Davis Advisors

Q1 2019 13F · by Chris Davis, portfolio manager

As of: Mar 31, 2019
Filed: May 14, 2019
US stock: $20.3B · prev $17.9B
Positions: 135 · prev 137
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%

Moves131 since the prior filing

+6.3 pp in · −6.3 pp out

New 6 +0.29 pp
Added 63 +5.99 pp
Trimmed 54 −5.56 pp
Exited 8 −0.74 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.6 years per position

Low
Moderate
High

Top 5 positions29% of US stock

WFC Wells Fargo & Co. added−0.40 pp added−0.406.5%
AMZN Amazon.Com Inc trimmed0.00 pp trimmed0.005.9%
GOOG Alphabet Inc. Class C trimmed−0.25 pp trimmed−0.255.7%
COF Capital One Financial added−0.07 pp added−0.075.5%
UTXZ RTX Corporation added+0.36 pp added+0.365.3%

Positions135 in this filing · 8 exited


WFCWells Fargo & Co.	6.54%	27,535,957	$1.3B	added+2%	−0.40 pp	24 q
AMZNAmazon.Com Inc	5.94%	678,132	$1.2B	trimmed−4%	0.00 pp	24 q
GOOGAlphabet Inc. Class C	5.66%	981,304	$1.2B	trimmed−4%	−0.25 pp	20 q
COFCapital One Financial	5.53%	13,773,978	$1.1B	added+4%	−0.07 pp	19 q
UTXZRTX Corporation	5.25%	8,276,810	$1.1B	added+1%	+0.36 pp	16 q
BRK.ABerkshire Hathaway Inc.	5.04%	3,401	$1.0B	trimmed−3%	−0.98 pp	24 q
unresolvedNew Oriental Ed & Tech Grp I	4.64%	10,479,224	$944M	added+2%	+1.49 pp	12 q
METAMeta Platforms, Inc. Class A	4.36%	5,312,965	$886M	added+1%	+0.50 pp	14 q
BNYBank of New York Mellon Corporation	4.23%	17,046,925	$860M	trimmed−2%	−0.36 pp	24 q
9990302DApache Corp	4.12%	24,151,466	$837M	added+6%	+0.76 pp	14 q
JPMJPMorgan Chase & Co.	3.96%	7,951,809	$805M	trimmed−1%	−0.42 pp	24 q
BABAAlibaba Group Holding Limited	3.76%	4,195,037	$765M	added+1%	+0.58 pp	10 q
AXPAmerican Express Company	3.39%	6,311,785	$690M	trimmed−3%	−0.08 pp	24 q
AMATApplied Materials Inc	3.03%	15,515,968	$615M	added+17%	+0.61 pp	24 q
GOOGLAlphabet Inc. Class A	2.77%	479,232	$564M	trimmed−4%	−0.15 pp	14 q
JCIJohnson Controls International plc	2.39%	13,167,287	$486M	added+4%	+0.30 pp	11 q
USBU.S. Bancorp	2.19%	9,226,412	$445M	trimmed−0%	−0.17 pp	24 q
TXNTexas Instruments Incorporated	2.17%	4,166,232	$442M	trimmed−3%	−0.09 pp	24 q
BRK.BBERKSHIRE HATHAWAY Class B	1.65%	1,674,254	$336M	trimmed−4%	−0.34 pp	24 q
DGXQuest Diagnostics Inc.	1.61%	3,639,061	$327M	added×4.6	+1.24 pp	21 q
CBChubb Limited	1.51%	2,184,959	$306M	trimmed−0%	−0.07 pp	13 q
unresolvedEncana Corp	1.46%	41,062,977	$297M	trimmed−1%	+0.12 pp	19 q
MKLMarkel Group Inc.	1.17%	238,632	$238M	trimmed−3%	−0.26 pp	24 q
unresolvedGeneral Electric Co	1.11%	22,518,253	$225M	trimmed−56%	−1.05 pp	3 q
JDJD.com, Inc.	1.08%	7,268,860	$219M	added+1%	+0.24 pp	20 q
MSFTMicrosoft Corp	1.07%	1,847,059	$218M	trimmed−36%	−0.57 pp	24 q
LLoews Corporation	0.97%	4,124,538	$198M	trimmed−3%	−0.11 pp	24 q
ADNTAdient plc	0.79%	12,380,835	$160M	added+11%	−0.15 pp	10 q
MGYMagnolia Oil & Gas Corporation Class A	0.73%	12,406,370	$149M	trimmed−0%	−0.05 pp	3 q
ORCLOracle Corp	0.73%	2,765,829	$149M	trimmed−17%	−0.12 pp	24 q
HOLIHollysys Automation Technolo	0.69%	6,744,448	$141M	added+1%	+0.04 pp	9 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.59%	3,342,811	$120M	added+4%	+0.03 pp	5 q
BKNGBooking Holdings Inc.	0.47%	54,870	$96M	trimmed−4%	−0.08 pp	5 q
IQiQIYI, Inc.	0.43%	3,663,754	$88M	added+2%	+0.13 pp	5 q
DUSADavis Select U.S. Equity ETF	0.35%	3,169,516	$72M	added+5%	+0.01 pp	9 q
DINTDavis Select International ETF	0.32%	3,654,046	$65M	added+24%	+0.07 pp	5 q
CVSCvs Health Corporation	0.30%	1,124,239	$61M	trimmed−1%	−0.11 pp	2 q
GSGoldman Sachs Group Inc.	0.25%	267,202	$51M	trimmed−3%	−0.01 pp	24 q
YAlleghany Corporation	0.24%	80,989	$50M	trimmed−6%	−0.06 pp	8 q
STTState Street Corporation	0.24%	744,456	$49M	trimmed−3%	−0.03 pp	13 q
QUOTQuotient Technology Inc	0.23%	4,741,248	$47M	added+4%	−0.04 pp	14 q
INTCIntel Corp	0.22%	824,878	$44M	added+2%	+0.01 pp	24 q
NOAHNoah Holdings Limited	0.22%	937,635	$45M	added+1%	0.00 pp	15 q
DFNLDavis Select Financial ETF	0.21%	1,904,737	$42M	added+4%	−0.01 pp	9 q
DWLDDavis Select Worldwide ETF	0.21%	1,803,388	$42M	added+7%	+0.03 pp	9 q
BACBank of America Corporation	0.20%	1,508,920	$42M	new	+0.20 pp	new
PNCPNC Financial Services Group	0.20%	333,781	$41M	added0%	−0.02 pp	13 q
KKRKKR & Co. Inc.	0.18%	1,542,970	$36M	trimmed−3%	+0.01 pp	3 q
SPGSimon Property Group, Inc.	0.18%	205,100	$37M	trimmed−4%	−0.02 pp	24 q
YRDYiren Digital Ltd.	0.18%	2,679,239	$36M	added+2%	+0.02 pp	5 q
ETNEaton Corporation, plc	0.18%	444,340	$36M	trimmed−9%	−0.01 pp	14 q
EGEverest Group, Ltd.	0.18%	172,742	$37M	trimmed−8%	−0.05 pp	24 q
QRVOQorvo, Inc.	0.17%	481,807	$35M	added+13%	+0.03 pp	5 q
AVBAvalonBay Communities, Inc.	0.15%	156,430	$31M	trimmed−6%	−0.01 pp	24 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.15%	124,001	$31M	added×2.2	+0.07 pp	24 q
9991429DAptiv Irish Holdings Ltd	0.15%	375,319	$30M	added+2%	+0.02 pp	6 q
EQIXEquinix, Inc.	0.13%	59,550	$27M	added+3%	+0.02 pp	5 q
unresolvedQurate Retail Inc	0.13%	1,661,016	$27M	trimmed−3%	−0.06 pp	4 q
unresolvedTarena International, Inc.,Class A, ADR	0.13%	4,862,912	$26M	trimmed−6%	−0.05 pp	8 q
PLDPrologis, Inc.	0.12%	347,998	$25M	trimmed−1%	0.00 pp	10 q
LBTYKLiberty Global Ltd. Class C	0.12%	982,594	$24M	trimmed−2%	0.00 pp	24 q
CTRPTrip.com Group Limited	0.11%	495,080	$22M	added+2%	+0.04 pp	24 q
GLIBAGci Liberty Inc - Class A	0.11%	406,478	$23M	trimmed−5%	+0.01 pp	5 q
GLREGreenlight Captial RE, LTD. Class A	0.11%	2,052,360	$22M	trimmed−1%	+0.01 pp	4 q
BXBlackstone Inc.	0.10%	571,300	$20M	trimmed−3%	0.00 pp	5 q
BXPBXP, Inc.	0.10%	154,970	$21M	trimmed−1%	0.00 pp	24 q
CPTCamden Property Trust	0.10%	192,140	$20M	added+1%	+0.01 pp	13 q
ESSEssex Property Trust, Inc	0.10%	68,491	$20M	added0%	+0.01 pp	24 q
SCHWThe Charles Schwab Corporation	0.10%	489,624	$21M	trimmed−3%	−0.02 pp	24 q
CCICrown Castle Inc.	0.09%	137,880	$18M	added+3%	+0.01 pp	17 q
DLRDigital Realty Trust, Inc.	0.09%	151,260	$18M	added+3%	0.00 pp	5 q
VMRKVivmark Residential	0.09%	240,340	$18M	added+1%	0.00 pp	16 q
unresolvedHudson Pac Pptys Inc	0.09%	533,270	$18M	added+2%	0.00 pp	9 q
VVISA Inc.	0.09%	119,842	$19M	trimmed−16%	−0.02 pp	24 q
LILAKLiberty Latin America Ltd. Class C	0.09%	933,089	$18M	trimmed−4%	+0.01 pp	5 q
AKRAcadia Realty Trust	0.08%	589,370	$16M	added+1%	0.00 pp	24 q
AREAlexandria Real Estate Equities, Inc.	0.08%	119,217	$17M	added+2%	0.00 pp	24 q
FGAAmerican Campus Communities	0.08%	350,784	$17M	added+3%	0.00 pp	24 q
CIThe Cigna Group	0.08%	98,648	$16M	added0%	−0.02 pp	2 q
unresolvedFederal Realty Investment Trust REIT	0.08%	112,480	$16M	added+3%	+0.01 pp	24 q
OCOwens Corning	0.08%	341,512	$16M	added+1%	0.00 pp	2 q
PSAPublic Storage	0.08%	73,400	$16M	trimmed−16%	−0.02 pp	12 q
REGRegency Centers Corporation	0.08%	235,730	$16M	added+1%	0.00 pp	10 q
SAPSap SE	0.08%	145,137	$17M	added+2%	0.00 pp	24 q
BIDUBaidu, Inc.	0.07%	90,053	$15M	added+2%	−0.01 pp	16 q
CTRACoterra Energy Inc.	0.07%	556,389	$15M	trimmed−4%	0.00 pp	16 q
SFUNFang Holdings Ltd	0.07%	10,814,989	$15M	trimmed−4%	−0.02 pp	11 q
REXRRexford Industrial Realty, Inc.	0.07%	401,170	$14M	trimmed−17%	−0.01 pp	15 q
TRNOTerreno Realty Corporation	0.07%	316,107	$13M	trimmed−18%	−0.01 pp	21 q
ZTOZTO Express (Cayman) Inc.	0.07%	757,232	$14M	added+3%	+0.01 pp	10 q
unresolvedAltus Midstream Co., Class A	0.06%	1,994,600	$12M	trimmed−0%	−0.03 pp	2 q
BRXBrixmor Property Group Inc.	0.06%	616,450	$11M	added+1%	+0.01 pp	7 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.06%	271,944	$12M	trimmed−4%	0.00 pp	10 q
unresolvedAzul Sa-adr	0.05%	379,772	$11M	added+2%	−0.01 pp	3 q
BDNBrandywine Realty Trust	0.05%	585,421	$9M	added+1%	+0.01 pp	6 q
CORCoresite Realty Corp	0.05%	89,750	$10M	added+3%	+0.01 pp	5 q
EXRExtra Space Storage, Inc.	0.05%	95,950	$10M	added0%	0.00 pp	13 q
unresolvedHcp Inc	0.05%	323,046	$10M	added+70%	+0.02 pp	4 q
HSTHost Hotels & Resorts, Inc.	0.05%	579,620	$11M	added0%	0.00 pp	12 q
VTRVentas, Inc.	0.05%	157,650	$10M	added+28%	+0.01 pp	2 q
VNOVornado Realty Trust	0.05%	137,120	$9M	trimmed−1%	0.00 pp	24 q
WABWabtec Inc.	0.05%	149,969	$11M	new	+0.05 pp	new
unresolvedCousins Properties Inc.	0.04%	853,270	$8M	trimmed−47%	−0.03 pp	23 q
ELSEquity Lifestyle Properties, Inc.	0.04%	62,510	$7M	added+3%	+0.01 pp	3 q
LPTLiberty Property Trust	0.03%	129,240	$6M	added+3%	0.00 pp	2 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.03%	386,610	$5M	trimmed−4%	−0.01 pp	19 q
SSSLife Storage Inc	0.03%	59,920	$6M	added+1%	0.00 pp	10 q
ROICRetail Opportunity Investments Corp.	0.03%	352,915	$6M	held	—	17 q
SLGSL Green Realty Corp.	0.03%	71,440	$6M	trimmed−1%	0.00 pp	10 q
SUISun Communities, Inc	0.03%	58,910	$7M	added+3%	0.00 pp	3 q
ALEXAlexander & Baldwin, Inc.	0.02%	125,830	$3M	new	+0.02 pp	new
AMHAmerican Homes 4 Rent	0.02%	161,200	$4M	added+3%	0.00 pp	6 q
CUBECubeSmart	0.02%	146,180	$5M	added+1%	0.00 pp	10 q
EGPEastGroup Properties Inc.	0.02%	28,950	$3M	trimmed−0%	+0.01 pp	24 q
INVHInvitation Homes Inc.	0.02%	142,970	$3M	held	—	6 q
RHPRyman Hospitality Properties, Inc	0.02%	49,920	$4M	added+3%	0.00 pp	3 q
COSTCostco Wholesale Corp	0.01%	7,680	$2M	held	—	24 q
WUBA58.COM Inc	0.01%	22,790	$1M	trimmed−2%	0.00 pp	22 q
FRFirst Industrial Realty Trust, Inc.	0.01%	80,950	$3M	held	—	20 q
FUTUFutu Holdings Limited	0.01%	100,000	$2M	new	+0.01 pp	new
MACThe Macerich Company	0.01%	65,680	$3M	added+23%	0.00 pp	2 q
MAAMid-America Apartment Communities, Inc.	0.01%	27,200	$3M	added+1%	0.00 pp	3 q
NVSNovartis AG	0.01%	21,304	$2M	added+38%	0.00 pp	10 q
S76Store Capital Corp	0.01%	37,300	$1M	new	+0.01 pp	new
KMXCarMax Inc.	0.00%	5,046	$352,000	held	—	24 q
DXCDXC Technology Company	0.00%	11,319	$728,000	held	—	8 q
unresolvedDowdupont Inc	0.00%	12,000	$640,000	held	—	7 q
EAElectronic Arts Inc	0.00%	2,960	$301,000	trimmed−57%	0.00 pp	3 q
FDXFedEx Corporation	0.00%	3,190	$579,000	held	—	9 q
HPQHP Inc.	0.00%	20,830	$405,000	held	—	14 q
LRCXLam Research Corp	0.00%	3,485	$624,000	held	—	13 q
PPGPPG Industries, Inc.	0.00%	5,470	$617,000	held	—	11 q
TSGIStars Group INC/THE	0.00%	11,750	$206,000	new	0.00 pp	new
XLNXXilinx Inc	0.00%	6,335	$803,000	trimmed−20%	0.00 pp	13 q
AXTAAxalta Coating Systems Ltd.	0.00%	23,540	$593,000	held	—	11 q
IVEiShares S&P 500 Value ETF	—	−514,441	—	exited	−0.29 pp	—
OAKOaktree Capital Group, LLC	—	−994,457	—	exited	−0.22 pp	—
unresolvedShire PLC	—	−162,332	—	exited	−0.16 pp	—
IWViShares Russell 3000 ETF	—	−54,132	—	exited	−0.04 pp	—
KIMKimco Realty Corp.	—	−302,960	—	exited	−0.02 pp	—
CTTCatchmark Timber Trust, Inc.	—	−151,604	—	exited	−0.01 pp	—
APDAir Products & Chemicals, Inc.	—	−1,523	—	exited	0.00 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−1,849	—	exited	0.00 pp	—