Davis Advisors

Q3 2016 13F · by Chris Davis, portfolio manager

As of: Sep 30, 2016
Filed: Nov 9, 2016
US stock: $22.9B · prev $22.7B
Positions: 132 · prev 132
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves132 since the prior filing

+8.8 pp in · −8.8 pp out

New 9 +5.31 pp
Added 54 +3.50 pp
Trimmed 60 −3.37 pp
Exited 9 −5.43 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 29% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions27% of US stock

AMZN Amazon.Com Inc trimmed+0.35 pp trimmed+0.357.4%
9990302D Apache Corp added+1.15 pp added+1.155.5%
WFC Wells Fargo & Co. added0.00 pp added0.005.1%
JPM JPMorgan Chase & Co. trimmed+0.05 pp trimmed+0.054.9%
GOOG Alphabet Inc. Class C trimmed+0.31 pp trimmed+0.314.5%

Positions132 in this filing · 9 exited


AMZNAmazon.Com Inc	7.41%	2,031,382	$1.7B	trimmed−9%	+0.35 pp	14 q
9990302DApache Corp	5.48%	19,676,467	$1.3B	added+12%	+1.15 pp	4 q
WFCWells Fargo & Co.	5.06%	26,193,351	$1.2B	added+8%	0.00 pp	14 q
JPMJPMorgan Chase & Co.	4.92%	16,953,276	$1.1B	trimmed−5%	+0.05 pp	14 q
GOOGAlphabet Inc. Class C	4.49%	1,326,242	$1.0B	trimmed−3%	+0.31 pp	10 q
BRK.ABerkshire Hathaway Inc.	4.37%	4,634	$1.0B	trimmed−1%	−0.12 pp	14 q
UTXZRTX Corporation	3.94%	8,898,906	$904M	trimmed−4%	−0.27 pp	6 q
BNYBank of New York Mellon Corporation	3.74%	21,505,937	$858M	added+9%	+0.35 pp	14 q
AXPAmerican Express Company	3.59%	12,849,137	$823M	trimmed−5%	−0.05 pp	14 q
unresolvedEncana Corp	3.42%	75,030,451	$786M	added+2%	+0.90 pp	9 q
GOOGLAlphabet Inc. Class A	3.06%	874,230	$703M	trimmed−4%	+0.23 pp	4 q
JCIJohnson Controls International plc	2.96%	14,590,065	$679M	new	+2.96 pp	new
unresolvedMonsanto Co	2.78%	6,237,627	$637M	trimmed−3%	−0.14 pp	5 q
TXNTexas Instruments Incorporated	2.72%	8,906,473	$625M	trimmed−2%	+0.22 pp	14 q
OXYOccidental Petroleum Corporation	2.64%	8,320,935	$607M	trimmed−1%	−0.16 pp	5 q
KMXCarMax Inc.	2.26%	9,724,947	$519M	trimmed−14%	−0.18 pp	14 q
SCHWThe Charles Schwab Corporation	2.22%	16,147,073	$510M	added+4%	+0.48 pp	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.98%	3,250,827	$455M	trimmed−7%	−0.19 pp	14 q
LBTYKLiberty Global Ltd. Class C	1.83%	12,721,681	$420M	trimmed−4%	+0.15 pp	14 q
CTRACoterra Energy Inc.	1.78%	15,799,261	$408M	added+4%	+0.05 pp	6 q
PXGBXPraxair Inc	1.67%	3,165,236	$382M	trimmed−5%	+0.01 pp	14 q
VVISA Inc.	1.63%	4,511,202	$373M	trimmed−9%	0.00 pp	14 q
unresolvedExpress Scripts Hldg Co	1.43%	4,638,868	$327M	trimmed−6%	−0.23 pp	14 q
METAMeta Platforms, Inc. Class A	1.35%	2,420,251	$310M	trimmed−7%	+0.04 pp	4 q
COSTCostco Wholesale Corp	1.30%	1,961,214	$299M	trimmed−7%	−0.16 pp	14 q
unresolvedDelphi Automotive PLC	1.19%	3,833,351	$273M	new	+1.19 pp	new
COFCapital One Financial	1.18%	3,764,073	$270M	trimmed−1%	+0.12 pp	9 q
MKLMarkel Group Inc.	1.13%	279,791	$260M	trimmed−3%	−0.08 pp	14 q
BRK.BBERKSHIRE HATHAWAY Class B	1.12%	1,772,913	$256M	trimmed−3%	−0.05 pp	14 q
MSFTMicrosoft Corp	1.12%	4,444,519	$256M	trimmed−5%	+0.07 pp	14 q
CFGCitizens Financial Group, Inc.	1.09%	10,111,602	$250M	trimmed−6%	+0.14 pp	9 q
ECLEcolab, Inc.	1.00%	1,881,626	$229M	trimmed−5%	−0.04 pp	14 q
CBChubb Limited	0.99%	1,807,706	$227M	trimmed−21%	−0.33 pp	3 q
LLoews Corporation	0.97%	5,429,312	$223M	trimmed−7%	−0.09 pp	14 q
EQTEqt Corp	0.95%	3,014,494	$219M	added+23%	+0.12 pp	2 q
unresolvedPriceline Grp Inc	0.93%	145,699	$214M	trimmed−11%	+0.03 pp	13 q
unresolvedValeant Pharmaceuticals Intl	0.79%	7,365,210	$181M	added+1%	+0.14 pp	14 q
ORCLOracle Corp	0.77%	4,520,191	$178M	trimmed−5%	−0.09 pp	14 q
unresolvedAetna Inc New	0.76%	1,504,313	$174M	new	+0.76 pp	new
MCOMoody's Corporation	0.69%	1,465,821	$159M	trimmed−5%	+0.06 pp	10 q
USBU.S. Bancorp	0.42%	2,230,805	$96M	trimmed−0%	+0.02 pp	14 q
SFUNFang Holdings Ltd	0.34%	17,571,453	$79M	new	+0.34 pp	new
WAIRWESCO Aircraft Holdings Inc.	0.28%	4,779,618	$64M	trimmed−1%	0.00 pp	14 q
1LGEUSDLiberty Global PLC Lilac - C	0.25%	2,061,844	$58M	trimmed−5%	−0.06 pp	5 q
JDJD.com, Inc.	0.24%	2,077,921	$54M	added+9%	+0.06 pp	10 q
unresolvedLiberty Interactive Corp	0.23%	2,620,438	$52M	trimmed−6%	−0.08 pp	14 q
SPGSimon Property Group, Inc.	0.23%	249,695	$52M	added+7%	+0.01 pp	14 q
unresolvedLiberty Interactive Corp	0.20%	1,155,431	$46M	trimmed−32%	−0.08 pp	14 q
GSGoldman Sachs Group Inc.	0.18%	251,652	$41M	trimmed−0%	+0.01 pp	14 q
BXPBXP, Inc.	0.17%	281,230	$38M	added0%	+0.01 pp	14 q
VIPSVipshop Holdings Limited	0.17%	2,683,442	$39M	added+8%	+0.05 pp	14 q
ETNEaton Corporation, plc	0.17%	581,490	$38M	added+3%	+0.02 pp	4 q
EGEverest Group, Ltd.	0.16%	197,762	$38M	trimmed−0%	0.00 pp	14 q
MRSHMarsh	0.15%	502,480	$34M	trimmed−0%	0.00 pp	11 q
unresolvedAngie's List	0.14%	3,206,460	$32M	added+3%	+0.05 pp	14 q
WCCWesco International Inc.	0.13%	494,534	$30M	added+3%	+0.02 pp	7 q
CTTCatchmark Timber Trust, Inc.	0.12%	2,306,600	$27M	added+6%	0.00 pp	9 q
NOAHNoah Holdings Limited	0.12%	1,027,407	$27M	added+20%	+0.03 pp	5 q
QUOTQuotient Technology Inc	0.12%	2,153,784	$29M	trimmed−57%	−0.17 pp	4 q
STTState Street Corporation	0.12%	404,700	$28M	trimmed−0%	+0.02 pp	3 q
unresolvedBrookfield Asset Mgmt Inc	0.10%	663,115	$23M	trimmed−0%	0.00 pp	14 q
PNCPNC Financial Services Group	0.10%	262,680	$24M	trimmed−0%	+0.01 pp	3 q
PSAPublic Storage	0.10%	102,096	$23M	added+16%	0.00 pp	2 q
SPGIS&P Global Inc.	0.10%	175,280	$22M	trimmed−0%	+0.02 pp	2 q
TRNOTerreno Realty Corporation	0.10%	806,277	$22M	trimmed−25%	−0.02 pp	11 q
AIGAmerican International Group, Inc.	0.09%	330,830	$20M	trimmed−0%	+0.01 pp	14 q
AVBAvalonBay Communities, Inc.	0.09%	111,971	$20M	added0%	0.00 pp	14 q
KRGKite Realty Group Trust	0.09%	744,103	$21M	added0%	0.00 pp	9 q
unresolvedPost Properties, Inc.	0.09%	318,555	$21M	added0%	0.00 pp	14 q
DGXQuest Diagnostics Inc.	0.09%	239,896	$20M	trimmed−93%	−1.09 pp	11 q
AKRAcadia Realty Trust	0.08%	484,457	$18M	trimmed0%	0.00 pp	14 q
FGAAmerican Campus Communities	0.08%	362,021	$18M	trimmed−16%	−0.02 pp	14 q
unresolvedDct Industrial Trust Inc	0.08%	358,800	$17M	added0%	0.00 pp	8 q
ESSEssex Property Trust, Inc	0.08%	81,708	$18M	added0%	0.00 pp	14 q
unresolvedRamco-Gershenson Properties Trust	0.08%	948,941	$18M	added0%	0.00 pp	9 q
ROICRetail Opportunity Investments Corp.	0.08%	850,063	$19M	added0%	0.00 pp	7 q
TALTAL Education Group	0.08%	255,103	$18M	added+14%	+0.02 pp	2 q
VMRKVivmark Residential	0.07%	264,899	$17M	added+12%	0.00 pp	6 q
FRFirst Industrial Realty Trust, Inc.	0.07%	590,122	$17M	trimmed−17%	−0.02 pp	10 q
unresolvedForest City Rlty Tr Inc	0.07%	675,229	$16M	added0%	0.00 pp	3 q
unresolvedGeneral Growth Pptys Inc New	0.07%	595,554	$16M	added0%	−0.01 pp	2 q
HIWHighwoods Properties Inc.	0.07%	310,630	$16M	added0%	0.00 pp	10 q
unresolvedNew Oriental Ed & Tech Grp I	0.07%	369,393	$17M	added+14%	+0.01 pp	2 q
WELLWelltower Inc.	0.07%	204,113	$15M	added0%	0.00 pp	3 q
AMATApplied Materials Inc	0.06%	474,880	$14M	added0%	+0.01 pp	14 q
unresolvedCousins Properties Inc.	0.06%	1,250,050	$13M	trimmed0%	0.00 pp	13 q
CCICrown Castle Inc.	0.06%	142,204	$13M	added0%	0.00 pp	7 q
EGPEastGroup Properties Inc.	0.06%	187,587	$14M	trimmed−40%	−0.03 pp	14 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.06%	657,484	$14M	trimmed−5%	−0.01 pp	9 q
AREAlexandria Real Estate Equities, Inc.	0.05%	95,206	$10M	added0%	+0.01 pp	14 q
AMHAmerican Homes 4 Rent	0.05%	559,522	$12M	added0%	0.00 pp	9 q
BIDUBaidu, Inc.	0.05%	69,137	$13M	added+11%	0.00 pp	6 q
CPTCamden Property Trust	0.05%	142,447	$12M	held	—	3 q
CDRCedar Realty Trust, Inc	0.05%	1,557,569	$11M	added0%	0.00 pp	9 q
CONECyrusOne Inc	0.05%	251,841	$12M	trimmed−27%	−0.03 pp	7 q
unresolvedDuPont Fabros Technology, Inc.	0.05%	288,183	$12M	added0%	−0.01 pp	5 q
SAPSap SE	0.05%	130,389	$12M	added+4%	+0.01 pp	14 q
VNOVornado Realty Trust	0.05%	105,816	$11M	added+49%	+0.02 pp	14 q
YYJOYY Inc.	0.05%	230,192	$12M	trimmed−81%	−0.13 pp	9 q
unresolvedApartment Invt & Mgmt Co	0.04%	214,423	$10M	added0%	0.00 pp	7 q
unresolvedDDR Corporation	0.04%	585,787	$10M	added0%	−0.01 pp	14 q
EQMEQM Midstream Partners, LP	0.04%	129,292	$10M	added+64%	+0.01 pp	2 q
EXRExtra Space Storage, Inc.	0.04%	108,628	$9M	added0%	0.00 pp	3 q
unresolvedFederal Realty Investment Trust REIT	0.04%	62,290	$10M	added0%	−0.01 pp	14 q
PCARPaccar Inc	0.04%	172,177	$10M	trimmed−95%	−0.78 pp	14 q
unresolvedEducation Realty Trust, Inc.	0.03%	173,183	$7M	trimmed−56%	−0.05 pp	8 q
HSTHost Hotels & Resorts, Inc.	0.03%	435,914	$7M	added0%	0.00 pp	2 q
INXNInterxion Holding NV	0.03%	184,999	$7M	added0%	0.00 pp	6 q
unresolvedCommerceHub, Inc., Series C	0.02%	231,088	$4M	new	+0.02 pp	new
TVGrupo Televisa S.A.	0.02%	160,155	$4M	trimmed−67%	−0.04 pp	14 q
IBNICICI Bank Limited	0.02%	651,295	$5M	held	—	14 q
LCHappen, Inc.	0.02%	675,118	$4M	added+2%	+0.01 pp	8 q
PPGPPG Industries, Inc.	0.02%	42,700	$4M	new	+0.02 pp	new
ALEXAlexander & Baldwin, Inc.	0.01%	79,534	$3M	trimmed−65%	−0.03 pp	12 q
unresolvedCommerceHub, Inc., Series A	0.01%	115,541	$2M	new	+0.01 pp	new
Corenergy Infrastructureconvertible	0.01%	136,266	$3M	trimmed−25%	−0.01 pp	3 q
CTRPTrip.com Group Limited	0.01%	56,751	$3M	added+43%	0.00 pp	14 q
KBRKBR, Inc.	0.01%	105,300	$2M	held	—	9 q
REXRRexford Industrial Realty, Inc.	0.01%	79,027	$2M	trimmed−0%	0.00 pp	5 q
VTRVentas, Inc.	0.01%	41,402	$3M	new	+0.01 pp	new
APDAir Products & Chemicals, Inc.	0.00%	1,825	$274,000	added+1%	0.00 pp	14 q
DISThe Walt Disney Company	0.00%	2,629	$244,000	added+1%	0.00 pp	14 q
WUBA58.COM Inc	0.00%	23,086	$1M	added+12%	0.00 pp	12 q
HPQHP Inc.	0.00%	23,700	$368,000	trimmed−100%	−0.41 pp	4 q
HPEHewlett Packard Enterprise Company	0.00%	20,830	$474,000	held	—	4 q
INTCIntel Corp	0.00%	14,380	$543,000	held	—	14 q
JMEINJumei International-adr	0.00%	90,960	$532,000	added+4%	0.00 pp	10 q
LRCXLam Research Corp	0.00%	4,355	$412,000	held	—	3 q
MUMicron Technology, Inc.	0.00%	32,055	$570,000	held	—	3 q
XLNXXilinx Inc	0.00%	7,920	$430,000	held	—	3 q
AXTAAxalta Coating Systems Ltd.	0.00%	11,400	$322,000	new	0.00 pp	new
unresolvedBrookfield Business Partners	0.00%	13,307	$352,000	held	—	2 q
unresolvedJohnson Controls	—	−9,435,681	—	exited	−1.84 pp	—
unresolvedTyco Intl PLC	—	−7,379,394	—	exited	−1.39 pp	—
AIYActivision Blizzard Inc	—	−7,027,568	—	exited	−1.23 pp	—
AAPAdvance Auto Parts Inc	—	−692,836	—	exited	−0.49 pp	—
unresolvedSoufun Holdings Ltd ADR	—	−17,322,562	—	exited	−0.38 pp	—
CABOCable One, Inc.	—	−32,116	—	exited	−0.07 pp	—
Aes Trust IIIconvertible	—	−145,027	—	exited	−0.03 pp	—
NWLNewell Brands Inc.	—	−8,193	—	exited	0.00 pp	—
UPSUnited Parcel Service, Inc. Class B	—	−2,512	—	exited	0.00 pp	—