Davis Advisors

Q1 2017 13F · by Chris Davis, portfolio manager

As of: Mar 31, 2017
Filed: May 10, 2017
US stock: $23.2B · prev $22.8B
Positions: 141 · prev 142
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%

Moves147 since the prior filing

+3.5 pp in · −3.5 pp out

New 11 +1.30 pp
Added 60 +2.23 pp
Trimmed 64 −2.27 pp
Exited 12 −1.22 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.7 years per position

Low
Moderate
High

Top 5 positions28% of US stock

AMZN Amazon.Com Inc trimmed+0.33 pp trimmed+0.336.6%
WFC Wells Fargo & Co. trimmed−0.26 pp trimmed−0.266.1%
JPM JPMorgan Chase & Co. trimmed−0.56 pp trimmed−0.565.8%
9990302D Apache Corp added−0.59 pp added−0.594.8%
BRK.A Berkshire Hathaway Inc. trimmed−0.03 pp trimmed−0.034.6%

Positions141 in this filing · 12 exited


AMZNAmazon.Com Inc	6.61%	1,728,229	$1.5B	trimmed−10%	+0.33 pp	16 q
WFCWells Fargo & Co.	6.12%	25,494,226	$1.4B	trimmed−4%	−0.26 pp	16 q
JPMJPMorgan Chase & Co.	5.79%	15,274,029	$1.3B	trimmed−9%	−0.56 pp	16 q
9990302DApache Corp	4.85%	21,873,634	$1.1B	added+12%	−0.59 pp	6 q
BRK.ABerkshire Hathaway Inc.	4.60%	4,265	$1.1B	trimmed−2%	−0.03 pp	16 q
GOOGAlphabet Inc. Class C	4.47%	1,250,676	$1.0B	trimmed−3%	+0.12 pp	12 q
BNYBank of New York Mellon Corporation	4.28%	21,001,307	$992M	trimmed−1%	−0.12 pp	16 q
AXPAmerican Express Company	4.04%	11,830,707	$936M	trimmed−2%	+0.13 pp	16 q
UTXZRTX Corporation	3.93%	8,130,264	$912M	trimmed−3%	−0.10 pp	8 q
unresolvedEncana Corp	3.50%	69,328,046	$812M	trimmed−2%	−0.15 pp	11 q
GOOGLAlphabet Inc. Class A	2.89%	789,046	$669M	trimmed−4%	+0.03 pp	6 q
JCIJohnson Controls International plc	2.61%	14,392,807	$606M	trimmed−3%	−0.08 pp	3 q
unresolvedMonsanto Co	2.51%	5,139,380	$582M	trimmed−12%	−0.19 pp	7 q
ADNTAdient plc	2.37%	7,565,186	$550M	added+1%	+0.45 pp	2 q
unresolvedAetna Inc New	2.29%	4,163,857	$531M	added+6%	+0.15 pp	3 q
METAMeta Platforms, Inc. Class A	2.25%	3,669,129	$521M	added+11%	+0.58 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.06%	2,914,023	$478M	trimmed−4%	−0.07 pp	16 q
TXNTexas Instruments Incorporated	2.03%	5,855,439	$472M	trimmed−4%	+0.07 pp	16 q
OXYOccidental Petroleum Corporation	1.89%	6,925,539	$439M	trimmed−10%	−0.50 pp	7 q
LBTYKLiberty Global Ltd. Class C	1.70%	11,258,671	$395M	trimmed−5%	+0.16 pp	16 q
VVISA Inc.	1.59%	4,143,608	$368M	trimmed−2%	+0.14 pp	16 q
CTRACoterra Energy Inc.	1.57%	15,244,534	$364M	trimmed−2%	−0.02 pp	8 q
PXGBXPraxair Inc	1.46%	2,855,442	$339M	trimmed−3%	−0.06 pp	16 q
COFCapital One Financial	1.42%	3,787,852	$328M	added+3%	+0.02 pp	11 q
unresolvedDelphi Automotive PLC	1.34%	3,860,504	$311M	added+1%	+0.21 pp	3 q
COSTCostco Wholesale Corp	1.28%	1,767,667	$296M	trimmed−4%	−0.01 pp	16 q
unresolvedExpress Scripts Hldg Co	1.21%	4,257,264	$281M	trimmed−1%	−0.09 pp	16 q
BRK.BBERKSHIRE HATHAWAY Class B	1.20%	1,672,116	$279M	trimmed−3%	−0.03 pp	16 q
KMXCarMax Inc.	1.18%	4,637,751	$275M	trimmed−28%	−0.62 pp	16 q
MKLMarkel Group Inc.	1.18%	281,185	$274M	added+3%	+0.10 pp	16 q
MSFTMicrosoft Corp	1.12%	3,947,741	$260M	trimmed−4%	0.00 pp	16 q
LLoews Corporation	1.10%	5,474,363	$256M	trimmed−1%	−0.04 pp	16 q
unresolvedPriceline Grp Inc	0.93%	121,427	$216M	trimmed−5%	+0.11 pp	15 q
AXTAAxalta Coating Systems Ltd.	0.93%	6,699,596	$216M	added+72%	+0.47 pp	3 q
CBChubb Limited	0.92%	1,562,241	$213M	trimmed−1%	0.00 pp	5 q
ECLEcolab, Inc.	0.90%	1,673,872	$210M	trimmed−4%	0.00 pp	16 q
ORCLOracle Corp	0.79%	4,113,671	$184M	trimmed−4%	+0.07 pp	16 q
USBU.S. Bancorp	0.52%	2,355,729	$121M	added+6%	+0.02 pp	16 q
FDXFedEx Corporation	0.39%	460,972	$90M	new	+0.39 pp	new
JDJD.com, Inc.	0.31%	2,324,161	$72M	added+5%	+0.06 pp	12 q
SFUNFang Holdings Ltd	0.29%	20,435,842	$67M	added+17%	+0.04 pp	3 q
GSGoldman Sachs Group Inc.	0.25%	251,290	$58M	added0%	−0.01 pp	16 q
ZTOZTO Express (Cayman) Inc.	0.24%	4,187,932	$55M	added+40%	+0.08 pp	2 q
EGEverest Group, Ltd.	0.23%	228,360	$53M	added+15%	+0.04 pp	16 q
unresolvedNew Oriental Ed & Tech Grp I	0.22%	832,339	$50M	added+97%	+0.14 pp	4 q
unresolvedLiberty Interactive Corp	0.20%	2,348,248	$47M	trimmed−3%	−0.01 pp	16 q
VIPSVipshop Holdings Limited	0.20%	3,536,206	$47M	added+5%	+0.04 pp	16 q
BABAAlibaba Group Holding Limited	0.19%	404,270	$44M	added+10%	+0.05 pp	2 q
unresolvedValeant Pharmaceuticals Intl	0.19%	3,917,812	$43M	trimmed−44%	−0.26 pp	16 q
unresolvedKkr & Co L P DEL	0.18%	2,292,605	$42M	new	+0.18 pp	new
TALTAL Education Group	0.18%	383,192	$41M	added+50%	+0.10 pp	4 q
STTState Street Corporation	0.17%	485,411	$39M	added+20%	+0.03 pp	5 q
MRSHMarsh	0.16%	506,814	$37M	added+1%	+0.01 pp	13 q
PNCPNC Financial Services Group	0.16%	302,100	$36M	added+15%	+0.03 pp	5 q
SPGSimon Property Group, Inc.	0.16%	218,527	$38M	added+20%	+0.02 pp	16 q
ETNEaton Corporation, plc	0.16%	512,192	$38M	trimmed−8%	0.00 pp	6 q
1LGEUSDLiberty Global PLC Lilac - C	0.16%	1,577,106	$36M	trimmed−17%	−0.02 pp	7 q
unresolvedMobileye Nv	0.15%	573,570	$35M	new	+0.15 pp	new
NOAHNoah Holdings Limited	0.14%	1,265,416	$32M	added+9%	+0.03 pp	7 q
SCHWThe Charles Schwab Corporation	0.14%	813,225	$33M	added+1%	0.00 pp	16 q
AMATApplied Materials Inc	0.13%	783,612	$30M	trimmed−1%	+0.02 pp	16 q
TVGrupo Televisa S.A.	0.13%	1,130,055	$29M	added+10%	+0.04 pp	16 q
CTTCatchmark Timber Trust, Inc.	0.12%	2,341,357	$27M	added0%	0.00 pp	11 q
unresolvedLiberty Ventures	0.12%	613,355	$27M	trimmed−4%	+0.02 pp	2 q
unresolvedBrookfield Asset Mgmt Inc	0.11%	715,225	$26M	added+8%	+0.01 pp	16 q
DPLODiplomat Pharmacy, Inc.	0.11%	1,632,146	$26M	new	+0.11 pp	new
AIGAmerican International Group, Inc.	0.10%	356,760	$22M	added+8%	+0.01 pp	16 q
MCOMoody's Corporation	0.10%	201,470	$23M	added+1%	+0.02 pp	12 q
NVSNovartis AG	0.10%	298,710	$22M	added+16%	+0.02 pp	2 q
PSAPublic Storage	0.10%	104,317	$23M	added0%	0.00 pp	4 q
SPGIS&P Global Inc.	0.10%	176,478	$23M	added+1%	+0.02 pp	4 q
TRNOTerreno Realty Corporation	0.10%	823,323	$23M	added0%	0.00 pp	13 q
AVBAvalonBay Communities, Inc.	0.09%	114,675	$21M	added0%	0.00 pp	16 q
DFNLDavis Select Financial ETF	0.09%	1,009,450	$21M	new	+0.09 pp	new
DUSADavis Select U.S. Equity ETF	0.09%	1,005,900	$20M	new	+0.09 pp	new
DWLDDavis Select Worldwide ETF	0.09%	943,700	$20M	new	+0.09 pp	new
MAAMid-America Apartment Communities, Inc.	0.09%	203,882	$21M	trimmed−9%	−0.01 pp	2 q
HOLIHollysys Automation Technolo	0.09%	1,262,388	$21M	new	+0.09 pp	new
unresolvedAngie's List	0.08%	3,305,641	$19M	added+1%	−0.04 pp	16 q
ESSEssex Property Trust, Inc	0.08%	83,251	$19M	added0%	0.00 pp	16 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.08%	408,900	$19M	trimmed−4%	+0.01 pp	2 q
PLDPrologis, Inc.	0.08%	371,284	$19M	added0%	−0.01 pp	2 q
WELLWelltower Inc.	0.08%	252,046	$18M	added0%	+0.01 pp	5 q
FGAAmerican Campus Communities	0.07%	342,171	$16M	trimmed−7%	−0.01 pp	16 q
CONECyrusOne Inc	0.07%	330,255	$17M	added0%	+0.01 pp	9 q
QUOTQuotient Technology Inc	0.07%	1,802,635	$17M	trimmed−2%	−0.02 pp	6 q
VNOVornado Realty Trust	0.07%	166,166	$17M	added+54%	+0.02 pp	16 q
AKRAcadia Realty Trust	0.06%	499,011	$15M	added0%	−0.01 pp	16 q
BIDUBaidu, Inc.	0.06%	82,863	$14M	added+6%	0.00 pp	8 q
CCICrown Castle Inc.	0.06%	142,125	$13M	added0%	+0.01 pp	9 q
VMRKVivmark Residential	0.06%	221,367	$14M	trimmed−30%	−0.03 pp	8 q
FRFirst Industrial Realty Trust, Inc.	0.06%	485,581	$13M	added0%	0.00 pp	12 q
ROICRetail Opportunity Investments Corp.	0.06%	648,521	$14M	added0%	0.00 pp	9 q
SAPSap SE	0.06%	136,970	$13M	added+1%	+0.01 pp	16 q
WYWeyerhaeuser Company	0.06%	398,252	$14M	added+92%	+0.03 pp	2 q
AREAlexandria Real Estate Equities, Inc.	0.05%	97,548	$11M	added0%	0.00 pp	16 q
unresolvedDct Industrial Trust Inc	0.05%	217,083	$10M	trimmed−0%	0.00 pp	10 q
unresolvedFederal Realty Investment Trust REIT	0.05%	85,014	$11M	trimmed−0%	0.00 pp	16 q
SSSLife Storage Inc	0.05%	131,717	$11M	added0%	0.00 pp	2 q
DGXQuest Diagnostics Inc.	0.05%	129,419	$13M	trimmed−36%	−0.03 pp	13 q
unresolvedApartment Invt & Mgmt Co	0.04%	217,937	$10M	trimmed−0%	0.00 pp	9 q
BXPBXP, Inc.	0.04%	74,347	$10M	added0%	0.00 pp	16 q
unresolvedCousins Properties Inc.	0.04%	1,247,690	$10M	added0%	−0.01 pp	15 q
CUBECubeSmart	0.04%	368,040	$10M	added0%	0.00 pp	2 q
unresolvedDuPont Fabros Technology, Inc.	0.04%	168,810	$8M	trimmed−41%	−0.02 pp	7 q
EQMEQM Midstream Partners, LP	0.04%	132,352	$10M	held	—	4 q
EXRExtra Space Storage, Inc.	0.04%	110,653	$8M	trimmed−0%	0.00 pp	5 q
unresolvedGGP, Inc.	0.04%	368,437	$9M	new	+0.04 pp	new
HSTHost Hotels & Resorts, Inc.	0.04%	535,935	$10M	trimmed−0%	0.00 pp	4 q
unresolvedHudson Pac Pptys Inc	0.04%	247,630	$9M	new	+0.04 pp	new
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.04%	582,364	$8M	trimmed−4%	0.00 pp	11 q
SLGSL Green Realty Corp.	0.04%	89,193	$10M	trimmed−0%	0.00 pp	2 q
CPTCamden Property Trust	0.03%	72,155	$6M	trimmed−49%	−0.02 pp	5 q
EGPEastGroup Properties Inc.	0.03%	97,418	$7M	added0%	0.00 pp	16 q
unresolvedForest City Rlty Tr Inc	0.03%	284,353	$6M	trimmed−0%	0.00 pp	5 q
unresolvedNew York REIT Inc	0.03%	635,195	$6M	new	+0.03 pp	new
VTRVentas, Inc.	0.03%	90,415	$6M	trimmed−0%	+0.01 pp	3 q
INXNInterxion Holding NV	0.03%	198,105	$8M	added+1%	0.00 pp	8 q
CTRPTrip.com Group Limited	0.02%	94,291	$5M	added+22%	+0.01 pp	16 q
IBNICICI Bank Limited	0.02%	627,795	$5M	trimmed−4%	0.00 pp	16 q
REGRegency Centers Corporation	0.02%	85,836	$6M	trimmed−0%	−0.01 pp	2 q
REXRRexford Industrial Realty, Inc.	0.02%	209,658	$5M	added+98%	+0.01 pp	7 q
CDRCedar Realty Trust, Inc	0.01%	556,254	$3M	trimmed−60%	−0.03 pp	11 q
unresolvedCommerceHub, Inc., Series A	0.01%	102,121	$2M	trimmed−4%	0.00 pp	3 q
unresolvedCommerceHub, Inc., Series C	0.01%	204,518	$3M	trimmed−4%	0.00 pp	3 q
unresolvedDDR Corporation	0.01%	186,636	$2M	trimmed−53%	−0.02 pp	16 q
KRGKite Realty Group Trust	0.01%	140,079	$3M	trimmed−65%	−0.03 pp	11 q
LCHappen, Inc.	0.01%	259,898	$1M	trimmed−62%	−0.01 pp	10 q
unresolvedRamco-Gershenson Properties Trust	0.01%	175,360	$2M	trimmed−25%	−0.01 pp	11 q
APDAir Products & Chemicals, Inc.	0.00%	1,848	$250,000	added+1%	0.00 pp	16 q
WUBA58.COM Inc	0.00%	29,146	$1M	added+10%	0.00 pp	14 q
HPQHP Inc.	0.00%	20,830	$372,000	held	—	6 q
HPEHewlett Packard Enterprise Company	0.00%	20,830	$494,000	held	—	6 q
INTCIntel Corp	0.00%	26,206	$945,000	added+82%	0.00 pp	16 q
JMEINJumei International-adr	0.00%	101,850	$376,000	added+4%	0.00 pp	12 q
LRCXLam Research Corp	0.00%	4,355	$559,000	held	—	5 q
MUMicron Technology, Inc.	0.00%	16,028	$463,000	trimmed−50%	0.00 pp	5 q
PPGPPG Industries, Inc.	0.00%	5,470	$575,000	trimmed−91%	−0.02 pp	3 q
PCARPaccar Inc	0.00%	3,132	$210,000	trimmed−2%	0.00 pp	16 q
XLNXXilinx Inc	0.00%	7,920	$458,000	held	—	5 q
unresolvedBrookfield Business Partners	0.00%	13,307	$328,000	held	—	4 q
EQTEqt Corp	—	−2,972,258	—	exited	−0.85 pp	—
WAIRWESCO Aircraft Holdings Inc.	—	−1,523,627	—	exited	−0.10 pp	—
WCCWesco International Inc.	—	−202,932	—	exited	−0.06 pp	—
AMHAmerican Homes 4 Rent	—	−568,049	—	exited	−0.05 pp	—
HIWHighwoods Properties Inc.	—	−212,388	—	exited	−0.05 pp	—
unresolvedGeneral Growth Pptys Inc New	—	−366,937	—	exited	−0.04 pp	—
YYJOYY Inc.	—	−255,882	—	exited	−0.04 pp	—
IVEiShares S&P 500 Value ETF	—	−59,339	—	exited	−0.03 pp	—
Corenergy Infrastructureconvertible	—	−40,708	—	exited	0.00 pp	—
DISThe Walt Disney Company	—	−2,629	—	exited	0.00 pp	—
IWBiShares Russell 1000 ETF	—	−1,848	—	exited	0.00 pp	—
IWViShares Russell 3000 ETF	—	−2,903	—	exited	0.00 pp	—