Davis Advisors

Q3 2019 13F · by Chris Davis, portfolio manager

As of: Sep 30, 2019
Filed: Nov 13, 2019
US stock: $19.9B · prev $20.2B
Positions: 135 · prev 132
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%

Moves125 since the prior filing

+0.8 pp in · −0.9 pp out

New 6 +0.14 pp
Added 55 +0.70 pp
Trimmed 61 −0.83 pp
Exited 3 −0.08 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.7% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions30% of US stock

WFC Wells Fargo & Co. trimmed+0.48 pp trimmed+0.487.0%
COF Capital One Financial trimmed+0.04 pp trimmed+0.046.3%
unresolved New Oriental Ed & Tech Grp I trimmed+0.61 pp trimmed+0.615.9%
GOOG Alphabet Inc. Class C trimmed+0.48 pp trimmed+0.485.6%
AMZN Amazon.Com Inc trimmed−0.68 pp trimmed−0.685.5%

Positions135 in this filing · 3 exited


WFCWells Fargo & Co.	6.97%	27,467,268	$1.4B	trimmed−1%	+0.48 pp	26 q
COFCapital One Financial	6.25%	13,663,040	$1.2B	trimmed−1%	+0.04 pp	21 q
unresolvedNew Oriental Ed & Tech Grp I	5.92%	10,622,576	$1.2B	trimmed−4%	+0.61 pp	14 q
GOOGAlphabet Inc. Class C	5.61%	915,057	$1.1B	trimmed−5%	+0.48 pp	22 q
AMZNAmazon.Com Inc	5.50%	630,264	$1.1B	trimmed−4%	−0.68 pp	26 q
UTXZRTX Corporation	5.41%	7,869,473	$1.1B	trimmed−4%	+0.13 pp	18 q
BRK.ABerkshire Hathaway Inc.	5.09%	3,244	$1.0B	trimmed−3%	−0.19 pp	26 q
JPMJPMorgan Chase & Co.	4.56%	7,701,685	$906M	trimmed−3%	+0.18 pp	26 q
METAMeta Platforms, Inc. Class A	4.00%	4,466,648	$795M	trimmed−4%	−0.45 pp	16 q
AMATApplied Materials Inc	3.90%	15,544,930	$776M	trimmed−2%	+0.37 pp	26 q
BNYBank of New York Mellon Corporation	3.70%	16,279,343	$736M	trimmed−3%	+0.05 pp	26 q
BABAAlibaba Group Holding Limited	3.51%	4,176,607	$698M	added0%	+0.01 pp	12 q
AXPAmerican Express Company	3.49%	5,856,906	$693M	trimmed−4%	−0.25 pp	26 q
9990302DApache Corp	2.83%	21,996,556	$563M	trimmed−4%	−0.47 pp	16 q
GOOGLAlphabet Inc. Class A	2.78%	451,888	$552M	trimmed−4%	+0.27 pp	16 q
TXNTexas Instruments Incorporated	2.53%	3,892,068	$503M	trimmed−5%	+0.21 pp	26 q
USBU.S. Bancorp	2.42%	8,685,980	$481M	trimmed−4%	+0.07 pp	26 q
DGXQuest Diagnostics Inc.	2.14%	3,978,452	$426M	trimmed−1%	+0.13 pp	23 q
INTCIntel Corp	1.90%	7,313,775	$377M	trimmed−2%	+0.13 pp	26 q
BRK.BBERKSHIRE HATHAWAY Class B	1.67%	1,593,552	$331M	trimmed−2%	−0.05 pp	26 q
CBChubb Limited	1.63%	2,001,929	$323M	trimmed−7%	+0.06 pp	15 q
MKLMarkel Group Inc.	1.34%	225,069	$266M	trimmed−4%	+0.07 pp	26 q
MSFTMicrosoft Corp	1.22%	1,744,532	$243M	trimmed−3%	+0.03 pp	26 q
unresolvedEncana Corp	1.13%	48,956,580	$225M	trimmed−3%	−0.15 pp	21 q
ADNTAdient plc	1.03%	8,952,876	$206M	trimmed−24%	−0.39 pp	12 q
JDJD.com, Inc.	0.75%	5,275,063	$149M	trimmed−18%	−0.22 pp	22 q
ORCLOracle Corp	0.70%	2,525,485	$139M	trimmed−4%	−0.04 pp	26 q
MGYMagnolia Oil & Gas Corporation Class A	0.68%	12,213,124	$136M	trimmed−1%	−0.03 pp	5 q
LLoews Corporation	0.66%	2,546,794	$131M	trimmed−37%	−0.43 pp	26 q
BKNGBooking Holdings Inc.	0.51%	51,450	$101M	trimmed−4%	+0.01 pp	7 q
HOLIHollysys Automation Technolo	0.51%	6,629,103	$101M	trimmed−1%	−0.12 pp	11 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.50%	3,329,656	$99M	trimmed−0%	−0.06 pp	7 q
DUSADavis Select U.S. Equity ETF	0.38%	3,169,516	$76M	held	—	11 q
BACBank of America Corporation	0.37%	2,552,852	$74M	added+55%	+0.13 pp	3 q
CVSCvs Health Corporation	0.34%	1,065,535	$67M	trimmed−3%	+0.04 pp	4 q
DINTDavis Select International ETF	0.32%	3,654,046	$64M	held	—	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.26%	235,081	$51M	added+18%	+0.02 pp	26 q
GSGoldman Sachs Group Inc.	0.25%	242,484	$50M	trimmed−7%	−0.02 pp	26 q
PNCPNC Financial Services Group	0.24%	335,117	$47M	added+2%	+0.02 pp	15 q
DFNLDavis Select Financial ETF	0.23%	1,904,737	$45M	held	—	11 q
STTState Street Corporation	0.22%	743,124	$44M	added+1%	+0.02 pp	15 q
JCIJohnson Controls International plc	0.22%	991,133	$44M	trimmed−1%	+0.02 pp	13 q
YAlleghany Corporation	0.21%	51,813	$41M	trimmed−35%	−0.06 pp	10 q
DWLDDavis Select Worldwide ETF	0.21%	1,803,388	$41M	held	—	11 q
SCHWThe Charles Schwab Corporation	0.20%	933,808	$39M	added+95%	+0.10 pp	26 q
SPGSimon Property Group, Inc.	0.18%	225,730	$35M	added+14%	+0.02 pp	26 q
ETNEaton Corporation, plc	0.18%	432,507	$36M	trimmed−1%	0.00 pp	16 q
HUMHumana Inc.	0.17%	134,266	$34M	added0%	−0.01 pp	2 q
KKRKKR & Co. Inc.	0.17%	1,252,876	$34M	trimmed−17%	−0.02 pp	5 q
QRVOQorvo, Inc.	0.17%	465,744	$35M	trimmed−2%	+0.01 pp	7 q
QUOTQuotient Technology Inc	0.17%	4,209,022	$33M	trimmed−7%	−0.07 pp	16 q
AVBAvalonBay Communities, Inc.	0.16%	151,320	$33M	added+4%	+0.01 pp	26 q
PLDPrologis, Inc.	0.15%	352,878	$30M	added+4%	+0.02 pp	12 q
CIThe Cigna Group	0.14%	187,116	$28M	added+76%	+0.06 pp	4 q
NOAHNoah Holdings Limited	0.14%	923,214	$27M	trimmed−2%	−0.06 pp	17 q
EGEverest Group, Ltd.	0.14%	105,158	$28M	trimmed−29%	−0.04 pp	26 q
GLIBAGci Liberty Inc - Class A	0.12%	382,188	$24M	trimmed−4%	0.00 pp	7 q
ESSEssex Property Trust, Inc	0.11%	68,351	$22M	added+3%	+0.01 pp	26 q
LBTYKLiberty Global Ltd. Class C	0.11%	946,074	$23M	trimmed−2%	−0.02 pp	26 q
FGAAmerican Campus Communities	0.10%	395,984	$19M	added+12%	+0.02 pp	26 q
CPTCamden Property Trust	0.10%	177,490	$20M	added+4%	+0.01 pp	15 q
unresolvedChina Index Holdings Ltd., ADR	0.10%	4,907,385	$19M	added+37%	+0.04 pp	2 q
EQIXEquinix, Inc.	0.10%	35,930	$21M	trimmed−38%	−0.04 pp	7 q
VMRKVivmark Residential	0.10%	239,570	$21M	added+3%	+0.01 pp	18 q
OCOwens Corning	0.10%	329,882	$21M	trimmed−2%	0.00 pp	4 q
GLREGreenlight Captial RE, LTD. Class A	0.10%	1,929,654	$20M	trimmed−5%	+0.01 pp	6 q
AKRAcadia Realty Trust	0.09%	603,920	$17M	added+3%	+0.01 pp	26 q
AREAlexandria Real Estate Equities, Inc.	0.09%	118,927	$18M	added+4%	+0.01 pp	26 q
unresolvedHudson Pac Pptys Inc	0.09%	541,430	$18M	added+1%	0.00 pp	11 q
IQiQIYI, Inc.	0.09%	1,058,077	$17M	trimmed−36%	−0.08 pp	7 q
PSAPublic Storage	0.09%	73,630	$18M	added+4%	+0.01 pp	14 q
REXRRexford Industrial Realty, Inc.	0.09%	410,360	$18M	added+3%	+0.01 pp	17 q
9991429DAptiv Irish Holdings Ltd	0.09%	212,977	$19M	trimmed−3%	0.00 pp	8 q
unresolvedFederal Realty Investment Trust REIT	0.08%	116,850	$16M	added+4%	+0.01 pp	26 q
unresolvedQurate Retail Inc	0.08%	1,550,161	$16M	trimmed−5%	−0.02 pp	6 q
SAPSap SE	0.08%	135,527	$16M	trimmed−3%	−0.01 pp	26 q
TRNOTerreno Realty Corporation	0.08%	322,657	$16M	added+3%	0.00 pp	23 q
YRDYiren Digital Ltd.	0.08%	2,404,034	$17M	trimmed−11%	−0.10 pp	7 q
LILAKLiberty Latin America Ltd. Class C	0.08%	877,029	$15M	trimmed−4%	0.00 pp	7 q
unresolvedAzul Sa-adr	0.07%	382,876	$14M	added0%	+0.01 pp	5 q
BXPBXP, Inc.	0.07%	106,190	$14M	trimmed−30%	−0.03 pp	26 q
BRXBrixmor Property Group Inc.	0.07%	638,450	$13M	added+4%	+0.02 pp	9 q
CTRPTrip.com Group Limited	0.07%	481,331	$14M	added+1%	−0.02 pp	26 q
DLRDigital Realty Trust, Inc.	0.07%	111,180	$14M	trimmed−24%	−0.02 pp	7 q
REGRegency Centers Corporation	0.07%	203,750	$14M	added+4%	+0.01 pp	12 q
VTRVentas, Inc.	0.07%	195,550	$14M	added+6%	+0.01 pp	4 q
WELLWelltower Inc.	0.07%	155,510	$14M	added+4%	+0.01 pp	2 q
unresolvedAltus Midstream Co., Class A	0.06%	3,968,360	$11M	added+22%	0.00 pp	4 q
CTRACoterra Energy Inc.	0.06%	707,142	$12M	new	+0.06 pp	new
CUZCousins Properties Inc.	0.06%	302,545	$11M	added+42%	+0.02 pp	2 q
EXPEExpedia Group, Inc.	0.06%	92,047	$12M	new	+0.06 pp	new
EXRExtra Space Storage, Inc.	0.06%	99,410	$12M	added+3%	+0.01 pp	15 q
unresolvedHcp Inc	0.06%	340,096	$12M	added+5%	+0.01 pp	6 q
VNOVornado Realty Trust	0.06%	189,410	$12M	added+39%	+0.02 pp	26 q
BIDUBaidu, Inc.	0.05%	91,573	$9M	added0%	0.00 pp	18 q
BDNBrandywine Realty Trust	0.05%	606,441	$9M	added+3%	+0.01 pp	8 q
CCICrown Castle Inc.	0.05%	77,640	$11M	trimmed−42%	−0.04 pp	19 q
HSTHost Hotels & Resorts, Inc.	0.05%	604,090	$10M	added+3%	0.00 pp	14 q
SUISun Communities, Inc	0.05%	61,320	$9M	added+4%	+0.01 pp	5 q
ELSEquity Lifestyle Properties, Inc.	0.04%	65,040	$9M	added+4%	0.00 pp	5 q
CORCoresite Realty Corp	0.03%	53,950	$7M	trimmed−41%	−0.02 pp	7 q
CUBECubeSmart	0.03%	150,120	$5M	added+3%	+0.01 pp	12 q
LPTLiberty Property Trust	0.03%	134,020	$7M	added+4%	0.00 pp	4 q
SSSLife Storage Inc	0.03%	61,540	$6M	added+3%	0.00 pp	12 q
ROICRetail Opportunity Investments Corp.	0.03%	352,445	$6M	added+1%	0.00 pp	19 q
SLGSL Green Realty Corp.	0.03%	70,660	$6M	trimmed−1%	0.00 pp	12 q
S76Store Capital Corp	0.03%	180,540	$7M	added+4%	0.00 pp	3 q
ALEXAlexander & Baldwin, Inc.	0.02%	131,850	$3M	added+4%	+0.01 pp	3 q
AMHAmerican Homes 4 Rent	0.02%	168,740	$4M	added+4%	0.00 pp	8 q
CONECyrusOne Inc	0.02%	42,250	$3M	new	+0.02 pp	new
EGPEastGroup Properties Inc.	0.02%	30,070	$4M	added+3%	0.00 pp	26 q
SFUNFang Holdings Ltd	0.02%	2,013,863	$4M	trimmed−5%	−0.01 pp	13 q
FRFirst Industrial Realty Trust, Inc.	0.02%	84,200	$3M	added+3%	+0.01 pp	22 q
INVHInvitation Homes Inc.	0.02%	148,580	$4M	added+3%	0.00 pp	8 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.02%	363,520	$3M	trimmed−4%	0.00 pp	21 q
MAAMid-America Apartment Communities, Inc.	0.02%	28,400	$4M	added+3%	0.00 pp	5 q
RHPRyman Hospitality Properties, Inc	0.02%	51,840	$4M	added+4%	0.00 pp	5 q
unresolvedTarena International, Inc.,Class A, ADR	0.02%	4,096,689	$4M	trimmed−16%	−0.04 pp	10 q
DXCDXC Technology Company	0.01%	69,539	$2M	added×6.1	+0.01 pp	10 q
WUBA58.COM Inc	0.01%	22,790	$1M	held	—	24 q
MACThe Macerich Company	0.01%	67,570	$2M	added+2%	0.00 pp	4 q
NVSNovartis AG	0.01%	24,056	$2M	added+4%	0.00 pp	12 q
KMXCarMax Inc.	0.00%	4,440	$391,000	trimmed−12%	0.00 pp	26 q
DDDuPont de Nemours, Inc.	0.00%	4,000	$285,000	held	—	2 q
EAElectronic Arts Inc	0.00%	2,960	$290,000	held	—	5 q
FDXFedEx Corporation	0.00%	3,190	$464,000	held	—	11 q
HPQHP Inc.	0.00%	20,830	$394,000	held	—	16 q
IVEiShares S&P 500 Value ETF	0.00%	4,288	$511,000	new	0.00 pp	new
IWViShares Russell 3000 ETF	0.00%	1,450	$252,000	new	0.00 pp	new
LRCXLam Research Corp	0.00%	3,485	$805,000	held	—	15 q
PPGPPG Industries, Inc.	0.00%	5,470	$648,000	held	—	13 q
WORKSlack Technologies, Inc.	0.00%	27,900	$662,000	new	0.00 pp	new
TSGIStars Group INC/THE	0.00%	36,150	$542,000	added+45%	0.00 pp	3 q
XLNXXilinx Inc	0.00%	5,685	$545,000	held	—	15 q
AXTAAxalta Coating Systems Ltd.	0.00%	23,540	$710,000	held	—	13 q
LEXEALiberty Expedia Holdings, Inc. Class A	—	−266,654	—	exited	−0.06 pp	—
COSTCostco Wholesale Corp	—	−7,680	—	exited	−0.01 pp	—
FUTUFutu Holdings Limited	—	−97,320	—	exited	−0.01 pp	—