742 9,766,030 SH   SOLE   9,555,236 0 210,794
AvalonBay Communities, Inc. Common 053484101 18,309 99,230 SH   SOLE   52,460 0 46,770
Baidu, Inc., Class A, ADR ADR 056752108 47,195 216,940 SH   SOLE   216,940 0 0
Bank of America Corp. Common 060505104 140,271 3,625,509 SH   SOLE   3,625,509 0 0
Bank of N.T. Butterfield & Son Ltd. Common G0772R208 155,317 4,063,750 SH   SOLE   4,063,750 0 0
Bank of New York Mellon Corp. Common 064058100 710,938 15,033,588 SH   SOLE   14,777,722 0 255,866
Berkshire Hathaway Inc., Class A Common 084670108 951,913 2,468 SH   SOLE   2,468 0 0
Berkshire Hathaway Inc., Class B Common 084670702 390,754 1,529,550 SH   SOLE   1,440,752 0 88,798
Boston Properties, Inc. Common 101121101 14,331 141,530 SH   SOLE   76,080 0 65,450
Brixmor Property Group, Inc. Common 11120U105 20,494 1,013,070 SH   SOLE   501,140 0 511,930
Camden Property Trust Common 133131102 6,895 62,730 SH   SOLE   37,980 0 24,750
Capital One Financial Corp. Common 14040H105 2,013,717 15,827,375 SH   SOLE   15,590,213 0 237,162
CarMax, Inc. Common 143130102 499 3,760 SH   SOLE   0 0 3,760
Carrier Global Corp. Common 14448C104 691,534 16,379,299 SH   SOLE   15,955,987 0 423,312
Charles Schwab Corp. Common 808513105 59,465 912,314 SH   SOLE   912,314 0 0
China Index Holdings Ltd., ADR ADR 16954W101 10,136 4,607,415 SH   SOLE   4,598,997 0 8,418
Chubb Ltd. Common H1467J104 284,677 1,802,098 SH   SOLE   1,776,704 0 25,394
Cigna Corp. Common 125523100 280,513 1,160,391 SH   SOLE   1,116,068 0 44,323
Coresite Realty Corp. Common 21870Q105 5,824 48,595 SH   SOLE   24,150 0 24,445
Coupang, Inc., Class A Common 22266T109 141,000 2,857,142 SH   SOLE   2,857,142 0 0
Cousins Properties, Inc. Common 222795502 11,868 335,715 SH   SOLE   176,840 0 158,875
Crown Castle International Corp. Common 22822V101 9,274 53,880 SH   SOLE   25,850 0 28,030
CVS Health Corp. Common 126650100 58,776 781,279 SH   SOLE   762,622 0 18,657
CyrusOne Inc. Common 23283R100 10,051 148,415 SH   SOLE   80,150 0 68,265
Davis Select Financial ETF ETF 23908L108 55,992 1,995,451 SH   SOLE   1,995,451 0 0
Davis Select International ETF ETF 23908L405 90,984 3,806,844 SH   SOLE   3,806,844 0 0
Davis Select U.S. Equity ETF ETF 23908L207 108,056 3,274,426 SH   SOLE   3,274,426 0 0
Davis Select Worldwide ETF ETF 23908L306 64,146 1,899,502 SH   SOLE   1,899,502 0 0
Digital Realty Trust, Inc. Common 253868103 10,755 76,365 SH   SOLE   40,945 0 35,420
Douglas Emmett, Inc. Common 25960P109 9,343 297,560 SH   SOLE   153,970 0 143,590
DXC Technology Co. Common 23355L106 2,106 67,379 SH   SOLE   67,379 0 0
Eaton Corp. PLC Common G29183103 31,851 230,335 SH   SOLE   207,670 0 22,665
Equinix, Inc. Common 29444U700 22,622 33,288 SH   SOLE   18,068 0 15,220
Equity Residential Common 29476L107 15,297 213,560 SH   SOLE   114,155 0 99,405
Essex Property Trust, Inc. Common 297178105 22,144 81,461 SH   SOLE   41,400 0 40,061
Everest Re Group, Ltd. Common G3223R108 14,873 60,018 SH   SOLE   60,018 0 0
Extra Space Storage Inc. Common 30225T102 8,609 64,950 SH   SOLE   35,290 0 29,660
Facebook, Inc, Class A Common 30303M102 935,636 3,176,709 SH   SOLE   3,123,535 0 53,174
Fang Holdings Ltd., Class A, ADR ADR 30711Y300 1,014 81,137 SH   SOLE   81,137 0 0
Federal Realty Investment Trust Common 313747206 10,125 99,800 SH   SOLE   49,290 0 50,510
Ferguson PLC Common G3421J106 17,398 145,011 SH   SOLE   124,570 0 20,441
Greenlight Capital Re, Ltd., Class A Common G4095J109 9,385 1,078,784 SH   SOLE   1,078,784 0 0
Healthpeak Properties, Inc. Common 42250P103 12,556 395,596 SH   SOLE   205,260 0 190,336
Highwoods Properties, Inc. Common 431284108 7,778 181,130 SH   SOLE   91,280 0 89,850
Hollysys Automation Technologies, Ltd. Common G45667105 90,030 7,190,885 SH   SOLE   7,190,885 0 0
Host Hotels & Resorts, Inc. Common 44107P104 18,551 1,100,970 SH   SOLE   537,160 0 563,810
Hudson Pacific Properties, Inc. Common 444097109 14,950 551,040 SH   SOLE   277,060 0 273,980
Humana Inc. Common 444859102 26,649 63,563 SH   SOLE   57,785 0 5,778
IAC/InterActiveCorp. Common 44891N109 473,867 2,190,683 SH   SOLE   2,148,003 0 42,680
Intel Corp. Common 458140100 826,997 12,921,833 SH   SOLE   12,694,238 0 227,595
iQIYI, Inc., Class A, ADR ADR 46267X108 17,720 1,066,212 SH   SOLE   1,066,212 0 0
JD.com, Inc., Class A, ADR ADR 47215P106 273,782 3,246,555 SH   SOLE   3,246,555 0 0
Johnson Controls International PLC Common G51502105 45,078 755,448 SH   SOLE   693,553 0 61,895
JPMorgan Chase & Co. Common 46625H100 968,290 6,360,706 SH   SOLE   6,249,056 0 111,650
Lam Research Corp. Common 512807108 1,461 2,455 SH   SOLE   2,455 0 0
Liberty Global plc, Series C Common G5480U120 21,836 854,964 SH   SOLE   854,964 0 0
Liberty Media Corp., Series A Common 531229870 26,598 695,909 SH   SOLE   695,909 0 0
Liberty Media Corp., Series C Common 531229854 33,746 779,542 SH   SOLE   779,542 0 0
Liberty TripAdvisor Hldgs Inc. - A Common 531465102 1,922 301,274 SH   SOLE   301,274 0 0
Life Storage, Inc. Common 53223X107 9,777 113,750 SH   SOLE   57,690 0 56,060
Loews Corp. Common 540424108 132,931 2,592,253 SH   SOLE   2,554,746 0 37,507
M&T Bank Corp. Common 55261F104 9,027 59,543 SH   SOLE   59,543 0 0
Markel Corp. Common 570535104 245,407 215,341 SH   SOLE   211,651 0 3,690
Microsoft Corp. Common 594918104 108,198 458,913 SH   SOLE   438,340 0 20,573
New Oriental Education & Tech ADR ADR 647581107 987,507 70,536,201 SH   SOLE   69,810,869 0 725,332
Noah Holdings Ltd., Class A, ADS ADR 65487X102 41,570 936,263 SH   SOLE   936,263 0 0
Novartis AG - ADR ADR 66987V109 3,797 44,424 SH   SOLE   44,424 0 0
Oracle Corp. Common 68389X105 21,079 300,403 SH   SOLE   276,548 0 23,855
Owens Corning Common 690742101 64,308 698,312 SH   SOLE   636,280 0 62,032
PNC Financial Services Group, Inc. Common 693475105 98,616 562,204 SH   SOLE   562,204 0 0
Prologis, Inc. Common 74340W103 33,433 315,402 SH   SOLE   165,882 0 149,520
Public Storage, Inc. Common 74460D109 20,999 85,100 SH   SOLE   45,690 0 39,410
Quest Diagnostics, Inc. Common 74834L100 356,542 2,778,106 SH   SOLE   2,683,533 0 94,573
Quotient Technology, Inc. Common 749119103 61,626 3,771,498 SH   SOLE   3,596,397 0 175,101
Raytheon Technologies Corp. Common 75513E101 342,655 4,434,513 SH   SOLE   4,327,456 0 107,057
Retail Opportunity Investments Corp. Common 76131N101 8,305 523,325 SH   SOLE   229,435 0 293,890
Rexford Industrial Realty, Inc. Common 76169C100 17,903 355,210 SH   SOLE   183,130 0 172,080
Ryman Hospitality Properties, Inc. Common 78377T107 2,692 34,730 SH   SOLE   17,610 0 17,120
SAP SE, ADR ADR 803054204 15,255 124,240 SH   SOLE   115,785 0 8,455
Simon Property Group, Inc. Common 828806109 17,390 152,850 SH   SOLE   82,050 0 70,800
Six Flags Entertainment Corp. Common 83001A102 1,851 39,830 SH   SOLE   39,830 0 0
SL Green Realty Corp. Common 78440X101 4,969 71,002 SH   SOLE   34,216 0 36,786
State Street Corp. Common 857477103 5,965 71,004 SH   SOLE   71,004 0 0
Sunstone Hotel Investors, Inc. Common 867892101 10,745 862,360 SH   SOLE   438,340 0 424,020
TAL Education Group ADR 874080104 67,194 1,247,808 SH   SOLE   1,247,808 0 0
Terreno Realty Corp. Common 88146M101 17,025 294,697 SH   SOLE   147,754 0 146,943
Texas Instruments, Inc. Common 882508104 625,227 3,308,255 SH   SOLE   3,227,471 0 80,784
Trip.com Group Ltd., ADR ADR 89677Q107 18,089 456,453 SH   SOLE   456,453 0 0
Truist Financial Corp. Common 89832Q109 4,344 74,484 SH   SOLE   74,484 0 0
UDR, Inc. Common 902653104 5,202 118,600 SH   SOLE   60,050 0 58,550
U.S. Bancorp Common 902973304 1,004,998 18,170,271 SH   SOLE   17,803,547 0 366,724
Ulta Beauty, Inc. Common 90384S303 952 3,080 SH   SOLE   3,080 0 0
UnitedHealth Group, Inc. Common 91324P102 72,979 196,144 SH   SOLE   178,478 0 17,666
Ventas, Inc. Common 92276F100 8,718 163,440 SH   SOLE   91,380 0 72,060
Viatris, Inc. Common 92556V106 576,815 41,289,579 SH   SOLE   40,470,117 0 819,462
VICI Properties, Inc. Common 925652109 4,421 156,540 SH   SOLE   79,310 0 77,230
VMware, Inc., Class A Common 928563402 11,718 77,884 SH   SOLE   72,404 0 5,480
Vornado Realty Trust Common 929042109 4,766 105,000 SH   SOLE   55,574 0 49,426
Vroom, Inc. Common 92918V109 112,769 2,892,267 SH   SOLE   2,887,325 0 4,942
Wells Fargo & Co. Common 949746101 1,598,644 40,917,419 SH   SOLE   40,179,106 0 738,313
Welltower Inc. Common 95040Q104 14,682 204,970 SH   SOLE   114,800 0 90,170