Davis Advisors

Q3 2020 13F · by Chris Davis, portfolio manager

As of: Sep 30, 2020
Filed: Nov 12, 2020
US stock: $18.0B · prev $17.3B
Positions: 114 · prev 119
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%

Moves108 since the prior filing

+5.0 pp in · −4.9 pp out

New 3 +1.57 pp
Added 43 +3.38 pp
Trimmed 54 −4.29 pp
Exited 8 −0.65 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 23% a year, about 4.4 years per position

Low
Moderate
High

Top 5 positions30% of US stock

COF Capital One Financial added+0.72 pp added+0.726.6%
AMZN Amazon.Com Inc trimmed−2.22 pp trimmed−2.226.2%
GOOG Alphabet Inc. Class C trimmed−0.33 pp trimmed−0.336.1%
BABA Alibaba Group Holding Limited trimmed+0.99 pp trimmed+0.995.5%
WFC Wells Fargo & Co. added+1.19 pp added+1.195.4%

Positions114 in this filing · 8 exited


COFCapital One Financial	6.57%	16,437,359	$1.2B	added+2%	+0.72 pp	25 q
AMZNAmazon.Com Inc	6.22%	355,321	$1.1B	trimmed−33%	−2.22 pp	30 q
GOOGAlphabet Inc. Class C	6.12%	748,835	$1.1B	trimmed−5%	−0.33 pp	26 q
BABAAlibaba Group Holding Limited	5.45%	3,331,765	$979M	trimmed−7%	+0.99 pp	16 q
WFCWells Fargo & Co.	5.42%	41,407,144	$973M	added+45%	+1.19 pp	30 q
METAMeta Platforms, Inc. Class A	5.40%	3,706,163	$971M	trimmed−11%	−0.08 pp	20 q
unresolvedNew Oriental Ed & Tech Grp I	5.37%	6,452,820	$965M	trimmed−5%	+0.27 pp	18 q
AMATApplied Materials Inc	5.19%	15,698,648	$933M	trimmed−4%	−0.50 pp	30 q
BRK.ABerkshire Hathaway Inc.	4.71%	2,648	$847M	trimmed−5%	+0.42 pp	30 q
JPMJPMorgan Chase & Co.	3.83%	7,146,457	$688M	trimmed−3%	−0.17 pp	30 q
CARRCarrier Global Corporation	3.82%	22,491,927	$687M	trimmed−26%	−0.11 pp	2 q
INTCIntel Corp	3.70%	12,856,161	$666M	added+52%	+0.77 pp	30 q
RTXRTX Corporation	3.56%	11,122,837	$640M	trimmed−1%	−0.46 pp	22 q
USBU.S. Bancorp	3.42%	17,160,699	$615M	added+28%	+0.56 pp	30 q
BNYBank of New York Mellon Corporation	3.06%	15,991,323	$549M	trimmed−0%	−0.53 pp	30 q
AXPAmerican Express Company	2.95%	5,295,006	$531M	trimmed−4%	−0.07 pp	30 q
TXNTexas Instruments Incorporated	2.82%	3,553,295	$507M	trimmed−3%	+0.13 pp	30 q
GOOGLAlphabet Inc. Class A	2.42%	297,222	$436M	trimmed−27%	−0.90 pp	20 q
DGXQuest Diagnostics Inc.	2.39%	3,746,313	$429M	trimmed−3%	−0.16 pp	27 q
BRK.BBERKSHIRE HATHAWAY Class B	1.85%	1,565,588	$333M	trimmed−2%	+0.20 pp	30 q
unresolvedIac/Interactivecorp	1.47%	2,200,462	$264M	new	+1.47 pp	new
JDJD.com, Inc.	1.38%	3,206,065	$249M	trimmed−14%	+0.08 pp	26 q
MKLMarkel Group Inc.	1.09%	201,320	$196M	trimmed−3%	−0.02 pp	30 q
CBChubb Limited	1.08%	1,676,168	$195M	trimmed−4%	−0.20 pp	19 q
MSFTMicrosoft Corp	0.56%	481,975	$101M	trimmed−14%	−0.10 pp	30 q
BACBank of America Corporation	0.51%	3,775,479	$91M	added+5%	+0.02 pp	7 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.46%	3,731,861	$83M	added+4%	−0.05 pp	11 q
DINTDavis Select International ETF	0.45%	3,234,982	$82M	trimmed−14%	+0.05 pp	11 q
LLoews Corporation	0.44%	2,266,057	$79M	trimmed−4%	−0.03 pp	30 q
HOLIHollysys Automation Technolo	0.43%	7,057,424	$78M	trimmed−0%	−0.11 pp	15 q
DWLDDavis Select Worldwide ETF	0.42%	3,774,558	$76M	added×2.0	+0.16 pp	15 q
PNCPNC Financial Services Group	0.36%	588,021	$65M	trimmed−1%	0.00 pp	19 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.34%	197,027	$61M	trimmed−2%	0.00 pp	30 q
JCIJohnson Controls International plc	0.31%	1,377,293	$56M	trimmed−5%	+0.03 pp	17 q
CIThe Cigna Group	0.30%	322,243	$55M	added0%	−0.05 pp	8 q
QRVOQorvo, Inc.	0.30%	422,793	$55M	trimmed−7%	+0.01 pp	11 q
OCOwens Corning	0.29%	757,011	$52M	added0%	+0.05 pp	8 q
DUSADavis Select U.S. Equity ETF	0.27%	1,873,537	$48M	trimmed−42%	−0.17 pp	15 q
CVSCvs Health Corporation	0.26%	798,195	$47M	trimmed−2%	−0.05 pp	8 q
ETNEaton Corporation, plc	0.24%	419,150	$43M	trimmed−1%	+0.03 pp	20 q
DFNLDavis Select Financial ETF	0.21%	1,959,793	$37M	held	—	15 q
SCHWThe Charles Schwab Corporation	0.19%	957,337	$35M	trimmed−2%	0.00 pp	30 q
PLDPrologis, Inc.	0.18%	314,422	$32M	added+1%	+0.01 pp	16 q
STTState Street Corporation	0.16%	476,601	$28M	trimmed−29%	−0.09 pp	19 q
QUOTQuotient Technology Inc	0.15%	3,750,481	$28M	trimmed−3%	−0.01 pp	20 q
EQIXEquinix, Inc.	0.14%	32,050	$24M	trimmed−7%	0.00 pp	11 q
HUMHumana Inc.	0.14%	62,809	$26M	trimmed−2%	0.00 pp	6 q
IQiQIYI, Inc.	0.14%	1,110,594	$25M	added0%	−0.01 pp	11 q
NOAHNoah Holdings Limited	0.14%	958,150	$25M	trimmed−0%	0.00 pp	21 q
YAlleghany Corporation	0.13%	45,213	$24M	trimmed−3%	0.00 pp	14 q
ADNTAdient plc	0.13%	1,337,027	$23M	trimmed−3%	0.00 pp	16 q
PSAPublic Storage	0.12%	95,700	$21M	added+3%	+0.02 pp	18 q
REXRRexford Industrial Realty, Inc.	0.11%	436,530	$20M	added+1%	+0.01 pp	21 q
ORCLOracle Corp	0.10%	310,993	$19M	trimmed−3%	0.00 pp	30 q
SAPSap SE	0.10%	113,048	$18M	trimmed−5%	0.00 pp	30 q
TRNOTerreno Realty Corporation	0.10%	344,377	$19M	added0%	0.00 pp	27 q
WELLWelltower Inc.	0.10%	319,830	$18M	added+3%	+0.01 pp	6 q
LBTYKLiberty Global Ltd. Class C	0.10%	876,814	$18M	trimmed−2%	−0.01 pp	30 q
GSGoldman Sachs Group Inc.	0.09%	80,266	$16M	trimmed−40%	−0.06 pp	30 q
RKTRocket Companies, Inc.	0.09%	778,374	$16M	new	+0.09 pp	new
TCOMTrip.com Group Limited	0.09%	491,075	$15M	held	—	30 q
9991429DAptiv Irish Holdings Ltd	0.09%	186,179	$17M	trimmed−1%	+0.01 pp	12 q
AREAlexandria Real Estate Equities, Inc.	0.08%	93,237	$15M	added+3%	−0.01 pp	30 q
CCICrown Castle Inc.	0.08%	85,190	$14M	added+3%	0.00 pp	23 q
ESSEssex Property Trust, Inc	0.08%	69,591	$14M	added+2%	−0.01 pp	30 q
AVBAvalonBay Communities, Inc.	0.07%	81,680	$12M	trimmed−6%	−0.01 pp	30 q
BIDUBaidu, Inc.	0.07%	92,749	$12M	trimmed−6%	0.00 pp	22 q
BRXBrixmor Property Group Inc.	0.07%	1,028,940	$12M	added+4%	0.00 pp	13 q
CPTCamden Property Trust	0.07%	132,230	$12M	added+2%	0.00 pp	19 q
CONECyrusOne Inc	0.07%	168,040	$12M	added+3%	0.00 pp	5 q
HSTHost Hotels & Resorts, Inc.	0.07%	1,087,170	$12M	added+4%	0.00 pp	18 q
unresolvedHudson Pac Pptys Inc	0.07%	547,180	$12M	added+3%	−0.01 pp	15 q
EGEverest Group, Ltd.	0.07%	63,348	$13M	trimmed−3%	−0.01 pp	30 q
DLRDigital Realty Trust, Inc.	0.06%	76,405	$11M	added+3%	0.00 pp	11 q
VMRKVivmark Residential	0.06%	195,940	$10M	trimmed−21%	−0.02 pp	22 q
DOCHealthpeak Properties, Inc.	0.06%	396,606	$11M	added+2%	0.00 pp	4 q
VTRVentas, Inc.	0.06%	235,890	$10M	added+4%	+0.01 pp	8 q
FGAAmerican Campus Communities	0.05%	278,345	$10M	held	—	30 q
BXPBXP, Inc.	0.05%	116,960	$9M	added+4%	−0.01 pp	30 q
CORCoresite Realty Corp	0.05%	69,190	$8M	added+3%	0.00 pp	11 q
CUZCousins Properties Inc.	0.05%	331,775	$9M	added+3%	−0.01 pp	6 q
EXRExtra Space Storage, Inc.	0.05%	85,210	$9M	added+3%	+0.01 pp	19 q
AMHAmerican Homes 4 Rent	0.04%	264,090	$8M	added+3%	0.00 pp	12 q
unresolvedChina Index Holdings Ltd., ADR	0.04%	4,741,445	$7M	trimmed−1%	−0.02 pp	6 q
DEIDouglas Emmett, Inc.	0.04%	293,300	$7M	added+3%	−0.01 pp	4 q
unresolvedFederal Realty Investment Trust REIT	0.04%	99,080	$7M	added+2%	−0.01 pp	30 q
HDSHD Supply Holdings, Inc.	0.04%	156,108	$6M	added+2%	+0.01 pp	2 q
SSSLife Storage Inc	0.04%	76,430	$8M	added+3%	0.00 pp	16 q
SPGSimon Property Group, Inc.	0.04%	121,950	$8M	trimmed−36%	−0.04 pp	30 q
SHOSunstone Hotel Investors, Inc.	0.04%	849,660	$7M	added+3%	0.00 pp	4 q
GLREGreenlight Captial RE, LTD. Class A	0.04%	1,142,024	$8M	trimmed−3%	0.00 pp	10 q
AKRAcadia Realty Trust	0.03%	509,407	$5M	added+2%	−0.01 pp	30 q
HIWHighwoods Properties Inc.	0.03%	178,430	$6M	added+57%	+0.01 pp	2 q
ROICRetail Opportunity Investments Corp.	0.03%	544,195	$6M	added+2%	−0.01 pp	23 q
YRDYiren Digital Ltd.	0.03%	2,048,620	$6M	trimmed−19%	−0.03 pp	11 q
EGPEastGroup Properties Inc.	0.02%	22,000	$3M	added+1%	+0.01 pp	30 q
MTBM&T Bank Corp.	0.02%	39,883	$4M	added+20%	0.00 pp	2 q
NVSNovartis AG	0.02%	38,848	$3M	added+2%	0.00 pp	16 q
SLGSL Green Realty Corp.	0.02%	71,040	$3M	held	—	16 q
VMWVMware, Inc	0.02%	25,320	$4M	held	—	3 q
VNOVornado Realty Trust	0.02%	105,010	$4M	held	—	30 q
DXCDXC Technology Company	0.01%	69,539	$1M	held	—	14 q
SFUNYFang Holdings Ltd	0.01%	142,651	$2M	trimmed−14%	0.00 pp	17 q
IVEiShares S&P 500 Value ETF	0.01%	8,156	$917,000	new	+0.01 pp	new
TFCTruist Financial Corporation	0.01%	38,899	$1M	added×3.1	+0.01 pp	2 q
BKNGBooking Holdings Inc.	0.00%	129	$221,000	held	—	11 q
KMXCarMax Inc.	0.00%	3,760	$346,000	held	—	30 q
HPQHP Inc.	0.00%	20,830	$396,000	held	—	20 q
LRCXLam Research Corp	0.00%	2,455	$814,000	held	—	19 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	322,154	$557,000	trimmed−5%	0.00 pp	25 q
OTISOtis Worldwide Corporation	0.00%	14,336	$895,000	trimmed−0%	0.00 pp	2 q
WORKSlack Technologies, Inc.	0.00%	27,900	$749,000	held	—	5 q
ULTAUlta Beauty, Inc.	0.00%	3,080	$690,000	held	—	3 q
XLNXXilinx Inc	0.00%	5,685	$593,000	held	—	19 q
WUBA58.COM Inc	—	−1,821,925	—	exited	−0.57 pp	—
JCAPJernigan Capital Inc	—	−477,750	—	exited	−0.04 pp	—
MHKMohawk Industries, Inc.	—	−62,175	—	exited	−0.04 pp	—
DDDuPont de Nemours, Inc.	—	−4,000	—	exited	0.00 pp	—
EAElectronic Arts Inc	—	−2,960	—	exited	0.00 pp	—
FDXFedEx Corporation	—	−2,790	—	exited	0.00 pp	—
PPGPPG Industries, Inc.	—	−5,470	—	exited	0.00 pp	—
AXTAAxalta Coating Systems Ltd.	—	−20,310	—	exited	0.00 pp	—