Davis Advisors

Q4 2016 13F · by Chris Davis, portfolio manager

As of: Dec 31, 2016
Filed: Feb 7, 2017
US stock: $22.8B · prev $22.9B
Positions: 142 · 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%

Moves139 since the prior filing

+6.5 pp in · −6.5 pp out

New 16 +2.88 pp
Added 44 +3.61 pp
Trimmed 73 −5.10 pp
Exited 6 −1.43 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions29% of US stock

WFC Wells Fargo & Co. added+1.32 pp added+1.326.4%
JPM JPMorgan Chase & Co. trimmed+1.43 pp trimmed+1.436.3%
AMZN Amazon.Com Inc trimmed−1.13 pp trimmed−1.136.3%
9990302D Apache Corp trimmed−0.04 pp trimmed−0.045.4%
BRK.A Berkshire Hathaway Inc. trimmed+0.26 pp trimmed+0.264.6%

Positions142 in this filing · 6 exited


WFCWells Fargo & Co.	6.38%	26,425,695	$1.5B	added+1%	+1.32 pp	15 q
JPMJPMorgan Chase & Co.	6.35%	16,810,992	$1.5B	trimmed−1%	+1.43 pp	15 q
AMZNAmazon.Com Inc	6.28%	1,911,921	$1.4B	trimmed−6%	−1.13 pp	15 q
9990302DApache Corp	5.44%	19,575,752	$1.2B	trimmed−1%	−0.04 pp	5 q
BRK.ABerkshire Hathaway Inc.	4.63%	4,335	$1.1B	trimmed−6%	+0.26 pp	15 q
BNYBank of New York Mellon Corporation	4.40%	21,230,205	$1.0B	trimmed−1%	+0.66 pp	15 q
GOOGAlphabet Inc. Class C	4.35%	1,287,375	$994M	trimmed−3%	−0.14 pp	11 q
UTXZRTX Corporation	4.03%	8,397,470	$921M	trimmed−6%	+0.09 pp	7 q
AXPAmerican Express Company	3.91%	12,064,358	$894M	trimmed−6%	+0.32 pp	15 q
unresolvedEncana Corp	3.65%	71,084,413	$835M	trimmed−5%	+0.23 pp	10 q
GOOGLAlphabet Inc. Class A	2.86%	824,643	$653M	trimmed−6%	−0.20 pp	5 q
unresolvedMonsanto Co	2.70%	5,863,069	$617M	trimmed−6%	−0.08 pp	6 q
JCIJohnson Controls International plc	2.69%	14,906,750	$614M	added+2%	−0.27 pp	2 q
OXYOccidental Petroleum Corporation	2.39%	7,676,858	$547M	trimmed−8%	−0.25 pp	6 q
unresolvedAetna Inc New	2.14%	3,937,198	$488M	added×2.6	+1.38 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.13%	3,039,188	$486M	trimmed−7%	+0.15 pp	15 q
TXNTexas Instruments Incorporated	1.96%	6,119,506	$447M	trimmed−31%	−0.76 pp	15 q
ADNTAdient plc	1.92%	7,495,716	$439M	new	+1.92 pp	new
KMXCarMax Inc.	1.80%	6,398,758	$412M	trimmed−34%	−0.46 pp	15 q
METAMeta Platforms, Inc. Class A	1.67%	3,319,241	$382M	added+37%	+0.32 pp	5 q
CTRACoterra Energy Inc.	1.59%	15,514,128	$362M	trimmed−2%	−0.19 pp	7 q
LBTYKLiberty Global Ltd. Class C	1.54%	11,873,221	$353M	trimmed−7%	−0.29 pp	15 q
PXGBXPraxair Inc	1.52%	2,957,530	$347M	trimmed−7%	−0.15 pp	15 q
VVISA Inc.	1.45%	4,247,022	$331M	trimmed−6%	−0.18 pp	15 q
COFCapital One Financial	1.40%	3,670,420	$320M	trimmed−2%	+0.22 pp	10 q
unresolvedExpress Scripts Hldg Co	1.30%	4,315,258	$297M	trimmed−7%	−0.13 pp	15 q
COSTCostco Wholesale Corp	1.29%	1,845,293	$295M	trimmed−6%	−0.01 pp	15 q
BRK.BBERKSHIRE HATHAWAY Class B	1.23%	1,717,308	$280M	trimmed−3%	+0.11 pp	15 q
LLoews Corporation	1.14%	5,539,761	$259M	added+2%	+0.17 pp	15 q
unresolvedDelphi Automotive PLC	1.13%	3,824,957	$258M	trimmed−0%	−0.06 pp	2 q
MSFTMicrosoft Corp	1.12%	4,100,805	$255M	trimmed−8%	0.00 pp	15 q
MKLMarkel Group Inc.	1.08%	271,805	$246M	trimmed−3%	−0.05 pp	15 q
CBChubb Limited	0.92%	1,585,123	$209M	trimmed−12%	−0.07 pp	4 q
ECLEcolab, Inc.	0.90%	1,745,644	$205M	trimmed−7%	−0.10 pp	15 q
EQTEqt Corp	0.85%	2,972,258	$194M	trimmed−1%	−0.10 pp	3 q
unresolvedPriceline Grp Inc	0.82%	127,566	$187M	trimmed−12%	−0.11 pp	14 q
ORCLOracle Corp	0.72%	4,280,533	$165M	trimmed−5%	−0.05 pp	15 q
USBU.S. Bancorp	0.50%	2,232,919	$115M	added0%	+0.08 pp	15 q
AXTAAxalta Coating Systems Ltd.	0.46%	3,903,956	$106M	added×342.5	+0.46 pp	2 q
unresolvedValeant Pharmaceuticals Intl	0.45%	7,000,303	$102M	trimmed−5%	−0.34 pp	15 q
GSGoldman Sachs Group Inc.	0.26%	250,902	$60M	trimmed−0%	+0.08 pp	15 q
SFUNFang Holdings Ltd	0.25%	17,427,557	$57M	trimmed−1%	−0.09 pp	2 q
JDJD.com, Inc.	0.25%	2,221,236	$57M	added+7%	+0.01 pp	11 q
unresolvedLiberty Interactive Corp	0.21%	2,417,807	$48M	trimmed−8%	−0.02 pp	15 q
EGEverest Group, Ltd.	0.19%	197,762	$43M	held	—	15 q
1LGEUSDLiberty Global PLC Lilac - C	0.18%	1,905,195	$40M	trimmed−8%	−0.07 pp	6 q
VIPSVipshop Holdings Limited	0.16%	3,369,423	$37M	added+26%	−0.01 pp	15 q
ZTOZTO Express (Cayman) Inc.	0.16%	2,987,800	$36M	new	+0.16 pp	new
ETNEaton Corporation, plc	0.16%	559,017	$38M	trimmed−4%	−0.01 pp	5 q
MRSHMarsh	0.15%	501,260	$34M	trimmed−0%	0.00 pp	12 q
BABAAlibaba Group Holding Limited	0.14%	366,132	$32M	new	+0.14 pp	new
SCHWThe Charles Schwab Corporation	0.14%	808,108	$32M	trimmed−95%	−2.08 pp	15 q
SPGSimon Property Group, Inc.	0.14%	181,405	$32M	trimmed−27%	−0.09 pp	15 q
STTState Street Corporation	0.14%	403,370	$31M	trimmed−0%	+0.02 pp	4 q
PNCPNC Financial Services Group	0.13%	261,820	$31M	trimmed−0%	+0.03 pp	4 q
unresolvedAngie's List	0.12%	3,279,686	$27M	added+2%	−0.02 pp	15 q
CTTCatchmark Timber Trust, Inc.	0.12%	2,335,874	$26M	added+1%	0.00 pp	10 q
AMATApplied Materials Inc	0.11%	791,219	$26M	added+67%	+0.05 pp	15 q
NOAHNoah Holdings Limited	0.11%	1,161,444	$25M	added+13%	−0.01 pp	6 q
unresolvedBrookfield Asset Mgmt Inc	0.10%	660,925	$22M	trimmed−0%	0.00 pp	15 q
unresolvedLiberty Ventures	0.10%	638,645	$24M	new	+0.10 pp	new
MAAMid-America Apartment Communities, Inc.	0.10%	224,868	$22M	new	+0.10 pp	new
PSAPublic Storage	0.10%	104,014	$23M	added+2%	0.00 pp	3 q
TRNOTerreno Realty Corporation	0.10%	820,937	$23M	added+2%	0.00 pp	12 q
WAIRWESCO Aircraft Holdings Inc.	0.10%	1,523,627	$23M	trimmed−68%	−0.18 pp	15 q
AIGAmerican International Group, Inc.	0.09%	329,490	$22M	trimmed−0%	0.00 pp	15 q
AVBAvalonBay Communities, Inc.	0.09%	114,301	$20M	added+2%	0.00 pp	15 q
VMRKVivmark Residential	0.09%	317,619	$20M	added+20%	+0.02 pp	7 q
TVGrupo Televisa S.A.	0.09%	1,029,261	$22M	added×6.4	+0.07 pp	15 q
PLDPrologis, Inc.	0.09%	369,727	$20M	new	+0.09 pp	new
QUOTQuotient Technology Inc	0.09%	1,845,427	$20M	trimmed−14%	−0.03 pp	5 q
FGAAmerican Campus Communities	0.08%	369,657	$18M	added+2%	0.00 pp	15 q
ESSEssex Property Trust, Inc	0.08%	83,032	$19M	added+2%	0.00 pp	15 q
MCOMoody's Corporation	0.08%	200,319	$19M	trimmed−86%	−0.61 pp	11 q
unresolvedNew Oriental Ed & Tech Grp I	0.08%	422,753	$18M	added+14%	+0.01 pp	3 q
NVSNovartis AG	0.08%	257,670	$19M	new	+0.08 pp	new
DGXQuest Diagnostics Inc.	0.08%	203,698	$19M	trimmed−15%	−0.01 pp	12 q
SPGIS&P Global Inc.	0.08%	174,630	$19M	trimmed−0%	−0.02 pp	3 q
TALTAL Education Group	0.08%	254,945	$18M	trimmed−0%	0.00 pp	3 q
AKRAcadia Realty Trust	0.07%	497,226	$16M	added+3%	−0.01 pp	15 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.07%	425,760	$17M	new	+0.07 pp	new
WELLWelltower Inc.	0.07%	251,794	$17M	added+23%	0.00 pp	4 q
BIDUBaidu, Inc.	0.06%	78,247	$13M	added+13%	+0.01 pp	7 q
CONECyrusOne Inc	0.06%	329,126	$15M	added+31%	+0.01 pp	8 q
unresolvedDuPont Fabros Technology, Inc.	0.06%	286,560	$13M	trimmed−1%	+0.01 pp	6 q
FRFirst Industrial Realty Trust, Inc.	0.06%	484,459	$14M	trimmed−18%	−0.01 pp	11 q
ROICRetail Opportunity Investments Corp.	0.06%	646,620	$14M	trimmed−24%	−0.02 pp	8 q
WCCWesco International Inc.	0.06%	202,932	$14M	trimmed−59%	−0.07 pp	8 q
AREAlexandria Real Estate Equities, Inc.	0.05%	97,227	$11M	added+2%	0.00 pp	15 q
AMHAmerican Homes 4 Rent	0.05%	568,049	$12M	added+2%	0.00 pp	10 q
CPTCamden Property Trust	0.05%	141,381	$12M	trimmed−1%	0.00 pp	4 q
unresolvedCousins Properties Inc.	0.05%	1,244,053	$11M	trimmed−0%	−0.01 pp	14 q
CCICrown Castle Inc.	0.05%	141,659	$12M	trimmed−0%	−0.01 pp	8 q
unresolvedDct Industrial Trust Inc	0.05%	217,153	$10M	trimmed−39%	−0.03 pp	9 q
unresolvedFederal Realty Investment Trust REIT	0.05%	85,025	$12M	added+37%	+0.01 pp	15 q
HIWHighwoods Properties Inc.	0.05%	212,388	$11M	trimmed−32%	−0.02 pp	11 q
SSSLife Storage Inc	0.05%	131,297	$11M	new	+0.05 pp	new
SAPSap SE	0.05%	135,753	$12M	added+4%	0.00 pp	15 q
VNOVornado Realty Trust	0.05%	107,723	$11M	added+2%	0.00 pp	15 q
unresolvedApartment Invt & Mgmt Co	0.04%	217,992	$10M	added+2%	0.00 pp	8 q
BXPBXP, Inc.	0.04%	74,220	$9M	trimmed−74%	−0.13 pp	15 q
CDRCedar Realty Trust, Inc	0.04%	1,397,410	$9M	trimmed−10%	−0.01 pp	10 q
CUBECubeSmart	0.04%	367,440	$10M	new	+0.04 pp	new
EQMEQM Midstream Partners, LP	0.04%	132,352	$10M	added+2%	0.00 pp	3 q
EXRExtra Space Storage, Inc.	0.04%	110,682	$9M	added+2%	0.00 pp	4 q
unresolvedGeneral Growth Pptys Inc New	0.04%	366,937	$9M	trimmed−38%	−0.03 pp	3 q
HSTHost Hotels & Resorts, Inc.	0.04%	536,085	$10M	added+23%	+0.01 pp	3 q
KRGKite Realty Group Trust	0.04%	403,746	$9M	trimmed−46%	−0.05 pp	10 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.04%	606,184	$9M	trimmed−8%	−0.02 pp	10 q
SLGSL Green Realty Corp.	0.04%	89,217	$10M	new	+0.04 pp	new
YYJOYY Inc.	0.04%	255,882	$10M	added+11%	−0.01 pp	10 q
unresolvedDDR Corporation	0.03%	397,586	$6M	trimmed−32%	−0.01 pp	15 q
EGPEastGroup Properties Inc.	0.03%	97,175	$7M	trimmed−48%	−0.03 pp	15 q
unresolvedForest City Rlty Tr Inc	0.03%	284,460	$6M	trimmed−58%	−0.04 pp	4 q
IVEiShares S&P 500 Value ETF	0.03%	59,339	$6M	new	+0.03 pp	new
REGRegency Centers Corporation	0.03%	85,860	$6M	new	+0.03 pp	new
WYWeyerhaeuser Company	0.03%	206,920	$6M	new	+0.03 pp	new
INXNInterxion Holding NV	0.03%	196,792	$7M	added+6%	0.00 pp	7 q
IBNICICI Bank Limited	0.02%	651,295	$5M	held	—	15 q
LCHappen, Inc.	0.02%	683,402	$4M	added+1%	0.00 pp	9 q
PPGPPG Industries, Inc.	0.02%	57,580	$5M	added+35%	0.00 pp	2 q
unresolvedRamco-Gershenson Properties Trust	0.02%	233,205	$4M	trimmed−75%	−0.06 pp	10 q
VTRVentas, Inc.	0.02%	90,455	$6M	added×2.2	+0.01 pp	2 q
unresolvedCommerceHub, Inc., Series A	0.01%	106,331	$2M	trimmed−8%	0.00 pp	2 q
unresolvedCommerceHub, Inc., Series C	0.01%	212,958	$3M	trimmed−8%	−0.01 pp	2 q
CTRPTrip.com Group Limited	0.01%	77,401	$3M	added+36%	0.00 pp	15 q
REXRRexford Industrial Realty, Inc.	0.01%	106,002	$2M	added+34%	0.00 pp	6 q
APDAir Products & Chemicals, Inc.	0.00%	1,836	$264,000	added+1%	0.00 pp	15 q
Corenergy Infrastructureconvertible	0.00%	40,708	$1M	trimmed−70%	−0.01 pp	4 q
DISThe Walt Disney Company	0.00%	2,629	$274,000	held	—	15 q
WUBA58.COM Inc	0.00%	26,526	$743,000	added+15%	0.00 pp	13 q
HPQHP Inc.	0.00%	20,830	$309,000	trimmed−12%	0.00 pp	5 q
HPEHewlett Packard Enterprise Company	0.00%	20,830	$482,000	held	—	5 q
INTCIntel Corp	0.00%	14,380	$522,000	held	—	15 q
IWBiShares Russell 1000 ETF	0.00%	1,848	$230,000	new	0.00 pp	new
IWViShares Russell 3000 ETF	0.00%	2,903	$386,000	new	0.00 pp	new
JMEINJumei International-adr	0.00%	97,620	$489,000	added+7%	0.00 pp	11 q
LRCXLam Research Corp	0.00%	4,355	$460,000	held	—	4 q
MUMicron Technology, Inc.	0.00%	32,055	$703,000	held	—	4 q
PCARPaccar Inc	0.00%	3,185	$204,000	trimmed−98%	−0.04 pp	15 q
XLNXXilinx Inc	0.00%	7,920	$478,000	held	—	4 q
unresolvedBrookfield Business Partners	0.00%	13,307	$320,000	held	—	3 q
CFGCitizens Financial Group, Inc.	—	−10,111,602	—	exited	−1.09 pp	—
unresolvedLiberty Interactive Corp	—	−1,155,431	—	exited	−0.20 pp	—
unresolvedPost Properties, Inc.	—	−318,555	—	exited	−0.09 pp	—
unresolvedEducation Realty Trust, Inc.	—	−173,183	—	exited	−0.03 pp	—
ALEXAlexander & Baldwin, Inc.	—	−79,534	—	exited	−0.01 pp	—
KBRKBR, Inc.	—	−105,300	—	exited	−0.01 pp	—