Davis Advisors

Q1 2020 13F · by Chris Davis, portfolio manager

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $14.8B · prev $20.9B
Positions: 122 · prev 134
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%

Moves127 since the prior filing

−1.3 pp in · +1.4 pp out

New 4 +1.08 pp
Added 53 −2.43 pp
Trimmed 54 +2.54 pp
Exited 16 −1.18 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions30% of US stock

AMZN Amazon.Com Inc trimmed+1.76 pp trimmed+1.767.1%
GOOG Alphabet Inc. Class C trimmed+0.67 pp trimmed+0.676.3%
UTXZ RTX Corporation added+0.15 pp added+0.155.6%
COF Capital One Financial added−1.05 pp added−1.055.5%
WFC Wells Fargo & Co. added−1.44 pp added−1.445.4%

Positions122 in this filing · 16 exited


AMZNAmazon.Com Inc	7.12%	539,423	$1.1B	trimmed−11%	+1.76 pp	28 q
GOOGAlphabet Inc. Class C	6.31%	800,800	$931M	trimmed−9%	+0.67 pp	24 q
UTXZRTX Corporation	5.58%	8,732,839	$824M	added+15%	+0.15 pp	20 q
COFCapital One Financial	5.46%	15,994,663	$806M	added+21%	−1.05 pp	23 q
WFCWells Fargo & Co.	5.37%	27,636,091	$793M	added+4%	−1.44 pp	28 q
BRK.ABerkshire Hathaway Inc.	5.18%	2,809	$764M	trimmed−10%	+0.11 pp	28 q
AMATApplied Materials Inc	5.07%	16,342,040	$749M	added+8%	+0.67 pp	28 q
unresolvedNew Oriental Ed & Tech Grp I	4.97%	6,775,217	$733M	trimmed−34%	−0.97 pp	16 q
METAMeta Platforms, Inc. Class A	4.73%	4,188,254	$699M	trimmed−3%	+0.49 pp	18 q
BABAAlibaba Group Holding Limited	4.72%	3,580,944	$696M	trimmed−12%	+0.57 pp	14 q
JPMJPMorgan Chase & Co.	4.41%	7,230,895	$651M	trimmed−2%	−0.51 pp	28 q
BNYBank of New York Mellon Corporation	3.52%	15,417,191	$519M	trimmed−2%	−0.26 pp	28 q
GOOGLAlphabet Inc. Class A	3.26%	414,378	$481M	trimmed−5%	+0.48 pp	18 q
AXPAmerican Express Company	3.13%	5,396,526	$462M	trimmed−3%	−0.18 pp	28 q
INTCIntel Corp	3.08%	8,400,422	$455M	trimmed−0%	+0.67 pp	28 q
USBU.S. Bancorp	3.06%	13,102,156	$451M	added+56%	+0.68 pp	28 q
TXNTexas Instruments Incorporated	2.49%	3,684,270	$368M	trimmed−2%	+0.18 pp	28 q
DGXQuest Diagnostics Inc.	2.10%	3,866,858	$311M	trimmed−1%	+0.11 pp	25 q
BRK.BBERKSHIRE HATHAWAY Class B	1.85%	1,496,460	$274M	trimmed−5%	+0.15 pp	28 q
CBChubb Limited	1.32%	1,741,055	$194M	trimmed−10%	−0.12 pp	17 q
MKLMarkel Group Inc.	1.29%	205,300	$190M	trimmed−5%	+0.11 pp	28 q
JDJD.com, Inc.	1.13%	4,104,087	$166M	trimmed−21%	+0.25 pp	24 q
RTNRaytheon Company	0.92%	1,040,096	$136M	new	+0.92 pp	new
ORCLOracle Corp	0.71%	2,153,893	$104M	trimmed−10%	+0.10 pp	28 q
MSFTMicrosoft Corp	0.62%	575,739	$91M	trimmed−53%	−0.31 pp	28 q
9990302DApache Corp	0.59%	20,789,074	$87M	added+3%	−1.87 pp	18 q
HOLIHollysys Automation Technolo	0.59%	6,697,115	$86M	added+1%	+0.07 pp	13 q
LLoews Corporation	0.55%	2,342,854	$82M	trimmed−4%	−0.07 pp	28 q
BACBank of America Corporation	0.46%	3,198,648	$68M	added+28%	+0.04 pp	5 q
BKNGBooking Holdings Inc.	0.44%	47,805	$64M	trimmed−2%	−0.04 pp	9 q
DUSADavis Select U.S. Equity ETF	0.43%	3,234,982	$63M	added+2%	+0.04 pp	13 q
CIThe Cigna Group	0.38%	316,250	$56M	added+78%	+0.21 pp	6 q
DINTDavis Select International ETF	0.38%	3,774,558	$56M	added+3%	+0.05 pp	9 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.38%	3,328,708	$57M	added+1%	−0.21 pp	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.36%	215,616	$54M	trimmed−3%	+0.05 pp	28 q
MGYMagnolia Oil & Gas Corporation Class A	0.33%	12,202,748	$49M	added+1%	−0.39 pp	7 q
CVSCvs Health Corporation	0.32%	804,619	$48M	trimmed−1%	+0.03 pp	6 q
PNCPNC Financial Services Group	0.31%	481,645	$46M	added+52%	+0.07 pp	17 q
WUBA58.COM Inc	0.30%	912,598	$44M	added+60%	+0.12 pp	26 q
QRVOQorvo, Inc.	0.25%	452,915	$37M	added+3%	+0.01 pp	9 q
DWLDDavis Select Worldwide ETF	0.24%	1,873,537	$36M	added+4%	+0.02 pp	13 q
STTState Street Corporation	0.24%	671,664	$36M	trimmed−7%	−0.03 pp	17 q
JCIJohnson Controls International plc	0.23%	1,275,712	$34M	added+30%	+0.04 pp	15 q
DFNLDavis Select Financial ETF	0.22%	1,959,793	$33M	added+3%	−0.01 pp	13 q
GSGoldman Sachs Group Inc.	0.22%	212,183	$33M	trimmed−8%	−0.03 pp	28 q
ETNEaton Corporation, plc	0.22%	417,358	$32M	trimmed−0%	+0.03 pp	18 q
OCOwens Corning	0.19%	707,326	$27M	added×2.3	+0.09 pp	6 q
SCHWThe Charles Schwab Corporation	0.19%	839,864	$28M	trimmed−7%	−0.01 pp	28 q
YAlleghany Corporation	0.17%	45,069	$25M	trimmed−9%	−0.02 pp	12 q
QUOTQuotient Technology Inc	0.17%	3,849,779	$25M	trimmed−3%	−0.02 pp	18 q
EQIXEquinix, Inc.	0.16%	37,230	$23M	added+4%	+0.06 pp	9 q
HUMHumana Inc.	0.16%	73,623	$23M	trimmed−43%	−0.07 pp	4 q
NOAHNoah Holdings Limited	0.16%	914,173	$24M	trimmed−1%	0.00 pp	19 q
PLDPrologis, Inc.	0.16%	297,672	$24M	trimmed−16%	+0.01 pp	14 q
GLIBAGci Liberty Inc - Class A	0.14%	361,210	$21M	trimmed−2%	+0.02 pp	9 q
OVVOvintiv Inc.	0.14%	7,458,309	$20M	new	+0.14 pp	new
IQiQIYI, Inc.	0.13%	1,069,826	$19M	added+1%	+0.02 pp	9 q
PSAPublic Storage	0.12%	92,260	$18M	trimmed−5%	+0.02 pp	16 q
REXRRexford Industrial Realty, Inc.	0.12%	434,150	$18M	added+6%	+0.03 pp	19 q
TRNOTerreno Realty Corporation	0.12%	341,287	$18M	added+6%	+0.04 pp	25 q
AVBAvalonBay Communities, Inc.	0.11%	112,680	$17M	trimmed−21%	−0.03 pp	28 q
SPGSimon Property Group, Inc.	0.11%	295,120	$16M	added+31%	−0.05 pp	28 q
AREAlexandria Real Estate Equities, Inc.	0.10%	111,197	$15M	trimmed−6%	+0.01 pp	28 q
CTRACoterra Energy Inc.	0.10%	880,221	$15M	trimmed−13%	+0.02 pp	3 q
CPTCamden Property Trust	0.10%	181,970	$14M	added+3%	+0.01 pp	17 q
DLRDigital Realty Trust, Inc.	0.10%	101,970	$14M	trimmed−8%	+0.04 pp	9 q
VMRKVivmark Residential	0.10%	248,410	$15M	added+4%	+0.01 pp	20 q
ESSEssex Property Trust, Inc	0.10%	68,031	$15M	added+6%	+0.01 pp	28 q
LBTYKLiberty Global Ltd. Class C	0.10%	899,654	$14M	trimmed−1%	+0.01 pp	28 q
unresolvedHudson Pac Pptys Inc	0.09%	526,780	$13M	added+6%	0.00 pp	13 q
SAPSap SE	0.09%	121,728	$13M	trimmed−6%	+0.01 pp	28 q
ADNTAdient plc	0.09%	1,399,699	$13M	trimmed−69%	−0.37 pp	14 q
FGAAmerican Campus Communities	0.08%	420,404	$12M	added+6%	−0.01 pp	28 q
CCICrown Castle Inc.	0.08%	82,310	$12M	added+6%	+0.03 pp	21 q
HSTHost Hotels & Resorts, Inc.	0.08%	1,048,610	$12M	added+74%	+0.03 pp	16 q
TCOMTrip.com Group Limited	0.08%	491,075	$12M	added+1%	0.00 pp	28 q
EGEverest Group, Ltd.	0.08%	63,347	$12M	trimmed−36%	−0.05 pp	28 q
BXPBXP, Inc.	0.07%	112,660	$10M	added+6%	0.00 pp	28 q
WELLWelltower Inc.	0.07%	232,210	$11M	added+49%	+0.01 pp	4 q
BIDUBaidu, Inc.	0.06%	93,805	$9M	added+1%	0.00 pp	20 q
BRXBrixmor Property Group Inc.	0.06%	856,100	$8M	added+34%	−0.01 pp	11 q
CUZCousins Properties Inc.	0.06%	321,005	$9M	added+6%	0.00 pp	4 q
CONECyrusOne Inc	0.06%	147,370	$9M	added+55%	+0.03 pp	3 q
DOCHealthpeak Properties, Inc.	0.06%	349,156	$8M	added+3%	0.00 pp	2 q
YRDYiren Digital Ltd.	0.06%	2,368,137	$9M	added+1%	0.00 pp	9 q
9991429DAptiv Irish Holdings Ltd	0.06%	193,762	$10M	trimmed−3%	−0.03 pp	10 q
LILAKLiberty Latin America Ltd. Class C	0.06%	820,670	$8M	trimmed−2%	−0.02 pp	9 q
DEIDouglas Emmett, Inc.	0.05%	225,598	$7M	added+69%	+0.02 pp	2 q
EXRExtra Space Storage, Inc.	0.05%	82,500	$8M	added+6%	+0.01 pp	17 q
unresolvedFederal Realty Investment Trust REIT	0.05%	97,000	$7M	added+2%	−0.01 pp	28 q
SSSLife Storage Inc	0.05%	73,850	$7M	added+5%	+0.01 pp	14 q
SHOSunstone Hotel Investors, Inc.	0.05%	821,600	$7M	added+96%	+0.02 pp	2 q
VNOVornado Realty Trust	0.05%	200,790	$7M	added+6%	−0.01 pp	28 q
GLREGreenlight Captial RE, LTD. Class A	0.05%	1,189,789	$7M	trimmed−36%	−0.04 pp	8 q
unresolvedChina Index Holdings Ltd., ADR	0.04%	4,813,679	$7M	trimmed−1%	−0.04 pp	4 q
CORCoresite Realty Corp	0.04%	57,290	$7M	added+6%	+0.01 pp	9 q
JCAPJernigan Capital Inc	0.04%	477,750	$5M	added×21.2	+0.04 pp	2 q
VTRVentas, Inc.	0.04%	227,800	$6M	added+47%	0.00 pp	6 q
AKRAcadia Realty Trust	0.03%	372,477	$5M	trimmed−25%	−0.03 pp	28 q
EXPEExpedia Group, Inc.	0.03%	85,682	$5M	trimmed−2%	−0.02 pp	3 q
SLGSL Green Realty Corp.	0.03%	114,360	$5M	added+6%	−0.02 pp	14 q
unresolvedAltus Midstream Co., Class A	0.02%	3,791,280	$3M	trimmed−1%	−0.03 pp	6 q
EGPEastGroup Properties Inc.	0.02%	21,760	$2M	held	—	28 q
SFUNFang Holdings Ltd	0.02%	1,819,027	$2M	trimmed−1%	−0.01 pp	15 q
NVSNovartis AG	0.02%	27,840	$2M	added+7%	+0.01 pp	14 q
ROICRetail Opportunity Investments Corp.	0.02%	371,765	$3M	added+5%	−0.01 pp	21 q
S76Store Capital Corp	0.02%	180,300	$3M	held	—	5 q
VMWVMware, Inc	0.02%	25,320	$3M	new	+0.02 pp	new
AMHAmerican Homes 4 Rent	0.01%	83,770	$2M	trimmed−50%	−0.01 pp	10 q
DXCDXC Technology Company	0.01%	69,539	$907,000	held	—	12 q
IVEiShares S&P 500 Value ETF	0.01%	18,178	$2M	trimmed−69%	−0.03 pp	3 q
WORKSlack Technologies, Inc.	0.01%	27,900	$749,000	held	—	3 q
KMXCarMax Inc.	0.00%	3,760	$202,000	held	—	28 q
EAElectronic Arts Inc	0.00%	2,960	$297,000	held	—	7 q
FDXFedEx Corporation	0.00%	2,790	$338,000	held	—	13 q
HPQHP Inc.	0.00%	20,830	$362,000	held	—	18 q
LRCXLam Research Corp	0.00%	2,455	$589,000	trimmed−30%	0.00 pp	17 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	341,164	$614,000	trimmed−2%	−0.01 pp	23 q
PPGPPG Industries, Inc.	0.00%	5,470	$457,000	held	—	15 q
ULTAUlta Beauty, Inc.	0.00%	3,080	$541,000	new	0.00 pp	new
XLNXXilinx Inc	0.00%	5,685	$443,000	held	—	17 q
AXTAAxalta Coating Systems Ltd.	0.00%	20,310	$351,000	held	—	15 q
unresolvedEncana Corp	—	−37,942,550	—	exited	−0.85 pp	—
unresolvedAzul Sa-adr	—	−385,204	—	exited	−0.08 pp	—
REGRegency Centers Corporation	—	−132,740	—	exited	−0.04 pp	—
unresolvedTarena International, Inc.,Class A, ADR	—	−4,048,979	—	exited	−0.04 pp	—
BDNBrandywine Realty Trust	—	−417,621	—	exited	−0.03 pp	—
ELSEquity Lifestyle Properties, Inc.	—	−86,120	—	exited	−0.03 pp	—
SUISun Communities, Inc	—	−42,250	—	exited	−0.03 pp	—
CUBECubeSmart	—	−150,120	—	exited	−0.02 pp	—
LPTLiberty Property Trust	—	−66,630	—	exited	−0.02 pp	—
RHPRyman Hospitality Properties, Inc	—	−51,840	—	exited	−0.02 pp	—
ALEXAlexander & Baldwin, Inc.	—	−63,090	—	exited	−0.01 pp	—
MACThe Macerich Company	—	−67,570	—	exited	−0.01 pp	—
DOWDow Inc.	—	−4,000	—	exited	0.00 pp	—
DDDuPont de Nemours, Inc.	—	−4,000	—	exited	0.00 pp	—
IWViShares Russell 3000 ETF	—	−2,053	—	exited	0.00 pp	—
unresolvedQurate Retail Inc	—	−16,096	—	exited	0.00 pp	—