Davis Advisors

Q1 2021 13F · by Chris Davis, portfolio manager

As of: Mar 31, 2021
Filed: May 13, 2021
US stock: $22.9B · prev $20.8B
Positions: 111 · prev 109
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%

Moves109 since the prior filing

+5.2 pp in · −5.1 pp out

New 10 +1.81 pp
Added 36 +3.38 pp
Trimmed 55 −4.54 pp
Exited 8 −0.59 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 38% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Positions111 in this filing · 8 exited


COFCapital One Financial	8.81%	15,827,375	$2.0B	trimmed−3%	+1.07 pp	27 q
WFCWells Fargo & Co.	7.00%	40,917,419	$1.6B	added+1%	+1.14 pp	32 q
AMATApplied Materials Inc	5.71%	9,766,030	$1.3B	trimmed−34%	−0.40 pp	32 q
GOOGAlphabet Inc. Class C	5.24%	578,616	$1.2B	trimmed−16%	−0.55 pp	28 q
USBU.S. Bancorp	4.40%	18,170,271	$1.0B	added+8%	+0.62 pp	32 q
AMZNAmazon.Com Inc	4.36%	321,840	$996M	trimmed−4%	−0.90 pp	32 q
unresolvedNew Oriental Ed & Tech Grp I	4.32%	70,536,201	$988M	added×11.2	−1.31 pp	20 q
JPMJPMorgan Chase & Co.	4.24%	6,360,706	$968M	trimmed−7%	+0.05 pp	32 q
BRK.ABerkshire Hathaway Inc.	4.17%	2,468	$952M	trimmed−4%	−0.15 pp	32 q
METAMeta Platforms, Inc. Class A	4.09%	3,176,709	$936M	trimmed−3%	−0.23 pp	22 q
BABAAlibaba Group Holding Limited	4.05%	4,080,075	$925M	added+19%	+0.22 pp	18 q
INTCIntel Corp	3.62%	12,921,833	$827M	added+2%	+0.58 pp	32 q
BNYBank of New York Mellon Corporation	3.11%	15,033,588	$711M	trimmed−3%	−0.05 pp	32 q
AXPAmerican Express Company	3.07%	4,955,587	$701M	trimmed−3%	+0.11 pp	32 q
CARRCarrier Global Corporation	3.03%	16,379,299	$692M	trimmed−25%	−0.93 pp	4 q
TXNTexas Instruments Incorporated	2.74%	3,308,255	$625M	trimmed−3%	+0.04 pp	32 q
VTRSViatris Inc.	2.52%	41,289,579	$577M	added×3.5	+1.46 pp	2 q
GOOGLAlphabet Inc. Class A	2.39%	265,082	$547M	trimmed−7%	−0.01 pp	22 q
unresolvedIac/Interactivecorp	2.07%	2,190,683	$474M	trimmed−0%	+0.07 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	1.71%	1,529,550	$391M	added+1%	+0.01 pp	32 q
DGXQuest Diagnostics Inc.	1.56%	2,778,106	$357M	trimmed−5%	−0.12 pp	29 q
RTXRTX Corporation	1.50%	4,434,513	$343M	trimmed−60%	−2.31 pp	24 q
CBChubb Limited	1.25%	1,802,098	$285M	trimmed−2%	−0.12 pp	21 q
CIThe Cigna Group	1.23%	1,160,391	$281M	added+53%	+0.47 pp	10 q
JDJD.com, Inc.	1.20%	3,246,555	$274M	added+2%	−0.14 pp	28 q
MKLMarkel Group Inc.	1.07%	215,341	$245M	added+9%	+0.09 pp	32 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.68%	4,063,750	$155M	added+1%	+0.08 pp	13 q
CPNGCoupang, Inc.	0.62%	2,857,142	$141M	new	+0.62 pp	new
BACBank of America Corporation	0.61%	3,625,509	$140M	trimmed−0%	+0.08 pp	9 q
LLoews Corporation	0.58%	2,592,253	$133M	trimmed−1%	+0.01 pp	32 q
VRMVroom, Inc.	0.49%	2,892,267	$113M	new	+0.49 pp	new
DUSADavis Select U.S. Equity ETF	0.47%	3,274,426	$108M	added+1%	+0.01 pp	17 q
MSFTMicrosoft Corp	0.47%	458,913	$108M	trimmed−1%	−0.03 pp	32 q
PNCPNC Financial Services Group	0.43%	562,204	$99M	added0%	+0.03 pp	21 q
DINTDavis Select International ETF	0.40%	3,806,844	$91M	added+1%	−0.02 pp	13 q
HOLIHollysys Automation Technolo	0.39%	7,190,885	$90M	added+1%	−0.11 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.32%	196,144	$73M	trimmed−1%	−0.01 pp	32 q
TALTAL Education Group	0.29%	1,247,808	$67M	new	+0.29 pp	new
DWLDDavis Select Worldwide ETF	0.28%	1,899,502	$64M	added+1%	0.00 pp	17 q
OCOwens Corning	0.28%	698,312	$64M	trimmed−1%	+0.02 pp	10 q
QUOTQuotient Technology Inc	0.27%	3,771,498	$62M	trimmed−0%	+0.10 pp	22 q
CVSCvs Health Corporation	0.26%	781,279	$59M	trimmed−1%	0.00 pp	10 q
SCHWThe Charles Schwab Corporation	0.26%	912,314	$59M	added0%	+0.03 pp	32 q
DFNLDavis Select Financial ETF	0.25%	1,995,451	$56M	added+1%	+0.02 pp	17 q
BIDUBaidu, Inc.	0.21%	216,940	$47M	added×2.3	+0.11 pp	24 q
JCIJohnson Controls International plc	0.20%	755,448	$45M	trimmed−17%	−0.01 pp	19 q
YAlleghany Corporation	0.19%	69,731	$44M	added+2%	−0.01 pp	16 q
NOAHNoah Holdings Limited	0.18%	936,263	$42M	trimmed−3%	−0.04 pp	23 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.15%	779,542	$34M	new	+0.15 pp	new
PLDPrologis, Inc.	0.15%	315,402	$33M	added0%	0.00 pp	18 q
ETNEaton Corporation, plc	0.14%	230,335	$32M	trimmed−19%	−0.02 pp	22 q
HUMHumana Inc.	0.12%	63,563	$27M	added0%	−0.01 pp	8 q
LM05Liberty Media Corp-liberty-a	0.12%	695,909	$27M	new	+0.12 pp	new
EQIXEquinix, Inc.	0.10%	33,288	$23M	added+4%	−0.01 pp	13 q
ESSEssex Property Trust, Inc	0.10%	81,461	$22M	added+20%	+0.02 pp	32 q
LBTYKLiberty Global Ltd. Class C	0.10%	854,964	$22M	trimmed−2%	0.00 pp	32 q
BRXBrixmor Property Group Inc.	0.09%	1,013,070	$20M	trimmed−3%	+0.01 pp	15 q
ORCLOracle Corp	0.09%	300,403	$21M	trimmed−1%	0.00 pp	32 q
PSAPublic Storage	0.09%	85,100	$21M	trimmed−11%	−0.02 pp	20 q
AVBAvalonBay Communities, Inc.	0.08%	99,230	$18M	added+20%	+0.02 pp	32 q
HSTHost Hotels & Resorts, Inc.	0.08%	1,100,970	$19M	trimmed−0%	0.00 pp	20 q
IQiQIYI, Inc.	0.08%	1,066,212	$18M	trimmed−5%	−0.01 pp	13 q
REXRRexford Industrial Realty, Inc.	0.08%	355,210	$18M	trimmed−13%	−0.02 pp	23 q
SPGSimon Property Group, Inc.	0.08%	152,850	$17M	added+25%	+0.03 pp	32 q
TCOMTrip.com Group Limited	0.08%	456,453	$18M	trimmed−8%	0.00 pp	32 q
FERGFerguson Enterprises Inc.	0.08%	145,011	$17M	new	+0.08 pp	new
VMRKVivmark Residential	0.07%	213,560	$15M	added+7%	+0.01 pp	24 q
unresolvedHudson Pac Pptys Inc	0.07%	551,040	$15M	trimmed−1%	+0.01 pp	17 q
SAPSap SE	0.07%	124,240	$15M	trimmed−0%	−0.01 pp	32 q
TRNOTerreno Realty Corporation	0.07%	294,697	$17M	trimmed−14%	−0.03 pp	29 q
EGEverest Group, Ltd.	0.07%	60,018	$15M	added0%	0.00 pp	32 q
BXPBXP, Inc.	0.06%	141,530	$14M	added+21%	+0.01 pp	32 q
WELLWelltower Inc.	0.06%	204,970	$15M	trimmed−27%	−0.03 pp	8 q
AREAlexandria Real Estate Equities, Inc.	0.05%	70,697	$12M	trimmed−8%	−0.02 pp	32 q
FGAAmerican Campus Communities	0.05%	281,875	$12M	trimmed−0%	−0.01 pp	32 q
CUZCousins Properties Inc.	0.05%	335,715	$12M	trimmed−0%	0.00 pp	8 q
DLRDigital Realty Trust, Inc.	0.05%	76,365	$11M	trimmed−0%	0.00 pp	13 q
DOCHealthpeak Properties, Inc.	0.05%	395,596	$13M	trimmed−0%	−0.01 pp	6 q
SHOSunstone Hotel Investors, Inc.	0.05%	862,360	$11M	held	—	6 q
VMWVMware, Inc	0.05%	77,884	$12M	trimmed−1%	0.00 pp	5 q
AKRAcadia Realty Trust	0.04%	489,997	$9M	trimmed−3%	+0.01 pp	32 q
AMHAmerican Homes 4 Rent	0.04%	264,130	$9M	held	—	14 q
unresolvedChina Index Holdings Ltd., ADR	0.04%	4,607,415	$10M	trimmed−2%	0.00 pp	8 q
CCICrown Castle Inc.	0.04%	53,880	$9M	trimmed−35%	−0.02 pp	25 q
CONECyrusOne Inc	0.04%	148,415	$10M	trimmed−1%	−0.01 pp	7 q
DEIDouglas Emmett, Inc.	0.04%	297,560	$9M	held	—	6 q
EXRExtra Space Storage, Inc.	0.04%	64,950	$9M	trimmed−24%	−0.01 pp	21 q
unresolvedFederal Realty Investment Trust REIT	0.04%	99,800	$10M	trimmed−1%	0.00 pp	32 q
SSSLife Storage Inc	0.04%	113,750	$10M	added+49%	0.00 pp	18 q
MTBM&T Bank Corp.	0.04%	59,543	$9M	added+36%	+0.01 pp	4 q
ROICRetail Opportunity Investments Corp.	0.04%	523,325	$8M	trimmed−3%	+0.01 pp	25 q
VTRVentas, Inc.	0.04%	163,440	$9M	trimmed−23%	−0.01 pp	10 q
GLREGreenlight Captial RE, LTD. Class A	0.04%	1,078,784	$9M	added0%	0.00 pp	12 q
CPTCamden Property Trust	0.03%	62,730	$7M	trimmed−53%	−0.03 pp	21 q
CORCoresite Realty Corp	0.03%	48,595	$6M	trimmed−30%	−0.01 pp	13 q
HIWHighwoods Properties Inc.	0.03%	181,130	$8M	held	—	4 q
STTState Street Corporation	0.03%	71,004	$6M	added+8%	+0.01 pp	21 q
NVSNovartis AG	0.02%	44,424	$4M	added+8%	0.00 pp	18 q
SLGSL Green Realty Corp.	0.02%	71,002	$5M	added+3%	0.00 pp	18 q
TFCTruist Financial Corporation	0.02%	74,484	$4M	added×2.0	+0.01 pp	4 q
UDRUDR, Inc.	0.02%	118,600	$5M	new	+0.02 pp	new
VICIVICI Properties Inc.	0.02%	156,540	$4M	new	+0.02 pp	new
VNOVornado Realty Trust	0.02%	105,000	$5M	held	—	32 q
DXCDXC Technology Company	0.01%	67,379	$2M	held	—	16 q
LRCXLam Research Corp	0.01%	2,455	$1M	held	—	21 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.01%	301,274	$2M	trimmed−4%	0.00 pp	27 q
RHPRyman Hospitality Properties, Inc	0.01%	34,730	$3M	new	+0.01 pp	new
SIX1Six Flags Entertainment Corp.	0.01%	39,830	$2M	new	+0.01 pp	new
KMXCarMax Inc.	0.00%	3,760	$499,000	held	—	32 q
SFUNYFang Holdings Ltd	0.00%	81,137	$1M	held	—	19 q
ULTAUlta Beauty, Inc.	0.00%	3,080	$952,000	held	—	5 q
QRVOQorvo, Inc.	—	−413,685	—	exited	−0.33 pp	—
9991429DAptiv Irish Holdings Ltd	—	−183,656	—	exited	−0.12 pp	—
RKTRocket Companies, Inc.	—	−791,823	—	exited	−0.08 pp	—
YRDYiren Digital Ltd.	—	−1,585,583	—	exited	−0.03 pp	—
IVEiShares S&P 500 Value ETF	—	−28,704	—	exited	−0.02 pp	—
EGPEastGroup Properties Inc.	—	−21,960	—	exited	−0.01 pp	—
IWViShares Russell 3000 ETF	—	−1,424	—	exited	0.00 pp	—
OTISOtis Worldwide Corporation	—	−12,579	—	exited	0.00 pp	—