Davis Advisors

Q2 2016 13F · by Chris Davis, portfolio manager

As of: Jun 30, 2016
Filed: Aug 4, 2016
US stock: $22.7B · prev $22.6B
Positions: 132 · prev 158
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%

Moves160 since the prior filing

+6.4 pp in · −6.4 pp out

New 11 +2.50 pp
Added 52 +3.87 pp
Trimmed 60 −2.69 pp
Exited 37 −3.69 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions26% of US stock

AMZN Amazon.Com Inc trimmed+0.05 pp trimmed+0.057.1%
WFC Wells Fargo & Co. added−0.07 pp added−0.075.1%
JPM JPMorgan Chase & Co. added+0.24 pp added+0.244.9%
BRK.A Berkshire Hathaway Inc. trimmed−0.11 pp trimmed−0.114.5%
9990302D Apache Corp added+0.61 pp added+0.614.3%

Positions132 in this filing · 37 exited


AMZNAmazon.Com Inc	7.06%	2,235,410	$1.6B	trimmed−16%	+0.05 pp	13 q
WFCWells Fargo & Co.	5.06%	24,227,545	$1.1B	added+1%	−0.07 pp	13 q
JPMJPMorgan Chase & Co.	4.87%	17,776,261	$1.1B	added+1%	+0.24 pp	13 q
BRK.ABerkshire Hathaway Inc.	4.49%	4,693	$1.0B	trimmed−4%	−0.11 pp	13 q
9990302DApache Corp	4.33%	17,611,450	$980M	added+3%	+0.61 pp	3 q
UTXZRTX Corporation	4.21%	9,300,803	$954M	added+5%	+0.27 pp	5 q
GOOGAlphabet Inc. Class C	4.18%	1,368,140	$947M	trimmed−1%	−0.37 pp	9 q
AXPAmerican Express Company	3.64%	13,591,870	$826M	trimmed−4%	−0.22 pp	13 q
BNYBank of New York Mellon Corporation	3.39%	19,790,665	$769M	trimmed−4%	+0.01 pp	13 q
unresolvedMonsanto Co	2.92%	6,401,359	$662M	trimmed−20%	−0.21 pp	4 q
GOOGLAlphabet Inc. Class A	2.83%	911,416	$641M	trimmed−2%	−0.30 pp	3 q
OXYOccidental Petroleum Corporation	2.80%	8,402,549	$635M	added+45%	+1.04 pp	4 q
unresolvedEncana Corp	2.52%	73,364,585	$572M	trimmed−1%	+0.52 pp	8 q
TXNTexas Instruments Incorporated	2.50%	9,051,716	$567M	added+22%	+0.62 pp	13 q
KMXCarMax Inc.	2.44%	11,277,585	$553M	added+1%	−0.08 pp	13 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.17%	3,484,617	$492M	trimmed−9%	−0.01 pp	13 q
unresolvedJohnson Controls	1.84%	9,435,681	$418M	added+3%	+0.26 pp	4 q
SCHWThe Charles Schwab Corporation	1.74%	15,544,811	$393M	added+13%	+0.04 pp	13 q
CTRACoterra Energy Inc.	1.73%	15,204,019	$391M	trimmed−12%	−0.01 pp	5 q
LBTYKLiberty Global Ltd. Class C	1.68%	13,302,873	$381M	trimmed−4%	−0.63 pp	13 q
unresolvedExpress Scripts Hldg Co	1.66%	4,955,717	$376M	trimmed−4%	+0.09 pp	13 q
PXGBXPraxair Inc	1.66%	3,340,309	$375M	trimmed−3%	−0.08 pp	13 q
VVISA Inc.	1.63%	4,978,347	$369M	trimmed−4%	−0.12 pp	13 q
COSTCostco Wholesale Corp	1.46%	2,112,981	$332M	trimmed−9%	−0.17 pp	13 q
unresolvedTyco Intl PLC	1.39%	7,379,394	$314M	added+2%	+0.21 pp	2 q
CBChubb Limited	1.32%	2,292,421	$300M	trimmed−1%	+0.09 pp	2 q
METAMeta Platforms, Inc. Class A	1.31%	2,599,249	$297M	added+3%	+0.03 pp	3 q
AIYActivision Blizzard Inc	1.23%	7,027,568	$279M	new	+1.23 pp	new
MKLMarkel Group Inc.	1.21%	287,801	$274M	trimmed−13%	−0.09 pp	13 q
DGXQuest Diagnostics Inc.	1.18%	3,279,494	$267M	trimmed−1%	+0.13 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	1.17%	1,831,518	$265M	added+10%	+0.13 pp	13 q
COFCapital One Financial	1.06%	3,787,264	$241M	added+2%	−0.08 pp	8 q
LLoews Corporation	1.06%	5,851,408	$240M	trimmed−4%	+0.03 pp	13 q
MSFTMicrosoft Corp	1.05%	4,671,550	$239M	trimmed−2%	−0.12 pp	13 q
ECLEcolab, Inc.	1.04%	1,988,824	$236M	trimmed−4%	+0.01 pp	13 q
CFGCitizens Financial Group, Inc.	0.95%	10,774,605	$215M	trimmed−2%	−0.07 pp	8 q
unresolvedPriceline Grp Inc	0.90%	163,088	$204M	trimmed−23%	−0.31 pp	12 q
ORCLOracle Corp	0.86%	4,761,973	$195M	trimmed−6%	−0.06 pp	13 q
EQTEqt Corp	0.83%	2,442,286	$189M	new	+0.83 pp	new
PCARPaccar Inc	0.82%	3,582,693	$186M	trimmed−9%	−0.13 pp	13 q
unresolvedValeant Pharmaceuticals Intl	0.65%	7,304,762	$147M	added+1%	−0.19 pp	13 q
MCOMoody's Corporation	0.63%	1,535,222	$144M	trimmed−4%	−0.05 pp	9 q
AAPAdvance Auto Parts Inc	0.49%	692,836	$112M	trimmed−4%	−0.02 pp	5 q
HPQHP Inc.	0.41%	7,325,252	$92M	added+11%	+0.05 pp	3 q
USBU.S. Bancorp	0.40%	2,231,625	$90M	added×2.1	+0.21 pp	13 q
unresolvedSoufun Holdings Ltd ADR	0.38%	17,322,562	$87M	trimmed−3%	−0.09 pp	13 q
unresolvedLiberty Interactive Corp	0.31%	2,787,141	$71M	trimmed−4%	−0.02 pp	13 q
1LGEUSDLiberty Global PLC Lilac - C	0.31%	2,179,899	$71M	added×3.3	+0.20 pp	4 q
QUOTQuotient Technology Inc	0.29%	4,973,966	$67M	trimmed−14%	+0.02 pp	3 q
unresolvedLiberty Interactive Corp	0.28%	1,693,997	$63M	trimmed−1%	−0.02 pp	13 q
WAIRWESCO Aircraft Holdings Inc.	0.28%	4,810,253	$65M	trimmed−20%	−0.11 pp	13 q
SPGSimon Property Group, Inc.	0.22%	234,004	$51M	added+30%	+0.05 pp	13 q
JDJD.com, Inc.	0.18%	1,913,518	$41M	added+38%	+0.02 pp	9 q
YYJOYY Inc.	0.18%	1,201,635	$41M	added×3.5	+0.09 pp	8 q
GSGoldman Sachs Group Inc.	0.17%	251,972	$37M	trimmed−0%	−0.01 pp	13 q
BXPBXP, Inc.	0.16%	281,228	$37M	added0%	0.00 pp	13 q
EGEverest Group, Ltd.	0.16%	198,272	$36M	trimmed−0%	−0.01 pp	13 q
MRSHMarsh	0.15%	503,780	$34M	trimmed−0%	+0.01 pp	10 q
ETNEaton Corporation, plc	0.15%	564,838	$34M	added+66%	+0.06 pp	3 q
CTTCatchmark Timber Trust, Inc.	0.12%	2,180,660	$27M	added+1%	+0.02 pp	8 q
TRNOTerreno Realty Corporation	0.12%	1,073,426	$28M	trimmed−3%	0.00 pp	10 q
VIPSVipshop Holdings Limited	0.12%	2,474,050	$28M	added+24%	+0.01 pp	13 q
WCCWesco International Inc.	0.11%	478,557	$25M	trimmed−1%	−0.01 pp	6 q
FGAAmerican Campus Communities	0.10%	428,689	$23M	trimmed−11%	0.00 pp	13 q
unresolvedBrookfield Asset Mgmt Inc	0.10%	665,425	$22M	held	—	13 q
PSAPublic Storage	0.10%	88,227	$23M	new	+0.10 pp	new
STTState Street Corporation	0.10%	406,140	$22M	trimmed0%	−0.01 pp	2 q
unresolvedAngie's List	0.09%	3,124,747	$20M	trimmed−2%	−0.02 pp	13 q
AVBAvalonBay Communities, Inc.	0.09%	111,970	$20M	added+12%	+0.01 pp	13 q
EGPEastGroup Properties Inc.	0.09%	311,377	$21M	trimmed−23%	−0.02 pp	13 q
FRFirst Industrial Realty Trust, Inc.	0.09%	712,102	$20M	trimmed−8%	+0.01 pp	9 q
KRGKite Realty Group Trust	0.09%	744,096	$21M	trimmed−13%	−0.01 pp	8 q
NOAHNoah Holdings Limited	0.09%	855,339	$21M	trimmed−0%	0.00 pp	4 q
PNCPNC Financial Services Group	0.09%	263,600	$21M	trimmed0%	−0.01 pp	2 q
unresolvedPost Properties, Inc.	0.09%	318,552	$19M	trimmed−9%	0.00 pp	13 q
AKRAcadia Realty Trust	0.08%	484,458	$17M	trimmed−34%	−0.03 pp	13 q
AIGAmerican International Group, Inc.	0.08%	331,990	$18M	held	—	13 q
CONECyrusOne Inc	0.08%	343,750	$19M	trimmed−42%	−0.04 pp	6 q
unresolvedDct Industrial Trust Inc	0.08%	358,793	$17M	trimmed−11%	+0.01 pp	7 q
unresolvedEducation Realty Trust, Inc.	0.08%	392,658	$18M	trimmed−5%	0.00 pp	7 q
ESSEssex Property Trust, Inc	0.08%	81,707	$19M	added+26%	+0.01 pp	13 q
unresolvedGeneral Growth Pptys Inc New	0.08%	595,550	$18M	new	+0.08 pp	new
unresolvedRamco-Gershenson Properties Trust	0.08%	948,920	$19M	added+3%	+0.01 pp	8 q
ROICRetail Opportunity Investments Corp.	0.08%	850,058	$18M	added+4%	+0.01 pp	6 q
SPGIS&P Global Inc.	0.08%	175,750	$19M	new	+0.08 pp	new
CABOCable One, Inc.	0.07%	32,116	$16M	trimmed−1%	+0.01 pp	4 q
VMRKVivmark Residential	0.07%	236,335	$16M	added+13%	0.00 pp	5 q
unresolvedForest City Rlty Tr Inc	0.07%	675,220	$15M	added0%	+0.01 pp	2 q
HIWHighwoods Properties Inc.	0.07%	310,627	$16M	added0%	0.00 pp	9 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.07%	692,656	$15M	trimmed−4%	0.00 pp	8 q
WELLWelltower Inc.	0.07%	204,112	$16M	added0%	+0.01 pp	2 q
CPTCamden Property Trust	0.06%	142,447	$13M	added+1%	+0.01 pp	2 q
unresolvedCousins Properties Inc.	0.06%	1,250,057	$13M	trimmed−41%	−0.04 pp	12 q
CCICrown Castle Inc.	0.06%	142,202	$14M	added0%	+0.01 pp	6 q
unresolvedDuPont Fabros Technology, Inc.	0.06%	288,179	$14M	added0%	+0.01 pp	4 q
TVGrupo Televisa S.A.	0.06%	485,488	$13M	trimmed−0%	0.00 pp	13 q
unresolvedNew Oriental Ed & Tech Grp I	0.06%	322,708	$14M	new	+0.06 pp	new
TALTAL Education Group	0.06%	223,225	$14M	new	+0.06 pp	new
AMHAmerican Homes 4 Rent	0.05%	559,506	$11M	added0%	+0.01 pp	8 q
AMATApplied Materials Inc	0.05%	472,800	$11M	added+40%	+0.02 pp	13 q
BIDUBaidu, Inc.	0.05%	62,494	$10M	trimmed−57%	−0.07 pp	5 q
CDRCedar Realty Trust, Inc	0.05%	1,557,559	$12M	added+4%	0.00 pp	8 q
unresolvedDDR Corporation	0.05%	585,768	$11M	added0%	0.00 pp	13 q
unresolvedFederal Realty Investment Trust REIT	0.05%	62,289	$10M	added0%	+0.01 pp	13 q
ALEXAlexander & Baldwin, Inc.	0.04%	228,568	$8M	trimmed−37%	−0.02 pp	11 q
AREAlexandria Real Estate Equities, Inc.	0.04%	95,203	$10M	added0%	0.00 pp	13 q
unresolvedApartment Invt & Mgmt Co	0.04%	214,417	$9M	added0%	0.00 pp	6 q
EXRExtra Space Storage, Inc.	0.04%	108,627	$10M	added0%	−0.01 pp	2 q
SAPSap SE	0.04%	125,091	$9M	added+7%	0.00 pp	13 q
Aes Trust IIIconvertible	0.03%	145,027	$8M	held	—	10 q
EQMEQM Midstream Partners, LP	0.03%	78,960	$6M	new	+0.03 pp	new
HSTHost Hotels & Resorts, Inc.	0.03%	435,910	$7M	new	+0.03 pp	new
VNOVornado Realty Trust	0.03%	71,160	$7M	added0%	0.00 pp	13 q
INXNInterxion Holding NV	0.03%	184,995	$7M	added+75%	+0.01 pp	5 q
Corenergy Infrastructureconvertible	0.02%	182,690	$4M	held	—	2 q
IBNICICI Bank Limited	0.02%	651,295	$5M	trimmed−1%	0.00 pp	13 q
CTRPTrip.com Group Limited	0.01%	39,821	$2M	held	—	13 q
KBRKBR, Inc.	0.01%	105,300	$1M	held	—	8 q
LCHappen, Inc.	0.01%	661,716	$3M	trimmed−1%	−0.01 pp	7 q
REXRRexford Industrial Realty, Inc.	0.01%	79,032	$2M	added+4%	0.00 pp	4 q
APDAir Products & Chemicals, Inc.	0.00%	1,815	$258,000	added+1%	0.00 pp	13 q
DISThe Walt Disney Company	0.00%	2,609	$255,000	held	—	13 q
WUBA58.COM Inc	0.00%	20,636	$947,000	held	—	11 q
HPEHewlett Packard Enterprise Company	0.00%	20,830	$381,000	trimmed−93%	−0.02 pp	3 q
INTCIntel Corp	0.00%	14,380	$472,000	trimmed−92%	−0.03 pp	13 q
JMEINJumei International-adr	0.00%	87,500	$361,000	held	—	9 q
LRCXLam Research Corp	0.00%	4,355	$366,000	added+60%	0.00 pp	2 q
MUMicron Technology, Inc.	0.00%	32,055	$441,000	added+66%	0.00 pp	2 q
NWLNewell Brands Inc.	0.00%	8,193	$398,000	new	0.00 pp	new
UPSUnited Parcel Service, Inc. Class B	0.00%	2,512	$271,000	added+1%	0.00 pp	12 q
XLNXXilinx Inc	0.00%	7,920	$365,000	added+73%	0.00 pp	2 q
unresolvedBrookfield Business Partners	0.00%	13,307	$254,000	new	0.00 pp	new
LVSLas Vegas Sands Corp.	—	−6,549,295	—	exited	−1.50 pp	—
99803EURLaboratory Crp Of Amer Hldgs	—	−1,701,662	—	exited	−0.88 pp	—
BANRBanner Corp.	—	−529,640	—	exited	−0.10 pp	—
unresolvedTime Warner Cable Inc	—	−101,315	—	exited	−0.09 pp	—
unresolvedMcGraw Hill	—	−176,870	—	exited	−0.08 pp	—
ATIATI Inc.	—	−825,049	—	exited	−0.06 pp	—
unresolvedGeneral Electric Co	—	−403,930	—	exited	−0.06 pp	—
NKENike, Inc.	—	−208,494	—	exited	−0.06 pp	—
PRTYParty City Holdco Inc.	—	−910,090	—	exited	−0.06 pp	—
ROKRockwell Automation, Inc.	—	−122,959	—	exited	−0.06 pp	—
KSSKohls Corporation	—	−230,320	—	exited	−0.05 pp	—
PWRQuanta Services, Inc.	—	−533,670	—	exited	−0.05 pp	—
Tyson Foods Incconvertible	—	−155,000	—	exited	−0.05 pp	—
UHSUniversal Health Services, Inc. Class B	—	−97,650	—	exited	−0.05 pp	—
unresolvedWaste Connections Inc	—	−159,850	—	exited	−0.05 pp	—
BACBank of America Corporation	—	−725,136	—	exited	−0.04 pp	—
CCitigroup Inc.	—	−228,967	—	exited	−0.04 pp	—
CLColgate-Palmolive Company	—	−118,075	—	exited	−0.04 pp	—
DVNDevon Energy Corporation	—	−335,430	—	exited	−0.04 pp	—
MASMasco Corporation	—	−318,280	—	exited	−0.04 pp	—
URIUnited Rentals, Inc.	—	−146,956	—	exited	−0.04 pp	—
unresolvedWhole Foods Market	—	−267,364	—	exited	−0.04 pp	—
NBRNabors Industries Ltd.	—	−1,067,082	—	exited	−0.04 pp	—
CORRCorEnergy Infrastructure Trust, Inc.	—	−351,756	—	exited	−0.03 pp	—
SHWThe Sherwin-Williams Company	—	−25,892	—	exited	−0.03 pp	—
unresolvedTwenty First Centy Fox Inc	—	−234,896	—	exited	−0.03 pp	—
FCXFreeport-McMoran Inc.	—	−520,684	—	exited	−0.02 pp	—
AAgilent Technologies Inc.	—	−72,389	—	exited	−0.01 pp	—
FEYEFireEye, Inc.	—	−184,560	—	exited	−0.01 pp	—
IBMInternational Business Machines Corporation	—	−20,168	—	exited	−0.01 pp	—
IVEiShares S&P 500 Value ETF	—	−21,686	—	exited	−0.01 pp	—
BLDTopBuild Corp.	—	−49,379	—	exited	−0.01 pp	—
NXPINXP Semiconductors N.V.	—	−20,520	—	exited	−0.01 pp	—
unresolvedBoardwalk Pipeline Partners	—	−22,090	—	exited	0.00 pp	—
unresolvedCalifornia Res Corp	—	−13,426	—	exited	0.00 pp	—
JAHJarden Corporation	—	−14,465	—	exited	0.00 pp	—
KEYSKeysight Technologies, Inc.	—	−14,117	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 6

Issue	% of notes	Principal	Value
Intel Corp	37.35%	11,551,000	$19M
Salesforce.com Inc	20.56%	8,000,000	$10M
Arconic Inc	16.34%	7,750,000	$8M
Nxp Semiconductor NV	15.13%	7,000,000	$8M
Mandiant Inc	7.02%	4,000,000	$4M
Mandiant Inc	3.61%	2,000,000	$2M

Source

Form: 13F-HR
Reading: 0 defects · 25 unresolved
Accession: 0001140361-16-076063
Options: none in this filing
SEC cross-check: SEC data set not published yet

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