Davis Advisors

Q2 2014 13F · by Chris Davis, portfolio manager

As of: Jun 30, 2014
Filed: Aug 1, 2014
US stock: $33.6B · prev $36.3B
Positions: 174 · prev 168
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%

Moves161 since the prior filing

+10.2 pp in · −10.3 pp out

New 14 +5.00 pp
Added 62 +5.21 pp
Trimmed 77 −7.10 pp
Exited 8 −3.19 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions30% of US stock

BNY Bank of New York Mellon Corporation trimmed+0.51 pp trimmed+0.517.4%
WFC Wells Fargo & Co. trimmed+0.36 pp trimmed+0.367.4%
AXP American Express Company trimmed+0.30 pp trimmed+0.307.2%
BRK.A Berkshire Hathaway Inc. trimmed+0.14 pp trimmed+0.144.6%
COST Costco Wholesale Corp trimmed−0.10 pp trimmed−0.103.5%

Positions174 in this filing · 8 exited


BNYBank of New York Mellon Corporation	7.42%	66,434,305	$2.5B	trimmed−6%	+0.51 pp	5 q
WFCWells Fargo & Co.	7.37%	47,086,993	$2.5B	trimmed−8%	+0.36 pp	5 q
AXPAmerican Express Company	7.24%	25,616,662	$2.4B	trimmed−8%	+0.30 pp	5 q
BRK.ABerkshire Hathaway Inc.	4.56%	8,058	$1.5B	trimmed−6%	+0.14 pp	5 q
COSTCostco Wholesale Corp	3.45%	10,049,555	$1.2B	trimmed−13%	−0.10 pp	5 q
unresolvedGoogle Inc.	3.44%	1,974,580	$1.2B	trimmed−7%	−3.10 pp	5 q
GOOGAlphabet Inc. Class C	3.39%	1,975,118	$1.1B	new	+3.39 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.29%	13,522,334	$1.1B	trimmed−6%	+0.02 pp	5 q
LBTYKLiberty Global Ltd. Class C	2.65%	21,054,947	$891M	added+17%	+0.62 pp	5 q
CNQCanadian Natural Resources Limited	2.57%	18,798,800	$863M	trimmed−41%	−0.82 pp	5 q
LVSLas Vegas Sands Corp.	2.28%	10,023,021	$764M	trimmed−3%	−0.03 pp	5 q
AMZNAmazon.Com Inc	2.27%	2,341,553	$760M	added×2.1	+1.25 pp	5 q
EOGEOG Resources, Inc.	2.24%	6,436,091	$752M	trimmed−29%	+0.22 pp	5 q
unresolvedExpress Scripts Hldg Co	2.21%	10,703,208	$742M	trimmed−6%	−0.15 pp	5 q
99803EURLaboratory Crp Of Amer Hldgs	2.06%	6,747,256	$691M	trimmed−30%	−0.55 pp	5 q
CVSCvs Health Corporation	2.02%	9,012,151	$679M	trimmed−21%	−0.34 pp	5 q
JPMJPMorgan Chase & Co.	1.91%	11,123,809	$641M	added+78%	+0.86 pp	5 q
APDAir Products & Chemicals, Inc.	1.84%	4,792,882	$616M	trimmed−26%	−0.28 pp	5 q
TXNTexas Instruments Incorporated	1.78%	12,481,835	$597M	trimmed−9%	−0.01 pp	5 q
KMXCarMax Inc.	1.74%	11,224,343	$584M	added+27%	+0.60 pp	5 q
SCHWThe Charles Schwab Corporation	1.59%	19,838,885	$534M	trimmed−5%	+0.02 pp	5 q
LLoews Corporation	1.52%	11,628,512	$512M	trimmed−22%	−0.30 pp	5 q
PCARPaccar Inc	1.52%	8,121,422	$510M	trimmed−6%	−0.08 pp	5 q
ECLEcolab, Inc.	1.41%	4,264,985	$475M	trimmed−7%	+0.04 pp	5 q
unresolvedPriceline Grp Inc	1.28%	357,811	$430M	trimmed−8%	+0.01 pp	4 q
MSFTMicrosoft Corp	1.20%	9,651,997	$403M	trimmed−6%	+0.03 pp	5 q
VVISA Inc.	1.20%	1,907,010	$402M	trimmed−5%	0.00 pp	5 q
unresolvedValeant Pharmaceuticals Intl	1.19%	3,153,748	$398M	added+16%	+0.20 pp	5 q
SYYSysco Corporation	1.17%	10,503,009	$393M	added+10%	+0.22 pp	2 q
ORCLOracle Corp	1.04%	8,590,789	$348M	trimmed−6%	0.00 pp	5 q
AIYActivision Blizzard Inc	1.02%	15,423,966	$344M	trimmed−8%	+0.07 pp	5 q
unresolvedAce Ltd	1.02%	3,309,858	$343M	trimmed−5%	+0.07 pp	5 q
unresolvedLiberty Interactive Corp	0.87%	9,940,041	$292M	trimmed−7%	+0.02 pp	5 q
unresolvedBrookfield Asset Mgmt Inc	0.83%	6,303,394	$277M	trimmed−12%	+0.02 pp	5 q
DGXQuest Diagnostics Inc.	0.82%	4,672,681	$274M	added×45.7	+0.80 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	0.74%	1,961,337	$248M	trimmed−4%	+0.03 pp	5 q
unresolvedMonsanto Co	0.74%	1,995,210	$249M	trimmed−23%	−0.07 pp	5 q
PXGBXPraxair Inc	0.74%	1,868,017	$248M	trimmed−6%	+0.02 pp	5 q
DISThe Walt Disney Company	0.72%	2,837,675	$243M	trimmed−14%	−0.01 pp	5 q
MKLMarkel Group Inc.	0.64%	329,134	$216M	trimmed−5%	+0.07 pp	5 q
MCOMoody's Corporation	0.63%	2,406,257	$211M	new	+0.63 pp	new
unresolvedQihoo 360 Technology Co. ADR	0.61%	2,212,357	$204M	added+41%	+0.18 pp	3 q
TXTTextron, Inc.	0.59%	5,136,020	$197M	trimmed−7%	−0.01 pp	4 q
PMPhilip Morris International Inc.	0.57%	2,259,796	$191M	trimmed−13%	−0.02 pp	5 q
NFLXNetFlix Inc	0.55%	418,368	$184M	trimmed−8%	+0.11 pp	5 q
HOGHarley-Davidson, Inc.	0.54%	2,610,372	$182M	trimmed−11%	0.00 pp	5 q
AAgilent Technologies Inc.	0.51%	2,991,923	$172M	trimmed−8%	+0.01 pp	5 q
EGEverest Group, Ltd.	0.48%	1,010,277	$162M	trimmed−6%	+0.03 pp	5 q
YAlleghany Corporation	0.42%	321,251	$141M	trimmed−49%	−0.29 pp	5 q
unresolvedHewlett Packard Co	0.42%	4,183,539	$141M	trimmed−8%	+0.01 pp	5 q
unresolvedSoufun Holdings Ltd ADR	0.42%	14,556,098	$143M	added×7.1	+0.03 pp	5 q
UPLUltra Petroleum Corp	0.41%	4,690,130	$139M	new	+0.41 pp	new
DEODiageo plc	0.36%	940,442	$120M	trimmed−30%	−0.10 pp	5 q
SLBSLB Limited	0.36%	1,034,694	$122M	trimmed−61%	−0.36 pp	5 q
WAIRWESCO Aircraft Holdings Inc.	0.31%	5,170,380	$103M	added0%	0.00 pp	5 q
MLMMartin Marietta Materials	0.28%	716,959	$95M	trimmed−8%	+0.01 pp	5 q
OXYOccidental Petroleum Corporation	0.26%	853,711	$88M	trimmed−57%	−0.26 pp	5 q
unresolvedHunter Douglas N.V.	0.25%	1,747,926	$84M	new	+0.25 pp	new
unresolvedLiberty Interactive Corp	0.25%	1,152,602	$85M	added+83%	+0.02 pp	5 q
VIPSVipshop Holdings Limited	0.23%	410,745	$77M	trimmed−39%	−0.05 pp	5 q
TWTRTwitter, Inc.	0.14%	1,133,250	$46M	trimmed−7%	−0.02 pp	3 q
SPGSimon Property Group, Inc.	0.13%	260,619	$43M	trimmed−0%	+0.01 pp	5 q
AMTAmerican Tower Corporation	0.12%	442,616	$40M	added0%	+0.02 pp	5 q
AIGAmerican International Group, Inc.	0.11%	658,180	$36M	trimmed−35%	−0.03 pp	5 q
AVBAvalonBay Communities, Inc.	0.11%	263,499	$37M	added0%	+0.01 pp	5 q
unresolvedYouku Inc ADR	0.10%	1,451,514	$35M	added+12%	0.00 pp	5 q
AREAlexandria Real Estate Equities, Inc.	0.09%	391,074	$30M	trimmed−15%	0.00 pp	5 q
USBU.S. Bancorp	0.09%	722,779	$31M	trimmed−10%	−0.01 pp	5 q
AKRAcadia Realty Trust	0.08%	989,477	$28M	added+42%	+0.03 pp	5 q
unresolvedAngie's List	0.08%	2,172,487	$26M	added+4%	+0.01 pp	5 q
CDPCOPT Defense Properties	0.08%	1,013,567	$28M	trimmed−16%	−0.01 pp	5 q
LPTLiberty Property Trust	0.08%	710,248	$27M	added0%	+0.01 pp	5 q
MRSHMarsh	0.08%	525,970	$27M	trimmed−7%	0.00 pp	2 q
unresolvedPost Properties, Inc.	0.08%	498,683	$27M	added+47%	+0.03 pp	5 q
BXPBXP, Inc.	0.07%	201,191	$24M	trimmed−33%	−0.03 pp	5 q
ESSEssex Property Trust, Inc	0.07%	132,244	$24M	trimmed−28%	−0.02 pp	5 q
unresolvedGeneral Growth Pptys Inc New	0.07%	996,400	$23M	trimmed−18%	0.00 pp	5 q
GSGoldman Sachs Group Inc.	0.07%	143,912	$24M	trimmed−79%	−0.25 pp	5 q
TVGrupo Televisa S.A.	0.07%	705,203	$24M	added+6%	+0.01 pp	5 q
IDXXIdexx Laboratories Inc	0.07%	185,256	$25M	added+3%	+0.01 pp	5 q
unresolvedSigma Aldrich Corp	0.07%	239,643	$24M	trimmed−1%	+0.01 pp	5 q
FGAAmerican Campus Communities	0.06%	521,510	$20M	trimmed−51%	−0.05 pp	5 q
CTRPTrip.com Group Limited	0.06%	303,580	$19M	trimmed−28%	0.00 pp	5 q
CUBECubeSmart	0.06%	1,010,259	$19M	added0%	+0.01 pp	3 q
unresolvedDCT Industrial Trust Inc.	0.06%	2,379,890	$20M	added0%	+0.01 pp	5 q
HSTHost Hotels & Resorts, Inc.	0.06%	968,592	$21M	added0%	+0.01 pp	5 q
JDJD.com, Inc.	0.06%	716,832	$20M	new	+0.06 pp	new
ROKRockwell Automation, Inc.	0.06%	149,377	$19M	added×6.7	+0.05 pp	2 q
SKTTanger Inc.	0.06%	574,012	$20M	added0%	0.00 pp	4 q
VNOVornado Realty Trust	0.06%	181,981	$19M	added0%	+0.01 pp	5 q
WYWeyerhaeuser Company	0.06%	583,954	$19M	new	+0.06 pp	new
unresolvedBiomed Realty Trust, Inc.	0.05%	729,330	$16M	added0%	+0.01 pp	5 q
DVNDevon Energy Corporation	0.05%	191,620	$15M	trimmed−0%	+0.01 pp	5 q
unresolvedDuPont Fabros Technology, Inc.	0.05%	589,140	$16M	trimmed−22%	0.00 pp	5 q
EGPEastGroup Properties Inc.	0.05%	254,847	$16M	added0%	+0.01 pp	5 q
unresolvedFederal Realty Investment Trust REIT	0.05%	145,313	$18M	trimmed−31%	−0.02 pp	5 q
unresolvedForest City Enterprises Inc	0.05%	793,037	$16M	added+10%	+0.01 pp	5 q
TDGTransDigm Group Incorporated	0.05%	108,556	$18M	added+4%	0.00 pp	4 q
VTRVentas, Inc.	0.05%	261,166	$17M	trimmed−48%	−0.03 pp	5 q
ATIATI Inc.	0.04%	318,421	$14M	trimmed−14%	0.00 pp	5 q
BDNBrandywine Realty Trust	0.04%	914,566	$14M	new	+0.04 pp	new
CLColgate-Palmolive Company	0.04%	193,664	$13M	added+1%	+0.01 pp	5 q
CORCoresite Realty Corp	0.04%	360,905	$12M	new	+0.04 pp	new
unresolvedCoupons.com, Inc.	0.04%	500,120	$13M	added+5%	+0.01 pp	2 q
unresolvedEducation Realty Trust, Inc.	0.04%	1,387,528	$15M	trimmed−44%	−0.03 pp	5 q
ELSEquity Lifestyle Properties, Inc.	0.04%	270,611	$12M	added0%	+0.01 pp	3 q
FDXFedEx Corporation	0.04%	81,402	$12M	added+1%	+0.01 pp	5 q
KSSKohls Corporation	0.04%	235,110	$12M	held	—	5 q
unresolvedLasalle Hotel Pptys	0.04%	423,936	$15M	added0%	0.00 pp	5 q
LOWLowe's Companies Inc.	0.04%	282,149	$14M	added+9%	+0.01 pp	4 q
PGRProgressive Corporation	0.04%	570,530	$14M	trimmed−98%	−1.80 pp	5 q
SAPSap SE	0.04%	162,343	$13M	added+7%	+0.01 pp	5 q
TRNOTerreno Realty Corporation	0.04%	612,725	$12M	added×5.7	+0.03 pp	2 q
unresolvedTime Warner Cable Inc	0.04%	89,017	$13M	added+9%	+0.01 pp	3 q
unresolvedTwenty First Centy Fox Inc	0.04%	375,713	$13M	new	+0.04 pp	new
UHSUniversal Health Services, Inc. Class B	0.04%	145,600	$14M	held	—	5 q
NBRNabors Industries Ltd.	0.04%	432,240	$13M	trimmed−25%	0.00 pp	5 q
RIGTransocean LTD.	0.04%	263,966	$12M	added+6%	+0.01 pp	5 q
BACBank of America Corporation	0.03%	639,186	$10M	added+2%	0.00 pp	5 q
CCitigroup Inc.	0.03%	229,699	$11M	added+6%	0.00 pp	5 q
EPREPR Properties	0.03%	206,453	$12M	added0%	0.00 pp	3 q
unresolvedGeneral Electric Co	0.03%	338,320	$9M	trimmed−0%	+0.01 pp	5 q
unresolvedGrubhub Inc	0.03%	304,560	$11M	new	+0.03 pp	new
unresolvedInternational Rectifier Corp.	0.03%	309,390	$9M	held	—	5 q
MASMasco Corporation	0.03%	429,180	$10M	held	—	5 q
NTESNetEase, inc.	0.03%	120,850	$9M	added0%	+0.01 pp	5 q
NKENike, Inc.	0.03%	122,321	$9M	added+2%	+0.01 pp	4 q
PWRQuanta Services, Inc.	0.03%	338,680	$12M	held	—	5 q
TCOTaubman Centers Inc.	0.03%	131,253	$10M	added0%	0.00 pp	5 q
unresolvedTwenty First Centy Fox Inc	0.03%	295,756	$10M	held	—	4 q
UNUnilever N V -ny Shares	0.03%	196,426	$9M	trimmed−36%	0.00 pp	5 q
unresolvedWaste Connections Inc	0.03%	240,440	$12M	held	—	5 q
unresolvedWells Fargo Warrants, 34.01 St	0.03%	466,489	$10M	added+14%	+0.01 pp	5 q
unresolvedWhole Foods Market	0.03%	250,884	$10M	added+85%	+0.01 pp	5 q
AESAES Corporation	0.02%	416,466	$6M	held	—	5 q
Aes Trust IIIconvertible	0.02%	145,027	$8M	held	—	2 q
ALEXAlexander & Baldwin, Inc.	0.02%	174,070	$7M	added+66%	+0.01 pp	3 q
AMATApplied Materials Inc	0.02%	330,324	$7M	added+2%	0.00 pp	5 q
EXPDExpeditors International of Washington, Inc.	0.02%	128,680	$6M	trimmed−60%	−0.02 pp	5 q
unresolvedFairchild Semiconductor Intl	0.02%	460,527	$7M	held	—	5 q
FCXFreeport-McMoran Inc.	0.02%	176,464	$6M	held	—	5 q
HIWHighwoods Properties Inc.	0.02%	198,537	$8M	new	+0.02 pp	new
IBNICICI Bank Limited	0.02%	135,757	$7M	trimmed−21%	0.00 pp	5 q
INTCIntel Corp	0.02%	178,377	$6M	added+1%	+0.01 pp	5 q
REGRegency Centers Corporation	0.02%	149,497	$8M	held	—	5 q
unresolvedSBA Comms Corp	0.02%	63,207	$6M	added+29%	+0.01 pp	5 q
CRMSalesforce, Inc.	0.02%	136,227	$8M	added+10%	0.00 pp	4 q
SHWThe Sherwin-Williams Company	0.02%	32,850	$7M	added+1%	0.00 pp	5 q
TJXTJX Companies, Inc. (The)	0.02%	102,493	$5M	added+1%	0.00 pp	4 q
TSNTyson Foods, Inc.	0.02%	222,810	$8M	trimmed−10%	−0.01 pp	4 q
unresolvedWellpoint Inc	0.02%	57,098	$6M	trimmed−34%	0.00 pp	5 q
SVASinovac Biotech, Ltd	0.02%	1,250,546	$7M	added+1%	0.00 pp	5 q
unresolvedAltera Corp	0.01%	52,370	$2M	trimmed−0%	0.00 pp	5 q
unresolvedCousins Properties Inc.	0.01%	306,290	$4M	held	—	4 q
unresolvedDDR Corporation	0.01%	254,443	$4M	added+1%	0.00 pp	5 q
WUBA58.COM Inc	0.01%	52,990	$3M	added+3%	0.00 pp	3 q
FRFirst Industrial Realty Trust, Inc.	0.01%	214,515	$4M	new	+0.01 pp	new
IBMInternational Business Machines Corporation	0.01%	21,659	$4M	added+3%	0.00 pp	5 q
JMEINJumei International-adr	0.01%	100,000	$3M	new	+0.01 pp	new
unresolvedWashington Prime Group Inc	0.01%	130,307	$2M	new	+0.01 pp	new
AAPLApple Inc.	0.00%	3,290	$306,000	trimmed−1%	0.00 pp	4 q
AZOAutoZone, Inc.	0.00%	730	$391,000	trimmed−40%	0.00 pp	4 q
WRBW.R. Berkley Corporation	0.00%	5,080	$235,000	held	—	5 q
unresolvedBoardwalk Pipeline Partners	0.00%	22,090	$409,000	held	—	2 q
CXCemex S.A.B. de C.V.	0.00%	22,635	$299,000	added+4%	0.00 pp	5 q
KOCoca-Cola Company	0.00%	6,336	$268,000	added+1%	0.00 pp	5 q
FSLRFirst Solar, Inc.	0.00%	4,030	$286,000	held	—	3 q
BENFranklin Templeton, Inc.	0.00%	4,000	$231,000	held	—	3 q
HALHalliburton Company	0.00%	8,460	$601,000	trimmed−1%	0.00 pp	2 q
MAMastercard Incorporated	0.00%	19,350	$1M	held	—	5 q
RSGRepublic Services Inc.	0.00%	23,720	$901,000	held	—	5 q
TIFTiffany & Co.	0.00%	5,000	$501,000	held	—	5 q
TDToronto Dominion Bank	0.00%	6,390	$329,000	held	—	5 q
UPSUnited Parcel Service, Inc. Class B	0.00%	2,372	$243,000	added+1%	0.00 pp	4 q
BBYD20230930-DK-BUTTERFLY-1 Inc	—	−14,813,515	—	exited	−2.81 pp	—
unresolvedHunter Douglas N.V.	—	−1,876,621	—	exited	−0.25 pp	—
PLDPrologis, Inc.	—	−431,903	—	exited	−0.05 pp	—
SINASina Corp	—	−268,674	—	exited	−0.04 pp	—
DISHDISH Network Corp.	—	−123,875	—	exited	−0.02 pp	—
VMRKVivmark Residential	—	−132,381	—	exited	−0.02 pp	—
BDXBecton, Dickinson and Co.	—	−3,635	—	exited	0.00 pp	—
DLRDigital Realty Trust, Inc.	—	−3,972	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 7

Issue	% of notes	Principal	Value
Intel Corp	26.77%	12,551,000	$19M
United States Steel Corp	21.89%	12,750,000	$16M
United Rentals Inc	17.90%	1,377,000	$13M
Forest City Realty Trust	14.79%	9,463,000	$11M
Molycorp Inc	8.51%	9,500,000	$6M
Molycorp Inc	7.67%	7,500,000	$6M
Forest City Realty Trust	2.47%	1,120,000	$2M

Source

Form: 13F-HR
Reading: 2 defects · 43 unresolved
Accession: 0001140361-14-032131
Options: none in this filing
SEC cross-check: SEC data set not published yet

A row was set aside — invalid CUSIP 5291810NL
A security outside the official 13F list — CUSIP 5291810NL not on the Official 13(f) List for 2014-06-30

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