Davis Advisors

Q4 2018 13F · by Chris Davis, portfolio manager

As of: Dec 31, 2018
Filed: Feb 12, 2019
US stock: $17.9B · prev $23.3B
Positions: 137 · prev 139
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

+5.3 pp in · −5.3 pp out

New 9 +0.80 pp
Added 68 +4.51 pp
Trimmed 50 −0.78 pp
Exited 11 −4.49 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.4 years per position

Low
Moderate
High

Top 5 positions30% of US stock

WFC Wells Fargo & Co. trimmed+0.81 pp trimmed+0.816.9%
BRK.A Berkshire Hathaway Inc. trimmed+1.16 pp trimmed+1.166.0%
AMZN Amazon.Com Inc trimmed−0.35 pp trimmed−0.355.9%
GOOG Alphabet Inc. Class C trimmed+0.61 pp trimmed+0.615.9%
COF Capital One Financial trimmed+0.11 pp trimmed+0.115.6%

Positions137 in this filing · 11 exited


WFCWells Fargo & Co.	6.94%	26,971,021	$1.2B	trimmed−1%	+0.81 pp	23 q
BRK.ABerkshire Hathaway Inc.	6.02%	3,519	$1.1B	trimmed−0%	+1.16 pp	23 q
AMZNAmazon.Com Inc	5.94%	709,100	$1.1B	trimmed−3%	−0.35 pp	23 q
GOOGAlphabet Inc. Class C	5.91%	1,020,558	$1.1B	trimmed−1%	+0.61 pp	19 q
COFCapital One Financial	5.60%	13,267,950	$1.0B	trimmed−1%	+0.11 pp	18 q
UTXZRTX Corporation	4.89%	8,221,190	$875M	added0%	−0.04 pp	15 q
BNYBank of New York Mellon Corporation	4.59%	17,462,483	$821M	trimmed−0%	+0.75 pp	23 q
JPMJPMorgan Chase & Co.	4.38%	8,033,318	$784M	trimmed−1%	+0.45 pp	23 q
METAMeta Platforms, Inc. Class A	3.86%	5,267,533	$691M	added+6%	+0.34 pp	13 q
AXPAmerican Express Company	3.47%	6,516,995	$621M	trimmed−4%	+0.38 pp	23 q
9990302DApache Corp	3.36%	22,882,206	$601M	trimmed−5%	−1.57 pp	13 q
BABAAlibaba Group Holding Limited	3.18%	4,153,816	$570M	added+5%	+0.38 pp	9 q
unresolvedNew Oriental Ed & Tech Grp I	3.15%	10,273,245	$563M	added+29%	+0.62 pp	11 q
GOOGLAlphabet Inc. Class A	2.92%	499,533	$522M	trimmed−5%	+0.18 pp	13 q
AMATApplied Materials Inc	2.42%	13,214,457	$432M	added+25%	+0.66 pp	23 q
USBU.S. Bancorp	2.36%	9,230,157	$422M	trimmed−0%	+0.26 pp	23 q
TXNTexas Instruments Incorporated	2.26%	4,285,380	$405M	trimmed−3%	+0.22 pp	23 q
unresolvedGeneral Electric Co	2.16%	51,030,186	$386M	trimmed−20%	−0.93 pp	2 q
JCIJohnson Controls International plc	2.09%	12,607,660	$374M	trimmed−5%	+0.10 pp	10 q
BRK.BBERKSHIRE HATHAWAY Class B	1.99%	1,751,245	$357M	trimmed−3%	+0.32 pp	23 q
MSFTMicrosoft Corp	1.64%	2,889,277	$293M	trimmed−3%	+0.18 pp	23 q
CBChubb Limited	1.58%	2,186,403	$282M	added0%	+0.33 pp	12 q
MKLMarkel Group Inc.	1.43%	246,090	$255M	added+2%	+0.19 pp	23 q
unresolvedEncana Corp	1.34%	41,529,994	$240M	trimmed−0%	−1.01 pp	18 q
LLoews Corporation	1.08%	4,260,915	$194M	added0%	+0.16 pp	23 q
ADNTAdient plc	0.94%	11,185,755	$169M	trimmed−1%	−0.97 pp	9 q
ORCLOracle Corp	0.85%	3,351,628	$151M	trimmed−2%	+0.09 pp	23 q
JDJD.com, Inc.	0.84%	7,196,442	$151M	added+9%	+0.10 pp	19 q
MGYMagnolia Oil & Gas Corporation Class A	0.78%	12,419,690	$139M	held	—	2 q
HOLIHollysys Automation Technolo	0.65%	6,662,570	$117M	added+9%	+0.09 pp	8 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.56%	3,224,347	$101M	added+35%	+0.03 pp	4 q
BKNGBooking Holdings Inc.	0.55%	56,990	$98M	trimmed−2%	+0.05 pp	4 q
CVSCvs Health Corporation	0.41%	1,130,059	$74M	new	+0.41 pp	new
DGXQuest Diagnostics Inc.	0.37%	798,392	$66M	added×6.0	+0.31 pp	20 q
DUSADavis Select U.S. Equity ETF	0.34%	3,022,320	$61M	added+2%	+0.02 pp	8 q
YAlleghany Corporation	0.30%	86,089	$54M	added+7%	+0.07 pp	7 q
IQiQIYI, Inc.	0.30%	3,584,468	$53M	added+10%	−0.08 pp	4 q
IVEiShares S&P 500 Value ETF	0.29%	514,441	$52M	added×44.8	+0.28 pp	2 q
QUOTQuotient Technology Inc	0.27%	4,561,386	$49M	added+7%	−0.01 pp	13 q
STTState Street Corporation	0.27%	767,294	$48M	added+8%	+0.01 pp	12 q
GSGoldman Sachs Group Inc.	0.26%	275,790	$46M	added+9%	+0.02 pp	23 q
DINTDavis Select International ETF	0.25%	2,938,800	$44M	added+24%	+0.06 pp	4 q
EGEverest Group, Ltd.	0.23%	187,878	$41M	trimmed−20%	0.00 pp	23 q
DFNLDavis Select Financial ETF	0.22%	1,840,055	$39M	added0%	+0.03 pp	8 q
NOAHNoah Holdings Limited	0.22%	926,166	$40M	added+8%	+0.06 pp	14 q
OAKOaktree Capital Group, LLC	0.22%	994,457	$40M	added+7%	+0.05 pp	4 q
PNCPNC Financial Services Group	0.22%	332,145	$39M	added+7%	+0.04 pp	12 q
INTCIntel Corp	0.21%	806,478	$38M	added+8%	+0.06 pp	23 q
SPGSimon Property Group, Inc.	0.20%	213,400	$36M	added+9%	+0.05 pp	23 q
unresolvedQurate Retail Inc	0.19%	1,706,443	$33M	trimmed−4%	+0.02 pp	3 q
ETNEaton Corporation, plc	0.19%	490,110	$34M	added+44%	+0.06 pp	13 q
DWLDDavis Select Worldwide ETF	0.18%	1,685,395	$33M	added+2%	0.00 pp	8 q
unresolvedTarena International, Inc.,Class A, ADR	0.18%	5,174,780	$33M	added+1%	0.00 pp	7 q
KKRKKR & Co. Inc.	0.17%	1,590,048	$31M	added+6%	−0.01 pp	2 q
AVBAvalonBay Communities, Inc.	0.16%	165,550	$29M	added+7%	+0.04 pp	23 q
unresolvedShire PLC	0.16%	162,332	$28M	trimmed−91%	−1.29 pp	4 q
YRDYiren Digital Ltd.	0.16%	2,636,494	$28M	added+18%	−0.02 pp	4 q
QRVOQorvo, Inc.	0.14%	426,502	$26M	trimmed−4%	−0.01 pp	4 q
9991429DAptiv Irish Holdings Ltd	0.13%	368,045	$23M	trimmed−1%	0.00 pp	5 q
PLDPrologis, Inc.	0.12%	351,698	$21M	added+2%	+0.02 pp	9 q
SCHWThe Charles Schwab Corporation	0.12%	503,340	$21M	added+7%	+0.02 pp	23 q
LBTYKLiberty Global Ltd. Class C	0.12%	1,004,834	$21M	trimmed−12%	−0.02 pp	23 q
EQIXEquinix, Inc.	0.11%	58,010	$20M	added+15%	+0.02 pp	4 q
VVISA Inc.	0.11%	143,206	$19M	trimmed−39%	−0.04 pp	23 q
BXBlackstone Inc.	0.10%	588,060	$18M	added+6%	+0.01 pp	4 q
BXPBXP, Inc.	0.10%	156,310	$18M	added+9%	+0.02 pp	23 q
CIThe Cigna Group	0.10%	98,444	$19M	new	+0.10 pp	new
GLIBAGci Liberty Inc - Class A	0.10%	425,648	$18M	trimmed−2%	0.00 pp	4 q
PSAPublic Storage	0.10%	87,080	$18M	added+17%	+0.04 pp	11 q
GLREGreenlight Captial RE, LTD. Class A	0.10%	2,082,010	$18M	added+9%	0.00 pp	3 q
unresolvedAltus Midstream Co., Class A	0.09%	2,000,000	$15M	new	+0.09 pp	new
CPTCamden Property Trust	0.09%	189,680	$17M	added+7%	+0.02 pp	12 q
DLRDigital Realty Trust, Inc.	0.09%	147,440	$16M	added+17%	+0.03 pp	4 q
VMRKVivmark Residential	0.09%	237,540	$16M	added+7%	+0.03 pp	15 q
ESSEssex Property Trust, Inc	0.09%	68,361	$17M	added+7%	+0.02 pp	23 q
SFUNFang Holdings Ltd	0.09%	11,309,804	$16M	trimmed−22%	−0.07 pp	10 q
unresolvedHudson Pac Pptys Inc	0.09%	524,700	$15M	added+33%	+0.03 pp	8 q
AKRAcadia Realty Trust	0.08%	583,100	$14M	added+9%	+0.02 pp	23 q
AREAlexandria Real Estate Equities, Inc.	0.08%	116,997	$13M	added+10%	+0.02 pp	23 q
FGAAmerican Campus Communities	0.08%	340,914	$14M	added+10%	+0.03 pp	23 q
BIDUBaidu, Inc.	0.08%	88,065	$14M	trimmed−26%	−0.04 pp	15 q
CCICrown Castle Inc.	0.08%	134,350	$15M	added+3%	+0.02 pp	16 q
OCOwens Corning	0.08%	337,051	$15M	new	+0.08 pp	new
REGRegency Centers Corporation	0.08%	232,840	$14M	added+9%	+0.02 pp	9 q
REXRRexford Industrial Realty, Inc.	0.08%	481,170	$14M	added+4%	+0.02 pp	14 q
SAPSap SE	0.08%	141,765	$14M	trimmed−1%	0.00 pp	23 q
TRNOTerreno Realty Corporation	0.08%	385,467	$14M	added+3%	+0.02 pp	20 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.08%	56,308	$14M	added+4%	+0.02 pp	23 q
LILAKLiberty Latin America Ltd. Class C	0.08%	971,939	$14M	trimmed−2%	−0.01 pp	4 q
CTRACoterra Energy Inc.	0.07%	579,300	$13M	trimmed−8%	+0.01 pp	15 q
unresolvedCousins Properties Inc.	0.07%	1,611,500	$13M	added+10%	+0.01 pp	22 q
CTRPTrip.com Group Limited	0.07%	483,248	$13M	added+20%	+0.01 pp	23 q
unresolvedFederal Realty Investment Trust REIT	0.07%	109,640	$13M	added+9%	+0.02 pp	23 q
unresolvedAzul Sa-adr	0.06%	373,176	$10M	trimmed−7%	+0.03 pp	2 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.06%	283,924	$11M	trimmed−2%	0.00 pp	9 q
ZTOZTO Express (Cayman) Inc.	0.06%	733,772	$12M	added+23%	+0.02 pp	9 q
BRXBrixmor Property Group Inc.	0.05%	607,630	$9M	added+9%	+0.01 pp	6 q
EXRExtra Space Storage, Inc.	0.05%	95,780	$9M	added+9%	+0.02 pp	12 q
HSTHost Hotels & Resorts, Inc.	0.05%	579,120	$10M	added+2%	0.00 pp	11 q
VNOVornado Realty Trust	0.05%	138,960	$9M	added+1%	+0.01 pp	23 q
BDNBrandywine Realty Trust	0.04%	577,831	$7M	added+10%	0.00 pp	5 q
CORCoresite Realty Corp	0.04%	87,510	$8M	added×2.2	+0.02 pp	4 q
IWViShares Russell 3000 ETF	0.04%	54,132	$8M	new	+0.04 pp	new
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.04%	402,640	$6M	trimmed−2%	+0.01 pp	18 q
VTRVentas, Inc.	0.04%	123,650	$7M	new	+0.04 pp	new
ELSEquity Lifestyle Properties, Inc.	0.03%	60,850	$6M	added×2.1	+0.02 pp	2 q
unresolvedHcp Inc	0.03%	190,586	$5M	trimmed−59%	−0.02 pp	3 q
LPTLiberty Property Trust	0.03%	126,070	$5M	new	+0.03 pp	new
SSSLife Storage Inc	0.03%	59,290	$6M	added+5%	+0.01 pp	9 q
ROICRetail Opportunity Investments Corp.	0.03%	352,915	$6M	trimmed−52%	−0.03 pp	16 q
SLGSL Green Realty Corp.	0.03%	72,350	$6M	trimmed−27%	−0.01 pp	9 q
SUISun Communities, Inc	0.03%	57,330	$6M	added×2.1	+0.02 pp	2 q
AMHAmerican Homes 4 Rent	0.02%	157,170	$3M	trimmed−42%	−0.01 pp	5 q
CUBECubeSmart	0.02%	144,650	$4M	added+5%	0.00 pp	9 q
INVHInvitation Homes Inc.	0.02%	142,970	$3M	trimmed−45%	−0.01 pp	5 q
KIMKimco Realty Corp.	0.02%	302,960	$4M	trimmed−34%	−0.01 pp	6 q
RHPRyman Hospitality Properties, Inc	0.02%	48,650	$3M	added+46%	+0.01 pp	2 q
CTTCatchmark Timber Trust, Inc.	0.01%	151,604	$1M	trimmed−29%	0.00 pp	18 q
COSTCostco Wholesale Corp	0.01%	7,680	$2M	trimmed−43%	0.00 pp	23 q
EGPEastGroup Properties Inc.	0.01%	29,020	$3M	trimmed−71%	−0.03 pp	23 q
WUBA58.COM Inc	0.01%	23,150	$1M	added+26%	0.00 pp	21 q
FRFirst Industrial Realty Trust, Inc.	0.01%	80,950	$2M	trimmed−79%	−0.04 pp	19 q
MACThe Macerich Company	0.01%	53,610	$2M	new	+0.01 pp	new
MAAMid-America Apartment Communities, Inc.	0.01%	26,870	$3M	trimmed−0%	0.00 pp	2 q
NVSNovartis AG	0.01%	15,456	$1M	trimmed−90%	−0.05 pp	9 q
APDAir Products & Chemicals, Inc.	0.00%	1,523	$244,000	trimmed−21%	0.00 pp	23 q
KMXCarMax Inc.	0.00%	5,046	$317,000	trimmed−10%	0.00 pp	23 q
DXCDXC Technology Company	0.00%	11,319	$602,000	held	—	7 q
unresolvedDowdupont Inc	0.00%	12,000	$642,000	held	—	6 q
EAElectronic Arts Inc	0.00%	6,960	$549,000	held	—	2 q
FDXFedEx Corporation	0.00%	3,190	$515,000	held	—	8 q
HPQHP Inc.	0.00%	20,830	$426,000	held	—	13 q
LRCXLam Research Corp	0.00%	3,485	$475,000	held	—	12 q
PPGPPG Industries, Inc.	0.00%	5,470	$559,000	held	—	10 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	1,849	$462,000	new	0.00 pp	new
XLNXXilinx Inc	0.00%	7,920	$675,000	held	—	12 q
AXTAAxalta Coating Systems Ltd.	0.00%	23,540	$551,000	held	—	10 q
unresolvedAetna Inc New	—	−4,598,174	—	exited	−4.01 pp	—
unresolvedExpress Scripts Hldg Co	—	−387,902	—	exited	−0.16 pp	—
BBBlackBerry Limited	—	−2,244,086	—	exited	−0.11 pp	—
MRSHMarsh	—	−311,328	—	exited	−0.11 pp	—
unresolvedForest City Rlty Tr Inc	—	−368,218	—	exited	−0.04 pp	—
WELLWelltower Inc.	—	−105,868	—	exited	−0.03 pp	—
CONECyrusOne Inc	—	−49,322	—	exited	−0.01 pp	—
WYWeyerhaeuser Company	—	−82,323	—	exited	−0.01 pp	—
BPY-UCADBrookfield Property Partners	—	−60,746	—	exited	−0.01 pp	—
ECLEcolab, Inc.	—	−4,295	—	exited	0.00 pp	—
PXGBXPraxair Inc	—	−6,905	—	exited	0.00 pp	—