Davis Advisors

Q2 2015 13F · by Chris Davis, portfolio manager

As of: Jun 30, 2015
Filed: Aug 6, 2015
US stock: $28.5B · prev $29.3B
Positions: 184 · prev 180
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

+5.6 pp in · −5.6 pp out

New 16 +5.13 pp
Added 29 +0.47 pp
Trimmed 121 −4.12 pp
Exited 12 −1.45 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions184 in this filing · 12 exited


WFCWells Fargo & Co.	7.11%	36,069,415	$2.0B	trimmed−4%	+0.14 pp	9 q
AMZNAmazon.Com Inc	6.85%	4,497,620	$2.0B	trimmed−3%	+0.97 pp	9 q
AXPAmerican Express Company	5.63%	20,645,014	$1.6B	trimmed−1%	+0.07 pp	9 q
BNYBank of New York Mellon Corporation	4.48%	30,458,796	$1.3B	trimmed−30%	−1.49 pp	9 q
JPMJPMorgan Chase & Co.	4.40%	18,521,217	$1.3B	trimmed−0%	+0.56 pp	9 q
unresolvedExpress Scripts Hldg Co	4.05%	12,989,241	$1.2B	trimmed−2%	+0.14 pp	9 q
BRK.ABerkshire Hathaway Inc.	3.96%	5,511	$1.1B	trimmed−2%	−0.23 pp	9 q
LBTYKLiberty Global Ltd. Class C	3.60%	20,298,466	$1.0B	trimmed−24%	−0.92 pp	9 q
GOOGAlphabet Inc. Class C	3.22%	1,766,776	$920M	added0%	−0.07 pp	5 q
unresolvedGoogle Inc.	3.18%	1,679,386	$907M	trimmed−5%	−0.16 pp	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.92%	6,821,144	$832M	trimmed−18%	−0.44 pp	9 q
unresolvedEncana Corp	2.72%	70,300,725	$775M	added+2%	+0.11 pp	4 q
CTRACoterra Energy Inc.	2.65%	23,925,872	$755M	new	+2.65 pp	new
KMXCarMax Inc.	2.58%	11,132,737	$737M	trimmed−4%	−0.14 pp	9 q
LVSLas Vegas Sands Corp.	2.55%	13,846,044	$728M	trimmed−5%	−0.18 pp	9 q
PXGBXPraxair Inc	2.23%	5,318,033	$636M	trimmed−2%	0.00 pp	9 q
TXNTexas Instruments Incorporated	2.14%	11,833,339	$610M	trimmed−4%	−0.26 pp	9 q
SCHWThe Charles Schwab Corporation	1.95%	17,007,813	$555M	trimmed−2%	+0.14 pp	9 q
99803EURLaboratory Crp Of Amer Hldgs	1.79%	4,215,809	$511M	trimmed−5%	−0.12 pp	9 q
VVISA Inc.	1.78%	7,540,627	$506M	trimmed−2%	+0.07 pp	9 q
ECLEcolab, Inc.	1.69%	4,256,408	$481M	trimmed−1%	0.00 pp	9 q
COSTCostco Wholesale Corp	1.62%	3,418,654	$462M	trimmed−1%	−0.17 pp	9 q
unresolvedPrecision Castparts Corp	1.41%	2,011,431	$402M	new	+1.41 pp	new
unresolvedPriceline Grp Inc	1.41%	348,734	$402M	trimmed−2%	0.00 pp	8 q
CFGCitizens Financial Group, Inc.	1.37%	14,305,919	$391M	added+12%	+0.32 pp	4 q
unresolvedValeant Pharmaceuticals Intl	1.37%	1,762,238	$391M	trimmed−6%	+0.10 pp	9 q
DGXQuest Diagnostics Inc.	1.27%	4,980,482	$361M	trimmed−2%	−0.06 pp	6 q
PCARPaccar Inc	1.18%	5,253,148	$335M	trimmed−2%	+0.03 pp	9 q
unresolvedAce Ltd	1.16%	3,259,873	$331M	trimmed−2%	−0.10 pp	9 q
MSFTMicrosoft Corp	1.15%	7,422,584	$328M	trimmed−2%	+0.10 pp	9 q
LLoews Corporation	1.13%	8,350,641	$322M	trimmed−2%	−0.06 pp	9 q
ORCLOracle Corp	1.11%	7,860,478	$317M	trimmed−1%	−0.06 pp	9 q
EOGEOG Resources, Inc.	1.01%	3,276,758	$287M	trimmed−1%	−0.03 pp	9 q
MKLMarkel Group Inc.	0.99%	351,587	$282M	trimmed−0%	+0.06 pp	9 q
unresolvedQihoo 360 Technology Co. ADR	0.93%	3,934,810	$266M	trimmed−1%	+0.23 pp	7 q
UPLUltra Petroleum Corp	0.88%	20,029,501	$251M	trimmed−1%	−0.20 pp	5 q
MCOMoody's Corporation	0.87%	2,296,187	$248M	trimmed−2%	+0.04 pp	5 q
AAPAdvance Auto Parts Inc	0.70%	1,254,619	$200M	new	+0.70 pp	new
unresolvedSoufun Holdings Ltd ADR	0.61%	20,845,523	$175M	trimmed−2%	+0.18 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	0.57%	1,185,560	$161M	trimmed−9%	−0.08 pp	9 q
unresolvedLiberty Interactive Corp	0.43%	4,383,247	$122M	trimmed−8%	−0.04 pp	9 q
DEODiageo plc	0.35%	864,475	$100M	trimmed−2%	+0.02 pp	9 q
WAIRWESCO Aircraft Holdings Inc.	0.34%	6,440,398	$98M	added+3%	+0.01 pp	9 q
unresolvedLiberty Interactive Corp	0.32%	2,293,972	$90M	added+10%	+0.02 pp	9 q
unresolvedHunter Douglas N.V.	0.27%	1,731,553	$77M	trimmed−0%	+0.03 pp	5 q
unresolvedCoupons.com, Inc.	0.21%	5,440,420	$59M	added+11%	+0.01 pp	6 q
JDJD.com, Inc.	0.18%	1,506,612	$51M	trimmed−4%	+0.02 pp	5 q
IDXXIdexx Laboratories Inc	0.16%	733,629	$47M	added+3%	−0.03 pp	9 q
ROKRockwell Automation, Inc.	0.15%	341,061	$43M	added0%	+0.02 pp	6 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.13%	1,112,100	$36M	trimmed−1%	+0.01 pp	4 q
SPGSimon Property Group, Inc.	0.13%	216,327	$37M	added+3%	−0.01 pp	9 q
EGEverest Group, Ltd.	0.13%	207,952	$38M	trimmed−78%	−0.43 pp	9 q
AVBAvalonBay Communities, Inc.	0.11%	201,583	$32M	trimmed−15%	−0.03 pp	9 q
GSGoldman Sachs Group Inc.	0.10%	142,012	$30M	held	—	9 q
MRSHMarsh	0.10%	520,660	$30M	held	—	6 q
AIGAmerican International Group, Inc.	0.09%	427,710	$26M	trimmed−17%	−0.01 pp	9 q
PLDPrologis, Inc.	0.09%	671,735	$25M	added+11%	0.00 pp	4 q
VIPSVipshop Holdings Limited	0.09%	1,091,041	$24M	trimmed−5%	−0.03 pp	9 q
YYJOYY Inc.	0.09%	360,711	$25M	trimmed−1%	+0.02 pp	4 q
unresolvedAngie's List	0.08%	3,714,648	$23M	trimmed−1%	0.00 pp	9 q
unresolvedBrookfield Asset Mgmt Inc	0.08%	693,255	$24M	trimmed−84%	−0.70 pp	9 q
CONECyrusOne Inc	0.08%	730,525	$22M	added+23%	+0.02 pp	2 q
unresolvedDct Industrial Trust Inc	0.08%	703,403	$22M	trimmed−9%	−0.01 pp	3 q
unresolvedTime Warner Cable Inc	0.08%	131,015	$23M	added+1%	+0.01 pp	7 q
TDGTransDigm Group Incorporated	0.08%	99,643	$22M	trimmed−3%	0.00 pp	8 q
USBU.S. Bancorp	0.08%	557,850	$24M	trimmed−32%	−0.04 pp	9 q
unresolvedYouku Inc ADR	0.08%	952,638	$23M	trimmed−31%	+0.02 pp	9 q
BXPBXP, Inc.	0.07%	161,797	$20M	trimmed−28%	−0.04 pp	9 q
KRGKite Realty Group Trust	0.07%	781,905	$19M	trimmed−3%	−0.01 pp	4 q
unresolvedPost Properties, Inc.	0.07%	354,202	$19M	trimmed−3%	0.00 pp	9 q
Tyson Foods Incconvertible	0.07%	375,000	$19M	added+83%	+0.04 pp	4 q
VNOVornado Realty Trust	0.07%	203,284	$19M	trimmed−3%	−0.01 pp	9 q
WCCWesco International Inc.	0.07%	291,456	$20M	trimmed−0%	0.00 pp	2 q
AKRAcadia Realty Trust	0.06%	628,351	$18M	trimmed−3%	−0.02 pp	9 q
FGAAmerican Campus Communities	0.06%	429,466	$16M	added+22%	+0.01 pp	9 q
COFCapital One Financial	0.06%	184,820	$16M	held	—	4 q
VMRKVivmark Residential	0.06%	234,124	$16M	new	+0.06 pp	new
unresolvedFederal Realty Investment Trust REIT	0.06%	126,328	$16M	trimmed−13%	−0.01 pp	9 q
TVGrupo Televisa S.A.	0.06%	469,779	$18M	trimmed−5%	0.00 pp	9 q
KSSKohls Corporation	0.06%	260,370	$16M	added+11%	0.00 pp	9 q
LPTLiberty Property Trust	0.06%	519,383	$17M	trimmed−14%	−0.01 pp	9 q
unresolvedMcGraw Hill	0.06%	182,000	$18M	held	—	3 q
TRNOTerreno Realty Corporation	0.06%	858,474	$17M	trimmed−0%	−0.01 pp	6 q
UHSUniversal Health Services, Inc. Class B	0.06%	114,880	$16M	trimmed−3%	+0.01 pp	9 q
AREAlexandria Real Estate Equities, Inc.	0.05%	166,502	$15M	trimmed−29%	−0.03 pp	9 q
BACBank of America Corporation	0.05%	771,136	$13M	added+3%	+0.01 pp	9 q
unresolvedChubb	0.05%	157,631	$15M	added0%	0.00 pp	3 q
CCitigroup Inc.	0.05%	245,679	$14M	trimmed−0%	+0.01 pp	9 q
CDPCOPT Defense Properties	0.05%	584,910	$14M	trimmed−36%	−0.04 pp	9 q
ESSEssex Property Trust, Inc	0.05%	69,624	$15M	trimmed−30%	−0.03 pp	9 q
unresolvedGeneral Growth Pptys Inc New	0.05%	573,269	$15M	trimmed−3%	−0.01 pp	9 q
unresolvedGrubhub Inc	0.05%	426,424	$15M	added+60%	+0.01 pp	5 q
unresolvedHealth Care REIT, Inc.	0.05%	196,478	$13M	new	+0.05 pp	new
NTESNetEase, inc.	0.05%	92,637	$13M	trimmed−4%	+0.02 pp	9 q
NKENike, Inc.	0.05%	119,704	$13M	trimmed−1%	+0.01 pp	8 q
TXTTextron, Inc.	0.05%	317,009	$14M	trimmed−2%	0.00 pp	8 q
VTRVentas, Inc.	0.05%	207,149	$13M	new	+0.05 pp	new
ATIATI Inc.	0.04%	402,051	$12M	added+4%	0.00 pp	9 q
unresolvedAmerican Residential Properties, Inc.	0.04%	660,526	$12M	trimmed−2%	0.00 pp	4 q
AMTAmerican Tower Corporation	0.04%	107,336	$10M	new	+0.04 pp	new
CTTCatchmark Timber Trust, Inc.	0.04%	942,642	$11M	trimmed−3%	0.00 pp	4 q
CDRCedar Realty Trust, Inc	0.04%	1,645,344	$11M	trimmed−3%	0.00 pp	4 q
CLColgate-Palmolive Company	0.04%	184,979	$12M	trimmed−1%	0.00 pp	9 q
unresolvedCousins Properties Inc.	0.04%	993,091	$10M	trimmed−3%	0.00 pp	8 q
unresolvedDDR Corporation	0.04%	701,070	$11M	trimmed−32%	−0.03 pp	9 q
DVNDevon Energy Corporation	0.04%	208,980	$12M	trimmed−0%	0.00 pp	9 q
unresolvedEducation Realty Trust, Inc.	0.04%	392,432	$12M	added+33%	0.00 pp	3 q
FRFirst Industrial Realty Trust, Inc.	0.04%	655,030	$12M	trimmed−3%	−0.01 pp	5 q
unresolvedGeneral Electric Co	0.04%	425,290	$11M	trimmed−0%	0.00 pp	9 q
HIWHighwoods Properties Inc.	0.04%	264,894	$11M	trimmed−3%	0.00 pp	5 q
LCHappen, Inc.	0.04%	739,893	$11M	added+11%	0.00 pp	3 q
LOWLowe's Companies Inc.	0.04%	189,628	$13M	trimmed−35%	−0.03 pp	8 q
MACThe Macerich Company	0.04%	168,187	$13M	new	+0.04 pp	new
MASMasco Corporation	0.04%	444,420	$12M	trimmed−0%	0.00 pp	9 q
PWRQuanta Services, Inc.	0.04%	409,190	$12M	trimmed−0%	0.00 pp	9 q
unresolvedRamco-Gershenson Properties Trust	0.04%	644,364	$11M	trimmed−3%	0.00 pp	4 q
URIUnited Rentals, Inc.	0.04%	125,146	$11M	added+3%	0.00 pp	4 q
UNVRUnivar Solutions Inc.	0.04%	400,000	$10M	new	+0.04 pp	new
unresolvedWaste Connections Inc	0.04%	262,910	$12M	trimmed−0%	0.00 pp	9 q
NBRNabors Industries Ltd.	0.04%	783,602	$11M	added+1%	0.00 pp	9 q
Aes Trust IIIconvertible	0.03%	145,027	$7M	held	—	6 q
AMHAmerican Homes 4 Rent	0.03%	562,232	$9M	trimmed−3%	0.00 pp	4 q
unresolvedApartment Invt & Mgmt Co	0.03%	208,563	$8M	trimmed−3%	0.00 pp	2 q
BIDUBaidu, Inc.	0.03%	39,426	$8M	new	+0.03 pp	new
BDNBrandywine Realty Trust	0.03%	711,428	$9M	trimmed−42%	−0.04 pp	5 q
BRXBrixmor Property Group Inc.	0.03%	392,073	$9M	trimmed−3%	−0.01 pp	2 q
CPTCamden Property Trust	0.03%	107,857	$8M	trimmed−3%	0.00 pp	2 q
CCICrown Castle Inc.	0.03%	112,144	$9M	trimmed−3%	0.00 pp	2 q
CTRPTrip.com Group Limited	0.03%	115,376	$8M	trimmed−9%	0.00 pp	9 q
unresolvedFairchild Semiconductor Intl	0.03%	480,407	$8M	trimmed−0%	0.00 pp	9 q
unresolvedHewlett Packard Co	0.03%	285,371	$9M	trimmed−2%	0.00 pp	9 q
PRTYParty City Holdco Inc.	0.03%	479,751	$10M	new	+0.03 pp	new
ROICRetail Opportunity Investments Corp.	0.03%	566,747	$9M	trimmed−3%	−0.01 pp	2 q
CRMSalesforce, Inc.	0.03%	125,782	$9M	trimmed−10%	0.00 pp	8 q
SAPSap SE	0.03%	117,473	$8M	trimmed−25%	−0.01 pp	9 q
SHWThe Sherwin-Williams Company	0.03%	31,883	$9M	trimmed−1%	0.00 pp	9 q
unresolvedTwenty First Centy Fox Inc	0.03%	305,916	$10M	trimmed−0%	−0.01 pp	8 q
unresolvedTwenty First Centy Fox Inc	0.03%	272,568	$9M	trimmed−64%	−0.06 pp	5 q
UDRUDR, Inc.	0.03%	265,703	$9M	trimmed−3%	0.00 pp	2 q
unresolvedWhole Foods Market	0.03%	236,274	$9M	added+4%	−0.01 pp	9 q
AESAES Corporation	0.02%	421,806	$6M	trimmed−0%	0.00 pp	9 q
ALEXAlexander & Baldwin, Inc.	0.02%	154,150	$6M	trimmed−36%	−0.02 pp	7 q
AMATApplied Materials Inc	0.02%	353,864	$7M	added+2%	−0.01 pp	9 q
BKDBrookdale Senior Living, Inc.	0.02%	170,399	$6M	added+90%	+0.01 pp	2 q
DRHDiamondrock Hospitality Company	0.02%	531,142	$7M	trimmed−3%	−0.01 pp	2 q
EGPEastGroup Properties Inc.	0.02%	110,078	$6M	trimmed−3%	0.00 pp	9 q
EIGIEndurance International Group Holdings, Inc.	0.02%	286,193	$6M	trimmed−69%	−0.04 pp	3 q
unresolvedForest City Enterprises Inc	0.02%	231,833	$5M	trimmed−68%	−0.04 pp	9 q
FCXFreeport-McMoran Inc.	0.02%	375,224	$7M	trimmed−0%	0.00 pp	9 q
IBNICICI Bank Limited	0.02%	670,875	$7M	held	—	9 q
INTCIntel Corp	0.02%	178,953	$5M	trimmed−1%	0.00 pp	9 q
NHINational Health Investors	0.02%	90,101	$6M	trimmed−1%	0.00 pp	3 q
TJXTJX Companies, Inc. (The)	0.02%	99,066	$7M	trimmed−2%	0.00 pp	8 q
UTXZRTX Corporation	0.02%	52,715	$6M	new	+0.02 pp	new
unresolvedWells Fargo Warrants, 34.01 St	0.02%	224,020	$5M	held	—	9 q
RIGTransocean LTD.	0.02%	422,356	$7M	trimmed−0%	0.00 pp	9 q
AAgilent Technologies Inc.	0.01%	71,209	$3M	trimmed−98%	−0.41 pp	9 q
unresolvedAltera Corp	0.01%	38,800	$2M	held	—	9 q
STAYExtended Stay America, Inc. Paired Share	0.01%	143,257	$3M	trimmed−0%	0.00 pp	3 q
WUBA58.COM Inc	0.01%	24,105	$2M	trimmed−7%	+0.01 pp	7 q
HHyatt Hotels Corporation	0.01%	56,017	$3M	trimmed−1%	0.00 pp	2 q
IBMInternational Business Machines Corporation	0.01%	20,387	$3M	trimmed−2%	0.00 pp	9 q
JMEINJumei International-adr	0.01%	108,460	$2M	held	—	5 q
KBRKBR, Inc.	0.01%	105,300	$2M	held	—	4 q
MAMastercard Incorporated	0.01%	15,300	$1M	held	—	9 q
QTSQts Realty Trust, Inc.	0.01%	75,006	$3M	trimmed−1%	0.00 pp	2 q
INXNInterxion Holding NV	0.01%	99,040	$3M	new	+0.01 pp	new
APDAir Products & Chemicals, Inc.	0.00%	1,773	$243,000	added+1%	0.00 pp	9 q
AAPLApple Inc.	0.00%	3,290	$413,000	held	—	8 q
WRBW.R. Berkley Corporation	0.00%	5,080	$264,000	held	—	9 q
unresolvedBoardwalk Pipeline Partners	0.00%	22,090	$321,000	held	—	6 q
CNQCanadian Natural Resources Limited	0.00%	41,527	$1M	trimmed−0%	0.00 pp	9 q
CXCemex S.A.B. de C.V.	0.00%	23,540	$216,000	trimmed0%	0.00 pp	9 q
DISThe Walt Disney Company	0.00%	2,577	$294,000	held	—	9 q
BENFranklin Templeton, Inc.	0.00%	7,114	$349,000	added+2%	0.00 pp	7 q
GWWW.W. Grainger, Inc.	0.00%	1,160	$275,000	new	0.00 pp	new
JAHJarden Corporation	0.00%	16,500	$854,000	held	—	4 q
KEYSKeysight Technologies, Inc.	0.00%	15,212	$474,000	trimmed−99%	−0.17 pp	3 q
PGRProgressive Corporation	0.00%	7,350	$205,000	new	0.00 pp	new
RSGRepublic Services Inc.	0.00%	16,630	$651,000	held	—	9 q
TIFTiffany & Co.	0.00%	5,000	$459,000	held	—	9 q
TSNTyson Foods, Inc.	0.00%	29,010	$1M	trimmed−83%	−0.02 pp	8 q
UPSUnited Parcel Service, Inc. Class B	0.00%	2,437	$236,000	added+1%	0.00 pp	8 q
ACTAllergan PLC	0.00%	2,100	$637,000	new	0.00 pp	new
HALHalliburton Company	—	−8,678,047	—	exited	−1.30 pp	—
unresolvedLasalle Hotel Pptys	—	−324,518	—	exited	−0.04 pp	—
BABAAlibaba Group Holding Limited	—	−95,991	—	exited	−0.03 pp	—
ELVElevance Health, Inc.	—	−39,238	—	exited	−0.02 pp	—
UNUnilever N V -ny Shares	—	−149,006	—	exited	−0.02 pp	—
unresolvedCBL & Associates Properties, Inc.	—	−160,642	—	exited	−0.01 pp	—
EQIXEquinix, Inc.	—	−15,569	—	exited	−0.01 pp	—
EXPDExpeditors International of Washington, Inc.	—	−66,462	—	exited	−0.01 pp	—
6PMParamount Group Inc	—	−201,756	—	exited	−0.01 pp	—
FSLRFirst Solar, Inc.	—	−4,030	—	exited	0.00 pp	—
unresolvedWindstream Holdings Inc.	—	−185,495	—	exited	0.00 pp	—
WYNNWynn Resorts Ltd	—	−10,385	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 6

Issue	% of notes	Principal	Value
Intel Corp	29.31%	11,551,000	$18M
United States Steel Corp	26.19%	14,250,000	$16M
Salesforce.com Inc	16.22%	8,000,000	$10M
Qihoo 360 Tech Co Ltd	14.66%	9,000,000	$9M
Arconic Inc	10.40%	5,750,000	$6M
Forest City Realty Trust	3.21%	1,120,000	$2M

Source

Form: 13F-HR
Reading: 2 defects · 42 unresolved
Accession: 0001140361-15-031617
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 2015-06-30

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