Davis Advisors

Q2 2021 13F · by Chris Davis, portfolio manager

As of: Jun 30, 2021
Filed: Aug 13, 2021
US stock: $24.3B · prev $22.9B
Positions: 119 · prev 111
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%

Moves113 since the prior filing

+5.8 pp in · −5.9 pp out

New 10 +5.29 pp
Added 37 +0.55 pp
Trimmed 64 −3.76 pp
Exited 2 −2.11 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Positions119 in this filing · 2 exited


COFCapital One Financial	9.27%	14,585,733	$2.3B	trimmed−8%	+0.46 pp	28 q
WFCWells Fargo & Co.	7.61%	40,873,138	$1.9B	trimmed−0%	+0.61 pp	33 q
AMATApplied Materials Inc	5.27%	9,006,379	$1.3B	trimmed−8%	−0.44 pp	33 q
GOOGAlphabet Inc. Class C	4.69%	454,927	$1.1B	trimmed−21%	−0.55 pp	29 q
AMZNAmazon.Com Inc	4.64%	328,299	$1.1B	added+2%	+0.28 pp	33 q
METAMeta Platforms, Inc. Class A	4.56%	3,189,141	$1.1B	added0%	+0.47 pp	23 q
USBU.S. Bancorp	4.26%	18,182,687	$1.0B	added0%	−0.14 pp	33 q
BRK.ABerkshire Hathaway Inc.	4.22%	2,455	$1.0B	trimmed−1%	+0.05 pp	33 q
BABAAlibaba Group Holding Limited	4.07%	4,366,296	$990M	added+7%	+0.02 pp	19 q
JPMJPMorgan Chase & Co.	3.65%	5,705,379	$887M	trimmed−10%	−0.59 pp	33 q
unresolvedNew Oriental Ed & Tech Grp I	3.58%	106,357,379	$871M	added+51%	−0.74 pp	21 q
AXPAmerican Express Company	3.34%	4,917,390	$813M	trimmed−1%	+0.27 pp	33 q
BNYBank of New York Mellon Corporation	3.18%	15,117,609	$774M	added+1%	+0.07 pp	33 q
INTCIntel Corp	3.00%	12,994,214	$729M	added+1%	−0.62 pp	33 q
GOOGLAlphabet Inc. Class A	2.67%	266,498	$651M	added+1%	+0.28 pp	23 q
TXNTexas Instruments Incorporated	2.62%	3,311,977	$637M	added0%	−0.12 pp	33 q
VTRSViatris Inc.	2.46%	41,920,221	$599M	added+2%	−0.06 pp	3 q
DIDIYDidi Global Inc S/	2.28%	43,449,548	$556M	new	+2.28 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	1.76%	1,538,419	$428M	added+1%	+0.05 pp	33 q
DGXQuest Diagnostics Inc.	1.53%	2,815,614	$372M	added+1%	−0.03 pp	30 q
PPLIPeople Incorporated	1.36%	2,139,086	$330M	new	+1.36 pp	new
VRMVroom, Inc.	1.22%	7,105,437	$297M	added×2.5	+0.73 pp	2 q
CBChubb Limited	1.22%	1,863,653	$296M	added+3%	−0.03 pp	22 q
CIThe Cigna Group	1.13%	1,164,735	$276M	added0%	−0.10 pp	11 q
JDJD.com, Inc.	1.10%	3,356,852	$268M	added+3%	−0.10 pp	29 q
MKLMarkel Group Inc.	1.10%	224,821	$267M	added+4%	+0.03 pp	33 q
RTXRTX Corporation	0.79%	2,253,821	$192M	trimmed−49%	−0.71 pp	25 q
4KSVimeo Inc	0.70%	3,468,766	$170M	new	+0.70 pp	new
CPNGCoupang, Inc.	0.69%	4,023,541	$168M	added+41%	+0.07 pp	2 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.61%	4,158,609	$147M	added+2%	−0.07 pp	14 q
BACBank of America Corporation	0.60%	3,520,291	$145M	trimmed−3%	−0.01 pp	10 q
LLoews Corporation	0.59%	2,633,059	$144M	added+2%	+0.01 pp	33 q
MSFTMicrosoft Corp	0.51%	456,782	$124M	trimmed−0%	+0.04 pp	33 q
DUSADavis Select U.S. Equity ETF	0.47%	3,253,975	$115M	trimmed−1%	0.00 pp	18 q
HOLIHollysys Automation Technolo	0.44%	7,119,507	$106M	trimmed−1%	+0.05 pp	18 q
PNCPNC Financial Services Group	0.42%	533,400	$102M	trimmed−5%	−0.01 pp	22 q
DARDarling Ingredients Inc.	0.41%	1,474,600	$100M	new	+0.41 pp	new
BIDUBaidu, Inc.	0.40%	478,709	$98M	added×2.2	+0.19 pp	25 q
TALTAL Education Group	0.37%	3,583,276	$90M	added×2.9	+0.08 pp	2 q
DINTDavis Select International ETF	0.36%	3,794,802	$88M	trimmed−0%	−0.04 pp	14 q
IQiQIYI, Inc.	0.33%	5,138,170	$80M	added×4.8	+0.25 pp	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.32%	195,000	$78M	trimmed−1%	0.00 pp	33 q
CARRCarrier Global Corporation	0.29%	1,432,778	$70M	trimmed−91%	−2.74 pp	5 q
OCOwens Corning	0.28%	698,066	$68M	trimmed−0%	0.00 pp	11 q
CVSCvs Health Corporation	0.27%	780,426	$65M	trimmed−0%	+0.01 pp	11 q
SCHWThe Charles Schwab Corporation	0.27%	911,202	$66M	trimmed−0%	+0.01 pp	33 q
DWLDDavis Select Worldwide ETF	0.26%	1,883,939	$64M	trimmed−1%	−0.02 pp	18 q
DFNLDavis Select Financial ETF	0.25%	1,995,446	$60M	trimmed0%	0.00 pp	18 q
YAlleghany Corporation	0.22%	81,180	$54M	added+16%	+0.03 pp	17 q
unresolvedMissfresh Ltd., Class B, ADS	0.20%	6,211,241	$49M	new	+0.20 pp	new
RKTRocket Companies, Inc.	0.20%	2,576,921	$50M	new	+0.20 pp	new
NOAHNoah Holdings Limited	0.19%	957,006	$45M	added+2%	+0.01 pp	24 q
QUOTQuotient Technology Inc	0.17%	3,824,167	$41M	added+1%	−0.10 pp	23 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.16%	796,898	$38M	added+2%	+0.01 pp	2 q
JCIJohnson Controls International plc	0.16%	557,494	$38M	trimmed−26%	−0.04 pp	20 q
PLDPrologis, Inc.	0.15%	308,422	$37M	trimmed−2%	0.00 pp	19 q
LM05Liberty Media Corp-liberty-a	0.13%	722,928	$31M	added+4%	+0.01 pp	2 q
ETNEaton Corporation, plc	0.13%	220,177	$33M	trimmed−4%	−0.01 pp	23 q
ORCLOracle Corp	0.10%	299,724	$23M	trimmed−0%	+0.01 pp	33 q
PSAPublic Storage	0.10%	83,260	$25M	trimmed−2%	+0.01 pp	21 q
LBTYKLiberty Global Ltd. Class C	0.10%	854,964	$23M	held	—	33 q
EQIXEquinix, Inc.	0.09%	25,978	$21M	trimmed−22%	−0.01 pp	14 q
ESSEssex Property Trust, Inc	0.09%	70,961	$21M	trimmed−13%	−0.01 pp	33 q
MTBM&T Bank Corp.	0.09%	143,743	$21M	added×2.4	+0.05 pp	5 q
AVBAvalonBay Communities, Inc.	0.08%	97,150	$20M	trimmed−2%	0.00 pp	33 q
BRXBrixmor Property Group Inc.	0.08%	836,990	$19M	trimmed−17%	−0.01 pp	16 q
YOUClear Secure, Inc.	0.08%	500,000	$20M	new	+0.08 pp	new
HSTHost Hotels & Resorts, Inc.	0.08%	1,076,400	$18M	trimmed−2%	0.00 pp	21 q
HUMHumana Inc.	0.08%	45,822	$20M	trimmed−28%	−0.04 pp	9 q
REXRRexford Industrial Realty, Inc.	0.08%	329,930	$19M	trimmed−7%	0.00 pp	24 q
SPGSimon Property Group, Inc.	0.08%	149,550	$20M	trimmed−2%	0.00 pp	33 q
TRNOTerreno Realty Corporation	0.08%	287,847	$19M	trimmed−2%	+0.01 pp	30 q
WELLWelltower Inc.	0.08%	245,050	$20M	added+20%	+0.02 pp	9 q
FERGFerguson Enterprises Inc.	0.08%	135,797	$19M	trimmed−6%	0.00 pp	2 q
VMRKVivmark Residential	0.07%	208,920	$16M	trimmed−2%	0.00 pp	25 q
SAPSap SE	0.07%	125,225	$18M	added+1%	0.00 pp	33 q
TCOMTrip.com Group Limited	0.07%	460,149	$16M	added+1%	−0.01 pp	33 q
FGAAmerican Campus Communities	0.06%	331,315	$15M	added+18%	+0.01 pp	33 q
DLRDigital Realty Trust, Inc.	0.06%	92,155	$14M	added+21%	+0.01 pp	14 q
unresolvedHudson Pac Pptys Inc	0.06%	539,160	$15M	trimmed−2%	−0.01 pp	18 q
EGEverest Group, Ltd.	0.06%	59,915	$15M	trimmed−0%	−0.01 pp	33 q
AREAlexandria Real Estate Equities, Inc.	0.05%	69,097	$13M	trimmed−2%	0.00 pp	33 q
CUZCousins Properties Inc.	0.05%	329,165	$12M	trimmed−2%	0.00 pp	9 q
unresolvedFederal Realty Investment Trust REIT	0.05%	97,750	$11M	trimmed−2%	+0.01 pp	33 q
SSSLife Storage Inc	0.05%	111,430	$12M	trimmed−2%	+0.01 pp	19 q
VMWVMware, Inc	0.05%	78,104	$12M	added0%	0.00 pp	6 q
AMHAmerican Homes 4 Rent	0.04%	258,620	$10M	trimmed−2%	0.00 pp	15 q
BXPBXP, Inc.	0.04%	95,270	$11M	trimmed−33%	−0.02 pp	33 q
unresolvedChina Index Holdings Ltd., ADR	0.04%	4,605,924	$9M	trimmed−0%	0.00 pp	9 q
CONECyrusOne Inc	0.04%	145,235	$10M	trimmed−2%	0.00 pp	8 q
DEIDouglas Emmett, Inc.	0.04%	290,860	$10M	trimmed−2%	0.00 pp	7 q
EXRExtra Space Storage, Inc.	0.04%	63,560	$10M	trimmed−2%	0.00 pp	22 q
DOCHealthpeak Properties, Inc.	0.04%	311,556	$10M	trimmed−21%	−0.01 pp	7 q
ROICRetail Opportunity Investments Corp.	0.04%	509,615	$9M	trimmed−3%	0.00 pp	26 q
SHOSunstone Hotel Investors, Inc.	0.04%	844,700	$10M	trimmed−2%	−0.01 pp	7 q
VTRVentas, Inc.	0.04%	160,080	$9M	trimmed−2%	0.00 pp	11 q
GLREGreenlight Captial RE, LTD. Class A	0.04%	1,065,984	$10M	trimmed−1%	0.00 pp	13 q
AKRAcadia Realty Trust	0.03%	386,457	$8M	trimmed−21%	−0.01 pp	33 q
CPTCamden Property Trust	0.03%	61,570	$8M	trimmed−2%	0.00 pp	22 q
CORCoresite Realty Corp	0.03%	47,455	$6M	trimmed−2%	0.00 pp	14 q
HIWHighwoods Properties Inc.	0.03%	176,940	$8M	trimmed−2%	0.00 pp	5 q
AMTAmerican Tower Corporation	0.02%	20,240	$5M	new	+0.02 pp	new
HTAHealthcare Realty Trust Incorporated	0.02%	176,320	$5M	new	+0.02 pp	new
NVSNovartis AG	0.02%	46,888	$4M	added+6%	0.00 pp	19 q
SLGSL Green Realty Corp.	0.02%	69,292	$6M	trimmed−2%	0.00 pp	19 q
STTState Street Corporation	0.02%	71,909	$6M	added+1%	−0.01 pp	22 q
SUISun Communities, Inc	0.02%	31,530	$5M	new	+0.02 pp	new
UDRUDR, Inc.	0.02%	115,870	$6M	trimmed−2%	0.00 pp	2 q
VICIVICI Properties Inc.	0.02%	152,930	$5M	trimmed−2%	0.00 pp	2 q
VNOVornado Realty Trust	0.02%	102,690	$5M	trimmed−2%	0.00 pp	33 q
DXCDXC Technology Company	0.01%	67,379	$3M	held	—	17 q
LRCXLam Research Corp	0.01%	2,455	$2M	held	—	22 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.01%	301,274	$1M	held	—	28 q
RHPRyman Hospitality Properties, Inc	0.01%	33,940	$3M	trimmed−2%	0.00 pp	2 q
SIX1Six Flags Entertainment Corp.	0.01%	39,830	$2M	held	—	2 q
TFCTruist Financial Corporation	0.01%	51,632	$3M	trimmed−31%	−0.01 pp	5 q
KMXCarMax Inc.	0.00%	3,760	$486,000	held	—	33 q
SFUNYFang Holdings Ltd	0.00%	81,137	$961,000	held	—	20 q
ULTAUlta Beauty, Inc.	0.00%	3,080	$1M	held	—	6 q
unresolvedIac/Interactivecorp	—	−2,190,683	—	exited	−2.07 pp	—
CCICrown Castle Inc.	—	−53,880	—	exited	−0.04 pp	—