Davis Advisors

Q3 2018 13F · by Chris Davis, portfolio manager

As of: Sep 30, 2018
Filed: Nov 13, 2018
US stock: $23.3B · prev $23.5B
Positions: 139 · prev 138
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 13 +4.30 pp
Added 62 +2.68 pp
Trimmed 50 −5.12 pp
Exited 12 −1.88 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions28% of US stock

AMZN Amazon.Com Inc trimmed−0.24 pp trimmed−0.246.3%
WFC Wells Fargo & Co. added−0.26 pp added−0.266.1%
COF Capital One Financial trimmed+0.23 pp trimmed+0.235.5%
GOOG Alphabet Inc. Class C trimmed−0.04 pp trimmed−0.045.3%
9990302D Apache Corp added+0.16 pp added+0.164.9%

Positions139 in this filing · 12 exited


AMZNAmazon.Com Inc	6.29%	730,620	$1.5B	trimmed−19%	−0.24 pp	22 q
WFCWells Fargo & Co.	6.13%	27,120,401	$1.4B	added0%	−0.26 pp	22 q
COFCapital One Financial	5.49%	13,447,161	$1.3B	trimmed−0%	+0.23 pp	17 q
GOOGAlphabet Inc. Class C	5.30%	1,033,428	$1.2B	trimmed−8%	−0.04 pp	18 q
9990302DApache Corp	4.93%	24,053,664	$1.1B	added0%	+0.16 pp	12 q
UTXZRTX Corporation	4.93%	8,198,411	$1.1B	trimmed−2%	+0.49 pp	14 q
BRK.ABerkshire Hathaway Inc.	4.86%	3,535	$1.1B	trimmed−8%	+0.22 pp	22 q
unresolvedAetna Inc New	4.01%	4,598,174	$933M	added0%	+0.42 pp	9 q
JPMJPMorgan Chase & Co.	3.93%	8,093,313	$913M	trimmed−32%	−1.35 pp	22 q
BNYBank of New York Mellon Corporation	3.84%	17,537,478	$894M	trimmed−7%	−0.50 pp	22 q
METAMeta Platforms, Inc. Class A	3.52%	4,978,151	$819M	trimmed−2%	−0.67 pp	12 q
AXPAmerican Express Company	3.09%	6,759,180	$720M	trimmed−7%	+0.06 pp	22 q
unresolvedGeneral Electric Co	3.09%	63,638,716	$718M	new	+3.09 pp	new
BABAAlibaba Group Holding Limited	2.80%	3,947,444	$650M	added+1%	−0.29 pp	8 q
GOOGLAlphabet Inc. Class A	2.74%	528,336	$638M	trimmed−20%	−0.44 pp	12 q
unresolvedNew Oriental Ed & Tech Grp I	2.53%	7,944,790	$588M	added+63%	+0.57 pp	10 q
unresolvedEncana Corp	2.35%	41,681,882	$546M	trimmed−28%	−0.85 pp	17 q
USBU.S. Bancorp	2.10%	9,243,136	$488M	added0%	+0.13 pp	22 q
TXNTexas Instruments Incorporated	2.04%	4,424,050	$475M	trimmed−8%	−0.22 pp	22 q
JCIJohnson Controls International plc	1.99%	13,239,234	$463M	trimmed−50%	−1.81 pp	9 q
ADNTAdient plc	1.91%	11,306,775	$444M	added+3%	−0.38 pp	8 q
AMATApplied Materials Inc	1.76%	10,568,412	$408M	added×20.5	+1.66 pp	22 q
BRK.BBERKSHIRE HATHAWAY Class B	1.67%	1,814,535	$389M	trimmed−2%	+0.20 pp	22 q
MSFTMicrosoft Corp	1.46%	2,963,695	$339M	trimmed−9%	+0.09 pp	22 q
unresolvedShire PLC	1.45%	1,860,595	$337M	trimmed−0%	+0.11 pp	3 q
CBChubb Limited	1.25%	2,177,646	$291M	added0%	+0.08 pp	11 q
MKLMarkel Group Inc.	1.24%	242,399	$288M	trimmed−3%	+0.09 pp	22 q
LLoews Corporation	0.92%	4,247,645	$213M	trimmed−6%	−0.01 pp	22 q
MGYMagnolia Oil & Gas Corporation Class A	0.80%	12,419,690	$186M	new	+0.80 pp	new
ORCLOracle Corp	0.76%	3,408,131	$176M	trimmed−8%	+0.07 pp	22 q
JDJD.com, Inc.	0.74%	6,586,418	$172M	added+46%	−0.01 pp	18 q
HOLIHollysys Automation Technolo	0.56%	6,132,962	$131M	added+17%	+0.06 pp	7 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.53%	2,383,738	$124M	added+1%	+0.07 pp	3 q
BKNGBooking Holdings Inc.	0.50%	58,330	$116M	trimmed−10%	−0.06 pp	3 q
IQiQIYI, Inc.	0.38%	3,254,495	$88M	added+3%	−0.06 pp	3 q
DUSADavis Select U.S. Equity ETF	0.32%	2,971,320	$75M	held	—	7 q
QUOTQuotient Technology Inc	0.28%	4,271,738	$66M	added+9%	+0.06 pp	12 q
STTState Street Corporation	0.26%	713,517	$60M	added+45%	+0.06 pp	11 q
GSGoldman Sachs Group Inc.	0.24%	254,113	$57M	added+1%	0.00 pp	22 q
YAlleghany Corporation	0.23%	80,824	$53M	added0%	+0.03 pp	6 q
EGEverest Group, Ltd.	0.23%	233,865	$53M	added+1%	0.00 pp	22 q
DFNLDavis Select Financial ETF	0.19%	1,834,445	$45M	held	—	7 q
DINTDavis Select International ETF	0.19%	2,363,800	$43M	added+46%	+0.06 pp	3 q
DWLDDavis Select Worldwide ETF	0.18%	1,654,105	$42M	held	—	7 q
KKRKKR & Co. Inc.	0.18%	1,497,846	$41M	new	+0.18 pp	new
PNCPNC Financial Services Group	0.18%	310,153	$42M	added+1%	0.00 pp	11 q
unresolvedTarena International, Inc.,Class A, ADR	0.18%	5,111,920	$42M	added+3%	+0.02 pp	6 q
YRDYiren Digital Ltd.	0.18%	2,235,823	$41M	added+17%	+0.01 pp	3 q
OAKOaktree Capital Group, LLC	0.17%	933,144	$39M	added+1%	+0.01 pp	3 q
unresolvedQurate Retail Inc	0.17%	1,775,415	$39M	trimmed−8%	0.00 pp	2 q
unresolvedExpress Scripts Hldg Co	0.16%	387,902	$37M	added0%	+0.03 pp	22 q
SFUNFang Holdings Ltd	0.16%	14,557,825	$38M	trimmed−4%	−0.09 pp	9 q
NOAHNoah Holdings Limited	0.16%	857,444	$36M	trimmed−9%	−0.05 pp	13 q
INTCIntel Corp	0.15%	743,744	$35M	added0%	−0.01 pp	22 q
QRVOQorvo, Inc.	0.15%	443,911	$34M	added+3%	0.00 pp	3 q
SPGSimon Property Group, Inc.	0.15%	195,294	$35M	trimmed−0%	+0.01 pp	22 q
VVISA Inc.	0.15%	233,653	$35M	trimmed−16%	−0.01 pp	22 q
LBTYKLiberty Global Ltd. Class C	0.14%	1,139,864	$32M	trimmed−5%	0.00 pp	22 q
ETNEaton Corporation, plc	0.13%	340,143	$30M	added0%	+0.02 pp	12 q
9991429DAptiv Irish Holdings Ltd	0.13%	372,227	$31M	added+1%	−0.01 pp	4 q
AVBAvalonBay Communities, Inc.	0.12%	154,102	$28M	added+23%	+0.03 pp	22 q
BIDUBaidu, Inc.	0.12%	119,141	$27M	added+2%	0.00 pp	14 q
BBBlackBerry Limited	0.11%	2,244,086	$26M	new	+0.11 pp	new
MRSHMarsh	0.11%	311,328	$26M	added0%	0.00 pp	19 q
GLIBAGci Liberty Inc - Class A	0.10%	435,558	$22M	trimmed−10%	+0.01 pp	3 q
PLDPrologis, Inc.	0.10%	345,097	$23M	added+10%	+0.01 pp	8 q
SCHWThe Charles Schwab Corporation	0.10%	470,941	$23M	trimmed−43%	−0.08 pp	22 q
GLREGreenlight Captial RE, LTD. Class A	0.10%	1,901,610	$24M	added×15.2	+0.09 pp	2 q
BXBlackstone Inc.	0.09%	555,020	$21M	added+1%	+0.01 pp	3 q
EQIXEquinix, Inc.	0.09%	50,266	$22M	added+9%	+0.01 pp	3 q
LILAKLiberty Latin America Ltd. Class C	0.09%	992,959	$20M	trimmed−14%	−0.01 pp	3 q
BXPBXP, Inc.	0.08%	142,911	$18M	added+9%	+0.01 pp	22 q
SAPSap SE	0.08%	142,914	$18M	trimmed−2%	+0.01 pp	22 q
CPTCamden Property Trust	0.07%	177,703	$17M	added+8%	+0.01 pp	11 q
ESSEssex Property Trust, Inc	0.07%	63,872	$16M	trimmed−2%	0.00 pp	22 q
AKRAcadia Realty Trust	0.06%	533,227	$15M	added+9%	0.00 pp	22 q
AREAlexandria Real Estate Equities, Inc.	0.06%	106,497	$13M	added+9%	+0.01 pp	22 q
CTRACoterra Energy Inc.	0.06%	627,974	$14M	trimmed−55%	−0.08 pp	14 q
unresolvedCousins Properties Inc.	0.06%	1,471,514	$13M	added+9%	0.00 pp	21 q
CCICrown Castle Inc.	0.06%	129,918	$14M	added+9%	+0.01 pp	15 q
CTRPTrip.com Group Limited	0.06%	401,548	$15M	added+3%	−0.02 pp	22 q
DLRDigital Realty Trust, Inc.	0.06%	125,779	$14M	added+9%	+0.01 pp	3 q
VMRKVivmark Residential	0.06%	222,035	$15M	trimmed−4%	0.00 pp	14 q
unresolvedHudson Pac Pptys Inc	0.06%	394,922	$13M	added+9%	+0.01 pp	7 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.06%	290,534	$14M	trimmed−10%	0.00 pp	8 q
NVSNovartis AG	0.06%	157,573	$14M	trimmed−8%	+0.01 pp	8 q
PSAPublic Storage	0.06%	74,340	$15M	trimmed−0%	−0.01 pp	10 q
DGXQuest Diagnostics Inc.	0.06%	132,539	$14M	trimmed−0%	0.00 pp	19 q
REGRegency Centers Corporation	0.06%	213,160	$14M	added+9%	+0.01 pp	8 q
ROICRetail Opportunity Investments Corp.	0.06%	742,581	$14M	added+9%	0.00 pp	15 q
REXRRexford Industrial Realty, Inc.	0.06%	464,720	$15M	added+9%	0.00 pp	13 q
TRNOTerreno Realty Corporation	0.06%	372,555	$14M	added+9%	+0.01 pp	19 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.06%	54,368	$14M	added0%	0.00 pp	22 q
FGAAmerican Campus Communities	0.05%	310,152	$13M	added+9%	0.00 pp	22 q
unresolvedFederal Realty Investment Trust REIT	0.05%	100,402	$13M	added+9%	0.00 pp	22 q
FRFirst Industrial Realty Trust, Inc.	0.05%	376,460	$12M	trimmed−22%	−0.02 pp	18 q
unresolvedHcp Inc	0.05%	464,585	$12M	added+37%	+0.01 pp	2 q
HSTHost Hotels & Resorts, Inc.	0.05%	566,801	$12M	added+5%	0.00 pp	10 q
BDNBrandywine Realty Trust	0.04%	526,859	$8M	added+6%	0.00 pp	4 q
BRXBrixmor Property Group Inc.	0.04%	558,471	$10M	added+6%	0.00 pp	5 q
EGPEastGroup Properties Inc.	0.04%	99,484	$10M	trimmed−0%	0.00 pp	22 q
unresolvedForest City Rlty Tr Inc	0.04%	368,218	$9M	trimmed−54%	−0.04 pp	11 q
SLGSL Green Realty Corp.	0.04%	99,163	$10M	added+9%	0.00 pp	8 q
VNOVornado Realty Trust	0.04%	137,202	$10M	added+16%	0.00 pp	22 q
ZTOZTO Express (Cayman) Inc.	0.04%	598,622	$10M	added+4%	−0.01 pp	8 q
AMHAmerican Homes 4 Rent	0.03%	271,386	$6M	added×2.0	+0.02 pp	4 q
unresolvedAzul Sa-adr	0.03%	402,288	$7M	new	+0.03 pp	new
EXRExtra Space Storage, Inc.	0.03%	87,937	$8M	trimmed−42%	−0.03 pp	11 q
INVHInvitation Homes Inc.	0.03%	258,174	$6M	added×2.1	+0.02 pp	4 q
KIMKimco Realty Corp.	0.03%	461,672	$8M	trimmed−0%	0.00 pp	5 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.03%	411,810	$6M	trimmed−10%	0.00 pp	17 q
WELLWelltower Inc.	0.03%	105,868	$7M	new	+0.03 pp	new
CORCoresite Realty Corp	0.02%	40,307	$4M	added+5%	0.00 pp	3 q
CUBECubeSmart	0.02%	137,391	$4M	trimmed−65%	−0.03 pp	8 q
SSSLife Storage Inc	0.02%	56,310	$5M	trimmed−60%	−0.04 pp	8 q
CTTCatchmark Timber Trust, Inc.	0.01%	214,639	$2M	trimmed−62%	−0.02 pp	17 q
COSTCostco Wholesale Corp	0.01%	13,480	$3M	held	—	22 q
CONECyrusOne Inc	0.01%	49,322	$3M	trimmed−0%	0.00 pp	15 q
ELSEquity Lifestyle Properties, Inc.	0.01%	28,663	$3M	new	+0.01 pp	new
WUBA58.COM Inc	0.01%	18,350	$1M	trimmed−37%	0.00 pp	20 q
IVEiShares S&P 500 Value ETF	0.01%	11,488	$1M	new	+0.01 pp	new
MAAMid-America Apartment Communities, Inc.	0.01%	26,891	$3M	new	+0.01 pp	new
RHPRyman Hospitality Properties, Inc	0.01%	33,375	$3M	new	+0.01 pp	new
SUISun Communities, Inc	0.01%	26,961	$3M	new	+0.01 pp	new
WYWeyerhaeuser Company	0.01%	82,323	$3M	trimmed−51%	−0.02 pp	8 q
BPY-UCADBrookfield Property Partners	0.01%	60,746	$1M	new	+0.01 pp	new
APDAir Products & Chemicals, Inc.	0.00%	1,919	$321,000	added+1%	0.00 pp	22 q
KMXCarMax Inc.	0.00%	5,586	$417,000	held	—	22 q
DXCDXC Technology Company	0.00%	11,319	$1M	held	—	6 q
unresolvedDowdupont Inc	0.00%	12,000	$772,000	held	—	5 q
ECLEcolab, Inc.	0.00%	4,295	$673,000	held	—	22 q
EAElectronic Arts Inc	0.00%	6,960	$839,000	new	0.00 pp	new
FDXFedEx Corporation	0.00%	3,190	$768,000	held	—	7 q
HPQHP Inc.	0.00%	20,830	$537,000	held	—	12 q
LRCXLam Research Corp	0.00%	3,485	$529,000	held	—	11 q
PPGPPG Industries, Inc.	0.00%	5,470	$597,000	held	—	9 q
PXGBXPraxair Inc	0.00%	6,905	$1M	held	—	22 q
XLNXXilinx Inc	0.00%	7,920	$635,000	held	—	11 q
AXTAAxalta Coating Systems Ltd.	0.00%	23,540	$686,000	trimmed−3%	0.00 pp	9 q
OXYOccidental Petroleum Corporation	—	−3,273,692	—	exited	−1.17 pp	—
unresolvedKkr & Co L P DEL	—	−2,404,246	—	exited	−0.25 pp	—
unresolvedTpg Pace Energy Hldgs Corp	—	−2,420,050	—	exited	−0.11 pp	—
ANGIAngi Inc. Class A	—	−1,361,051	—	exited	−0.09 pp	—
AIGAmerican International Group, Inc.	—	−364,384	—	exited	−0.08 pp	—
EQMEQM Midstream Partners, LP	—	−382,312	—	exited	−0.08 pp	—
unresolvedDct Industrial Trust Inc	—	−127,652	—	exited	−0.04 pp	—
JBGSJBG SMITH Properties	—	−182,642	—	exited	−0.03 pp	—
unresolvedEducation Realty Trust, Inc.	—	−115,960	—	exited	−0.02 pp	—
unresolvedGGP, Inc.	—	−161,482	—	exited	−0.01 pp	—
MCOMoody's Corporation	—	−4,790	—	exited	0.00 pp	—
SWCHNSwitch Inc - A	—	−82,263	—	exited	0.00 pp	—