Davis Advisors

Q4 2017 13F · by Chris Davis, portfolio manager

As of: Dec 31, 2017
Filed: Feb 13, 2018
US stock: $23.5B · prev $23.5B
Positions: 143 · prev 143
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%

Moves137 since the prior filing

+7.0 pp in · −7.0 pp out

New 7 +1.34 pp
Added 70 +5.67 pp
Trimmed 53 −5.09 pp
Exited 7 −1.94 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 4.9 years per position

Low
Moderate
High

Top 5 positions30% of US stock

AMZN Amazon.Com Inc trimmed+1.22 pp trimmed+1.227.4%
WFC Wells Fargo & Co. trimmed+0.58 pp trimmed+0.586.8%
JPM JPMorgan Chase & Co. trimmed+0.54 pp trimmed+0.545.7%
BRK.A Berkshire Hathaway Inc. trimmed+0.31 pp trimmed+0.315.2%
GOOG Alphabet Inc. Class C added+0.50 pp added+0.505.2%

Positions143 in this filing · 7 exited


AMZNAmazon.Com Inc	7.39%	1,486,864	$1.7B	trimmed−1%	+1.22 pp	19 q
WFCWells Fargo & Co.	6.76%	26,237,640	$1.6B	trimmed−0%	+0.58 pp	19 q
JPMJPMorgan Chase & Co.	5.72%	12,589,233	$1.3B	trimmed−1%	+0.54 pp	19 q
BRK.ABerkshire Hathaway Inc.	5.21%	4,125	$1.2B	trimmed−1%	+0.31 pp	19 q
GOOGAlphabet Inc. Class C	5.18%	1,164,907	$1.2B	added+1%	+0.50 pp	15 q
COFCapital One Financial	5.03%	11,898,226	$1.2B	added+3%	+0.86 pp	14 q
BNYBank of New York Mellon Corporation	4.47%	19,535,957	$1.1B	trimmed−1%	+0.02 pp	19 q
UTXZRTX Corporation	4.12%	7,599,394	$969M	trimmed−1%	+0.33 pp	11 q
9990302DApache Corp	3.70%	20,650,094	$872M	trimmed−2%	−0.39 pp	9 q
unresolvedEncana Corp	3.48%	61,421,348	$819M	trimmed−6%	+0.21 pp	14 q
AXPAmerican Express Company	3.29%	7,788,769	$774M	trimmed−29%	−0.91 pp	19 q
GOOGLAlphabet Inc. Class A	3.14%	701,479	$739M	trimmed−2%	+0.18 pp	9 q
JCIJohnson Controls International plc	2.78%	17,146,373	$653M	added+29%	+0.51 pp	6 q
BABAAlibaba Group Holding Limited	2.56%	3,492,429	$602M	added×6.3	+2.15 pp	5 q
METAMeta Platforms, Inc. Class A	2.55%	3,396,248	$599M	added0%	+0.09 pp	9 q
ADNTAdient plc	2.52%	7,550,983	$594M	added+6%	−0.04 pp	5 q
unresolvedAetna Inc New	2.49%	3,255,479	$587M	trimmed−15%	−0.10 pp	6 q
TXNTexas Instruments Incorporated	2.24%	5,048,968	$527M	trimmed−4%	+0.24 pp	19 q
CTRACoterra Energy Inc.	1.75%	14,430,824	$413M	trimmed−0%	+0.10 pp	11 q
FDXFedEx Corporation	1.72%	1,622,989	$405M	added0%	+0.17 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	1.49%	1,773,272	$351M	added+2%	+0.14 pp	19 q
LBTYKLiberty Global Ltd. Class C	1.43%	9,962,415	$337M	trimmed−2%	+0.01 pp	19 q
AXTAAxalta Coating Systems Ltd.	1.32%	9,577,113	$310M	added+2%	+0.16 pp	6 q
MSFTMicrosoft Corp	1.25%	3,452,947	$295M	trimmed−1%	+0.14 pp	19 q
unresolvedExpress Scripts Hldg Co	1.24%	3,916,700	$292M	added+2%	+0.20 pp	19 q
MKLMarkel Group Inc.	1.24%	256,000	$292M	trimmed−3%	+0.04 pp	19 q
OXYOccidental Petroleum Corporation	1.09%	3,490,276	$257M	trimmed−44%	−0.61 pp	10 q
LLoews Corporation	1.01%	4,731,662	$237M	trimmed−7%	−0.03 pp	19 q
9991429DAptiv Irish Holdings Ltd	0.90%	2,496,817	$212M	new	+0.90 pp	new
CBChubb Limited	0.89%	1,436,856	$210M	added0%	+0.02 pp	8 q
ORCLOracle Corp	0.78%	3,892,317	$184M	trimmed−1%	−0.03 pp	19 q
SFUNFang Holdings Ltd	0.66%	27,667,470	$154M	added+2%	+0.19 pp	6 q
unresolvedPriceline Grp Inc	0.52%	70,140	$122M	trimmed−1%	−0.03 pp	18 q
JDJD.com, Inc.	0.44%	2,480,374	$103M	added+2%	+0.05 pp	15 q
unresolvedNew Oriental Ed & Tech Grp I	0.43%	1,076,958	$101M	added+2%	+0.03 pp	7 q
HOLIHollysys Automation Technolo	0.43%	4,531,409	$101M	added+9%	+0.05 pp	4 q
USBU.S. Bancorp	0.34%	1,511,316	$81M	added+11%	+0.03 pp	19 q
VVISA Inc.	0.34%	699,583	$80M	trimmed−70%	−0.71 pp	19 q
DUSADavis Select U.S. Equity ETF	0.28%	2,803,000	$66M	added+36%	+0.09 pp	4 q
GSGoldman Sachs Group Inc.	0.28%	257,264	$66M	added+2%	+0.02 pp	19 q
unresolvedTarena International, Inc.,Class A, ADR	0.28%	4,347,615	$65M	added+77%	+0.13 pp	3 q
NOAHNoah Holdings Limited	0.27%	1,368,557	$63M	trimmed−4%	+0.08 pp	10 q
ZTOZTO Express (Cayman) Inc.	0.27%	4,029,153	$64M	trimmed−14%	−0.01 pp	5 q
ANGIAngi Inc. Class A	0.22%	4,953,268	$52M	new	+0.22 pp	new
unresolvedKkr & Co L P DEL	0.22%	2,417,341	$51M	added+4%	+0.02 pp	4 q
EGEverest Group, Ltd.	0.22%	235,042	$52M	added+2%	0.00 pp	19 q
unresolvedLiberty Interactive Corp	0.21%	2,046,649	$50M	trimmed−1%	0.00 pp	19 q
STTState Street Corporation	0.21%	507,740	$50M	added+2%	+0.01 pp	8 q
YAlleghany Corporation	0.20%	79,789	$48M	added+2%	+0.01 pp	3 q
TALTAL Education Group	0.20%	1,561,180	$46M	trimmed−38%	−0.16 pp	7 q
PNCPNC Financial Services Group	0.19%	316,173	$46M	added+2%	+0.01 pp	8 q
DFNLDavis Select Financial ETF	0.18%	1,814,550	$43M	added+1%	+0.01 pp	4 q
DWLDDavis Select Worldwide ETF	0.18%	1,650,800	$43M	added+2%	+0.01 pp	4 q
SCHWThe Charles Schwab Corporation	0.18%	846,768	$43M	added+2%	+0.03 pp	19 q
SPGSimon Property Group, Inc.	0.18%	246,427	$42M	added+6%	+0.02 pp	19 q
VIPSVipshop Holdings Limited	0.16%	3,277,318	$38M	trimmed−10%	+0.02 pp	19 q
DLPHBorgwarner Jersey Ltd	0.16%	704,943	$37M	new	+0.16 pp	new
DPLODiplomat Pharmacy, Inc.	0.15%	1,799,128	$36M	added+6%	0.00 pp	4 q
unresolvedBrookfield Asset Mgmt Inc	0.14%	733,011	$32M	added+2%	+0.01 pp	19 q
unresolvedLiberty Ventures	0.12%	522,118	$28M	trimmed−1%	−0.01 pp	5 q
AMATApplied Materials Inc	0.11%	503,225	$26M	trimmed−0%	0.00 pp	19 q
MRSHMarsh	0.11%	306,784	$25M	trimmed−40%	−0.07 pp	16 q
NVSNovartis AG	0.11%	319,186	$27M	trimmed−9%	−0.02 pp	5 q
ETNEaton Corporation, plc	0.11%	335,951	$27M	trimmed−37%	−0.06 pp	9 q
1LGEUSDLiberty Global PLC Lilac - C	0.10%	1,238,925	$25M	trimmed−10%	−0.04 pp	10 q
AIGAmerican International Group, Inc.	0.09%	365,316	$22M	added+2%	0.00 pp	19 q
BIDUBaidu, Inc.	0.09%	93,223	$22M	added+11%	0.00 pp	11 q
CXOConcho Resources Inc.	0.09%	136,907	$21M	added+1%	+0.01 pp	3 q
ESSEssex Property Trust, Inc	0.09%	83,436	$20M	added0%	0.00 pp	19 q
PSAPublic Storage	0.09%	98,584	$21M	added0%	0.00 pp	7 q
QUOTQuotient Technology Inc	0.09%	1,790,438	$21M	added0%	−0.03 pp	9 q
AKRAcadia Realty Trust	0.08%	710,700	$19M	added+42%	+0.02 pp	19 q
INTCIntel Corp	0.08%	427,118	$20M	added+1%	+0.01 pp	19 q
BXPBXP, Inc.	0.07%	121,572	$16M	held	—	19 q
EQMEQM Midstream Partners, LP	0.07%	235,264	$17M	added+87%	+0.03 pp	7 q
FRFirst Industrial Realty Trust, Inc.	0.07%	486,422	$15M	added0%	+0.01 pp	15 q
IVEiShares S&P 500 Value ETF	0.07%	149,732	$17M	added×66.9	+0.07 pp	2 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.07%	348,194	$15M	trimmed−1%	−0.01 pp	5 q
PLDPrologis, Inc.	0.07%	264,760	$17M	added0%	0.00 pp	5 q
SAPSap SE	0.07%	142,826	$16M	added+1%	0.00 pp	19 q
WELLWelltower Inc.	0.07%	253,523	$16M	added0%	−0.01 pp	8 q
AVBAvalonBay Communities, Inc.	0.06%	84,111	$15M	added0%	0.00 pp	19 q
CTTCatchmark Timber Trust, Inc.	0.06%	1,114,015	$15M	trimmed−44%	−0.05 pp	14 q
VMRKVivmark Residential	0.06%	221,058	$14M	trimmed−0%	0.00 pp	11 q
DGXQuest Diagnostics Inc.	0.06%	132,697	$13M	added0%	+0.01 pp	16 q
ROICRetail Opportunity Investments Corp.	0.06%	649,424	$13M	added0%	+0.01 pp	12 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.06%	66,706	$15M	trimmed−95%	−1.03 pp	19 q
AREAlexandria Real Estate Equities, Inc.	0.05%	97,800	$13M	added0%	0.00 pp	19 q
FGAAmerican Campus Communities	0.05%	263,189	$11M	added0%	0.00 pp	19 q
CPTCamden Property Trust	0.05%	136,012	$13M	added0%	0.00 pp	8 q
unresolvedCousins Properties Inc.	0.05%	1,250,085	$12M	added0%	0.00 pp	18 q
CTRPTrip.com Group Limited	0.05%	256,991	$11M	added×2.1	+0.02 pp	19 q
CUBECubeSmart	0.05%	370,025	$11M	added0%	+0.01 pp	5 q
unresolvedFederal Realty Investment Trust REIT	0.05%	85,496	$11M	added0%	0.00 pp	19 q
unresolvedForest City Rlty Tr Inc	0.05%	527,436	$13M	added0%	−0.01 pp	8 q
HSTHost Hotels & Resorts, Inc.	0.05%	539,227	$11M	added0%	+0.01 pp	7 q
unresolvedHudson Pac Pptys Inc	0.05%	335,314	$11M	added+1%	0.00 pp	4 q
SSSLife Storage Inc	0.05%	131,991	$12M	added0%	0.00 pp	5 q
REGRegency Centers Corporation	0.05%	181,527	$13M	added0%	0.00 pp	5 q
REXRRexford Industrial Realty, Inc.	0.05%	408,072	$12M	added+30%	+0.01 pp	10 q
SLGSL Green Realty Corp.	0.05%	117,829	$12M	added0%	0.00 pp	5 q
TRNOTerreno Realty Corporation	0.05%	327,249	$11M	trimmed−32%	−0.02 pp	16 q
WYWeyerhaeuser Company	0.05%	317,539	$11M	trimmed−20%	−0.01 pp	5 q
BDNBrandywine Realty Trust	0.04%	483,936	$9M	new	+0.04 pp	new
CCICrown Castle Inc.	0.04%	85,655	$10M	added0%	0.00 pp	12 q
CONECyrusOne Inc	0.04%	145,345	$9M	trimmed−35%	−0.02 pp	12 q
unresolvedDct Industrial Trust Inc	0.04%	169,061	$10M	added0%	0.00 pp	13 q
EGPEastGroup Properties Inc.	0.04%	98,026	$9M	added0%	0.00 pp	19 q
EXRExtra Space Storage, Inc.	0.04%	111,398	$10M	added0%	0.00 pp	8 q
unresolvedGGP, Inc.	0.04%	367,591	$9M	trimmed−41%	−0.02 pp	4 q
KIMKimco Realty Corp.	0.04%	463,030	$8M	added0%	0.00 pp	2 q
VTRVentas, Inc.	0.04%	139,182	$8M	added+1%	0.00 pp	6 q
IBNICICI Bank Limited	0.03%	690,574	$7M	held	—	19 q
JBGSJBG SMITH Properties	0.03%	173,348	$6M	added×2.1	+0.02 pp	2 q
VNOVornado Realty Trust	0.03%	93,308	$7M	trimmed−44%	−0.02 pp	19 q
unresolvedCommerceHub, Inc., Series C	0.02%	174,105	$4M	trimmed−1%	0.00 pp	6 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.02%	494,270	$5M	trimmed−1%	−0.01 pp	14 q
INXNInterxion Holding NV	0.02%	64,266	$4M	trimmed−36%	0.00 pp	11 q
AMHAmerican Homes 4 Rent	0.01%	127,782	$3M	new	+0.01 pp	new
BRXBrixmor Property Group Inc.	0.01%	152,870	$3M	held	—	2 q
CDRCedar Realty Trust, Inc	0.01%	554,706	$3M	held	—	14 q
unresolvedCommerceHub, Inc., Series A	0.01%	86,955	$2M	trimmed−1%	0.00 pp	6 q
COSTCostco Wholesale Corp	0.01%	13,590	$3M	trimmed−99%	−0.96 pp	19 q
unresolvedDDR Corporation	0.01%	186,013	$2M	held	—	19 q
WUBA58.COM Inc	0.01%	30,086	$2M	trimmed−0%	0.00 pp	17 q
INVHInvitation Homes Inc.	0.01%	119,366	$3M	new	+0.01 pp	new
KRGKite Realty Group Trust	0.01%	139,687	$3M	held	—	14 q
unresolvedMonsanto Co	0.01%	29,320	$3M	trimmed−93%	−0.21 pp	10 q
PXGBXPraxair Inc	0.01%	7,956	$1M	trimmed−100%	−1.50 pp	19 q
unresolvedRamco-Gershenson Properties Trust	0.01%	207,051	$3M	held	—	14 q
APDAir Products & Chemicals, Inc.	0.00%	1,883	$309,000	added+1%	0.00 pp	19 q
KMXCarMax Inc.	0.00%	5,742	$368,000	trimmed−100%	−1.31 pp	19 q
DXCDXC Technology Company	0.00%	11,319	$1M	held	—	3 q
unresolvedDowdupont Inc	0.00%	12,000	$855,000	trimmed−13%	0.00 pp	2 q
ECLEcolab, Inc.	0.00%	4,358	$585,000	trimmed−100%	−0.64 pp	19 q
HPQHP Inc.	0.00%	20,830	$438,000	held	—	9 q
IWViShares Russell 3000 ETF	0.00%	3,331	$527,000	new	0.00 pp	new
LRCXLam Research Corp	0.00%	3,485	$641,000	held	—	8 q
MCOMoody's Corporation	0.00%	7,190	$1M	trimmed−96%	−0.12 pp	15 q
PPGPPG Industries, Inc.	0.00%	5,470	$639,000	held	—	6 q
PCARPaccar Inc	0.00%	3,167	$225,000	added0%	0.00 pp	19 q
XLNXXilinx Inc	0.00%	7,920	$534,000	held	—	8 q
unresolvedBrookfield Business Partners	0.00%	13,307	$459,000	held	—	7 q
unresolvedDelphi Automotive PLC	—	−3,600,448	—	exited	−1.51 pp	—
unresolvedAngie's List	—	−4,162,001	—	exited	−0.22 pp	—
SPGIS&P Global Inc.	—	−180,638	—	exited	−0.12 pp	—
MAAMid-America Apartment Communities, Inc.	—	−119,564	—	exited	−0.05 pp	—
unresolvedApartment Invt & Mgmt Co	—	−218,572	—	exited	−0.04 pp	—
JMEINJumei International-adr	—	−59,940	—	exited	0.00 pp	—
LCHappen, Inc.	—	−188,220	—	exited	0.00 pp	—