Davis Advisors

Q2 2020 13F · by Chris Davis, portfolio manager

As of: Jun 30, 2020
Filed: Aug 12, 2020
US stock: $17.3B · prev $14.8B
Positions: 119 · prev 122
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%

Moves103 since the prior filing

+1.4 pp in · −1.4 pp out

New 8 +4.04 pp
Added 50 −2.65 pp
Trimmed 34 +0.99 pp
Exited 11 −2.36 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.2 years per position

Low
Moderate
High

Top 5 positions32% of US stock

Positions119 in this filing · 11 exited


AMZNAmazon.Com Inc	8.44%	529,034	$1.5B	trimmed−2%	+1.32 pp	29 q
GOOGAlphabet Inc. Class C	6.45%	789,371	$1.1B	trimmed−1%	+0.14 pp	25 q
COFCapital One Financial	5.85%	16,159,701	$1.0B	added+1%	+0.39 pp	24 q
AMATApplied Materials Inc	5.69%	16,280,279	$984M	trimmed−0%	+0.62 pp	29 q
METAMeta Platforms, Inc. Class A	5.48%	4,173,578	$948M	trimmed−0%	+0.75 pp	19 q
unresolvedNew Oriental Ed & Tech Grp I	5.10%	6,769,946	$882M	trimmed−0%	+0.13 pp	17 q
BABAAlibaba Group Holding Limited	4.46%	3,573,826	$771M	trimmed−0%	−0.26 pp	15 q
BRK.ABerkshire Hathaway Inc.	4.29%	2,774	$741M	trimmed−1%	−0.89 pp	29 q
WFCWells Fargo & Co.	4.23%	28,566,052	$731M	added+3%	−1.14 pp	29 q
RTXRTX Corporation	4.02%	11,266,678	$694M	added+29%	−1.56 pp	21 q
JPMJPMorgan Chase & Co.	4.00%	7,351,742	$692M	added+2%	−0.41 pp	29 q
CARRCarrier Global Corporation	3.93%	30,575,476	$679M	new	+3.93 pp	new
BNYBank of New York Mellon Corporation	3.59%	16,070,508	$621M	added+4%	+0.07 pp	29 q
GOOGLAlphabet Inc. Class A	3.32%	404,848	$574M	trimmed−2%	+0.06 pp	19 q
AXPAmerican Express Company	3.02%	5,489,626	$523M	added+2%	−0.11 pp	29 q
INTCIntel Corp	2.93%	8,469,465	$507M	added+1%	−0.15 pp	29 q
USBU.S. Bancorp	2.86%	13,424,011	$494M	added+2%	−0.20 pp	29 q
TXNTexas Instruments Incorporated	2.69%	3,661,844	$465M	trimmed−1%	+0.20 pp	29 q
DGXQuest Diagnostics Inc.	2.55%	3,874,574	$442M	added0%	+0.45 pp	26 q
BRK.BBERKSHIRE HATHAWAY Class B	1.65%	1,598,717	$285M	added+7%	−0.20 pp	29 q
JDJD.com, Inc.	1.30%	3,725,224	$224M	trimmed−9%	+0.17 pp	25 q
CBChubb Limited	1.28%	1,753,296	$222M	added+1%	−0.04 pp	18 q
MKLMarkel Group Inc.	1.11%	207,800	$192M	added+1%	−0.18 pp	29 q
MSFTMicrosoft Corp	0.66%	561,829	$114M	trimmed−2%	+0.04 pp	29 q
WUBA58.COM Inc	0.57%	1,821,925	$98M	added+100%	+0.27 pp	27 q
HOLIHollysys Automation Technolo	0.54%	7,059,684	$94M	added+5%	−0.05 pp	14 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.51%	3,598,386	$88M	added+8%	+0.13 pp	10 q
BACBank of America Corporation	0.49%	3,595,526	$85M	added+12%	+0.03 pp	6 q
LLoews Corporation	0.47%	2,355,148	$81M	added+1%	−0.08 pp	29 q
DUSADavis Select U.S. Equity ETF	0.44%	3,234,982	$75M	held	—	14 q
DINTDavis Select International ETF	0.40%	3,774,558	$69M	held	—	10 q
PNCPNC Financial Services Group	0.36%	591,009	$62M	added+23%	+0.05 pp	18 q
CIThe Cigna Group	0.35%	322,028	$60M	added+2%	−0.03 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.34%	201,279	$59M	trimmed−7%	−0.02 pp	29 q
CVSCvs Health Corporation	0.31%	812,617	$53M	added+1%	−0.01 pp	7 q
QRVOQorvo, Inc.	0.29%	454,569	$50M	added0%	+0.04 pp	10 q
JCIJohnson Controls International plc	0.28%	1,442,369	$49M	added+13%	+0.05 pp	16 q
DWLDDavis Select Worldwide ETF	0.26%	1,873,537	$44M	held	—	14 q
STTState Street Corporation	0.25%	670,239	$43M	trimmed−0%	+0.01 pp	18 q
OCOwens Corning	0.24%	755,271	$42M	added+7%	+0.05 pp	7 q
DFNLDavis Select Financial ETF	0.21%	1,959,793	$36M	held	—	14 q
ETNEaton Corporation, plc	0.21%	422,288	$37M	added+1%	−0.01 pp	19 q
SCHWThe Charles Schwab Corporation	0.19%	981,049	$33M	added+17%	0.00 pp	29 q
PLDPrologis, Inc.	0.17%	310,682	$29M	added+4%	+0.01 pp	15 q
QUOTQuotient Technology Inc	0.16%	3,861,958	$28M	added0%	−0.01 pp	19 q
GSGoldman Sachs Group Inc.	0.15%	133,813	$26M	trimmed−37%	−0.07 pp	29 q
IQiQIYI, Inc.	0.15%	1,107,409	$26M	added+4%	+0.02 pp	10 q
EQIXEquinix, Inc.	0.14%	34,290	$24M	trimmed−8%	−0.02 pp	10 q
HUMHumana Inc.	0.14%	63,827	$25M	trimmed−13%	−0.02 pp	5 q
NOAHNoah Holdings Limited	0.14%	959,028	$24M	added+5%	−0.02 pp	20 q
YAlleghany Corporation	0.13%	46,545	$23M	added+3%	−0.04 pp	13 q
ADNTAdient plc	0.13%	1,384,647	$23M	trimmed−1%	+0.04 pp	15 q
LBTYKLiberty Global Ltd. Class C	0.11%	896,264	$19M	trimmed−0%	+0.01 pp	29 q
ORCLOracle Corp	0.10%	321,364	$18M	trimmed−85%	−0.61 pp	29 q
PSAPublic Storage	0.10%	92,610	$18M	added0%	−0.02 pp	17 q
REXRRexford Industrial Realty, Inc.	0.10%	434,150	$18M	held	—	20 q
SAPSap SE	0.10%	118,390	$17M	trimmed−3%	+0.01 pp	29 q
TRNOTerreno Realty Corporation	0.10%	342,727	$18M	added0%	−0.02 pp	26 q
AREAlexandria Real Estate Equities, Inc.	0.09%	90,877	$15M	trimmed−18%	−0.01 pp	29 q
ESSEssex Property Trust, Inc	0.09%	68,351	$16M	added0%	−0.01 pp	29 q
WELLWelltower Inc.	0.09%	309,650	$16M	added+33%	+0.02 pp	5 q
AVBAvalonBay Communities, Inc.	0.08%	87,230	$13M	trimmed−23%	−0.03 pp	29 q
CCICrown Castle Inc.	0.08%	82,680	$14M	added0%	0.00 pp	22 q
VMRKVivmark Residential	0.08%	249,340	$15M	added0%	−0.02 pp	21 q
unresolvedHudson Pac Pptys Inc	0.08%	528,770	$13M	added0%	−0.01 pp	14 q
SPGSimon Property Group, Inc.	0.08%	191,100	$13M	trimmed−35%	−0.03 pp	29 q
EGEverest Group, Ltd.	0.08%	65,248	$13M	added+3%	0.00 pp	29 q
9991429DAptiv Irish Holdings Ltd	0.08%	187,835	$15M	trimmed−3%	+0.02 pp	11 q
BIDUBaidu, Inc.	0.07%	98,314	$12M	added+5%	+0.01 pp	21 q
BRXBrixmor Property Group Inc.	0.07%	992,440	$13M	added+16%	+0.01 pp	12 q
CPTCamden Property Trust	0.07%	129,280	$12M	trimmed−29%	−0.03 pp	18 q
CONECyrusOne Inc	0.07%	162,920	$12M	added+11%	+0.01 pp	4 q
HSTHost Hotels & Resorts, Inc.	0.07%	1,048,610	$11M	held	—	17 q
TCOMTrip.com Group Limited	0.07%	491,075	$13M	held	—	29 q
FGAAmerican Campus Communities	0.06%	278,345	$10M	trimmed−34%	−0.02 pp	29 q
BXPBXP, Inc.	0.06%	112,660	$10M	held	—	29 q
unresolvedChina Index Holdings Ltd., ADR	0.06%	4,794,730	$10M	trimmed−0%	+0.02 pp	5 q
CUZCousins Properties Inc.	0.06%	321,005	$10M	held	—	5 q
DLRDigital Realty Trust, Inc.	0.06%	74,315	$11M	trimmed−27%	−0.04 pp	10 q
DOCHealthpeak Properties, Inc.	0.06%	387,806	$11M	added+11%	0.00 pp	3 q
YRDYiren Digital Ltd.	0.06%	2,521,192	$10M	added+6%	0.00 pp	10 q
CORCoresite Realty Corp	0.05%	67,150	$8M	added+17%	+0.01 pp	10 q
DEIDouglas Emmett, Inc.	0.05%	283,960	$9M	added+26%	0.00 pp	3 q
unresolvedFederal Realty Investment Trust REIT	0.05%	97,000	$8M	held	—	29 q
VTRVentas, Inc.	0.05%	227,800	$8M	held	—	7 q
AKRAcadia Realty Trust	0.04%	501,257	$7M	added+35%	+0.01 pp	29 q
AMHAmerican Homes 4 Rent	0.04%	256,650	$7M	added×3.1	+0.03 pp	11 q
EXRExtra Space Storage, Inc.	0.04%	82,880	$8M	added0%	−0.01 pp	18 q
JCAPJernigan Capital Inc	0.04%	477,750	$7M	held	—	3 q
SSSLife Storage Inc	0.04%	73,850	$7M	held	—	15 q
MHKMohawk Industries, Inc.	0.04%	62,175	$6M	new	+0.04 pp	new
ROICRetail Opportunity Investments Corp.	0.04%	535,215	$6M	added+44%	+0.02 pp	22 q
SHOSunstone Hotel Investors, Inc.	0.04%	821,600	$7M	held	—	3 q
GLREGreenlight Captial RE, LTD. Class A	0.04%	1,179,712	$8M	trimmed−1%	−0.01 pp	9 q
HDSHD Supply Holdings, Inc.	0.03%	153,737	$5M	new	+0.03 pp	new
HIWHighwoods Properties Inc.	0.02%	113,530	$4M	new	+0.02 pp	new
MTBM&T Bank Corp.	0.02%	33,359	$3M	new	+0.02 pp	new
NVSNovartis AG	0.02%	37,988	$3M	added+36%	0.00 pp	15 q
SLGSL Green Realty Corp.	0.02%	71,040	$4M	trimmed−38%	−0.01 pp	15 q
VMWVMware, Inc	0.02%	25,320	$4M	held	—	2 q
VNOVornado Realty Trust	0.02%	105,010	$4M	trimmed−48%	−0.03 pp	29 q
DXCDXC Technology Company	0.01%	69,539	$1M	held	—	13 q
EGPEastGroup Properties Inc.	0.01%	21,760	$3M	held	—	29 q
SFUNYFang Holdings Ltd	0.01%	165,406	$2M	trimmed−9%	−0.01 pp	16 q
WORKSlack Technologies, Inc.	0.01%	27,900	$867,000	held	—	4 q
BKNGBooking Holdings Inc.	0.00%	129	$205,000	trimmed−100%	−0.44 pp	10 q
KMXCarMax Inc.	0.00%	3,760	$337,000	held	—	29 q
DDDuPont de Nemours, Inc.	0.00%	4,000	$213,000	new	0.00 pp	new
EAElectronic Arts Inc	0.00%	2,960	$391,000	held	—	8 q
FDXFedEx Corporation	0.00%	2,790	$391,000	held	—	14 q
HPQHP Inc.	0.00%	20,830	$363,000	held	—	19 q
LRCXLam Research Corp	0.00%	2,455	$794,000	held	—	18 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	338,414	$721,000	trimmed−1%	0.00 pp	24 q
OTISOtis Worldwide Corporation	0.00%	14,407	$819,000	new	0.00 pp	new
PPGPPG Industries, Inc.	0.00%	5,470	$580,000	held	—	16 q
TFCTruist Financial Corporation	0.00%	12,513	$470,000	new	0.00 pp	new
ULTAUlta Beauty, Inc.	0.00%	3,080	$627,000	held	—	2 q
XLNXXilinx Inc	0.00%	5,685	$559,000	held	—	18 q
AXTAAxalta Coating Systems Ltd.	0.00%	20,310	$458,000	held	—	16 q
RTNRaytheon Company	—	−1,040,096	—	exited	−0.92 pp	—
9990302DApache Corp	—	−20,789,074	—	exited	−0.59 pp	—
MGYMagnolia Oil & Gas Corporation Class A	—	−12,202,748	—	exited	−0.33 pp	—
GLIBAGci Liberty Inc - Class A	—	−361,210	—	exited	−0.14 pp	—
OVVOvintiv Inc.	—	−7,458,309	—	exited	−0.14 pp	—
CTRACoterra Energy Inc.	—	−880,221	—	exited	−0.10 pp	—
LILAKLiberty Latin America Ltd. Class C	—	−820,670	—	exited	−0.06 pp	—
EXPEExpedia Group, Inc.	—	−85,682	—	exited	−0.03 pp	—
unresolvedAltus Midstream Co., Class A	—	−3,791,280	—	exited	−0.02 pp	—
S76Store Capital Corp	—	−180,300	—	exited	−0.02 pp	—
IVEiShares S&P 500 Value ETF	—	−18,178	—	exited	−0.01 pp	—