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Davis Advisors

Q3 2015 13F · by Chris Davis, portfolio manager

As of
Sep 30, 2015
Filed
Nov 6, 2015
US stock
$24.1B · prev $28.5B
Positions
189 · prev 184
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%

Moves180 since the prior filing

The book

Focused · behaves like 34 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Moderate turnover · 43% a year, about 2.3 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions27% of US stock

  1. AMZN Amazon.Com Inc trimmed−0.20 pp trimmed−0.206.7%
  2. WFC Wells Fargo & Co. trimmed−0.71 pp trimmed−0.716.4%
  3. AXP American Express Company trimmed−0.23 pp trimmed−0.235.4%
  4. JPM JPMorgan Chase & Co. trimmed+0.10 pp trimmed+0.104.5%
  5. BNY Bank of New York Mellon Corporation trimmed−0.31 pp trimmed−0.314.2%

Positions189 in this filing · 10 exited

AMZNAmazon.Com Inc6.65%3,126,309$1.6Btrimmed−30%−0.20 pp10 q
WFCWells Fargo & Co.6.40%29,997,125$1.5Btrimmed−17%−0.71 pp10 q
AXPAmerican Express Company5.40%17,519,908$1.3Btrimmed−15%−0.23 pp10 q
JPMJPMorgan Chase & Co.4.50%17,764,488$1.1Btrimmed−4%+0.10 pp10 q
BNYBank of New York Mellon Corporation4.17%25,624,463$1.0Btrimmed−16%−0.31 pp10 q
BRK.ABerkshire Hathaway Inc.3.82%4,707$919Mtrimmed−15%−0.14 pp10 q
GOOGAlphabet Inc. Class C3.75%1,483,850$903Mtrimmed−16%+0.53 pp6 q
UTXZRTX Corporation3.27%8,847,629$787Madded×167.8+3.25 pp2 q
unresolvedExpress Scripts Hldg Co3.08%9,164,920$742Mtrimmed−29%−0.97 pp10 q
LBTYKLiberty Global Ltd. Class C2.94%17,213,200$706Mtrimmed−15%−0.66 pp10 q
unresolvedGoogle Inc.2.90%1,093,130$698Mtrimmed−35%−0.28 pp10 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)2.74%5,686,417$660Mtrimmed−17%−0.18 pp10 q
unresolvedMonsanto Co2.62%7,372,938$629Mnew+2.62 ppnew
CTRACoterra Energy Inc.2.57%28,315,463$619Madded+18%−0.08 pp2 q
KMXCarMax Inc.2.35%9,514,068$564Mtrimmed−15%−0.23 pp10 q
TXNTexas Instruments Incorporated2.06%10,009,992$496Mtrimmed−15%−0.08 pp10 q
PXGBXPraxair Inc1.88%4,433,749$452Mtrimmed−17%−0.35 pp10 q
LVSLas Vegas Sands Corp.1.87%11,827,123$449Mtrimmed−15%−0.68 pp10 q
VVISA Inc.1.87%6,446,076$449Mtrimmed−15%+0.09 pp10 q
unresolvedEncana Corp1.85%69,240,590$446Mtrimmed−2%−0.87 pp5 q
COSTCostco Wholesale Corp1.81%3,006,971$435Mtrimmed−12%+0.19 pp10 q
SCHWThe Charles Schwab Corporation1.52%12,831,395$366Mtrimmed−25%−0.43 pp10 q
OXYOccidental Petroleum Corporation1.50%5,461,730$361Mnew+1.50 ppnew
unresolvedPriceline Grp Inc1.50%291,337$360Mtrimmed−16%+0.09 pp9 q
ECLEcolab, Inc.1.25%2,736,911$300Mtrimmed−36%−0.44 pp10 q
CFGCitizens Financial Group, Inc.1.23%12,424,582$296Mtrimmed−13%−0.14 pp5 q
unresolvedAce Ltd1.19%2,769,640$286Mtrimmed−15%+0.03 pp10 q
MKLMarkel Group Inc.1.14%342,769$275Mtrimmed−3%+0.15 pp10 q
MSFTMicrosoft Corp1.14%6,202,237$275Mtrimmed−16%−0.01 pp10 q
unresolvedJohnson Controls1.13%6,557,837$271Mnew+1.13 ppnew
unresolvedValeant Pharmaceuticals Intl1.12%1,509,122$269Mtrimmed−14%−0.25 pp10 q
LLoews Corporation1.11%7,357,689$266Mtrimmed−12%−0.02 pp10 q
COFCapital One Financial1.10%3,643,385$264Madded×19.7+1.04 pp5 q
DGXQuest Diagnostics Inc.1.07%4,203,791$258Mtrimmed−16%−0.20 pp7 q
ORCLOracle Corp0.99%6,613,412$239Mtrimmed−16%−0.12 pp10 q
PCARPaccar Inc0.97%4,494,867$234Mtrimmed−14%−0.21 pp10 q
99803EURLaboratory Crp Of Amer Hldgs0.92%2,036,449$221Mtrimmed−52%−0.87 pp10 q
MCOMoody's Corporation0.81%1,974,918$194Mtrimmed−14%−0.06 pp6 q
EOGEOG Resources, Inc.0.69%2,270,140$165Mtrimmed−31%−0.32 pp10 q
unresolvedQihoo 360 Technology Co. ADR0.66%3,306,399$158Mtrimmed−16%−0.27 pp8 q
BRK.BBERKSHIRE HATHAWAY Class B0.62%1,144,110$149Mtrimmed−4%+0.05 pp10 q
AAPAdvance Auto Parts Inc0.60%766,953$145Mtrimmed−39%−0.10 pp2 q
UPLUltra Petroleum Corp0.55%20,620,936$132Madded+3%−0.33 pp6 q
unresolvedSoufun Holdings Ltd ADR0.52%18,836,617$124Mtrimmed−10%−0.09 pp10 q
unresolvedLiberty Interactive Corp0.40%3,667,703$96Mtrimmed−16%−0.03 pp10 q
WAIRWESCO Aircraft Holdings Inc.0.34%6,610,849$81Madded+3%0.00 pp10 q
DEODiageo plc0.32%706,893$76Mtrimmed−18%−0.03 pp10 q
unresolvedLiberty Interactive Corp0.32%1,928,496$78Mtrimmed−16%0.00 pp10 q
unresolvedHunter Douglas N.V.0.29%1,653,982$70Mtrimmed−4%+0.02 pp6 q
unresolvedCoupons.com, Inc.0.20%5,302,613$48Mtrimmed−3%−0.01 pp7 q
ROKRockwell Automation, Inc.0.20%465,561$47Madded+37%+0.05 pp7 q
IDXXIdexx Laboratories Inc0.19%623,573$46Mtrimmed−15%+0.03 pp10 q
JDJD.com, Inc.0.16%1,461,990$38Mtrimmed−3%−0.02 pp6 q
EGEverest Group, Ltd.0.15%206,162$36Mtrimmed−1%+0.02 pp10 q
USBU.S. Bancorp0.13%756,519$31Madded+36%+0.05 pp10 q
1LGEUSDLiberty Global PLC Lilac - C0.13%887,980$30Mnew+0.13 ppnew
BXPBXP, Inc.0.12%238,372$28Madded+47%+0.05 pp10 q
CONECyrusOne Inc0.11%822,582$27Madded+13%+0.03 pp3 q
MRSHMarsh0.11%513,670$27Mtrimmed−1%+0.01 pp7 q
AIGAmerican International Group, Inc.0.10%423,960$24Mtrimmed−1%+0.01 pp10 q
unresolvedDct Industrial Trust Inc0.10%740,987$25Madded+5%+0.02 pp4 q
GSGoldman Sachs Group Inc.0.10%139,682$24Mtrimmed−2%0.00 pp10 q
SPGSimon Property Group, Inc.0.10%136,069$25Mtrimmed−37%−0.03 pp10 q
unresolvedTime Warner Cable Inc0.10%127,476$23Mtrimmed−3%+0.02 pp8 q
AKRAcadia Realty Trust0.09%712,278$21Madded+13%+0.03 pp10 q
unresolvedBrookfield Asset Mgmt Inc0.09%690,245$22Mtrimmed−0%+0.01 pp10 q
KRGKite Realty Group Trust0.09%877,482$21Madded+12%+0.02 pp5 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A0.09%941,078$21Mtrimmed−15%−0.04 pp5 q
VIPSVipshop Holdings Limited0.09%1,279,655$21Madded+17%0.00 pp10 q
VNOVornado Realty Trust0.09%229,016$21Madded+13%+0.02 pp10 q
unresolvedChubb0.08%155,539$19Mtrimmed−1%+0.03 pp4 q
TRNOTerreno Realty Corporation0.08%967,502$19Madded+13%+0.02 pp7 q
TDGTransDigm Group Incorporated0.08%92,306$20Mtrimmed−7%0.00 pp9 q
Tyson Foods Incconvertible0.08%375,000$19Mheld—5 q
YYJOYY Inc.0.08%368,080$20Madded+2%−0.01 pp5 q
FGAAmerican Campus Communities0.07%469,222$17Madded+9%+0.01 pp10 q
unresolvedAmerican Residential Properties, Inc.0.07%979,046$17Madded+48%+0.03 pp5 q
unresolvedAngie's List0.07%3,505,110$18Mtrimmed−6%−0.01 pp10 q
LPTLiberty Property Trust0.07%568,937$18Madded+10%+0.01 pp10 q
unresolvedPost Properties, Inc.0.07%306,648$18Mtrimmed−13%0.00 pp10 q
VTRVentas, Inc.0.07%318,341$18Madded+54%+0.02 pp2 q
unresolvedYouku Inc ADR0.07%934,723$16Mtrimmed−2%−0.01 pp10 q
AVBAvalonBay Communities, Inc.0.06%78,626$14Mtrimmed−61%−0.05 pp10 q
CTTCatchmark Timber Trust, Inc.0.06%1,490,811$15Madded+58%+0.02 pp5 q
FRFirst Industrial Realty Trust, Inc.0.06%741,089$16Madded+13%+0.02 pp6 q
MACThe Macerich Company0.06%189,751$15Madded+13%+0.02 pp2 q
unresolvedMcGraw Hill0.06%178,950$15Mtrimmed−2%0.00 pp4 q
NKENike, Inc.0.06%111,528$14Mtrimmed−7%+0.01 pp9 q
PRTYParty City Holdco Inc.0.06%839,236$13Madded+75%+0.03 pp2 q
PLDPrologis, Inc.0.06%385,360$15Mtrimmed−43%−0.03 pp5 q
WCCWesco International Inc.0.06%296,919$14Madded+2%−0.01 pp3 q
BACBank of America Corporation0.05%723,936$11Mtrimmed−6%0.00 pp10 q
CABOCable One, Inc.0.05%29,234$12Mnew+0.05 ppnew
CDRCedar Realty Trust, Inc0.05%1,865,120$12Madded+13%+0.01 pp5 q
CCitigroup Inc.0.05%228,581$11Mtrimmed−7%0.00 pp10 q
CLColgate-Palmolive Company0.05%182,023$12Mtrimmed−2%+0.01 pp10 q
unresolvedEducation Realty Trust, Inc.0.05%390,440$13Mtrimmed−1%+0.01 pp4 q
ESSEssex Property Trust, Inc0.05%54,659$12Mtrimmed−21%0.00 pp10 q
unresolvedFederal Realty Investment Trust REIT0.05%93,500$13Mtrimmed−26%−0.01 pp10 q
TVGrupo Televisa S.A.0.05%478,058$12Madded+2%−0.01 pp10 q
KSSKohls Corporation0.05%260,370$12Mheld—10 q
LOWLowe's Companies Inc.0.05%175,514$12Mtrimmed−7%+0.01 pp9 q
PWRQuanta Services, Inc.0.05%460,970$11Madded+13%+0.01 pp10 q
unresolvedRamco-Gershenson Properties Trust0.05%727,295$11Madded+13%+0.01 pp5 q
unresolvedWaste Connections Inc0.05%236,660$11Mtrimmed−10%+0.01 pp10 q
WELLWelltower Inc.0.05%195,128$13Mnew+0.05 ppnew
AMHAmerican Homes 4 Rent0.04%559,469$9Mtrimmed−0%+0.01 pp5 q
unresolvedBiomed Realty Trust, Inc.0.04%466,250$9Mnew+0.04 ppnew
BRXBrixmor Property Group Inc.0.04%445,074$10Madded+14%+0.01 pp3 q
unresolvedCousins Properties Inc.0.04%1,112,677$10Madded+12%0.00 pp9 q
CCICrown Castle Inc.0.04%111,393$9Mtrimmed−1%+0.01 pp3 q
unresolvedDDR Corporation0.04%568,604$9Mtrimmed−19%0.00 pp10 q
VMRKVivmark Residential0.04%125,032$9Mtrimmed−47%−0.02 pp2 q
unresolvedGeneral Electric Co0.04%403,170$10Mtrimmed−5%0.00 pp10 q
unresolvedGrubhub Inc0.04%405,148$10Mtrimmed−5%−0.01 pp6 q
HIWHighwoods Properties Inc.0.04%263,541$10Mtrimmed−1%0.00 pp6 q
LCHappen, Inc.0.04%720,041$10Mtrimmed−3%0.00 pp4 q
MASMasco Corporation0.04%375,420$9Mtrimmed−16%0.00 pp10 q
NOAHNoah Holdings Limited0.04%449,684$11Mnew+0.04 ppnew
ROICRetail Opportunity Investments Corp.0.04%641,764$11Madded+13%+0.01 pp3 q
CRMSalesforce, Inc.0.04%121,862$8Mtrimmed−3%+0.01 pp9 q
TXTTextron, Inc.0.04%261,133$10Mtrimmed−18%−0.01 pp9 q
UDRUDR, Inc.0.04%264,117$9Mtrimmed−1%+0.01 pp3 q
URIUnited Rentals, Inc.0.04%143,806$9Madded+15%0.00 pp5 q
UNVRUnivar Solutions Inc.0.04%586,885$11Madded+47%0.00 pp2 q
UHSUniversal Health Services, Inc. Class B0.04%82,120$10Mtrimmed−29%−0.02 pp10 q
unresolvedWhole Foods Market0.04%284,724$9Madded+21%+0.01 pp10 q
Aes Trust IIIconvertible0.03%145,027$7Mheld—7 q
ALEXAlexander & Baldwin, Inc.0.03%222,616$8Madded+44%+0.01 pp8 q
AREAlexandria Real Estate Equities, Inc.0.03%95,055$8Mtrimmed−43%−0.02 pp10 q
ATIATI Inc.0.03%556,319$8Madded+38%−0.01 pp10 q
AMTAmerican Tower Corporation0.03%89,225$8Mtrimmed−17%−0.01 pp2 q
unresolvedApartment Invt & Mgmt Co0.03%207,320$8Mtrimmed−1%0.00 pp3 q
BIDUBaidu, Inc.0.03%55,797$8Madded+42%0.00 pp2 q
BDNBrandywine Realty Trust0.03%560,230$7Mtrimmed−21%0.00 pp6 q
CTRPTrip.com Group Limited0.03%108,675$7Mtrimmed−6%0.00 pp10 q
DVNDevon Energy Corporation0.03%226,271$8Madded+8%−0.01 pp10 q
unresolvedFairchild Semiconductor Intl0.03%480,407$7Mheld—10 q
unresolvedHewlett Packard Co0.03%280,425$7Mtrimmed−2%0.00 pp10 q
SAPSap SE0.03%114,590$7Mtrimmed−2%0.00 pp10 q
SHWThe Sherwin-Williams Company0.03%29,829$7Mtrimmed−6%0.00 pp10 q
TJXTJX Companies, Inc. (The)0.03%92,854$7Mtrimmed−6%+0.01 pp9 q
unresolvedTwenty First Centy Fox Inc0.03%234,546$6Mtrimmed−23%0.00 pp9 q
NBRNabors Industries Ltd.0.03%862,322$8Madded+10%−0.01 pp10 q
AMATApplied Materials Inc0.02%348,818$5Mtrimmed−1%0.00 pp10 q
BKDBrookdale Senior Living, Inc.0.02%167,543$4Mtrimmed−2%0.00 pp3 q
unresolvedCBL & Associates Properties, Inc.0.02%338,460$5Mnew+0.02 ppnew
DRHDiamondrock Hospitality Company0.02%528,171$6Mtrimmed−1%0.00 pp3 q
unresolvedDuPont Fabros Technology, Inc.0.02%183,810$5Mnew+0.02 ppnew
EGPEastGroup Properties Inc.0.02%109,439$6Mtrimmed−1%0.00 pp10 q
FCXFreeport-McMoran Inc.0.02%448,084$4Madded+19%0.00 pp10 q
IBNICICI Bank Limited0.02%670,875$6Mheld—10 q
INTCIntel Corp0.02%175,822$5Mtrimmed−2%0.00 pp10 q
NHINational Health Investors0.02%89,315$5Mtrimmed−1%0.00 pp4 q
unresolvedWells Fargo Warrants, 34.01 St0.02%217,100$4Mtrimmed−3%0.00 pp10 q
RIGTransocean LTD.0.02%422,356$5Mheld—10 q
AAgilent Technologies Inc.0.01%69,007$2Mtrimmed−3%0.00 pp10 q
unresolvedAltera Corp0.01%38,800$2Mheld—10 q
unresolvedDentsply Intl Inc New0.01%55,500$3Mnew+0.01 ppnew
STAYExtended Stay America, Inc. Paired Share0.01%140,859$2Mtrimmed−2%0.00 pp4 q
unresolvedForest City Enterprises Inc0.01%121,035$2Mtrimmed−48%−0.01 pp10 q
HHyatt Hotels Corporation0.01%66,545$3Madded+19%0.00 pp3 q
IBMInternational Business Machines Corporation0.01%19,759$3Mtrimmed−3%0.00 pp10 q
IVEiShares S&P 500 Value ETF0.01%40,419$3Mnew+0.01 ppnew
KBRKBR, Inc.0.01%105,300$2Mheld—5 q
MAMastercard Incorporated0.01%15,300$1Mheld—10 q
unresolvedStarwood HOTELS&RESORTS Wrld0.01%33,031$2Mnew+0.01 ppnew
BLDTopBuild Corp.0.01%49,379$2Mnew+0.01 ppnew
INXNInterxion Holding NV0.01%97,501$3Mtrimmed−2%0.00 pp2 q
APDAir Products & Chemicals, Inc.0.00%1,783$227,000added+1%0.00 pp10 q
AAPLApple Inc.0.00%3,290$363,000held—9 q
WRBW.R. Berkley Corporation0.00%5,080$276,000held—10 q
unresolvedBoardwalk Pipeline Partners0.00%22,090$260,000held—7 q
CNQCanadian Natural Resources Limited0.00%39,557$769,000trimmed−5%0.00 pp10 q
CXCemex S.A.B. de C.V.0.00%23,540$165,000held—10 q
DISThe Walt Disney Company0.00%2,619$268,000added+2%0.00 pp10 q
WUBA58.COM Inc0.00%22,796$1Mtrimmed−5%−0.01 pp8 q
BENFranklin Templeton, Inc.0.00%7,000$261,000trimmed−2%0.00 pp8 q
GWWW.W. Grainger, Inc.0.00%1,160$249,000held—2 q
JAHJarden Corporation0.00%16,500$807,000held—5 q
JMEINJumei International-adr0.00%97,080$958,000trimmed−10%−0.01 pp6 q
KEYSKeysight Technologies, Inc.0.00%14,117$435,000trimmed−7%0.00 pp4 q
unresolvedPrecision Castparts Corp0.00%1,320$303,000trimmed−100%−1.41 pp2 q
PGRProgressive Corporation0.00%7,350$225,000held—2 q
RSGRepublic Services Inc.0.00%16,630$685,000held—10 q
REXRRexford Industrial Realty, Inc.0.00%63,175$871,000new0.00 ppnew
TIFTiffany & Co.0.00%5,000$386,000held—10 q
UPSUnited Parcel Service, Inc. Class B0.00%2,456$242,000added+1%0.00 pp9 q
ACTAllergan PLC0.00%2,100$571,000held—2 q
CDPCOPT Defense Properties—−584,910—exited−0.05 pp—
unresolvedGeneral Growth Pptys Inc New—−573,269—exited−0.05 pp—
unresolvedHealth Care REIT, Inc.—−196,478—exited−0.05 pp—
NTESNetEase, inc.—−92,637—exited−0.05 pp—
CPTCamden Property Trust—−107,857—exited−0.03 pp—
unresolvedTwenty First Centy Fox Inc—−272,568—exited−0.03 pp—
AESAES Corporation—−421,806—exited−0.02 pp—
EIGIEndurance International Group Holdings, Inc.—−286,193—exited−0.02 pp—
QTSQts Realty Trust, Inc.—−75,006—exited−0.01 pp—
TSNTyson Foods, Inc.—−29,010—exited0.00 pp—

Other 13(f) securities

Options 0

None in this filing

Notes 6

Issue% of notesPrincipalValue
Intel Corp29.89%11,551,000$17M
United States Steel Corp26.34%15,500,000$15M
Salesforce.com Inc16.81%8,000,000$10M
Arconic Inc13.97%7,750,000$8M
Qihoo 360 Tech Co Ltd9.90%6,000,000$6M
Forest City Realty Trust3.09%1,120,000$2M

Source

Form
13F-HR
Reading
2 defects · 46 unresolved
Accession
0001140361-15-040810
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 2015-09-30