Davis Advisors

Q3 2017 13F · by Chris Davis, portfolio manager

As of: Sep 30, 2017
Filed: Nov 10, 2017
US stock: $23.5B · prev $22.9B
Positions: 143 · 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%

Moves138 since the prior filing

+2.1 pp in · −2.2 pp out

New 5 +0.06 pp
Added 46 +2.00 pp
Trimmed 83 −2.12 pp
Exited 4 −0.12 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.8% a year, about 10.2 years per position

Low
Moderate
High

Top 5 positions27% of US stock

WFC Wells Fargo & Co. added−0.12 pp added−0.126.2%
AMZN Amazon.Com Inc trimmed−0.40 pp trimmed−0.406.2%
JPM JPMorgan Chase & Co. trimmed−0.22 pp trimmed−0.225.2%
BRK.A Berkshire Hathaway Inc. held held4.9%
GOOG Alphabet Inc. Class C trimmed−0.05 pp trimmed−0.054.7%

Positions143 in this filing · 4 exited


WFCWells Fargo & Co.	6.18%	26,335,478	$1.5B	added+1%	−0.12 pp	18 q
AMZNAmazon.Com Inc	6.17%	1,507,337	$1.4B	trimmed−3%	−0.40 pp	18 q
JPMJPMorgan Chase & Co.	5.18%	12,752,186	$1.2B	trimmed−6%	−0.22 pp	18 q
BRK.ABerkshire Hathaway Inc.	4.90%	4,187	$1.2B	held	—	18 q
GOOGAlphabet Inc. Class C	4.68%	1,148,225	$1.1B	trimmed−4%	−0.05 pp	14 q
BNYBank of New York Mellon Corporation	4.45%	19,718,607	$1.0B	trimmed−1%	0.00 pp	18 q
AXPAmerican Express Company	4.20%	10,904,535	$986M	trimmed−3%	+0.04 pp	18 q
COFCapital One Financial	4.17%	11,581,237	$980M	added+44%	+1.26 pp	13 q
9990302DApache Corp	4.09%	20,998,334	$962M	added0%	−0.31 pp	8 q
UTXZRTX Corporation	3.79%	7,666,203	$890M	trimmed−1%	−0.36 pp	10 q
unresolvedEncana Corp	3.27%	65,304,863	$769M	trimmed−3%	+0.67 pp	13 q
GOOGLAlphabet Inc. Class A	2.96%	715,768	$697M	trimmed−4%	−0.09 pp	8 q
unresolvedAetna Inc New	2.59%	3,824,917	$608M	trimmed−4%	−0.05 pp	5 q
ADNTAdient plc	2.56%	7,154,891	$601M	trimmed−3%	+0.45 pp	4 q
METAMeta Platforms, Inc. Class A	2.46%	3,382,612	$578M	trimmed−4%	+0.14 pp	8 q
JCIJohnson Controls International plc	2.27%	13,256,345	$534M	trimmed−4%	−0.34 pp	5 q
TXNTexas Instruments Incorporated	2.00%	5,234,988	$469M	trimmed−5%	+0.14 pp	18 q
OXYOccidental Petroleum Corporation	1.70%	6,232,951	$400M	trimmed−4%	0.00 pp	9 q
CTRACoterra Energy Inc.	1.65%	14,448,060	$387M	trimmed−3%	+0.01 pp	10 q
FDXFedEx Corporation	1.55%	1,620,124	$365M	trimmed−4%	−0.05 pp	3 q
PXGBXPraxair Inc	1.51%	2,543,551	$356M	trimmed−4%	−0.02 pp	18 q
unresolvedDelphi Automotive PLC	1.51%	3,600,448	$354M	trimmed−3%	+0.08 pp	5 q
LBTYKLiberty Global Ltd. Class C	1.42%	10,204,759	$333M	trimmed−4%	−0.03 pp	18 q
BRK.BBERKSHIRE HATHAWAY Class B	1.35%	1,734,829	$318M	added+3%	+0.11 pp	18 q
KMXCarMax Inc.	1.31%	4,065,627	$308M	trimmed−7%	+0.10 pp	18 q
MKLMarkel Group Inc.	1.20%	264,054	$282M	trimmed−4%	+0.02 pp	18 q
AXTAAxalta Coating Systems Ltd.	1.16%	9,402,305	$272M	added+30%	+0.15 pp	5 q
MSFTMicrosoft Corp	1.11%	3,488,561	$260M	trimmed−6%	0.00 pp	18 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.09%	1,305,135	$256M	trimmed−48%	−0.97 pp	18 q
VVISA Inc.	1.05%	2,342,817	$246M	trimmed−25%	−0.23 pp	18 q
unresolvedExpress Scripts Hldg Co	1.04%	3,848,419	$244M	trimmed−4%	−0.08 pp	18 q
LLoews Corporation	1.04%	5,087,910	$244M	trimmed−3%	−0.03 pp	18 q
COSTCostco Wholesale Corp	0.97%	1,386,367	$228M	trimmed−18%	−0.21 pp	18 q
CBChubb Limited	0.87%	1,435,348	$205M	trimmed−3%	−0.07 pp	7 q
ORCLOracle Corp	0.81%	3,924,554	$190M	trimmed−3%	−0.08 pp	18 q
ECLEcolab, Inc.	0.64%	1,177,479	$151M	trimmed−16%	−0.17 pp	18 q
unresolvedPriceline Grp Inc	0.55%	71,073	$130M	trimmed−22%	−0.19 pp	17 q
SFUNFang Holdings Ltd	0.47%	27,088,293	$110M	trimmed−1%	+0.03 pp	5 q
BABAAlibaba Group Holding Limited	0.41%	554,328	$96M	added+30%	+0.15 pp	4 q
unresolvedNew Oriental Ed & Tech Grp I	0.40%	1,058,617	$93M	added+12%	+0.11 pp	6 q
JDJD.com, Inc.	0.39%	2,425,536	$93M	trimmed−1%	−0.03 pp	14 q
HOLIHollysys Automation Technolo	0.38%	4,155,115	$90M	added+23%	+0.13 pp	3 q
TALTAL Education Group	0.36%	2,537,827	$86M	trimmed−1%	+0.13 pp	6 q
USBU.S. Bancorp	0.31%	1,361,537	$73M	added+1%	0.00 pp	18 q
ZTOZTO Express (Cayman) Inc.	0.28%	4,686,871	$66M	trimmed−0%	−0.01 pp	4 q
GSGoldman Sachs Group Inc.	0.26%	252,986	$60M	added+1%	+0.02 pp	18 q
unresolvedAngie's List	0.22%	4,162,001	$52M	trimmed−8%	−0.03 pp	18 q
unresolvedMonsanto Co	0.22%	428,111	$51M	added0%	0.00 pp	9 q
EGEverest Group, Ltd.	0.22%	230,741	$53M	added+1%	−0.03 pp	18 q
unresolvedLiberty Interactive Corp	0.21%	2,076,235	$49M	trimmed−4%	−0.02 pp	18 q
unresolvedKkr & Co L P DEL	0.20%	2,326,754	$47M	added0%	+0.01 pp	3 q
STTState Street Corporation	0.20%	497,827	$48M	added+1%	+0.01 pp	7 q
YAlleghany Corporation	0.19%	78,524	$44M	added+1%	−0.01 pp	2 q
DUSADavis Select U.S. Equity ETF	0.19%	2,060,000	$45M	added+54%	+0.07 pp	3 q
NOAHNoah Holdings Limited	0.19%	1,425,790	$46M	trimmed−1%	+0.01 pp	9 q
MRSHMarsh	0.18%	510,212	$43M	trimmed−1%	0.00 pp	15 q
PNCPNC Financial Services Group	0.18%	310,032	$42M	added+1%	+0.01 pp	7 q
DFNLDavis Select Financial ETF	0.17%	1,801,050	$41M	added+20%	+0.03 pp	3 q
DWLDDavis Select Worldwide ETF	0.17%	1,612,800	$39M	added+31%	+0.05 pp	3 q
ETNEaton Corporation, plc	0.17%	534,224	$41M	added0%	−0.01 pp	8 q
SPGSimon Property Group, Inc.	0.16%	233,037	$38M	added+7%	+0.01 pp	18 q
DPLODiplomat Pharmacy, Inc.	0.15%	1,705,234	$35M	added0%	+0.04 pp	3 q
SCHWThe Charles Schwab Corporation	0.15%	827,632	$36M	added+1%	0.00 pp	18 q
unresolvedTarena International, Inc.,Class A, ADR	0.15%	2,458,979	$36M	added×3.1	+0.09 pp	2 q
VIPSVipshop Holdings Limited	0.14%	3,659,664	$32M	trimmed−2%	−0.03 pp	18 q
1LGEUSDLiberty Global PLC Lilac - C	0.14%	1,377,197	$32M	trimmed−4%	+0.01 pp	9 q
unresolvedBrookfield Asset Mgmt Inc	0.13%	717,049	$30M	added+1%	+0.01 pp	18 q
unresolvedLiberty Ventures	0.13%	528,715	$30M	trimmed−4%	0.00 pp	4 q
NVSNovartis AG	0.13%	350,186	$30M	trimmed−1%	0.00 pp	4 q
MCOMoody's Corporation	0.12%	202,766	$28M	added+1%	+0.01 pp	14 q
QUOTQuotient Technology Inc	0.12%	1,785,168	$28M	trimmed−1%	+0.03 pp	8 q
SPGIS&P Global Inc.	0.12%	180,638	$28M	trimmed−0%	0.00 pp	6 q
AMATApplied Materials Inc	0.11%	505,017	$26M	trimmed−32%	−0.02 pp	18 q
CTTCatchmark Timber Trust, Inc.	0.11%	1,997,328	$25M	trimmed−10%	0.00 pp	13 q
AIGAmerican International Group, Inc.	0.09%	357,634	$22M	added+1%	−0.01 pp	18 q
BIDUBaidu, Inc.	0.09%	83,789	$21M	trimmed−3%	+0.02 pp	10 q
ESSEssex Property Trust, Inc	0.09%	83,276	$21M	added0%	0.00 pp	18 q
PSAPublic Storage	0.09%	98,454	$21M	trimmed−5%	−0.01 pp	6 q
CXOConcho Resources Inc.	0.08%	136,047	$18M	added×2.5	+0.05 pp	2 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.08%	352,600	$19M	trimmed−4%	−0.01 pp	4 q
WELLWelltower Inc.	0.08%	252,553	$18M	trimmed−0%	0.00 pp	7 q
INTCIntel Corp	0.07%	422,981	$16M	added×11.9	+0.06 pp	18 q
PLDPrologis, Inc.	0.07%	263,530	$17M	trimmed−0%	0.00 pp	4 q
SAPSap SE	0.07%	141,865	$16M	added0%	+0.01 pp	18 q
TRNOTerreno Realty Corporation	0.07%	484,604	$18M	trimmed−25%	−0.03 pp	15 q
AKRAcadia Realty Trust	0.06%	499,220	$14M	added0%	0.00 pp	18 q
AVBAvalonBay Communities, Inc.	0.06%	83,991	$15M	trimmed−27%	−0.04 pp	18 q
BXPBXP, Inc.	0.06%	121,572	$15M	added+64%	+0.02 pp	18 q
CONECyrusOne Inc	0.06%	223,111	$13M	trimmed−32%	−0.02 pp	11 q
VMRKVivmark Residential	0.06%	221,717	$15M	trimmed−0%	0.00 pp	10 q
FRFirst Industrial Realty Trust, Inc.	0.06%	485,082	$15M	trimmed−0%	0.00 pp	14 q
unresolvedForest City Rlty Tr Inc	0.06%	526,236	$13M	added+84%	+0.03 pp	7 q
unresolvedGGP, Inc.	0.06%	623,351	$13M	trimmed−0%	0.00 pp	3 q
WYWeyerhaeuser Company	0.06%	397,704	$14M	trimmed−0%	0.00 pp	4 q
AREAlexandria Real Estate Equities, Inc.	0.05%	97,450	$12M	trimmed−0%	0.00 pp	18 q
FGAAmerican Campus Communities	0.05%	262,619	$12M	trimmed−23%	−0.02 pp	18 q
CPTCamden Property Trust	0.05%	135,627	$12M	added+88%	+0.02 pp	7 q
unresolvedCousins Properties Inc.	0.05%	1,245,745	$12M	trimmed−0%	0.00 pp	17 q
unresolvedFederal Realty Investment Trust REIT	0.05%	85,236	$11M	trimmed−0%	0.00 pp	18 q
unresolvedHudson Pac Pptys Inc	0.05%	333,134	$11M	added+35%	+0.01 pp	3 q
SSSLife Storage Inc	0.05%	131,521	$11M	trimmed−0%	+0.01 pp	4 q
MAAMid-America Apartment Communities, Inc.	0.05%	119,564	$13M	trimmed−41%	−0.04 pp	4 q
DGXQuest Diagnostics Inc.	0.05%	132,655	$12M	added0%	−0.01 pp	15 q
REGRegency Centers Corporation	0.05%	180,867	$11M	trimmed−0%	0.00 pp	4 q
ROICRetail Opportunity Investments Corp.	0.05%	647,274	$12M	trimmed−0%	0.00 pp	11 q
SLGSL Green Realty Corp.	0.05%	117,429	$12M	added+32%	+0.01 pp	4 q
VNOVornado Realty Trust	0.05%	166,018	$13M	trimmed−0%	−0.02 pp	18 q
unresolvedApartment Invt & Mgmt Co	0.04%	218,572	$10M	trimmed−0%	0.00 pp	11 q
CCICrown Castle Inc.	0.04%	85,455	$9M	trimmed−40%	−0.02 pp	11 q
CUBECubeSmart	0.04%	368,895	$10M	trimmed−0%	0.00 pp	4 q
unresolvedDct Industrial Trust Inc	0.04%	168,661	$10M	trimmed−23%	−0.01 pp	12 q
EQMEQM Midstream Partners, LP	0.04%	126,102	$9M	trimmed−4%	0.00 pp	6 q
EGPEastGroup Properties Inc.	0.04%	97,746	$9M	added0%	0.00 pp	18 q
EXRExtra Space Storage, Inc.	0.04%	111,088	$9M	added0%	0.00 pp	7 q
HSTHost Hotels & Resorts, Inc.	0.04%	537,617	$10M	trimmed−0%	0.00 pp	6 q
KIMKimco Realty Corp.	0.04%	461,480	$9M	new	+0.04 pp	new
REXRRexford Industrial Realty, Inc.	0.04%	314,670	$9M	added+50%	+0.01 pp	9 q
VTRVentas, Inc.	0.04%	138,212	$9M	added+53%	+0.01 pp	5 q
CTRPTrip.com Group Limited	0.03%	119,561	$6M	held	—	18 q
IBNICICI Bank Limited	0.03%	690,574	$6M	held	—	18 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.03%	500,514	$6M	trimmed−4%	0.00 pp	13 q
unresolvedCommerceHub, Inc., Series C	0.02%	176,298	$4M	trimmed−4%	+0.01 pp	5 q
INXNInterxion Holding NV	0.02%	99,896	$5M	trimmed−49%	−0.02 pp	10 q
BRXBrixmor Property Group Inc.	0.01%	152,870	$3M	new	+0.01 pp	new
CDRCedar Realty Trust, Inc	0.01%	554,706	$3M	trimmed−0%	0.00 pp	13 q
unresolvedCommerceHub, Inc., Series A	0.01%	88,051	$2M	trimmed−4%	0.00 pp	5 q
unresolvedDDR Corporation	0.01%	186,013	$2M	trimmed−0%	0.00 pp	18 q
WUBA58.COM Inc	0.01%	30,176	$2M	trimmed−1%	0.00 pp	16 q
JBGSJBG SMITH Properties	0.01%	83,006	$3M	new	+0.01 pp	new
KRGKite Realty Group Trust	0.01%	139,687	$3M	trimmed−0%	0.00 pp	13 q
unresolvedRamco-Gershenson Properties Trust	0.01%	207,051	$3M	held	—	13 q
APDAir Products & Chemicals, Inc.	0.00%	1,872	$283,000	added+1%	0.00 pp	18 q
DXCDXC Technology Company	0.00%	11,319	$972,000	added+84%	0.00 pp	2 q
unresolvedDowdupont Inc	0.00%	13,810	$956,000	new	0.00 pp	new
HPQHP Inc.	0.00%	20,830	$416,000	held	—	8 q
IVEiShares S&P 500 Value ETF	0.00%	2,237	$241,000	new	0.00 pp	new
JMEINJumei International-adr	0.00%	59,940	$174,000	trimmed−43%	0.00 pp	14 q
LRCXLam Research Corp	0.00%	3,485	$645,000	held	—	7 q
LCHappen, Inc.	0.00%	188,220	$1M	added0%	0.00 pp	12 q
PPGPPG Industries, Inc.	0.00%	5,470	$594,000	held	—	5 q
PCARPaccar Inc	0.00%	3,156	$228,000	added0%	0.00 pp	18 q
XLNXXilinx Inc	0.00%	7,920	$561,000	held	—	7 q
unresolvedBrookfield Business Partners	0.00%	13,307	$395,000	held	—	6 q
TVGrupo Televisa S.A.	—	−1,169,011	—	exited	−0.12 pp	—
unresolvedDow Chemical Co	—	−13,810	—	exited	0.00 pp	—
HPEHewlett Packard Enterprise Company	—	−20,830	—	exited	0.00 pp	—
MUMicron Technology, Inc.	—	−12,828	—	exited	0.00 pp	—