Davis Selected Advisers LP

Period:: Q1 2026
Portfolio date:: Mar 31, 2026
No. of stocks:: 111
Portfolio value:: $21,781,442,000
Filed:: May 7, 2026
CIK:: 1036325

Hist	Stock	Activity	Share change	% change to portfolio
Q1 2026filed May 7, 266 new9 added8 reduced45 exited
≡	USB – U.S. Bancorp	Sell	−22,041,759	−5.29
≡	VTRS – Viatris Inc.	Sell	−78,177,984	−4.37
≡	AMZN – Amazon.com, Inc.	Sell	−3,429,262	−3.56
≡	WFC – Wells Fargo & Co.	Sell	−8,258,031	−3.46
≡	TSN – Tyson Foods Inc	Sell	−12,827,540	−3.38
≡	TECK – Teck Resources Ltd., Class B	Sell	−12,019,609	−2.59
≡	MGM – MGM Resorts International	Reduce 9.00%	−2,524,864	2.32
≡	TXN – Texas Instruments, Inc.	Sell	−2,853,227	−2.22
≡	SOLV – Solventum Corp.	Sell	−6,220,072	−2.22
≡	UNH – UnitedHealth Group Inc.	Sell	−1,273,400	−1.89
≡	AMAT – Applied Materials, Inc.	Reduce 72.00%	−3,004,196	−1.80
≡	TCOM – Trip.com Group Ltd., ADR	Sell	−5,053,389	−1.63
≡	MKL – Markel Group, Inc	Reduce 8.00%	−31,727	1.47
≡	DGX – Quest Diagnostics Inc.	Sell	−1,589,883	−1.24
≡	OC – Owens Corning	Sell	−2,046,583	−1.03
≡	DUSA – Davis Select U.S. Equity ETF	Sell	−3,384,566	−0.78
≡	QSR – Restaurant Brands International, Inc.	Reduce 10.00%	−421,664	0.75
≡	DINT – Davis Select International ETF	Sell	−3,892,451	−0.50
≡	PNC – PNC Financial Services Group, Inc.	Sell	−530,089	−0.50
≡	DFNL – Davis Select Financial ETF	Sell	−2,130,361	−0.46
≡	DWLD – Davis Select Worldwide ETF	Sell	−1,917,460	−0.40
≡	WCC – Wesco International, Inc.	Sell	−364,502	−0.40
≡	DAR – Darling Ingredients Inc.	Reduce 93.00%	−2,654,401	−0.37
≡	RNR – RenaissanceRe Holdings Ltd	Sell	−229,739	−0.29
≡	RKT – Rocket Companies, Inc., Class A	Sell	−3,227,910	−0.28
≡	SE – Sea Ltd., Class A, ADR	Sell	−436,534	−0.25
≡	VALE – Vale S.A., ADR	Sell	−2,931,198	−0.17
≡	IVE – iShares S&P 500 Value Index Fund	Sell	−127,053	−0.12
≡	PLD – Prologis, Inc.	Sell	−180,126	−0.10
≡	STT – State Street Corp.	Sell	−143,773	−0.08
≡	JCI – Johnson Controls International plc	Reduce 8.00%	−16,080	0.08
≡	SAP – SAP SE - ADR	Sell	−56,347	−0.06
≡	REXR – Rexford Industrial Realty, Inc.	Sell	−344,830	−0.06
≡	SPG – Simon Property Group, Inc.	Sell	−66,183	−0.06
≡	SHO – Sunstone Hotel Investors, Inc.	Sell	−1,279,610	−0.05
≡	PSA – Public Storage, Inc.	Sell	−43,520	−0.05
≡	MTB – M & T Bank Corp	Sell	−55,846	−0.05
≡	NOAH – Noah Holdings Ltd., Class A, ADS	Sell	−1,021,585	−0.05
≡	TFC – Truist Financial Corp.	Sell	−192,053	−0.04
≡	REG – Regency Centers Corporation	Sell	−136,650	−0.04
≡	VTR – Ventas, Inc.	Sell	−114,410	−0.04
≡	MAA – Mid-America Apartment Communities, Inc.	Sell	−59,380	−0.04
≡	TRNO – Terreno Realty Corp.	Sell	−117,937	−0.03
≡	VICI – VICI Properties, Inc.	Sell	−216,240	−0.03
≡	SUI – Sun Communities, Inc.	Sell	−42,840	−0.02
≡	O – Realty Income Corp.	Sell	−91,390	−0.02
≡	JD – JD.com Inc., Class A, ADR	Reduce 14.00%	−45,803	0.02
≡	UDR – UDR, Inc.	Sell	−113,280	−0.02
≡	SNPS – Synopsys, Inc.	Sell	−8,655	−0.02
≡	NTST – NetSTREIT Corp.	Sell	−189,600	−0.02
≡	CUBE – CubeSmart	Sell	−90,930	−0.01
≡	TSM – Taiwan Semiconductor Manufacturing, ADR	Sell	−7,200	−0.01
≡	LRCX – Lam Research Corp.	Reduce 77.00%	−9,500	−0.01
Q4 2025filed Feb 2, 264 new42 added10 reduced3 exited
≡	AMAT – Applied Materials, Inc.	Reduce 24.00%	−1,352,694	−1.08
≡	BRK.B – Berkshire Hathaway Inc., Class A	Reduce 6.00%	−55	−0.73
≡	HUM – Humana Inc.	Sell	−385,539	−0.52
≡	BK – Bank of New York Mellon Corp.	Reduce 48.00%	−488,959	−0.30
≡	NTES – NetEase Inc. - ADR	Reduce 28.00%	−168,576	−0.21
≡	HPP – Hudson Pacific Properties Inc.	Sell	−2,300,183	−0.03
≡	REXR – Rexford Industrial Realty, Inc.	Reduce 13.00%	−50,320	−0.02
≡	EXR – Extra Space Storage, Inc.	Reduce 49.00%	−27,100	−0.02
≡	SPG – Simon Property Group, Inc.	Reduce 14.00%	−10,550	−0.02
≡	UDR – UDR, Inc.	Reduce 39.00%	−72,910	−0.02
≡	NTST – NetSTREIT Corp.	Reduce 45.00%	−152,810	−0.02
≡	PLD – Prologis, Inc.	Reduce 9.00%	−18,040	−0.02
≡	RH – RH	Sell	−2,240	−0.00
Q3 2025filed Dec 29, 253 new31 added15 reduced3 exited
≡	META – Meta Platforms, Inc., Class A	Reduce 19.00%	−392,300	−1.74
≡	HUM – Humana Inc.	Reduce 77.00%	−1,267,195	−1.64
≡	CPNG – Coupang, Inc., Class A	Sell	−5,754,998	−0.92
≡	COF – Capital One Financial Corp.	Reduce 6.00%	−575,625	−0.89
≡	MSFT – Microsoft Corp.	Reduce 79.00%	−195,650	−0.52
≡	BK – Bank of New York Mellon Corp.	Reduce 47.00%	−887,749	−0.35
≡	BRK-B – Berkshire Hathaway Inc., Class A	Reduce 6.00%	−67	−0.22
≡	ORCL – Oracle Corporation	Reduce 49.00%	−64,522	−0.06
≡	AMT – American Tower Corp	Reduce 28.00%	−25,980	−0.04
≡	JCI – Johnson Controls International plc	Reduce 24.00%	−59,319	−0.03
≡	AXP – American Express Co.	Reduce 8.00%	−22,560	−0.03
≡	VTR – Ventas, Inc.	Reduce 42.00%	−86,020	−0.03
≡	ESS – Essex Property Trust, Inc.	Reduce 41.00%	−11,590	−0.02
≡	ANGI – ANGI Inc., Class A	Reduce 20.00%	−232,905	−0.02
≡	JPM – JPMorgan Chase & Co.	Reduce 6.00%	−40,416	−0.01
≡	IVE – iShares S&P 500 Value Index Fund	Reduce 40.00%	−4,364	−0.00
≡	AAPL – Apple Inc.	Sell	−1,265	−0.00
≡	XOM – Exxon Mobil Corp.	Sell	−2,066	−0.00
Q2 2025filed Aug 8, 258 new15 added18 reduced5 exited
≡	BRK-B – Berkshire Hathaway Inc., Class A	Reduce 32.00%	−493	−3.02
≡	CI – Cigna Group	Reduce 54.00%	−777,362	−1.56
≡	HUM – Humana Inc.	Reduce 29.00%	−678,609	−1.40
≡	DGX – Quest Diagnostics Inc.	Reduce 43.00%	−1,033,882	−1.03
≡	BRK-B – Berkshire Hathaway Inc., Class B	Reduce 18.00%	−124,608	−0.64
≡	IAC – IAC Inc.	Reduce 14.00%	−377,007	−0.25
≡	YOU – Clear Secure, Inc.	Sell	−581,691	−0.09
≡	AGCO – AGCO Corporation	Reduce 11.00%	−222,702	−0.09
≡	JCI – Johnson Controls International plc	Reduce 39.00%	−158,841	−0.05
≡	SAP – SAP SE - ADR	Reduce 39.00%	−29,357	−0.04
≡	PLDGP – Prologis, Inc.	Reduce 25.00%	−42,530	−0.04
≡	VTR – Ventas, Inc.	Reduce 19.00%	−46,840	−0.03
≡	AMZN – Amazon.com, Inc.	Reduce 7.00%	−250,793	−0.03
≡	NOAH – Noah Holdings Ltd., Class A, ADS	Reduce 38.00%	−633,232	−0.02
≡	PSA – Public Storage, Inc.	Reduce 19.00%	−9,360	−0.02
≡	HIW – Highwoods Properties Inc.	Sell	−129,180	−0.02
≡	GOOGL – Alphabet Inc., Class A	Reduce 6.00%	−185,070	−0.02
≡	FRT – Federal Realty Investment Trust	Sell	−32,930	−0.02
≡	SPG – Simon Property Group, Inc.	Reduce 14.00%	−9,310	−0.01
≡	IVE – iShares S&P 500 Value Index Fund	Reduce 44.00%	−8,734	−0.01
≡	SE – Sea Ltd., Class A, ADR	Reduce 13.00%	−66,323	−0.00
≡	SKAA – Skechers U.S.A., Inc., Class A	Sell	−6,000	−0.00
≡	INTC – Intel Corp.	Sell	−10,683	−0.00
Q1 2025filed May 12, 255 new13 added16 reduced1 exited
≡	META – Meta Platforms, Inc., Class A	Reduce 11.00%	−282,347	−1.14
≡	AMZN – Amazon.com, Inc.	Reduce 8.00%	−287,628	−0.99
≡	INTC – Intel Corp.	Reduce 100.00%	−2,556,933	−0.30
≡	IVE – iShares S&P 500 Value Index Fund	Reduce 90.00%	−177,463	−0.20
≡	BEKE – KE Holdings Inc., Class A, ADR	Reduce 49.00%	−1,787,344	−0.18
≡	DLR – Digital Realty Trust, Inc.	Reduce 26.00%	−23,515	−0.04
≡	EQIX – Equinix, Inc.	Reduce 20.00%	−3,825	−0.03
≡	BK – Bank of New York Mellon Corp.	Reduce 11.00%	−226,329	−0.03
≡	SAP – SAP SE - ADR	Reduce 22.00%	−21,361	−0.02
≡	WELL – Welltower, Inc.	Sell	−29,550	−0.02
≡	FRT – Federal Realty Investment Trust	Reduce 45.00%	−27,140	−0.02
≡	SPG – Simon Property Group, Inc.	Reduce 16.00%	−12,687	−0.02
≡	CUZ – Cousins Properties, Inc.	Reduce 11.00%	−57,280	−0.01
≡	UDR – UDR, Inc.	Reduce 19.00%	−37,300	−0.01
≡	SE – Sea Ltd., Class A, ADR	Reduce 19.00%	−123,386	−0.01
≡	ESS – Essex Property Trust, Inc.	Reduce 17.00%	−5,510	−0.01
≡	EXR – Extra Space Storage, Inc.	Reduce 7.00%	−4,300	−0.00
Q4 2024filed Feb 7, 253 new10 added18 reduced5 exited
≡	INTC – Intel Corp.	Reduce 80.00%	−10,056,313	−1.36
≡	BK – Bank of New York Mellon Corp.	Reduce 60.00%	−3,230,001	−1.21
≡	WFC – Wells Fargo & Co.	Reduce 39.00%	−5,628,176	−0.99
≡	JPM – JPMorgan Chase & Co.	Reduce 53.00%	−741,805	−0.74
≡	AMZN – Amazon.com, Inc.	Reduce 6.00%	−254,833	0.61
≡	OC – Owens Corning	Reduce 16.00%	−342,032	−0.34
≡	BEKE – KE Holdings Inc., Class A, ADR	Reduce 38.00%	−2,232,656	−0.27
≡	META – Meta Platforms, Inc., Class A	Reduce 8.00%	−222,289	−0.24
≡	CB – Chubb Ltd.	Reduce 7.00%	−83,334	−0.15
≡	DAR – Darling Ingredients Inc.	Reduce 16.00%	−453,323	−0.12
≡	NNGPF – JD.com Inc., Class A, ADR	Reduce 59.00%	−511,808	−0.12
≡	BABA – Alibaba Group Holding Ltd., ADR	Sell	−127,784	−0.08
≡	PLDGP – Prologis, Inc.	Reduce 27.00%	−67,750	−0.06
≡	PSA – Public Storage, Inc.	Reduce 8.00%	−4,430	−0.02
≡	Retail Opportunity Investments Corp.	Sell	−265,055	−0.02
≡	SUI – Sun Communities, Inc.	Sell	−26,100	−0.02
≡	JCI – Johnson Controls International plc	Reduce 13.00%	−60,135	−0.02
≡	VTR – Ventas, Inc.	Reduce 10.00%	−29,480	−0.01
≡	CUZ – Cousins Properties, Inc.	Reduce 19.00%	−115,800	−0.01
≡	HIW – Highwoods Properties Inc.	Reduce 17.00%	−27,050	−0.01
≡	LRCX – Lam Research Corp.	Sell	−1,228	−0.01
≡	FWONA – Liberty Formula One, Series A	Sell	−9,590	−0.00
≡	DLR – Digital Realty Trust, Inc.	Reduce 10.00%	−10,530	0.00
Q3 2024filed Nov 8, 243 new8 added20 reduced3 exited
≡	AMZN – Amazon.com, Inc.	Reduce 29.00%	−1,657,929	−2.18
≡	WFC – Wells Fargo & Co.	Reduce 7.00%	−1,086,899	−0.78
≡	JPM – JPMorgan Chase & Co.	Reduce 24.00%	−449,825	−0.52
≡	NNGPF – JD.com Inc., Class A, ADR	Reduce 80.00%	−3,437,271	−0.45
≡	BK – Bank of New York Mellon Corp.	Reduce 28.00%	−2,083,933	−0.43
≡	META – Meta Platforms, Inc., Class A	Reduce 11.00%	−344,631	−0.24
≡	BRK-B – Berkshire Hathaway Inc., Class A	Reduce 12.00%	−214	−0.24
≡	FWONA – Liberty Formula One, Series A	Reduce 97.00%	−348,271	−0.13
≡	CUZ – Cousins Properties, Inc.	Reduce 9.00%	−62,510	0.10
≡	UNH – UnitedHealth Group Inc.	Reduce 43.00%	−39,161	−0.10
≡	MBC – Masterbrand, Inc.	Sell	−823,506	−0.07
≡	ESS – Essex Property Trust, Inc.	Reduce 28.00%	−12,820	0.06
≡	AXP – American Express Co.	Reduce 21.00%	−76,255	−0.05
≡	CB – Chubb Ltd.	Reduce 6.00%	−78,504	0.04
≡	TRNO – Terreno Realty Corp.	Reduce 35.00%	−56,230	0.04
≡	ZIM – Hollysys Automation Technologies Ltd.	Sell	−220,761	−0.03
≡	BIDU – Baidu, Inc. Class A, ADR	Sell	−46,841	−0.02
≡	Retail Opportunity Investments Corp.	Reduce 47.00%	−234,400	0.02
≡	WELL – Welltower, Inc.	Reduce 69.00%	−66,760	0.02
≡	BRK-B – Berkshire Hathaway Inc., Class B	Reduce 8.00%	−63,198	0.01
≡	IVE – iShares S&P 500 Value Index Fund	Reduce 46.00%	−10,983	−0.01
≡	BABA – Alibaba Group Holding Ltd., ADR	Reduce 25.00%	−42,124	0.01
≡	SKAA – Skechers U.S.A., Inc., Class A	Reduce 20.00%	−1,490	−0.00
Q2 2024filed Aug 7, 247 new9 added17 reduced3 exited
≡	WFC – Wells Fargo & Co.	Reduce 35.00%	−8,153,385	−2.34
≡	JPM – JPMorgan Chase & Co.	Reduce 43.00%	−1,378,316	−1.45
≡	BK – Bank of New York Mellon Corp.	Reduce 28.00%	−2,832,527	−0.73
≡	AXP – American Express Co.	Reduce 53.00%	−402,542	−0.49
≡	AMAT – Applied Materials, Inc.	Reduce 10.00%	−474,933	0.35
≡	FERG – Ferguson PLC	Sell	−99,207	−0.12
≡	SPG – Simon Property Group, Inc.	Reduce 21.00%	−22,470	−0.09
≡	BRX – Brixmor Property Group, Inc.	Reduce 18.00%	−111,610	−0.08
≡	CARR – Carrier Global Corp.	Sell	−229,695	−0.07
≡	AVB – AvalonBay Communities, Inc.	Reduce 13.00%	−8,350	−0.07
≡	WELL – Welltower, Inc.	Reduce 26.00%	−33,470	−0.07
≡	ZIM – Hollysys Automation Technologies Ltd.	Reduce 66.00%	−433,706	−0.07
≡	AMH – American Homes 4 Rent - Class A	Reduce 9.00%	−23,200	−0.05
≡	EQR – Equity Residential	Reduce 26.00%	−36,690	−0.05
≡	Retail Opportunity Investments Corp.	Reduce 11.00%	−64,390	−0.04
≡	SUI – Sun Communities, Inc.	Reduce 45.00%	−22,070	−0.04
≡	SLG – SL Green Realty Corp.	Sell	−84,220	−0.03
≡	DEI – Douglas Emmett, Inc	Reduce 50.00%	−129,520	−0.02
≡	SAP – SAP SE - ADR	Reduce 16.00%	−18,245	−0.01
≡	BABA – Alibaba Group Holding Ltd., ADR	Reduce 7.00%	−12,284	−0.00
Q1 2024filed May 14, 246 added43 reduced5 exited
≡	INTC – Intel Corp.	Reduce 25.00%	−2,244,541	−0.88
≡	ZIM – Hollysys Automation Technologies Ltd.	Reduce 88.00%	−4,593,773	−0.69
≡	WFC – Wells Fargo & Co.	Reduce 20.00%	−5,851,480	−0.53
≡	META – Meta Platforms, Inc., Class A	Reduce 22.00%	−878,788	0.46
≡	BK – Bank of New York Mellon Corp.	Reduce 18.00%	−2,318,940	−0.39
≡	BRK-B – Berkshire Hathaway Inc., Class B	Reduce 26.00%	−288,901	−0.31
≡	DGX – Quest Diagnostics Inc.	Reduce 11.00%	−285,401	−0.30
≡	L – Loews Corp.	Reduce 57.00%	−821,334	−0.29
≡	TXN – Texas Instruments, Inc.	Reduce 10.00%	−276,997	−0.24
≡	JPM – JPMorgan Chase & Co.	Reduce 19.00%	−765,565	−0.21
≡	ETN – Eaton Corp. PLC	Sell	−145,440	−0.20
≡	AMZN – Amazon.com, Inc.	Reduce 18.00%	−1,248,291	−0.19
≡	USB – U.S. Bancorp	Reduce 7.00%	−1,101,364	−0.18
≡	GOOGL – Alphabet Inc., Class A	Reduce 12.00%	−439,761	−0.17
≡	CI – Cigna Group	Reduce 12.00%	−200,113	0.16
≡	IVE – iShares S&P 500 Value Index Fund	Sell	−139,545	−0.14
≡	DAR – Darling Ingredients Inc.	Reduce 7.00%	−228,801	−0.12
≡	NTB – Bank of N.T. Butterfield & Son Limited	Reduce 37.00%	−640,918	−0.12
≡	FERG – Ferguson PLC	Reduce 52.00%	−106,963	−0.10
≡	AGCO – AGCO Corporation	Reduce 10.00%	−155,504	−0.10
≡	MSFT – Microsoft Corp.	Reduce 22.00%	−74,831	−0.10
≡	CARR – Carrier Global Corp.	Reduce 55.00%	−284,955	−0.09
≡	FWONK – Liberty Formula One, Series C	Sell	−257,802	−0.09
≡	OC – Owens Corning	Reduce 14.00%	−369,609	−0.08
≡	TECK – Teck Resources Ltd., Class B	Reduce 9.00%	−1,185,486	−0.08
≡	MBC – Masterbrand, Inc.	Reduce 57.00%	−1,139,639	−0.08
≡	UNH – UnitedHealth Group Inc.	Reduce 17.00%	−18,478	−0.07
≡	IAC – IAC Inc.	Reduce 7.00%	−207,218	−0.05
≡	AMAT – Applied Materials, Inc.	Reduce 21.00%	−1,276,388	−0.05
≡	CB – Chubb Ltd.	Reduce 10.00%	−137,419	0.05
≡	FWONA – Liberty Formula One, Series A	Reduce 24.00%	−119,457	−0.04
≡	AXP – American Express Co.	Reduce 15.00%	−137,146	0.02
≡	CUBE – CubeSmart	Sell	−72,040	−0.02
≡	CVS – CVS Health Corporation	Reduce 16.00%	−33,671	−0.01
≡	ESS – Essex Property Trust, Inc.	Reduce 17.00%	−9,440	−0.01
≡	BRX – Brixmor Property Group, Inc.	Reduce 13.00%	−95,840	−0.01
≡	TRNO – Terreno Realty Corp.	Reduce 21.00%	−41,320	−0.01
≡	VTRS – Viatris Inc.	Reduce 8.00%	−5,196,329	0.01
≡	AVB – AvalonBay Communities, Inc.	Reduce 11.00%	−7,900	−0.01
≡	ORCL – Oracle Corporation	Reduce 22.00%	−40,672	−0.01
≡	JCI – Johnson Controls International plc	Reduce 15.00%	−78,999	−0.01
≡	SAP – SAP SE - ADR	Reduce 16.00%	−22,315	0.01
≡	YOU – Clear Secure, Inc.	Reduce 9.00%	−60,625	−0.01
≡	DOC – Healthpeak Properties, Inc.	Reduce 9.00%	−26,250	−0.00
≡	COF – Capital One Financial Corp.	Reduce 11.00%	−1,216,298	0.00
≡	SKAA – Skechers U.S.A., Inc., Class A	Reduce 40.00%	−4,910	−0.00
≡	Liberty TripAdvisor Hldgs Inc. - A	Sell	−237,084	−0.00
≡	TFC – Truist Financial Corp.	Reduce 7.00%	−9,464	−0.00

Hist	Stock	Activity	Share change	% change to portfolio
Q1 2026filed May 7, 266 new9 added8 reduced45 exited
≡	USB – U.S. Bancorp	Sell	−22,041,759	−5.29
≡	VTRS – Viatris Inc.	Sell	−78,177,984	−4.37
≡	AMZN – Amazon.com, Inc.	Sell	−3,429,262	−3.56
≡	WFC – Wells Fargo & Co.	Sell	−8,258,031	−3.46
≡	TSN – Tyson Foods Inc	Sell	−12,827,540	−3.38
≡	TECK – Teck Resources Ltd., Class B	Sell	−12,019,609	−2.59
≡	MGM – MGM Resorts International	Reduce 9.00%	−2,524,864	2.32
≡	TXN – Texas Instruments, Inc.	Sell	−2,853,227	−2.22
≡	SOLV – Solventum Corp.	Sell	−6,220,072	−2.22
≡	UNH – UnitedHealth Group Inc.	Sell	−1,273,400	−1.89
≡	AMAT – Applied Materials, Inc.	Reduce 72.00%	−3,004,196	−1.80
≡	TCOM – Trip.com Group Ltd., ADR	Sell	−5,053,389	−1.63
≡	MKL – Markel Group, Inc	Reduce 8.00%	−31,727	1.47
≡	DGX – Quest Diagnostics Inc.	Sell	−1,589,883	−1.24
≡	OC – Owens Corning	Sell	−2,046,583	−1.03
≡	DUSA – Davis Select U.S. Equity ETF	Sell	−3,384,566	−0.78
≡	QSR – Restaurant Brands International, Inc.	Reduce 10.00%	−421,664	0.75
≡	DINT – Davis Select International ETF	Sell	−3,892,451	−0.50
≡	PNC – PNC Financial Services Group, Inc.	Sell	−530,089	−0.50
≡	DFNL – Davis Select Financial ETF	Sell	−2,130,361	−0.46
≡	DWLD – Davis Select Worldwide ETF	Sell	−1,917,460	−0.40
≡	WCC – Wesco International, Inc.	Sell	−364,502	−0.40
≡	DAR – Darling Ingredients Inc.	Reduce 93.00%	−2,654,401	−0.37
≡	RNR – RenaissanceRe Holdings Ltd	Sell	−229,739	−0.29
≡	RKT – Rocket Companies, Inc., Class A	Sell	−3,227,910	−0.28
≡	SE – Sea Ltd., Class A, ADR	Sell	−436,534	−0.25
≡	VALE – Vale S.A., ADR	Sell	−2,931,198	−0.17
≡	IVE – iShares S&P 500 Value Index Fund	Sell	−127,053	−0.12
≡	PLD – Prologis, Inc.	Sell	−180,126	−0.10
≡	STT – State Street Corp.	Sell	−143,773	−0.08
≡	JCI – Johnson Controls International plc	Reduce 8.00%	−16,080	0.08
≡	SAP – SAP SE - ADR	Sell	−56,347	−0.06
≡	REXR – Rexford Industrial Realty, Inc.	Sell	−344,830	−0.06
≡	SPG – Simon Property Group, Inc.	Sell	−66,183	−0.06
≡	SHO – Sunstone Hotel Investors, Inc.	Sell	−1,279,610	−0.05
≡	PSA – Public Storage, Inc.	Sell	−43,520	−0.05
≡	MTB – M & T Bank Corp	Sell	−55,846	−0.05
≡	NOAH – Noah Holdings Ltd., Class A, ADS	Sell	−1,021,585	−0.05
≡	TFC – Truist Financial Corp.	Sell	−192,053	−0.04
≡	REG – Regency Centers Corporation	Sell	−136,650	−0.04
≡	VTR – Ventas, Inc.	Sell	−114,410	−0.04
≡	MAA – Mid-America Apartment Communities, Inc.	Sell	−59,380	−0.04
≡	TRNO – Terreno Realty Corp.	Sell	−117,937	−0.03
≡	VICI – VICI Properties, Inc.	Sell	−216,240	−0.03
≡	SUI – Sun Communities, Inc.	Sell	−42,840	−0.02
≡	O – Realty Income Corp.	Sell	−91,390	−0.02
≡	JD – JD.com Inc., Class A, ADR	Reduce 14.00%	−45,803	0.02
≡	UDR – UDR, Inc.	Sell	−113,280	−0.02
≡	SNPS – Synopsys, Inc.	Sell	−8,655	−0.02
≡	NTST – NetSTREIT Corp.	Sell	−189,600	−0.02
≡	CUBE – CubeSmart	Sell	−90,930	−0.01
≡	TSM – Taiwan Semiconductor Manufacturing, ADR	Sell	−7,200	−0.01
≡	LRCX – Lam Research Corp.	Reduce 77.00%	−9,500	−0.01
Q4 2025filed Feb 2, 264 new42 added10 reduced3 exited
≡	AMAT – Applied Materials, Inc.	Reduce 24.00%	−1,352,694	−1.08
≡	BRK.B – Berkshire Hathaway Inc., Class A	Reduce 6.00%	−55	−0.73
≡	HUM – Humana Inc.	Sell	−385,539	−0.52
≡	BK – Bank of New York Mellon Corp.	Reduce 48.00%	−488,959	−0.30
≡	NTES – NetEase Inc. - ADR	Reduce 28.00%	−168,576	−0.21
≡	HPP – Hudson Pacific Properties Inc.	Sell	−2,300,183	−0.03
≡	REXR – Rexford Industrial Realty, Inc.	Reduce 13.00%	−50,320	−0.02
≡	EXR – Extra Space Storage, Inc.	Reduce 49.00%	−27,100	−0.02
≡	SPG – Simon Property Group, Inc.	Reduce 14.00%	−10,550	−0.02
≡	UDR – UDR, Inc.	Reduce 39.00%	−72,910	−0.02
≡	NTST – NetSTREIT Corp.	Reduce 45.00%	−152,810	−0.02
≡	PLD – Prologis, Inc.	Reduce 9.00%	−18,040	−0.02
≡	RH – RH	Sell	−2,240	−0.00
Q3 2025filed Dec 29, 253 new31 added15 reduced3 exited
≡	META – Meta Platforms, Inc., Class A	Reduce 19.00%	−392,300	−1.74
≡	HUM – Humana Inc.	Reduce 77.00%	−1,267,195	−1.64
≡	CPNG – Coupang, Inc., Class A	Sell	−5,754,998	−0.92
≡	COF – Capital One Financial Corp.	Reduce 6.00%	−575,625	−0.89
≡	MSFT – Microsoft Corp.	Reduce 79.00%	−195,650	−0.52
≡	BK – Bank of New York Mellon Corp.	Reduce 47.00%	−887,749	−0.35
≡	BRK-B – Berkshire Hathaway Inc., Class A	Reduce 6.00%	−67	−0.22
≡	ORCL – Oracle Corporation	Reduce 49.00%	−64,522	−0.06
≡	AMT – American Tower Corp	Reduce 28.00%	−25,980	−0.04
≡	JCI – Johnson Controls International plc	Reduce 24.00%	−59,319	−0.03
≡	AXP – American Express Co.	Reduce 8.00%	−22,560	−0.03
≡	VTR – Ventas, Inc.	Reduce 42.00%	−86,020	−0.03
≡	ESS – Essex Property Trust, Inc.	Reduce 41.00%	−11,590	−0.02
≡	ANGI – ANGI Inc., Class A	Reduce 20.00%	−232,905	−0.02
≡	JPM – JPMorgan Chase & Co.	Reduce 6.00%	−40,416	−0.01
≡	IVE – iShares S&P 500 Value Index Fund	Reduce 40.00%	−4,364	−0.00
≡	AAPL – Apple Inc.	Sell	−1,265	−0.00
≡	XOM – Exxon Mobil Corp.	Sell	−2,066	−0.00
Q2 2025filed Aug 8, 258 new15 added18 reduced5 exited
≡	BRK-B – Berkshire Hathaway Inc., Class A	Reduce 32.00%	−493	−3.02
≡	CI – Cigna Group	Reduce 54.00%	−777,362	−1.56
≡	HUM – Humana Inc.	Reduce 29.00%	−678,609	−1.40
≡	DGX – Quest Diagnostics Inc.	Reduce 43.00%	−1,033,882	−1.03
≡	BRK-B – Berkshire Hathaway Inc., Class B	Reduce 18.00%	−124,608	−0.64
≡	IAC – IAC Inc.	Reduce 14.00%	−377,007	−0.25
≡	YOU – Clear Secure, Inc.	Sell	−581,691	−0.09
≡	AGCO – AGCO Corporation	Reduce 11.00%	−222,702	−0.09
≡	JCI – Johnson Controls International plc	Reduce 39.00%	−158,841	−0.05
≡	SAP – SAP SE - ADR	Reduce 39.00%	−29,357	−0.04
≡	PLDGP – Prologis, Inc.	Reduce 25.00%	−42,530	−0.04
≡	VTR – Ventas, Inc.	Reduce 19.00%	−46,840	−0.03
≡	AMZN – Amazon.com, Inc.	Reduce 7.00%	−250,793	−0.03
≡	NOAH – Noah Holdings Ltd., Class A, ADS	Reduce 38.00%	−633,232	−0.02
≡	PSA – Public Storage, Inc.	Reduce 19.00%	−9,360	−0.02
≡	HIW – Highwoods Properties Inc.	Sell	−129,180	−0.02
≡	GOOGL – Alphabet Inc., Class A	Reduce 6.00%	−185,070	−0.02
≡	FRT – Federal Realty Investment Trust	Sell	−32,930	−0.02
≡	SPG – Simon Property Group, Inc.	Reduce 14.00%	−9,310	−0.01
≡	IVE – iShares S&P 500 Value Index Fund	Reduce 44.00%	−8,734	−0.01
≡	SE – Sea Ltd., Class A, ADR	Reduce 13.00%	−66,323	−0.00
≡	SKAA – Skechers U.S.A., Inc., Class A	Sell	−6,000	−0.00
≡	INTC – Intel Corp.	Sell	−10,683	−0.00
Q1 2025filed May 12, 255 new13 added16 reduced1 exited
≡	META – Meta Platforms, Inc., Class A	Reduce 11.00%	−282,347	−1.14
≡	AMZN – Amazon.com, Inc.	Reduce 8.00%	−287,628	−0.99
≡	INTC – Intel Corp.	Reduce 100.00%	−2,556,933	−0.30
≡	IVE – iShares S&P 500 Value Index Fund	Reduce 90.00%	−177,463	−0.20
≡	BEKE – KE Holdings Inc., Class A, ADR	Reduce 49.00%	−1,787,344	−0.18
≡	DLR – Digital Realty Trust, Inc.	Reduce 26.00%	−23,515	−0.04
≡	EQIX – Equinix, Inc.	Reduce 20.00%	−3,825	−0.03
≡	BK – Bank of New York Mellon Corp.	Reduce 11.00%	−226,329	−0.03
≡	SAP – SAP SE - ADR	Reduce 22.00%	−21,361	−0.02
≡	WELL – Welltower, Inc.	Sell	−29,550	−0.02
≡	FRT – Federal Realty Investment Trust	Reduce 45.00%	−27,140	−0.02
≡	SPG – Simon Property Group, Inc.	Reduce 16.00%	−12,687	−0.02
≡	CUZ – Cousins Properties, Inc.	Reduce 11.00%	−57,280	−0.01
≡	UDR – UDR, Inc.	Reduce 19.00%	−37,300	−0.01
≡	SE – Sea Ltd., Class A, ADR	Reduce 19.00%	−123,386	−0.01
≡	ESS – Essex Property Trust, Inc.	Reduce 17.00%	−5,510	−0.01
≡	EXR – Extra Space Storage, Inc.	Reduce 7.00%	−4,300	−0.00
Q4 2024filed Feb 7, 253 new10 added18 reduced5 exited
≡	INTC – Intel Corp.	Reduce 80.00%	−10,056,313	−1.36
≡	BK – Bank of New York Mellon Corp.	Reduce 60.00%	−3,230,001	−1.21
≡	WFC – Wells Fargo & Co.	Reduce 39.00%	−5,628,176	−0.99
≡	JPM – JPMorgan Chase & Co.	Reduce 53.00%	−741,805	−0.74
≡	AMZN – Amazon.com, Inc.	Reduce 6.00%	−254,833	0.61
≡	OC – Owens Corning	Reduce 16.00%	−342,032	−0.34
≡	BEKE – KE Holdings Inc., Class A, ADR	Reduce 38.00%	−2,232,656	−0.27
≡	META – Meta Platforms, Inc., Class A	Reduce 8.00%	−222,289	−0.24
≡	CB – Chubb Ltd.	Reduce 7.00%	−83,334	−0.15
≡	DAR – Darling Ingredients Inc.	Reduce 16.00%	−453,323	−0.12
≡	NNGPF – JD.com Inc., Class A, ADR	Reduce 59.00%	−511,808	−0.12
≡	BABA – Alibaba Group Holding Ltd., ADR	Sell	−127,784	−0.08
≡	PLDGP – Prologis, Inc.	Reduce 27.00%	−67,750	−0.06
≡	PSA – Public Storage, Inc.	Reduce 8.00%	−4,430	−0.02
≡	Retail Opportunity Investments Corp.	Sell	−265,055	−0.02
≡	SUI – Sun Communities, Inc.	Sell	−26,100	−0.02
≡	JCI – Johnson Controls International plc	Reduce 13.00%	−60,135	−0.02
≡	VTR – Ventas, Inc.	Reduce 10.00%	−29,480	−0.01
≡	CUZ – Cousins Properties, Inc.	Reduce 19.00%	−115,800	−0.01
≡	HIW – Highwoods Properties Inc.	Reduce 17.00%	−27,050	−0.01
≡	LRCX – Lam Research Corp.	Sell	−1,228	−0.01
≡	FWONA – Liberty Formula One, Series A	Sell	−9,590	−0.00
≡	DLR – Digital Realty Trust, Inc.	Reduce 10.00%	−10,530	0.00
Q3 2024filed Nov 8, 243 new8 added20 reduced3 exited
≡	AMZN – Amazon.com, Inc.	Reduce 29.00%	−1,657,929	−2.18
≡	WFC – Wells Fargo & Co.	Reduce 7.00%	−1,086,899	−0.78
≡	JPM – JPMorgan Chase & Co.	Reduce 24.00%	−449,825	−0.52
≡	NNGPF – JD.com Inc., Class A, ADR	Reduce 80.00%	−3,437,271	−0.45
≡	BK – Bank of New York Mellon Corp.	Reduce 28.00%	−2,083,933	−0.43
≡	META – Meta Platforms, Inc., Class A	Reduce 11.00%	−344,631	−0.24
≡	BRK-B – Berkshire Hathaway Inc., Class A	Reduce 12.00%	−214	−0.24
≡	FWONA – Liberty Formula One, Series A	Reduce 97.00%	−348,271	−0.13
≡	CUZ – Cousins Properties, Inc.	Reduce 9.00%	−62,510	0.10
≡	UNH – UnitedHealth Group Inc.	Reduce 43.00%	−39,161	−0.10
≡	MBC – Masterbrand, Inc.	Sell	−823,506	−0.07
≡	ESS – Essex Property Trust, Inc.	Reduce 28.00%	−12,820	0.06
≡	AXP – American Express Co.	Reduce 21.00%	−76,255	−0.05
≡	CB – Chubb Ltd.	Reduce 6.00%	−78,504	0.04
≡	TRNO – Terreno Realty Corp.	Reduce 35.00%	−56,230	0.04
≡	ZIM – Hollysys Automation Technologies Ltd.	Sell	−220,761	−0.03
≡	BIDU – Baidu, Inc. Class A, ADR	Sell	−46,841	−0.02
≡	Retail Opportunity Investments Corp.	Reduce 47.00%	−234,400	0.02
≡	WELL – Welltower, Inc.	Reduce 69.00%	−66,760	0.02
≡	BRK-B – Berkshire Hathaway Inc., Class B	Reduce 8.00%	−63,198	0.01
≡	IVE – iShares S&P 500 Value Index Fund	Reduce 46.00%	−10,983	−0.01
≡	BABA – Alibaba Group Holding Ltd., ADR	Reduce 25.00%	−42,124	0.01
≡	SKAA – Skechers U.S.A., Inc., Class A	Reduce 20.00%	−1,490	−0.00
Q2 2024filed Aug 7, 247 new9 added17 reduced3 exited
≡	WFC – Wells Fargo & Co.	Reduce 35.00%	−8,153,385	−2.34
≡	JPM – JPMorgan Chase & Co.	Reduce 43.00%	−1,378,316	−1.45
≡	BK – Bank of New York Mellon Corp.	Reduce 28.00%	−2,832,527	−0.73
≡	AXP – American Express Co.	Reduce 53.00%	−402,542	−0.49
≡	AMAT – Applied Materials, Inc.	Reduce 10.00%	−474,933	0.35
≡	FERG – Ferguson PLC	Sell	−99,207	−0.12
≡	SPG – Simon Property Group, Inc.	Reduce 21.00%	−22,470	−0.09
≡	BRX – Brixmor Property Group, Inc.	Reduce 18.00%	−111,610	−0.08
≡	CARR – Carrier Global Corp.	Sell	−229,695	−0.07
≡	AVB – AvalonBay Communities, Inc.	Reduce 13.00%	−8,350	−0.07
≡	WELL – Welltower, Inc.	Reduce 26.00%	−33,470	−0.07
≡	ZIM – Hollysys Automation Technologies Ltd.	Reduce 66.00%	−433,706	−0.07
≡	AMH – American Homes 4 Rent - Class A	Reduce 9.00%	−23,200	−0.05
≡	EQR – Equity Residential	Reduce 26.00%	−36,690	−0.05
≡	Retail Opportunity Investments Corp.	Reduce 11.00%	−64,390	−0.04
≡	SUI – Sun Communities, Inc.	Reduce 45.00%	−22,070	−0.04
≡	SLG – SL Green Realty Corp.	Sell	−84,220	−0.03
≡	DEI – Douglas Emmett, Inc	Reduce 50.00%	−129,520	−0.02
≡	SAP – SAP SE - ADR	Reduce 16.00%	−18,245	−0.01
≡	BABA – Alibaba Group Holding Ltd., ADR	Reduce 7.00%	−12,284	−0.00
Q1 2024filed May 14, 246 added43 reduced5 exited
≡	INTC – Intel Corp.	Reduce 25.00%	−2,244,541	−0.88
≡	ZIM – Hollysys Automation Technologies Ltd.	Reduce 88.00%	−4,593,773	−0.69
≡	WFC – Wells Fargo & Co.	Reduce 20.00%	−5,851,480	−0.53
≡	META – Meta Platforms, Inc., Class A	Reduce 22.00%	−878,788	0.46
≡	BK – Bank of New York Mellon Corp.	Reduce 18.00%	−2,318,940	−0.39
≡	BRK-B – Berkshire Hathaway Inc., Class B	Reduce 26.00%	−288,901	−0.31
≡	DGX – Quest Diagnostics Inc.	Reduce 11.00%	−285,401	−0.30
≡	L – Loews Corp.	Reduce 57.00%	−821,334	−0.29
≡	TXN – Texas Instruments, Inc.	Reduce 10.00%	−276,997	−0.24
≡	JPM – JPMorgan Chase & Co.	Reduce 19.00%	−765,565	−0.21
≡	ETN – Eaton Corp. PLC	Sell	−145,440	−0.20
≡	AMZN – Amazon.com, Inc.	Reduce 18.00%	−1,248,291	−0.19
≡	USB – U.S. Bancorp	Reduce 7.00%	−1,101,364	−0.18
≡	GOOGL – Alphabet Inc., Class A	Reduce 12.00%	−439,761	−0.17
≡	CI – Cigna Group	Reduce 12.00%	−200,113	0.16
≡	IVE – iShares S&P 500 Value Index Fund	Sell	−139,545	−0.14
≡	DAR – Darling Ingredients Inc.	Reduce 7.00%	−228,801	−0.12
≡	NTB – Bank of N.T. Butterfield & Son Limited	Reduce 37.00%	−640,918	−0.12
≡	FERG – Ferguson PLC	Reduce 52.00%	−106,963	−0.10
≡	AGCO – AGCO Corporation	Reduce 10.00%	−155,504	−0.10
≡	MSFT – Microsoft Corp.	Reduce 22.00%	−74,831	−0.10
≡	CARR – Carrier Global Corp.	Reduce 55.00%	−284,955	−0.09
≡	FWONK – Liberty Formula One, Series C	Sell	−257,802	−0.09
≡	OC – Owens Corning	Reduce 14.00%	−369,609	−0.08
≡	TECK – Teck Resources Ltd., Class B	Reduce 9.00%	−1,185,486	−0.08
≡	MBC – Masterbrand, Inc.	Reduce 57.00%	−1,139,639	−0.08
≡	UNH – UnitedHealth Group Inc.	Reduce 17.00%	−18,478	−0.07
≡	IAC – IAC Inc.	Reduce 7.00%	−207,218	−0.05
≡	AMAT – Applied Materials, Inc.	Reduce 21.00%	−1,276,388	−0.05
≡	CB – Chubb Ltd.	Reduce 10.00%	−137,419	0.05
≡	FWONA – Liberty Formula One, Series A	Reduce 24.00%	−119,457	−0.04
≡	AXP – American Express Co.	Reduce 15.00%	−137,146	0.02
≡	CUBE – CubeSmart	Sell	−72,040	−0.02
≡	CVS – CVS Health Corporation	Reduce 16.00%	−33,671	−0.01
≡	ESS – Essex Property Trust, Inc.	Reduce 17.00%	−9,440	−0.01
≡	BRX – Brixmor Property Group, Inc.	Reduce 13.00%	−95,840	−0.01
≡	TRNO – Terreno Realty Corp.	Reduce 21.00%	−41,320	−0.01
≡	VTRS – Viatris Inc.	Reduce 8.00%	−5,196,329	0.01
≡	AVB – AvalonBay Communities, Inc.	Reduce 11.00%	−7,900	−0.01
≡	ORCL – Oracle Corporation	Reduce 22.00%	−40,672	−0.01
≡	JCI – Johnson Controls International plc	Reduce 15.00%	−78,999	−0.01
≡	SAP – SAP SE - ADR	Reduce 16.00%	−22,315	0.01
≡	YOU – Clear Secure, Inc.	Reduce 9.00%	−60,625	−0.01
≡	DOC – Healthpeak Properties, Inc.	Reduce 9.00%	−26,250	−0.00
≡	COF – Capital One Financial Corp.	Reduce 11.00%	−1,216,298	0.00
≡	SKAA – Skechers U.S.A., Inc., Class A	Reduce 40.00%	−4,910	−0.00
≡	Liberty TripAdvisor Hldgs Inc. - A	Sell	−237,084	−0.00
≡	TFC – Truist Financial Corp.	Reduce 7.00%	−9,464	−0.00

Hist

Stock

Activity

Share change

% change to portfolio

Q1 2026filed May 7, 266 new9 added8 reduced45 exited

≡

USB – U.S. Bancorp

Sell

−22,041,759

−5.29

≡

VTRS – Viatris Inc.

Sell

−78,177,984

−4.37

≡

AMZN – Amazon.com, Inc.

Sell

−3,429,262

−3.56

≡

WFC – Wells Fargo & Co.

Sell

−8,258,031

−3.46

≡

TSN – Tyson Foods Inc

Sell

−12,827,540

−3.38

≡

TECK – Teck Resources Ltd., Class B

Sell

−12,019,609

−2.59

≡

MGM – MGM Resorts International

Reduce 9.00%

−2,524,864

2.32

≡

TXN – Texas Instruments, Inc.

Sell

−2,853,227

−2.22

≡

SOLV – Solventum Corp.

Sell

−6,220,072

−2.22

≡

UNH – UnitedHealth Group Inc.

Sell

−1,273,400

−1.89

≡

AMAT – Applied Materials, Inc.

Reduce 72.00%

−3,004,196

−1.80

≡

TCOM – Trip.com Group Ltd., ADR

Sell

−5,053,389

−1.63

≡

MKL – Markel Group, Inc

Reduce 8.00%

−31,727

1.47

≡

DGX – Quest Diagnostics Inc.

Sell

−1,589,883

−1.24

≡

OC – Owens Corning

Sell

−2,046,583

−1.03

≡

DUSA – Davis Select U.S. Equity ETF

Sell

−3,384,566

−0.78

≡

QSR – Restaurant Brands International, Inc.

Reduce 10.00%

−421,664

0.75

≡

DINT – Davis Select International ETF

Sell

−3,892,451

−0.50

≡

PNC – PNC Financial Services Group, Inc.

Sell

−530,089

−0.50

≡

DFNL – Davis Select Financial ETF

Sell

−2,130,361

−0.46

≡

DWLD – Davis Select Worldwide ETF

Sell

−1,917,460

−0.40

≡

WCC – Wesco International, Inc.

Sell

−364,502

−0.40

≡

DAR – Darling Ingredients Inc.

Reduce 93.00%

−2,654,401

−0.37

≡

RNR – RenaissanceRe Holdings Ltd

Sell

−229,739

−0.29

≡

RKT – Rocket Companies, Inc., Class A

Sell

−3,227,910

−0.28

≡

SE – Sea Ltd., Class A, ADR

Sell

−436,534

−0.25

≡

VALE – Vale S.A., ADR

Sell

−2,931,198

−0.17

≡

IVE – iShares S&P 500 Value Index Fund

Sell

−127,053

−0.12

≡

PLD – Prologis, Inc.

Sell

−180,126

−0.10

≡

STT – State Street Corp.

Sell

−143,773

−0.08

≡

JCI – Johnson Controls International plc

Reduce 8.00%

−16,080

0.08

≡

SAP – SAP SE - ADR

Sell

−56,347

−0.06

≡

REXR – Rexford Industrial Realty, Inc.

Sell

−344,830

−0.06

≡

SPG – Simon Property Group, Inc.

Sell

−66,183

−0.06

≡

SHO – Sunstone Hotel Investors, Inc.

Sell

−1,279,610

−0.05

≡

PSA – Public Storage, Inc.

Sell

−43,520

−0.05

≡

MTB – M & T Bank Corp

Sell

−55,846

−0.05

≡

NOAH – Noah Holdings Ltd., Class A, ADS

Sell

−1,021,585

−0.05

≡

TFC – Truist Financial Corp.

Sell

−192,053

−0.04

≡

REG – Regency Centers Corporation

Sell

−136,650

−0.04

≡

VTR – Ventas, Inc.

Sell

−114,410

−0.04

≡

MAA – Mid-America Apartment Communities, Inc.

Sell

−59,380

−0.04

≡

TRNO – Terreno Realty Corp.

Sell

−117,937

−0.03

≡

VICI – VICI Properties, Inc.

Sell

−216,240

−0.03

≡

SUI – Sun Communities, Inc.

Sell

−42,840

−0.02

≡

O – Realty Income Corp.

Sell

−91,390

−0.02

≡

JD – JD.com Inc., Class A, ADR

Reduce 14.00%

−45,803

0.02

≡

UDR – UDR, Inc.

Sell

−113,280

−0.02

≡

SNPS – Synopsys, Inc.

Sell

−8,655

−0.02

≡

NTST – NetSTREIT Corp.

Sell

−189,600

−0.02

≡

CUBE – CubeSmart

Sell

−90,930

−0.01

≡

TSM – Taiwan Semiconductor Manufacturing, ADR

Sell

−7,200

−0.01

≡

LRCX – Lam Research Corp.

Reduce 77.00%

−9,500

−0.01

Q4 2025filed Feb 2, 264 new42 added10 reduced3 exited

≡

AMAT – Applied Materials, Inc.

Reduce 24.00%

−1,352,694

−1.08

≡

BRK.B – Berkshire Hathaway Inc., Class A

Reduce 6.00%

−55

−0.73

≡

HUM – Humana Inc.

Sell

−385,539

−0.52

≡

BK – Bank of New York Mellon Corp.

Reduce 48.00%

−488,959

−0.30

≡

NTES – NetEase Inc. - ADR

Reduce 28.00%

−168,576

−0.21

≡

HPP – Hudson Pacific Properties Inc.

Sell

−2,300,183

−0.03

≡

REXR – Rexford Industrial Realty, Inc.

Reduce 13.00%

−50,320

−0.02

≡

EXR – Extra Space Storage, Inc.

Reduce 49.00%

−27,100

−0.02

≡

SPG – Simon Property Group, Inc.

Reduce 14.00%

−10,550

−0.02

≡

UDR – UDR, Inc.

Reduce 39.00%

−72,910

−0.02

≡

NTST – NetSTREIT Corp.

Reduce 45.00%

−152,810

−0.02

≡

PLD – Prologis, Inc.

Reduce 9.00%

−18,040

−0.02

≡

RH – RH

Sell

−2,240

−0.00

Q3 2025filed Dec 29, 253 new31 added15 reduced3 exited

≡

META – Meta Platforms, Inc., Class A

Reduce 19.00%

−392,300

−1.74

≡

HUM – Humana Inc.

Reduce 77.00%

−1,267,195

−1.64

≡

CPNG – Coupang, Inc., Class A

Sell

−5,754,998

−0.92

≡

COF – Capital One Financial Corp.

Reduce 6.00%

−575,625

−0.89

≡

MSFT – Microsoft Corp.

Reduce 79.00%

−195,650

−0.52

≡

BK – Bank of New York Mellon Corp.

Reduce 47.00%

−887,749

−0.35

≡

BRK-B – Berkshire Hathaway Inc., Class A

Reduce 6.00%

−67

−0.22

≡

ORCL – Oracle Corporation

Reduce 49.00%

−64,522

−0.06

≡

AMT – American Tower Corp

Reduce 28.00%

−25,980

−0.04

≡

JCI – Johnson Controls International plc

Reduce 24.00%

−59,319

−0.03

≡

AXP – American Express Co.

Reduce 8.00%

−22,560

−0.03

≡

VTR – Ventas, Inc.

Reduce 42.00%

−86,020

−0.03

≡

ESS – Essex Property Trust, Inc.

Reduce 41.00%

−11,590

−0.02

≡

ANGI – ANGI Inc., Class A

Reduce 20.00%

−232,905

−0.02

≡

JPM – JPMorgan Chase & Co.

Reduce 6.00%

−40,416

−0.01

≡

IVE – iShares S&P 500 Value Index Fund

Reduce 40.00%

−4,364

−0.00

≡

AAPL – Apple Inc.

Sell

−1,265

−0.00

≡

XOM – Exxon Mobil Corp.

Sell

−2,066

−0.00

Q2 2025filed Aug 8, 258 new15 added18 reduced5 exited

≡

BRK-B – Berkshire Hathaway Inc., Class A

Reduce 32.00%

−493

−3.02

≡

CI – Cigna Group

Reduce 54.00%

−777,362

−1.56

≡

HUM – Humana Inc.

Reduce 29.00%

−678,609

−1.40

≡

DGX – Quest Diagnostics Inc.

Reduce 43.00%

−1,033,882

−1.03

≡

BRK-B – Berkshire Hathaway Inc., Class B

Reduce 18.00%

−124,608

−0.64

≡

IAC – IAC Inc.

Reduce 14.00%

−377,007

−0.25

≡

YOU – Clear Secure, Inc.

Sell

−581,691

−0.09

≡

AGCO – AGCO Corporation

Reduce 11.00%

−222,702

−0.09

≡

JCI – Johnson Controls International plc

Reduce 39.00%

−158,841

−0.05

≡

SAP – SAP SE - ADR

Reduce 39.00%

−29,357

−0.04

≡

PLDGP – Prologis, Inc.

Reduce 25.00%

−42,530

−0.04

≡

VTR – Ventas, Inc.

Reduce 19.00%

−46,840

−0.03

≡

AMZN – Amazon.com, Inc.

Reduce 7.00%

−250,793

−0.03

≡

NOAH – Noah Holdings Ltd., Class A, ADS

Reduce 38.00%

−633,232

−0.02

≡

PSA – Public Storage, Inc.

Reduce 19.00%

−9,360

−0.02

≡

HIW – Highwoods Properties Inc.

Sell

−129,180

−0.02

≡

GOOGL – Alphabet Inc., Class A

Reduce 6.00%

−185,070

−0.02

≡

FRT – Federal Realty Investment Trust

Sell

−32,930

−0.02

≡

SPG – Simon Property Group, Inc.

Reduce 14.00%

−9,310

−0.01

≡

IVE – iShares S&P 500 Value Index Fund

Reduce 44.00%

−8,734

−0.01

≡

SE – Sea Ltd., Class A, ADR

Reduce 13.00%

−66,323

−0.00

≡

SKAA – Skechers U.S.A., Inc., Class A

Sell

−6,000

−0.00

≡

INTC – Intel Corp.

Sell

−10,683

−0.00

Q1 2025filed May 12, 255 new13 added16 reduced1 exited

≡

META – Meta Platforms, Inc., Class A

Reduce 11.00%

−282,347

−1.14

≡

AMZN – Amazon.com, Inc.

Reduce 8.00%

−287,628

−0.99

≡

INTC – Intel Corp.

Reduce 100.00%

−2,556,933

−0.30

≡

IVE – iShares S&P 500 Value Index Fund

Reduce 90.00%

−177,463

−0.20

≡

BEKE – KE Holdings Inc., Class A, ADR

Reduce 49.00%

−1,787,344

−0.18

≡

DLR – Digital Realty Trust, Inc.

Reduce 26.00%

−23,515

−0.04

≡

EQIX – Equinix, Inc.

Reduce 20.00%

−3,825

−0.03

≡

BK – Bank of New York Mellon Corp.

Reduce 11.00%

−226,329

−0.03

≡

SAP – SAP SE - ADR

Reduce 22.00%

−21,361

−0.02

≡

WELL – Welltower, Inc.

Sell

−29,550

−0.02

≡

FRT – Federal Realty Investment Trust

Reduce 45.00%

−27,140

−0.02

≡

SPG – Simon Property Group, Inc.

Reduce 16.00%

−12,687

−0.02

≡

CUZ – Cousins Properties, Inc.

Reduce 11.00%

−57,280

−0.01

≡

UDR – UDR, Inc.

Reduce 19.00%

−37,300

−0.01

≡

SE – Sea Ltd., Class A, ADR

Reduce 19.00%

−123,386

−0.01

≡

ESS – Essex Property Trust, Inc.

Reduce 17.00%

−5,510

−0.01

≡

EXR – Extra Space Storage, Inc.

Reduce 7.00%

−4,300

−0.00

Q4 2024filed Feb 7, 253 new10 added18 reduced5 exited

≡

INTC – Intel Corp.

Reduce 80.00%

−10,056,313

−1.36

≡

BK – Bank of New York Mellon Corp.

Reduce 60.00%

−3,230,001

−1.21

≡

WFC – Wells Fargo & Co.

Reduce 39.00%

−5,628,176

−0.99

≡

JPM – JPMorgan Chase & Co.

Reduce 53.00%

−741,805

−0.74

≡

AMZN – Amazon.com, Inc.

Reduce 6.00%

−254,833

0.61

≡

OC – Owens Corning

Reduce 16.00%

−342,032

−0.34

≡

BEKE – KE Holdings Inc., Class A, ADR

Reduce 38.00%

−2,232,656

−0.27

≡

META – Meta Platforms, Inc., Class A

Reduce 8.00%

−222,289

−0.24

≡

CB – Chubb Ltd.

Reduce 7.00%

−83,334

−0.15

≡

DAR – Darling Ingredients Inc.

Reduce 16.00%

−453,323

−0.12

≡

NNGPF – JD.com Inc., Class A, ADR

Reduce 59.00%

−511,808

−0.12

≡

BABA – Alibaba Group Holding Ltd., ADR

Sell

−127,784

−0.08

≡

PLDGP – Prologis, Inc.

Reduce 27.00%

−67,750

−0.06

≡

PSA – Public Storage, Inc.

Reduce 8.00%

−4,430

−0.02

≡

Retail Opportunity Investments Corp.

Sell

−265,055

−0.02

≡

SUI – Sun Communities, Inc.

Sell

−26,100

−0.02

≡

JCI – Johnson Controls International plc

Reduce 13.00%

−60,135

−0.02

≡

VTR – Ventas, Inc.

Reduce 10.00%

−29,480

−0.01

≡

CUZ – Cousins Properties, Inc.

Reduce 19.00%

−115,800

−0.01

≡

HIW – Highwoods Properties Inc.

Reduce 17.00%

−27,050

−0.01

≡

LRCX – Lam Research Corp.

Sell

−1,228

−0.01

≡

FWONA – Liberty Formula One, Series A

Sell

−9,590

−0.00

≡

DLR – Digital Realty Trust, Inc.

Reduce 10.00%

−10,530

0.00

Q3 2024filed Nov 8, 243 new8 added20 reduced3 exited

≡

AMZN – Amazon.com, Inc.

Reduce 29.00%

−1,657,929

−2.18

≡

WFC – Wells Fargo & Co.

Reduce 7.00%

−1,086,899

−0.78

≡

JPM – JPMorgan Chase & Co.

Reduce 24.00%

−449,825

−0.52

≡

NNGPF – JD.com Inc., Class A, ADR

Reduce 80.00%

−3,437,271

−0.45

≡

BK – Bank of New York Mellon Corp.

Reduce 28.00%

−2,083,933

−0.43

≡

META – Meta Platforms, Inc., Class A

Reduce 11.00%

−344,631

−0.24

≡

BRK-B – Berkshire Hathaway Inc., Class A

Reduce 12.00%

−214

−0.24

≡

FWONA – Liberty Formula One, Series A

Reduce 97.00%

−348,271

−0.13

≡

CUZ – Cousins Properties, Inc.

Reduce 9.00%

−62,510

0.10

≡

UNH – UnitedHealth Group Inc.

Reduce 43.00%

−39,161

−0.10

≡

MBC – Masterbrand, Inc.

Sell

−823,506

−0.07

≡

ESS – Essex Property Trust, Inc.

Reduce 28.00%

−12,820

0.06

≡

AXP – American Express Co.

Reduce 21.00%

−76,255

−0.05

≡

CB – Chubb Ltd.

Reduce 6.00%

−78,504

0.04

≡

TRNO – Terreno Realty Corp.

Reduce 35.00%

−56,230

0.04

≡

ZIM – Hollysys Automation Technologies Ltd.

Sell

−220,761

−0.03

≡

BIDU – Baidu, Inc. Class A, ADR

Sell

−46,841

−0.02

≡

Retail Opportunity Investments Corp.

Reduce 47.00%

−234,400

0.02

≡

WELL – Welltower, Inc.

Reduce 69.00%

−66,760

0.02

≡

BRK-B – Berkshire Hathaway Inc., Class B

Reduce 8.00%

−63,198

0.01

≡

IVE – iShares S&P 500 Value Index Fund

Reduce 46.00%

−10,983

−0.01

≡

BABA – Alibaba Group Holding Ltd., ADR

Reduce 25.00%

−42,124

0.01

≡

SKAA – Skechers U.S.A., Inc., Class A

Reduce 20.00%

−1,490

−0.00

Q2 2024filed Aug 7, 247 new9 added17 reduced3 exited

≡

WFC – Wells Fargo & Co.

Reduce 35.00%

−8,153,385

−2.34

≡

JPM – JPMorgan Chase & Co.

Reduce 43.00%

−1,378,316

−1.45

≡

BK – Bank of New York Mellon Corp.

Reduce 28.00%

−2,832,527

−0.73

≡

AXP – American Express Co.

Reduce 53.00%

−402,542

−0.49

≡

AMAT – Applied Materials, Inc.

Reduce 10.00%

−474,933

0.35

≡

FERG – Ferguson PLC

Sell

−99,207

−0.12

≡

SPG – Simon Property Group, Inc.

Reduce 21.00%

−22,470

−0.09

≡

BRX – Brixmor Property Group, Inc.

Reduce 18.00%

−111,610

−0.08

≡

CARR – Carrier Global Corp.

Sell

−229,695

−0.07

≡

AVB – AvalonBay Communities, Inc.

Reduce 13.00%

−8,350

−0.07

≡

WELL – Welltower, Inc.

Reduce 26.00%

−33,470

−0.07

≡

ZIM – Hollysys Automation Technologies Ltd.

Reduce 66.00%

−433,706

−0.07

≡

AMH – American Homes 4 Rent - Class A

Reduce 9.00%

−23,200

−0.05

≡

EQR – Equity Residential

Reduce 26.00%

−36,690

−0.05

≡

Retail Opportunity Investments Corp.

Reduce 11.00%

−64,390

−0.04

≡

SUI – Sun Communities, Inc.

Reduce 45.00%

−22,070

−0.04

≡

SLG – SL Green Realty Corp.

Sell

−84,220

−0.03

≡

DEI – Douglas Emmett, Inc

Reduce 50.00%

−129,520

−0.02

≡

SAP – SAP SE - ADR

Reduce 16.00%

−18,245

−0.01

≡

BABA – Alibaba Group Holding Ltd., ADR

Reduce 7.00%

−12,284

−0.00

Q1 2024filed May 14, 246 added43 reduced5 exited

≡

INTC – Intel Corp.

Reduce 25.00%

−2,244,541

−0.88

≡

ZIM – Hollysys Automation Technologies Ltd.

Reduce 88.00%

−4,593,773

−0.69

≡

WFC – Wells Fargo & Co.

Reduce 20.00%

−5,851,480

−0.53

≡

META – Meta Platforms, Inc., Class A

Reduce 22.00%

−878,788

0.46

≡

BK – Bank of New York Mellon Corp.

Reduce 18.00%

−2,318,940

−0.39

≡

BRK-B – Berkshire Hathaway Inc., Class B

Reduce 26.00%

−288,901

−0.31

≡

DGX – Quest Diagnostics Inc.

Reduce 11.00%

−285,401

−0.30

≡

L – Loews Corp.

Reduce 57.00%

−821,334

−0.29

≡

TXN – Texas Instruments, Inc.

Reduce 10.00%

−276,997

−0.24

≡

JPM – JPMorgan Chase & Co.

Reduce 19.00%

−765,565

−0.21

≡

ETN – Eaton Corp. PLC

Sell

−145,440

−0.20

≡

AMZN – Amazon.com, Inc.

Reduce 18.00%

−1,248,291

−0.19

≡

USB – U.S. Bancorp

Reduce 7.00%

−1,101,364

−0.18

≡

GOOGL – Alphabet Inc., Class A

Reduce 12.00%

−439,761

−0.17

≡

CI – Cigna Group

Reduce 12.00%

−200,113

0.16

≡

IVE – iShares S&P 500 Value Index Fund

Sell

−139,545

−0.14

≡

DAR – Darling Ingredients Inc.

Reduce 7.00%

−228,801

−0.12

≡

NTB – Bank of N.T. Butterfield & Son Limited

Reduce 37.00%

−640,918

−0.12

≡

FERG – Ferguson PLC

Reduce 52.00%

−106,963

−0.10

≡

AGCO – AGCO Corporation

Reduce 10.00%

−155,504

−0.10

≡

MSFT – Microsoft Corp.

Reduce 22.00%

−74,831

−0.10

≡

CARR – Carrier Global Corp.

Reduce 55.00%

−284,955

−0.09

≡

FWONK – Liberty Formula One, Series C

Sell

−257,802

−0.09

≡

OC – Owens Corning

Reduce 14.00%

−369,609

−0.08

≡

TECK – Teck Resources Ltd., Class B

Reduce 9.00%

−1,185,486

−0.08

≡

MBC – Masterbrand, Inc.

Reduce 57.00%

−1,139,639

−0.08

≡

UNH – UnitedHealth Group Inc.

Reduce 17.00%

−18,478

−0.07

≡

IAC – IAC Inc.

Reduce 7.00%

−207,218

−0.05

≡

AMAT – Applied Materials, Inc.

Reduce 21.00%

−1,276,388

−0.05

≡

CB – Chubb Ltd.

Reduce 10.00%

−137,419

0.05

≡

FWONA – Liberty Formula One, Series A

Reduce 24.00%

−119,457

−0.04

≡

AXP – American Express Co.

Reduce 15.00%

−137,146

0.02

≡

CUBE – CubeSmart

Sell

−72,040

−0.02

≡

CVS – CVS Health Corporation

Reduce 16.00%

−33,671

−0.01

≡

ESS – Essex Property Trust, Inc.

Reduce 17.00%

−9,440

−0.01

≡

BRX – Brixmor Property Group, Inc.

Reduce 13.00%

−95,840

−0.01

≡

TRNO – Terreno Realty Corp.

Reduce 21.00%

−41,320

−0.01

≡

VTRS – Viatris Inc.

Reduce 8.00%

−5,196,329

0.01

≡

AVB – AvalonBay Communities, Inc.

Reduce 11.00%

−7,900

−0.01

≡

ORCL – Oracle Corporation

Reduce 22.00%

−40,672

−0.01

≡

JCI – Johnson Controls International plc

Reduce 15.00%

−78,999

−0.01

≡

SAP – SAP SE - ADR

Reduce 16.00%

−22,315

0.01

≡

YOU – Clear Secure, Inc.

Reduce 9.00%

−60,625

−0.01

≡

DOC – Healthpeak Properties, Inc.

Reduce 9.00%

−26,250

−0.00

≡

COF – Capital One Financial Corp.

Reduce 11.00%

−1,216,298

0.00

≡

SKAA – Skechers U.S.A., Inc., Class A

Reduce 40.00%

−4,910

−0.00

≡

Liberty TripAdvisor Hldgs Inc. - A

Sell

−237,084

−0.00

≡

TFC – Truist Financial Corp.

Reduce 7.00%

−9,464

−0.00