| Capital One Financial Corp. (COF) | $1.7B | 7.13% | 8,270,946 | -268,790 | Trimmed |
| U.S. Bancorp (USB) | $1.3B | 5.56% | 21,453,510 | -784,450 | Trimmed |
| CVS Health Corp. (CVS) | $1.2B | 5.27% | 11,865,916 | -373,750 | Trimmed |
| Viatris Inc. (VTRS) | $1.2B | 5.13% | 75,232,254 | -2,978,937 | Trimmed |
| MGM Resorts International (MGM) | $1.1B | 4.91% | 23,903,317 | -392,021 | Trimmed |
| Alphabet Inc. (GOOGL) | $1.0B | 4.51% | 2,937,160 | -157,499 | Trimmed |
| Devon Energy Corp. (DVN) | $1.0B | 4.49% | 25,297,991 | +25,297,991 | New position |
| Amazon.com Inc. (AMZN) | $1.0B | 4.38% | 4,276,176 | +850,924 | Added |
| Meta Platforms, Inc. (META) | $928.7M | 3.99% | 1,648,172 | -70,984 | Trimmed |
| Markel Group Inc. (MKL) | $794.4M | 3.41% | 406,759 | +23,326 | Added |
| Texas Instruments Inc. (TXN) | $726.5M | 3.12% | 2,437,486 | -412,185 | Trimmed |
| Tyson Foods, Inc. (TSN) | $724.5M | 3.11% | 12,653,717 | -436,972 | Trimmed |
| Wells Fargo & Company (WFC) | $661.9M | 2.84% | 8,008,728 | -182,143 | Trimmed |
| Berkshire Hathaway Inc. Del | $650.0M | 2.79% | 868 | -55 | Trimmed |
| Cigna Group (CI) | $621.2M | 2.67% | 2,253,424 | +19,495 | Added |
| JBS N.V. (JBS) | $592.7M | 2.54% | 50,016,236 | +23,771,576 | Added |
| UnitedHealth Group Inc. (UNH) | $529.8M | 2.27% | 1,274,650 | +27,174 | Added |
| Teck Resources Ltd (TECK) | $497.3M | 2.13% | 8,363,497 | -2,221,166 | Trimmed |
| Solventum Corp. (SOLV) | $486.7M | 2.09% | 6,307,729 | -22,596 | Trimmed |
| LyondellBasell Industries N.V. (LYB) | $458.0M | 1.97% | 8,698,852 | +3,102,264 | Added |
| Chubb Ltd. (CB) | $391.2M | 1.68% | 1,148,090 | -47,301 | Trimmed |
| Berkshire Hathaway Inc. Class B (BRKB) | $369.5M | 1.59% | 738,433 | -11,413 | Trimmed |
| Trip.com Group Limited (TCOM) | $349.1M | 1.50% | 8,761,371 | +2,206,259 | Added |
| Owens Corning (OC) | $330.7M | 1.42% | 2,081,213 | -19,722 | Trimmed |
| Quest Diagnostics Inc. (DGX) | $329.8M | 1.42% | 1,555,612 | -62,201 | Trimmed |
| Pinterest, Inc. (PINS) | $264.5M | 1.14% | 12,574,721 | +174,620 | Added |
| Agco Corp. (AGCO) | $246.4M | 1.06% | 2,058,488 | -28,155 | Trimmed |
| Full Truck Alliance Co. Ltd (YMM) | $224.4M | 0.96% | 27,639,082 | -1,124,109 | Trimmed |
| Restaurant Brands International Inc. (QSR) | $203.0M | 0.87% | 2,800,345 | -798,782 | Trimmed |
| Alphabet Inc. (GOOG) | $199.4M | 0.86% | 564,274 | -113,333 | Trimmed |
| ConocoPhillips (COP) | $195.2M | 0.84% | 1,877,583 | +2,155 | Added |
| Sea Limited (SE) | $192.8M | 0.83% | 2,011,812 | +161,981 | Added |
| Davis Fundamental ETF Trust (DUSA) | $191.1M | 0.82% | 3,400,745 | 0 | Held |
| AppLovin Corp. (APP) | $162.7M | 0.70% | 315,539 | -20,271 | Trimmed |
| JPMorgan Chase & Co. (JPM) | $155.9M | 0.67% | 476,389 | -80,063 | Trimmed |
| Fifth Third Bancorp (FITB) | $151.3M | 0.65% | 2,684,183 | -129,342 | Trimmed |
| Wesco International Inc. (WCC) | $125.5M | 0.54% | 363,915 | -17,092 | Trimmed |
| PNC Financial Services Group, Inc. (PNC) | $122.1M | 0.52% | 496,066 | -45,856 | Trimmed |
| Davis Fundamental ETF Trust (DINT) | $111.6M | 0.48% | 3,915,748 | 0 | Held |
| People Inc. (PPLI) | $110.5M | 0.47% | 2,394,024 | -19,223 | Trimmed |
| Davis Fundamental ETF Trust (DFNL) | $105.2M | 0.45% | 2,130,666 | 0 | Held |
| Davis Fundamental ETF Trust (DWLD) | $89.5M | 0.38% | 1,935,585 | 0 | Held |
| NetEase, Inc. (NTES) | $78.5M | 0.34% | 612,955 | +190,243 | Added |
| Renaissancere Holdings Ltd. (RNR) | $74.3M | 0.32% | 234,528 | -22,662 | Trimmed |
| Applied Materials Inc. (AMAT) | $74.1M | 0.32% | 102,521 | -1,094,581 | Trimmed |
| American Express Co. (AXP) | $71.0M | 0.30% | 209,821 | -23,305 | Trimmed |
| Rocket Companies, Inc. (RKT) | $70.3M | 0.30% | 4,463,148 | -360,422 | Trimmed |
| Loews Corp. (L) | $61.7M | 0.27% | 545,211 | -68,886 | Trimmed |
| Bank of NT Butterfield&son L (NTB) | $60.2M | 0.26% | 1,012,140 | -60,989 | Trimmed |
| Bank of America Corp. (BAC) | $56.6M | 0.24% | 992,776 | -166,428 | Trimmed |
| Bank of New York Mellon Corp. (BNY) | $53.0M | 0.23% | 366,448 | -158,780 | Trimmed |
| Chime Financial, Inc. (CHYM) | $47.8M | 0.20% | 2,331,776 | -207,430 | Trimmed |
| Everest Group, Ltd. (EG) | $45.2M | 0.19% | 126,423 | -14,485 | Trimmed |
| Vale S.A. (VALE) | $44.1M | 0.19% | 2,929,850 | -1,348 | Held |
| Microsoft Corp. (MSFT) | $34.7M | 0.15% | 92,973 | +14,484 | Added |
| NVIDIA Corp. (NVDA) | $31.0M | 0.13% | 154,727 | +41,171 | Added |
| KE Holdings Inc. (BEKE) | $26.9M | 0.12% | 1,850,782 | -1,022 | Held |
| Charles Schwab Corp. (SCHW) | $26.7M | 0.12% | 289,871 | -21,111 | Trimmed |
| Fiserv Inc. (FISV) | $26.5M | 0.11% | 539,839 | -49,046 | Trimmed |
| State Street Corp. (STT) | $25.1M | 0.11% | 147,966 | -4,234 | Trimmed |
| Prologis, Inc. (PLD) | $24.2M | 0.10% | 178,556 | -4,030 | Trimmed |
| Johnson Controls International plc (JCI) | $20.7M | 0.09% | 141,422 | -52,458 | Trimmed |
| Equinix Inc. (EQIX) | $20.1M | 0.09% | 19,313 | -1,910 | Trimmed |
| Cousins Properties Inc. (CUZ) | $17.2M | 0.07% | 573,605 | -12,860 | Trimmed |
| Bxp, Inc. (BXP) | $15.4M | 0.07% | 232,050 | -5,140 | Trimmed |
| Brixmor Property Group Inc. (BRX) | $15.0M | 0.07% | 477,150 | -86,020 | Trimmed |
| Adobe Inc. (ADBE) | $13.9M | 0.06% | 67,894 | +22,755 | Added |
| M&T Bank Corp. (MTB) | $13.8M | 0.06% | 58,072 | -2,233 | Trimmed |
| Healthpeak Properties, Inc. (DOC) | $13.5M | 0.06% | 631,026 | -14,180 | Trimmed |
| Digital Realty Trust, Inc. (DLR) | $13.2M | 0.06% | 73,280 | -5,600 | Trimmed |
| Public Storage (PSA) | $12.0M | 0.05% | 37,740 | -3,520 | Trimmed |
| Avalonbay Cmntys Inc. (AVB) | $11.3M | 0.05% | 59,890 | -20,080 | Trimmed |
| Synopsys Inc. (SNPS) | $11.1M | 0.05% | 24,962 | -951 | Trimmed |
| Simon Property Group Inc. (SPG) | $11.0M | 0.05% | 49,318 | -1,140 | Trimmed |
| Oracle Corp. (ORCL) | $11.0M | 0.05% | 74,923 | -5,491 | Trimmed |
| American Homes 4 Rent (AMH) | $10.9M | 0.05% | 325,590 | +48,420 | Added |
| Copt Defense Properties (CDP) | $10.7M | 0.05% | 292,700 | -6,500 | Trimmed |
| Truist Financial Corp. (TFC) | $10.4M | 0.04% | 208,391 | -16,414 | Trimmed |
| Eastgroup Properties Inc. (EGP) | $10.4M | 0.04% | 51,230 | -1,140 | Trimmed |
| American Tower Corp. (AMT) | $10.3M | 0.04% | 63,250 | -1,370 | Trimmed |
| Sunstone Hotel Investors, Inc. (SHO) | $10.0M | 0.04% | 870,120 | -19,600 | Trimmed |
| Ventas, Inc. (VTR) | $9.9M | 0.04% | 111,420 | -2,450 | Trimmed |
| Camden Property Trust (CPT) | $9.9M | 0.04% | 86,120 | -1,890 | Trimmed |
| Noah Hldgs Ltd (NOAH) | $9.6M | 0.04% | 964,486 | -57,099 | Trimmed |
| Darling Ingredients Inc. (DAR) | $9.3M | 0.04% | 170,846 | -17,059 | Trimmed |
| SAP SE (SAP) | $9.3M | 0.04% | 60,529 | -256,893 | Trimmed |
| Regency Centers Corp. (REG) | $9.3M | 0.04% | 116,340 | -22,290 | Trimmed |
| Essex Property Trust, Inc. (ESS) | $8.3M | 0.04% | 28,501 | +11,740 | Added |
| JD.com, Inc. (JD) | $7.2M | 0.03% | 283,280 | -138 | Held |
| Terreno Realty Corp. (TRNO) | $7.2M | 0.03% | 111,037 | -2,470 | Trimmed |
| SBA Communications Corp. (SBAC) | $7.2M | 0.03% | 40,700 | +40,700 | New position |
| Rexford Industrial Realty, Inc. (REXR) | $6.4M | 0.03% | 191,960 | -17,650 | Trimmed |
| Vivmark Residential (VMRK) | $6.2M | 0.03% | 91,855 | -13,910 | Trimmed |
| Community Healthcare Trust Inc. (CHCT) | $5.9M | 0.03% | 322,890 | -7,150 | Trimmed |
| Realty Income Corp. (O) | $5.7M | 0.03% | 92,720 | -2,190 | Trimmed |
| Vici Properties Inc. (VICI) | $5.7M | 0.03% | 215,360 | -4,820 | Trimmed |
| Angi Inc. (ANGI) | $5.5M | 0.02% | 932,653 | -16,340 | Trimmed |
| Sun Communities Inc. (SUI) | $5.1M | 0.02% | 42,480 | -950 | Trimmed |
| Hudson Pacific Properties, Inc. (HPP) | $4.8M | 0.02% | 315,236 | -6,940 | Trimmed |
| Alexandria Real Estate Equities, Inc. (ARE) | $4.3M | 0.02% | 80,467 | -100,340 | Trimmed |