Davis Advisors

Q2 2017 13F · by Chris Davis, portfolio manager

As of: Jun 30, 2017
Filed: Aug 7, 2017
US stock: $22.9B · prev $23.2B
Positions: 142 · prev 141
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%

Moves141 since the prior filing

+4.5 pp in · −4.5 pp out

New 5 +0.29 pp
Added 59 +4.22 pp
Trimmed 73 −4.13 pp
Exited 4 −0.41 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.4 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions142 in this filing · 4 exited


AMZNAmazon.Com Inc	6.57%	1,550,760	$1.5B	trimmed−10%	−0.04 pp	17 q
WFCWells Fargo & Co.	6.30%	25,966,811	$1.4B	added+2%	+0.18 pp	17 q
JPMJPMorgan Chase & Co.	5.40%	13,507,258	$1.2B	trimmed−12%	−0.39 pp	17 q
GOOGAlphabet Inc. Class C	4.73%	1,190,795	$1.1B	trimmed−5%	+0.26 pp	13 q
BRK.ABerkshire Hathaway Inc.	4.67%	4,187	$1.1B	trimmed−2%	+0.07 pp	17 q
BNYBank of New York Mellon Corporation	4.45%	19,934,671	$1.0B	trimmed−5%	+0.17 pp	17 q
9990302DApache Corp	4.40%	20,985,516	$1.0B	trimmed−4%	−0.45 pp	7 q
AXPAmerican Express Company	4.16%	11,297,163	$952M	trimmed−5%	+0.12 pp	17 q
UTXZRTX Corporation	4.15%	7,765,681	$948M	trimmed−4%	+0.22 pp	9 q
GOOGLAlphabet Inc. Class A	3.05%	749,160	$696M	trimmed−5%	+0.16 pp	7 q
COFCapital One Financial	2.91%	8,061,905	$666M	added×2.1	+1.49 pp	12 q
unresolvedAetna Inc New	2.64%	3,980,111	$604M	trimmed−4%	+0.35 pp	4 q
JCIJohnson Controls International plc	2.61%	13,753,394	$596M	trimmed−4%	0.00 pp	4 q
unresolvedEncana Corp	2.60%	67,572,006	$595M	trimmed−3%	−0.90 pp	12 q
METAMeta Platforms, Inc. Class A	2.32%	3,513,904	$531M	trimmed−4%	+0.07 pp	7 q
ADNTAdient plc	2.11%	7,391,629	$483M	trimmed−2%	−0.26 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.06%	2,533,733	$470M	trimmed−13%	0.00 pp	17 q
TXNTexas Instruments Incorporated	1.86%	5,514,815	$424M	trimmed−6%	−0.17 pp	17 q
OXYOccidental Petroleum Corporation	1.70%	6,491,356	$389M	trimmed−6%	−0.19 pp	8 q
CTRACoterra Energy Inc.	1.64%	14,904,337	$374M	trimmed−2%	+0.07 pp	9 q
FDXFedEx Corporation	1.60%	1,684,618	$366M	added×3.7	+1.21 pp	2 q
PXGBXPraxair Inc	1.53%	2,637,592	$350M	trimmed−8%	+0.07 pp	17 q
LBTYKLiberty Global Ltd. Class C	1.45%	10,595,142	$330M	trimmed−6%	−0.25 pp	17 q
unresolvedDelphi Automotive PLC	1.43%	3,717,769	$326M	trimmed−4%	+0.09 pp	4 q
VVISA Inc.	1.28%	3,115,409	$292M	trimmed−25%	−0.31 pp	17 q
BRK.BBERKSHIRE HATHAWAY Class B	1.24%	1,677,917	$284M	added0%	+0.04 pp	17 q
KMXCarMax Inc.	1.21%	4,390,623	$277M	trimmed−5%	+0.03 pp	17 q
COSTCostco Wholesale Corp	1.18%	1,683,514	$269M	trimmed−5%	−0.10 pp	17 q
MKLMarkel Group Inc.	1.18%	276,033	$269M	trimmed−2%	0.00 pp	17 q
unresolvedExpress Scripts Hldg Co	1.12%	4,011,191	$256M	trimmed−6%	−0.09 pp	17 q
MSFTMicrosoft Corp	1.11%	3,695,488	$255M	trimmed−6%	−0.01 pp	17 q
LLoews Corporation	1.07%	5,231,077	$245M	trimmed−4%	−0.03 pp	17 q
AXTAAxalta Coating Systems Ltd.	1.01%	7,228,390	$232M	added+8%	+0.08 pp	4 q
CBChubb Limited	0.94%	1,473,874	$214M	trimmed−6%	+0.02 pp	6 q
ORCLOracle Corp	0.89%	4,034,353	$202M	trimmed−2%	+0.10 pp	17 q
ECLEcolab, Inc.	0.81%	1,396,786	$185M	trimmed−17%	−0.09 pp	17 q
unresolvedPriceline Grp Inc	0.74%	90,939	$170M	trimmed−25%	−0.19 pp	16 q
SFUNFang Holdings Ltd	0.44%	27,239,493	$101M	added+33%	+0.15 pp	4 q
JDJD.com, Inc.	0.42%	2,456,456	$96M	added+6%	+0.11 pp	13 q
USBU.S. Bancorp	0.31%	1,351,009	$70M	trimmed−43%	−0.21 pp	17 q
unresolvedNew Oriental Ed & Tech Grp I	0.29%	943,253	$66M	added+13%	+0.07 pp	5 q
ZTOZTO Express (Cayman) Inc.	0.29%	4,704,977	$66M	added+12%	+0.05 pp	3 q
BABAAlibaba Group Holding Limited	0.26%	426,747	$60M	added+6%	+0.07 pp	3 q
unresolvedAngie's List	0.25%	4,524,585	$58M	added+37%	+0.17 pp	17 q
EGEverest Group, Ltd.	0.25%	228,871	$58M	added0%	+0.02 pp	17 q
HOLIHollysys Automation Technolo	0.25%	3,391,934	$56M	added×2.7	+0.16 pp	2 q
GSGoldman Sachs Group Inc.	0.24%	251,126	$56M	trimmed−0%	−0.01 pp	17 q
unresolvedLiberty Interactive Corp	0.23%	2,162,940	$53M	trimmed−8%	+0.03 pp	17 q
TALTAL Education Group	0.23%	426,586	$52M	added+11%	+0.05 pp	5 q
unresolvedMonsanto Co	0.22%	426,200	$50M	trimmed−92%	−2.29 pp	8 q
YAlleghany Corporation	0.20%	77,974	$46M	new	+0.20 pp	new
unresolvedKkr & Co L P DEL	0.19%	2,317,264	$43M	added+1%	+0.01 pp	2 q
STTState Street Corporation	0.19%	493,517	$44M	added+2%	+0.02 pp	6 q
MRSHMarsh	0.18%	513,972	$40M	added+1%	+0.02 pp	14 q
NOAHNoah Holdings Limited	0.18%	1,434,298	$41M	added+13%	+0.04 pp	8 q
ETNEaton Corporation, plc	0.18%	533,228	$42M	added+4%	+0.02 pp	7 q
PNCPNC Financial Services Group	0.17%	307,362	$38M	added+2%	+0.01 pp	6 q
VIPSVipshop Holdings Limited	0.17%	3,719,303	$39M	added+5%	−0.03 pp	17 q
SCHWThe Charles Schwab Corporation	0.15%	819,312	$35M	added+1%	+0.01 pp	17 q
SPGSimon Property Group, Inc.	0.15%	218,446	$35M	trimmed−0%	−0.01 pp	17 q
DFNLDavis Select Financial ETF	0.14%	1,505,850	$33M	added+49%	+0.05 pp	2 q
AMATApplied Materials Inc	0.13%	741,934	$31M	trimmed−5%	0.00 pp	17 q
unresolvedLiberty Ventures	0.13%	553,245	$29M	trimmed−10%	+0.01 pp	3 q
NVSNovartis AG	0.13%	352,820	$29M	added+18%	+0.03 pp	3 q
1LGEUSDLiberty Global PLC Lilac - C	0.13%	1,437,547	$31M	trimmed−9%	−0.03 pp	8 q
unresolvedBrookfield Asset Mgmt Inc	0.12%	710,109	$28M	trimmed−1%	+0.01 pp	17 q
DUSADavis Select U.S. Equity ETF	0.12%	1,340,700	$28M	added+33%	+0.03 pp	2 q
DWLDDavis Select Worldwide ETF	0.12%	1,228,000	$27M	added+30%	+0.03 pp	2 q
TVGrupo Televisa S.A.	0.12%	1,169,011	$28M	added+3%	−0.01 pp	17 q
SPGIS&P Global Inc.	0.12%	181,288	$26M	added+3%	+0.02 pp	5 q
CTTCatchmark Timber Trust, Inc.	0.11%	2,214,587	$25M	trimmed−5%	−0.01 pp	12 q
DPLODiplomat Pharmacy, Inc.	0.11%	1,703,992	$25M	added+4%	0.00 pp	2 q
MCOMoody's Corporation	0.11%	201,306	$24M	trimmed−0%	+0.01 pp	13 q
AIGAmerican International Group, Inc.	0.10%	354,294	$22M	trimmed−1%	0.00 pp	17 q
AVBAvalonBay Communities, Inc.	0.10%	114,501	$22M	trimmed−0%	+0.01 pp	17 q
PSAPublic Storage	0.10%	104,173	$22M	trimmed−0%	0.00 pp	5 q
TRNOTerreno Realty Corporation	0.10%	646,739	$22M	trimmed−21%	0.00 pp	14 q
ESSEssex Property Trust, Inc	0.09%	83,136	$21M	trimmed−0%	+0.01 pp	17 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.09%	368,920	$20M	trimmed−10%	+0.01 pp	3 q
MAAMid-America Apartment Communities, Inc.	0.09%	204,265	$22M	added0%	0.00 pp	3 q
QUOTQuotient Technology Inc	0.09%	1,809,532	$21M	added0%	+0.02 pp	7 q
CONECyrusOne Inc	0.08%	330,205	$18M	trimmed−0%	+0.01 pp	10 q
WELLWelltower Inc.	0.08%	252,893	$19M	added0%	0.00 pp	6 q
FGAAmerican Campus Communities	0.07%	342,954	$16M	added0%	0.00 pp	17 q
BIDUBaidu, Inc.	0.07%	86,105	$15M	added+4%	+0.01 pp	9 q
PLDPrologis, Inc.	0.07%	263,950	$15M	trimmed−29%	−0.01 pp	3 q
VNOVornado Realty Trust	0.07%	166,158	$16M	trimmed0%	0.00 pp	17 q
AKRAcadia Realty Trust	0.06%	498,160	$14M	trimmed−0%	0.00 pp	17 q
CCICrown Castle Inc.	0.06%	142,060	$14M	trimmed−0%	0.00 pp	10 q
VMRKVivmark Residential	0.06%	221,877	$15M	added0%	0.00 pp	9 q
FRFirst Industrial Realty Trust, Inc.	0.06%	485,582	$14M	added0%	0.00 pp	13 q
unresolvedGGP, Inc.	0.06%	624,251	$15M	added+69%	+0.02 pp	2 q
DGXQuest Diagnostics Inc.	0.06%	132,589	$15M	added+2%	+0.01 pp	14 q
SAPSap SE	0.06%	141,379	$15M	added+3%	0.00 pp	17 q
unresolvedTarena International, Inc.,Class A, ADR	0.06%	793,502	$14M	new	+0.06 pp	new
WYWeyerhaeuser Company	0.06%	398,204	$13M	trimmed−0%	0.00 pp	3 q
AREAlexandria Real Estate Equities, Inc.	0.05%	97,540	$12M	trimmed−0%	0.00 pp	17 q
unresolvedCousins Properties Inc.	0.05%	1,247,675	$11M	trimmed0%	+0.01 pp	16 q
unresolvedDct Industrial Trust Inc	0.05%	218,145	$12M	added0%	0.00 pp	11 q
unresolvedFederal Realty Investment Trust REIT	0.05%	85,356	$11M	added0%	0.00 pp	17 q
REGRegency Centers Corporation	0.05%	181,067	$11M	added×2.1	+0.03 pp	3 q
ROICRetail Opportunity Investments Corp.	0.05%	648,444	$12M	trimmed−0%	−0.01 pp	10 q
unresolvedApartment Invt & Mgmt Co	0.04%	218,802	$9M	added0%	0.00 pp	10 q
BXPBXP, Inc.	0.04%	74,334	$9M	trimmed−0%	0.00 pp	17 q
CUBECubeSmart	0.04%	369,315	$9M	added0%	0.00 pp	3 q
EQMEQM Midstream Partners, LP	0.04%	130,812	$10M	trimmed−1%	0.00 pp	5 q
EGPEastGroup Properties Inc.	0.04%	97,416	$8M	trimmed0%	+0.01 pp	17 q
EXRExtra Space Storage, Inc.	0.04%	110,658	$9M	added0%	0.00 pp	6 q
HSTHost Hotels & Resorts, Inc.	0.04%	538,387	$10M	added0%	0.00 pp	5 q
unresolvedHudson Pac Pptys Inc	0.04%	247,599	$8M	trimmed−0%	0.00 pp	2 q
SSSLife Storage Inc	0.04%	131,721	$10M	added0%	−0.01 pp	3 q
SLGSL Green Realty Corp.	0.04%	89,194	$9M	added0%	0.00 pp	3 q
INXNInterxion Holding NV	0.04%	197,445	$9M	trimmed−0%	+0.01 pp	9 q
CPTCamden Property Trust	0.03%	72,169	$6M	added0%	0.00 pp	6 q
CXOConcho Resources Inc.	0.03%	54,398	$7M	new	+0.03 pp	new
CTRPTrip.com Group Limited	0.03%	119,561	$6M	added+27%	+0.01 pp	17 q
unresolvedForest City Rlty Tr Inc	0.03%	285,566	$7M	added0%	0.00 pp	6 q
IBNICICI Bank Limited	0.03%	690,574	$6M	trimmed0%	+0.01 pp	17 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.03%	523,824	$6M	trimmed−10%	−0.01 pp	12 q
REXRRexford Industrial Realty, Inc.	0.03%	209,680	$6M	added0%	+0.01 pp	8 q
VTRVentas, Inc.	0.03%	90,422	$6M	added0%	0.00 pp	4 q
CDRCedar Realty Trust, Inc	0.01%	556,006	$3M	trimmed−0%	0.00 pp	12 q
unresolvedCommerceHub, Inc., Series A	0.01%	92,061	$2M	trimmed−10%	0.00 pp	4 q
unresolvedCommerceHub, Inc., Series C	0.01%	184,508	$3M	trimmed−10%	0.00 pp	4 q
unresolvedDDR Corporation	0.01%	186,613	$2M	trimmed−0%	0.00 pp	17 q
WUBA58.COM Inc	0.01%	30,336	$1M	added+4%	+0.01 pp	15 q
INTCIntel Corp	0.01%	35,596	$1M	added+36%	+0.01 pp	17 q
KRGKite Realty Group Trust	0.01%	140,017	$3M	trimmed−0%	0.00 pp	12 q
unresolvedRamco-Gershenson Properties Trust	0.01%	207,051	$3M	added+18%	0.00 pp	12 q
APDAir Products & Chemicals, Inc.	0.00%	1,860	$266,000	added+1%	0.00 pp	17 q
DXCDXC Technology Company	0.00%	6,159	$473,000	new	0.00 pp	new
unresolvedDow Chemical Co	0.00%	13,810	$871,000	new	0.00 pp	new
HPQHP Inc.	0.00%	20,830	$364,000	held	—	7 q
HPEHewlett Packard Enterprise Company	0.00%	20,830	$346,000	held	—	7 q
JMEINJumei International-adr	0.00%	105,490	$225,000	added+4%	0.00 pp	13 q
LRCXLam Research Corp	0.00%	3,485	$493,000	trimmed−20%	0.00 pp	6 q
LCHappen, Inc.	0.00%	187,898	$1M	trimmed−28%	−0.01 pp	11 q
MUMicron Technology, Inc.	0.00%	12,828	$383,000	trimmed−20%	0.00 pp	6 q
PPGPPG Industries, Inc.	0.00%	5,470	$601,000	held	—	4 q
PCARPaccar Inc	0.00%	3,144	$208,000	added0%	0.00 pp	17 q
XLNXXilinx Inc	0.00%	7,920	$509,000	held	—	6 q
unresolvedBrookfield Business Partners	0.00%	13,307	$360,000	held	—	5 q
unresolvedValeant Pharmaceuticals Intl	—	−3,917,812	—	exited	−0.19 pp	—
unresolvedMobileye Nv	—	−573,570	—	exited	−0.15 pp	—
unresolvedDuPont Fabros Technology, Inc.	—	−168,810	—	exited	−0.04 pp	—
unresolvedNew York REIT Inc	—	−635,195	—	exited	−0.03 pp	—