Davis Advisors

Q4 2013 13F · by Chris Davis, portfolio manager

As of: Dec 31, 2013
Filed: Feb 7, 2014
US stock: $40.9B · prev $38.4B
Positions: 182 · prev 179
Options notional: $0
Documents: 1· no amendments

Picture99.6% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.2%
Notes debt, at principal 0.2%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves186 since the prior filing

+1.6 pp in · −1.6 pp out

New 16 +0.99 pp
Added 48 +0.56 pp
Trimmed 109 −1.14 pp
Exited 13 −0.46 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.2% a year, about 13.8 years per position

Low
Moderate
High

Top 5 positions34% of US stock

AXP American Express Company trimmed+0.65 pp trimmed+0.657.9%
unresolved Google Inc. trimmed+1.13 pp trimmed+1.137.2%
BNY Bank of New York Mellon Corporation trimmed+0.34 pp trimmed+0.347.1%
WFC Wells Fargo & Co. trimmed+0.06 pp trimmed+0.066.4%
CVS Cvs Health Corporation trimmed+0.41 pp trimmed+0.415.8%

Positions182 in this filing · 13 exited


AXPAmerican Express Company	7.94%	35,767,841	$3.2B	trimmed−4%	+0.65 pp	3 q
unresolvedGoogle Inc.	7.21%	2,628,014	$2.9B	trimmed−1%	+1.13 pp	3 q
BNYBank of New York Mellon Corporation	7.13%	83,323,238	$2.9B	trimmed−4%	+0.34 pp	3 q
WFCWells Fargo & Co.	6.39%	57,541,470	$2.6B	trimmed−2%	+0.06 pp	3 q
CVSCvs Health Corporation	5.79%	33,058,529	$2.4B	trimmed−9%	+0.41 pp	3 q
BRK.ABerkshire Hathaway Inc.	4.17%	9,585	$1.7B	trimmed−16%	−0.87 pp	3 q
BBYD20230930-DK-BUTTERFLY-1 Inc	3.92%	19,921,965	$1.6B	trimmed−3%	−0.21 pp	3 q
COSTCostco Wholesale Corp	3.69%	12,662,918	$1.5B	trimmed−1%	−0.16 pp	3 q
CNQCanadian Natural Resources Limited	2.89%	34,869,302	$1.2B	trimmed−3%	−0.04 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.87%	15,589,667	$1.2B	added+5%	+0.10 pp	3 q
unresolvedExpress Scripts Hldg Co	2.21%	12,872,126	$904M	trimmed−5%	+0.03 pp	3 q
PGRProgressive Corporation	2.16%	32,423,950	$884M	trimmed−3%	−0.21 pp	3 q
99803EURLaboratory Crp Of Amer Hldgs	2.14%	9,561,830	$874M	added+21%	+0.10 pp	3 q
APDAir Products & Chemicals, Inc.	1.94%	7,100,817	$794M	trimmed−1%	−0.05 pp	3 q
LLoews Corporation	1.93%	16,367,518	$790M	trimmed−13%	−0.36 pp	3 q
LBTYKLiberty Global Ltd. Class C	1.75%	8,493,729	$716M	added+2%	+0.11 pp	3 q
EOGEOG Resources, Inc.	1.69%	4,118,747	$691M	trimmed−1%	−0.14 pp	3 q
TXNTexas Instruments Incorporated	1.61%	14,960,544	$657M	trimmed−1%	+0.03 pp	3 q
YAlleghany Corporation	1.39%	1,416,323	$566M	trimmed−21%	−0.53 pp	3 q
PCARPaccar Inc	1.36%	9,380,447	$555M	trimmed−1%	−0.01 pp	3 q
ECLEcolab, Inc.	1.31%	5,120,907	$534M	trimmed−1%	−0.02 pp	3 q
SCHWThe Charles Schwab Corporation	1.19%	18,723,805	$487M	trimmed−2%	+0.14 pp	3 q
VVISA Inc.	1.19%	2,185,502	$487M	trimmed−5%	+0.05 pp	3 q
KMXCarMax Inc.	1.11%	9,682,229	$455M	trimmed−1%	−0.12 pp	3 q
unresolvedPriceline Grp Inc	1.08%	379,836	$442M	trimmed−2%	+0.06 pp	2 q
MSFTMicrosoft Corp	1.04%	11,378,912	$426M	trimmed−1%	+0.04 pp	3 q
unresolvedBrookfield Asset Mgmt Inc	0.97%	10,192,123	$396M	trimmed−4%	−0.06 pp	3 q
DISThe Walt Disney Company	0.96%	5,148,575	$393M	trimmed−18%	−0.10 pp	3 q
JPMJPMorgan Chase & Co.	0.96%	6,719,627	$393M	trimmed−5%	+0.01 pp	3 q
ORCLOracle Corp	0.96%	10,303,865	$394M	trimmed−2%	+0.05 pp	3 q
KOCoca-Cola Company	0.93%	9,219,272	$381M	trimmed−31%	−0.39 pp	3 q
unresolvedAce Ltd	0.91%	3,582,600	$371M	trimmed−2%	+0.02 pp	3 q
unresolvedMonsanto Co	0.85%	2,968,117	$346M	trimmed−3%	+0.02 pp	3 q
AMPAmeriprise Financial, Inc.	0.84%	2,986,588	$344M	trimmed−4%	+0.10 pp	3 q
AIYActivision Blizzard Inc	0.82%	18,876,684	$337M	trimmed−11%	−0.10 pp	3 q
PMPhilip Morris International Inc.	0.80%	3,728,580	$325M	trimmed−2%	−0.05 pp	3 q
unresolvedLiberty Interactive Corp	0.75%	10,421,492	$306M	trimmed−2%	+0.10 pp	3 q
OXYOccidental Petroleum Corporation	0.74%	3,165,548	$301M	trimmed−40%	−0.54 pp	3 q
PXGBXPraxair Inc	0.72%	2,250,026	$293M	trimmed−1%	+0.01 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	0.70%	2,424,072	$287M	trimmed−3%	−0.04 pp	3 q
unresolvedIron Mountain Inc.	0.70%	9,475,988	$288M	trimmed−2%	+0.02 pp	3 q
SLBSLB Limited	0.67%	3,026,384	$273M	trimmed−1%	−0.03 pp	3 q
DEODiageo plc	0.54%	1,656,847	$219M	trimmed−5%	−0.03 pp	3 q
HOGHarley-Davidson, Inc.	0.54%	3,209,063	$222M	trimmed−2%	0.00 pp	3 q
TXTTextron, Inc.	0.54%	6,046,016	$222M	added+36%	+0.22 pp	2 q
AAgilent Technologies Inc.	0.50%	3,585,021	$205M	trimmed−1%	+0.02 pp	3 q
NFLXNetFlix Inc	0.46%	505,871	$186M	trimmed−1%	+0.05 pp	3 q
EGEverest Group, Ltd.	0.45%	1,188,199	$185M	trimmed−7%	−0.03 pp	3 q
unresolvedHewlett Packard Co	0.44%	6,452,979	$181M	trimmed−2%	+0.08 pp	3 q
MKLMarkel Group Inc.	0.43%	302,859	$176M	trimmed−7%	−0.01 pp	3 q
GSGoldman Sachs Group Inc.	0.32%	745,442	$132M	trimmed−15%	−0.04 pp	3 q
TWTRTwitter, Inc.	0.31%	2,005,350	$128M	new	+0.31 pp	new
unresolvedQihoo 360 Technology Co. ADR	0.28%	1,395,178	$114M	new	+0.28 pp	new
WAIRWESCO Aircraft Holdings Inc.	0.26%	4,911,177	$108M	added+6%	+0.01 pp	3 q
MLMMartin Marietta Materials	0.22%	879,720	$88M	trimmed−1%	−0.01 pp	3 q
unresolvedHunter Douglas N.V.	0.21%	1,907,515	$86M	new	+0.21 pp	new
unresolvedLiberty Interactive Corp	0.21%	695,113	$85M	trimmed−1%	+0.05 pp	3 q
OAKOaktree Capital Group, LLC	0.20%	1,363,704	$80M	added+2%	+0.02 pp	3 q
VIPSVipshop Holdings Limited	0.19%	906,130	$76M	trimmed−2%	+0.05 pp	3 q
FGAAmerican Campus Communities	0.13%	1,617,557	$52M	added+15%	0.00 pp	3 q
SPGSimon Property Group, Inc.	0.13%	351,657	$54M	trimmed−15%	−0.03 pp	3 q
AIGAmerican International Group, Inc.	0.12%	998,730	$51M	trimmed−16%	−0.03 pp	3 q
AVBAvalonBay Communities, Inc.	0.11%	383,614	$45M	added+2%	−0.01 pp	3 q
ESSEssex Property Trust, Inc	0.08%	240,007	$34M	added+3%	−0.01 pp	3 q
AREAlexandria Real Estate Equities, Inc.	0.07%	421,704	$27M	added+4%	0.00 pp	3 q
AMTAmerican Tower Corporation	0.07%	355,839	$28M	added+4%	0.00 pp	3 q
unresolvedAngie's List	0.07%	1,975,643	$30M	added+34%	−0.02 pp	3 q
BXPBXP, Inc.	0.07%	284,507	$29M	added+4%	−0.01 pp	3 q
VTRVentas, Inc.	0.07%	476,589	$27M	added+4%	0.00 pp	3 q
CDPCOPT Defense Properties	0.06%	1,103,315	$26M	added+3%	0.00 pp	3 q
unresolvedSigma Aldrich Corp	0.06%	239,465	$23M	trimmed−4%	0.00 pp	3 q
unresolvedYouku Inc ADR	0.06%	848,089	$26M	trimmed−2%	0.00 pp	3 q
CTRPTrip.com Group Limited	0.05%	379,710	$19M	trimmed−0%	−0.01 pp	3 q
unresolvedDuPont Fabros Technology, Inc.	0.05%	860,021	$21M	trimmed−10%	−0.01 pp	3 q
unresolvedEducation Realty Trust, Inc.	0.05%	2,513,897	$22M	added+3%	−0.01 pp	3 q
unresolvedFederal Realty Investment Trust REIT	0.05%	194,714	$20M	added+9%	0.00 pp	3 q
unresolvedGeneral Growth Pptys Inc New	0.05%	1,113,257	$22M	added+3%	0.00 pp	3 q
LPTLiberty Property Trust	0.05%	647,124	$22M	added+3%	−0.01 pp	3 q
SPYState Street SPDR S&P 500 ETF Trust	0.05%	112,890	$21M	new	+0.05 pp	new
VNOVornado Realty Trust	0.05%	244,365	$22M	trimmed−45%	−0.05 pp	3 q
SINASina Corp	0.05%	254,873	$21M	trimmed−2%	0.00 pp	3 q
AKRAcadia Realty Trust	0.04%	636,834	$16M	added+53%	+0.01 pp	3 q
unresolvedCBL & Associates Properties, Inc.	0.04%	947,124	$17M	added+1%	−0.01 pp	3 q
unresolvedForest City Enterprises Inc	0.04%	926,879	$18M	trimmed−39%	−0.04 pp	3 q
TVGrupo Televisa S.A.	0.04%	528,855	$16M	trimmed−79%	−0.15 pp	3 q
HSTHost Hotels & Resorts, Inc.	0.04%	889,556	$17M	trimmed−8%	0.00 pp	3 q
IDXXIdexx Laboratories Inc	0.04%	169,541	$18M	added+1%	0.00 pp	3 q
JNJJohnson & Johnson	0.04%	164,755	$15M	added+1%	0.00 pp	3 q
LVSLas Vegas Sands Corp.	0.04%	184,955	$15M	added+3%	+0.01 pp	3 q
SKTTanger Inc.	0.04%	488,169	$16M	added+8%	0.00 pp	2 q
TDGTransDigm Group Incorporated	0.04%	95,339	$15M	added+15%	+0.01 pp	2 q
USBU.S. Bancorp	0.04%	394,357	$16M	trimmed−11%	0.00 pp	3 q
unresolvedZulily Inc	0.04%	349,870	$14M	new	+0.04 pp	new
ATIATI Inc.	0.03%	377,411	$13M	trimmed−11%	0.00 pp	3 q
BACBank of America Corporation	0.03%	810,236	$13M	trimmed−19%	−0.01 pp	3 q
unresolvedBiomed Realty Trust, Inc.	0.03%	663,179	$12M	trimmed−2%	0.00 pp	3 q
CCitigroup Inc.	0.03%	212,038	$11M	trimmed−9%	0.00 pp	3 q
CLColgate-Palmolive Company	0.03%	187,187	$12M	added+9%	0.00 pp	3 q
unresolvedDCT Industrial Trust Inc.	0.03%	1,526,184	$11M	added+9%	0.00 pp	3 q
DVNDevon Energy Corporation	0.03%	191,632	$12M	trimmed−9%	0.00 pp	3 q
EGPEastGroup Properties Inc.	0.03%	233,904	$14M	trimmed−2%	−0.01 pp	3 q
EXPDExpeditors International of Washington, Inc.	0.03%	294,235	$13M	trimmed−0%	0.00 pp	3 q
FDXFedEx Corporation	0.03%	77,844	$11M	added+1%	+0.01 pp	3 q
KSSKohls Corporation	0.03%	235,110	$13M	trimmed−10%	−0.01 pp	3 q
unresolvedLasalle Hotel Pptys	0.03%	388,879	$12M	trimmed−32%	−0.01 pp	3 q
LOWLowe's Companies Inc.	0.03%	242,524	$12M	added+11%	0.00 pp	2 q
unresolvedPost Properties, Inc.	0.03%	311,434	$14M	trimmed−1%	−0.01 pp	3 q
PWRQuanta Services, Inc.	0.03%	382,680	$12M	trimmed−8%	0.00 pp	3 q
SAPSap SE	0.03%	145,067	$13M	added+2%	0.00 pp	3 q
unresolvedSoufun Holdings Ltd ADR	0.03%	164,290	$14M	trimmed−2%	+0.01 pp	3 q
TCOTaubman Centers Inc.	0.03%	168,286	$11M	trimmed−9%	0.00 pp	3 q
unresolvedTime Warner Cable Inc	0.03%	78,913	$11M	new	+0.03 pp	new
unresolvedTwenty First Centy Fox Inc	0.03%	295,756	$10M	trimmed−8%	0.00 pp	2 q
UNUnilever N V -ny Shares	0.03%	272,131	$11M	added+2%	0.00 pp	3 q
UHSUniversal Health Services, Inc. Class B	0.03%	147,600	$12M	trimmed−12%	0.00 pp	3 q
unresolvedValeant Pharmaceuticals Intl	0.03%	97,534	$11M	trimmed−16%	0.00 pp	3 q
unresolvedWaste Connections Inc	0.03%	240,440	$10M	trimmed−9%	0.00 pp	3 q
RIGTransocean LTD.	0.03%	214,390	$11M	trimmed−9%	0.00 pp	3 q
AMZNAmazon.Com Inc	0.02%	17,313	$7M	trimmed−9%	0.00 pp	3 q
CHRWC.H. Robinson Worldwide, Inc.	0.02%	109,077	$6M	added+1%	0.00 pp	3 q
unresolvedChubb	0.02%	93,090	$9M	added+3%	0.00 pp	3 q
DISHDISH Network Corp.	0.02%	119,003	$7M	added+2%	+0.01 pp	2 q
EPREPR Properties	0.02%	189,292	$9M	new	+0.02 pp	new
ELSEquity Lifestyle Properties, Inc.	0.02%	255,050	$9M	new	+0.02 pp	new
FCXFreeport-McMoran Inc.	0.02%	176,497	$7M	trimmed−9%	0.00 pp	3 q
unresolvedGeneral Electric Co	0.02%	338,467	$9M	trimmed−9%	0.00 pp	3 q
unresolvedHcp Inc	0.02%	236,174	$9M	added+9%	0.00 pp	2 q
IBNICICI Bank Limited	0.02%	172,020	$6M	trimmed−32%	0.00 pp	3 q
unresolvedInternational Rectifier Corp.	0.02%	284,890	$7M	trimmed−9%	0.00 pp	3 q
MASMasco Corporation	0.02%	429,180	$10M	trimmed−7%	−0.01 pp	3 q
NTESNetEase, inc.	0.02%	111,830	$9M	added0%	0.00 pp	3 q
NKENike, Inc.	0.02%	118,433	$9M	added+3%	0.00 pp	2 q
POTPotash Corp Of Saskatchewan	0.02%	220,941	$7M	trimmed−40%	−0.01 pp	3 q
REGRegency Centers Corporation	0.02%	143,597	$7M	trimmed−14%	0.00 pp	3 q
CRMSalesforce, Inc.	0.02%	119,143	$7M	added+2%	0.00 pp	2 q
TJXTJX Companies, Inc. (The)	0.02%	99,642	$6M	added+2%	+0.01 pp	2 q
TSNTyson Foods, Inc.	0.02%	292,010	$10M	trimmed−14%	−0.01 pp	2 q
unresolvedWellpoint Inc	0.02%	100,341	$9M	added×12.7	+0.02 pp	3 q
unresolvedWells Fargo Warrants, 34.01 St	0.02%	410,560	$7M	held	—	3 q
unresolvedWhole Foods Market	0.02%	135,744	$8M	trimmed−9%	0.00 pp	3 q
BPY-UCADBrookfield Property Partners	0.02%	504,921	$10M	trimmed−1%	−0.01 pp	3 q
NBRNabors Industries Ltd.	0.02%	597,240	$10M	trimmed−9%	−0.01 pp	3 q
SVASinovac Biotech, Ltd	0.02%	1,178,606	$7M	trimmed−20%	0.00 pp	3 q
AESAES Corporation	0.01%	416,466	$6M	trimmed−9%	−0.01 pp	3 q
ALEXAlexander & Baldwin, Inc.	0.01%	68,760	$3M	new	+0.01 pp	new
AMATApplied Materials Inc	0.01%	305,116	$5M	added+2%	0.00 pp	3 q
unresolvedCampus Crest Communities, Inc.	0.01%	463,084	$4M	trimmed−1%	0.00 pp	3 q
unresolvedCousins Properties Inc.	0.01%	297,990	$3M	trimmed−0%	0.00 pp	2 q
CUBECubeSmart	0.01%	298,645	$5M	new	+0.01 pp	new
unresolvedDDR Corporation	0.01%	243,930	$4M	added+9%	0.00 pp	3 q
unresolvedFairchild Semiconductor Intl	0.01%	434,327	$6M	trimmed−2%	−0.01 pp	3 q
INTCIntel Corp	0.01%	171,379	$4M	added+1%	0.00 pp	3 q
IBMInternational Business Machines Corporation	0.01%	19,085	$4M	added+1%	0.00 pp	3 q
unresolvedSBA Comms Corp	0.01%	47,602	$4M	trimmed−41%	−0.01 pp	3 q
SLGSL Green Realty Corp.	0.01%	37,153	$3M	trimmed−2%	0.00 pp	3 q
SHWThe Sherwin-Williams Company	0.01%	31,599	$6M	added+2%	0.00 pp	3 q
unresolvedSpringleaf Holdings Inc	0.01%	100,330	$3M	new	+0.01 pp	new
TSTenaris S. A.	0.01%	103,500	$5M	trimmed−3%	0.00 pp	3 q
MMM3M Company	0.01%	38,361	$5M	trimmed−49%	−0.01 pp	3 q
WMTWalmart Inc.	0.01%	76,501	$6M	trimmed−53%	−0.02 pp	3 q
ABBNYAbb Ltd Spons	0.00%	48,822	$1M	trimmed−2%	0.00 pp	3 q
unresolvedAltera Corp	0.00%	48,800	$2M	held	—	3 q
AAPLApple Inc.	0.00%	477	$268,000	added+1%	0.00 pp	2 q
AZOAutoZone, Inc.	0.00%	1,210	$578,000	held	—	2 q
BAXBaxter International Inc.	0.00%	5,495	$382,000	held	—	3 q
BDXBecton, Dickinson and Co.	0.00%	3,635	$402,000	trimmed−21%	0.00 pp	3 q
WRBW.R. Berkley Corporation	0.00%	5,080	$220,000	held	—	3 q
CXCemex S.A.B. de C.V.	0.00%	21,765	$257,000	held	—	3 q
WUBA58.COM Inc	0.00%	50,160	$2M	new	0.00 pp	new
unresolvedThe First Marblehead Corp.	0.00%	191,018	$1M	new	0.00 pp	new
FSLRFirst Solar, Inc.	0.00%	4,030	$220,000	new	0.00 pp	new
BENFranklin Templeton, Inc.	0.00%	3,665	$212,000	new	0.00 pp	new
IVEiShares S&P 500 Value ETF	0.00%	3,632	$310,000	new	0.00 pp	new
unresolvedLevel 3 Communications Inc	0.00%	15,400	$511,000	held	—	3 q
LMTLockheed Martin Corp.	0.00%	2,390	$355,000	trimmed−29%	0.00 pp	3 q
MAMastercard Incorporated	0.00%	1,935	$2M	trimmed−78%	−0.02 pp	3 q
RSGRepublic Services Inc.	0.00%	23,720	$788,000	held	—	3 q
unresolvedSpectra Energy Corp.	0.00%	11,750	$419,000	held	—	3 q
TIFTiffany & Co.	0.00%	5,000	$464,000	trimmed−0%	0.00 pp	3 q
TDToronto Dominion Bank	0.00%	3,195	$301,000	trimmed−96%	−0.02 pp	3 q
UPSUnited Parcel Service, Inc. Class B	0.00%	2,340	$246,000	added+1%	0.00 pp	2 q
unresolvedNielsen Holdings N V	0.00%	30,470	$1M	trimmed−27%	0.00 pp	3 q
unresolvedHunter Douglas N.V.	—	−1,973,749	—	exited	−0.22 pp	—
DLRDigital Realty Trust, Inc.	—	−732,364	—	exited	−0.10 pp	—
unresolvedBRE Properties, Inc.	—	−245,634	—	exited	−0.03 pp	—
RYNRayonier Inc.	—	−223,636	—	exited	−0.03 pp	—
BABoeing Company	—	−53,386	—	exited	−0.02 pp	—
DEDeere & Company	—	−100,357	—	exited	−0.02 pp	—
AMXNAmerica Movil-spn ADR Cl L	—	−229,078	—	exited	−0.01 pp	—
PLDPrologis, Inc.	—	−133,573	—	exited	−0.01 pp	—
PSAPublic Storage	—	−31,360	—	exited	−0.01 pp	—
XUnited States Steel Corp	—	−98,530	—	exited	−0.01 pp	—
unresolvedThe First Marblehead Corp.	—	−1,910,194	—	exited	0.00 pp	—
MCPMolycorp Inc Com Stk	—	−199,750	—	exited	0.00 pp	—
NWSANews Corporation Class A	—	−30,870	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 8

Issue	% of notes	Principal	Value
United States Steel Corp	23.36%	12,750,000	$17M
Intel Corp	21.73%	11,551,000	$16M
United Rentals Inc	13.34%	1,377,000	$10M
Forest City Realty Trust	11.49%	7,463,000	$8M
Molycorp Inc	10.40%	9,500,000	$8M
Aes Trust III	10.07%	145,027	$7M
Molycorp Inc	7.21%	7,500,000	$5M
Forest City Realty Trust	2.40%	1,120,000	$2M

Source

Form: 13F-HR
Reading: 2 defects · 49 unresolved
Accession: 0001140361-14-006086
Options: none in this filing
SEC cross-check: SEC data set not published yet

A row was set aside — invalid CUSIP 5291810LU
A security outside the official 13F list — CUSIP 5291810LU not on the Official 13(f) List for 2013-12-31

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