Davis Advisors

Q4 2015 13F · by Chris Davis, portfolio manager

As of: Dec 31, 2015
Filed: Feb 3, 2015
US stock: $23.9B · prev $24.1B
Positions: 187 · prev 189
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.2%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves172 since the prior filing

+9.5 pp in · −9.5 pp out

New 14 +7.02 pp
Added 56 +2.46 pp
Trimmed 86 −5.70 pp
Exited 16 −3.80 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 38% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions27% of US stock

Positions187 in this filing · 16 exited


AMZNAmazon.Com Inc	7.92%	2,803,142	$1.9B	trimmed−10%	+1.27 pp	11 q
WFCWells Fargo & Co.	5.86%	25,785,084	$1.4B	trimmed−14%	−0.54 pp	11 q
JPMJPMorgan Chase & Co.	4.81%	17,404,836	$1.1B	trimmed−2%	+0.31 pp	11 q
AXPAmerican Express Company	4.44%	15,284,520	$1.1B	trimmed−13%	−0.96 pp	11 q
GOOGAlphabet Inc. Class C	4.43%	1,397,109	$1.1B	trimmed−6%	+0.68 pp	7 q
BNYBank of New York Mellon Corporation	3.90%	22,656,464	$934M	trimmed−12%	−0.27 pp	11 q
BRK.ABerkshire Hathaway Inc.	3.65%	4,419	$874M	trimmed−6%	−0.17 pp	11 q
UTXZRTX Corporation	3.54%	8,803,638	$846M	trimmed−1%	+0.27 pp	3 q
unresolvedMonsanto Co	3.39%	8,233,266	$811M	added+12%	+0.77 pp	2 q
GOOGLAlphabet Inc. Class A	3.07%	943,472	$734M	new	+3.07 pp	new
LBTYKLiberty Global Ltd. Class C	2.51%	14,724,572	$600M	trimmed−14%	−0.43 pp	11 q
9990302DApache Corp	2.47%	13,300,208	$591M	new	+2.47 pp	new
SCHWThe Charles Schwab Corporation	2.04%	14,806,013	$488M	added+15%	+0.52 pp	11 q
KMXCarMax Inc.	2.03%	9,013,288	$486M	trimmed−5%	−0.32 pp	11 q
unresolvedExpress Scripts Hldg Co	2.02%	5,531,779	$484M	trimmed−40%	−1.06 pp	11 q
TXNTexas Instruments Incorporated	1.99%	8,673,505	$475M	trimmed−13%	−0.07 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.97%	3,996,369	$470M	trimmed−30%	−0.77 pp	11 q
LVSLas Vegas Sands Corp.	1.84%	10,060,443	$441M	trimmed−15%	−0.03 pp	11 q
VVISA Inc.	1.84%	5,683,542	$441M	trimmed−12%	−0.03 pp	11 q
COSTCostco Wholesale Corp	1.80%	2,663,678	$430M	trimmed−11%	−0.01 pp	11 q
unresolvedValeant Pharmaceuticals Intl	1.61%	3,784,012	$385M	added×2.5	+0.49 pp	11 q
PXGBXPraxair Inc	1.60%	3,734,085	$382M	trimmed−16%	−0.28 pp	11 q
OXYOccidental Petroleum Corporation	1.50%	5,289,708	$358M	trimmed−3%	0.00 pp	2 q
unresolvedEncana Corp	1.49%	70,188,018	$357M	added+1%	−0.36 pp	6 q
unresolvedJohnson Controls	1.46%	8,824,758	$348M	added+35%	+0.33 pp	2 q
unresolvedPriceline Grp Inc	1.30%	243,755	$311M	trimmed−16%	−0.20 pp	10 q
CFGCitizens Financial Group, Inc.	1.29%	11,767,326	$308M	trimmed−5%	+0.06 pp	6 q
CTRACoterra Energy Inc.	1.25%	16,888,879	$299M	trimmed−40%	−1.32 pp	3 q
MKLMarkel Group Inc.	1.25%	338,336	$299M	trimmed−1%	+0.11 pp	11 q
MSFTMicrosoft Corp	1.24%	5,337,272	$296M	trimmed−14%	+0.10 pp	11 q
unresolvedAce Ltd	1.19%	2,436,683	$285M	trimmed−12%	0.00 pp	11 q
ECLEcolab, Inc.	1.12%	2,339,556	$268M	trimmed−15%	−0.13 pp	11 q
METAMeta Platforms, Inc. Class A	1.08%	2,471,438	$259M	new	+1.08 pp	new
COFCapital One Financial	1.07%	3,556,235	$257M	trimmed−2%	−0.03 pp	6 q
DGXQuest Diagnostics Inc.	1.07%	3,590,857	$255M	trimmed−15%	0.00 pp	8 q
LLoews Corporation	1.02%	6,380,409	$245M	trimmed−13%	−0.09 pp	11 q
99803EURLaboratory Crp Of Amer Hldgs	0.92%	1,778,955	$220M	trimmed−13%	0.00 pp	11 q
ORCLOracle Corp	0.88%	5,759,861	$210M	trimmed−13%	−0.11 pp	11 q
BRK.BBERKSHIRE HATHAWAY Class B	0.76%	1,379,351	$182M	added+21%	+0.14 pp	11 q
PCARPaccar Inc	0.76%	3,856,387	$183M	trimmed−14%	−0.21 pp	11 q
MCOMoody's Corporation	0.72%	1,725,172	$173M	trimmed−13%	−0.09 pp	7 q
unresolvedSoufun Holdings Ltd ADR	0.56%	18,136,165	$134M	trimmed−4%	+0.04 pp	11 q
AAPAdvance Auto Parts Inc	0.47%	753,700	$113M	trimmed−2%	−0.13 pp	3 q
unresolvedQihoo 360 Technology Co. ADR	0.45%	1,484,948	$108M	trimmed−55%	−0.21 pp	9 q
unresolvedLiberty Interactive Corp	0.36%	3,155,581	$86M	trimmed−14%	−0.04 pp	11 q
unresolvedLiberty Interactive Corp	0.32%	1,683,449	$76M	trimmed−13%	0.00 pp	11 q
WAIRWESCO Aircraft Holdings Inc.	0.32%	6,328,787	$76M	trimmed−4%	−0.02 pp	11 q
DEODiageo plc	0.30%	666,750	$73M	trimmed−6%	−0.02 pp	11 q
EOGEOG Resources, Inc.	0.22%	735,011	$52M	trimmed−68%	−0.47 pp	11 q
ROKRockwell Automation, Inc.	0.21%	491,112	$50M	added+5%	+0.01 pp	8 q
JDJD.com, Inc.	0.19%	1,433,672	$46M	trimmed−2%	+0.03 pp	7 q
QUOTQuotient Technology Inc	0.19%	6,626,923	$45M	new	+0.19 pp	new
UPLUltra Petroleum Corp	0.18%	16,881,017	$42M	trimmed−18%	−0.37 pp	7 q
EGEverest Group, Ltd.	0.16%	204,962	$38M	trimmed−1%	+0.01 pp	11 q
BXPBXP, Inc.	0.14%	260,379	$33M	added+9%	+0.02 pp	11 q
1LGEUSDLiberty Global PLC Lilac - C	0.14%	771,053	$33M	trimmed−13%	+0.01 pp	2 q
unresolvedAngie's List	0.13%	3,338,351	$31M	trimmed−5%	+0.06 pp	11 q
USBU.S. Bancorp	0.13%	753,850	$32M	trimmed−0%	0.00 pp	11 q
IVEiShares S&P 500 Value ETF	0.12%	316,410	$28M	added×7.8	+0.11 pp	2 q
MRSHMarsh	0.12%	510,540	$28M	trimmed−1%	+0.01 pp	8 q
SPGSimon Property Group, Inc.	0.12%	148,672	$29M	added+9%	+0.02 pp	11 q
AIGAmerican International Group, Inc.	0.11%	421,440	$26M	trimmed−1%	+0.01 pp	11 q
GSGoldman Sachs Group Inc.	0.11%	139,682	$25M	held	—	11 q
unresolvedTime Warner Cable Inc	0.11%	136,889	$25M	added+7%	+0.01 pp	9 q
BANRBanner Corp.	0.10%	529,640	$24M	new	+0.10 pp	new
CONECyrusOne Inc	0.10%	648,314	$24M	trimmed−21%	−0.01 pp	4 q
KRGKite Realty Group Trust	0.10%	958,541	$25M	added+9%	+0.01 pp	6 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.10%	785,316	$24M	trimmed−17%	+0.01 pp	6 q
AKRAcadia Realty Trust	0.09%	626,576	$21M	trimmed−12%	0.00 pp	11 q
FGAAmerican Campus Communities	0.09%	512,567	$21M	added+9%	+0.02 pp	11 q
unresolvedBrookfield Asset Mgmt Inc	0.09%	683,245	$22M	trimmed−1%	0.00 pp	11 q
CTTCatchmark Timber Trust, Inc.	0.09%	1,855,608	$21M	added+24%	+0.03 pp	6 q
unresolvedChubb	0.09%	155,547	$21M	added0%	+0.01 pp	5 q
VNOVornado Realty Trust	0.09%	212,613	$21M	trimmed−7%	0.00 pp	11 q
YYJOYY Inc.	0.09%	352,744	$22M	trimmed−4%	+0.01 pp	6 q
unresolvedAmerican Residential Properties, Inc.	0.08%	979,396	$19M	added0%	+0.01 pp	6 q
IDXXIdexx Laboratories Inc	0.08%	264,392	$19M	trimmed−58%	−0.11 pp	11 q
unresolvedPost Properties, Inc.	0.08%	306,728	$18M	added0%	+0.01 pp	11 q
TRNOTerreno Realty Corporation	0.08%	831,731	$19M	trimmed−14%	0.00 pp	8 q
Tyson Foods Incconvertible	0.08%	325,000	$20M	trimmed−13%	0.00 pp	6 q
VIPSVipshop Holdings Limited	0.08%	1,241,706	$19M	trimmed−3%	−0.01 pp	11 q
AVBAvalonBay Communities, Inc.	0.07%	85,856	$16M	added+9%	+0.01 pp	11 q
unresolvedDct Industrial Trust Inc	0.07%	474,687	$18M	trimmed−36%	−0.03 pp	5 q
EGPEastGroup Properties Inc.	0.07%	288,729	$16M	added×2.6	+0.05 pp	11 q
unresolvedMcGraw Hill	0.07%	178,950	$18M	held	—	5 q
PLDPrologis, Inc.	0.07%	385,470	$17M	added0%	+0.01 pp	6 q
CABOCable One, Inc.	0.06%	34,098	$15M	added+17%	+0.01 pp	2 q
CDRCedar Realty Trust, Inc	0.06%	2,037,855	$14M	added+9%	+0.01 pp	6 q
unresolvedCousins Properties Inc.	0.06%	1,497,387	$14M	added+35%	+0.02 pp	10 q
unresolvedEducation Realty Trust, Inc.	0.06%	390,620	$15M	added0%	+0.01 pp	5 q
VMRKVivmark Residential	0.06%	182,607	$15M	added+46%	+0.02 pp	3 q
ESSEssex Property Trust, Inc	0.06%	59,685	$14M	added+9%	+0.01 pp	11 q
FRFirst Industrial Realty Trust, Inc.	0.06%	666,739	$15M	trimmed−10%	0.00 pp	7 q
TVGrupo Televisa S.A.	0.06%	488,628	$13M	added+2%	+0.01 pp	11 q
KSSKohls Corporation	0.06%	281,620	$13M	added+8%	+0.01 pp	11 q
LOWLowe's Companies Inc.	0.06%	174,063	$13M	trimmed−1%	+0.01 pp	10 q
MACThe Macerich Company	0.06%	189,751	$15M	held	—	3 q
NKENike, Inc.	0.06%	222,546	$14M	trimmed−0%	0.00 pp	10 q
unresolvedRamco-Gershenson Properties Trust	0.06%	794,360	$13M	added+9%	+0.01 pp	6 q
BACBank of America Corporation	0.05%	723,936	$12M	held	—	11 q
BRXBrixmor Property Group Inc.	0.05%	486,367	$13M	added+9%	+0.01 pp	4 q
CCitigroup Inc.	0.05%	228,529	$12M	trimmed−0%	0.00 pp	11 q
CLColgate-Palmolive Company	0.05%	184,048	$12M	added+1%	0.00 pp	11 q
unresolvedDuPont Fabros Technology, Inc.	0.05%	343,041	$11M	added+87%	+0.03 pp	2 q
unresolvedFederal Realty Investment Trust REIT	0.05%	80,704	$12M	trimmed−14%	0.00 pp	11 q
unresolvedGeneral Electric Co	0.05%	403,170	$13M	held	—	11 q
HIWHighwoods Properties Inc.	0.05%	287,826	$13M	added+9%	+0.01 pp	7 q
NOAHNoah Holdings Limited	0.05%	453,484	$13M	added+1%	+0.01 pp	2 q
PWRQuanta Services, Inc.	0.05%	532,920	$11M	added+16%	0.00 pp	11 q
ROICRetail Opportunity Investments Corp.	0.05%	701,449	$13M	added+9%	+0.01 pp	4 q
UHSUniversal Health Services, Inc. Class B	0.05%	97,470	$12M	added+19%	+0.01 pp	11 q
unresolvedWaste Connections Inc	0.05%	198,900	$11M	trimmed−16%	0.00 pp	11 q
WCCWesco International Inc.	0.05%	297,782	$13M	added0%	−0.01 pp	4 q
ALEXAlexander & Baldwin, Inc.	0.04%	243,771	$9M	added+10%	+0.01 pp	9 q
AREAlexandria Real Estate Equities, Inc.	0.04%	95,055	$9M	held	—	11 q
ATIATI Inc.	0.04%	823,469	$9M	added+48%	+0.01 pp	11 q
AMHAmerican Homes 4 Rent	0.04%	559,469	$9M	held	—	6 q
BIDUBaidu, Inc.	0.04%	55,197	$10M	trimmed−1%	+0.01 pp	3 q
CCICrown Castle Inc.	0.04%	121,694	$11M	added+9%	0.00 pp	4 q
unresolvedDDR Corporation	0.04%	568,604	$10M	held	—	11 q
DVNDevon Energy Corporation	0.04%	334,830	$11M	added+48%	+0.01 pp	11 q
unresolvedGrubhub Inc	0.04%	380,634	$9M	trimmed−6%	0.00 pp	7 q
LPTLiberty Property Trust	0.04%	325,007	$10M	trimmed−43%	−0.03 pp	11 q
MASMasco Corporation	0.04%	318,280	$9M	trimmed−15%	0.00 pp	11 q
PRTYParty City Holdco Inc.	0.04%	786,878	$10M	trimmed−6%	−0.02 pp	3 q
CRMSalesforce, Inc.	0.04%	107,800	$8M	trimmed−12%	0.00 pp	10 q
SAPSap SE	0.04%	114,823	$9M	added0%	+0.01 pp	11 q
UDRUDR, Inc.	0.04%	264,247	$10M	added0%	0.00 pp	4 q
URIUnited Rentals, Inc.	0.04%	146,956	$11M	added+2%	0.00 pp	6 q
UNVRUnivar Solutions Inc.	0.04%	567,141	$10M	trimmed−3%	0.00 pp	3 q
unresolvedWhole Foods Market	0.04%	320,624	$11M	added+13%	0.00 pp	11 q
NBRNabors Industries Ltd.	0.04%	1,067,082	$9M	added+24%	+0.01 pp	11 q
Aes Trust IIIconvertible	0.03%	145,027	$7M	held	—	8 q
unresolvedApartment Invt & Mgmt Co	0.03%	207,320	$8M	held	—	4 q
AMATApplied Materials Inc	0.03%	350,610	$7M	added+1%	+0.01 pp	11 q
INTCIntel Corp	0.03%	178,132	$6M	added+1%	+0.01 pp	11 q
LCHappen, Inc.	0.03%	682,723	$8M	trimmed−5%	−0.01 pp	5 q
SHWThe Sherwin-Williams Company	0.03%	29,747	$8M	trimmed−0%	0.00 pp	11 q
TJXTJX Companies, Inc. (The)	0.03%	92,219	$7M	trimmed−1%	0.00 pp	10 q
unresolvedTwenty First Centy Fox Inc	0.03%	234,546	$6M	held	—	10 q
ETNEaton Corporation, plc	0.03%	120,205	$6M	new	+0.03 pp	new
unresolvedBiomed Realty Trust, Inc.	0.02%	193,950	$5M	trimmed−58%	−0.02 pp	2 q
DRHDiamondrock Hospitality Company	0.02%	528,171	$5M	held	—	4 q
FEYEFireEye, Inc.	0.02%	184,560	$4M	new	+0.02 pp	new
HPEHewlett Packard Enterprise Company	0.02%	282,245	$4M	new	+0.02 pp	new
IBNICICI Bank Limited	0.02%	660,875	$5M	trimmed−1%	0.00 pp	11 q
IWViShares Russell 3000 ETF	0.02%	32,718	$4M	new	+0.02 pp	new
NHINational Health Investors	0.02%	89,315	$5M	held	—	5 q
RIGTransocean LTD.	0.02%	422,356	$5M	held	—	11 q
AAgilent Technologies Inc.	0.01%	70,920	$3M	added+3%	0.00 pp	11 q
CORRCorEnergy Infrastructure Trust, Inc.	0.01%	178,765	$3M	new	+0.01 pp	new
CTRPTrip.com Group Limited	0.01%	67,346	$3M	trimmed−69%	−0.02 pp	11 q
unresolvedDentsply Intl Inc New	0.01%	57,200	$3M	added+3%	0.00 pp	2 q
STAYExtended Stay America, Inc. Paired Share	0.01%	140,859	$2M	held	—	5 q
WUBA58.COM Inc	0.01%	20,606	$1M	trimmed−10%	+0.01 pp	9 q
unresolvedForest City Enterprises Inc	0.01%	121,035	$3M	held	—	11 q
FCXFreeport-McMoran Inc.	0.01%	519,734	$4M	added+16%	−0.01 pp	11 q
HPQHP Inc.	0.01%	280,545	$3M	new	+0.01 pp	new
HHyatt Hotels Corporation	0.01%	66,545	$3M	held	—	4 q
IBMInternational Business Machines Corporation	0.01%	19,331	$3M	trimmed−2%	0.00 pp	11 q
KBRKBR, Inc.	0.01%	105,300	$2M	held	—	6 q
MAMastercard Incorporated	0.01%	14,390	$1M	trimmed−6%	0.00 pp	11 q
unresolvedStarwood HOTELS&RESORTS Wrld	0.01%	36,178	$3M	added+10%	0.00 pp	2 q
BLDTopBuild Corp.	0.01%	49,379	$2M	held	—	2 q
unresolvedYouku Inc ADR	0.01%	76,009	$2M	trimmed−92%	−0.06 pp	11 q
INXNInterxion Holding NV	0.01%	97,501	$3M	held	—	3 q
APDAir Products & Chemicals, Inc.	0.00%	1,793	$233,000	added+1%	0.00 pp	11 q
AAPLApple Inc.	0.00%	3,290	$346,000	held	—	10 q
WRBW.R. Berkley Corporation	0.00%	5,080	$278,000	held	—	11 q
unresolvedBoardwalk Pipeline Partners	0.00%	22,090	$287,000	held	—	8 q
unresolvedCBL & Associates Properties, Inc.	0.00%	89,860	$1M	trimmed−73%	−0.02 pp	2 q
CXCemex S.A.B. de C.V.	0.00%	23,540	$131,000	held	—	11 q
DISThe Walt Disney Company	0.00%	2,591	$272,000	trimmed−1%	0.00 pp	11 q
FSLRFirst Solar, Inc.	0.00%	4,030	$266,000	new	0.00 pp	new
BENFranklin Templeton, Inc.	0.00%	7,000	$258,000	held	—	9 q
GWWW.W. Grainger, Inc.	0.00%	1,160	$235,000	held	—	3 q
JAHJarden Corporation	0.00%	16,500	$942,000	held	—	6 q
JMEINJumei International-adr	0.00%	92,020	$834,000	trimmed−5%	0.00 pp	7 q
KEYSKeysight Technologies, Inc.	0.00%	14,117	$400,000	held	—	5 q
unresolvedPrecision Castparts Corp	0.00%	1,320	$306,000	held	—	3 q
PGRProgressive Corporation	0.00%	7,350	$234,000	held	—	3 q
RSGRepublic Services Inc.	0.00%	12,630	$556,000	trimmed−24%	0.00 pp	11 q
REXRRexford Industrial Realty, Inc.	0.00%	68,935	$1M	added+9%	0.00 pp	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	2,622	$535,000	new	0.00 pp	new
TIFTiffany & Co.	0.00%	5,000	$381,000	held	—	11 q
UPSUnited Parcel Service, Inc. Class B	0.00%	2,473	$238,000	added+1%	0.00 pp	10 q
XUnited States Steel Corp	0.00%	87,120	$695,000	new	0.00 pp	new
unresolvedGoogle Inc.	—	−1,093,130	—	exited	−2.90 pp	—
unresolvedHunter Douglas N.V.	—	−1,653,982	—	exited	−0.29 pp	—
unresolvedCoupons.com, Inc.	—	−5,302,613	—	exited	−0.20 pp	—
TDGTransDigm Group Incorporated	—	−92,306	—	exited	−0.08 pp	—
VTRVentas, Inc.	—	−318,341	—	exited	−0.07 pp	—
WELLWelltower Inc.	—	−195,128	—	exited	−0.05 pp	—
TXTTextron, Inc.	—	−261,133	—	exited	−0.04 pp	—
AMTAmerican Tower Corporation	—	−89,225	—	exited	−0.03 pp	—
BDNBrandywine Realty Trust	—	−560,230	—	exited	−0.03 pp	—
unresolvedFairchild Semiconductor Intl	—	−480,407	—	exited	−0.03 pp	—
unresolvedHewlett Packard Co	—	−280,425	—	exited	−0.03 pp	—
BKDBrookdale Senior Living, Inc.	—	−167,543	—	exited	−0.02 pp	—
unresolvedWells Fargo Warrants, 34.01 St	—	−217,100	—	exited	−0.02 pp	—
unresolvedAltera Corp	—	−38,800	—	exited	−0.01 pp	—
CNQCanadian Natural Resources Limited	—	−39,557	—	exited	0.00 pp	—
ACTAllergan PLC	—	−2,100	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 5

Issue	% of notes	Principal	Value
Intel Corp	37.66%	11,551,000	$19M
Salesforce.com Inc	20.17%	8,000,000	$10M
Arconic Inc	15.54%	7,750,000	$8M
Nxp Semiconductor NV	15.03%	7,000,000	$8M
Qihoo 360 Tech Co Ltd	11.59%	6,000,000	$6M

Source

Form: 13F-HR
Reading: 0 defects · 39 unresolved
Accession: 0001140361-16-051902
Options: none in this filing
SEC cross-check: SEC data set not published yet

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