PaperPanda Fund Terminal
Christopher Davis
Davis Selected Advisers · CIK: 1036325 · Report Period: 2025-12-31 · Filed: 2026-02-02
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $22,249,323,816 · 108 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 COF
|
Capital One Financial Corp. | COM | 9.4% | $2,087,878,344 | 8,614,766 | ADD | +234,649 |
| 2 |
 USB
|
U.S. Bancorp | COM | 5.3% | $1,176,148,497 | 22,041,759 | ADD | +2,610,197 |
| 3 |
 META
|
Meta Platforms, Inc., Class A | COM | 5.2% | $1,157,130,854 | 1,752,974 | ADD | +37,460 |
| 4 |
 AMAT
|
Applied Materials, Inc. | COM | 4.8% | $1,079,695,847 | 4,201,298 | REDUCE | -1,352,694 |
| 5 |
 CVS
|
CVS Health Corporation | COM | 4.5% | $1,012,674,950 | 12,760,511 | ADD | +1,356,870 |
| 6 |
 MGM
|
MGM Resorts International | COM | 4.4% | $978,669,323 | 26,820,202 | ADD | +2,866,750 |
| 7 |
 GOOGL
|
Alphabet Inc., Class A | COM | 4.4% | $976,174,798 | 3,118,760 | ADD | +348,166 |
| 8 |
 VTRS
|
Viatris Inc. | COM | 4.4% | $973,315,913 | 78,177,984 | ADD | +8,832,339 |
| 9 |
 MKL
|
Markel Group, Inc | COM | 4.0% | $892,495,821 | 415,160 | ADD | +41,632 |
| 10 |
 CTRA
|
Coterra Energy, Inc. | COM | 3.9% | $856,387,283 | 32,537,508 | ADD | +12,654,027 |
| 11 |
 AMZN
|
Amazon.com, Inc. | COM | 3.6% | $791,545,223 | 3,429,262 | ADD | +291,276 |
| 12 |
 WFC
|
Wells Fargo & Co. | COM | 3.5% | $769,649,182 | 8,258,031 | ADD | +471,979 |
| 13 |
 TSN
|
Tyson Foods Inc | COM | 3.4% | $751,950,994 | 12,827,540 | ADD | +2,865,413 |
| 14 |
 BRKA
|
Berkshire Hathaway Inc., Class A | COM | 3.2% | $711,776,400 | 943 | REDUCE | -55 |
| 15 |
 TCKBF
|
Teck Resources Ltd., Class B | COM | 2.6% | $575,619,508 | 12,019,609 | ADD | +995,947 |
| 16 |
 TXN
|
Texas Instruments, Inc. | COM | 2.2% | $495,008,831 | 2,853,227 | ADD | +535,819 |
| 17 |
 SOLV
|
Solventum Corp. | COM | 2.2% | $492,879,705 | 6,220,072 | ADD | +702,461 |
| 18 |
 UNH
|
UnitedHealth Group Inc. | COM | 1.9% | $420,368,751 | 1,273,400 | ADD | +134,097 |
| 19 |
 BRKB
|
Berkshire Hathaway Inc., Class B | COM | 1.7% | $371,908,140 | 739,875 | ADD | +205,927 |
| 20 |
 CB
|
Chubb Ltd. | COM | 1.7% | $370,380,411 | 1,186,647 | ADD | +116,202 |
| 21 |
 TCOM
|
Trip.com Group Ltd., ADR | COM | 1.6% | $363,389,353 | 5,053,389 | ADD | +111,944 |
| 22 |
 PINS
|
Pinterest, Inc., Class A | COM | 1.4% | $305,553,581 | 11,801,983 | ADD | +3,909,926 |
| 23 |
 DGX
|
Quest Diagnostics Inc. | COM | 1.2% | $275,895,498 | 1,589,883 | ADD | +228,271 |
| 24 |
 QSR
|
Restaurant Brands International, Inc. | COM | 1.2% | $274,339,592 | 4,020,791 | ADD | +478,403 |
| 25 |
 OC
|
Owens Corning | COM | 1.0% | $229,034,800 | 2,046,583 | ADD | +269,216 |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | AVB | AvalonBay Communities, Inc. | ADD | +12,260 | +18.4% | 78,840 | $14,294,480 |
| 2 | EGP | Eastgroup Properties, Inc. | REDUCE | -1,310 | -2.5% | 51,630 | $9,197,368 |
| 3 | CTRA | Coterra Energy, Inc. | ADD | +12,654,027 | +63.6% | 32,537,508 | $856,387,283 |
| 4 | - | Humana Inc. | SOLD | -385,539 | Exit | - | - |
| 5 | MKL | Markel Group, Inc | ADD | +41,632 | +11.1% | 415,160 | $892,495,821 |
| 6 | PNC | PNC Financial Services Group, Inc. | ADD | +28,272 | +5.6% | 530,089 | $110,645,477 |
| 7 | UDR | UDR, Inc. | REDUCE | -72,910 | -39.2% | 113,280 | $4,155,110 |
| 8 | BRX | Brixmor Property Group, Inc. | REDUCE | -14,030 | -2.5% | 555,970 | $14,577,533 |
| 9 | SAP | SAP SE - ADR | ADD | +9,560 | +20.4% | 56,347 | $13,688,124 |
| 10 | AMT | American Tower Corp | REDUCE | -1,700 | -2.6% | 63,970 | $11,231,213 |
| 11 | HPP | Hudson Pacific Properties, Inc. | NEW BUY | +324,026 | New | 324,026 | $3,509,202 |
| 12 | BRKB | Berkshire Hathaway Inc., Class B | ADD | +205,927 | +38.6% | 739,875 | $371,908,140 |
| 13 | AG | AGCO Corporation | ADD | +235,913 | +13.0% | 2,048,835 | $213,736,210 |
| 14 | AMZN | Amazon.com, Inc. | ADD | +291,276 | +9.3% | 3,429,262 | $791,545,223 |
| 15 | REXR | Rexford Industrial Realty, Inc. | REDUCE | -50,320 | -12.7% | 344,830 | $13,351,818 |
| 16 | OFC | COPT Defense Properties | REDUCE | -7,380 | -2.4% | 294,740 | $8,193,772 |
| 17 | SPG | Simon Property Group, Inc. | REDUCE | -10,550 | -13.7% | 66,183 | $12,251,135 |
| 18 | TCKBF | Teck Resources Ltd., Class B | ADD | +995,947 | +9.0% | 12,019,609 | $575,619,508 |
| 19 | MSFT | Microsoft Corp. | ADD | +8,495 | +16.2% | 60,801 | $29,405,634 |
| 20 | APP | AppLovin Corp., Class A | ADD | +24,407 | +10.9% | 247,981 | $167,098,339 |
| 21 | CVS | CVS Health Corporation | ADD | +1,356,870 | +11.9% | 12,760,511 | $1,012,674,950 |
| 22 | ESS | Essex Property Trust, Inc. | REDUCE | -440 | -2.6% | 16,511 | $4,320,598 |
| 23 | BXP | BXP, Inc. | REDUCE | -5,850 | -2.4% | 233,910 | $15,784,247 |
| 24 | - | RH | SOLD | -2,240 | Exit | - | - |
| 25 | TFC | Truist Financial Corp. | ADD | +35,616 | +22.8% | 192,053 | $9,450,928 |
| 26 | CPT | Camden Property Trust | REDUCE | -2,190 | -2.5% | 86,930 | $9,569,254 |
| 27 | CUBE | CubeSmart | NEW BUY | +90,930 | New | 90,930 | $3,278,027 |
| 28 | ARE | Alexandria Real Estate Equities, Inc. | REDUCE | -2,030 | -1.1% | 178,127 | $8,717,535 |
| 29 | BAC | Bank of America Corp. | REDUCE | -716 | -0.1% | 1,149,873 | $63,243,015 |
| 30 | VICI | VICI Properties, Inc. | REDUCE | -5,370 | -2.4% | 216,240 | $6,080,669 |
| 31 | L | Loews Corp. | ADD | +4,349 | +0.7% | 600,046 | $63,190,844 |
| 32 | ORCL | Oracle Corporation | ADD | +12,364 | +18.4% | 79,416 | $15,479,547 |
| 33 | SHO | Sunstone Hotel Investors, Inc. | REDUCE | -32,190 | -2.5% | 1,279,610 | $11,439,713 |
| 34 | CHCT | Community Healthcare Trust, Inc. | REDUCE | -7,630 | -2.3% | 325,560 | $5,345,695 |
| 35 | JBS | JBS N.V., Class A | NEW BUY | +11,854,741 | New | 11,854,741 | $170,945,362 |
| 36 | O | Realty Income Corp. | REDUCE | -2,190 | -2.3% | 91,390 | $5,151,654 |
| 37 | USB | U.S. Bancorp | ADD | +2,610,197 | +13.4% | 22,041,759 | $1,176,148,497 |
| 38 | SE | Sea Ltd., Class A, ADR | REDUCE | -4,060 | -0.9% | 436,534 | $55,689,027 |
| 39 | GOOGL | Alphabet Inc., Class A | ADD | +348,166 | +12.6% | 3,118,760 | $976,174,798 |
| 40 | REG | Regency Centers Corporation | REDUCE | -3,460 | -2.5% | 136,650 | $9,432,950 |
| 41 | PSA | Public Storage, Inc. | REDUCE | -1,090 | -2.4% | 43,520 | $11,293,440 |
| 42 | CHYM | Chime Financial, Inc. | ADD | +72,940 | +3.0% | 2,472,106 | $62,222,908 |
| 43 | BK | Bank of New York Mellon Corp. | REDUCE | -488,959 | -48.4% | 521,722 | $60,566,667 |
| 44 | DGX | Quest Diagnostics Inc. | ADD | +228,271 | +16.8% | 1,589,883 | $275,895,498 |
| 45 | SUI | Sun Communities, Inc. | REDUCE | -1,110 | -2.5% | 42,840 | $5,308,304 |
| 46 | COF | Capital One Financial Corp. | ADD | +234,649 | +2.8% | 8,614,766 | $2,087,878,344 |
| 47 | DEI | Douglas Emmett, Inc | REDUCE | -7,790 | -2.5% | 309,810 | $3,404,812 |
| 48 | YMM | Full Truck Alliance Co. Ltd., ADR | ADD | +2,555,751 | +17.1% | 17,537,524 | $188,177,633 |
| 49 | TRNO | Terreno Realty Corp. | REDUCE | -2,970 | -2.5% | 117,937 | $6,924,081 |
| 50 | GOOG | Alphabet Inc., Class C | ADD | +64,912 | +10.0% | 710,963 | $223,101,674 |
| 51 | DAR | Darling Ingredients Inc. | ADD | +388,366 | +15.8% | 2,842,306 | $102,323,526 |
| 52 | RNR | RenaissanceRe Holdings Ltd | ADD | +86,594 | +60.5% | 229,739 | $64,593,417 |
| 53 | META | Meta Platforms, Inc., Class A | ADD | +37,460 | +2.2% | 1,752,974 | $1,157,130,854 |
| 54 | STT | State Street Corp. | ADD | +39,988 | +38.5% | 143,773 | $18,548,155 |
| 55 | NTB | Bank of N.T. Butterfield & Son Limited | REDUCE | -5,083 | -0.5% | 1,053,710 | $52,495,832 |
| 56 | NTST | NetSTREIT Corp. | REDUCE | -152,810 | -44.6% | 189,600 | $3,344,544 |
| 57 | AMH | American Homes 4 Rent - Class A | REDUCE | -6,990 | -2.4% | 278,610 | $8,943,381 |
| 58 | SCHW | Charles Schwab Corp. | ADD | +5,254 | +1.8% | 301,695 | $30,142,347 |
| 59 | DUSA | Davis Select U.S. Equity ETF | ADD | +1,228 | +0.0% | 3,384,566 | $173,052,858 |
| 60 | COP | ConocoPhillips | ADD | +198,576 | +12.4% | 1,797,887 | $168,301,392 |
| 61 | EQIX | Equinix, Inc. | REDUCE | -1,030 | -4.7% | 20,773 | $15,915,442 |
| 62 | JPM | JPMorgan Chase & Co. | REDUCE | -24,040 | -4.0% | 571,586 | $184,176,369 |
| 63 | OC | Owens Corning | ADD | +269,216 | +15.1% | 2,046,583 | $229,034,800 |
| 64 | IVE | iShares S&P 500 Value Index Fund | ADD | +120,439 | +1821.0% | 127,053 | $26,944,130 |
| 65 | TXN | Texas Instruments, Inc. | ADD | +535,819 | +23.1% | 2,853,227 | $495,008,831 |
| 66 | CI | Cigna Group | ADD | +96,534 | +14.7% | 752,852 | $207,212,398 |
| 67 | BRKA | Berkshire Hathaway Inc., Class A | REDUCE | -55 | -5.5% | 943 | $711,776,400 |
| 68 | DWLD | Davis Select Worldwide ETF | ADD | +1,173 | +0.1% | 1,917,460 | $89,430,314 |
| 69 | JCI | Johnson Controls International plc | ADD | +23,956 | +12.9% | 209,960 | $25,143,113 |
| 70 | NVDA | NVIDIA Corp. | ADD | +21,243 | +23.7% | 111,038 | $20,709,251 |
| 71 | DLR | Digital Realty Trust, Inc. | REDUCE | -2,030 | -2.5% | 79,250 | $12,260,768 |
| 72 | WCC | Wesco International, Inc. | ADD | +71,932 | +24.6% | 364,502 | $89,172,369 |
| 73 | VTRS | Viatris Inc. | ADD | +8,832,339 | +12.7% | 78,177,984 | $973,315,913 |
| 74 | NTES | NetEase Inc. - ADR | REDUCE | -168,576 | -28.3% | 426,164 | $58,649,113 |
| 75 | IAC | IAC Inc. | ADD | +270,383 | +12.1% | 2,514,072 | $98,300,787 |
| 76 | ANGI | ANGI Inc., Class A | REDUCE | -13 | -0.0% | 948,993 | $12,270,479 |
| 77 | DOC | Healthpeak Properties, Inc. | REDUCE | -10,930 | -2.4% | 435,936 | $7,009,851 |
| 78 | EXR | Extra Space Storage, Inc. | REDUCE | -27,100 | -49.2% | 27,955 | $3,640,300 |
| 79 | WFC | Wells Fargo & Co. | ADD | +471,979 | +6.1% | 8,258,031 | $769,649,182 |
| 80 | QSR | Restaurant Brands International, Inc. | ADD | +478,403 | +13.5% | 4,020,791 | $274,339,592 |
| 81 | AMAT | Applied Materials, Inc. | REDUCE | -1,352,694 | -24.4% | 4,201,298 | $1,079,695,847 |
| 82 | UNH | UnitedHealth Group Inc. | ADD | +134,097 | +11.8% | 1,273,400 | $420,368,751 |
| 83 | JD | JD.com Inc., Class A, ADR | REDUCE | -12,490 | -3.7% | 329,221 | $9,448,643 |
| 84 | MAA | Mid-America Apartment Communities, Inc. | REDUCE | -1,480 | -2.4% | 59,380 | $8,248,476 |
| 85 | VTR | Ventas, Inc. | REDUCE | -2,920 | -2.5% | 114,410 | $8,853,046 |
| 86 | PINS | Pinterest, Inc., Class A | ADD | +3,909,926 | +49.5% | 11,801,983 | $305,553,581 |
| 87 | DINT | Davis Select International ETF | ADD | +2,371 | +0.1% | 3,892,451 | $110,934,845 |
| 88 | - | Hudson Pacific Properties Inc. | SOLD | -2,300,183 | Exit | - | - |
| 89 | MTB | M & T Bank Corp | ADD | +4,819 | +9.4% | 55,846 | $11,251,852 |
| 90 | TCOM | Trip.com Group Ltd., ADR | ADD | +111,944 | +2.3% | 5,053,389 | $363,389,353 |
| 91 | CB | Chubb Ltd. | ADD | +116,202 | +10.9% | 1,186,647 | $370,380,411 |
| 92 | EG | Everest Group, Ltd. | ADD | +78,589 | +199.3% | 118,017 | $40,049,069 |
| 93 | MGM | MGM Resorts International | ADD | +2,866,750 | +12.0% | 26,820,202 | $978,669,323 |
| 94 | TSN | Tyson Foods Inc | ADD | +2,865,413 | +28.8% | 12,827,540 | $751,950,994 |
| 95 | CCI | Crown Castle, Inc. | REDUCE | -1,080 | -2.5% | 42,160 | $3,746,759 |
| 96 | SOLV | Solventum Corp. | ADD | +702,461 | +12.7% | 6,220,072 | $492,879,705 |
| 97 | FITB | Fifth Third Bancorp | ADD | +75,441 | +2.8% | 2,744,310 | $128,461,151 |
| 98 | PLD | Prologis, Inc. | REDUCE | -18,040 | -9.1% | 180,126 | $22,994,885 |
| 99 | CUZ | Cousins Properties, Inc. | REDUCE | -12,740 | -2.5% | 499,615 | $12,880,075 |
| 100 | DFNL | Davis Select Financial ETF | ADD | +501 | +0.0% | 2,130,361 | $102,960,342 |
| 101 | AXP | American Express Co. | REDUCE | -6,240 | -2.5% | 241,700 | $89,416,822 |
| 102 | RKT | Rocket Companies, Inc., Class A | ADD | +93,676 | +3.0% | 3,227,910 | $62,492,338 |
| 103 | EQR | Equity Residential | REDUCE | -2,700 | -2.5% | 104,515 | $6,588,626 |
| 104 | FISV | Fiserv, Inc. | NEW BUY | +568,982 | New | 568,982 | $38,218,521 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | AVB | AvalonBay Communities, Inc. | ADD | +8,760 | +15.2% | 66,580 | $12,861,259 |
| 2 | EGP | Eastgroup Properties, Inc. | ADD | +6,810 | +14.8% | 52,940 | $8,960,624 |
| 3 | CTRA | Coterra Energy, Inc. | ADD | +10,545,340 | +112.9% | 19,883,481 | $470,244,326 |
| 4 | - | Humana Inc. | REDUCE | -1,267,195 | -76.7% | 385,539 | $100,305,682 |
| 5 | MKL | Markel Group, Inc | ADD | +2,397 | +0.6% | 373,528 | $713,946,478 |
| 6 | PNC | PNC Financial Services Group, Inc. | REDUCE | -540 | -0.1% | 501,817 | $100,830,090 |
| 7 | UDR | UDR, Inc. | ADD | +24,200 | +14.9% | 186,190 | $6,937,439 |
| 8 | BRX | Brixmor Property Group, Inc. | ADD | +71,610 | +14.4% | 570,000 | $15,777,600 |
| 9 | SAP | SAP SE - ADR | ADD | +18 | +0.0% | 46,787 | $12,501,954 |
| 10 | AMT | American Tower Corp | REDUCE | -25,980 | -28.3% | 65,670 | $12,629,654 |
| 11 | BRKB | Berkshire Hathaway Inc., Class B | REDUCE | -19,897 | -3.6% | 533,948 | $268,437,018 |
| 12 | AG | AGCO Corporation | ADD | +8,358 | +0.5% | 1,812,922 | $194,109,559 |
| 13 | AMZN | Amazon.com, Inc. | REDUCE | -131,175 | -4.0% | 3,137,986 | $689,007,586 |
| 14 | REXR | Rexford Industrial Realty, Inc. | ADD | +20,140 | +5.4% | 395,150 | $16,244,617 |
| 15 | OFC | COPT Defense Properties | ADD | +154,630 | +104.8% | 302,120 | $8,779,607 |
| 16 | SPG | Simon Property Group, Inc. | ADD | +18,010 | +30.7% | 76,733 | $14,400,482 |
| 17 | - | Coupang, Inc., Class A | SOLD | -5,754,998 | Exit | - | - |
| 18 | TCKBF | Teck Resources Ltd., Class B | REDUCE | -11,331 | -0.1% | 11,023,662 | $483,828,525 |
| 19 | MSFT | Microsoft Corp. | REDUCE | -195,650 | -78.9% | 52,306 | $27,091,893 |
| 20 | APP | AppLovin Corp., Class A | ADD | +8,501 | +4.0% | 223,574 | $160,646,862 |
| 21 | CVS | CVS Health Corporation | REDUCE | -183,149 | -1.6% | 11,403,641 | $859,720,495 |
| 22 | ESS | Essex Property Trust, Inc. | REDUCE | -11,590 | -40.6% | 16,951 | $4,537,105 |
| 23 | BXP | BXP, Inc. | ADD | +30,130 | +14.4% | 239,760 | $17,823,758 |
| 24 | TFC | Truist Financial Corp. | ADD | +592 | +0.4% | 156,437 | $7,152,300 |
| 25 | SNPS | Synopsys, Inc. | NEW BUY | +8,655 | New | 8,655 | $4,270,290 |
| 26 | CPT | Camden Property Trust | ADD | +10,470 | +13.3% | 89,120 | $9,516,234 |
| 27 | - | Exxon Mobil Corp. | SOLD | -2,066 | Exit | - | - |
| 28 | - | Apple Inc. | SOLD | -1,265 | Exit | - | - |
| 29 | ARE | Alexandria Real Estate Equities, Inc. | ADD | +23,970 | +15.3% | 180,157 | $15,014,284 |
| 30 | BAC | Bank of America Corp. | REDUCE | -2,808 | -0.2% | 1,150,589 | $59,358,887 |
| 31 | VICI | VICI Properties, Inc. | ADD | +51,870 | +30.6% | 221,610 | $7,226,702 |
| 32 | L | Loews Corp. | REDUCE | -1,646 | -0.3% | 595,697 | $59,802,022 |
| 33 | ORCL | Oracle Corporation | REDUCE | -64,522 | -49.0% | 67,052 | $18,857,704 |
| 34 | SHO | Sunstone Hotel Investors, Inc. | ADD | +156,320 | +13.5% | 1,311,800 | $12,291,566 |
| 35 | CHCT | Community Healthcare Trust, Inc. | ADD | +910 | +0.3% | 333,190 | $5,097,807 |
| 36 | O | Realty Income Corp. | ADD | +44,710 | +91.5% | 93,580 | $5,688,728 |
| 37 | USB | U.S. Bancorp | ADD | +99,925 | +0.5% | 19,431,562 | $939,127,395 |
| 38 | SE | Sea Ltd., Class A, ADR | REDUCE | -7,711 | -1.7% | 440,594 | $78,747,366 |
| 39 | GOOGL | Alphabet Inc., Class A | REDUCE | -83,819 | -2.9% | 2,770,594 | $673,531,304 |
| 40 | REG | Regency Centers Corporation | ADD | +18,280 | +15.0% | 140,110 | $10,214,019 |
| 41 | VALE | Vale S.A., ADR | REDUCE | -17,316 | -0.6% | 2,931,198 | $31,832,810 |
| 42 | PSA | Public Storage, Inc. | ADD | +4,210 | +10.4% | 44,610 | $12,885,599 |
| 43 | CHYM | Chime Financial, Inc. | NEW BUY | +2,399,166 | New | 2,399,166 | $48,391,178 |
| 44 | BK | Bank of New York Mellon Corp. | REDUCE | -887,749 | -46.8% | 1,010,681 | $110,123,786 |
| 45 | DGX | Quest Diagnostics Inc. | ADD | +7,192 | +0.5% | 1,361,612 | $259,496,015 |
| 46 | SUI | Sun Communities, Inc. | ADD | +5,580 | +14.5% | 43,950 | $5,669,550 |
| 47 | COF | Capital One Financial Corp. | REDUCE | -575,625 | -6.4% | 8,380,117 | $1,781,445,282 |
| 48 | DEI | Douglas Emmett, Inc | ADD | +40,850 | +14.8% | 317,600 | $4,945,032 |
| 49 | YMM | Full Truck Alliance Co. Ltd., ADR | ADD | +3,345,848 | +28.8% | 14,981,773 | $194,313,596 |
| 50 | TRNO | Terreno Realty Corp. | ADD | +16,710 | +16.0% | 120,907 | $6,861,472 |
| 51 | GOOG | Alphabet Inc., Class C | REDUCE | -4,339 | -0.7% | 646,051 | $157,345,721 |
| 52 | DAR | Darling Ingredients Inc. | ADD | +10,370 | +0.4% | 2,453,940 | $75,753,128 |
| 53 | RNR | RenaissanceRe Holdings Ltd | ADD | +78 | +0.1% | 143,145 | $36,348,810 |
| 54 | META | Meta Platforms, Inc., Class A | REDUCE | -392,300 | -18.6% | 1,715,514 | $1,259,839,100 |
| 55 | STT | State Street Corp. | ADD | +31,534 | +43.6% | 103,785 | $12,040,098 |
| 56 | NTB | Bank of N.T. Butterfield & Son Limited | REDUCE | -3,471 | -0.3% | 1,058,793 | $45,443,396 |
| 57 | NTST | NetSTREIT Corp. | ADD | +121,900 | +55.3% | 342,410 | $6,183,925 |
| 58 | AMH | American Homes 4 Rent - Class A | ADD | +35,240 | +14.1% | 285,600 | $9,496,200 |
| 59 | SCHW | Charles Schwab Corp. | ADD | +3 | +0.0% | 296,441 | $28,301,222 |
| 60 | COP | ConocoPhillips | ADD | +13,724 | +0.9% | 1,599,311 | $151,278,828 |
| 61 | EQIX | Equinix, Inc. | ADD | +6,140 | +39.2% | 21,803 | $17,076,982 |
| 62 | JPM | JPMorgan Chase & Co. | REDUCE | -40,416 | -6.4% | 595,626 | $187,878,341 |
| 63 | OC | Owens Corning | ADD | +8,274 | +0.5% | 1,777,367 | $251,426,336 |
| 64 | IVE | iShares S&P 500 Value Index Fund | REDUCE | -4,364 | -39.8% | 6,614 | $1,365,857 |
| 65 | TXN | Texas Instruments, Inc. | REDUCE | -62,799 | -2.6% | 2,317,408 | $425,777,369 |
| 66 | CI | Cigna Group | ADD | +429 | +0.1% | 656,318 | $189,183,664 |
| 67 | BRKA | Berkshire Hathaway Inc., Class A | REDUCE | -67 | -6.3% | 998 | $752,691,600 |
| 68 | JCI | Johnson Controls International plc | REDUCE | -59,319 | -24.2% | 186,004 | $20,451,140 |
| 69 | NVDA | NVIDIA Corp. | ADD | +660 | +0.7% | 89,795 | $16,753,951 |
| 70 | DLR | Digital Realty Trust, Inc. | ADD | +12,820 | +18.7% | 81,280 | $14,051,686 |
| 71 | WCC | Wesco International, Inc. | ADD | +1,824 | +0.6% | 292,570 | $61,878,555 |
| 72 | VTRS | Viatris Inc. | ADD | +2,970,125 | +4.5% | 69,345,645 | $686,521,885 |
| 73 | NTES | NetEase Inc. - ADR | ADD | +1,393 | +0.2% | 594,740 | $90,394,533 |
| 74 | IAC | IAC Inc. | REDUCE | -37,086 | -1.6% | 2,243,689 | $76,442,484 |
| 75 | ANGI | ANGI Inc., Class A | REDUCE | -232,905 | -19.7% | 949,006 | $15,430,837 |
| 76 | DOC | Healthpeak Properties, Inc. | ADD | +57,680 | +14.8% | 446,866 | $8,557,484 |
| 77 | EXR | Extra Space Storage, Inc. | REDUCE | -1,710 | -3.0% | 55,055 | $7,759,452 |
| 78 | WFC | Wells Fargo & Co. | REDUCE | -390,371 | -4.8% | 7,786,052 | $652,626,920 |
| 79 | QSR | Restaurant Brands International, Inc. | ADD | +122,673 | +3.6% | 3,542,388 | $227,208,766 |
| 80 | AMAT | Applied Materials, Inc. | ADD | +596,399 | +12.0% | 5,553,992 | $1,137,124,285 |
| 81 | UNH | UnitedHealth Group Inc. | ADD | +6,418 | +0.6% | 1,139,303 | $393,401,326 |
| 82 | JD | JD.com Inc., Class A, ADR | REDUCE | -1,776 | -0.5% | 341,711 | $11,953,051 |
| 83 | MAA | Mid-America Apartment Communities, Inc. | ADD | +7,810 | +14.7% | 60,860 | $8,503,968 |
| 84 | VTR | Ventas, Inc. | REDUCE | -86,020 | -42.3% | 117,330 | $8,211,927 |
| 85 | PINS | Pinterest, Inc., Class A | NEW BUY | +7,892,057 | New | 7,892,057 | $253,887,474 |
| 86 | - | Hudson Pacific Properties Inc. | ADD | +4,210 | +0.2% | 2,300,183 | $6,348,505 |
| 87 | MTB | M & T Bank Corp | ADD | +79 | +0.2% | 51,027 | $10,083,956 |
| 88 | TCOM | Trip.com Group Ltd., ADR | REDUCE | -8,023 | -0.2% | 4,941,445 | $371,596,664 |
| 89 | CB | Chubb Ltd. | REDUCE | -1,378 | -0.1% | 1,070,445 | $302,133,175 |
| 90 | EG | Everest Group, Ltd. | REDUCE | -72 | -0.2% | 39,428 | $13,808,868 |
| 91 | MGM | MGM Resorts International | ADD | +132,343 | +0.6% | 23,953,452 | $830,226,646 |
| 92 | TSN | Tyson Foods Inc | ADD | +1,005,661 | +11.2% | 9,962,127 | $540,943,496 |
| 93 | CCI | Crown Castle, Inc. | ADD | +940 | +2.2% | 43,240 | $4,172,228 |
| 94 | BEKE | KE Holdings Inc., Class A, ADR | REDUCE | -1,008 | -0.1% | 1,851,804 | $35,184,276 |
| 95 | SOLV | Solventum Corp. | ADD | +24,950 | +0.5% | 5,517,611 | $402,785,603 |
| 96 | FITB | Fifth Third Bancorp | ADD | +156,013 | +6.2% | 2,668,869 | $118,898,114 |
| 97 | PLD | Prologis, Inc. | ADD | +68,940 | +53.3% | 198,166 | $22,693,970 |
| 98 | CUZ | Cousins Properties, Inc. | ADD | +52,120 | +11.3% | 512,355 | $14,827,554 |
| 99 | AXP | American Express Co. | REDUCE | -22,560 | -8.3% | 247,940 | $82,355,848 |
| 100 | RKT | Rocket Companies, Inc., Class A | ADD | +1,556 | +0.0% | 3,134,234 | $60,741,455 |
| 101 | EQR | Equity Residential | ADD | +5,490 | +5.4% | 107,215 | $6,940,027 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | AVB | AvalonBay Communities, Inc. | ADD | +1,170 | +2.1% | 57,820 | $11,766,370 |
| 2 | - | Highwoods Properties Inc. | SOLD | -129,180 | Exit | - | - |
| 3 | EGP | Eastgroup Properties, Inc. | ADD | +1,380 | +3.1% | 46,130 | $7,709,246 |
| 4 | - | Intel Corp. | SOLD | -10,683 | Exit | - | - |
| 5 | CTRA | Coterra Energy, Inc. | NEW BUY | +9,338,141 | New | 9,338,141 | $237,002,019 |
| 6 | - | Humana Inc. | REDUCE | -678,609 | -29.1% | 1,652,734 | $404,060,408 |
| 7 | MKL | Markel Group, Inc | REDUCE | -338 | -0.1% | 371,131 | $741,282,215 |
| 8 | PNC | PNC Financial Services Group, Inc. | ADD | +6,549 | +1.3% | 502,357 | $93,649,392 |
| 9 | UDR | UDR, Inc. | ADD | +3,380 | +2.1% | 161,990 | $6,614,052 |
| 10 | TSM | Taiwan Semiconductor Manufacturing | NEW BUY | +7,200 | New | 7,200 | $1,630,728 |
| 11 | BRX | Brixmor Property Group, Inc. | ADD | +14,030 | +2.9% | 498,390 | $12,978,076 |
| 12 | SAP | SAP SE - ADR | REDUCE | -29,357 | -38.6% | 46,769 | $14,222,453 |
| 13 | AMT | American Tower Corp | ADD | +2,710 | +3.0% | 91,650 | $20,256,483 |
| 14 | BRKB | Berkshire Hathaway Inc., Class B | REDUCE | -124,608 | -18.4% | 553,845 | $269,041,285 |
| 15 | AG | AGCO Corporation | REDUCE | -222,702 | -11.0% | 1,804,564 | $186,158,822 |
| 16 | AMZN | Amazon.com, Inc. | REDUCE | -250,793 | -7.1% | 3,269,161 | $717,221,231 |
| 17 | REXR | Rexford Industrial Realty, Inc. | ADD | +11,390 | +3.1% | 375,010 | $13,339,106 |
| 18 | OFC | COPT Defense Properties | NEW BUY | +147,490 | New | 147,490 | $4,067,774 |
| 19 | SPG | Simon Property Group, Inc. | REDUCE | -9,310 | -13.7% | 58,723 | $9,440,309 |
| 20 | - | Coupang, Inc., Class A | REDUCE | -125,992 | -2.1% | 5,754,998 | $172,419,740 |
| 21 | TCKBF | Teck Resources Ltd., Class B | REDUCE | -155,635 | -1.4% | 11,034,993 | $445,593,017 |
| 22 | MSFT | Microsoft Corp. | REDUCE | -8,567 | -3.3% | 247,956 | $123,335,794 |
| 23 | APP | AppLovin Corp., Class A | ADD | +52,062 | +31.9% | 215,073 | $75,292,756 |
| 24 | CVS | CVS Health Corporation | ADD | +37,733 | +0.3% | 11,586,790 | $799,256,774 |
| 25 | ESS | Essex Property Trust, Inc. | ADD | +810 | +2.9% | 28,541 | $8,088,519 |
| 26 | BXP | BXP, Inc. | ADD | +6,190 | +3.0% | 209,630 | $14,143,736 |
| 27 | TFC | Truist Financial Corp. | REDUCE | -586 | -0.4% | 155,845 | $6,699,777 |
| 28 | CPT | Camden Property Trust | ADD | +2,140 | +2.8% | 78,650 | $8,863,069 |
| 29 | - | Exxon Mobil Corp. | NEW BUY | +2,066 | New | 2,066 | $222,715 |
| 30 | - | Apple Inc. | NEW BUY | +1,265 | New | 1,265 | $259,540 |
| 31 | ARE | Alexandria Real Estate Equities, Inc. | ADD | +4,870 | +3.2% | 156,187 | $11,343,862 |
| 32 | BAC | Bank of America Corp. | REDUCE | -2,751 | -0.2% | 1,153,397 | $54,578,746 |
| 33 | VICI | VICI Properties, Inc. | ADD | +26,300 | +18.3% | 169,740 | $5,533,524 |
| 34 | L | Loews Corp. | REDUCE | -1,723 | -0.3% | 597,343 | $54,752,459 |
| 35 | ORCL | Oracle Corporation | REDUCE | -4,806 | -3.5% | 131,574 | $28,766,024 |
| 36 | SHO | Sunstone Hotel Investors, Inc. | ADD | +363,750 | +45.9% | 1,155,480 | $10,029,566 |
| 37 | CHCT | Community Healthcare Trust, Inc. | ADD | +30,540 | +10.1% | 332,280 | $5,525,816 |
| 38 | O | Realty Income Corp. | NEW BUY | +48,870 | New | 48,870 | $2,815,401 |
| 39 | USB | U.S. Bancorp | ADD | +4,442,623 | +29.8% | 19,331,637 | $874,756,569 |
| 40 | SE | Sea Ltd., Class A, ADR | REDUCE | -66,323 | -12.9% | 448,305 | $71,701,902 |
| 41 | GOOGL | Alphabet Inc., Class A | REDUCE | -185,070 | -6.1% | 2,854,413 | $503,033,259 |
| 42 | REG | Regency Centers Corporation | ADD | +3,690 | +3.1% | 121,830 | $8,677,951 |
| 43 | VALE | Vale S.A., ADR | ADD | +215,001 | +7.9% | 2,948,514 | $28,630,071 |
| 44 | PSA | Public Storage, Inc. | REDUCE | -9,360 | -18.8% | 40,400 | $11,854,168 |
| 45 | BK | Bank of New York Mellon Corp. | REDUCE | -12,215 | -0.6% | 1,898,430 | $172,965,937 |
| 46 | DGX | Quest Diagnostics Inc. | REDUCE | -1,033,882 | -43.3% | 1,354,420 | $243,294,465 |
| 47 | SUI | Sun Communities, Inc. | ADD | +13,330 | +53.2% | 38,370 | $4,853,421 |
| 48 | COF | Capital One Financial Corp. | REDUCE | -43,711 | -0.5% | 8,955,742 | $1,905,423,658 |
| 49 | DEI | Douglas Emmett, Inc | ADD | +7,930 | +2.9% | 276,750 | $4,162,320 |
| 50 | - | Federal Realty Investment Trust | SOLD | -32,930 | Exit | - | - |
| 51 | YMM | Full Truck Alliance Co. Ltd. | ADD | +3,816,581 | +48.8% | 11,635,925 | $137,420,274 |
| 52 | TRNO | Terreno Realty Corp. | ADD | +3,370 | +3.3% | 104,197 | $5,842,326 |
| 53 | GOOG | Alphabet Inc., Class C | ADD | +3,693 | +0.6% | 650,390 | $115,372,682 |
| 54 | DAR | Darling Ingredients Inc. | REDUCE | -32,899 | -1.3% | 2,443,570 | $92,709,046 |
| 55 | RNR | RenaissanceRe Holdings Ltd | REDUCE | -734 | -0.5% | 143,067 | $34,750,974 |
| 56 | META | Meta Platforms, Inc., Class A | REDUCE | -102,436 | -4.6% | 2,107,814 | $1,555,756,802 |
| 57 | STT | State Street Corp. | REDUCE | -453 | -0.6% | 72,251 | $7,683,171 |
| 58 | NTB | Bank of N.T. Butterfield & Son Limited | REDUCE | -6,177 | -0.6% | 1,062,264 | $47,037,050 |
| 59 | NTST | NetSTREIT Corp. | ADD | +105,550 | +91.8% | 220,510 | $3,733,234 |
| 60 | AMH | American Homes 4 Rent - Class A | ADD | +7,240 | +3.0% | 250,360 | $9,030,485 |
| 61 | SCHW | Charles Schwab Corp. | REDUCE | -1,168 | -0.4% | 296,438 | $27,047,003 |
| 62 | COP | ConocoPhillips | ADD | +183,519 | +13.1% | 1,585,587 | $142,290,578 |
| 63 | EQIX | Equinix, Inc. | ADD | +290 | +1.9% | 15,663 | $12,459,447 |
| 64 | JPM | JPMorgan Chase & Co. | REDUCE | -3,810 | -0.6% | 636,042 | $184,394,966 |
| 65 | OC | Owens Corning | REDUCE | -18,149 | -1.0% | 1,769,093 | $243,285,670 |
| 66 | IVE | iShares S&P 500 Value Index Fund | REDUCE | -8,734 | -44.3% | 10,978 | $2,145,321 |
| 67 | TXN | Texas Instruments, Inc. | REDUCE | -50,828 | -2.1% | 2,380,207 | $494,178,489 |
| 68 | CI | Cigna Group | REDUCE | -777,362 | -54.2% | 655,889 | $216,823,786 |
| 69 | BRKA | Berkshire Hathaway Inc., Class A | REDUCE | -493 | -31.6% | 1,065 | $776,172,000 |
| 70 | JCI | Johnson Controls International plc | REDUCE | -158,841 | -39.3% | 245,323 | $25,911,015 |
| 71 | NVDA | NVIDIA Corp. | NEW BUY | +89,135 | New | 89,135 | $14,082,438 |
| 72 | DLR | Digital Realty Trust, Inc. | ADD | +1,330 | +2.0% | 68,460 | $11,934,632 |
| 73 | WCC | Wesco International, Inc. | ADD | +32,243 | +12.5% | 290,746 | $53,846,159 |
| 74 | VTRS | Viatris Inc. | ADD | +1,427,284 | +2.2% | 66,375,520 | $592,733,394 |
| 75 | NTES | NetEase Inc. - ADR | REDUCE | -2,767 | -0.5% | 593,347 | $79,852,639 |
| 76 | - | Clear Secure, Inc. | SOLD | -581,691 | Exit | - | - |
| 77 | IAC | IAC Inc. | REDUCE | -377,007 | -14.2% | 2,280,775 | $85,164,138 |
| 78 | ANGI | ANGI Inc., Class A | NEW BUY | +1,181,911 | New | 1,181,911 | $18,035,962 |
| 79 | - | Skechers U.S.A., Inc., Class A | SOLD | -6,000 | Exit | - | - |
| 80 | DOC | Healthpeak Properties, Inc. | ADD | +142,380 | +57.7% | 389,186 | $6,814,647 |
| 81 | EXR | Extra Space Storage, Inc. | REDUCE | -20 | -0.0% | 56,765 | $8,369,432 |
| 82 | WFC | Wells Fargo & Co. | REDUCE | -292,224 | -3.5% | 8,176,423 | $655,095,014 |
| 83 | QSR | Restaurant Brands International, Inc. | ADD | +47,204 | +1.4% | 3,419,715 | $226,692,908 |
| 84 | AMAT | Applied Materials, Inc. | REDUCE | -35,579 | -0.7% | 4,957,593 | $907,586,623 |
| 85 | UNH | UnitedHealth Group Inc. | ADD | +1,084,366 | +2234.9% | 1,132,885 | $353,426,134 |
| 86 | JD | JD.com Inc., Class A, ADR | REDUCE | -1,974 | -0.6% | 343,487 | $11,211,416 |
| 87 | MAA | Mid-America Apartment Communities, Inc. | ADD | +1,600 | +3.1% | 53,050 | $7,851,931 |
| 88 | VTR | Ventas, Inc. | REDUCE | -46,840 | -18.7% | 203,350 | $12,841,553 |
| 89 | - | Hudson Pacific Properties Inc. | REDUCE | -990 | -0.0% | 2,295,973 | $6,290,966 |
| 90 | MTB | M & T Bank Corp | REDUCE | -237 | -0.5% | 50,948 | $9,883,403 |
| 91 | TCOM | Trip.com Group Ltd., ADR | ADD | +86,471 | +1.8% | 4,949,468 | $290,236,804 |
| 92 | CB | Chubb Ltd. | REDUCE | -14,566 | -1.3% | 1,071,823 | $310,528,656 |
| 93 | EG | Everest Group, Ltd. | REDUCE | -162 | -0.4% | 39,500 | $13,424,075 |
| 94 | MGM | MGM Resorts International | ADD | +3,006,052 | +14.4% | 23,821,109 | $819,207,939 |
| 95 | TSN | Tyson Foods Inc | ADD | +4,276,884 | +91.4% | 8,956,466 | $501,024,708 |
| 96 | CCI | Crown Castle, Inc. | ADD | +1,300 | +3.2% | 42,300 | $4,345,479 |
| 97 | BEKE | KE Holdings Inc., Class A, ADR | REDUCE | -7,716 | -0.4% | 1,852,812 | $32,868,885 |
| 98 | SOLV | Solventum Corp. | ADD | +204,523 | +3.9% | 5,492,661 | $416,563,410 |
| 99 | FITB | Fifth Third Bancorp | ADD | +51,737 | +2.1% | 2,512,856 | $103,353,767 |
| 100 | PLD | Prologis, Inc. | REDUCE | -42,530 | -24.8% | 129,226 | $13,584,237 |
| 101 | CUZ | Cousins Properties, Inc. | ADD | +13,300 | +3.0% | 460,235 | $13,820,857 |
| 102 | NOAH | Noah Holdings Ltd., Class A, ADS | REDUCE | -633,232 | -38.3% | 1,021,585 | $12,197,725 |
| 103 | AXP | American Express Co. | REDUCE | -935 | -0.3% | 270,500 | $86,284,092 |
| 104 | RKT | Rocket Companies, Inc., Class A | REDUCE | -6,611 | -0.2% | 3,132,678 | $44,421,374 |
| 105 | EQR | Equity Residential | ADD | +1,870 | +1.9% | 101,725 | $6,865,420 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | AVB | AvalonBay Communities, Inc. | ADD | +430 | +0.8% | 56,650 | $12,158,223 |
| 2 | - | Highwoods Properties Inc. | REDUCE | -870 | -0.7% | 129,180 | $3,828,895 |
| 3 | EGP | Eastgroup Properties, Inc. | ADD | +310 | +0.7% | 44,750 | $7,882,713 |
| 4 | - | Intel Corp. | REDUCE | -2,556,933 | -99.6% | 10,683 | $242,609 |
| 5 | - | Humana Inc. | ADD | +74,434 | +3.3% | 2,331,343 | $616,873,358 |
| 6 | MKL | Markel Group, Inc | ADD | +947 | +0.3% | 371,469 | $694,502,157 |
| 7 | PNC | PNC Financial Services Group, Inc. | REDUCE | -5,821 | -1.2% | 495,808 | $87,148,172 |
| 8 | UDR | UDR, Inc. | REDUCE | -37,300 | -19.0% | 158,610 | $7,164,414 |
| 9 | BRX | Brixmor Property Group, Inc. | REDUCE | -6,910 | -1.4% | 484,360 | $12,859,758 |
| 10 | SAP | SAP SE - ADR | REDUCE | -21,361 | -21.9% | 76,126 | $20,435,263 |
| 11 | AMT | American Tower Corp | REDUCE | -590 | -0.7% | 88,940 | $19,353,344 |
| 12 | BRKB | Berkshire Hathaway Inc., Class B | REDUCE | -39,060 | -5.4% | 678,453 | $361,330,499 |
| 13 | AG | AGCO Corporation | ADD | +35,909 | +1.8% | 2,027,266 | $187,664,014 |
| 14 | AMZN | Amazon.com, Inc. | REDUCE | -287,628 | -7.6% | 3,519,954 | $669,706,448 |
| 15 | REXR | Rexford Industrial Realty, Inc. | ADD | +24,030 | +7.1% | 363,620 | $14,235,723 |
| 16 | SPG | Simon Property Group, Inc. | REDUCE | -12,687 | -15.7% | 68,033 | $11,298,921 |
| 17 | - | Coupang, Inc., Class A | REDUCE | -30,895 | -0.5% | 5,880,990 | $128,970,111 |
| 18 | TCKBF | Teck Resources Ltd., Class B | REDUCE | -108,192 | -1.0% | 11,190,628 | $407,674,578 |
| 19 | MSFT | Microsoft Corp. | ADD | +1,532 | +0.6% | 256,523 | $96,296,169 |
| 20 | APP | AppLovin Corp., Class A | NEW BUY | +163,011 | New | 163,011 | $43,193,025 |
| 21 | CVS | CVS Health Corporation | ADD | +163,107 | +1.4% | 11,549,057 | $782,448,612 |
| 22 | ESS | Essex Property Trust, Inc. | REDUCE | -5,510 | -16.6% | 27,731 | $8,501,493 |
| 23 | BXP | BXP, Inc. | ADD | +50,640 | +33.1% | 203,440 | $13,669,134 |
| 24 | TFC | Truist Financial Corp. | ADD | +11,052 | +7.6% | 156,431 | $6,437,136 |
| 25 | CPT | Camden Property Trust | ADD | +7,130 | +10.3% | 76,510 | $9,357,173 |
| 26 | ARE | Alexandria Real Estate Equities, Inc. | ADD | +1,120 | +0.7% | 151,317 | $13,998,336 |
| 27 | BAC | Bank of America Corp. | REDUCE | -14,287 | -1.2% | 1,156,148 | $48,246,056 |
| 28 | VICI | VICI Properties, Inc. | REDUCE | -1,860 | -1.3% | 143,440 | $4,679,013 |
| 29 | L | Loews Corp. | REDUCE | -7,131 | -1.2% | 599,066 | $55,060,156 |
| 30 | ORCL | Oracle Corporation | REDUCE | -830 | -0.6% | 136,380 | $19,067,288 |
| 31 | - | Welltower, Inc. | SOLD | -29,550 | Exit | - | - |
| 32 | SHO | Sunstone Hotel Investors, Inc. | REDUCE | -10,890 | -1.4% | 791,730 | $7,450,179 |
| 33 | CHCT | Community Healthcare Trust, Inc. | ADD | +86,110 | +39.9% | 301,740 | $5,479,598 |
| 34 | USB | U.S. Bancorp | ADD | +513,875 | +3.6% | 14,889,014 | $628,614,167 |
| 35 | SE | Sea Ltd., Class A, ADR | REDUCE | -123,386 | -19.3% | 514,628 | $67,153,808 |
| 36 | GOOGL | Alphabet Inc., Class A | ADD | +23,779 | +0.8% | 3,039,483 | $470,025,669 |
| 37 | REG | Regency Centers Corporation | REDUCE | -690 | -0.6% | 118,140 | $8,714,006 |
| 38 | VALE | Vale S.A., ADR | NEW BUY | +2,733,513 | New | 2,733,513 | $27,280,459 |
| 39 | PSA | Public Storage, Inc. | REDUCE | -330 | -0.7% | 49,760 | $14,892,670 |
| 40 | BK | Bank of New York Mellon Corp. | REDUCE | -226,329 | -10.6% | 1,910,645 | $160,245,770 |
| 41 | DGX | Quest Diagnostics Inc. | REDUCE | -8,958 | -0.4% | 2,388,302 | $404,100,698 |
| 42 | SUI | Sun Communities, Inc. | NEW BUY | +25,040 | New | 25,040 | $3,221,146 |
| 43 | COF | Capital One Financial Corp. | REDUCE | -249,592 | -2.7% | 8,999,453 | $1,613,602,008 |
| 44 | DEI | Douglas Emmett, Inc | ADD | +144,130 | +115.6% | 268,820 | $4,301,120 |
| 45 | - | Federal Realty Investment Trust | REDUCE | -27,140 | -45.2% | 32,930 | $3,221,213 |
| 46 | YMM | Full Truck Alliance Co. Ltd. | ADD | +2,418,953 | +44.8% | 7,819,344 | $99,853,023 |
| 47 | TRNO | Terreno Realty Corp. | REDUCE | -650 | -0.6% | 100,827 | $6,374,283 |
| 48 | GOOG | Alphabet Inc., Class C | REDUCE | -259 | -0.0% | 646,697 | $101,033,472 |
| 49 | DAR | Darling Ingredients Inc. | ADD | +98,221 | +4.1% | 2,476,469 | $77,364,891 |
| 50 | RNR | RenaissanceRe Holdings Ltd | ADD | +1,488 | +1.0% | 143,801 | $34,512,240 |
| 51 | META | Meta Platforms, Inc., Class A | REDUCE | -282,347 | -11.3% | 2,210,250 | $1,273,899,708 |
| 52 | STT | State Street Corp. | ADD | +9,593 | +15.2% | 72,704 | $6,509,189 |
| 53 | NTB | Bank of N.T. Butterfield & Son Limited | REDUCE | -7,983 | -0.7% | 1,068,441 | $41,583,724 |
| 54 | NTST | NetSTREIT Corp. | NEW BUY | +114,960 | New | 114,960 | $1,822,116 |
| 55 | AMH | American Homes 4 Rent - Class A | ADD | +26,450 | +12.2% | 243,120 | $9,192,367 |
| 56 | SCHW | Charles Schwab Corp. | REDUCE | -2,450 | -0.8% | 297,606 | $23,296,598 |
| 57 | DUSA | Davis Select U.S. Equity ETF | REDUCE | -3,559 | -0.1% | 3,383,338 | $143,182,860 |
| 58 | COP | ConocoPhillips | ADD | +31,295 | +2.3% | 1,402,068 | $147,245,181 |
| 59 | EQIX | Equinix, Inc. | REDUCE | -3,825 | -19.9% | 15,373 | $12,534,376 |
| 60 | JPM | JPMorgan Chase & Co. | REDUCE | -17,871 | -2.7% | 639,852 | $156,955,598 |
| 61 | OC | Owens Corning | REDUCE | -24,021 | -1.3% | 1,787,242 | $255,253,902 |
| 62 | IVE | iShares S&P 500 Value Index Fund | REDUCE | -177,463 | -90.0% | 19,712 | $3,756,713 |
| 63 | TXN | Texas Instruments, Inc. | ADD | +80,945 | +3.4% | 2,431,035 | $436,857,041 |
| 64 | CI | Cigna Group | ADD | +1,455 | +0.1% | 1,433,251 | $471,539,579 |
| 65 | BRKA | Berkshire Hathaway Inc., Class A | REDUCE | -24 | -1.5% | 1,558 | $1,243,972,013 |
| 66 | DWLD | Davis Select Worldwide ETF | REDUCE | -1,693 | -0.1% | 1,916,287 | $72,224,959 |
| 67 | JCI | Johnson Controls International plc | ADD | +630 | +0.2% | 404,164 | $32,377,578 |
| 68 | DLR | Digital Realty Trust, Inc. | REDUCE | -23,515 | -25.9% | 67,130 | $9,619,058 |
| 69 | WCC | Wesco International, Inc. | ADD | +1,516 | +0.6% | 258,503 | $40,145,516 |
| 70 | VTRS | Viatris Inc. | ADD | +2,374,674 | +3.8% | 64,948,236 | $565,699,135 |
| 71 | NTES | NetEase Inc. - ADR | REDUCE | -1,206 | -0.2% | 596,114 | $61,352,053 |
| 72 | - | Clear Secure, Inc. | ADD | +2,005 | +0.3% | 581,691 | $15,071,614 |
| 73 | IAC | IAC Inc. | ADD | +22,158 | +0.8% | 2,657,782 | $122,098,505 |
| 74 | DOC | Healthpeak Properties, Inc. | REDUCE | -1,560 | -0.6% | 246,806 | $4,990,417 |
| 75 | EXR | Extra Space Storage, Inc. | REDUCE | -4,300 | -7.0% | 56,785 | $8,432,005 |
| 76 | WFC | Wells Fargo & Co. | REDUCE | -166,404 | -1.9% | 8,468,647 | $607,964,158 |
| 77 | QSR | Restaurant Brands International, Inc. | NEW BUY | +3,372,511 | New | 3,372,511 | $224,744,133 |
| 78 | AMAT | Applied Materials, Inc. | ADD | +280,955 | +6.0% | 4,993,172 | $724,609,092 |
| 79 | UNH | UnitedHealth Group Inc. | REDUCE | -2,596 | -5.1% | 48,519 | $25,411,827 |
| 80 | JD | JD.com Inc., Class A, ADR | REDUCE | -10,372 | -2.9% | 345,461 | $14,205,356 |
| 81 | MAA | Mid-America Apartment Communities, Inc. | ADD | +15,790 | +44.3% | 51,450 | $8,621,991 |
| 82 | VTR | Ventas, Inc. | REDUCE | -1,560 | -0.6% | 250,190 | $17,203,064 |
| 83 | DINT | Davis Select International ETF | ADD | +20,866 | +0.5% | 3,890,080 | $89,899,759 |
| 84 | - | Hudson Pacific Properties Inc. | ADD | +16,000 | +0.7% | 2,296,963 | $6,776,041 |
| 85 | MTB | M & T Bank Corp | ADD | +1,507 | +3.0% | 51,185 | $9,149,319 |
| 86 | TCOM | Trip.com Group Ltd., ADR | ADD | +1,115,836 | +29.8% | 4,862,997 | $309,189,350 |
| 87 | CB | Chubb Ltd. | REDUCE | -8,613 | -0.8% | 1,086,389 | $328,078,675 |
| 88 | EG | Everest Group, Ltd. | ADD | +450 | +1.1% | 39,662 | $14,410,394 |
| 89 | MGM | MGM Resorts International | ADD | +894,344 | +4.5% | 20,815,057 | $616,958,290 |
| 90 | TSN | Tyson Foods Inc | ADD | +1,598,896 | +51.9% | 4,679,582 | $298,604,128 |
| 91 | CCI | Crown Castle, Inc. | REDUCE | -260 | -0.6% | 41,000 | $4,273,430 |
| 92 | BEKE | KE Holdings Inc., Class A, ADR | REDUCE | -1,787,344 | -49.0% | 1,860,528 | $37,378,008 |
| 93 | SOLV | Solventum Corp. | ADD | +41,524 | +0.8% | 5,288,138 | $402,110,014 |
| 94 | FITB | Fifth Third Bancorp | ADD | +16,943 | +0.7% | 2,461,119 | $96,475,865 |
| 95 | PLD | Prologis, Inc. | REDUCE | -7,340 | -4.1% | 171,756 | $19,200,603 |
| 96 | CUZ | Cousins Properties, Inc. | REDUCE | -57,280 | -11.4% | 446,935 | $13,184,583 |
| 97 | DFNL | Davis Select Financial ETF | ADD | +595 | +0.0% | 2,129,860 | $83,660,911 |
| 98 | NOAH | Noah Holdings Ltd., Class A, ADS | REDUCE | -10,879 | -0.7% | 1,654,817 | $15,638,021 |
| 99 | AXP | American Express Co. | REDUCE | -3,055 | -1.1% | 271,435 | $73,029,574 |
| 100 | RKT | Rocket Companies, Inc., Class A | REDUCE | -31,650 | -1.0% | 3,139,289 | $37,891,218 |
| 101 | EQR | Equity Residential | REDUCE | -600 | -0.6% | 99,855 | $7,147,621 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | AVB | AvalonBay Communities, Inc. | REDUCE | -390 | -0.7% | 56,220 | $12,366,713 |
| 2 | - | Highwoods Properties Inc. | REDUCE | -27,050 | -17.2% | 130,050 | $3,976,929 |
| 3 | EGP | Eastgroup Properties, Inc. | ADD | +4,780 | +12.1% | 44,440 | $7,132,176 |
| 4 | - | Intel Corp. | REDUCE | -10,056,313 | -79.7% | 2,567,616 | $51,480,699 |
| 5 | - | Humana Inc. | REDUCE | -52,648 | -2.3% | 2,256,909 | $572,600,383 |
| 6 | MKL | Markel Group, Inc | ADD | +80,922 | +27.9% | 370,522 | $639,606,192 |
| 7 | PNC | PNC Financial Services Group, Inc. | REDUCE | -107 | -0.0% | 501,629 | $96,739,153 |
| 8 | UDR | UDR, Inc. | REDUCE | -1,410 | -0.7% | 195,910 | $8,504,453 |
| 9 | BRX | Brixmor Property Group, Inc. | REDUCE | -3,220 | -0.7% | 491,270 | $13,676,957 |
| 10 | SAP | SAP SE - ADR | REDUCE | -1,868 | -1.9% | 97,487 | $24,002,274 |
| 11 | AMT | American Tower Corp | ADD | +13,590 | +17.9% | 89,530 | $16,420,697 |
| 12 | BRKB | Berkshire Hathaway Inc., Class B | REDUCE | -29,452 | -3.9% | 717,513 | $325,234,293 |
| 13 | AG | AGCO Corporation | REDUCE | -50,624 | -2.5% | 1,991,357 | $186,152,052 |
| 14 | AMZN | Amazon.com, Inc. | REDUCE | -254,833 | -6.3% | 3,807,582 | $835,345,415 |
| 15 | REXR | Rexford Industrial Realty, Inc. | ADD | +130,340 | +62.3% | 339,590 | $13,128,549 |
| 16 | SPG | Simon Property Group, Inc. | REDUCE | -2,860 | -3.4% | 80,720 | $13,900,791 |
| 17 | - | Coupang, Inc., Class A | REDUCE | -28,793 | -0.5% | 5,911,885 | $129,943,232 |
| 18 | TCKBF | Teck Resources Ltd., Class B | REDUCE | -92,091 | -0.8% | 11,298,820 | $457,941,175 |
| 19 | MSFT | Microsoft Corp. | REDUCE | -3,149 | -1.2% | 254,991 | $107,478,707 |
| 20 | CVS | CVS Health Corporation | ADD | +11,018,438 | +2998.1% | 11,385,950 | $511,115,296 |
| 21 | ESS | Essex Property Trust, Inc. | REDUCE | -210 | -0.6% | 33,241 | $9,488,311 |
| 22 | TFC | Truist Financial Corp. | ADD | +8,141 | +5.9% | 145,379 | $6,306,541 |
| 23 | CPT | Camden Property Trust | REDUCE | -440 | -0.6% | 69,380 | $8,050,855 |
| 24 | ARE | Alexandria Real Estate Equities, Inc. | ADD | +8,140 | +5.7% | 150,197 | $14,651,717 |
| 25 | BAC | Bank of America Corp. | ADD | +748 | +0.1% | 1,170,435 | $51,440,618 |
| 26 | VICI | VICI Properties, Inc. | REDUCE | -890 | -0.6% | 145,300 | $4,244,213 |
| 27 | L | Loews Corp. | ADD | +954 | +0.2% | 606,197 | $51,338,824 |
| 28 | ORCL | Oracle Corporation | REDUCE | -1,058 | -0.8% | 137,210 | $22,864,675 |
| 29 | - | Alibaba Group Holding Ltd., ADR | SOLD | -127,784 | Exit | - | - |
| 30 | - | Welltower, Inc. | REDUCE | -190 | -0.6% | 29,550 | $3,724,187 |
| 31 | SHO | Sunstone Hotel Investors, Inc. | REDUCE | -5,250 | -0.6% | 802,620 | $9,503,021 |
| 32 | - | Lam Research Corp. | SOLD | -1,228 | Exit | - | - |
| 33 | LRCX | Lam Research Corp. | NEW BUY | +12,280 | New | 12,280 | $886,984 |
| 34 | USB | U.S. Bancorp | REDUCE | -17,854 | -0.1% | 14,375,139 | $687,562,915 |
| 35 | SE | Sea Ltd., Class A, ADR | REDUCE | -11,014 | -1.7% | 638,014 | $67,693,286 |
| 36 | GOOGL | Alphabet Inc., Class A | REDUCE | -46,903 | -1.5% | 3,015,704 | $570,872,789 |
| 37 | REG | Regency Centers Corporation | REDUCE | -830 | -0.7% | 118,830 | $8,785,102 |
| 38 | PSA | Public Storage, Inc. | REDUCE | -4,430 | -8.1% | 50,090 | $14,998,950 |
| 39 | BK | Bank of New York Mellon Corp. | REDUCE | -3,230,001 | -60.2% | 2,136,974 | $164,183,732 |
| 40 | DGX | Quest Diagnostics Inc. | REDUCE | -1,843 | -0.1% | 2,397,260 | $361,650,643 |
| 41 | SUI | Sun Communities, Inc. | SOLD | -26,100 | Exit | - | - |
| 42 | COF | Capital One Financial Corp. | REDUCE | -379,355 | -3.9% | 9,249,045 | $1,649,289,777 |
| 43 | - | Federal Realty Investment Trust | REDUCE | -450 | -0.7% | 60,070 | $6,724,837 |
| 44 | YMM | Full Truck Alliance Co. Ltd. | NEW BUY | +5,400,391 | New | 5,400,391 | $58,432,230 |
| 45 | TRNO | Terreno Realty Corp. | REDUCE | -760 | -0.7% | 101,477 | $6,001,350 |
| 46 | GOOG | Alphabet Inc., Class C | REDUCE | -18,720 | -2.8% | 646,956 | $123,206,301 |
| 47 | - | Retail Opportunity Investments Corp. | SOLD | -265,055 | Exit | - | - |
| 48 | DAR | Darling Ingredients Inc. | REDUCE | -453,323 | -16.0% | 2,378,248 | $80,123,175 |
| 49 | RNR | RenaissanceRe Holdings Ltd | ADD | +1,099 | +0.8% | 142,313 | $35,408,898 |
| 50 | META | Meta Platforms, Inc., Class A | REDUCE | -222,289 | -8.2% | 2,492,597 | $1,459,440,487 |
| 51 | STT | State Street Corp. | ADD | +2,302 | +3.8% | 63,111 | $6,194,345 |
| 52 | NTB | Bank of N.T. Butterfield & Son Limited | ADD | +5,712 | +0.5% | 1,076,424 | $39,343,297 |
| 53 | AMH | American Homes 4 Rent - Class A | REDUCE | -1,420 | -0.7% | 216,670 | $8,107,791 |
| 54 | SCHW | Charles Schwab Corp. | ADD | +351 | +0.1% | 300,056 | $22,207,145 |
| 55 | DUSA | Davis Select U.S. Equity ETF | ADD | +1,108 | +0.0% | 3,386,897 | $142,622,229 |
| 56 | COP | ConocoPhillips | REDUCE | -36,789 | -2.6% | 1,370,773 | $135,939,559 |
| 57 | EQIX | Equinix, Inc. | REDUCE | -130 | -0.7% | 19,198 | $18,101,602 |
| 58 | JPM | JPMorgan Chase & Co. | REDUCE | -741,805 | -53.0% | 657,723 | $157,662,764 |
| 59 | OC | Owens Corning | REDUCE | -342,032 | -15.9% | 1,811,263 | $308,494,314 |
| 60 | IVE | iShares S&P 500 Value Index Fund | ADD | +184,477 | +1452.8% | 197,175 | $37,636,764 |
| 61 | TXN | Texas Instruments, Inc. | REDUCE | -10,872 | -0.5% | 2,350,090 | $440,665,311 |
| 62 | CI | Cigna Group | REDUCE | -8,075 | -0.6% | 1,431,796 | $395,376,148 |
| 63 | BRKA | Berkshire Hathaway Inc., Class A | REDUCE | -35 | -2.2% | 1,582 | $1,077,215,440 |
| 64 | DWLD | Davis Select Worldwide ETF | ADD | +1,868 | +0.1% | 1,917,980 | $69,641,862 |
| 65 | JCI | Johnson Controls International plc | REDUCE | -60,135 | -13.0% | 403,534 | $31,850,939 |
| 66 | DLR | Digital Realty Trust, Inc. | REDUCE | -10,530 | -10.4% | 90,645 | $16,074,078 |
| 67 | WCC | Wesco International, Inc. | ADD | +967 | +0.4% | 256,987 | $46,504,368 |
| 68 | VTRS | Viatris Inc. | REDUCE | -73,704 | -0.1% | 62,573,562 | $779,040,847 |
| 69 | NTES | NetEase Inc. - ADR | NEW BUY | +597,320 | New | 597,320 | $53,286,918 |
| 70 | - | Clear Secure, Inc. | REDUCE | -12,901 | -2.2% | 579,686 | $15,442,835 |
| 71 | IAC | IAC Inc. | REDUCE | -66,518 | -2.5% | 2,635,624 | $113,700,820 |
| 72 | DOC | Healthpeak Properties, Inc. | REDUCE | -1,800 | -0.7% | 248,366 | $5,034,379 |
| 73 | EXR | Extra Space Storage, Inc. | REDUCE | -410 | -0.7% | 61,085 | $9,138,316 |
| 74 | WFC | Wells Fargo & Co. | REDUCE | -5,628,176 | -39.5% | 8,635,051 | $606,525,961 |
| 75 | AMAT | Applied Materials, Inc. | ADD | +599,450 | +14.6% | 4,712,217 | $766,347,819 |
| 76 | UNH | UnitedHealth Group Inc. | REDUCE | -17 | -0.0% | 51,115 | $25,857,034 |
| 77 | JD | JD.com Inc., Class A, ADR | REDUCE | -511,808 | -59.0% | 355,833 | $12,336,730 |
| 78 | VTR | Ventas, Inc. | REDUCE | -29,480 | -10.5% | 251,750 | $14,825,558 |
| 79 | DINT | Davis Select International ETF | ADD | +2,786 | +0.1% | 3,869,214 | $84,503,644 |
| 80 | - | Hudson Pacific Properties Inc. | ADD | +1,067,940 | +88.0% | 2,280,963 | $6,911,318 |
| 81 | MTB | M & T Bank Corp | ADD | +1,113 | +2.3% | 49,678 | $9,339,961 |
| 82 | TCOM | Trip.com Group Ltd., ADR | ADD | +339 | +0.0% | 3,747,161 | $257,280,075 |
| 83 | - | Liberty Formula One, Series A | SOLD | -9,590 | Exit | - | - |
| 84 | CB | Chubb Ltd. | REDUCE | -83,334 | -7.1% | 1,095,002 | $302,548,928 |
| 85 | EG | Everest Group, Ltd. | ADD | +329 | +0.8% | 39,212 | $14,212,782 |
| 86 | MGM | MGM Resorts International | ADD | +882,417 | +4.6% | 19,920,713 | $690,252,706 |
| 87 | TSN | Tyson Foods Inc | REDUCE | -30,891 | -1.0% | 3,080,686 | $176,954,604 |
| 88 | CCI | Crown Castle, Inc. | REDUCE | -290 | -0.7% | 41,260 | $3,744,758 |
| 89 | BEKE | KE Holdings Inc., Class A, ADR | REDUCE | -2,232,656 | -38.0% | 3,647,872 | $67,193,802 |
| 90 | SOLV | Solventum Corp. | REDUCE | -24,899 | -0.5% | 5,246,614 | $346,591,321 |
| 91 | FITB | Fifth Third Bancorp | ADD | +8,640 | +0.4% | 2,444,176 | $103,339,761 |
| 92 | PLD | Prologis, Inc. | REDUCE | -67,750 | -27.4% | 179,096 | $18,930,447 |
| 93 | CUZ | Cousins Properties, Inc. | REDUCE | -115,800 | -18.7% | 504,215 | $15,449,148 |
| 94 | DFNL | Davis Select Financial ETF | ADD | +780 | +0.0% | 2,129,265 | $81,103,714 |
| 95 | NOAH | Noah Holdings Ltd., Class A, ADS | REDUCE | -553 | -0.0% | 1,665,696 | $19,505,301 |
| 96 | AXP | American Express Co. | REDUCE | -13,058 | -4.5% | 274,490 | $81,465,934 |
| 97 | RKT | Rocket Companies, Inc., Class A | ADD | +7,180 | +0.2% | 3,170,939 | $35,704,773 |
| 98 | EQR | Equity Residential | REDUCE | -650 | -0.6% | 100,455 | $7,208,651 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | AVB | AvalonBay Communities, Inc. | REDUCE | -1,160 | -2.0% | 56,610 | $12,751,403 |
| 2 | - | Highwoods Properties Inc. | REDUCE | -3,430 | -2.1% | 157,100 | $5,264,421 |
| 3 | EGP | Eastgroup Properties, Inc. | NEW BUY | +39,660 | New | 39,660 | $7,409,281 |
| 4 | - | Intel Corp. | REDUCE | -18,387 | -0.1% | 12,623,929 | $296,157,372 |
| 5 | - | Humana Inc. | REDUCE | -1,805 | -0.1% | 2,309,557 | $731,529,084 |
| 6 | MKL | Markel Group, Inc | ADD | +2,539 | +0.9% | 289,600 | $454,260,768 |
| 7 | PNC | PNC Financial Services Group, Inc. | REDUCE | -8,624 | -1.7% | 501,736 | $92,745,900 |
| 8 | UDR | UDR, Inc. | REDUCE | -4,170 | -2.1% | 197,320 | $8,946,489 |
| 9 | BRX | Brixmor Property Group, Inc. | REDUCE | -9,490 | -1.9% | 494,490 | $13,776,491 |
| 10 | SAP | SAP SE - ADR | ADD | +548 | +0.6% | 99,355 | $22,762,231 |
| 11 | AMT | American Tower Corp | REDUCE | -130 | -0.2% | 75,940 | $17,660,606 |
| 12 | BRKB | Berkshire Hathaway Inc., Class B | REDUCE | -63,198 | -7.8% | 746,965 | $343,798,111 |
| 13 | AG | AGCO Corporation | ADD | +684,348 | +50.4% | 2,041,981 | $199,828,261 |
| 14 | AMZN | Amazon.com, Inc. | REDUCE | -1,657,929 | -29.0% | 4,062,415 | $756,949,787 |
| 15 | REXR | Rexford Industrial Realty, Inc. | REDUCE | -360 | -0.2% | 209,250 | $10,527,368 |
| 16 | SPG | Simon Property Group, Inc. | REDUCE | -1,560 | -1.8% | 83,580 | $14,126,692 |
| 17 | - | Coupang, Inc., Class A | REDUCE | -34,164 | -0.6% | 5,940,678 | $145,843,645 |
| 18 | TCKBF | Teck Resources Ltd., Class B | REDUCE | -139,749 | -1.2% | 11,390,911 | $595,061,191 |
| 19 | MSFT | Microsoft Corp. | ADD | +18 | +0.0% | 258,140 | $111,077,642 |
| 20 | CVS | CVS Health Corporation | ADD | +2,730 | +0.7% | 367,512 | $23,109,155 |
| 21 | ESS | Essex Property Trust, Inc. | REDUCE | -12,820 | -27.7% | 33,451 | $9,882,094 |
| 22 | BXP | BXP, Inc. | REDUCE | -1,930 | -1.2% | 152,800 | $12,294,288 |
| 23 | TFC | Truist Financial Corp. | ADD | +2,326 | +1.7% | 137,238 | $5,869,669 |
| 24 | CPT | Camden Property Trust | REDUCE | -610 | -0.9% | 69,820 | $8,624,865 |
| 25 | ARE | Alexandria Real Estate Equities, Inc. | ADD | +470 | +0.3% | 142,057 | $16,869,269 |
| 26 | BAC | Bank of America Corp. | REDUCE | -21,182 | -1.8% | 1,169,687 | $46,413,180 |
| 27 | - | Alibaba Group Holding Ltd., ADR | REDUCE | -42,124 | -24.8% | 127,784 | $13,560,438 |
| 28 | L | Loews Corp. | REDUCE | -21,616 | -3.4% | 605,243 | $47,844,459 |
| 29 | ORCL | Oracle Corporation | ADD | +136 | +0.1% | 138,268 | $23,560,867 |
| 30 | VICI | VICI Properties, Inc. | REDUCE | -1,150 | -0.8% | 146,190 | $4,869,589 |
| 31 | - | Welltower, Inc. | REDUCE | -66,760 | -69.2% | 29,740 | $3,807,612 |
| 32 | SHO | Sunstone Hotel Investors, Inc. | REDUCE | -7,620 | -0.9% | 807,870 | $8,337,218 |
| 33 | CHCT | Community Healthcare Trust, Inc. | REDUCE | -4,360 | -2.0% | 215,630 | $3,913,685 |
| 34 | USB | U.S. Bancorp | ADD | +164,549 | +1.2% | 14,392,993 | $658,191,569 |
| 35 | SE | Sea Ltd., Class A, ADR | REDUCE | -3,288 | -0.5% | 649,028 | $61,190,360 |
| 36 | GOOGL | Alphabet Inc., Class A | REDUCE | -11,818 | -0.4% | 3,062,607 | $507,933,399 |
| 37 | REG | Regency Centers Corporation | REDUCE | -1,540 | -1.3% | 119,660 | $8,643,042 |
| 38 | PSA | Public Storage, Inc. | REDUCE | -1,100 | -2.0% | 54,520 | $19,838,192 |
| 39 | BK | Bank of New York Mellon Corp. | REDUCE | -2,083,933 | -28.0% | 5,366,975 | $385,670,854 |
| 40 | DGX | Quest Diagnostics Inc. | ADD | +8,275 | +0.3% | 2,399,103 | $372,460,741 |
| 41 | SUI | Sun Communities, Inc. | REDUCE | -570 | -2.1% | 26,100 | $3,527,415 |
| 42 | COF | Capital One Financial Corp. | REDUCE | -7,096 | -0.1% | 9,628,400 | $1,441,660,396 |
| 43 | DEI | Douglas Emmett, Inc | REDUCE | -2,490 | -2.0% | 124,690 | $2,190,803 |
| 44 | - | Federal Realty Investment Trust | REDUCE | -800 | -1.3% | 60,520 | $6,957,984 |
| 45 | TRNO | Terreno Realty Corp. | REDUCE | -56,230 | -35.5% | 102,237 | $6,832,499 |
| 46 | - | Retail Opportunity Investments Corp. | REDUCE | -234,400 | -46.9% | 265,055 | $4,169,315 |
| 47 | GOOG | Alphabet Inc., Class C | REDUCE | -9,771 | -1.4% | 665,676 | $111,294,370 |
| 48 | DAR | Darling Ingredients Inc. | REDUCE | -6,147 | -0.2% | 2,831,571 | $105,221,179 |
| 49 | RNR | RenaissanceRe Holdings Ltd | NEW BUY | +141,214 | New | 141,214 | $38,466,694 |
| 50 | META | Meta Platforms, Inc., Class A | REDUCE | -344,631 | -11.3% | 2,714,886 | $1,554,109,096 |
| 51 | STT | State Street Corp. | ADD | +5,892 | +10.7% | 60,809 | $5,379,772 |
| 52 | NTB | Bank of N.T. Butterfield & Son Limited | REDUCE | -9,628 | -0.9% | 1,070,712 | $39,487,859 |
| 53 | AMH | American Homes 4 Rent - Class A | REDUCE | -4,180 | -1.9% | 218,090 | $8,372,475 |
| 54 | SCHW | Charles Schwab Corp. | REDUCE | -5,084 | -1.7% | 299,705 | $19,423,881 |
| 55 | COP | ConocoPhillips | ADD | +1,027,591 | +270.4% | 1,407,562 | $148,188,127 |
| 56 | EQIX | Equinix, Inc. | ADD | +2,070 | +12.0% | 19,328 | $17,156,113 |
| 57 | JPM | JPMorgan Chase & Co. | REDUCE | -449,825 | -24.3% | 1,399,528 | $295,104,487 |
| 58 | OC | Owens Corning | REDUCE | -122,434 | -5.4% | 2,153,295 | $380,099,633 |
| 59 | IVE | iShares S&P 500 Value Index Fund | REDUCE | -10,983 | -46.4% | 12,698 | $2,503,665 |
| 60 | TXN | Texas Instruments, Inc. | REDUCE | -332 | -0.0% | 2,360,962 | $487,703,837 |
| 61 | CI | Cigna Group | REDUCE | -6,258 | -0.4% | 1,439,871 | $498,828,910 |
| 62 | BRKA | Berkshire Hathaway Inc., Class A | REDUCE | -214 | -11.7% | 1,617 | $1,117,638,060 |
| 63 | JCI | Johnson Controls International plc | ADD | +24,027 | +5.5% | 463,669 | $35,985,351 |
| 64 | DLR | Digital Realty Trust, Inc. | REDUCE | -730 | -0.7% | 101,175 | $16,373,150 |
| 65 | WCC | Wesco International, Inc. | ADD | +62,374 | +32.2% | 256,020 | $43,006,240 |
| 66 | VTRS | Viatris Inc. | ADD | +5,111,313 | +8.9% | 62,647,266 | $727,334,758 |
| 67 | - | Clear Secure, Inc. | ADD | +2,823 | +0.5% | 592,587 | $19,638,333 |
| 68 | IAC | IAC Inc. | REDUCE | -2,065 | -0.1% | 2,702,142 | $145,429,283 |
| 69 | - | Skechers U.S.A., Inc., Class A | REDUCE | -1,490 | -19.9% | 6,000 | $401,520 |
| 70 | DOC | Healthpeak Properties, Inc. | REDUCE | -5,310 | -2.1% | 250,166 | $5,721,296 |
| 71 | EXR | Extra Space Storage, Inc. | REDUCE | -100 | -0.2% | 61,495 | $11,080,784 |
| 72 | WFC | Wells Fargo & Co. | REDUCE | -1,086,899 | -7.1% | 14,263,227 | $805,729,673 |
| 73 | AMAT | Applied Materials, Inc. | REDUCE | -73,157 | -1.7% | 4,112,767 | $830,984,486 |
| 74 | JD | JD.com Inc., Class A, ADR | REDUCE | -3,437,271 | -79.8% | 867,641 | $34,705,640 |
| 75 | UNH | UnitedHealth Group Inc. | REDUCE | -39,161 | -43.4% | 51,132 | $29,895,858 |
| 76 | - | Masterbrand, Inc. | SOLD | -823,506 | Exit | - | - |
| 77 | MAA | Mid-America Apartment Communities, Inc. | ADD | +11,580 | +48.1% | 35,660 | $5,666,374 |
| 78 | VTR | Ventas, Inc. | REDUCE | -4,430 | -1.6% | 281,230 | $18,035,280 |
| 79 | - | Hudson Pacific Properties Inc. | REDUCE | -11,470 | -0.9% | 1,213,023 | $5,798,250 |
| 80 | MTB | M & T Bank Corp | ADD | +318 | +0.7% | 48,565 | $8,650,398 |
| 81 | TCOM | Trip.com Group Ltd., ADR | NEW BUY | +3,746,822 | New | 3,746,822 | $222,673,632 |
| 82 | - | Liberty Formula One, Series A | REDUCE | -348,271 | -97.3% | 9,590 | $685,973 |
| 83 | - | Baidu, Inc. Class A, ADR | SOLD | -46,841 | Exit | - | - |
| 84 | CB | Chubb Ltd. | REDUCE | -78,504 | -6.2% | 1,178,336 | $339,820,375 |
| 85 | EG | Everest Group, Ltd. | REDUCE | -2,006 | -4.9% | 38,883 | $15,235,526 |
| 86 | MGM | MGM Resorts International | ADD | +7,126,737 | +59.8% | 19,038,296 | $744,206,991 |
| 87 | TSN | Tyson Foods Inc | ADD | +6,247 | +0.2% | 3,111,577 | $185,325,526 |
| 88 | CCI | Crown Castle, Inc. | REDUCE | -400 | -1.0% | 41,550 | $4,929,077 |
| 89 | - | Hollysys Automation Technologies Ltd. | SOLD | -220,761 | Exit | - | - |
| 90 | BEKE | KE Holdings Inc., Class A, ADR | REDUCE | -114,702 | -1.9% | 5,880,528 | $117,081,312 |
| 91 | SOLV | Solventum Corp. | ADD | +107,558 | +2.1% | 5,271,513 | $367,529,886 |
| 92 | FITB | Fifth Third Bancorp | REDUCE | -42,543 | -1.7% | 2,435,536 | $104,338,362 |
| 93 | PLD | Prologis, Inc. | ADD | +9,960 | +4.2% | 246,846 | $31,171,713 |
| 94 | CUZ | Cousins Properties, Inc. | REDUCE | -62,510 | -9.2% | 620,015 | $18,278,042 |
| 95 | NOAH | Noah Holdings Ltd., Class A, ADS | REDUCE | -15,401 | -0.9% | 1,666,249 | $20,544,851 |
| 96 | AXP | American Express Co. | REDUCE | -76,255 | -21.0% | 287,548 | $77,983,125 |
| 97 | RKT | Rocket Companies, Inc., Class A | REDUCE | -53,850 | -1.7% | 3,163,759 | $60,712,535 |
| 98 | EQR | Equity Residential | REDUCE | -1,910 | -1.9% | 101,105 | $7,528,278 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | AVB | AvalonBay Communities, Inc. | REDUCE | -8,350 | -12.6% | 57,770 | - |
| 2 | - | Intel Corp. | ADD | +5,851,098 | +86.2% | 12,642,316 | $391,532,520 |
| 3 | - | Humana Inc. | ADD | +321,233 | +16.1% | 2,311,362 | $863,640,411 |
| 4 | MKL | Markel Group, Inc | ADD | +970 | +0.3% | 287,061 | $452,310,535 |
| 5 | PNC | PNC Financial Services Group, Inc. | ADD | +11,040 | +2.2% | 510,360 | $79,350,773 |
| 6 | UDR | UDR, Inc. | REDUCE | -140 | -0.1% | 201,490 | - |
| 7 | BRX | Brixmor Property Group, Inc. | REDUCE | -111,610 | -18.1% | 503,980 | - |
| 8 | SAP | SAP SE - ADR | REDUCE | -18,245 | -15.6% | 98,807 | $19,930,360 |
| 9 | AMT | American Tower Corp | ADD | +9,390 | +14.1% | 76,070 | - |
| 10 | BRKB | Berkshire Hathaway Inc., Class B | ADD | +221 | +0.0% | 810,163 | $329,574,309 |
| 11 | AG | AGCO Corporation | ADD | +974 | +0.1% | 1,357,633 | $132,885,118 |
| 12 | AMZN | Amazon.com, Inc. | REDUCE | -45,282 | -0.8% | 5,720,344 | $1,105,456,478 |
| 13 | SPG | Simon Property Group, Inc. | REDUCE | -22,470 | -20.9% | 85,140 | - |
| 14 | - | Coupang, Inc., Class A | REDUCE | -33,374 | -0.6% | 5,974,842 | $125,172,940 |
| 15 | TCKBF | Teck Resources Ltd., Class B | REDUCE | -53,345 | -0.5% | 11,530,660 | $552,318,614 |
| 16 | MSFT | Microsoft Corp. | REDUCE | -523 | -0.2% | 258,122 | $115,367,628 |
| 17 | CVS | CVS Health Corporation | ADD | +192,039 | +111.2% | 364,782 | $21,544,025 |
| 18 | ESS | Essex Property Trust, Inc. | REDUCE | -40 | -0.1% | 46,271 | - |
| 19 | BXP | Boston Properties, Inc. | REDUCE | -80 | -0.1% | 154,730 | - |
| 20 | CPT | Camden Property Trust | REDUCE | -50 | -0.1% | 70,430 | - |
| 21 | ARE | Alexandria Real Estate Equities, Inc. | REDUCE | -70 | -0.0% | 141,587 | - |
| 22 | BAC | Bank of America Corp. | REDUCE | -6,610 | -0.6% | 1,190,869 | $47,360,860 |
| 23 | - | Alibaba Group Holding Ltd., ADR | REDUCE | -12,284 | -6.7% | 169,908 | $12,233,376 |
| 24 | L | Loews Corp. | REDUCE | -2,700 | -0.4% | 626,859 | $46,851,442 |
| 25 | ORCL | Oracle Corporation | REDUCE | -3,181 | -2.3% | 138,132 | $19,504,238 |
| 26 | VICI | VICI Properties, Inc. | REDUCE | -130 | -0.1% | 147,340 | - |
| 27 | - | Welltower, Inc. | REDUCE | -33,470 | -25.8% | 96,500 | - |
| 28 | SHO | Sunstone Hotel Investors, Inc. | REDUCE | -890 | -0.1% | 815,490 | - |
| 29 | CHCT | Community Healthcare Trust, Inc. | REDUCE | -160 | -0.1% | 219,990 | - |
| 30 | USB | U.S. Bancorp | ADD | +43,437 | +0.3% | 14,228,444 | $564,869,245 |
| 31 | SE | Sea Ltd., Class A, ADR | NEW BUY | +652,316 | New | 652,316 | $46,588,409 |
| 32 | GOOGL | Alphabet Inc., Class A | REDUCE | -7,857 | -0.3% | 3,074,425 | $560,006,575 |
| 33 | REG | Regency Centers Corporation | REDUCE | -140 | -0.1% | 121,200 | - |
| 34 | PSA | Public Storage, Inc. | ADD | +2,960 | +5.6% | 55,620 | - |
| 35 | BK | Bank of New York Mellon Corp. | REDUCE | -2,832,527 | -27.5% | 7,450,908 | $446,234,852 |
| 36 | DGX | Quest Diagnostics Inc. | ADD | +9,665 | +0.4% | 2,390,828 | $327,256,537 |
| 37 | SUI | Sun Communities, Inc. | REDUCE | -22,070 | -45.3% | 26,670 | - |
| 38 | COF | Capital One Financial Corp. | REDUCE | -39,825 | -0.4% | 9,635,496 | $1,334,034,443 |
| 39 | DEI | Douglas Emmett, Inc | REDUCE | -129,520 | -50.5% | 127,180 | - |
| 40 | - | Federal Realty Investment Trust | REDUCE | -40 | -0.1% | 61,320 | - |
| 41 | TRNO | Terreno Realty Corp. | REDUCE | -150 | -0.1% | 158,467 | - |
| 42 | - | Retail Opportunity Investments Corp. | REDUCE | -64,390 | -11.4% | 499,455 | - |
| 43 | GOOG | Alphabet Inc., Class C | ADD | +4,380 | +0.7% | 675,447 | $123,890,489 |
| 44 | DAR | Darling Ingredients Inc. | REDUCE | -9,293 | -0.3% | 2,837,718 | $104,286,137 |
| 45 | META | Meta Platforms, Inc., Class A | REDUCE | -19,347 | -0.6% | 3,059,517 | $1,542,669,707 |
| 46 | NTB | Bank of N.T. Butterfield & Son Limited | REDUCE | -5,220 | -0.5% | 1,080,340 | $37,941,541 |
| 47 | AMH | American Homes 4 Rent - Class A | REDUCE | -23,200 | -9.5% | 222,270 | - |
| 48 | SCHW | Charles Schwab Corp. | REDUCE | -2,240 | -0.7% | 304,789 | $22,459,901 |
| 49 | COP | ConocoPhillips | NEW BUY | +379,971 | New | 379,971 | $43,461,083 |
| 50 | EQIX | Equinix, Inc. | REDUCE | -10 | -0.1% | 17,258 | - |
| 51 | JPM | JPMorgan Chase & Co. | REDUCE | -1,378,316 | -42.7% | 1,849,353 | $374,050,139 |
| 52 | OC | Owens Corning | REDUCE | -40,470 | -1.7% | 2,275,729 | $395,339,642 |
| 53 | IVE | iShares S&P 500 Value Index Fund | NEW BUY | +23,681 | New | 23,681 | $4,310,179 |
| 54 | TXN | Texas Instruments, Inc. | REDUCE | -12,446 | -0.5% | 2,361,294 | $459,342,432 |
| 55 | CI | Cigna Group | REDUCE | -7,041 | -0.5% | 1,446,129 | $478,046,863 |
| 56 | BRKA | Berkshire Hathaway Inc., Class A | REDUCE | -17 | -0.9% | 1,831 | $1,121,013,271 |
| 57 | JCI | Johnson Controls International plc | ADD | +2,918 | +0.7% | 439,642 | $29,223,004 |
| 58 | DLR | Digital Realty Trust, Inc. | REDUCE | -60 | -0.1% | 101,905 | - |
| 59 | WCC | Wesco International, Inc. | ADD | +2,824 | +1.5% | 193,646 | $30,696,764 |
| 60 | VTRS | Viatris Inc. | ADD | +70,554 | +0.1% | 57,535,953 | $611,607,181 |
| 61 | - | Clear Secure, Inc. | ADD | +876 | +0.1% | 589,764 | $11,034,484 |
| 62 | IAC | IAC Inc. | ADD | +970 | +0.0% | 2,704,207 | $126,692,098 |
| 63 | - | Ferguson PLC | SOLD | -99,207 | Exit | - | - |
| 64 | DOC | Healthpeak Properties, Inc. | REDUCE | -270 | -0.1% | 255,476 | - |
| 65 | EXR | Extra Space Storage, Inc. | ADD | +21,650 | +54.2% | 61,595 | - |
| 66 | WFC | Wells Fargo & Co. | REDUCE | -8,153,385 | -34.7% | 15,350,126 | $911,644,000 |
| 67 | AMAT | Applied Materials, Inc. | REDUCE | -474,933 | -10.2% | 4,185,924 | $987,836,266 |
| 68 | JD | JD.com Inc., Class A, ADR | REDUCE | -79,870 | -1.8% | 4,304,912 | $111,238,926 |
| 69 | UNH | UnitedHealth Group Inc. | ADD | +440 | +0.5% | 90,293 | $45,982,613 |
| 70 | CCK | Crown Holdings, Inc. | NEW BUY | +8,570 | New | 8,570 | $637,522 |
| 71 | - | Masterbrand, Inc. | REDUCE | -37,240 | -4.3% | 823,506 | $12,089,068 |
| 72 | MAA | Mid-America Apartment Communities, Inc. | NEW BUY | +24,080 | New | 24,080 | - |
| 73 | VTR | Ventas, Inc. | REDUCE | -250 | -0.1% | 285,660 | - |
| 74 | - | Hudson Pacific Properties Inc. | ADD | +536,540 | +78.0% | 1,224,493 | - |
| 75 | - | SL Green Realty Corp. | SOLD | -84,220 | Exit | - | - |
| 76 | - | Liberty Formula One, Series A | REDUCE | -10,982 | -3.0% | 357,861 | $22,985,412 |
| 77 | - | Baidu, Inc. Class A, ADR | REDUCE | -496 | -1.0% | 46,841 | $4,050,810 |
| 78 | CB | Chubb Ltd. | REDUCE | -5,627 | -0.4% | 1,256,840 | $320,594,770 |
| 79 | EG | Everest Group, Ltd. | REDUCE | -320 | -0.8% | 40,889 | $15,579,527 |
| 80 | MGM | MGM Resorts International | ADD | +16,280 | +0.1% | 11,911,559 | $529,349,682 |
| 81 | TSN | Tyson Foods Inc | NEW BUY | +3,105,330 | New | 3,105,330 | $177,438,556 |
| 82 | CCI | Crown Castle, Inc. | REDUCE | -40 | -0.1% | 41,950 | - |
| 83 | - | Hollysys Automation Technologies Ltd. | REDUCE | -433,706 | -66.3% | 220,761 | $4,777,268 |
| 84 | BEKE | KE Holdings Inc., Class A, ADR | REDUCE | -14,855 | -0.2% | 5,995,230 | $84,832,504 |
| 85 | - | Carrier Global Corp. | SOLD | -229,695 | Exit | - | - |
| 86 | SOLV | Solventum Corp. | NEW BUY | +5,163,955 | New | 5,163,955 | $273,069,940 |
| 87 | FITB | Fifth Third Bancorp | REDUCE | -7,110 | -0.3% | 2,478,079 | $90,425,103 |
| 88 | PLD | Prologis, Inc. | ADD | +55,630 | +30.7% | 236,886 | - |
| 89 | CUZ | Cousins Properties, Inc. | REDUCE | -370 | -0.1% | 682,525 | - |
| 90 | NOAH | Noah Holdings Ltd., Class A, ADS | ADD | +923,122 | +121.7% | 1,681,650 | $16,227,922 |
| 91 | AXP | American Express Co. | REDUCE | -402,542 | -52.5% | 363,803 | $84,238,536 |
| 92 | RKT | Rocket Companies, Inc., Class A | REDUCE | -16,750 | -0.5% | 3,217,609 | $44,081,243 |
| 93 | EQR | Equity Residential | REDUCE | -36,690 | -26.3% | 103,015 | - |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | AVB | AvalonBay Communities, Inc. | REDUCE | -7,900 | -10.7% | 66,120 | $12,269,227 |
| 2 | - | Highwoods Properties Inc. | REDUCE | -1,960 | -1.2% | 160,530 | $4,202,675 |
| 3 | - | Intel Corp. | REDUCE | -2,244,541 | -24.8% | 6,791,218 | $299,968,099 |
| 4 | - | Humana Inc. | ADD | +1,946,566 | +4468.4% | 1,990,129 | $690,017,527 |
| 5 | MKL | Markel Group, Inc | REDUCE | -14,513 | -4.8% | 286,091 | $435,281,734 |
| 6 | PNC | PNC Financial Services Group, Inc. | REDUCE | -3,438 | -0.7% | 499,320 | $80,690,112 |
| 7 | UDR | UDR, Inc. | REDUCE | -3,130 | -1.5% | 201,630 | $7,542,978 |
| 8 | BRX | Brixmor Property Group, Inc. | REDUCE | -95,840 | -13.5% | 615,590 | $14,435,586 |
| 9 | SAP | SAP SE - ADR | REDUCE | -22,315 | -16.0% | 117,052 | $22,828,651 |
| 10 | AMT | American Tower Corp | ADD | +8,490 | +14.6% | 66,680 | $13,175,301 |
| 11 | BRKB | Berkshire Hathaway Inc., Class B | REDUCE | -288,901 | -26.3% | 809,942 | $340,596,810 |
| 12 | AG | AGCO Corporation | REDUCE | -155,504 | -10.3% | 1,356,659 | $166,896,190 |
| 13 | - | Liberty TripAdvisor Hldgs Inc. - A | SOLD | -237,084 | Exit | - | - |
| 14 | AMZN | Amazon.com, Inc. | REDUCE | -1,248,291 | -17.8% | 5,765,626 | $1,040,003,618 |
| 15 | REXR | Rexford Industrial Realty, Inc. | ADD | +50,330 | +31.6% | 209,610 | $10,543,383 |
| 16 | SPG | Simon Property Group, Inc. | REDUCE | -3,670 | -3.3% | 107,610 | $16,839,889 |
| 17 | - | Coupang, Inc., Class A | REDUCE | -136,877 | -2.2% | 6,008,216 | $106,886,163 |
| 18 | TCKBF | Teck Resources Ltd., Class B | REDUCE | -1,185,486 | -9.3% | 11,584,005 | $530,315,749 |
| 19 | MSFT | Microsoft Corp. | REDUCE | -74,831 | -22.4% | 258,645 | $108,817,125 |
| 20 | CVS | CVS Health Corporation | REDUCE | -33,671 | -16.3% | 172,743 | $13,777,982 |
| 21 | ESS | Essex Property Trust, Inc. | REDUCE | -9,440 | -16.9% | 46,311 | $11,337,396 |
| 22 | BXP | Boston Properties, Inc. | REDUCE | -2,530 | -1.6% | 154,810 | $10,110,641 |
| 23 | TFC | Truist Financial Corp. | REDUCE | -9,464 | -6.6% | 134,912 | $5,258,870 |
| 24 | CPT | Camden Property Trust | ADD | +25,590 | +57.0% | 70,480 | $6,935,232 |
| 25 | CUBE | CubeSmart | SOLD | -72,040 | Exit | - | - |
| 26 | ARE | Alexandria Real Estate Equities, Inc. | REDUCE | -2,320 | -1.6% | 141,657 | $18,261,004 |
| 27 | BAC | Bank of America Corp. | REDUCE | -17,964 | -1.5% | 1,197,479 | $45,408,404 |
| 28 | - | Alibaba Group Holding Ltd., ADR | ADD | +78 | +0.0% | 182,192 | $13,183,413 |
| 29 | L | Loews Corp. | REDUCE | -821,334 | -56.6% | 629,559 | $49,288,174 |
| 30 | ORCL | Oracle Corporation | REDUCE | -40,672 | -22.3% | 141,313 | $17,750,326 |
| 31 | VICI | VICI Properties, Inc. | REDUCE | -4,730 | -3.1% | 147,470 | $4,393,131 |
| 32 | - | Welltower, Inc. | REDUCE | -4,380 | -3.3% | 129,970 | $12,144,397 |
| 33 | SHO | Sunstone Hotel Investors, Inc. | REDUCE | -29,900 | -3.5% | 816,380 | $9,094,473 |
| 34 | CHCT | Community Healthcare Trust, Inc. | REDUCE | -2,950 | -1.3% | 220,150 | $5,844,983 |
| 35 | - | Liberty Formula One, Series C | SOLD | -257,802 | Exit | - | - |
| 36 | USB | U.S. Bancorp | REDUCE | -1,101,364 | -7.2% | 14,185,007 | $634,069,808 |
| 37 | GOOGL | Alphabet Inc., Class A | REDUCE | -439,761 | -12.5% | 3,082,282 | $465,208,822 |
| 38 | REG | Regency Centers Corporation | REDUCE | -1,550 | -1.3% | 121,340 | $7,348,350 |
| 39 | PSA | Public Storage, Inc. | REDUCE | -1,830 | -3.4% | 52,660 | $15,274,560 |
| 40 | BK | Bank of New York Mellon Corp. | REDUCE | -2,318,940 | -18.4% | 10,283,435 | $592,531,501 |
| 41 | DGX | Quest Diagnostics Inc. | REDUCE | -285,401 | -10.7% | 2,381,163 | $316,956,607 |
| 42 | SUI | Sun Communities, Inc. | REDUCE | -640 | -1.3% | 48,740 | $6,266,989 |
| 43 | COF | Capital One Financial Corp. | REDUCE | -1,216,298 | -11.2% | 9,675,321 | $1,440,558,503 |
| 44 | DEI | Douglas Emmett, Inc | REDUCE | -3,400 | -1.3% | 256,700 | $3,560,429 |
| 45 | - | Federal Realty Investment Trust | REDUCE | -920 | -1.5% | 61,360 | $6,266,083 |
| 46 | TRNO | Terreno Realty Corp. | REDUCE | -41,320 | -20.7% | 158,617 | $10,532,169 |
| 47 | - | Retail Opportunity Investments Corp. | REDUCE | -8,910 | -1.6% | 563,845 | $7,228,493 |
| 48 | GOOG | Alphabet Inc., Class C | REDUCE | -28,325 | -4.0% | 671,067 | $102,176,661 |
| 49 | DAR | Darling Ingredients Inc. | REDUCE | -228,801 | -7.4% | 2,847,011 | $132,414,482 |
| 50 | META | Meta Platforms, Inc., Class A | REDUCE | -878,788 | -22.2% | 3,078,864 | $1,495,034,560 |
| 51 | STT | State Street Corp. | REDUCE | -356 | -0.6% | 54,917 | $4,246,182 |
| 52 | NTB | Bank of N.T. Butterfield & Son Limited | REDUCE | -640,918 | -37.1% | 1,085,560 | $34,727,064 |
| 53 | AMH | American Homes 4 Rent - Class A | REDUCE | -8,690 | -3.4% | 245,470 | $9,028,387 |
| 54 | SCHW | Charles Schwab Corp. | REDUCE | -4,494 | -1.4% | 307,029 | $22,210,478 |
| 55 | DUSA | Davis Select U.S. Equity ETF | REDUCE | -4,252 | -0.1% | 3,385,789 | $136,684,291 |
| 56 | EQIX | Equinix, Inc. | REDUCE | -580 | -3.2% | 17,268 | $14,251,798 |
| 57 | JPM | JPMorgan Chase & Co. | REDUCE | -765,565 | -19.2% | 3,227,669 | $646,502,091 |
| 58 | OC | Owens Corning | REDUCE | -369,609 | -13.8% | 2,316,199 | $386,341,994 |
| 59 | IVE | iShares S&P 500 Value Index Fund | SOLD | -139,545 | Exit | - | - |
| 60 | TXN | Texas Instruments, Inc. | REDUCE | -276,997 | -10.4% | 2,373,740 | $413,529,232 |
| 61 | CI | Cigna Group | REDUCE | -200,113 | -12.1% | 1,453,170 | $527,776,812 |
| 62 | BRKA | Berkshire Hathaway Inc., Class A | REDUCE | -35 | -1.9% | 1,848 | $1,172,445,120 |
| 63 | DWLD | Davis Select Worldwide ETF | REDUCE | -36,892 | -1.9% | 1,916,112 | $62,254,565 |
| 64 | JCI | Johnson Controls International plc | REDUCE | -78,999 | -15.3% | 436,724 | $28,526,812 |
| 65 | DLR | Digital Realty Trust, Inc. | REDUCE | -1,680 | -1.6% | 101,965 | $14,687,039 |
| 66 | WCC | Wesco International, Inc. | ADD | +3,468 | +1.9% | 190,822 | $32,683,992 |
| 67 | VTRS | Viatris Inc. | REDUCE | -5,196,329 | -8.3% | 57,465,399 | $686,136,864 |
| 68 | - | Clear Secure, Inc. | REDUCE | -60,625 | -9.3% | 588,888 | $12,525,648 |
| 69 | IAC | IAC Inc. | REDUCE | -207,218 | -7.1% | 2,703,237 | $144,190,661 |
| 70 | - | Ferguson PLC | REDUCE | -106,963 | -51.9% | 99,207 | $21,669,785 |
| 71 | - | Skechers U.S.A., Inc., Class A | REDUCE | -4,910 | -39.6% | 7,490 | $458,837 |
| 72 | DOC | Healthpeak Properties, Inc. | REDUCE | -26,250 | -9.3% | 255,746 | $4,795,238 |
| 73 | EXR | Extra Space Storage, Inc. | REDUCE | -1,330 | -3.2% | 39,945 | $5,871,915 |
| 74 | WFC | Wells Fargo & Co. | REDUCE | -5,851,480 | -19.9% | 23,503,511 | $1,362,263,481 |
| 75 | AMAT | Applied Materials, Inc. | REDUCE | -1,276,388 | -21.5% | 4,660,857 | $961,208,556 |
| 76 | - | Eaton Corp. PLC | SOLD | -145,440 | Exit | - | - |
| 77 | JD | JD.com Inc., Class A, ADR | REDUCE | -105,254 | -2.3% | 4,384,782 | $120,099,179 |
| 78 | UNH | UnitedHealth Group Inc. | REDUCE | -18,478 | -17.1% | 89,853 | $44,450,279 |
| 79 | - | Masterbrand, Inc. | REDUCE | -1,139,639 | -57.0% | 860,746 | $16,130,381 |
| 80 | VTR | Ventas, Inc. | REDUCE | -4,680 | -1.6% | 285,910 | $12,448,521 |
| 81 | DINT | Davis Select International ETF | REDUCE | -50,347 | -1.3% | 3,866,428 | $74,583,395 |
| 82 | - | Hudson Pacific Properties Inc. | REDUCE | -5,690 | -0.8% | 687,953 | $4,437,297 |
| 83 | MTB | M & T Bank Corp | REDUCE | -1,138 | -2.3% | 48,247 | $7,017,044 |
| 84 | - | SL Green Realty Corp. | REDUCE | -1,160 | -1.4% | 84,220 | $4,643,049 |
| 85 | - | Liberty Formula One, Series A | REDUCE | -119,457 | -24.5% | 368,843 | $21,665,837 |
| 86 | - | Baidu, Inc. Class A, ADR | ADD | +980 | +2.1% | 47,337 | $4,983,639 |
| 87 | CB | Chubb Ltd. | REDUCE | -137,419 | -9.8% | 1,262,467 | $327,143,175 |
| 88 | EG | Everest Group, Ltd. | REDUCE | -754 | -1.8% | 41,209 | $16,380,578 |
| 89 | MGM | MGM Resorts International | ADD | +1,563,170 | +15.1% | 11,895,279 | $561,576,121 |
| 90 | CCI | Crown Castle, Inc. | REDUCE | -560 | -1.3% | 41,990 | $4,443,802 |
| 91 | - | Hollysys Automation Technologies Ltd. | REDUCE | -4,593,773 | -87.5% | 654,467 | $16,741,266 |
| 92 | BEKE | KE Holdings Inc., Class A, ADR | ADD | +1,298,813 | +27.6% | 6,010,085 | $82,518,467 |
| 93 | - | Carrier Global Corp. | REDUCE | -284,955 | -55.4% | 229,695 | $13,352,170 |
| 94 | FITB | Fifth Third Bancorp | REDUCE | -17,276 | -0.7% | 2,485,189 | $92,473,883 |
| 95 | PLD | Prologis, Inc. | REDUCE | -9,340 | -4.9% | 181,256 | $23,603,156 |
| 96 | CUZ | Cousins Properties, Inc. | REDUCE | -11,160 | -1.6% | 682,895 | $16,416,796 |
| 97 | DFNL | Davis Select Financial ETF | REDUCE | -9,693 | -0.5% | 2,128,485 | $70,919,391 |
| 98 | NOAH | Noah Holdings Ltd., Class A, ADS | REDUCE | -15,465 | -2.0% | 758,528 | $8,669,975 |
| 99 | AXP | American Express Co. | REDUCE | -137,146 | -15.2% | 766,345 | $174,489,169 |
| 100 | RKT | Rocket Companies, Inc., Class A | REDUCE | -48,204 | -1.5% | 3,234,359 | $47,059,923 |
| 101 | EQR | Equity Residential | REDUCE | -5,210 | -3.6% | 139,705 | $8,816,783 |
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