Davis Advisors

Q1 2018 13F · by Chris Davis, portfolio manager

As of: Mar 31, 2018
Filed: May 14, 2018
US stock: $23.1B · prev $23.5B
Positions: 146 · 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%

Moves151 since the prior filing

+7.0 pp in · −7.0 pp out

New 16 +3.31 pp
Added 50 +3.67 pp
Trimmed 72 −5.87 pp
Exited 13 −1.13 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 33% a year, about 3.0 years per position

Low
Moderate
High

Top 5 positions30% of US stock

Positions146 in this filing · 13 exited


AMZNAmazon.Com Inc	7.14%	1,139,761	$1.6B	trimmed−23%	−0.25 pp	20 q
WFCWells Fargo & Co.	6.05%	26,676,903	$1.4B	added+2%	−0.71 pp	20 q
JPMJPMorgan Chase & Co.	5.77%	12,136,523	$1.3B	trimmed−4%	+0.05 pp	20 q
COFCapital One Financial	5.54%	13,368,267	$1.3B	added+12%	+0.51 pp	15 q
GOOGAlphabet Inc. Class C	5.11%	1,144,081	$1.2B	trimmed−2%	−0.07 pp	16 q
BRK.ABerkshire Hathaway Inc.	5.11%	3,952	$1.2B	trimmed−4%	−0.10 pp	20 q
BNYBank of New York Mellon Corporation	4.27%	19,143,658	$986M	trimmed−2%	−0.20 pp	20 q
UTXZRTX Corporation	4.12%	7,570,243	$952M	trimmed−0%	0.00 pp	12 q
9990302DApache Corp	3.97%	23,869,802	$919M	added+16%	+0.27 pp	10 q
JCIJohnson Controls International plc	3.42%	22,417,989	$790M	added+31%	+0.64 pp	7 q
unresolvedAetna Inc New	3.34%	4,569,931	$772M	added+40%	+0.85 pp	7 q
BABAAlibaba Group Holding Limited	3.07%	3,863,816	$709M	added+11%	+0.51 pp	6 q
AXPAmerican Express Company	3.04%	7,543,585	$704M	trimmed−3%	−0.25 pp	20 q
GOOGLAlphabet Inc. Class A	3.03%	675,232	$700M	trimmed−4%	−0.11 pp	10 q
unresolvedEncana Corp	2.88%	60,463,280	$665M	trimmed−2%	−0.60 pp	15 q
METAMeta Platforms, Inc. Class A	2.69%	3,891,049	$622M	added+15%	+0.14 pp	10 q
TXNTexas Instruments Incorporated	2.22%	4,944,319	$514M	trimmed−2%	−0.02 pp	20 q
ADNTAdient plc	2.07%	8,001,944	$478M	added+6%	−0.45 pp	6 q
unresolvedNew Oriental Ed & Tech Grp I	1.80%	4,754,390	$417M	added×4.4	+1.37 pp	8 q
FDXFedEx Corporation	1.72%	1,653,963	$397M	added+2%	0.00 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	1.59%	1,842,892	$368M	added+4%	+0.10 pp	20 q
MSFTMicrosoft Corp	1.31%	3,327,972	$304M	trimmed−4%	+0.06 pp	20 q
MKLMarkel Group Inc.	1.28%	252,800	$296M	trimmed−1%	+0.04 pp	20 q
unresolvedShire PLC	1.20%	1,860,234	$278M	new	+1.20 pp	new
AXTAAxalta Coating Systems Ltd.	1.16%	8,883,246	$268M	trimmed−7%	−0.16 pp	7 q
LBTYKLiberty Global Ltd. Class C	1.15%	8,735,594	$266M	trimmed−12%	−0.28 pp	20 q
LLoews Corporation	0.99%	4,598,480	$229M	trimmed−3%	−0.02 pp	20 q
OXYOccidental Petroleum Corporation	0.96%	3,404,947	$221M	trimmed−2%	−0.13 pp	11 q
CBChubb Limited	0.82%	1,390,969	$190M	trimmed−3%	−0.07 pp	9 q
ORCLOracle Corp	0.74%	3,758,247	$172M	trimmed−3%	−0.04 pp	20 q
9991429DAptiv Irish Holdings Ltd	0.67%	1,819,720	$155M	trimmed−27%	−0.23 pp	2 q
BKNGBooking Holdings Inc.	0.60%	66,815	$139M	new	+0.60 pp	new
SFUNFang Holdings Ltd	0.57%	25,776,782	$132M	trimmed−7%	−0.09 pp	7 q
HOLIHollysys Automation Technolo	0.56%	5,242,366	$130M	added+16%	+0.13 pp	5 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.46%	2,344,364	$105M	new	+0.46 pp	new
JDJD.com, Inc.	0.45%	2,564,558	$104M	added+3%	+0.01 pp	16 q
USBU.S. Bancorp	0.38%	1,727,343	$87M	added+14%	+0.04 pp	20 q
VVISA Inc.	0.35%	683,829	$82M	trimmed−2%	+0.01 pp	20 q
DUSADavis Select U.S. Equity ETF	0.30%	3,019,820	$70M	added+8%	+0.02 pp	5 q
GSGoldman Sachs Group Inc.	0.28%	255,571	$64M	trimmed−1%	0.00 pp	20 q
EGEverest Group, Ltd.	0.26%	233,213	$60M	trimmed−1%	+0.04 pp	20 q
unresolvedTarena International, Inc.,Class A, ADR	0.24%	4,862,181	$55M	added+12%	−0.04 pp	4 q
TALTAL Education Group	0.23%	1,460,406	$54M	trimmed−6%	+0.03 pp	8 q
CTRACoterra Energy Inc.	0.22%	2,107,681	$51M	trimmed−85%	−1.53 pp	12 q
YAlleghany Corporation	0.21%	80,504	$49M	added+1%	+0.01 pp	4 q
unresolvedKkr & Co L P DEL	0.21%	2,397,586	$49M	trimmed−1%	−0.01 pp	5 q
unresolvedLiberty Interactive Corp	0.21%	1,967,463	$50M	trimmed−4%	0.00 pp	20 q
NOAHNoah Holdings Limited	0.21%	1,026,208	$48M	trimmed−25%	−0.06 pp	11 q
STTState Street Corporation	0.21%	490,960	$49M	trimmed−3%	0.00 pp	9 q
PNCPNC Financial Services Group	0.20%	306,961	$46M	trimmed−3%	+0.01 pp	9 q
DFNLDavis Select Financial ETF	0.19%	1,840,055	$44M	added+1%	+0.01 pp	5 q
DWLDDavis Select Worldwide ETF	0.19%	1,685,395	$44M	added+2%	+0.01 pp	5 q
IQiQIYI, Inc.	0.19%	2,850,400	$44M	new	+0.19 pp	new
SCHWThe Charles Schwab Corporation	0.18%	816,812	$43M	trimmed−4%	0.00 pp	20 q
ZTOZTO Express (Cayman) Inc.	0.18%	2,801,230	$42M	trimmed−30%	−0.09 pp	6 q
ANGIAngi Inc. Class A	0.17%	2,928,710	$40M	trimmed−41%	−0.05 pp	2 q
INTCIntel Corp	0.17%	738,476	$38M	added+73%	+0.09 pp	20 q
QUOTQuotient Technology Inc	0.17%	3,017,402	$40M	added+69%	+0.08 pp	10 q
OAKOaktree Capital Group, LLC	0.16%	913,476	$36M	new	+0.16 pp	new
SPGSimon Property Group, Inc.	0.14%	205,130	$32M	trimmed−17%	−0.04 pp	20 q
QRVOQorvo, Inc.	0.13%	426,274	$30M	new	+0.13 pp	new
AMATApplied Materials Inc	0.12%	508,802	$28M	added+1%	+0.01 pp	20 q
unresolvedBrookfield Asset Mgmt Inc	0.12%	712,563	$28M	trimmed−3%	−0.02 pp	20 q
unresolvedExpress Scripts Hldg Co	0.12%	385,436	$27M	trimmed−90%	−1.12 pp	20 q
ETNEaton Corporation, plc	0.12%	338,868	$27M	added+1%	+0.01 pp	10 q
GLIBAGci Liberty Inc - Class A	0.11%	497,528	$26M	new	+0.11 pp	new
MRSHMarsh	0.11%	309,670	$26M	added+1%	0.00 pp	17 q
BIDUBaidu, Inc.	0.10%	101,433	$23M	added+9%	+0.01 pp	12 q
LILAKLiberty Latin America Ltd. Class C	0.10%	1,181,665	$23M	new	+0.10 pp	new
AIGAmerican International Group, Inc.	0.09%	363,048	$20M	trimmed−1%	0.00 pp	20 q
AVBAvalonBay Communities, Inc.	0.08%	116,282	$19M	added+38%	+0.02 pp	20 q
BXBlackstone Inc.	0.08%	549,980	$18M	new	+0.08 pp	new
EQMEQM Midstream Partners, LP	0.08%	329,755	$19M	added+40%	+0.01 pp	8 q
EQIXEquinix, Inc.	0.08%	42,784	$18M	new	+0.08 pp	new
PLDPrologis, Inc.	0.08%	305,696	$19M	added+15%	+0.01 pp	6 q
NVSNovartis AG	0.07%	205,456	$17M	trimmed−36%	−0.04 pp	6 q
PSAPublic Storage	0.07%	85,125	$17M	trimmed−14%	−0.02 pp	8 q
SAPSap SE	0.07%	146,384	$15M	added+2%	0.00 pp	20 q
BXPBXP, Inc.	0.06%	121,835	$15M	added0%	−0.01 pp	20 q
CPTCamden Property Trust	0.06%	151,794	$13M	added+12%	+0.01 pp	9 q
CTRPTrip.com Group Limited	0.06%	303,839	$14M	added+18%	+0.01 pp	20 q
VMRKVivmark Residential	0.06%	221,390	$14M	added0%	0.00 pp	12 q
ESSEssex Property Trust, Inc	0.06%	60,326	$15M	trimmed−28%	−0.03 pp	20 q
FRFirst Industrial Realty Trust, Inc.	0.06%	486,907	$14M	added0%	−0.01 pp	16 q
unresolvedForest City Rlty Tr Inc	0.06%	732,836	$15M	added+39%	+0.01 pp	9 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.06%	331,824	$13M	trimmed−5%	−0.01 pp	6 q
DGXQuest Diagnostics Inc.	0.06%	133,375	$13M	added+1%	0.00 pp	17 q
AKRAcadia Realty Trust	0.05%	467,193	$11M	trimmed−34%	−0.03 pp	20 q
AREAlexandria Real Estate Equities, Inc.	0.05%	97,874	$12M	added0%	0.00 pp	20 q
unresolvedCousins Properties Inc.	0.05%	1,251,060	$11M	added0%	0.00 pp	19 q
CUBECubeSmart	0.05%	370,035	$10M	added0%	0.00 pp	6 q
DLRDigital Realty Trust, Inc.	0.05%	110,084	$12M	new	+0.05 pp	new
EXRExtra Space Storage, Inc.	0.05%	143,983	$13M	added+29%	+0.01 pp	9 q
unresolvedHudson Pac Pptys Inc	0.05%	335,274	$11M	trimmed−0%	0.00 pp	5 q
SSSLife Storage Inc	0.05%	132,333	$11M	added0%	0.00 pp	6 q
REGRegency Centers Corporation	0.05%	181,521	$11M	trimmed0%	0.00 pp	6 q
ROICRetail Opportunity Investments Corp.	0.05%	649,912	$11M	added0%	−0.01 pp	13 q
REXRRexford Industrial Realty, Inc.	0.05%	408,031	$12M	trimmed−0%	0.00 pp	11 q
SLGSL Green Realty Corp.	0.05%	118,170	$11M	added0%	0.00 pp	6 q
TRNOTerreno Realty Corporation	0.05%	328,122	$11M	added0%	0.00 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.05%	55,035	$12M	trimmed−18%	−0.01 pp	20 q
WELLWelltower Inc.	0.05%	214,011	$12M	trimmed−16%	−0.02 pp	9 q
FGAAmerican Campus Communities	0.04%	263,777	$10M	added0%	−0.01 pp	20 q
CCICrown Castle Inc.	0.04%	85,479	$9M	trimmed−0%	0.00 pp	13 q
unresolvedDct Industrial Trust Inc	0.04%	168,731	$10M	trimmed−0%	0.00 pp	14 q
DINTDavis Select International ETF	0.04%	420,000	$8M	new	+0.04 pp	new
DPLODiplomat Pharmacy, Inc.	0.04%	481,187	$10M	trimmed−73%	−0.11 pp	5 q
EGPEastGroup Properties Inc.	0.04%	98,024	$8M	trimmed0%	0.00 pp	20 q
unresolvedFederal Realty Investment Trust REIT	0.04%	85,491	$10M	trimmed−0%	−0.01 pp	20 q
HSTHost Hotels & Resorts, Inc.	0.04%	540,182	$10M	added0%	−0.01 pp	8 q
YRDYiren Digital Ltd.	0.04%	249,714	$10M	new	+0.04 pp	new
BDNBrandywine Realty Trust	0.03%	483,887	$8M	trimmed−0%	−0.01 pp	2 q
BRXBrixmor Property Group Inc.	0.03%	485,271	$7M	added×3.2	+0.02 pp	3 q
CTTCatchmark Timber Trust, Inc.	0.03%	563,550	$7M	trimmed−49%	−0.03 pp	15 q
unresolvedGGP, Inc.	0.03%	367,533	$8M	trimmed−0%	−0.01 pp	5 q
IBNICICI Bank Limited	0.03%	690,574	$6M	held	—	20 q
JBGSJBG SMITH Properties	0.03%	173,306	$6M	trimmed−0%	0.00 pp	3 q
KIMKimco Realty Corp.	0.03%	463,002	$7M	trimmed−0%	−0.01 pp	3 q
unresolvedLasalle Hotel Pptys	0.03%	204,732	$6M	new	+0.03 pp	new
VTRVentas, Inc.	0.03%	139,120	$7M	trimmed−0%	−0.01 pp	7 q
VNOVornado Realty Trust	0.03%	93,313	$6M	added0%	0.00 pp	20 q
WYWeyerhaeuser Company	0.03%	166,699	$6M	trimmed−48%	−0.02 pp	6 q
unresolvedCommerceHub, Inc., Series C	0.02%	165,875	$4M	trimmed−5%	0.00 pp	7 q
CORCoresite Realty Corp	0.02%	36,427	$4M	new	+0.02 pp	new
unresolvedEducation Realty Trust, Inc.	0.02%	160,940	$5M	new	+0.02 pp	new
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.02%	470,800	$5M	trimmed−5%	0.00 pp	15 q
AMHAmerican Homes 4 Rent	0.01%	127,756	$3M	trimmed−0%	0.00 pp	2 q
unresolvedCommerceHub, Inc., Series A	0.01%	82,845	$2M	trimmed−5%	0.00 pp	7 q
COSTCostco Wholesale Corp	0.01%	13,480	$3M	trimmed−1%	0.00 pp	20 q
CONECyrusOne Inc	0.01%	49,370	$3M	trimmed−66%	−0.03 pp	13 q
WUBA58.COM Inc	0.01%	29,586	$2M	trimmed−2%	0.00 pp	18 q
INVHInvitation Homes Inc.	0.01%	119,341	$3M	trimmed−0%	0.00 pp	2 q
APDAir Products & Chemicals, Inc.	0.00%	1,894	$301,000	added+1%	0.00 pp	20 q
KMXCarMax Inc.	0.00%	5,586	$346,000	trimmed−3%	0.00 pp	20 q
DXCDXC Technology Company	0.00%	11,319	$1M	held	—	4 q
unresolvedDowdupont Inc	0.00%	12,000	$765,000	held	—	3 q
ECLEcolab, Inc.	0.00%	4,295	$589,000	trimmed−1%	0.00 pp	20 q
HPQHP Inc.	0.00%	20,830	$457,000	held	—	10 q
LRCXLam Research Corp	0.00%	3,485	$708,000	held	—	9 q
MCOMoody's Corporation	0.00%	4,790	$773,000	trimmed−33%	0.00 pp	16 q
PPGPPG Industries, Inc.	0.00%	5,470	$610,000	held	—	7 q
PCARPaccar Inc	0.00%	3,230	$214,000	added+2%	0.00 pp	20 q
PXGBXPraxair Inc	0.00%	7,195	$1M	trimmed−10%	−0.01 pp	20 q
VIPSVipshop Holdings Limited	0.00%	15,770	$262,000	trimmed−100%	−0.16 pp	20 q
XLNXXilinx Inc	0.00%	7,920	$572,000	held	—	9 q
unresolvedBrookfield Business Partners	0.00%	13,307	$479,000	held	—	8 q
unresolvedPriceline Grp Inc	—	−70,140	—	exited	−0.52 pp	—
DLPHBorgwarner Jersey Ltd	—	−704,943	—	exited	−0.16 pp	—
unresolvedLiberty Ventures	—	−522,118	—	exited	−0.12 pp	—
1LGEUSDLiberty Global PLC Lilac - C	—	−1,238,925	—	exited	−0.10 pp	—
CXOConcho Resources Inc.	—	−136,907	—	exited	−0.09 pp	—
IVEiShares S&P 500 Value ETF	—	−149,732	—	exited	−0.07 pp	—
INXNInterxion Holding NV	—	−64,266	—	exited	−0.02 pp	—
CDRCedar Realty Trust, Inc	—	−554,706	—	exited	−0.01 pp	—
unresolvedDDR Corporation	—	−186,013	—	exited	−0.01 pp	—
KRGKite Realty Group Trust	—	−139,687	—	exited	−0.01 pp	—
unresolvedMonsanto Co	—	−29,320	—	exited	−0.01 pp	—
unresolvedRamco-Gershenson Properties Trust	—	−207,051	—	exited	−0.01 pp	—
IWViShares Russell 3000 ETF	—	−3,331	—	exited	0.00 pp	—