Davis Advisors

Q4 2019 13F · by Chris Davis, portfolio manager

As of: Dec 31, 2019
Filed: Feb 13, 2020
US stock: $20.9B · prev $19.9B
Positions: 134 · 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%

Moves121 since the prior filing

+1.0 pp in · −1.0 pp out

New 5 +0.12 pp
Added 14 +0.84 pp
Trimmed 96 −0.70 pp
Exited 6 −0.29 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.9% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions30% of US stock

WFC Wells Fargo & Co. trimmed−0.16 pp trimmed−0.166.8%
COF Capital One Financial trimmed+0.26 pp trimmed+0.266.5%
unresolved New Oriental Ed & Tech Grp I trimmed+0.02 pp trimmed+0.025.9%
GOOG Alphabet Inc. Class C trimmed+0.03 pp trimmed+0.035.6%
UTXZ RTX Corporation trimmed+0.02 pp trimmed+0.025.4%

Positions134 in this filing · 6 exited


WFCWells Fargo & Co.	6.81%	26,485,994	$1.4B	trimmed−4%	−0.16 pp	27 q
COFCapital One Financial	6.51%	13,225,015	$1.4B	trimmed−3%	+0.26 pp	22 q
unresolvedNew Oriental Ed & Tech Grp I	5.94%	10,241,402	$1.2B	trimmed−4%	+0.02 pp	15 q
GOOGAlphabet Inc. Class C	5.64%	881,613	$1.2B	trimmed−4%	+0.03 pp	23 q
UTXZRTX Corporation	5.43%	7,576,268	$1.1B	trimmed−4%	+0.02 pp	19 q
AMZNAmazon.Com Inc	5.36%	607,030	$1.1B	trimmed−4%	−0.14 pp	27 q
BRK.ABerkshire Hathaway Inc.	5.07%	3,125	$1.1B	trimmed−4%	−0.02 pp	27 q
JPMJPMorgan Chase & Co.	4.92%	7,385,354	$1.0B	trimmed−4%	+0.36 pp	27 q
AMATApplied Materials Inc	4.40%	15,079,298	$920M	trimmed−3%	+0.50 pp	27 q
METAMeta Platforms, Inc. Class A	4.24%	4,324,023	$888M	trimmed−3%	+0.24 pp	17 q
BABAAlibaba Group Holding Limited	4.15%	4,090,570	$868M	trimmed−2%	+0.64 pp	13 q
BNYBank of New York Mellon Corporation	3.78%	15,689,291	$790M	trimmed−4%	+0.08 pp	27 q
AXPAmerican Express Company	3.31%	5,559,654	$692M	trimmed−5%	−0.18 pp	27 q
GOOGLAlphabet Inc. Class A	2.78%	434,227	$582M	trimmed−4%	0.00 pp	17 q
9990302DApache Corp	2.46%	20,131,629	$515M	trimmed−8%	−0.37 pp	17 q
INTCIntel Corp	2.41%	8,421,171	$504M	added+15%	+0.51 pp	27 q
USBU.S. Bancorp	2.38%	8,384,749	$497M	trimmed−3%	−0.04 pp	27 q
TXNTexas Instruments Incorporated	2.31%	3,763,659	$483M	trimmed−3%	−0.22 pp	27 q
DGXQuest Diagnostics Inc.	1.99%	3,904,487	$417M	trimmed−2%	−0.15 pp	24 q
BRK.BBERKSHIRE HATHAWAY Class B	1.70%	1,569,962	$356M	trimmed−1%	+0.03 pp	27 q
CBChubb Limited	1.44%	1,933,719	$301M	trimmed−3%	−0.19 pp	16 q
MKLMarkel Group Inc.	1.18%	216,521	$248M	trimmed−4%	−0.16 pp	27 q
MSFTMicrosoft Corp	0.93%	1,237,840	$195M	trimmed−29%	−0.29 pp	27 q
JDJD.com, Inc.	0.88%	5,202,770	$183M	trimmed−1%	+0.13 pp	23 q
unresolvedEncana Corp	0.85%	37,942,550	$178M	trimmed−23%	−0.28 pp	22 q
MGYMagnolia Oil & Gas Corporation Class A	0.72%	12,036,669	$151M	trimmed−1%	+0.04 pp	6 q
LLoews Corporation	0.62%	2,451,543	$129M	trimmed−4%	−0.04 pp	27 q
ORCLOracle Corp	0.61%	2,394,461	$127M	trimmed−5%	−0.09 pp	27 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.59%	3,305,459	$122M	trimmed−1%	+0.09 pp	8 q
HOLIHollysys Automation Technolo	0.52%	6,602,765	$108M	trimmed−0%	+0.01 pp	12 q
BKNGBooking Holdings Inc.	0.48%	48,595	$100M	trimmed−6%	−0.03 pp	8 q
ADNTAdient plc	0.46%	4,561,745	$97M	trimmed−49%	−0.57 pp	13 q
BACBank of America Corporation	0.42%	2,497,058	$88M	trimmed−2%	+0.05 pp	4 q
DUSADavis Select U.S. Equity ETF	0.39%	3,169,516	$82M	held	—	12 q
DINTDavis Select International ETF	0.33%	3,654,046	$70M	held	—	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.31%	221,196	$65M	trimmed−6%	+0.05 pp	27 q
CVSCvs Health Corporation	0.29%	812,308	$60M	trimmed−24%	−0.05 pp	5 q
STTState Street Corporation	0.27%	725,580	$57M	trimmed−2%	+0.05 pp	16 q
GSGoldman Sachs Group Inc.	0.25%	231,322	$53M	trimmed−5%	0.00 pp	27 q
PNCPNC Financial Services Group	0.24%	317,399	$51M	trimmed−5%	0.00 pp	16 q
QRVOQorvo, Inc.	0.24%	439,106	$51M	trimmed−6%	+0.07 pp	8 q
DFNLDavis Select Financial ETF	0.23%	1,904,737	$49M	held	—	12 q
HUMHumana Inc.	0.23%	129,184	$47M	trimmed−4%	+0.06 pp	3 q
DWLDDavis Select Worldwide ETF	0.22%	1,803,388	$45M	held	—	12 q
SCHWThe Charles Schwab Corporation	0.20%	901,116	$43M	trimmed−4%	0.00 pp	27 q
YAlleghany Corporation	0.19%	49,351	$39M	trimmed−5%	−0.02 pp	11 q
QUOTQuotient Technology Inc	0.19%	3,952,738	$39M	trimmed−6%	+0.02 pp	17 q
ETNEaton Corporation, plc	0.19%	418,036	$40M	trimmed−3%	+0.01 pp	17 q
JCIJohnson Controls International plc	0.19%	983,200	$40M	trimmed−1%	−0.03 pp	14 q
WUBA58.COM Inc	0.18%	572,072	$37M	added×25.1	+0.17 pp	25 q
CIThe Cigna Group	0.17%	177,340	$36M	trimmed−5%	+0.03 pp	5 q
NOAHNoah Holdings Limited	0.16%	922,880	$33M	trimmed−0%	+0.02 pp	18 q
SPGSimon Property Group, Inc.	0.16%	225,420	$34M	trimmed−0%	−0.02 pp	27 q
PLDPrologis, Inc.	0.15%	352,358	$31M	trimmed−0%	0.00 pp	13 q
AVBAvalonBay Communities, Inc.	0.14%	143,060	$30M	trimmed−5%	−0.02 pp	27 q
EGEverest Group, Ltd.	0.13%	99,194	$27M	trimmed−6%	−0.01 pp	27 q
GLIBAGci Liberty Inc - Class A	0.12%	367,050	$26M	trimmed−4%	0.00 pp	8 q
IQiQIYI, Inc.	0.11%	1,063,456	$22M	added+1%	+0.02 pp	8 q
EQIXEquinix, Inc.	0.10%	35,890	$21M	trimmed−0%	0.00 pp	8 q
OCOwens Corning	0.10%	312,017	$20M	trimmed−5%	0.00 pp	5 q
PSAPublic Storage	0.10%	97,180	$21M	added+32%	+0.01 pp	15 q
AREAlexandria Real Estate Equities, Inc.	0.09%	118,377	$19M	trimmed−0%	0.00 pp	27 q
FGAAmerican Campus Communities	0.09%	395,554	$19M	trimmed−0%	−0.01 pp	27 q
CPTCamden Property Trust	0.09%	177,280	$19M	trimmed−0%	−0.01 pp	16 q
VMRKVivmark Residential	0.09%	239,250	$19M	trimmed−0%	−0.01 pp	19 q
ESSEssex Property Trust, Inc	0.09%	64,051	$19M	trimmed−6%	−0.02 pp	27 q
unresolvedHudson Pac Pptys Inc	0.09%	496,150	$19M	trimmed−8%	0.00 pp	12 q
REXRRexford Industrial Realty, Inc.	0.09%	409,730	$19M	trimmed−0%	0.00 pp	18 q
GLREGreenlight Captial RE, LTD. Class A	0.09%	1,860,842	$19M	trimmed−4%	−0.01 pp	7 q
LBTYKLiberty Global Ltd. Class C	0.09%	911,234	$20M	trimmed−4%	−0.02 pp	27 q
9991429DAptiv Irish Holdings Ltd	0.09%	199,144	$19M	trimmed−7%	0.00 pp	9 q
unresolvedAzul Sa-adr	0.08%	385,204	$16M	added+1%	+0.01 pp	6 q
CTRACoterra Energy Inc.	0.08%	1,014,668	$18M	added+43%	+0.02 pp	2 q
unresolvedChina Index Holdings Ltd., ADR	0.08%	4,844,438	$18M	trimmed−1%	−0.02 pp	3 q
SAPSap SE	0.08%	129,640	$17M	trimmed−4%	0.00 pp	27 q
TRNOTerreno Realty Corporation	0.08%	322,127	$17M	trimmed−0%	0.00 pp	24 q
TCOMTrip.com Group Limited	0.08%	485,507	$16M	added+1%	+0.01 pp	27 q
LILAKLiberty Latin America Ltd. Class C	0.08%	834,060	$16M	trimmed−5%	0.00 pp	8 q
BXPBXP, Inc.	0.07%	106,120	$15M	trimmed−0%	0.00 pp	27 q
BRXBrixmor Property Group Inc.	0.07%	637,850	$14M	trimmed−0%	0.00 pp	10 q
AKRAcadia Realty Trust	0.06%	494,730	$13M	trimmed−18%	−0.03 pp	27 q
BIDUBaidu, Inc.	0.06%	92,464	$12M	added+1%	+0.01 pp	19 q
CUZCousins Properties Inc.	0.06%	302,345	$12M	trimmed−0%	0.00 pp	3 q
DLRDigital Realty Trust, Inc.	0.06%	111,020	$13M	trimmed−0%	−0.01 pp	8 q
unresolvedFederal Realty Investment Trust REIT	0.06%	94,750	$12M	trimmed−19%	−0.02 pp	27 q
DOCHealthpeak Properties, Inc.	0.06%	339,576	$12M	new	+0.06 pp	new
VNOVornado Realty Trust	0.06%	189,410	$13M	held	—	27 q
WELLWelltower Inc.	0.06%	155,360	$13M	trimmed−0%	−0.01 pp	3 q
YRDYiren Digital Ltd.	0.06%	2,350,352	$13M	trimmed−2%	−0.02 pp	8 q
unresolvedAltus Midstream Co., Class A	0.05%	3,818,700	$11M	trimmed−4%	−0.01 pp	5 q
CCICrown Castle Inc.	0.05%	77,560	$11M	trimmed−0%	0.00 pp	20 q
EXPEExpedia Group, Inc.	0.05%	87,082	$9M	trimmed−5%	−0.01 pp	2 q
HSTHost Hotels & Resorts, Inc.	0.05%	603,490	$11M	trimmed−0%	0.00 pp	15 q
SLGSL Green Realty Corp.	0.05%	107,900	$10M	added+53%	+0.02 pp	13 q
EXRExtra Space Storage, Inc.	0.04%	77,820	$8M	trimmed−22%	−0.02 pp	16 q
IVEiShares S&P 500 Value ETF	0.04%	57,956	$8M	added×13.5	+0.04 pp	2 q
SSSLife Storage Inc	0.04%	70,350	$8M	added+14%	+0.01 pp	13 q
REGRegency Centers Corporation	0.04%	132,740	$8M	trimmed−35%	−0.03 pp	13 q
unresolvedTarena International, Inc.,Class A, ADR	0.04%	4,048,979	$8M	trimmed−1%	+0.02 pp	11 q
VTRVentas, Inc.	0.04%	154,690	$9M	trimmed−21%	−0.03 pp	5 q
BDNBrandywine Realty Trust	0.03%	417,621	$7M	trimmed−31%	−0.02 pp	9 q
CORCoresite Realty Corp	0.03%	53,950	$6M	held	—	8 q
CONECyrusOne Inc	0.03%	95,040	$6M	added×2.2	+0.01 pp	2 q
DEIDouglas Emmett, Inc.	0.03%	133,750	$6M	new	+0.03 pp	new
ELSEquity Lifestyle Properties, Inc.	0.03%	86,120	$6M	trimmed−34%	−0.01 pp	6 q
SFUNFang Holdings Ltd	0.03%	1,841,050	$5M	trimmed−9%	+0.01 pp	14 q
ROICRetail Opportunity Investments Corp.	0.03%	352,445	$6M	held	—	20 q
S76Store Capital Corp	0.03%	180,300	$7M	trimmed−0%	0.00 pp	4 q
SUISun Communities, Inc	0.03%	42,250	$6M	trimmed−31%	−0.02 pp	6 q
SHOSunstone Hotel Investors, Inc.	0.03%	419,000	$6M	new	+0.03 pp	new
AMHAmerican Homes 4 Rent	0.02%	168,740	$4M	held	—	9 q
CUBECubeSmart	0.02%	150,120	$5M	held	—	13 q
LPTLiberty Property Trust	0.02%	66,630	$4M	trimmed−50%	−0.01 pp	5 q
RHPRyman Hospitality Properties, Inc	0.02%	51,840	$4M	held	—	6 q
ALEXAlexander & Baldwin, Inc.	0.01%	63,090	$1M	trimmed−52%	−0.01 pp	4 q
DXCDXC Technology Company	0.01%	69,539	$3M	held	—	11 q
EGPEastGroup Properties Inc.	0.01%	21,760	$3M	trimmed−28%	−0.01 pp	27 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.01%	346,704	$3M	trimmed−5%	−0.01 pp	22 q
MACThe Macerich Company	0.01%	67,570	$2M	held	—	5 q
NVSNovartis AG	0.01%	26,120	$2M	added+9%	0.00 pp	13 q
KMXCarMax Inc.	0.00%	3,760	$330,000	trimmed−15%	0.00 pp	27 q
DOWDow Inc.	0.00%	4,000	$219,000	new	0.00 pp	new
DDDuPont de Nemours, Inc.	0.00%	4,000	$257,000	held	—	3 q
EAElectronic Arts Inc	0.00%	2,960	$318,000	held	—	6 q
FDXFedEx Corporation	0.00%	2,790	$422,000	trimmed−13%	0.00 pp	12 q
HPQHP Inc.	0.00%	20,830	$428,000	held	—	17 q
IWViShares Russell 3000 ETF	0.00%	2,053	$387,000	added+42%	0.00 pp	2 q
JCAPJernigan Capital Inc	0.00%	22,578	$432,000	new	0.00 pp	new
LRCXLam Research Corp	0.00%	3,485	$1M	held	—	16 q
PPGPPG Industries, Inc.	0.00%	5,470	$730,000	held	—	14 q
unresolvedQurate Retail Inc	0.00%	16,096	$136,000	trimmed−99%	−0.08 pp	7 q
WORKSlack Technologies, Inc.	0.00%	27,900	$627,000	held	—	2 q
XLNXXilinx Inc	0.00%	5,685	$556,000	held	—	16 q
AXTAAxalta Coating Systems Ltd.	0.00%	20,310	$617,000	trimmed−14%	0.00 pp	14 q
KKRKKR & Co. Inc.	—	−1,252,876	—	exited	−0.17 pp	—
unresolvedHcp Inc	—	−340,096	—	exited	−0.06 pp	—
FRFirst Industrial Realty Trust, Inc.	—	−84,200	—	exited	−0.02 pp	—
INVHInvitation Homes Inc.	—	−148,580	—	exited	−0.02 pp	—
MAAMid-America Apartment Communities, Inc.	—	−28,400	—	exited	−0.02 pp	—
TSGIStars Group INC/THE	—	−36,150	—	exited	0.00 pp	—