Davis Advisors

Q4 2020 13F · by Chris Davis, portfolio manager

As of: Dec 31, 2020
Filed: Feb 12, 2021
US stock: $20.8B · prev $18.0B
Positions: 109 · prev 114
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%

Moves110 since the prior filing

+0.9 pp in · −0.8 pp out

New 2 +1.06 pp
Added 39 −0.20 pp
Trimmed 62 −0.52 pp
Exited 7 −0.26 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.0% a year, about 11.1 years per position

Low
Moderate
High

Top 5 positions31% of US stock

COF Capital One Financial trimmed+1.17 pp trimmed+1.177.7%
AMAT Applied Materials Inc trimmed+0.92 pp trimmed+0.926.1%
WFC Wells Fargo & Co. trimmed+0.44 pp trimmed+0.445.9%
GOOG Alphabet Inc. Class C trimmed−0.33 pp trimmed−0.335.8%
unresolved New Oriental Ed & Tech Grp I trimmed+0.26 pp trimmed+0.265.6%

Positions109 in this filing · 7 exited


COFCapital One Financial	7.74%	16,262,910	$1.6B	trimmed−1%	+1.17 pp	26 q
AMATApplied Materials Inc	6.11%	14,712,522	$1.3B	trimmed−6%	+0.92 pp	31 q
WFCWells Fargo & Co.	5.86%	40,341,902	$1.2B	trimmed−3%	+0.44 pp	31 q
GOOGAlphabet Inc. Class C	5.79%	686,623	$1.2B	trimmed−8%	−0.33 pp	27 q
unresolvedNew Oriental Ed & Tech Grp I	5.63%	6,291,608	$1.2B	trimmed−3%	+0.26 pp	19 q
AMZNAmazon.Com Inc	5.26%	335,417	$1.1B	trimmed−6%	−0.96 pp	31 q
BRK.ABerkshire Hathaway Inc.	4.32%	2,581	$898M	trimmed−3%	−0.39 pp	31 q
METAMeta Platforms, Inc. Class A	4.32%	3,287,537	$898M	trimmed−11%	−1.08 pp	21 q
JPMJPMorgan Chase & Co.	4.19%	6,857,389	$871M	trimmed−4%	+0.36 pp	31 q
CARRCarrier Global Corporation	3.96%	21,800,651	$822M	trimmed−3%	+0.14 pp	3 q
BABAAlibaba Group Holding Limited	3.83%	3,419,998	$796M	added+3%	−1.62 pp	17 q
RTXRTX Corporation	3.81%	11,080,470	$792M	trimmed−0%	+0.25 pp	23 q
USBU.S. Bancorp	3.78%	16,873,440	$786M	trimmed−2%	+0.36 pp	31 q
BNYBank of New York Mellon Corporation	3.16%	15,460,941	$656M	trimmed−3%	+0.10 pp	31 q
INTCIntel Corp	3.04%	12,673,355	$631M	trimmed−1%	−0.66 pp	31 q
AXPAmerican Express Company	2.96%	5,091,902	$616M	trimmed−4%	+0.01 pp	31 q
TXNTexas Instruments Incorporated	2.70%	3,422,904	$562M	trimmed−4%	−0.12 pp	31 q
GOOGLAlphabet Inc. Class A	2.40%	284,267	$498M	trimmed−4%	−0.02 pp	21 q
unresolvedIac/Interactivecorp	2.00%	2,195,994	$416M	trimmed−0%	+0.53 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	1.70%	1,519,087	$352M	trimmed−3%	−0.15 pp	31 q
DGXQuest Diagnostics Inc.	1.68%	2,927,958	$349M	trimmed−22%	−0.71 pp	28 q
CBChubb Limited	1.37%	1,846,071	$284M	added+10%	+0.29 pp	20 q
JDJD.com, Inc.	1.34%	3,176,497	$279M	trimmed−1%	−0.04 pp	27 q
VTRSViatris Inc.	1.06%	11,727,007	$220M	new	+1.06 pp	new
MKLMarkel Group Inc.	0.98%	197,477	$204M	trimmed−2%	−0.11 pp	31 q
CIThe Cigna Group	0.76%	758,199	$158M	added×2.4	+0.46 pp	9 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.60%	4,022,478	$125M	added+8%	+0.14 pp	12 q
LLoews Corporation	0.57%	2,617,793	$118M	added+16%	+0.13 pp	31 q
BACBank of America Corporation	0.53%	3,634,459	$110M	trimmed−4%	+0.02 pp	8 q
MSFTMicrosoft Corp	0.50%	463,965	$103M	trimmed−4%	−0.06 pp	31 q
HOLIHollysys Automation Technolo	0.50%	7,089,307	$104M	added0%	+0.07 pp	16 q
DUSADavis Select U.S. Equity ETF	0.46%	3,243,486	$95M	added+73%	+0.19 pp	16 q
DINTDavis Select International ETF	0.42%	3,780,082	$88M	added+17%	−0.03 pp	12 q
PNCPNC Financial Services Group	0.40%	560,681	$84M	trimmed−5%	+0.04 pp	20 q
QRVOQorvo, Inc.	0.33%	413,685	$69M	trimmed−2%	+0.03 pp	12 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.33%	197,400	$69M	added0%	−0.01 pp	31 q
DWLDDavis Select Worldwide ETF	0.28%	1,875,859	$58M	trimmed−50%	−0.14 pp	16 q
CVSCvs Health Corporation	0.26%	791,399	$54M	trimmed−1%	0.00 pp	9 q
OCOwens Corning	0.26%	706,514	$54M	trimmed−7%	−0.03 pp	9 q
DFNLDavis Select Financial ETF	0.23%	1,975,142	$47M	added+1%	+0.02 pp	16 q
SCHWThe Charles Schwab Corporation	0.23%	909,457	$48M	trimmed−5%	+0.04 pp	31 q
NOAHNoah Holdings Limited	0.22%	966,240	$46M	added+1%	+0.08 pp	22 q
JCIJohnson Controls International plc	0.21%	914,720	$43M	trimmed−34%	−0.10 pp	18 q
YAlleghany Corporation	0.20%	68,266	$41M	added+51%	+0.07 pp	15 q
QUOTQuotient Technology Inc	0.17%	3,777,056	$36M	added+1%	+0.02 pp	21 q
ETNEaton Corporation, plc	0.16%	284,862	$34M	trimmed−32%	−0.08 pp	21 q
PLDPrologis, Inc.	0.15%	314,422	$31M	held	—	17 q
HUMHumana Inc.	0.13%	63,551	$26M	added+1%	−0.01 pp	7 q
9991429DAptiv Irish Holdings Ltd	0.12%	183,656	$24M	trimmed−1%	+0.03 pp	13 q
EQIXEquinix, Inc.	0.11%	32,050	$23M	held	—	12 q
PSAPublic Storage	0.11%	95,700	$22M	held	—	19 q
BIDUBaidu, Inc.	0.10%	93,741	$20M	added+1%	+0.03 pp	23 q
REXRRexford Industrial Realty, Inc.	0.10%	409,140	$20M	trimmed−6%	−0.01 pp	22 q
TRNOTerreno Realty Corporation	0.10%	340,717	$20M	trimmed−1%	0.00 pp	28 q
LBTYKLiberty Global Ltd. Class C	0.10%	873,274	$21M	trimmed−0%	0.00 pp	31 q
IQiQIYI, Inc.	0.09%	1,119,512	$20M	added+1%	−0.05 pp	12 q
ORCLOracle Corp	0.09%	302,190	$20M	trimmed−3%	−0.01 pp	31 q
WELLWelltower Inc.	0.09%	279,060	$18M	trimmed−13%	−0.01 pp	7 q
BRXBrixmor Property Group Inc.	0.08%	1,045,840	$17M	added+2%	+0.01 pp	14 q
ESSEssex Property Trust, Inc	0.08%	68,001	$16M	trimmed−2%	0.00 pp	31 q
HSTHost Hotels & Resorts, Inc.	0.08%	1,104,890	$16M	added+2%	+0.01 pp	19 q
RKTRocket Companies, Inc.	0.08%	791,823	$16M	added+2%	−0.01 pp	2 q
SAPSap SE	0.08%	124,436	$16M	added+10%	−0.02 pp	31 q
TCOMTrip.com Group Limited	0.08%	494,701	$17M	added+1%	−0.01 pp	31 q
AREAlexandria Real Estate Equities, Inc.	0.07%	77,057	$14M	trimmed−17%	−0.01 pp	31 q
EGEverest Group, Ltd.	0.07%	59,828	$14M	trimmed−6%	0.00 pp	31 q
FGAAmerican Campus Communities	0.06%	282,385	$12M	added+1%	+0.01 pp	31 q
AVBAvalonBay Communities, Inc.	0.06%	82,770	$13M	added+1%	−0.01 pp	31 q
CPTCamden Property Trust	0.06%	132,170	$13M	trimmed−0%	−0.01 pp	20 q
CCICrown Castle Inc.	0.06%	83,490	$13M	trimmed−2%	−0.02 pp	24 q
VMRKVivmark Residential	0.06%	198,670	$12M	added+1%	0.00 pp	23 q
DOCHealthpeak Properties, Inc.	0.06%	396,676	$12M	added0%	0.00 pp	5 q
unresolvedHudson Pac Pptys Inc	0.06%	555,650	$13M	added+2%	−0.01 pp	16 q
BXPBXP, Inc.	0.05%	116,930	$11M	trimmed−0%	0.00 pp	31 q
CUZCousins Properties Inc.	0.05%	336,545	$11M	added+1%	0.00 pp	7 q
CONECyrusOne Inc	0.05%	149,565	$11M	trimmed−11%	−0.02 pp	6 q
DLRDigital Realty Trust, Inc.	0.05%	76,395	$11M	trimmed−0%	−0.01 pp	12 q
EXRExtra Space Storage, Inc.	0.05%	85,200	$10M	trimmed−0%	0.00 pp	20 q
SPGSimon Property Group, Inc.	0.05%	121,870	$10M	trimmed−0%	+0.01 pp	31 q
SHOSunstone Hotel Investors, Inc.	0.05%	862,360	$10M	added+1%	+0.01 pp	5 q
VTRVentas, Inc.	0.05%	212,110	$10M	trimmed−10%	−0.01 pp	9 q
VMWVMware, Inc	0.05%	78,313	$11M	added×3.1	+0.03 pp	4 q
AMHAmerican Homes 4 Rent	0.04%	264,130	$8M	added0%	0.00 pp	13 q
unresolvedChina Index Holdings Ltd., ADR	0.04%	4,708,684	$9M	trimmed−1%	0.00 pp	7 q
CORCoresite Realty Corp	0.04%	69,230	$9M	added0%	−0.01 pp	12 q
DEIDouglas Emmett, Inc.	0.04%	297,560	$9M	added+1%	0.00 pp	5 q
unresolvedFederal Realty Investment Trust REIT	0.04%	100,650	$9M	added+2%	0.00 pp	31 q
SSSLife Storage Inc	0.04%	76,460	$9M	added0%	0.00 pp	17 q
GLREGreenlight Captial RE, LTD. Class A	0.04%	1,074,734	$8M	trimmed−6%	0.00 pp	11 q
AKRAcadia Realty Trust	0.03%	502,567	$7M	trimmed−1%	0.00 pp	31 q
HIWHighwoods Properties Inc.	0.03%	181,130	$7M	added+2%	0.00 pp	3 q
MTBM&T Bank Corp.	0.03%	43,833	$6M	added+10%	+0.01 pp	3 q
ROICRetail Opportunity Investments Corp.	0.03%	538,075	$7M	trimmed−1%	0.00 pp	24 q
YRDYiren Digital Ltd.	0.03%	1,585,583	$5M	trimmed−23%	0.00 pp	12 q
IVEiShares S&P 500 Value ETF	0.02%	28,704	$4M	added×3.5	+0.01 pp	2 q
NVSNovartis AG	0.02%	41,256	$4M	added+6%	0.00 pp	17 q
SLGSL Green Realty Corp.	0.02%	71,090	$4M	added0%	0.00 pp	17 q
STTState Street Corporation	0.02%	65,989	$5M	trimmed−86%	−0.14 pp	20 q
VNOVornado Realty Trust	0.02%	105,000	$4M	trimmed−0%	0.00 pp	31 q
DXCDXC Technology Company	0.01%	67,379	$2M	trimmed−3%	0.00 pp	15 q
EGPEastGroup Properties Inc.	0.01%	21,960	$3M	trimmed−0%	−0.01 pp	31 q
SFUNYFang Holdings Ltd	0.01%	81,137	$1M	trimmed−43%	0.00 pp	18 q
LRCXLam Research Corp	0.01%	2,455	$1M	held	—	20 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.01%	314,704	$1M	trimmed−2%	+0.01 pp	26 q
TFCTruist Financial Corporation	0.01%	36,789	$2M	trimmed−5%	0.00 pp	3 q
KMXCarMax Inc.	0.00%	3,760	$355,000	held	—	31 q
IWViShares Russell 3000 ETF	0.00%	1,424	$318,000	new	0.00 pp	new
OTISOtis Worldwide Corporation	0.00%	12,579	$850,000	trimmed−12%	0.00 pp	3 q
ULTAUlta Beauty, Inc.	0.00%	3,080	$884,000	held	—	4 q
ADNTAdient plc	—	−1,337,027	—	exited	−0.13 pp	—
GSGoldman Sachs Group Inc.	—	−80,266	—	exited	−0.09 pp	—
HDSHD Supply Holdings, Inc.	—	−156,108	—	exited	−0.04 pp	—
BKNGBooking Holdings Inc.	—	−129	—	exited	0.00 pp	—
HPQHP Inc.	—	−20,830	—	exited	0.00 pp	—
WORKSlack Technologies, Inc.	—	−27,900	—	exited	0.00 pp	—
XLNXXilinx Inc	—	−5,685	—	exited	0.00 pp	—