Davis Advisors

Q1 2015 13F · by Chris Davis, portfolio manager

As of: Mar 31, 2015
Filed: Apr 30, 2015
US stock: $29.3B · prev $30.9B
Positions: 180 · prev 187
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 0.2%
Notes debt, at principal 0.2%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves188 since the prior filing

+6.4 pp in · −6.4 pp out

New 15 +0.40 pp
Added 62 +5.98 pp
Trimmed 89 −3.94 pp
Exited 22 −2.51 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions29% of US stock

Positions180 in this filing · 22 exited


WFCWells Fargo & Co.	6.97%	37,539,086	$2.0B	trimmed−9%	−0.35 pp	8 q
BNYBank of New York Mellon Corporation	5.97%	43,466,525	$1.7B	trimmed−21%	−1.24 pp	8 q
AMZNAmazon.Com Inc	5.88%	4,631,023	$1.7B	trimmed−1%	+1.18 pp	8 q
AXPAmerican Express Company	5.56%	20,841,207	$1.6B	trimmed−6%	−1.15 pp	8 q
LBTYKLiberty Global Ltd. Class C	4.52%	26,571,505	$1.3B	added+1%	+0.42 pp	8 q
BRK.ABerkshire Hathaway Inc.	4.19%	5,640	$1.2B	trimmed−13%	−0.58 pp	8 q
unresolvedExpress Scripts Hldg Co	3.91%	13,212,411	$1.1B	added+2%	+0.34 pp	8 q
JPMJPMorgan Chase & Co.	3.84%	18,578,018	$1.1B	added+67%	+1.59 pp	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.36%	8,327,902	$985M	trimmed−27%	−0.40 pp	8 q
unresolvedGoogle Inc.	3.34%	1,763,330	$978M	trimmed−6%	+0.10 pp	8 q
GOOGAlphabet Inc. Class C	3.29%	1,760,627	$965M	trimmed−7%	+0.08 pp	4 q
LVSLas Vegas Sands Corp.	2.73%	14,531,684	$800M	added0%	−0.01 pp	8 q
KMXCarMax Inc.	2.72%	11,558,056	$798M	trimmed−1%	+0.19 pp	8 q
unresolvedEncana Corp	2.61%	68,592,847	$765M	added+75%	+0.84 pp	3 q
TXNTexas Instruments Incorporated	2.40%	12,296,936	$703M	trimmed−1%	+0.25 pp	8 q
PXGBXPraxair Inc	2.23%	5,399,667	$652M	trimmed−1%	−0.05 pp	8 q
99803EURLaboratory Crp Of Amer Hldgs	1.91%	4,443,459	$560M	trimmed−25%	−0.16 pp	8 q
SCHWThe Charles Schwab Corporation	1.81%	17,416,002	$530M	trimmed−10%	−0.09 pp	8 q
COSTCostco Wholesale Corp	1.79%	3,464,872	$525M	trimmed−23%	−0.29 pp	8 q
VVISA Inc.	1.71%	7,659,271	$501M	trimmed−1%	+0.07 pp	8 q
ECLEcolab, Inc.	1.69%	4,316,350	$494M	trimmed−1%	+0.21 pp	8 q
unresolvedPriceline Grp Inc	1.41%	354,869	$413M	added+1%	+0.11 pp	7 q
DGXQuest Diagnostics Inc.	1.33%	5,068,925	$390M	trimmed−2%	+0.21 pp	5 q
HALHalliburton Company	1.30%	8,678,047	$381M	added+43%	+0.52 pp	5 q
unresolvedValeant Pharmaceuticals Intl	1.27%	1,877,040	$373M	trimmed−47%	−0.36 pp	8 q
unresolvedAce Ltd	1.26%	3,313,723	$369M	trimmed−1%	+0.01 pp	8 q
LLoews Corporation	1.19%	8,531,033	$348M	trimmed−3%	−0.01 pp	8 q
ORCLOracle Corp	1.17%	7,974,921	$344M	trimmed−2%	−0.02 pp	8 q
PCARPaccar Inc	1.15%	5,338,105	$337M	trimmed−33%	−0.61 pp	8 q
UPLUltra Petroleum Corp	1.08%	20,231,836	$316M	added+3%	+0.24 pp	4 q
CFGCitizens Financial Group, Inc.	1.05%	12,724,917	$307M	added×2.0	+0.55 pp	3 q
MSFTMicrosoft Corp	1.05%	7,595,242	$309M	trimmed−3%	−0.12 pp	8 q
EOGEOG Resources, Inc.	1.04%	3,319,559	$304M	trimmed−8%	−0.04 pp	8 q
MKLMarkel Group Inc.	0.93%	352,590	$271M	added0%	+0.15 pp	8 q
MCOMoody's Corporation	0.83%	2,332,432	$242M	trimmed−2%	+0.09 pp	4 q
unresolvedBrookfield Asset Mgmt Inc	0.78%	4,258,572	$228M	trimmed−12%	−0.01 pp	8 q
unresolvedQihoo 360 Technology Co. ADR	0.70%	3,994,086	$204M	added+84%	+0.30 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	0.65%	1,309,931	$189M	trimmed−17%	−0.12 pp	8 q
EGEverest Group, Ltd.	0.56%	948,263	$165M	trimmed−6%	0.00 pp	8 q
unresolvedLiberty Interactive Corp	0.47%	4,759,234	$139M	trimmed−4%	−0.01 pp	8 q
unresolvedSoufun Holdings Ltd ADR	0.43%	21,165,532	$127M	added+39%	+0.06 pp	8 q
AAgilent Technologies Inc.	0.42%	2,933,345	$122M	trimmed−1%	+0.03 pp	8 q
DEODiageo plc	0.33%	878,998	$97M	trimmed−2%	0.00 pp	8 q
WAIRWESCO Aircraft Holdings Inc.	0.33%	6,230,844	$95M	added+4%	+0.06 pp	8 q
unresolvedLiberty Interactive Corp	0.30%	2,081,159	$87M	trimmed−5%	+0.03 pp	8 q
unresolvedHunter Douglas N.V.	0.24%	1,734,849	$71M	trimmed−2%	0.00 pp	4 q
unresolvedCoupons.com, Inc.	0.20%	4,920,648	$58M	added×6.3	+0.16 pp	5 q
IDXXIdexx Laboratories Inc	0.19%	355,648	$55M	added+1%	+0.02 pp	8 q
KEYSKeysight Technologies, Inc.	0.17%	1,306,521	$49M	trimmed−12%	+0.01 pp	2 q
JDJD.com, Inc.	0.16%	1,567,285	$46M	trimmed−4%	+0.04 pp	4 q
AVBAvalonBay Communities, Inc.	0.14%	237,969	$41M	added+54%	+0.06 pp	8 q
SPGSimon Property Group, Inc.	0.14%	210,585	$41M	trimmed−23%	−0.02 pp	8 q
ROKRockwell Automation, Inc.	0.13%	339,653	$39M	added+1%	+0.01 pp	5 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.12%	1,128,096	$36M	trimmed−2%	+0.02 pp	3 q
USBU.S. Bancorp	0.12%	814,629	$36M	trimmed−11%	−0.01 pp	8 q
VIPSVipshop Holdings Limited	0.12%	1,144,640	$34M	trimmed−26%	+0.02 pp	8 q
BXPBXP, Inc.	0.11%	225,384	$32M	added+4%	+0.02 pp	8 q
AIGAmerican International Group, Inc.	0.10%	515,070	$28M	trimmed−1%	+0.01 pp	8 q
MRSHMarsh	0.10%	520,660	$29M	trimmed−0%	0.00 pp	5 q
CDPCOPT Defense Properties	0.09%	908,793	$27M	trimmed−16%	−0.01 pp	8 q
unresolvedDct Industrial Trust Inc	0.09%	774,197	$27M	added+21%	+0.02 pp	2 q
GSGoldman Sachs Group Inc.	0.09%	142,012	$27M	trimmed−1%	0.00 pp	8 q
PLDPrologis, Inc.	0.09%	603,028	$26M	added×3.1	+0.06 pp	3 q
unresolvedTwenty First Centy Fox Inc	0.09%	758,580	$25M	added0%	0.00 pp	4 q
AKRAcadia Realty Trust	0.08%	646,085	$23M	trimmed−12%	0.00 pp	8 q
AREAlexandria Real Estate Equities, Inc.	0.08%	235,354	$23M	added+11%	+0.02 pp	8 q
unresolvedAngie's List	0.08%	3,769,304	$22M	added+3%	+0.01 pp	8 q
ESSEssex Property Trust, Inc	0.08%	99,606	$23M	added+15%	+0.02 pp	8 q
KRGKite Realty Group Trust	0.08%	805,493	$23M	added+25%	+0.02 pp	3 q
TDGTransDigm Group Incorporated	0.08%	102,327	$22M	trimmed−3%	+0.01 pp	7 q
VNOVornado Realty Trust	0.08%	209,141	$23M	added+15%	+0.01 pp	8 q
BDNBrandywine Realty Trust	0.07%	1,234,013	$20M	added+25%	+0.02 pp	4 q
unresolvedDDR Corporation	0.07%	1,026,128	$19M	added×3.6	+0.05 pp	8 q
unresolvedFederal Realty Investment Trust REIT	0.07%	145,250	$21M	added+25%	+0.02 pp	8 q
LPTLiberty Property Trust	0.07%	600,663	$21M	added+26%	+0.01 pp	8 q
LOWLowe's Companies Inc.	0.07%	292,206	$22M	added0%	0.00 pp	7 q
unresolvedPost Properties, Inc.	0.07%	366,118	$21M	added+10%	+0.01 pp	8 q
TRNOTerreno Realty Corporation	0.07%	860,733	$20M	added+25%	+0.02 pp	5 q
unresolvedTime Warner Cable Inc	0.07%	130,138	$20M	added+6%	+0.01 pp	6 q
WCCWesco International Inc.	0.07%	292,311	$20M	new	+0.07 pp	new
YYJOYY Inc.	0.07%	363,626	$20M	added+24%	+0.01 pp	3 q
CONECyrusOne Inc	0.06%	593,637	$18M	new	+0.06 pp	new
EIGIEndurance International Group Holdings, Inc.	0.06%	917,338	$17M	added+2%	+0.01 pp	2 q
unresolvedForest City Enterprises Inc	0.06%	731,842	$19M	added×2.4	+0.04 pp	8 q
unresolvedGeneral Growth Pptys Inc New	0.06%	590,172	$17M	trimmed−35%	−0.02 pp	8 q
TVGrupo Televisa S.A.	0.06%	493,369	$16M	trimmed−6%	0.00 pp	8 q
KSSKohls Corporation	0.06%	234,990	$18M	trimmed−0%	+0.01 pp	8 q
unresolvedMcGraw Hill	0.06%	182,000	$19M	held	—	2 q
unresolvedYouku Inc ADR	0.06%	1,376,807	$17M	trimmed−3%	−0.02 pp	8 q
FGAAmerican Campus Communities	0.05%	352,855	$15M	trimmed−38%	−0.03 pp	8 q
COFCapital One Financial	0.05%	184,820	$15M	trimmed−1%	0.00 pp	3 q
unresolvedChubb	0.05%	157,621	$16M	trimmed−0%	0.00 pp	2 q
FRFirst Industrial Realty Trust, Inc.	0.05%	675,481	$14M	added×3.1	+0.04 pp	4 q
TXTTextron, Inc.	0.05%	325,016	$14M	trimmed−93%	−0.56 pp	7 q
UHSUniversal Health Services, Inc. Class B	0.05%	118,990	$14M	trimmed−0%	+0.01 pp	8 q
ALEXAlexander & Baldwin, Inc.	0.04%	241,577	$10M	added+23%	+0.01 pp	6 q
ATIATI Inc.	0.04%	387,711	$12M	added+9%	0.00 pp	8 q
unresolvedAmerican Residential Properties, Inc.	0.04%	677,076	$12M	added+65%	+0.02 pp	3 q
BACBank of America Corporation	0.04%	745,346	$11M	added+17%	0.00 pp	8 q
BRXBrixmor Property Group Inc.	0.04%	403,583	$11M	new	+0.04 pp	new
CTTCatchmark Timber Trust, Inc.	0.04%	969,627	$11M	added×2.1	+0.02 pp	3 q
CDRCedar Realty Trust, Inc	0.04%	1,694,980	$13M	added×2.4	+0.02 pp	3 q
CCitigroup Inc.	0.04%	245,959	$13M	added+7%	0.00 pp	8 q
CLColgate-Palmolive Company	0.04%	187,097	$13M	trimmed−3%	0.00 pp	8 q
unresolvedCousins Properties Inc.	0.04%	1,028,689	$11M	added×2.3	+0.02 pp	7 q
DVNDevon Energy Corporation	0.04%	209,170	$13M	trimmed−0%	0.00 pp	8 q
unresolvedEducation Realty Trust, Inc.	0.04%	295,919	$10M	trimmed−35%	−0.01 pp	2 q
unresolvedGeneral Electric Co	0.04%	425,690	$11M	trimmed−0%	+0.01 pp	8 q
unresolvedGrubhub Inc	0.04%	266,548	$12M	trimmed−1%	+0.01 pp	4 q
HIWHighwoods Properties Inc.	0.04%	273,417	$13M	added+26%	+0.01 pp	4 q
unresolvedLasalle Hotel Pptys	0.04%	324,518	$13M	trimmed−1%	0.00 pp	8 q
LCHappen, Inc.	0.04%	667,716	$13M	added+34%	0.00 pp	2 q
MASMasco Corporation	0.04%	444,840	$12M	trimmed−0%	0.00 pp	8 q
NKENike, Inc.	0.04%	120,699	$12M	trimmed−2%	0.00 pp	7 q
PWRQuanta Services, Inc.	0.04%	409,580	$12M	trimmed−0%	0.00 pp	8 q
unresolvedRamco-Gershenson Properties Trust	0.04%	665,334	$12M	added+26%	+0.01 pp	3 q
ROICRetail Opportunity Investments Corp.	0.04%	584,137	$11M	new	+0.04 pp	new
SAPSap SE	0.04%	156,860	$11M	trimmed−2%	0.00 pp	8 q
unresolvedTwenty First Centy Fox Inc	0.04%	306,216	$10M	added+3%	0.00 pp	7 q
URIUnited Rentals, Inc.	0.04%	122,046	$11M	added+20%	+0.01 pp	3 q
unresolvedWaste Connections Inc	0.04%	263,150	$13M	trimmed−0%	0.00 pp	8 q
unresolvedWhole Foods Market	0.04%	227,274	$12M	trimmed−16%	0.00 pp	8 q
NBRNabors Industries Ltd.	0.04%	773,402	$11M	added+19%	+0.01 pp	8 q
Aes Trust IIIconvertible	0.03%	145,027	$7M	held	—	5 q
BABAAlibaba Group Holding Limited	0.03%	95,991	$8M	trimmed−10%	−0.01 pp	3 q
AMHAmerican Homes 4 Rent	0.03%	580,255	$10M	added+25%	0.00 pp	3 q
unresolvedApartment Invt & Mgmt Co	0.03%	214,766	$8M	new	+0.03 pp	new
AMATApplied Materials Inc	0.03%	346,552	$8M	trimmed−2%	0.00 pp	8 q
CPTCamden Property Trust	0.03%	111,061	$9M	new	+0.03 pp	new
CCICrown Castle Inc.	0.03%	115,371	$10M	new	+0.03 pp	new
CTRPTrip.com Group Limited	0.03%	126,201	$7M	trimmed−3%	+0.01 pp	8 q
DRHDiamondrock Hospitality Company	0.03%	546,863	$8M	new	+0.03 pp	new
unresolvedFairchild Semiconductor Intl	0.03%	481,367	$9M	held	—	8 q
unresolvedHewlett Packard Co	0.03%	291,645	$9M	trimmed−4%	−0.01 pp	8 q
NTESNetEase, inc.	0.03%	96,245	$10M	trimmed−13%	−0.01 pp	8 q
CRMSalesforce, Inc.	0.03%	139,534	$9M	trimmed−0%	0.00 pp	7 q
SHWThe Sherwin-Williams Company	0.03%	32,220	$9M	trimmed−2%	0.00 pp	8 q
Tyson Foods Incconvertible	0.03%	205,000	$10M	added+11%	0.00 pp	3 q
UDRUDR, Inc.	0.03%	273,507	$9M	new	+0.03 pp	new
AESAES Corporation	0.02%	422,306	$5M	held	—	8 q
ELVElevance Health, Inc.	0.02%	39,238	$6M	trimmed−27%	0.00 pp	2 q
EGPEastGroup Properties Inc.	0.02%	113,675	$7M	added+21%	0.00 pp	8 q
FCXFreeport-McMoran Inc.	0.02%	375,464	$7M	added+34%	0.00 pp	8 q
IBNICICI Bank Limited	0.02%	670,875	$7M	trimmed−1%	−0.01 pp	8 q
INTCIntel Corp	0.02%	181,602	$6M	trimmed−2%	0.00 pp	8 q
NHINational Health Investors	0.02%	90,609	$6M	added+16%	0.00 pp	2 q
TJXTJX Companies, Inc. (The)	0.02%	100,600	$7M	trimmed−2%	0.00 pp	7 q
TSNTyson Foods, Inc.	0.02%	171,460	$7M	added+14%	0.00 pp	7 q
UNUnilever N V -ny Shares	0.02%	149,006	$6M	trimmed−7%	0.00 pp	8 q
unresolvedWells Fargo Warrants, 34.01 St	0.02%	224,020	$5M	trimmed−48%	−0.01 pp	8 q
RIGTransocean LTD.	0.02%	423,106	$6M	held	—	8 q
unresolvedAltera Corp	0.01%	38,800	$2M	held	—	8 q
BKDBrookdale Senior Living, Inc.	0.01%	89,535	$3M	new	+0.01 pp	new
unresolvedCBL & Associates Properties, Inc.	0.01%	160,642	$3M	trimmed−30%	0.00 pp	2 q
EQIXEquinix, Inc.	0.01%	15,569	$4M	new	+0.01 pp	new
EXPDExpeditors International of Washington, Inc.	0.01%	66,462	$3M	trimmed−0%	0.00 pp	8 q
STAYExtended Stay America, Inc. Paired Share	0.01%	143,624	$3M	trimmed−9%	0.00 pp	2 q
HHyatt Hotels Corporation	0.01%	56,375	$3M	new	+0.01 pp	new
IBMInternational Business Machines Corporation	0.01%	20,839	$3M	added0%	0.00 pp	8 q
JMEINJumei International-adr	0.01%	108,460	$2M	added+8%	+0.01 pp	4 q
KBRKBR, Inc.	0.01%	105,300	$2M	trimmed−0%	0.00 pp	3 q
6PMParamount Group Inc	0.01%	201,756	$4M	trimmed−0%	0.00 pp	2 q
QTSQts Realty Trust, Inc.	0.01%	75,500	$3M	new	+0.01 pp	new
APDAir Products & Chemicals, Inc.	0.00%	1,763	$267,000	added+1%	0.00 pp	8 q
AAPLApple Inc.	0.00%	3,290	$409,000	held	—	7 q
WRBW.R. Berkley Corporation	0.00%	5,080	$256,000	held	—	8 q
unresolvedBoardwalk Pipeline Partners	0.00%	22,090	$356,000	held	—	5 q
CNQCanadian Natural Resources Limited	0.00%	41,626	$1M	trimmed−98%	−0.20 pp	8 q
CXCemex S.A.B. de C.V.	0.00%	22,635	$214,000	held	—	8 q
DISThe Walt Disney Company	0.00%	2,577	$270,000	trimmed−2%	0.00 pp	8 q
WUBA58.COM Inc	0.00%	25,975	$1M	trimmed−2%	0.00 pp	6 q
FSLRFirst Solar, Inc.	0.00%	4,030	$241,000	new	0.00 pp	new
BENFranklin Templeton, Inc.	0.00%	7,000	$359,000	held	—	6 q
JAHJarden Corporation	0.00%	16,500	$873,000	held	—	3 q
MAMastercard Incorporated	0.00%	15,300	$1M	held	—	8 q
RSGRepublic Services Inc.	0.00%	16,630	$675,000	trimmed−8%	0.00 pp	8 q
TIFTiffany & Co.	0.00%	5,000	$440,000	held	—	8 q
UPSUnited Parcel Service, Inc. Class B	0.00%	2,420	$235,000	added+1%	0.00 pp	7 q
unresolvedWindstream Holdings Inc.	0.00%	185,495	$1M	new	0.00 pp	new
WYNNWynn Resorts Ltd	0.00%	10,385	$1M	trimmed−1%	−0.01 pp	3 q
SYYSysco Corporation	—	−10,654,643	—	exited	−1.37 pp	—
NFLXNetFlix Inc	—	−391,581	—	exited	−0.43 pp	—
AIYActivision Blizzard Inc	—	−1,711,762	—	exited	−0.11 pp	—
VTRVentas, Inc.	—	−338,235	—	exited	−0.08 pp	—
HSTHost Hotels & Resorts, Inc.	—	−787,048	—	exited	−0.06 pp	—
unresolvedBiomed Realty Trust, Inc.	—	−779,101	—	exited	−0.05 pp	—
CORCoresite Realty Corp	—	−356,075	—	exited	−0.05 pp	—
IVEiShares S&P 500 Value ETF	—	−165,396	—	exited	−0.05 pp	—
PSAPublic Storage	—	−90,917	—	exited	−0.05 pp	—
WYWeyerhaeuser Company	—	−401,988	—	exited	−0.05 pp	—
CUBECubeSmart	—	−510,790	—	exited	−0.04 pp	—
unresolvedDuPont Fabros Technology, Inc.	—	−265,536	—	exited	−0.03 pp	—
SLGSL Green Realty Corp.	—	−68,943	—	exited	−0.03 pp	—
PMPhilip Morris International Inc.	—	−58,067	—	exited	−0.02 pp	—
unresolvedSigma Aldrich Corp	—	−36,659	—	exited	−0.02 pp	—
TCOTaubman Centers Inc.	—	−97,620	—	exited	−0.02 pp	—
unresolvedCampus Crest Communities, Inc.	—	−513,671	—	exited	−0.01 pp	—
IWViShares Russell 3000 ETF	—	−19,500	—	exited	−0.01 pp	—
MACThe Macerich Company	—	−43,554	—	exited	−0.01 pp	—
unresolvedSBA Comms Corp	—	−26,114	—	exited	−0.01 pp	—
unresolvedWashington Prime Group Inc	—	−214,030	—	exited	−0.01 pp	—
KOCoca-Cola Company	—	−6,475	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 6

Issue	% of notes	Principal	Value
Intel Corp	29.26%	11,551,000	$18M
United States Steel Corp	27.64%	14,250,000	$17M
Salesforce.com Inc	15.37%	8,000,000	$10M
Qihoo 360 Tech Co Ltd	13.67%	9,000,000	$9M
Arconic Inc	10.61%	5,750,000	$7M
Forest City Realty Trust	3.44%	1,120,000	$2M

Source

Form: 13F-HR
Reading: 2 defects · 43 unresolved
Accession: 0001140361-15-019056
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 2015-03-31

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