Davis Advisors

Q3 2014 13F · by Chris Davis, portfolio manager

As of: Sep 30, 2014
Filed: Oct 28, 2014
US stock: $32.1B · prev $33.6B
Positions: 184 · prev 174
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%

Moves181 since the prior filing

+8.9 pp in · −8.9 pp out

New 21 +2.29 pp
Added 73 +6.60 pp
Trimmed 76 −7.71 pp
Exited 11 −1.22 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 34% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions30% of US stock

BNY Bank of New York Mellon Corporation trimmed+0.04 pp trimmed+0.047.5%
WFC Wells Fargo & Co. trimmed−0.07 pp trimmed−0.077.3%
AXP American Express Company trimmed−0.56 pp trimmed−0.566.7%
BRK.A Berkshire Hathaway Inc. added+0.63 pp added+0.635.2%
unresolved Google Inc. trimmed+0.16 pp trimmed+0.163.6%

Positions184 in this filing · 11 exited


BNYBank of New York Mellon Corporation	7.46%	61,887,826	$2.4B	trimmed−7%	+0.04 pp	6 q
WFCWells Fargo & Co.	7.30%	45,230,614	$2.3B	trimmed−4%	−0.07 pp	6 q
AXPAmerican Express Company	6.68%	24,533,544	$2.1B	trimmed−4%	−0.56 pp	6 q
BRK.ABerkshire Hathaway Inc.	5.19%	8,061	$1.7B	added0%	+0.63 pp	6 q
unresolvedGoogle Inc.	3.60%	1,965,557	$1.2B	trimmed−0%	+0.16 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.56%	13,273,506	$1.1B	trimmed−2%	+0.27 pp	6 q
GOOGAlphabet Inc. Class C	3.53%	1,966,541	$1.1B	trimmed−0%	+0.14 pp	2 q
AMZNAmazon.Com Inc	3.33%	3,320,506	$1.1B	added+42%	+1.06 pp	6 q
LBTYKLiberty Global Ltd. Class C	2.91%	22,775,535	$934M	added+8%	+0.26 pp	6 q
COSTCostco Wholesale Corp	2.57%	6,603,246	$828M	trimmed−34%	−0.88 pp	6 q
unresolvedExpress Scripts Hldg Co	2.34%	10,650,525	$752M	trimmed−0%	+0.13 pp	6 q
LVSLas Vegas Sands Corp.	2.26%	11,685,689	$727M	added+17%	−0.02 pp	6 q
PXGBXPraxair Inc	2.20%	5,471,961	$706M	added×2.9	+1.46 pp	6 q
JPMJPMorgan Chase & Co.	2.08%	11,086,115	$668M	trimmed−0%	+0.17 pp	6 q
CNQCanadian Natural Resources Limited	2.00%	16,535,540	$642M	trimmed−12%	−0.57 pp	6 q
99803EURLaboratory Crp Of Amer Hldgs	1.90%	5,989,780	$610M	trimmed−11%	−0.16 pp	6 q
TXNTexas Instruments Incorporated	1.85%	12,457,717	$594M	trimmed−0%	+0.07 pp	6 q
SCHWThe Charles Schwab Corporation	1.80%	19,690,957	$579M	trimmed−1%	+0.21 pp	6 q
KMXCarMax Inc.	1.63%	11,268,011	$523M	added0%	−0.11 pp	6 q
ECLEcolab, Inc.	1.52%	4,262,109	$489M	trimmed−0%	+0.11 pp	6 q
unresolvedValeant Pharmaceuticals Intl	1.44%	3,529,237	$463M	added+12%	+0.25 pp	6 q
PCARPaccar Inc	1.43%	8,085,710	$460M	trimmed−0%	−0.09 pp	6 q
UPLUltra Petroleum Corp	1.42%	19,609,259	$456M	added×4.2	+1.01 pp	2 q
IBMInternational Business Machines Corporation	1.41%	2,389,948	$454M	added×110.3	+1.40 pp	6 q
MSFTMicrosoft Corp	1.35%	9,372,850	$435M	trimmed−3%	+0.15 pp	6 q
EOGEOG Resources, Inc.	1.31%	4,240,453	$420M	trimmed−34%	−0.93 pp	6 q
unresolvedPriceline Grp Inc	1.28%	355,506	$412M	trimmed−1%	0.00 pp	5 q
VVISA Inc.	1.28%	1,931,268	$412M	added+1%	+0.08 pp	6 q
unresolvedEncana Corp	1.25%	18,888,321	$401M	new	+1.25 pp	new
SYYSysco Corporation	1.24%	10,527,468	$400M	added0%	+0.07 pp	3 q
LLoews Corporation	1.17%	9,005,737	$375M	trimmed−23%	−0.35 pp	6 q
unresolvedAce Ltd	1.10%	3,369,187	$353M	added+2%	+0.08 pp	6 q
ORCLOracle Corp	0.98%	8,219,711	$315M	trimmed−4%	−0.06 pp	6 q
DGXQuest Diagnostics Inc.	0.92%	4,879,416	$296M	added+4%	+0.10 pp	3 q
AIYActivision Blizzard Inc	0.91%	14,024,980	$292M	trimmed−9%	−0.11 pp	6 q
unresolvedLiberty Interactive Corp	0.88%	9,907,673	$283M	trimmed−0%	+0.01 pp	6 q
unresolvedBrookfield Asset Mgmt Inc	0.85%	6,065,443	$273M	trimmed−4%	+0.02 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	0.82%	1,908,289	$264M	trimmed−3%	+0.08 pp	6 q
DISThe Walt Disney Company	0.74%	2,679,895	$239M	trimmed−6%	+0.02 pp	6 q
MCOMoody's Corporation	0.70%	2,395,195	$226M	trimmed−0%	+0.07 pp	2 q
MKLMarkel Group Inc.	0.68%	344,882	$219M	added+5%	+0.04 pp	6 q
unresolvedMonsanto Co	0.65%	1,848,439	$208M	trimmed−7%	−0.09 pp	6 q
NFLXNetFlix Inc	0.57%	403,876	$182M	trimmed−3%	+0.02 pp	6 q
TXTTextron, Inc.	0.57%	5,128,565	$185M	trimmed−0%	−0.02 pp	5 q
AAgilent Technologies Inc.	0.53%	2,980,262	$170M	trimmed−0%	+0.02 pp	6 q
CVSCvs Health Corporation	0.53%	2,153,905	$171M	trimmed−76%	−1.49 pp	6 q
EGEverest Group, Ltd.	0.51%	1,008,547	$163M	trimmed−0%	+0.03 pp	6 q
unresolvedQihoo 360 Technology Co. ADR	0.46%	2,209,632	$149M	trimmed−0%	−0.15 pp	4 q
unresolvedSoufun Holdings Ltd ADR	0.46%	14,705,656	$146M	added+1%	+0.04 pp	6 q
CFGCitizens Financial Group, Inc.	0.44%	6,062,550	$142M	new	+0.44 pp	new
DEODiageo plc	0.33%	920,083	$106M	trimmed−2%	−0.03 pp	6 q
WAIRWESCO Aircraft Holdings Inc.	0.31%	5,635,547	$98M	added+9%	0.00 pp	6 q
PMPhilip Morris International Inc.	0.26%	991,480	$83M	trimmed−56%	−0.31 pp	6 q
unresolvedHunter Douglas N.V.	0.23%	1,752,796	$74M	added0%	−0.02 pp	2 q
HOGHarley-Davidson, Inc.	0.20%	1,113,765	$65M	trimmed−57%	−0.34 pp	6 q
SPGSimon Property Group, Inc.	0.15%	292,068	$48M	added+12%	+0.02 pp	6 q
unresolvedLiberty Interactive Corp	0.14%	1,149,876	$44M	trimmed−0%	−0.11 pp	6 q
IDXXIdexx Laboratories Inc	0.12%	323,495	$38M	added+75%	+0.05 pp	6 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.12%	1,149,876	$39M	new	+0.12 pp	new
USBU.S. Bancorp	0.12%	914,750	$38M	added+27%	+0.03 pp	6 q
VIPSVipshop Holdings Limited	0.12%	209,132	$40M	trimmed−49%	−0.11 pp	6 q
AKRAcadia Realty Trust	0.10%	1,107,811	$31M	added+12%	+0.02 pp	6 q
AREAlexandria Real Estate Equities, Inc.	0.10%	437,874	$32M	added+12%	+0.01 pp	6 q
AIGAmerican International Group, Inc.	0.09%	519,050	$28M	trimmed−21%	−0.02 pp	6 q
CDPCOPT Defense Properties	0.09%	1,135,062	$29M	added+12%	+0.01 pp	6 q
MRSHMarsh	0.09%	524,370	$27M	trimmed−0%	+0.01 pp	3 q
unresolvedPost Properties, Inc.	0.09%	558,274	$29M	added+12%	+0.01 pp	6 q
ROKRockwell Automation, Inc.	0.09%	254,691	$28M	added+71%	+0.03 pp	3 q
BABAAlibaba Group Holding Limited	0.08%	300,000	$27M	new	+0.08 pp	new
BXPBXP, Inc.	0.08%	225,101	$26M	added+12%	+0.01 pp	6 q
GSGoldman Sachs Group Inc.	0.08%	143,402	$26M	trimmed−0%	+0.01 pp	6 q
JDJD.com, Inc.	0.08%	989,886	$26M	added+38%	+0.02 pp	2 q
unresolvedTwenty First Centy Fox Inc	0.08%	758,429	$25M	added×2.0	+0.04 pp	2 q
unresolvedYouku Inc ADR	0.08%	1,462,154	$26M	added+1%	−0.02 pp	6 q
FGAAmerican Campus Communities	0.07%	583,444	$21M	added+12%	+0.01 pp	6 q
AVBAvalonBay Communities, Inc.	0.07%	158,985	$22M	trimmed−40%	−0.04 pp	6 q
unresolvedGeneral Growth Pptys Inc New	0.07%	960,539	$23M	trimmed−4%	0.00 pp	6 q
TVGrupo Televisa S.A.	0.07%	674,803	$23M	trimmed−4%	0.00 pp	6 q
VTRVentas, Inc.	0.07%	352,097	$22M	added+35%	+0.02 pp	6 q
YYJOYY Inc.	0.07%	294,931	$22M	new	+0.07 pp	new
unresolvedAngie's List	0.06%	3,189,796	$20M	added+47%	−0.02 pp	6 q
CUBECubeSmart	0.06%	1,131,541	$20M	added+12%	0.00 pp	4 q
unresolvedDCT Industrial Trust Inc.	0.06%	2,664,932	$20M	added+12%	0.00 pp	6 q
unresolvedSigma Aldrich Corp	0.06%	136,292	$19M	trimmed−43%	−0.01 pp	6 q
TDGTransDigm Group Incorporated	0.06%	108,257	$20M	trimmed−0%	+0.01 pp	5 q
VNOVornado Realty Trust	0.06%	189,327	$19M	added+4%	0.00 pp	6 q
unresolvedBiomed Realty Trust, Inc.	0.05%	815,807	$16M	added+12%	0.00 pp	6 q
COFCapital One Financial	0.05%	186,250	$15M	new	+0.05 pp	new
unresolvedDuPont Fabros Technology, Inc.	0.05%	589,116	$16M	trimmed0%	0.00 pp	6 q
EGPEastGroup Properties Inc.	0.05%	285,290	$17M	added+12%	0.00 pp	6 q
unresolvedEducation Realty Trust, Inc.	0.05%	1,425,431	$15M	added+3%	+0.01 pp	6 q
ESSEssex Property Trust, Inc	0.05%	90,710	$16M	trimmed−31%	−0.02 pp	6 q
HSTHost Hotels & Resorts, Inc.	0.05%	817,606	$17M	trimmed−16%	−0.01 pp	6 q
unresolvedLasalle Hotel Pptys	0.05%	440,699	$15M	added+4%	+0.01 pp	6 q
LPTLiberty Property Trust	0.05%	500,456	$17M	trimmed−30%	−0.03 pp	6 q
LOWLowe's Companies Inc.	0.05%	293,832	$16M	added+4%	+0.01 pp	5 q
AMTAmerican Tower Corporation	0.04%	129,012	$12M	trimmed−71%	−0.08 pp	6 q
BDNBrandywine Realty Trust	0.04%	1,024,224	$14M	added+12%	0.00 pp	2 q
CCitigroup Inc.	0.04%	229,699	$12M	held	—	6 q
CLColgate-Palmolive Company	0.04%	200,761	$13M	added+4%	0.00 pp	6 q
CORCoresite Realty Corp	0.04%	360,882	$12M	trimmed−0%	0.00 pp	2 q
DVNDevon Energy Corporation	0.04%	181,620	$12M	trimmed−5%	−0.01 pp	6 q
unresolvedFederal Realty Investment Trust REIT	0.04%	120,644	$14M	trimmed−17%	−0.01 pp	6 q
FDXFedEx Corporation	0.04%	84,961	$14M	added+4%	0.00 pp	6 q
KRGKite Realty Group Trust	0.04%	512,807	$12M	new	+0.04 pp	new
KSSKohls Corporation	0.04%	235,310	$14M	added0%	0.00 pp	6 q
PWRQuanta Services, Inc.	0.04%	338,680	$12M	held	—	6 q
SAPSap SE	0.04%	163,193	$12M	added+1%	0.00 pp	6 q
SKTTanger Inc.	0.04%	352,864	$12M	trimmed−39%	−0.02 pp	5 q
TRNOTerreno Realty Corporation	0.04%	686,390	$13M	added+12%	0.00 pp	3 q
unresolvedTime Warner Cable Inc	0.04%	94,333	$14M	added+6%	0.00 pp	4 q
URIUnited Rentals, Inc.	0.04%	111,766	$12M	new	+0.04 pp	new
UHSUniversal Health Services, Inc. Class B	0.04%	116,100	$12M	trimmed−20%	0.00 pp	6 q
unresolvedWaste Connections Inc	0.04%	240,930	$12M	added0%	+0.01 pp	6 q
WYWeyerhaeuser Company	0.04%	418,444	$13M	trimmed−28%	−0.02 pp	2 q
ATIATI Inc.	0.03%	299,921	$11M	trimmed−6%	−0.01 pp	6 q
BACBank of America Corporation	0.03%	639,186	$11M	held	—	6 q
CTRPTrip.com Group Limited	0.03%	143,139	$8M	trimmed−53%	−0.03 pp	6 q
unresolvedGeneral Electric Co	0.03%	369,710	$9M	added+9%	0.00 pp	6 q
unresolvedGrubhub Inc	0.03%	293,927	$10M	trimmed−3%	0.00 pp	2 q
unresolvedHewlett Packard Co	0.03%	307,233	$11M	trimmed−93%	−0.39 pp	6 q
HIWHighwoods Properties Inc.	0.03%	222,167	$9M	added+12%	+0.01 pp	2 q
MASMasco Corporation	0.03%	430,050	$10M	added0%	0.00 pp	6 q
NTESNetEase, inc.	0.03%	116,985	$10M	trimmed−3%	0.00 pp	6 q
NKENike, Inc.	0.03%	125,129	$11M	added+2%	0.00 pp	5 q
unresolvedRamco-Gershenson Properties Trust	0.03%	537,121	$9M	new	+0.03 pp	new
CRMSalesforce, Inc.	0.03%	141,747	$8M	added+4%	+0.01 pp	5 q
unresolvedTwenty First Centy Fox Inc	0.03%	296,356	$10M	added0%	0.00 pp	5 q
Tyson Foods Incconvertible	0.03%	185,000	$9M	new	+0.03 pp	new
unresolvedWells Fargo Warrants, 34.01 St	0.03%	447,208	$9M	trimmed−4%	0.00 pp	6 q
unresolvedWhole Foods Market	0.03%	263,334	$10M	added+5%	0.00 pp	6 q
NBRNabors Industries Ltd.	0.03%	447,580	$10M	added+4%	−0.01 pp	6 q
RIGTransocean LTD.	0.03%	328,636	$11M	added+25%	−0.01 pp	6 q
AESAES Corporation	0.02%	417,306	$6M	added0%	0.00 pp	6 q
Aes Trust IIIconvertible	0.02%	145,027	$7M	held	—	3 q
ALEXAlexander & Baldwin, Inc.	0.02%	196,686	$7M	added+13%	0.00 pp	4 q
YAlleghany Corporation	0.02%	11,795	$5M	trimmed−96%	−0.40 pp	6 q
AMHAmerican Homes 4 Rent	0.02%	462,680	$8M	new	+0.02 pp	new
unresolvedAmerican Residential Properties, Inc.	0.02%	409,445	$8M	new	+0.02 pp	new
AMATApplied Materials Inc	0.02%	346,912	$7M	added+5%	0.00 pp	6 q
unresolvedCoupons.com, Inc.	0.02%	490,088	$6M	trimmed−2%	−0.02 pp	3 q
DLRDigital Realty Trust, Inc.	0.02%	82,876	$5M	new	+0.02 pp	new
unresolvedFairchild Semiconductor Intl	0.02%	460,867	$7M	added0%	0.00 pp	6 q
unresolvedForest City Enterprises Inc	0.02%	376,541	$7M	trimmed−53%	−0.03 pp	6 q
FCXFreeport-McMoran Inc.	0.02%	192,194	$6M	added+9%	0.00 pp	6 q
IBNICICI Bank Limited	0.02%	135,757	$7M	held	—	6 q
INTCIntel Corp	0.02%	179,705	$6M	added+1%	0.00 pp	6 q
PLDPrologis, Inc.	0.02%	198,485	$7M	new	+0.02 pp	new
unresolvedSBA Comms Corp	0.02%	63,209	$7M	added0%	0.00 pp	6 q
SHWThe Sherwin-Williams Company	0.02%	33,622	$7M	added+2%	0.00 pp	6 q
TJXTJX Companies, Inc. (The)	0.02%	104,933	$6M	added+2%	0.00 pp	5 q
TCOTaubman Centers Inc.	0.02%	99,722	$7M	trimmed−24%	−0.01 pp	6 q
UNUnilever N V -ny Shares	0.02%	201,216	$8M	added+2%	−0.01 pp	6 q
unresolvedWellpoint Inc	0.02%	53,721	$6M	trimmed−6%	0.00 pp	6 q
unresolvedCampus Crest Communities, Inc.	0.01%	513,675	$3M	new	+0.01 pp	new
CTTCatchmark Timber Trust, Inc.	0.01%	340,865	$4M	new	+0.01 pp	new
CDRCedar Realty Trust, Inc	0.01%	715,637	$4M	new	+0.01 pp	new
unresolvedCousins Properties Inc.	0.01%	320,500	$4M	added+5%	0.00 pp	5 q
unresolvedDDR Corporation	0.01%	286,552	$5M	added+13%	0.00 pp	6 q
EXPDExpeditors International of Washington, Inc.	0.01%	94,102	$4M	trimmed−27%	−0.01 pp	6 q
WUBA58.COM Inc	0.01%	52,900	$2M	trimmed−0%	0.00 pp	4 q
FRFirst Industrial Realty Trust, Inc.	0.01%	214,512	$4M	trimmed0%	0.00 pp	2 q
JMEINJumei International-adr	0.01%	100,000	$2M	held	—	2 q
KBRKBR, Inc.	0.01%	105,300	$2M	new	+0.01 pp	new
MACThe Macerich Company	0.01%	61,714	$4M	new	+0.01 pp	new
TSNTyson Foods, Inc.	0.01%	76,410	$3M	trimmed−66%	−0.01 pp	5 q
unresolvedWashington Prime Group Inc	0.01%	214,030	$4M	added+64%	0.00 pp	2 q
WYNNWynn Resorts Ltd	0.01%	10,493	$2M	new	+0.01 pp	new
APDAir Products & Chemicals, Inc.	0.00%	2,402	$313,000	trimmed−100%	−1.84 pp	6 q
unresolvedAltera Corp	0.00%	38,800	$1M	trimmed−26%	−0.01 pp	6 q
AAPLApple Inc.	0.00%	3,290	$331,000	held	—	5 q
AZOAutoZone, Inc.	0.00%	730	$372,000	held	—	5 q
WRBW.R. Berkley Corporation	0.00%	5,080	$243,000	held	—	6 q
unresolvedBoardwalk Pipeline Partners	0.00%	22,090	$413,000	held	—	3 q
CXCemex S.A.B. de C.V.	0.00%	22,635	$295,000	held	—	6 q
KOCoca-Cola Company	0.00%	6,382	$272,000	added+1%	0.00 pp	6 q
FSLRFirst Solar, Inc.	0.00%	4,030	$265,000	held	—	4 q
BENFranklin Templeton, Inc.	0.00%	7,000	$382,000	added+75%	0.00 pp	4 q
HALHalliburton Company	0.00%	8,460	$546,000	held	—	3 q
JAHJarden Corporation	0.00%	10,020	$602,000	new	0.00 pp	new
MAMastercard Incorporated	0.00%	18,570	$1M	trimmed−4%	0.00 pp	6 q
RSGRepublic Services Inc.	0.00%	18,080	$705,000	trimmed−24%	0.00 pp	6 q
TIFTiffany & Co.	0.00%	5,000	$482,000	held	—	6 q
UPSUnited Parcel Service, Inc. Class B	0.00%	2,388	$235,000	added+1%	0.00 pp	5 q
SLBSLB Limited	—	−1,034,694	—	exited	−0.36 pp	—
MLMMartin Marietta Materials	—	−716,959	—	exited	−0.28 pp	—
OXYOccidental Petroleum Corporation	—	−853,711	—	exited	−0.26 pp	—
TWTRTwitter, Inc.	—	−1,133,250	—	exited	−0.14 pp	—
ELSEquity Lifestyle Properties, Inc.	—	−270,611	—	exited	−0.04 pp	—
PGRProgressive Corporation	—	−570,530	—	exited	−0.04 pp	—
EPREPR Properties	—	−206,453	—	exited	−0.03 pp	—
unresolvedInternational Rectifier Corp.	—	−309,390	—	exited	−0.03 pp	—
REGRegency Centers Corporation	—	−149,497	—	exited	−0.02 pp	—
SVASinovac Biotech, Ltd	—	−1,250,546	—	exited	−0.02 pp	—
TDToronto Dominion Bank	—	−6,390	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 5

Issue	% of notes	Principal	Value
Intel Corp	34.82%	10,551,000	$18M
United States Steel Corp	29.85%	9,250,000	$15M
Forest City Realty Trust	24.77%	11,463,000	$13M
Forest City Realty Trust	7.09%	3,500,000	$4M
Forest City Realty Trust	3.47%	1,120,000	$2M

Source

Form: 13F-HR
Reading: 2 defects · 46 unresolved
Accession: 0001140361-14-041208
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 2014-09-30

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