Davis Advisors

Q1 2016 13F · by Chris Davis, portfolio manager

As of: Mar 31, 2016
Filed: Apr 28, 2016
US stock: $22.6B · prev $23.9B
Positions: 158 · prev 187
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%

Moves190 since the prior filing

+8.3 pp in · −8.3 pp out

New 14 +2.87 pp
Added 64 +5.48 pp
Trimmed 69 −5.10 pp
Exited 43 −3.23 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.7 years per position

Low
Moderate
High

Top 5 positions26% of US stock

Positions158 in this filing · 43 exited


AMZNAmazon.Com Inc	7.01%	2,662,030	$1.6B	trimmed−5%	−0.91 pp	12 q
WFCWells Fargo & Co.	5.13%	23,933,513	$1.2B	trimmed−7%	−0.73 pp	12 q
JPMJPMorgan Chase & Co.	4.63%	17,643,028	$1.0B	added+1%	−0.18 pp	12 q
BRK.ABerkshire Hathaway Inc.	4.60%	4,866	$1.0B	added+10%	+0.95 pp	12 q
GOOGAlphabet Inc. Class C	4.55%	1,378,116	$1.0B	trimmed−1%	+0.12 pp	8 q
UTXZRTX Corporation	3.94%	8,878,907	$889M	added+1%	+0.40 pp	4 q
AXPAmerican Express Company	3.86%	14,167,186	$870M	trimmed−7%	−0.58 pp	12 q
9990302DApache Corp	3.72%	17,174,195	$838M	added+29%	+1.25 pp	2 q
BNYBank of New York Mellon Corporation	3.38%	20,701,094	$762M	trimmed−9%	−0.52 pp	12 q
GOOGLAlphabet Inc. Class A	3.13%	925,559	$706M	trimmed−2%	+0.06 pp	2 q
unresolvedMonsanto Co	3.13%	8,043,218	$706M	trimmed−2%	−0.26 pp	3 q
KMXCarMax Inc.	2.52%	11,115,985	$568M	added+23%	+0.49 pp	12 q
LBTYKLiberty Global Ltd. Class C	2.31%	13,859,787	$521M	trimmed−6%	−0.20 pp	12 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.18%	3,810,683	$491M	trimmed−5%	+0.21 pp	12 q
unresolvedEncana Corp	2.00%	74,073,062	$451M	added+6%	+0.51 pp	7 q
TXNTexas Instruments Incorporated	1.88%	7,405,233	$425M	trimmed−15%	−0.11 pp	12 q
OXYOccidental Petroleum Corporation	1.76%	5,786,068	$396M	added+9%	+0.26 pp	3 q
VVISA Inc.	1.75%	5,164,623	$395M	trimmed−9%	−0.09 pp	12 q
CTRACoterra Energy Inc.	1.74%	17,271,559	$392M	added+2%	+0.49 pp	4 q
PXGBXPraxair Inc	1.74%	3,431,720	$393M	trimmed−8%	+0.14 pp	12 q
SCHWThe Charles Schwab Corporation	1.70%	13,715,337	$384M	trimmed−7%	−0.34 pp	12 q
COSTCostco Wholesale Corp	1.63%	2,328,833	$367M	trimmed−13%	−0.17 pp	12 q
unresolvedJohnson Controls	1.58%	9,150,143	$357M	added+4%	+0.12 pp	3 q
unresolvedExpress Scripts Hldg Co	1.57%	5,142,979	$353M	trimmed−7%	−0.45 pp	12 q
LVSLas Vegas Sands Corp.	1.50%	6,549,295	$338M	trimmed−35%	−0.34 pp	12 q
MKLMarkel Group Inc.	1.30%	330,052	$294M	trimmed−2%	+0.05 pp	12 q
METAMeta Platforms, Inc. Class A	1.28%	2,528,165	$288M	added+2%	+0.20 pp	2 q
CBChubb Limited	1.23%	2,325,696	$277M	new	+1.23 pp	new
unresolvedPriceline Grp Inc	1.21%	211,108	$272M	trimmed−13%	−0.09 pp	11 q
unresolvedTyco Intl PLC	1.18%	7,226,906	$265M	new	+1.18 pp	new
MSFTMicrosoft Corp	1.17%	4,784,499	$264M	trimmed−10%	−0.07 pp	12 q
COFCapital One Financial	1.14%	3,718,000	$258M	added+5%	+0.07 pp	7 q
DGXQuest Diagnostics Inc.	1.05%	3,314,772	$237M	trimmed−8%	−0.02 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	1.04%	1,658,395	$235M	added+20%	+0.28 pp	12 q
ECLEcolab, Inc.	1.03%	2,074,147	$231M	trimmed−11%	−0.09 pp	12 q
LLoews Corporation	1.03%	6,082,255	$233M	trimmed−5%	+0.01 pp	12 q
CFGCitizens Financial Group, Inc.	1.02%	10,968,201	$230M	trimmed−7%	−0.27 pp	7 q
PCARPaccar Inc	0.95%	3,922,762	$215M	added+2%	+0.19 pp	12 q
ORCLOracle Corp	0.92%	5,060,848	$207M	trimmed−12%	+0.04 pp	12 q
99803EURLaboratory Crp Of Amer Hldgs	0.88%	1,701,662	$199M	trimmed−4%	−0.04 pp	12 q
unresolvedValeant Pharmaceuticals Intl	0.84%	7,240,337	$190M	added+91%	−0.77 pp	12 q
MCOMoody's Corporation	0.68%	1,594,083	$154M	trimmed−8%	−0.04 pp	8 q
AAPAdvance Auto Parts Inc	0.51%	720,509	$116M	trimmed−4%	+0.04 pp	4 q
unresolvedSoufun Holdings Ltd ADR	0.47%	17,797,252	$107M	trimmed−2%	−0.09 pp	12 q
WAIRWESCO Aircraft Holdings Inc.	0.39%	6,048,330	$87M	trimmed−4%	+0.07 pp	12 q
HPQHP Inc.	0.36%	6,618,192	$82M	added×23.6	+0.35 pp	2 q
unresolvedLiberty Interactive Corp	0.33%	2,910,883	$74M	trimmed−8%	−0.03 pp	12 q
unresolvedLiberty Interactive Corp	0.30%	1,703,142	$67M	added+1%	−0.02 pp	12 q
QUOTQuotient Technology Inc	0.27%	5,768,609	$61M	trimmed−13%	+0.08 pp	2 q
USBU.S. Bancorp	0.19%	1,076,949	$44M	added+43%	+0.06 pp	12 q
GSGoldman Sachs Group Inc.	0.18%	252,507	$40M	added+81%	+0.07 pp	12 q
SPGSimon Property Group, Inc.	0.17%	179,437	$37M	added+21%	+0.05 pp	12 q
EGEverest Group, Ltd.	0.17%	198,772	$39M	trimmed−3%	+0.01 pp	12 q
BXPBXP, Inc.	0.16%	280,810	$36M	added+8%	+0.02 pp	12 q
JDJD.com, Inc.	0.16%	1,387,310	$37M	trimmed−3%	−0.03 pp	8 q
MRSHMarsh	0.14%	505,050	$31M	trimmed−1%	+0.02 pp	9 q
BIDUBaidu, Inc.	0.12%	144,214	$28M	added×2.6	+0.08 pp	4 q
CONECyrusOne Inc	0.12%	590,500	$27M	trimmed−9%	+0.02 pp	5 q
TRNOTerreno Realty Corporation	0.12%	1,108,266	$26M	added+33%	+0.04 pp	9 q
WCCWesco International Inc.	0.12%	481,128	$26M	added+62%	+0.07 pp	5 q
AKRAcadia Realty Trust	0.11%	733,787	$26M	added+17%	+0.02 pp	12 q
unresolvedAngie's List	0.11%	3,193,318	$26M	trimmed−4%	−0.02 pp	12 q
EGPEastGroup Properties Inc.	0.11%	403,897	$24M	added+40%	+0.04 pp	12 q
STTState Street Corporation	0.11%	406,155	$24M	new	+0.11 pp	new
VIPSVipshop Holdings Limited	0.11%	1,990,504	$26M	added+60%	+0.03 pp	12 q
1LGEUSDLiberty Global PLC Lilac - C	0.11%	664,593	$25M	trimmed−14%	−0.03 pp	3 q
FGAAmerican Campus Communities	0.10%	481,264	$23M	trimmed−6%	+0.01 pp	12 q
BANRBanner Corp.	0.10%	529,640	$22M	held	—	2 q
unresolvedBrookfield Asset Mgmt Inc	0.10%	665,425	$23M	trimmed−3%	+0.01 pp	12 q
CTTCatchmark Timber Trust, Inc.	0.10%	2,163,460	$23M	added+17%	+0.01 pp	7 q
unresolvedCousins Properties Inc.	0.10%	2,125,848	$22M	added+42%	+0.04 pp	11 q
KRGKite Realty Group Trust	0.10%	852,976	$24M	trimmed−11%	0.00 pp	7 q
PNCPNC Financial Services Group	0.10%	263,613	$22M	new	+0.10 pp	new
NOAHNoah Holdings Limited	0.09%	855,673	$21M	added+89%	+0.04 pp	3 q
unresolvedPost Properties, Inc.	0.09%	350,921	$21M	added+14%	+0.01 pp	12 q
unresolvedTime Warner Cable Inc	0.09%	101,315	$21M	trimmed−26%	−0.02 pp	10 q
YYJOYY Inc.	0.09%	347,251	$21M	trimmed−2%	0.00 pp	7 q
ETNEaton Corporation, plc	0.09%	339,281	$21M	added×2.8	+0.06 pp	2 q
AIGAmerican International Group, Inc.	0.08%	331,990	$18M	trimmed−21%	−0.03 pp	12 q
AVBAvalonBay Communities, Inc.	0.08%	100,117	$19M	added+17%	+0.01 pp	12 q
unresolvedEducation Realty Trust, Inc.	0.08%	414,360	$17M	added+6%	+0.02 pp	6 q
FRFirst Industrial Realty Trust, Inc.	0.08%	777,377	$18M	added+17%	+0.02 pp	8 q
unresolvedMcGraw Hill	0.08%	176,870	$18M	trimmed−1%	+0.01 pp	6 q
unresolvedDct Industrial Trust Inc	0.07%	403,225	$16M	trimmed−15%	0.00 pp	6 q
VMRKVivmark Residential	0.07%	208,520	$16M	added+14%	+0.01 pp	4 q
ESSEssex Property Trust, Inc	0.07%	64,964	$15M	added+9%	+0.01 pp	12 q
HIWHighwoods Properties Inc.	0.07%	310,289	$15M	added+8%	+0.02 pp	8 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.07%	720,739	$16M	trimmed−8%	−0.03 pp	7 q
unresolvedRamco-Gershenson Properties Trust	0.07%	925,735	$17M	added+17%	+0.01 pp	7 q
ROICRetail Opportunity Investments Corp.	0.07%	819,531	$16M	added+17%	+0.02 pp	5 q
ALEXAlexander & Baldwin, Inc.	0.06%	364,044	$13M	added+49%	+0.02 pp	10 q
ATIATI Inc.	0.06%	825,049	$13M	added0%	+0.02 pp	12 q
CABOCable One, Inc.	0.06%	32,545	$14M	trimmed−5%	0.00 pp	3 q
unresolvedForest City Rlty Tr Inc	0.06%	674,333	$14M	new	+0.06 pp	new
unresolvedGeneral Electric Co	0.06%	403,930	$13M	added0%	+0.01 pp	12 q
TVGrupo Televisa S.A.	0.06%	486,818	$13M	trimmed−0%	0.00 pp	12 q
NKENike, Inc.	0.06%	208,494	$13M	trimmed−6%	0.00 pp	11 q
PRTYParty City Holdco Inc.	0.06%	910,090	$14M	added+16%	+0.02 pp	4 q
ROKRockwell Automation, Inc.	0.06%	122,959	$14M	trimmed−75%	−0.15 pp	9 q
WELLWelltower Inc.	0.06%	203,829	$14M	new	+0.06 pp	new
CPTCamden Property Trust	0.05%	140,472	$12M	new	+0.05 pp	new
CDRCedar Realty Trust, Inc	0.05%	1,501,675	$11M	trimmed−26%	−0.01 pp	7 q
CCICrown Castle Inc.	0.05%	142,185	$12M	added+17%	+0.01 pp	5 q
unresolvedDDR Corporation	0.05%	584,165	$10M	added+3%	+0.01 pp	12 q
unresolvedDuPont Fabros Technology, Inc.	0.05%	288,158	$12M	trimmed−16%	0.00 pp	3 q
EXRExtra Space Storage, Inc.	0.05%	108,620	$10M	new	+0.05 pp	new
KSSKohls Corporation	0.05%	230,320	$11M	trimmed−18%	−0.01 pp	12 q
PWRQuanta Services, Inc.	0.05%	533,670	$12M	added0%	0.00 pp	12 q
Tyson Foods Incconvertible	0.05%	155,000	$12M	trimmed−52%	−0.03 pp	7 q
UHSUniversal Health Services, Inc. Class B	0.05%	97,650	$12M	added0%	0.00 pp	12 q
unresolvedWaste Connections Inc	0.05%	159,850	$10M	trimmed−20%	0.00 pp	12 q
AREAlexandria Real Estate Equities, Inc.	0.04%	94,951	$9M	trimmed−0%	0.00 pp	12 q
AMHAmerican Homes 4 Rent	0.04%	559,017	$9M	trimmed−0%	0.00 pp	7 q
unresolvedApartment Invt & Mgmt Co	0.04%	213,912	$9M	added+3%	+0.01 pp	5 q
BACBank of America Corporation	0.04%	725,136	$10M	added0%	−0.01 pp	12 q
CCitigroup Inc.	0.04%	228,967	$10M	added0%	−0.01 pp	12 q
CLColgate-Palmolive Company	0.04%	118,075	$8M	trimmed−36%	−0.01 pp	12 q
DVNDevon Energy Corporation	0.04%	335,430	$9M	added0%	0.00 pp	12 q
unresolvedFederal Realty Investment Trust REIT	0.04%	62,286	$10M	trimmed−23%	−0.01 pp	12 q
MASMasco Corporation	0.04%	318,280	$10M	held	—	12 q
SAPSap SE	0.04%	116,679	$9M	added+2%	0.00 pp	12 q
URIUnited Rentals, Inc.	0.04%	146,956	$9M	held	—	7 q
unresolvedWhole Foods Market	0.04%	267,364	$8M	trimmed−17%	0.00 pp	12 q
NBRNabors Industries Ltd.	0.04%	1,067,082	$10M	held	—	12 q
Aes Trust IIIconvertible	0.03%	145,027	$7M	held	—	9 q
AMATApplied Materials Inc	0.03%	338,470	$7M	trimmed−3%	0.00 pp	12 q
CORRCorEnergy Infrastructure Trust, Inc.	0.03%	351,756	$7M	added+97%	+0.02 pp	2 q
INTCIntel Corp	0.03%	175,249	$6M	trimmed−2%	0.00 pp	12 q
SHWThe Sherwin-Williams Company	0.03%	25,892	$7M	trimmed−13%	0.00 pp	12 q
unresolvedTwenty First Centy Fox Inc	0.03%	234,896	$7M	added0%	0.00 pp	11 q
VNOVornado Realty Trust	0.03%	71,157	$7M	trimmed−67%	−0.06 pp	12 q
Corenergy Infrastructureconvertible	0.02%	182,690	$4M	new	+0.02 pp	new
FCXFreeport-McMoran Inc.	0.02%	520,684	$5M	added0%	+0.01 pp	12 q
HPEHewlett Packard Enterprise Company	0.02%	284,802	$5M	added+1%	0.00 pp	2 q
IBNICICI Bank Limited	0.02%	660,875	$5M	held	—	12 q
LCHappen, Inc.	0.02%	668,892	$6M	trimmed−2%	−0.01 pp	6 q
INXNInterxion Holding NV	0.02%	105,724	$4M	added+8%	+0.01 pp	4 q
AAgilent Technologies Inc.	0.01%	72,389	$3M	added+2%	0.00 pp	12 q
CTRPTrip.com Group Limited	0.01%	39,821	$2M	trimmed−41%	0.00 pp	12 q
WUBA58.COM Inc	0.01%	20,636	$1M	added0%	0.00 pp	10 q
FEYEFireEye, Inc.	0.01%	184,560	$3M	held	—	2 q
IBMInternational Business Machines Corporation	0.01%	20,168	$3M	added+4%	0.00 pp	12 q
IVEiShares S&P 500 Value ETF	0.01%	21,686	$2M	trimmed−93%	−0.11 pp	3 q
KBRKBR, Inc.	0.01%	105,300	$2M	held	—	7 q
REXRRexford Industrial Realty, Inc.	0.01%	76,254	$1M	added+11%	+0.01 pp	3 q
BLDTopBuild Corp.	0.01%	49,379	$1M	held	—	3 q
NXPINXP Semiconductors N.V.	0.01%	20,520	$2M	new	+0.01 pp	new
APDAir Products & Chemicals, Inc.	0.00%	1,804	$260,000	added+1%	0.00 pp	12 q
unresolvedBoardwalk Pipeline Partners	0.00%	22,090	$326,000	held	—	9 q
unresolvedCalifornia Res Corp	0.00%	13,426	$14,000	new	0.00 pp	new
DISThe Walt Disney Company	0.00%	2,609	$259,000	added+1%	0.00 pp	12 q
JAHJarden Corporation	0.00%	14,465	$853,000	trimmed−12%	0.00 pp	7 q
JMEINJumei International-adr	0.00%	87,500	$570,000	trimmed−5%	0.00 pp	8 q
KEYSKeysight Technologies, Inc.	0.00%	14,117	$392,000	held	—	6 q
LRCXLam Research Corp	0.00%	2,730	$225,000	new	0.00 pp	new
MUMicron Technology, Inc.	0.00%	19,300	$202,000	new	0.00 pp	new
UPSUnited Parcel Service, Inc. Class B	0.00%	2,493	$263,000	added+1%	0.00 pp	11 q
XLNXXilinx Inc	0.00%	4,580	$217,000	new	0.00 pp	new
unresolvedAce Ltd	—	−2,436,683	—	exited	−1.19 pp	—
unresolvedQihoo 360 Technology Co. ADR	—	−1,484,948	—	exited	−0.45 pp	—
DEODiageo plc	—	−666,750	—	exited	−0.30 pp	—
EOGEOG Resources, Inc.	—	−735,011	—	exited	−0.22 pp	—
UPLUltra Petroleum Corp	—	−16,881,017	—	exited	−0.18 pp	—
unresolvedChubb	—	−155,547	—	exited	−0.09 pp	—
unresolvedAmerican Residential Properties, Inc.	—	−979,396	—	exited	−0.08 pp	—
IDXXIdexx Laboratories Inc	—	−264,392	—	exited	−0.08 pp	—
PLDPrologis, Inc.	—	−385,470	—	exited	−0.07 pp	—
LOWLowe's Companies Inc.	—	−174,063	—	exited	−0.06 pp	—
MACThe Macerich Company	—	−189,751	—	exited	−0.06 pp	—
BRXBrixmor Property Group Inc.	—	−486,367	—	exited	−0.05 pp	—
unresolvedGrubhub Inc	—	−380,634	—	exited	−0.04 pp	—
LPTLiberty Property Trust	—	−325,007	—	exited	−0.04 pp	—
CRMSalesforce, Inc.	—	−107,800	—	exited	−0.04 pp	—
UDRUDR, Inc.	—	−264,247	—	exited	−0.04 pp	—
UNVRUnivar Solutions Inc.	—	−567,141	—	exited	−0.04 pp	—
TJXTJX Companies, Inc. (The)	—	−92,219	—	exited	−0.03 pp	—
unresolvedBiomed Realty Trust, Inc.	—	−193,950	—	exited	−0.02 pp	—
DRHDiamondrock Hospitality Company	—	−528,171	—	exited	−0.02 pp	—
IWViShares Russell 3000 ETF	—	−32,718	—	exited	−0.02 pp	—
NHINational Health Investors	—	−89,315	—	exited	−0.02 pp	—
RIGTransocean LTD.	—	−422,356	—	exited	−0.02 pp	—
unresolvedDentsply Intl Inc New	—	−57,200	—	exited	−0.01 pp	—
STAYExtended Stay America, Inc. Paired Share	—	−140,859	—	exited	−0.01 pp	—
unresolvedForest City Enterprises Inc	—	−121,035	—	exited	−0.01 pp	—
HHyatt Hotels Corporation	—	−66,545	—	exited	−0.01 pp	—
MAMastercard Incorporated	—	−14,390	—	exited	−0.01 pp	—
unresolvedStarwood HOTELS&RESORTS Wrld	—	−36,178	—	exited	−0.01 pp	—
unresolvedYouku Inc ADR	—	−76,009	—	exited	−0.01 pp	—
AAPLApple Inc.	—	−3,290	—	exited	0.00 pp	—
WRBW.R. Berkley Corporation	—	−5,080	—	exited	0.00 pp	—
unresolvedCBL & Associates Properties, Inc.	—	−89,860	—	exited	0.00 pp	—
CXCemex S.A.B. de C.V.	—	−23,540	—	exited	0.00 pp	—
FSLRFirst Solar, Inc.	—	−4,030	—	exited	0.00 pp	—
BENFranklin Templeton, Inc.	—	−7,000	—	exited	0.00 pp	—
GWWW.W. Grainger, Inc.	—	−1,160	—	exited	0.00 pp	—
unresolvedPrecision Castparts Corp	—	−1,320	—	exited	0.00 pp	—
PGRProgressive Corporation	—	−7,350	—	exited	0.00 pp	—
RSGRepublic Services Inc.	—	−12,630	—	exited	0.00 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−2,622	—	exited	0.00 pp	—
TIFTiffany & Co.	—	−5,000	—	exited	0.00 pp	—
XUnited States Steel Corp	—	−87,120	—	exited	0.00 pp	—