Davis Advisors

Q1 2014 13F · by Chris Davis, portfolio manager

As of: Mar 31, 2014
Filed: May 9, 2014
US stock: $36.3B · prev $40.9B
Positions: 168 · prev 182
Options notional: $0
Documents: 1· no amendments

Picture99.5% US stock

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

US stock listed on a US exchange 99.5%
Foreign stock not listed in the US 0.3%
Notes debt, at principal 0.2%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves178 since the prior filing

+8.5 pp in · −8.4 pp out

New 12 +1.19 pp
Added 75 +7.27 pp
Trimmed 65 −6.31 pp
Exited 26 −2.07 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions32% of US stock

WFC Wells Fargo & Co. trimmed+0.62 pp trimmed+0.627.0%
AXP American Express Company trimmed−1.00 pp trimmed−1.006.9%
BNY Bank of New York Mellon Corporation trimmed−0.22 pp trimmed−0.226.9%
unresolved Google Inc. trimmed−0.67 pp trimmed−0.676.5%
BRK.A Berkshire Hathaway Inc. trimmed+0.25 pp trimmed+0.254.4%

Positions168 in this filing · 26 exited


WFCWells Fargo & Co.	7.01%	51,060,078	$2.5B	trimmed−11%	+0.62 pp	4 q
AXPAmerican Express Company	6.94%	27,936,377	$2.5B	trimmed−22%	−1.00 pp	4 q
BNYBank of New York Mellon Corporation	6.91%	71,031,905	$2.5B	trimmed−15%	−0.22 pp	4 q
unresolvedGoogle Inc.	6.54%	2,126,162	$2.4B	trimmed−19%	−0.67 pp	4 q
BRK.ABerkshire Hathaway Inc.	4.42%	8,546	$1.6B	trimmed−11%	+0.25 pp	4 q
COSTCostco Wholesale Corp	3.55%	11,535,342	$1.3B	trimmed−9%	−0.14 pp	4 q
CNQCanadian Natural Resources Limited	3.39%	32,054,891	$1.2B	trimmed−8%	+0.50 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.27%	14,450,329	$1.2B	trimmed−7%	+0.40 pp	4 q
BBYD20230930-DK-BUTTERFLY-1 Inc	2.81%	14,813,515	$1.0B	trimmed−26%	−1.11 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	2.61%	9,638,047	$947M	added+1%	+0.47 pp	4 q
CVSCvs Health Corporation	2.36%	11,435,259	$856M	trimmed−65%	−3.43 pp	4 q
unresolvedExpress Scripts Hldg Co	2.36%	11,380,532	$855M	trimmed−12%	+0.15 pp	4 q
LVSLas Vegas Sands Corp.	2.31%	10,345,613	$836M	added×55.9	+2.27 pp	4 q
APDAir Products & Chemicals, Inc.	2.12%	6,445,624	$767M	trimmed−9%	+0.18 pp	4 q
LBTYKLiberty Global Ltd. Class C	2.03%	18,051,307	$735M	added+6%	+0.28 pp	4 q
EOGEOG Resources, Inc.	2.02%	4,511,420	$734M	added+10%	+0.33 pp	4 q
PGRProgressive Corporation	1.84%	27,605,771	$669M	trimmed−15%	−0.32 pp	4 q
LLoews Corporation	1.82%	14,947,736	$658M	trimmed−9%	−0.11 pp	4 q
TXNTexas Instruments Incorporated	1.79%	13,733,592	$648M	trimmed−8%	+0.18 pp	4 q
PCARPaccar Inc	1.60%	8,620,521	$581M	trimmed−8%	+0.24 pp	4 q
SCHWThe Charles Schwab Corporation	1.57%	20,789,704	$568M	added+11%	+0.38 pp	4 q
ECLEcolab, Inc.	1.37%	4,585,043	$495M	trimmed−10%	+0.06 pp	4 q
unresolvedPriceline Grp Inc	1.27%	387,286	$462M	added+2%	+0.19 pp	3 q
VVISA Inc.	1.20%	2,009,234	$434M	trimmed−8%	+0.01 pp	4 q
MSFTMicrosoft Corp	1.17%	10,316,723	$423M	trimmed−9%	+0.13 pp	4 q
KMXCarMax Inc.	1.14%	8,856,125	$414M	trimmed−9%	+0.03 pp	4 q
JPMJPMorgan Chase & Co.	1.05%	6,258,708	$380M	trimmed−7%	+0.09 pp	4 q
ORCLOracle Corp	1.04%	9,184,651	$376M	trimmed−11%	+0.08 pp	4 q
AMZNAmazon.Com Inc	1.02%	1,096,136	$369M	added×63.3	+1.00 pp	4 q
unresolvedValeant Pharmaceuticals Intl	0.99%	2,718,162	$358M	added×27.9	+0.96 pp	4 q
AIYActivision Blizzard Inc	0.95%	16,831,580	$344M	trimmed−11%	+0.13 pp	4 q
SYYSysco Corporation	0.95%	9,515,802	$344M	new	+0.95 pp	new
unresolvedAce Ltd	0.95%	3,485,590	$345M	trimmed−3%	+0.04 pp	4 q
unresolvedLiberty Interactive Corp	0.85%	10,734,617	$310M	added+3%	+0.10 pp	4 q
unresolvedBrookfield Asset Mgmt Inc	0.81%	7,163,443	$293M	trimmed−30%	−0.16 pp	4 q
unresolvedMonsanto Co	0.81%	2,578,619	$293M	trimmed−13%	−0.04 pp	4 q
DISThe Walt Disney Company	0.73%	3,292,683	$264M	trimmed−36%	−0.23 pp	4 q
PXGBXPraxair Inc	0.72%	1,982,645	$260M	trimmed−12%	0.00 pp	4 q
SLBSLB Limited	0.72%	2,660,799	$259M	trimmed−12%	+0.05 pp	4 q
YAlleghany Corporation	0.71%	634,368	$258M	trimmed−55%	−0.68 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	0.71%	2,049,354	$256M	trimmed−15%	+0.01 pp	4 q
TXTTextron, Inc.	0.60%	5,510,001	$216M	trimmed−9%	+0.06 pp	3 q
PMPhilip Morris International Inc.	0.59%	2,599,643	$213M	trimmed−30%	−0.21 pp	4 q
MKLMarkel Group Inc.	0.57%	347,245	$207M	added+15%	+0.14 pp	4 q
HOGHarley-Davidson, Inc.	0.54%	2,948,740	$196M	trimmed−8%	0.00 pp	4 q
OXYOccidental Petroleum Corporation	0.52%	1,968,748	$188M	trimmed−38%	−0.22 pp	4 q
AAgilent Technologies Inc.	0.50%	3,246,884	$182M	trimmed−9%	0.00 pp	4 q
DEODiageo plc	0.46%	1,349,272	$168M	trimmed−19%	−0.08 pp	4 q
EGEverest Group, Ltd.	0.45%	1,071,329	$164M	trimmed−10%	0.00 pp	4 q
NFLXNetFlix Inc	0.44%	455,144	$160M	trimmed−10%	−0.02 pp	4 q
unresolvedQihoo 360 Technology Co. ADR	0.43%	1,569,321	$156M	added+12%	+0.15 pp	2 q
unresolvedHewlett Packard Co	0.41%	4,558,858	$148M	trimmed−29%	−0.03 pp	4 q
unresolvedSoufun Holdings Ltd ADR	0.39%	2,051,044	$140M	added×12.5	+0.36 pp	4 q
GSGoldman Sachs Group Inc.	0.32%	699,378	$115M	trimmed−6%	0.00 pp	4 q
WAIRWESCO Aircraft Holdings Inc.	0.31%	5,162,059	$114M	added+5%	+0.05 pp	4 q
VIPSVipshop Holdings Limited	0.28%	676,791	$101M	trimmed−25%	+0.09 pp	4 q
MLMMartin Marietta Materials	0.27%	776,461	$100M	trimmed−12%	+0.05 pp	4 q
unresolvedHunter Douglas N.V.	0.25%	1,876,621	$90M	trimmed−2%	+0.04 pp	2 q
unresolvedLiberty Interactive Corp	0.23%	628,210	$82M	trimmed−10%	+0.02 pp	4 q
TWTRTwitter, Inc.	0.16%	1,214,550	$57M	trimmed−39%	−0.15 pp	2 q
AIGAmerican International Group, Inc.	0.14%	1,010,324	$51M	added+1%	+0.02 pp	4 q
SPGSimon Property Group, Inc.	0.12%	260,685	$43M	trimmed−26%	−0.01 pp	4 q
FGAAmerican Campus Communities	0.11%	1,056,139	$39M	trimmed−35%	−0.02 pp	4 q
AMTAmerican Tower Corporation	0.10%	442,359	$36M	added+24%	+0.03 pp	4 q
AVBAvalonBay Communities, Inc.	0.10%	263,169	$35M	trimmed−31%	−0.01 pp	4 q
BXPBXP, Inc.	0.10%	301,841	$35M	added+6%	+0.03 pp	4 q
USBU.S. Bancorp	0.10%	804,942	$35M	added×2.0	+0.06 pp	4 q
unresolvedYouku Inc ADR	0.10%	1,293,713	$36M	added+53%	+0.04 pp	4 q
AREAlexandria Real Estate Equities, Inc.	0.09%	461,358	$33M	added+9%	+0.02 pp	4 q
CDPCOPT Defense Properties	0.09%	1,211,152	$32M	added+10%	+0.03 pp	4 q
ESSEssex Property Trust, Inc	0.09%	184,752	$31M	trimmed−23%	+0.01 pp	4 q
MRSHMarsh	0.08%	563,600	$28M	new	+0.08 pp	new
VTRVentas, Inc.	0.08%	506,837	$31M	added+6%	+0.01 pp	4 q
unresolvedAngie's List	0.07%	2,095,947	$26M	added+6%	0.00 pp	4 q
unresolvedEducation Realty Trust, Inc.	0.07%	2,482,439	$25M	trimmed−1%	+0.02 pp	4 q
unresolvedFederal Realty Investment Trust REIT	0.07%	211,847	$24M	added+9%	+0.02 pp	4 q
unresolvedGeneral Growth Pptys Inc New	0.07%	1,219,862	$27M	added+10%	+0.02 pp	4 q
LPTLiberty Property Trust	0.07%	709,481	$26M	added+10%	+0.02 pp	4 q
CTRPTrip.com Group Limited	0.06%	422,550	$21M	added+11%	+0.01 pp	4 q
TVGrupo Televisa S.A.	0.06%	667,013	$22M	added+26%	+0.02 pp	4 q
IDXXIdexx Laboratories Inc	0.06%	179,579	$22M	added+6%	+0.02 pp	4 q
unresolvedSigma Aldrich Corp	0.06%	241,179	$23M	added+1%	0.00 pp	4 q
SKTTanger Inc.	0.06%	572,455	$20M	added+17%	+0.02 pp	3 q
AKRAcadia Realty Trust	0.05%	694,955	$18M	added+9%	+0.01 pp	4 q
CUBECubeSmart	0.05%	1,008,278	$17M	added×3.4	+0.04 pp	2 q
unresolvedDCT Industrial Trust Inc.	0.05%	2,372,795	$19M	added+55%	+0.02 pp	4 q
unresolvedDuPont Fabros Technology, Inc.	0.05%	755,184	$18M	trimmed−12%	0.00 pp	4 q
HSTHost Hotels & Resorts, Inc.	0.05%	967,895	$20M	added+9%	+0.01 pp	4 q
unresolvedPost Properties, Inc.	0.05%	339,741	$17M	added+9%	+0.02 pp	4 q
PLDPrologis, Inc.	0.05%	431,903	$18M	new	+0.05 pp	new
TDGTransDigm Group Incorporated	0.05%	104,246	$19M	added+9%	+0.01 pp	3 q
VNOVornado Realty Trust	0.05%	181,487	$18M	trimmed−26%	0.00 pp	4 q
ATIATI Inc.	0.04%	369,221	$14M	trimmed−2%	+0.01 pp	4 q
unresolvedBiomed Realty Trust, Inc.	0.04%	728,251	$15M	added+10%	+0.01 pp	4 q
DVNDevon Energy Corporation	0.04%	191,707	$13M	added0%	+0.01 pp	4 q
EGPEastGroup Properties Inc.	0.04%	254,309	$16M	added+9%	+0.01 pp	4 q
EXPDExpeditors International of Washington, Inc.	0.04%	320,453	$13M	added+9%	+0.01 pp	4 q
unresolvedForest City Enterprises Inc	0.04%	722,142	$14M	trimmed−22%	0.00 pp	4 q
KSSKohls Corporation	0.04%	235,110	$13M	held	—	4 q
unresolvedLasalle Hotel Pptys	0.04%	423,486	$13M	added+9%	+0.01 pp	4 q
NBRNabors Industries Ltd.	0.04%	577,699	$14M	trimmed−3%	+0.02 pp	4 q
SINASina Corp	0.04%	268,674	$16M	added+5%	−0.01 pp	4 q
BACBank of America Corporation	0.03%	628,221	$11M	trimmed−22%	0.00 pp	4 q
CCitigroup Inc.	0.03%	217,516	$10M	added+3%	0.00 pp	4 q
CLColgate-Palmolive Company	0.03%	192,539	$12M	added+3%	0.00 pp	4 q
unresolvedCoupons.com, Inc.	0.03%	477,140	$12M	new	+0.03 pp	new
EPREPR Properties	0.03%	206,436	$11M	added+9%	+0.01 pp	2 q
ELSEquity Lifestyle Properties, Inc.	0.03%	270,575	$11M	added+6%	+0.01 pp	2 q
FDXFedEx Corporation	0.03%	80,648	$11M	added+4%	0.00 pp	4 q
LOWLowe's Companies Inc.	0.03%	257,975	$13M	added+6%	0.00 pp	3 q
MASMasco Corporation	0.03%	429,180	$10M	held	—	4 q
PWRQuanta Services, Inc.	0.03%	338,680	$12M	trimmed−12%	0.00 pp	4 q
SAPSap SE	0.03%	151,967	$12M	added+5%	0.00 pp	4 q
TCOTaubman Centers Inc.	0.03%	130,990	$9M	trimmed−22%	0.00 pp	4 q
unresolvedTime Warner Cable Inc	0.03%	81,855	$11M	added+4%	0.00 pp	2 q
unresolvedTwenty First Centy Fox Inc	0.03%	295,756	$9M	held	—	3 q
TSNTyson Foods, Inc.	0.03%	246,510	$11M	trimmed−16%	+0.01 pp	3 q
UNUnilever N V -ny Shares	0.03%	307,186	$13M	added+13%	0.00 pp	4 q
UHSUniversal Health Services, Inc. Class B	0.03%	145,600	$12M	trimmed−1%	0.00 pp	4 q
unresolvedWaste Connections Inc	0.03%	240,440	$11M	held	—	4 q
RIGTransocean LTD.	0.03%	248,566	$10M	added+16%	0.00 pp	4 q
AESAES Corporation	0.02%	416,466	$6M	held	—	4 q
Aes Trust IIIconvertible	0.02%	145,027	$7M	new	+0.02 pp	new
AMATApplied Materials Inc	0.02%	324,289	$7M	added+6%	+0.01 pp	4 q
DISHDISH Network Corp.	0.02%	123,875	$8M	added+4%	0.00 pp	3 q
VMRKVivmark Residential	0.02%	132,381	$8M	new	+0.02 pp	new
unresolvedFairchild Semiconductor Intl	0.02%	460,527	$6M	added+6%	+0.01 pp	4 q
FCXFreeport-McMoran Inc.	0.02%	176,464	$6M	trimmed−0%	0.00 pp	4 q
unresolvedGeneral Electric Co	0.02%	338,658	$9M	added0%	0.00 pp	4 q
IBNICICI Bank Limited	0.02%	172,020	$8M	held	—	4 q
unresolvedInternational Rectifier Corp.	0.02%	309,390	$8M	added+9%	0.00 pp	4 q
NTESNetEase, inc.	0.02%	120,610	$8M	added+8%	0.00 pp	4 q
NKENike, Inc.	0.02%	120,451	$9M	added+2%	0.00 pp	3 q
DGXQuest Diagnostics Inc.	0.02%	102,337	$6M	new	+0.02 pp	new
REGRegency Centers Corporation	0.02%	149,497	$8M	added+4%	0.00 pp	4 q
CRMSalesforce, Inc.	0.02%	123,831	$7M	added+4%	0.00 pp	3 q
SHWThe Sherwin-Williams Company	0.02%	32,530	$6M	added+3%	+0.01 pp	4 q
TJXTJX Companies, Inc. (The)	0.02%	101,461	$6M	added+2%	0.00 pp	3 q
unresolvedWellpoint Inc	0.02%	87,047	$9M	trimmed−13%	0.00 pp	4 q
unresolvedWells Fargo Warrants, 34.01 St	0.02%	410,560	$8M	held	—	4 q
unresolvedWhole Foods Market	0.02%	135,744	$7M	held	—	4 q
SVASinovac Biotech, Ltd	0.02%	1,244,206	$9M	added+6%	0.00 pp	4 q
ALEXAlexander & Baldwin, Inc.	0.01%	104,874	$4M	added+53%	0.00 pp	2 q
unresolvedAltera Corp	0.01%	52,438	$2M	added+7%	+0.01 pp	4 q
unresolvedCousins Properties Inc.	0.01%	306,290	$4M	added+3%	0.00 pp	3 q
unresolvedDDR Corporation	0.01%	252,841	$4M	added+4%	0.00 pp	4 q
WUBA58.COM Inc	0.01%	51,400	$2M	added+2%	+0.01 pp	2 q
INTCIntel Corp	0.01%	176,054	$5M	added+3%	0.00 pp	4 q
IBMInternational Business Machines Corporation	0.01%	20,936	$4M	added+10%	0.00 pp	4 q
ROKRockwell Automation, Inc.	0.01%	22,440	$3M	new	+0.01 pp	new
unresolvedSBA Comms Corp	0.01%	49,115	$4M	added+3%	0.00 pp	4 q
TRNOTerreno Realty Corporation	0.01%	107,454	$2M	new	+0.01 pp	new
AAPLApple Inc.	0.00%	476	$255,000	trimmed−0%	0.00 pp	3 q
AZOAutoZone, Inc.	0.00%	1,210	$650,000	held	—	3 q
BDXBecton, Dickinson and Co.	0.00%	3,635	$426,000	held	—	4 q
WRBW.R. Berkley Corporation	0.00%	5,080	$211,000	held	—	4 q
unresolvedBoardwalk Pipeline Partners	0.00%	22,090	$296,000	new	0.00 pp	new
CXCemex S.A.B. de C.V.	0.00%	21,765	$275,000	held	—	4 q
KOCoca-Cola Company	0.00%	6,286	$243,000	trimmed−100%	−0.93 pp	4 q
DLRDigital Realty Trust, Inc.	0.00%	3,972	$211,000	new	0.00 pp	new
FSLRFirst Solar, Inc.	0.00%	4,030	$281,000	held	—	2 q
BENFranklin Templeton, Inc.	0.00%	4,000	$217,000	added+9%	0.00 pp	2 q
HALHalliburton Company	0.00%	8,525	$502,000	new	0.00 pp	new
MAMastercard Incorporated	0.00%	19,350	$1M	held	—	4 q
RSGRepublic Services Inc.	0.00%	23,720	$810,000	held	—	4 q
TIFTiffany & Co.	0.00%	5,000	$431,000	held	—	4 q
TDToronto Dominion Bank	0.00%	6,390	$300,000	added×2.0	0.00 pp	4 q
UPSUnited Parcel Service, Inc. Class B	0.00%	2,356	$229,000	added+1%	0.00 pp	3 q
AMPAmeriprise Financial, Inc.	—	−2,986,588	—	exited	−0.84 pp	—
unresolvedIron Mountain Inc.	—	−9,475,988	—	exited	−0.70 pp	—
OAKOaktree Capital Group, LLC	—	−1,363,704	—	exited	−0.20 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−112,890	—	exited	−0.05 pp	—
unresolvedCBL & Associates Properties, Inc.	—	−947,124	—	exited	−0.04 pp	—
JNJJohnson & Johnson	—	−164,755	—	exited	−0.04 pp	—
unresolvedZulily Inc	—	−349,870	—	exited	−0.04 pp	—
CHRWC.H. Robinson Worldwide, Inc.	—	−109,077	—	exited	−0.02 pp	—
unresolvedChubb	—	−93,090	—	exited	−0.02 pp	—
unresolvedHcp Inc	—	−236,174	—	exited	−0.02 pp	—
POTPotash Corp Of Saskatchewan	—	−220,941	—	exited	−0.02 pp	—
BPY-UCADBrookfield Property Partners	—	−504,921	—	exited	−0.02 pp	—
unresolvedCampus Crest Communities, Inc.	—	−463,084	—	exited	−0.01 pp	—
SLGSL Green Realty Corp.	—	−37,153	—	exited	−0.01 pp	—
unresolvedSpringleaf Holdings Inc	—	−100,330	—	exited	−0.01 pp	—
TSTenaris S. A.	—	−103,500	—	exited	−0.01 pp	—
MMM3M Company	—	−38,361	—	exited	−0.01 pp	—
WMTWalmart Inc.	—	−76,501	—	exited	−0.01 pp	—
ABBNYAbb Ltd Spons	—	−48,822	—	exited	0.00 pp	—
BAXBaxter International Inc.	—	−5,495	—	exited	0.00 pp	—
unresolvedThe First Marblehead Corp.	—	−191,018	—	exited	0.00 pp	—
IVEiShares S&P 500 Value ETF	—	−3,632	—	exited	0.00 pp	—
unresolvedLevel 3 Communications Inc	—	−15,400	—	exited	0.00 pp	—
LMTLockheed Martin Corp.	—	−2,390	—	exited	0.00 pp	—
unresolvedSpectra Energy Corp.	—	−11,750	—	exited	0.00 pp	—
unresolvedNielsen Holdings N V	—	−30,470	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 7

Issue	% of notes	Principal	Value
Intel Corp	24.51%	12,551,000	$18M
United States Steel Corp	23.07%	12,750,000	$17M
United Rentals Inc	16.38%	1,377,000	$12M
Forest City Realty Trust	14.77%	9,463,000	$11M
Molycorp Inc	10.52%	9,500,000	$8M
Molycorp Inc	8.33%	7,500,000	$6M
Forest City Realty Trust	2.43%	1,120,000	$2M

Source

Form: 13F-HR
Reading: 2 defects · 40 unresolved
Accession: 0001140361-14-020279
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 2014-03-31

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