Davis Advisors

Q2 2018 13F · by Chris Davis, portfolio manager

As of: Jun 30, 2018
Filed: Aug 13, 2018
US stock: $23.5B · prev $23.1B
Positions: 138 · prev 146
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

+6.9 pp in · −6.9 pp out

New 5 +0.33 pp
Added 72 +6.55 pp
Trimmed 51 −6.10 pp
Exited 13 −0.77 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions29% of US stock

Positions138 in this filing · 13 exited


AMZNAmazon.Com Inc	6.53%	903,022	$1.5B	trimmed−21%	−0.61 pp	21 q
WFCWells Fargo & Co.	6.39%	27,069,365	$1.5B	added+1%	+0.34 pp	21 q
GOOGAlphabet Inc. Class C	5.34%	1,123,767	$1.3B	trimmed−2%	+0.23 pp	17 q
JPMJPMorgan Chase & Co.	5.28%	11,909,819	$1.2B	trimmed−2%	−0.49 pp	21 q
COFCapital One Financial	5.26%	13,459,232	$1.2B	added+1%	−0.28 pp	16 q
9990302DApache Corp	4.77%	23,953,548	$1.1B	added0%	+0.80 pp	11 q
BRK.ABerkshire Hathaway Inc.	4.64%	3,863	$1.1B	trimmed−2%	−0.47 pp	21 q
UTXZRTX Corporation	4.44%	8,345,290	$1.0B	added+10%	+0.32 pp	13 q
BNYBank of New York Mellon Corporation	4.34%	18,889,490	$1.0B	trimmed−1%	+0.07 pp	21 q
METAMeta Platforms, Inc. Class A	4.19%	5,064,358	$984M	added+30%	+1.50 pp	11 q
JCIJohnson Controls International plc	3.80%	26,688,594	$893M	added+19%	+0.38 pp	8 q
unresolvedAetna Inc New	3.59%	4,595,467	$843M	added+1%	+0.25 pp	8 q
unresolvedEncana Corp	3.20%	57,695,007	$753M	trimmed−5%	+0.32 pp	16 q
GOOGLAlphabet Inc. Class A	3.18%	660,755	$746M	trimmed−2%	+0.15 pp	11 q
BABAAlibaba Group Holding Limited	3.09%	3,909,721	$725M	added+1%	+0.02 pp	7 q
AXPAmerican Express Company	3.03%	7,264,740	$712M	trimmed−4%	−0.01 pp	21 q
ADNTAdient plc	2.29%	10,954,876	$539M	added+37%	+0.22 pp	7 q
TXNTexas Instruments Incorporated	2.26%	4,824,709	$532M	trimmed−2%	+0.04 pp	21 q
USBU.S. Bancorp	1.97%	9,238,565	$462M	added×5.3	+1.59 pp	21 q
unresolvedNew Oriental Ed & Tech Grp I	1.96%	4,874,142	$461M	added+3%	+0.16 pp	9 q
BRK.BBERKSHIRE HATHAWAY Class B	1.47%	1,845,978	$345M	added0%	−0.12 pp	21 q
MSFTMicrosoft Corp	1.37%	3,255,346	$321M	trimmed−2%	+0.06 pp	21 q
unresolvedShire PLC	1.34%	1,864,875	$315M	added0%	+0.14 pp	2 q
OXYOccidental Petroleum Corporation	1.17%	3,273,692	$274M	trimmed−4%	+0.21 pp	12 q
CBChubb Limited	1.17%	2,169,810	$276M	added+56%	+0.35 pp	10 q
MKLMarkel Group Inc.	1.15%	249,562	$271M	trimmed−1%	−0.13 pp	21 q
LLoews Corporation	0.93%	4,502,852	$217M	trimmed−2%	−0.06 pp	21 q
JDJD.com, Inc.	0.75%	4,516,664	$176M	added+76%	+0.30 pp	17 q
ORCLOracle Corp	0.69%	3,699,947	$163M	trimmed−2%	−0.05 pp	21 q
BKNGBooking Holdings Inc.	0.56%	64,915	$132M	trimmed−3%	−0.04 pp	2 q
HOLIHollysys Automation Technolo	0.50%	5,259,264	$116M	added0%	−0.06 pp	6 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.46%	2,360,279	$108M	added+1%	0.00 pp	2 q
IQiQIYI, Inc.	0.44%	3,172,422	$102M	added+11%	+0.25 pp	2 q
DUSADavis Select U.S. Equity ETF	0.31%	2,971,320	$72M	trimmed−2%	+0.01 pp	6 q
SFUNFang Holdings Ltd	0.25%	15,163,212	$59M	trimmed−41%	−0.32 pp	8 q
unresolvedKkr & Co L P DEL	0.25%	2,404,246	$60M	added0%	+0.04 pp	6 q
GSGoldman Sachs Group Inc.	0.24%	252,833	$56M	trimmed−1%	−0.04 pp	21 q
EGEverest Group, Ltd.	0.23%	232,155	$54M	trimmed−0%	−0.03 pp	21 q
QUOTQuotient Technology Inc	0.22%	3,918,176	$51M	added+30%	+0.05 pp	11 q
NOAHNoah Holdings Limited	0.21%	941,574	$49M	trimmed−8%	0.00 pp	12 q
YAlleghany Corporation	0.20%	80,724	$46M	added0%	−0.01 pp	5 q
STTState Street Corporation	0.20%	492,328	$46M	added0%	−0.01 pp	10 q
DWLDDavis Select Worldwide ETF	0.19%	1,654,105	$44M	trimmed−2%	0.00 pp	6 q
DFNLDavis Select Financial ETF	0.18%	1,834,445	$43M	trimmed−0%	−0.01 pp	6 q
PNCPNC Financial Services Group	0.18%	307,873	$42M	added0%	−0.02 pp	10 q
SCHWThe Charles Schwab Corporation	0.18%	819,196	$42M	added0%	0.00 pp	21 q
unresolvedQurate Retail Inc	0.17%	1,928,469	$41M	new	+0.17 pp	new
YRDYiren Digital Ltd.	0.17%	1,914,743	$41M	added×7.7	+0.13 pp	2 q
INTCIntel Corp	0.16%	741,770	$37M	added0%	−0.01 pp	21 q
OAKOaktree Capital Group, LLC	0.16%	927,274	$38M	added+2%	0.00 pp	2 q
unresolvedTarena International, Inc.,Class A, ADR	0.16%	4,944,431	$37M	added+2%	−0.08 pp	5 q
VVISA Inc.	0.16%	277,593	$37M	trimmed−59%	−0.19 pp	21 q
QRVOQorvo, Inc.	0.15%	429,307	$34M	added+1%	+0.02 pp	2 q
CTRACoterra Energy Inc.	0.14%	1,391,332	$33M	trimmed−34%	−0.08 pp	13 q
SPGSimon Property Group, Inc.	0.14%	195,523	$33M	trimmed−5%	0.00 pp	21 q
LBTYKLiberty Global Ltd. Class C	0.14%	1,202,864	$32M	trimmed−86%	−1.01 pp	21 q
9991429DAptiv Irish Holdings Ltd	0.14%	369,856	$34M	trimmed−80%	−0.53 pp	3 q
DINTDavis Select International ETF	0.13%	1,623,000	$31M	added×3.9	+0.09 pp	2 q
unresolvedExpress Scripts Hldg Co	0.13%	387,178	$30M	added0%	+0.01 pp	21 q
BIDUBaidu, Inc.	0.12%	116,991	$28M	added+15%	+0.02 pp	13 q
MRSHMarsh	0.11%	310,558	$25M	added0%	0.00 pp	18 q
unresolvedTpg Pace Energy Hldgs Corp	0.11%	2,420,050	$26M	new	+0.11 pp	new
ETNEaton Corporation, plc	0.11%	339,940	$25M	added0%	−0.01 pp	11 q
AMATApplied Materials Inc	0.10%	515,977	$24M	added+1%	−0.02 pp	21 q
LILAKLiberty Latin America Ltd. Class C	0.10%	1,152,285	$22M	trimmed−2%	0.00 pp	2 q
ANGIAngi Inc. Class A	0.09%	1,361,051	$21M	trimmed−54%	−0.08 pp	3 q
AVBAvalonBay Communities, Inc.	0.09%	125,506	$22M	added+8%	+0.01 pp	21 q
GLIBAGci Liberty Inc - Class A	0.09%	484,328	$22M	trimmed−3%	−0.02 pp	2 q
PLDPrologis, Inc.	0.09%	313,679	$21M	added+3%	+0.01 pp	7 q
AIGAmerican International Group, Inc.	0.08%	364,384	$19M	added0%	−0.01 pp	21 q
BXBlackstone Inc.	0.08%	551,420	$18M	added0%	0.00 pp	2 q
CTRPTrip.com Group Limited	0.08%	390,134	$19M	added+28%	+0.02 pp	21 q
EQMEQM Midstream Partners, LP	0.08%	382,312	$20M	added+16%	0.00 pp	9 q
EQIXEquinix, Inc.	0.08%	46,282	$20M	added+8%	0.00 pp	2 q
unresolvedForest City Rlty Tr Inc	0.08%	792,486	$18M	added+8%	+0.02 pp	10 q
BXPBXP, Inc.	0.07%	131,540	$16M	added+8%	+0.01 pp	21 q
ESSEssex Property Trust, Inc	0.07%	65,146	$16M	added+8%	+0.01 pp	21 q
FRFirst Industrial Realty Trust, Inc.	0.07%	485,649	$16M	trimmed−0%	+0.01 pp	17 q
PSAPublic Storage	0.07%	74,407	$17M	trimmed−13%	0.00 pp	9 q
SAPSap SE	0.07%	146,528	$17M	added0%	0.00 pp	21 q
AKRAcadia Realty Trust	0.06%	490,838	$13M	added+5%	+0.01 pp	21 q
CPTCamden Property Trust	0.06%	163,861	$15M	added+8%	0.00 pp	10 q
unresolvedCousins Properties Inc.	0.06%	1,353,180	$13M	added+8%	+0.01 pp	20 q
VMRKVivmark Residential	0.06%	232,375	$15M	added+5%	0.00 pp	13 q
EXRExtra Space Storage, Inc.	0.06%	152,662	$15M	added+6%	+0.01 pp	10 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.06%	323,024	$14M	trimmed−3%	0.00 pp	7 q
SSSLife Storage Inc	0.06%	140,139	$14M	added+6%	+0.01 pp	7 q
DGXQuest Diagnostics Inc.	0.06%	133,157	$15M	trimmed−0%	0.00 pp	18 q
ROICRetail Opportunity Investments Corp.	0.06%	683,922	$13M	added+5%	+0.01 pp	14 q
REXRRexford Industrial Realty, Inc.	0.06%	427,272	$13M	added+5%	+0.01 pp	12 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.06%	54,296	$13M	trimmed−1%	+0.01 pp	21 q
AREAlexandria Real Estate Equities, Inc.	0.05%	97,646	$12M	trimmed−0%	0.00 pp	21 q
FGAAmerican Campus Communities	0.05%	284,794	$12M	added+8%	+0.01 pp	21 q
CCICrown Castle Inc.	0.05%	119,596	$13M	added+40%	+0.01 pp	14 q
CUBECubeSmart	0.05%	392,430	$13M	added+6%	0.00 pp	7 q
DLRDigital Realty Trust, Inc.	0.05%	115,796	$13M	added+5%	0.00 pp	2 q
unresolvedFederal Realty Investment Trust REIT	0.05%	92,477	$12M	added+8%	+0.01 pp	21 q
HSTHost Hotels & Resorts, Inc.	0.05%	538,302	$11M	trimmed−0%	+0.01 pp	9 q
unresolvedHudson Pac Pptys Inc	0.05%	363,512	$13M	added+8%	0.00 pp	6 q
NVSNovartis AG	0.05%	170,811	$13M	trimmed−17%	−0.02 pp	7 q
REGRegency Centers Corporation	0.05%	196,267	$12M	added+8%	0.00 pp	7 q
TRNOTerreno Realty Corporation	0.05%	342,817	$13M	added+4%	0.00 pp	18 q
ZTOZTO Express (Cayman) Inc.	0.05%	574,940	$11M	trimmed−79%	−0.13 pp	7 q
BDNBrandywine Realty Trust	0.04%	499,157	$8M	added+3%	+0.01 pp	3 q
BRXBrixmor Property Group Inc.	0.04%	524,791	$9M	added+8%	+0.01 pp	4 q
unresolvedDct Industrial Trust Inc	0.04%	127,652	$9M	trimmed−24%	0.00 pp	15 q
EGPEastGroup Properties Inc.	0.04%	99,585	$10M	added+2%	0.00 pp	21 q
unresolvedHcp Inc	0.04%	340,000	$9M	new	+0.04 pp	new
SLGSL Green Realty Corp.	0.04%	91,211	$9M	trimmed−23%	−0.01 pp	7 q
VNOVornado Realty Trust	0.04%	118,675	$9M	added+27%	+0.01 pp	21 q
CTTCatchmark Timber Trust, Inc.	0.03%	562,661	$7M	trimmed−0%	0.00 pp	16 q
JBGSJBG SMITH Properties	0.03%	182,642	$7M	added+5%	0.00 pp	4 q
KIMKimco Realty Corp.	0.03%	462,142	$8M	trimmed−0%	0.00 pp	4 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.03%	458,200	$7M	trimmed−3%	+0.01 pp	16 q
WYWeyerhaeuser Company	0.03%	166,443	$6M	trimmed−0%	0.00 pp	7 q
CORCoresite Realty Corp	0.02%	38,314	$4M	added+5%	0.00 pp	2 q
unresolvedEducation Realty Trust, Inc.	0.02%	115,960	$5M	trimmed−28%	0.00 pp	2 q
AMHAmerican Homes 4 Rent	0.01%	134,551	$3M	added+5%	0.00 pp	3 q
COSTCostco Wholesale Corp	0.01%	13,480	$3M	held	—	21 q
CONECyrusOne Inc	0.01%	49,380	$3M	added0%	0.00 pp	14 q
WUBA58.COM Inc	0.01%	28,986	$2M	trimmed−2%	0.00 pp	19 q
unresolvedGGP, Inc.	0.01%	161,482	$3M	trimmed−56%	−0.02 pp	6 q
INVHInvitation Homes Inc.	0.01%	125,693	$3M	added+5%	0.00 pp	3 q
GLREGreenlight Captial RE, LTD. Class A	0.01%	125,000	$2M	new	+0.01 pp	new
APDAir Products & Chemicals, Inc.	0.00%	1,906	$297,000	added+1%	0.00 pp	21 q
KMXCarMax Inc.	0.00%	5,586	$407,000	held	—	21 q
DXCDXC Technology Company	0.00%	11,319	$912,000	held	—	5 q
unresolvedDowdupont Inc	0.00%	12,000	$791,000	held	—	4 q
ECLEcolab, Inc.	0.00%	4,295	$603,000	held	—	21 q
FDXFedEx Corporation	0.00%	3,190	$724,000	trimmed−100%	−1.72 pp	6 q
HPQHP Inc.	0.00%	20,830	$473,000	held	—	11 q
LRCXLam Research Corp	0.00%	3,485	$602,000	held	—	10 q
MCOMoody's Corporation	0.00%	4,790	$817,000	held	—	17 q
PPGPPG Industries, Inc.	0.00%	5,470	$567,000	held	—	8 q
PXGBXPraxair Inc	0.00%	6,905	$1M	trimmed−4%	0.00 pp	21 q
SWCHNSwitch Inc - A	0.00%	82,263	$1M	new	0.00 pp	new
XLNXXilinx Inc	0.00%	7,920	$517,000	held	—	10 q
AXTAAxalta Coating Systems Ltd.	0.00%	24,160	$732,000	trimmed−100%	−1.16 pp	8 q
TALTAL Education Group	—	−1,460,406	—	exited	−0.23 pp	—
unresolvedLiberty Interactive Corp	—	−1,967,463	—	exited	−0.21 pp	—
unresolvedBrookfield Asset Mgmt Inc	—	−712,563	—	exited	−0.12 pp	—
WELLWelltower Inc.	—	−214,011	—	exited	−0.05 pp	—
DPLODiplomat Pharmacy, Inc.	—	−481,187	—	exited	−0.04 pp	—
IBNICICI Bank Limited	—	−690,574	—	exited	−0.03 pp	—
unresolvedLasalle Hotel Pptys	—	−204,732	—	exited	−0.03 pp	—
VTRVentas, Inc.	—	−139,120	—	exited	−0.03 pp	—
unresolvedCommerceHub, Inc., Series C	—	−165,875	—	exited	−0.02 pp	—
unresolvedCommerceHub, Inc., Series A	—	−82,845	—	exited	−0.01 pp	—
PCARPaccar Inc	—	−3,230	—	exited	0.00 pp	—
VIPSVipshop Holdings Limited	—	−15,770	—	exited	0.00 pp	—
unresolvedBrookfield Business Partners	—	−13,307	—	exited	0.00 pp	—