Davis Advisors

Q2 2019 13F · by Chris Davis, portfolio manager

As of: Jun 30, 2019
Filed: Aug 13, 2019
US stock: $20.2B · prev $20.3B
Positions: 132 · prev 135
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%

Moves126 since the prior filing

+4.0 pp in · −4.0 pp out

New 5 +0.34 pp
Added 40 +3.62 pp
Trimmed 73 −2.43 pp
Exited 8 −1.53 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.4 years per position

Low
Moderate
High

Top 5 positions29% of US stock

WFC Wells Fargo & Co. added−0.05 pp added−0.056.5%
COF Capital One Financial added+0.68 pp added+0.686.2%
AMZN Amazon.Com Inc trimmed+0.24 pp trimmed+0.246.2%
unresolved New Oriental Ed & Tech Grp I added+0.67 pp added+0.675.3%
BRK.A Berkshire Hathaway Inc. trimmed+0.24 pp trimmed+0.245.3%

Positions132 in this filing · 8 exited


WFCWells Fargo & Co.	6.49%	27,729,864	$1.3B	added+1%	−0.05 pp	25 q
COFCapital One Financial	6.21%	13,836,387	$1.3B	added0%	+0.68 pp	20 q
AMZNAmazon.Com Inc	6.18%	659,356	$1.2B	trimmed−3%	+0.24 pp	25 q
unresolvedNew Oriental Ed & Tech Grp I	5.31%	11,119,591	$1.1B	added+6%	+0.67 pp	13 q
BRK.ABerkshire Hathaway Inc.	5.28%	3,351	$1.1B	trimmed−1%	+0.24 pp	25 q
UTXZRTX Corporation	5.28%	8,206,472	$1.1B	trimmed−1%	+0.03 pp	17 q
GOOGAlphabet Inc. Class C	5.13%	959,294	$1.0B	trimmed−2%	−0.53 pp	21 q
METAMeta Platforms, Inc. Class A	4.45%	4,657,716	$899M	trimmed−12%	+0.09 pp	15 q
JPMJPMorgan Chase & Co.	4.38%	7,924,152	$886M	trimmed−0%	+0.42 pp	25 q
AXPAmerican Express Company	3.74%	6,128,392	$756M	trimmed−3%	+0.35 pp	25 q
BNYBank of New York Mellon Corporation	3.65%	16,716,368	$738M	trimmed−2%	−0.58 pp	25 q
AMATApplied Materials Inc	3.53%	15,880,737	$713M	added+2%	+0.50 pp	25 q
BABAAlibaba Group Holding Limited	3.50%	4,173,186	$707M	trimmed−1%	−0.26 pp	11 q
9990302DApache Corp	3.30%	23,008,783	$667M	trimmed−5%	−0.82 pp	15 q
GOOGLAlphabet Inc. Class A	2.51%	469,166	$508M	trimmed−2%	−0.26 pp	15 q
USBU.S. Bancorp	2.35%	9,056,196	$475M	trimmed−2%	+0.16 pp	25 q
TXNTexas Instruments Incorporated	2.32%	4,081,608	$468M	trimmed−2%	+0.15 pp	25 q
DGXQuest Diagnostics Inc.	2.01%	4,001,170	$407M	added+10%	+0.40 pp	22 q
INTCIntel Corp	1.77%	7,473,706	$358M	added×9.1	+1.55 pp	25 q
BRK.BBERKSHIRE HATHAWAY Class B	1.72%	1,627,758	$347M	trimmed−3%	+0.07 pp	25 q
CBChubb Limited	1.57%	2,157,578	$318M	trimmed−1%	+0.06 pp	14 q
ADNTAdient plc	1.42%	11,849,046	$288M	trimmed−4%	+0.63 pp	11 q
unresolvedEncana Corp	1.28%	50,296,797	$258M	added+22%	−0.18 pp	20 q
MKLMarkel Group Inc.	1.27%	235,429	$257M	trimmed−1%	+0.10 pp	25 q
MSFTMicrosoft Corp	1.19%	1,800,433	$241M	trimmed−3%	+0.12 pp	25 q
LLoews Corporation	1.09%	4,031,184	$220M	trimmed−2%	+0.12 pp	25 q
JDJD.com, Inc.	0.97%	6,465,282	$196M	trimmed−11%	−0.11 pp	21 q
ORCLOracle Corp	0.74%	2,624,661	$150M	trimmed−5%	+0.01 pp	25 q
MGYMagnolia Oil & Gas Corporation Class A	0.71%	12,365,434	$143M	trimmed−0%	−0.02 pp	4 q
HOLIHollysys Automation Technolo	0.63%	6,707,397	$127M	trimmed−1%	−0.06 pp	10 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.56%	3,338,242	$113M	trimmed−0%	−0.03 pp	6 q
BKNGBooking Holdings Inc.	0.50%	53,680	$101M	trimmed−2%	+0.03 pp	6 q
DUSADavis Select U.S. Equity ETF	0.37%	3,169,516	$74M	held	—	10 q
DINTDavis Select International ETF	0.32%	3,654,046	$65M	held	—	6 q
CVSCvs Health Corporation	0.30%	1,101,682	$60M	trimmed−2%	0.00 pp	3 q
YAlleghany Corporation	0.27%	79,419	$54M	trimmed−2%	+0.03 pp	9 q
GSGoldman Sachs Group Inc.	0.27%	261,932	$54M	trimmed−2%	+0.02 pp	25 q
BACBank of America Corporation	0.24%	1,643,010	$48M	added+9%	+0.04 pp	2 q
QUOTQuotient Technology Inc	0.24%	4,526,779	$49M	trimmed−5%	+0.01 pp	15 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.24%	199,480	$49M	added+61%	+0.09 pp	25 q
DFNLDavis Select Financial ETF	0.22%	1,904,737	$44M	held	—	10 q
PNCPNC Financial Services Group	0.22%	327,451	$45M	trimmed−2%	+0.02 pp	14 q
DWLDDavis Select Worldwide ETF	0.21%	1,803,388	$42M	held	—	10 q
NOAHNoah Holdings Limited	0.20%	943,832	$40M	added+1%	−0.02 pp	16 q
STTState Street Corporation	0.20%	736,636	$41M	trimmed−1%	−0.04 pp	14 q
JCIJohnson Controls International plc	0.20%	1,002,195	$41M	trimmed−92%	−2.19 pp	12 q
KKRKKR & Co. Inc.	0.19%	1,512,690	$38M	trimmed−2%	+0.01 pp	4 q
HUMHumana Inc.	0.18%	133,960	$36M	new	+0.18 pp	new
YRDYiren Digital Ltd.	0.18%	2,692,098	$37M	added0%	0.00 pp	6 q
ETNEaton Corporation, plc	0.18%	437,499	$36M	trimmed−2%	0.00 pp	15 q
EGEverest Group, Ltd.	0.18%	147,322	$36M	trimmed−15%	0.00 pp	25 q
IQiQIYI, Inc.	0.17%	1,661,546	$34M	trimmed−55%	−0.26 pp	6 q
QRVOQorvo, Inc.	0.16%	475,642	$32M	trimmed−1%	−0.01 pp	6 q
SPGSimon Property Group, Inc.	0.16%	198,790	$32M	trimmed−3%	−0.02 pp	25 q
AVBAvalonBay Communities, Inc.	0.15%	145,870	$30M	trimmed−7%	0.00 pp	25 q
EQIXEquinix, Inc.	0.14%	57,880	$29M	trimmed−3%	+0.01 pp	6 q
PLDPrologis, Inc.	0.13%	340,028	$27M	trimmed−2%	+0.01 pp	11 q
LBTYKLiberty Global Ltd. Class C	0.13%	962,034	$26M	trimmed−2%	+0.01 pp	25 q
GLIBAGci Liberty Inc - Class A	0.12%	398,598	$24M	trimmed−2%	+0.01 pp	6 q
BXPBXP, Inc.	0.10%	151,480	$20M	trimmed−2%	0.00 pp	25 q
ESSEssex Property Trust, Inc	0.10%	66,591	$19M	trimmed−3%	0.00 pp	25 q
OCOwens Corning	0.10%	335,744	$20M	trimmed−2%	+0.02 pp	3 q
unresolvedQurate Retail Inc	0.10%	1,625,369	$20M	trimmed−2%	−0.03 pp	5 q
SCHWThe Charles Schwab Corporation	0.10%	480,084	$19M	trimmed−2%	0.00 pp	25 q
CPTCamden Property Trust	0.09%	170,550	$18M	trimmed−11%	−0.01 pp	14 q
CCICrown Castle Inc.	0.09%	134,990	$18M	trimmed−2%	0.00 pp	18 q
CTRPTrip.com Group Limited	0.09%	476,313	$18M	trimmed−4%	−0.02 pp	25 q
DLRDigital Realty Trust, Inc.	0.09%	146,950	$17M	trimmed−3%	0.00 pp	6 q
VMRKVivmark Residential	0.09%	233,310	$18M	trimmed−3%	0.00 pp	17 q
unresolvedHudson Pac Pptys Inc	0.09%	534,520	$18M	added0%	0.00 pp	10 q
SAPSap SE	0.09%	140,125	$19M	trimmed−3%	+0.01 pp	25 q
GLREGreenlight Captial RE, LTD. Class A	0.09%	2,036,640	$17M	trimmed−1%	−0.02 pp	5 q
9991429DAptiv Irish Holdings Ltd	0.09%	220,420	$18M	trimmed−41%	−0.06 pp	7 q
AKRAcadia Realty Trust	0.08%	583,900	$16M	trimmed−1%	0.00 pp	25 q
AREAlexandria Real Estate Equities, Inc.	0.08%	113,937	$16M	trimmed−4%	0.00 pp	25 q
FGAAmerican Campus Communities	0.08%	352,114	$16M	added0%	0.00 pp	25 q
CIThe Cigna Group	0.08%	106,034	$17M	added+7%	0.00 pp	3 q
PSAPublic Storage	0.08%	71,060	$17M	trimmed−3%	0.00 pp	13 q
REXRRexford Industrial Realty, Inc.	0.08%	397,480	$16M	trimmed−1%	+0.01 pp	16 q
TRNOTerreno Realty Corporation	0.08%	313,137	$15M	trimmed−1%	+0.01 pp	22 q
LILAKLiberty Latin America Ltd. Class C	0.08%	915,149	$16M	trimmed−2%	−0.01 pp	6 q
unresolvedFederal Realty Investment Trust REIT	0.07%	112,660	$15M	added0%	−0.01 pp	25 q
unresolvedAltus Midstream Co., Class A	0.06%	3,256,100	$12M	added+63%	0.00 pp	3 q
unresolvedAzul Sa-adr	0.06%	381,712	$13M	added+1%	+0.01 pp	4 q
unresolvedChina Index Holdings Ltd., ADR	0.06%	3,593,523	$13M	new	+0.06 pp	new
LEXEALiberty Expedia Holdings, Inc. Class A	0.06%	266,654	$13M	trimmed−2%	0.00 pp	11 q
REGRegency Centers Corporation	0.06%	195,180	$13M	trimmed−17%	−0.02 pp	11 q
unresolvedTarena International, Inc.,Class A, ADR	0.06%	4,887,670	$12M	added+1%	−0.07 pp	9 q
VTRVentas, Inc.	0.06%	184,950	$13M	added+17%	+0.01 pp	3 q
WELLWelltower Inc.	0.06%	150,120	$12M	new	+0.06 pp	new
BIDUBaidu, Inc.	0.05%	91,381	$11M	added+1%	−0.02 pp	17 q
BRXBrixmor Property Group Inc.	0.05%	615,800	$11M	trimmed−0%	−0.01 pp	8 q
CORCoresite Realty Corp	0.05%	90,710	$10M	added+1%	0.00 pp	6 q
EXRExtra Space Storage, Inc.	0.05%	96,110	$10M	added0%	0.00 pp	14 q
unresolvedHcp Inc	0.05%	324,406	$10M	added0%	0.00 pp	5 q
HSTHost Hotels & Resorts, Inc.	0.05%	585,680	$11M	added+1%	0.00 pp	13 q
BDNBrandywine Realty Trust	0.04%	586,291	$8M	added0%	−0.01 pp	7 q
CUZCousins Properties Inc.	0.04%	213,815	$8M	new	+0.04 pp	new
ELSEquity Lifestyle Properties, Inc.	0.04%	62,680	$8M	added0%	0.00 pp	4 q
SUISun Communities, Inc	0.04%	59,070	$8M	added0%	+0.01 pp	4 q
VNOVornado Realty Trust	0.04%	136,490	$9M	trimmed−0%	−0.01 pp	25 q
SFUNFang Holdings Ltd	0.03%	10,568,354	$7M	trimmed−2%	−0.04 pp	12 q
LPTLiberty Property Trust	0.03%	129,370	$6M	added0%	0.00 pp	3 q
SSSLife Storage Inc	0.03%	59,850	$6M	trimmed−0%	0.00 pp	11 q
ROICRetail Opportunity Investments Corp.	0.03%	349,545	$6M	trimmed−1%	0.00 pp	18 q
SLGSL Green Realty Corp.	0.03%	71,510	$6M	added0%	0.00 pp	11 q
S76Store Capital Corp	0.03%	174,210	$6M	added×4.7	+0.02 pp	2 q
AMHAmerican Homes 4 Rent	0.02%	162,940	$4M	added+1%	0.00 pp	7 q
CUBECubeSmart	0.02%	145,980	$5M	trimmed−0%	0.00 pp	11 q
EGPEastGroup Properties Inc.	0.02%	29,230	$3M	added+1%	0.00 pp	25 q
INVHInvitation Homes Inc.	0.02%	144,430	$4M	added+1%	0.00 pp	7 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.02%	379,150	$5M	trimmed−2%	−0.01 pp	20 q
MAAMid-America Apartment Communities, Inc.	0.02%	27,490	$3M	added+1%	+0.01 pp	4 q
RHPRyman Hospitality Properties, Inc	0.02%	50,010	$4M	added0%	0.00 pp	4 q
ALEXAlexander & Baldwin, Inc.	0.01%	127,240	$3M	added+1%	−0.01 pp	2 q
COSTCostco Wholesale Corp	0.01%	7,680	$2M	held	—	25 q
WUBA58.COM Inc	0.01%	22,790	$1M	held	—	23 q
FRFirst Industrial Realty Trust, Inc.	0.01%	81,770	$3M	added+1%	0.00 pp	21 q
FUTUFutu Holdings Limited	0.01%	97,320	$1M	trimmed−3%	0.00 pp	2 q
MACThe Macerich Company	0.01%	66,530	$2M	added+1%	0.00 pp	3 q
NVSNovartis AG	0.01%	23,024	$2M	added+8%	0.00 pp	11 q
KMXCarMax Inc.	0.00%	5,046	$438,000	held	—	25 q
DXCDXC Technology Company	0.00%	11,319	$624,000	held	—	9 q
DDDuPont de Nemours, Inc.	0.00%	4,000	$300,000	new	0.00 pp	new
EAElectronic Arts Inc	0.00%	2,960	$300,000	held	—	4 q
FDXFedEx Corporation	0.00%	3,190	$524,000	held	—	10 q
HPQHP Inc.	0.00%	20,830	$433,000	held	—	15 q
LRCXLam Research Corp	0.00%	3,485	$655,000	held	—	14 q
PPGPPG Industries, Inc.	0.00%	5,470	$638,000	held	—	12 q
TSGIStars Group INC/THE	0.00%	24,980	$426,000	added×2.1	0.00 pp	2 q
XLNXXilinx Inc	0.00%	5,685	$670,000	trimmed−10%	0.00 pp	14 q
AXTAAxalta Coating Systems Ltd.	0.00%	23,540	$701,000	held	—	12 q
unresolvedGeneral Electric Co	—	−22,518,253	—	exited	−1.11 pp	—
BXBlackstone Inc.	—	−571,300	—	exited	−0.10 pp	—
VVISA Inc.	—	−119,842	—	exited	−0.09 pp	—
CTRACoterra Energy Inc.	—	−556,389	—	exited	−0.07 pp	—
ZTOZTO Express (Cayman) Inc.	—	−757,232	—	exited	−0.07 pp	—
WABWabtec Inc.	—	−149,969	—	exited	−0.05 pp	—
unresolvedCousins Properties Inc.	—	−853,270	—	exited	−0.04 pp	—
unresolvedDowdupont Inc	—	−12,000	—	exited	0.00 pp	—