Davis Advisors

Q3 2021 13F · by Chris Davis, portfolio manager

As of: Sep 30, 2021
Filed: Nov 12, 2021
US stock: $21.6B · prev $24.3B
Positions: 120 · 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%

Moves95 since the prior filing

+5.4 pp in · −5.4 pp out

New 4 +0.33 pp
Added 22 +5.03 pp
Trimmed 66 −1.48 pp
Exited 3 −3.96 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 25% a year, about 3.9 years per position

Low
Moderate
High

Top 5 positions32% of US stock

COF Capital One Financial trimmed−0.30 pp trimmed−0.309.0%
WFC Wells Fargo & Co. trimmed+0.87 pp trimmed+0.878.5%
AMAT Applied Materials Inc trimmed−0.07 pp trimmed−0.075.2%
USB U.S. Bancorp trimmed+0.66 pp trimmed+0.664.9%
BRK.A Berkshire Hathaway Inc. trimmed+0.41 pp trimmed+0.414.6%

Positions120 in this filing · 3 exited


COFCapital One Financial	8.97%	11,981,529	$1.9B	trimmed−18%	−0.30 pp	29 q
WFCWells Fargo & Co.	8.48%	39,532,458	$1.8B	trimmed−3%	+0.87 pp	34 q
AMATApplied Materials Inc	5.20%	8,744,831	$1.1B	trimmed−3%	−0.07 pp	34 q
USBU.S. Bancorp	4.92%	17,893,269	$1.1B	trimmed−2%	+0.66 pp	34 q
BRK.ABerkshire Hathaway Inc.	4.63%	2,437	$1.0B	trimmed−1%	+0.41 pp	34 q
AMZNAmazon.Com Inc	4.24%	278,993	$917M	trimmed−15%	−0.40 pp	34 q
METAMeta Platforms, Inc. Class A	4.22%	2,687,674	$912M	trimmed−16%	−0.34 pp	24 q
JDJD.com, Inc.	3.98%	11,932,842	$862M	added×3.6	+2.88 pp	30 q
JPMJPMorgan Chase & Co.	3.77%	4,980,647	$815M	trimmed−13%	+0.12 pp	34 q
GOOGAlphabet Inc. Class C	3.57%	290,077	$773M	trimmed−36%	−1.12 pp	30 q
BNYBank of New York Mellon Corporation	3.54%	14,776,642	$766M	trimmed−2%	+0.36 pp	34 q
GOOGLAlphabet Inc. Class A	3.27%	264,449	$707M	trimmed−1%	+0.60 pp	24 q
INTCIntel Corp	3.23%	13,098,323	$698M	added+1%	+0.23 pp	34 q
AXPAmerican Express Company	3.17%	4,099,289	$687M	trimmed−17%	−0.17 pp	34 q
CIThe Cigna Group	3.09%	3,342,960	$669M	added×2.9	+1.96 pp	12 q
TXNTexas Instruments Incorporated	2.90%	3,268,663	$628M	trimmed−1%	+0.28 pp	34 q
VTRSViatris Inc.	2.74%	43,735,795	$593M	added+4%	+0.28 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	1.92%	1,518,531	$414M	trimmed−1%	+0.16 pp	34 q
DGXQuest Diagnostics Inc.	1.84%	2,742,956	$399M	trimmed−3%	+0.31 pp	31 q
DIDIYDidi Global Inc S/	1.64%	47,520,152	$354M	added+9%	−0.64 pp	2 q
CBChubb Limited	1.47%	1,837,733	$319M	trimmed−1%	+0.25 pp	23 q
PPLIPeople Incorporated	1.28%	2,130,841	$278M	trimmed−0%	−0.08 pp	2 q
MKLMarkel Group Inc.	1.22%	220,001	$263M	trimmed−2%	+0.12 pp	34 q
DARDarling Ingredients Inc.	1.06%	3,184,695	$229M	added×2.2	+0.65 pp	2 q
BABAAlibaba Group Holding Limited	0.88%	1,288,199	$191M	trimmed−71%	−3.19 pp	20 q
RTXRTX Corporation	0.88%	2,215,873	$190M	trimmed−2%	+0.09 pp	26 q
VRMVroom, Inc.	0.74%	7,244,261	$160M	added+2%	−0.48 pp	3 q
BACBank of America Corporation	0.66%	3,349,842	$142M	trimmed−5%	+0.06 pp	11 q
HOLIHollysys Automation Technolo	0.66%	6,934,478	$143M	trimmed−3%	+0.22 pp	19 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.65%	3,967,465	$141M	trimmed−5%	+0.04 pp	15 q
LLoews Corporation	0.63%	2,543,809	$137M	trimmed−3%	+0.04 pp	34 q
MSFTMicrosoft Corp	0.59%	449,640	$127M	trimmed−2%	+0.08 pp	34 q
CPNGCoupang, Inc.	0.54%	4,199,082	$117M	added+4%	−0.15 pp	3 q
DUSADavis Select U.S. Equity ETF	0.51%	3,253,975	$110M	held	—	19 q
BIDUBaidu, Inc.	0.47%	665,620	$102M	added+39%	+0.07 pp	26 q
4KSVimeo Inc	0.47%	3,458,540	$102M	trimmed−0%	−0.23 pp	2 q
PNCPNC Financial Services Group	0.45%	496,587	$97M	trimmed−7%	+0.03 pp	23 q
DINTDavis Select International ETF	0.35%	3,794,802	$75M	held	—	15 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.34%	187,028	$73M	trimmed−4%	+0.02 pp	34 q
CVSCvs Health Corporation	0.31%	779,200	$66M	trimmed−0%	+0.04 pp	12 q
SCHWThe Charles Schwab Corporation	0.29%	855,141	$62M	trimmed−6%	+0.02 pp	34 q
TECKTeck Resources Limited	0.29%	2,494,773	$62M	new	+0.29 pp	new
DFNLDavis Select Financial ETF	0.28%	1,995,446	$61M	held	—	19 q
OCOwens Corning	0.27%	675,301	$58M	trimmed−3%	−0.01 pp	12 q
DWLDDavis Select Worldwide ETF	0.26%	1,883,939	$56M	held	—	19 q
YAlleghany Corporation	0.22%	75,932	$47M	trimmed−6%	0.00 pp	18 q
CARRCarrier Global Corporation	0.22%	903,815	$47M	trimmed−37%	−0.07 pp	6 q
IQiQIYI, Inc.	0.19%	5,132,973	$41M	trimmed−0%	−0.14 pp	15 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.19%	789,546	$41M	trimmed−1%	+0.03 pp	3 q
RKTRocket Companies, Inc.	0.18%	2,428,674	$39M	trimmed−6%	−0.02 pp	2 q
LM05Liberty Media Corp-liberty-a	0.16%	724,211	$34M	added0%	+0.03 pp	3 q
NOAHNoah Holdings Limited	0.16%	937,227	$35M	trimmed−2%	−0.03 pp	25 q
JCIJohnson Controls International plc	0.16%	520,627	$35M	trimmed−7%	0.00 pp	21 q
PLDPrologis, Inc.	0.15%	266,652	$33M	trimmed−14%	0.00 pp	20 q
ETNEaton Corporation, plc	0.14%	200,477	$30M	trimmed−9%	+0.01 pp	24 q
unresolvedMissfresh Ltd., Class B, ADS	0.12%	6,211,241	$26M	held	—	2 q
LBTYKLiberty Global Ltd. Class C	0.12%	854,964	$25M	held	—	34 q
ORCLOracle Corp	0.11%	267,512	$23M	trimmed−11%	+0.01 pp	34 q
YOUClear Secure, Inc.	0.10%	503,579	$21M	added+1%	+0.02 pp	2 q
MTBM&T Bank Corp.	0.10%	149,429	$22M	added+4%	+0.01 pp	6 q
QUOTQuotient Technology Inc	0.10%	3,737,915	$22M	trimmed−2%	−0.07 pp	24 q
FGAAmerican Campus Communities	0.09%	386,245	$19M	added+17%	+0.03 pp	34 q
EQIXEquinix, Inc.	0.09%	25,978	$21M	held	—	15 q
HSTHost Hotels & Resorts, Inc.	0.09%	1,167,670	$19M	added+8%	+0.01 pp	22 q
REXRRexford Industrial Realty, Inc.	0.09%	329,930	$19M	held	—	25 q
SPGSimon Property Group, Inc.	0.09%	148,540	$19M	trimmed−1%	+0.01 pp	34 q
AMTAmerican Tower Corporation	0.08%	65,750	$17M	added×3.2	+0.06 pp	2 q
AVBAvalonBay Communities, Inc.	0.08%	79,510	$18M	trimmed−18%	0.00 pp	34 q
BRXBrixmor Property Group Inc.	0.08%	783,030	$17M	trimmed−6%	0.00 pp	17 q
ESSEssex Property Trust, Inc	0.08%	54,371	$17M	trimmed−23%	−0.01 pp	34 q
HUMHumana Inc.	0.08%	45,311	$18M	trimmed−1%	0.00 pp	10 q
PSAPublic Storage	0.08%	57,320	$17M	trimmed−31%	−0.02 pp	22 q
SAPSap SE	0.08%	124,796	$17M	trimmed−0%	+0.01 pp	34 q
TRNOTerreno Realty Corporation	0.08%	287,847	$18M	held	—	31 q
WELLWelltower Inc.	0.08%	213,800	$18M	trimmed−13%	0.00 pp	10 q
VMRKVivmark Residential	0.07%	193,025	$16M	trimmed−8%	0.00 pp	26 q
SHOSunstone Hotel Investors, Inc.	0.07%	1,205,990	$14M	added+43%	+0.03 pp	8 q
EGEverest Group, Ltd.	0.07%	56,156	$14M	trimmed−6%	+0.01 pp	34 q
FERGFerguson Enterprises Inc.	0.07%	108,985	$15M	trimmed−20%	−0.01 pp	3 q
AREAlexandria Real Estate Equities, Inc.	0.06%	69,097	$13M	held	—	34 q
CUZCousins Properties Inc.	0.06%	369,135	$14M	added+12%	+0.01 pp	10 q
DLRDigital Realty Trust, Inc.	0.06%	92,155	$13M	held	—	15 q
TCOMTrip.com Group Limited	0.06%	437,111	$13M	trimmed−5%	−0.01 pp	34 q
AMHAmerican Homes 4 Rent	0.05%	258,620	$10M	held	—	16 q
CONECyrusOne Inc	0.05%	145,235	$11M	held	—	9 q
unresolvedFederal Realty Investment Trust REIT	0.05%	97,750	$12M	held	—	34 q
DOCHealthpeak Properties, Inc.	0.05%	311,556	$10M	held	—	8 q
ROICRetail Opportunity Investments Corp.	0.05%	572,485	$10M	added+12%	+0.01 pp	27 q
VMWVMware, Inc	0.05%	77,471	$12M	trimmed−1%	0.00 pp	7 q
BXPBXP, Inc.	0.04%	71,860	$8M	trimmed−25%	0.00 pp	34 q
CPTCamden Property Trust	0.04%	61,570	$9M	held	—	23 q
DEIDouglas Emmett, Inc.	0.04%	293,430	$9M	added+1%	0.00 pp	8 q
EXRExtra Space Storage, Inc.	0.04%	47,860	$8M	trimmed−25%	0.00 pp	23 q
HTAHealthcare Realty Trust Incorporated	0.04%	271,420	$8M	added+54%	+0.02 pp	2 q
HIWHighwoods Properties Inc.	0.04%	176,940	$8M	held	—	6 q
unresolvedHudson Pac Pptys Inc	0.04%	346,580	$9M	trimmed−36%	−0.02 pp	19 q
VTRVentas, Inc.	0.04%	160,080	$9M	held	—	12 q
AKRAcadia Realty Trust	0.03%	322,587	$7M	trimmed−17%	0.00 pp	34 q
unresolvedChina Index Holdings Ltd., ADR	0.03%	4,510,863	$7M	trimmed−2%	−0.01 pp	10 q
CORCoresite Realty Corp	0.03%	47,455	$7M	held	—	15 q
CCICrown Castle Inc.	0.03%	42,000	$7M	new	+0.03 pp	new
SSSLife Storage Inc	0.03%	64,580	$7M	trimmed−42%	−0.02 pp	20 q
STTState Street Corporation	0.03%	69,212	$6M	trimmed−4%	+0.01 pp	23 q
SUISun Communities, Inc	0.03%	31,530	$6M	held	—	2 q
UDRUDR, Inc.	0.03%	115,870	$6M	held	—	3 q
GLREGreenlight Captial RE, LTD. Class A	0.03%	995,164	$7M	trimmed−7%	−0.01 pp	14 q
NVSNovartis AG	0.02%	44,968	$4M	trimmed−4%	0.00 pp	20 q
SLGSL Green Realty Corp.	0.02%	52,492	$4M	trimmed−24%	0.00 pp	20 q
VICIVICI Properties Inc.	0.02%	152,930	$4M	held	—	3 q
VNOVornado Realty Trust	0.02%	102,690	$4M	held	—	34 q
COLDAmericold Realty Trust, Inc.	0.01%	87,230	$3M	new	+0.01 pp	new
DXCDXC Technology Company	0.01%	67,379	$2M	held	—	18 q
LRCXLam Research Corp	0.01%	2,455	$1M	held	—	23 q
RHPRyman Hospitality Properties, Inc	0.01%	37,480	$3M	added+10%	0.00 pp	3 q
TFCTruist Financial Corporation	0.01%	52,316	$3M	added+1%	0.00 pp	6 q
ULTAUlta Beauty, Inc.	0.01%	3,080	$1M	held	—	7 q
KMXCarMax Inc.	0.00%	3,760	$481,000	held	—	34 q
SFUNYFang Holdings Ltd	0.00%	79,407	$500,000	trimmed−2%	0.00 pp	21 q
IVEiShares S&P 500 Value ETF	0.00%	1,894	$275,000	new	0.00 pp	new
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	301,274	$931,000	held	—	29 q
unresolvedNew Oriental Ed & Tech Grp I	—	−106,357,379	—	exited	−3.58 pp	—
TALTAL Education Group	—	−3,583,276	—	exited	−0.37 pp	—
SIX1Six Flags Entertainment Corp.	—	−39,830	—	exited	−0.01 pp	—