Davis Advisors

Q4 2021 13F · by Chris Davis, portfolio manager

As of: Dec 31, 2021
Filed: Feb 11, 2022
US stock: $21.5B · prev $21.6B
Positions: 120 · prev 120
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

+3.5 pp in · −3.5 pp out

New 3 +0.05 pp
Added 25 +3.43 pp
Trimmed 79 −3.49 pp
Exited 3 −0.05 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.5 years per position

Low
Moderate
High

Top 5 positions32% of US stock

WFC Wells Fargo & Co. trimmed+0.06 pp trimmed+0.068.5%
COF Capital One Financial trimmed−1.03 pp trimmed−1.037.9%
AMAT Applied Materials Inc trimmed+0.94 pp trimmed+0.946.1%
BRK.A Berkshire Hathaway Inc. trimmed+0.45 pp trimmed+0.455.1%
USB U.S. Bancorp trimmed−0.27 pp trimmed−0.274.7%

Positions120 in this filing · 3 exited


WFCWells Fargo & Co.	8.54%	38,310,651	$1.8B	trimmed−3%	+0.06 pp	35 q
COFCapital One Financial	7.94%	11,784,369	$1.7B	trimmed−2%	−1.03 pp	30 q
AMATApplied Materials Inc	6.14%	8,400,643	$1.3B	trimmed−4%	+0.94 pp	35 q
BRK.ABerkshire Hathaway Inc.	5.08%	2,426	$1.1B	trimmed−0%	+0.45 pp	35 q
USBU.S. Bancorp	4.65%	17,822,958	$1.0B	trimmed−0%	−0.27 pp	35 q
AMZNAmazon.Com Inc	4.29%	277,198	$924M	trimmed−1%	+0.05 pp	35 q
METAMeta Platforms, Inc. Class A	4.15%	2,656,203	$893M	trimmed−1%	−0.07 pp	25 q
INTCIntel Corp	4.01%	16,759,875	$863M	added+28%	+0.78 pp	35 q
BNYBank of New York Mellon Corporation	3.98%	14,731,986	$856M	trimmed−0%	+0.44 pp	35 q
GOOGAlphabet Inc. Class C	3.82%	284,102	$822M	trimmed−2%	+0.25 pp	31 q
CIThe Cigna Group	3.59%	3,366,917	$773M	added+1%	+0.50 pp	13 q
JPMJPMorgan Chase & Co.	3.58%	4,869,065	$771M	trimmed−2%	−0.19 pp	35 q
GOOGLAlphabet Inc. Class A	3.52%	261,397	$757M	trimmed−1%	+0.25 pp	25 q
TXNTexas Instruments Incorporated	2.84%	3,241,083	$611M	trimmed−1%	−0.06 pp	35 q
VTRSViatris Inc.	2.82%	44,868,651	$607M	added+3%	+0.08 pp	5 q
JDJD.com, Inc.	2.46%	7,551,882	$529M	trimmed−37%	−1.52 pp	31 q
BRK.BBERKSHIRE HATHAWAY Class B	2.07%	1,489,321	$445M	trimmed−2%	+0.15 pp	35 q
AXPAmerican Express Company	2.04%	2,682,510	$439M	trimmed−35%	−1.13 pp	35 q
BABAAlibaba Group Holding Limited	1.77%	3,202,757	$380M	added×2.5	+0.89 pp	21 q
CBChubb Limited	1.64%	1,829,777	$354M	trimmed−0%	+0.17 pp	24 q
DGXQuest Diagnostics Inc.	1.61%	2,006,628	$347M	trimmed−27%	−0.23 pp	32 q
PPLIPeople Incorporated	1.28%	2,112,392	$276M	trimmed−1%	0.00 pp	3 q
MKLMarkel Group Inc.	1.26%	219,505	$271M	trimmed−0%	+0.04 pp	35 q
TECKTeck Resources Limited	1.15%	8,604,918	$248M	added×3.4	+0.86 pp	2 q
DIDIYDidi Global Inc S/	1.10%	47,487,654	$236M	trimmed−0%	−0.54 pp	3 q
DARDarling Ingredients Inc.	1.02%	3,159,389	$219M	trimmed−1%	−0.04 pp	3 q
BACBank of America Corporation	0.69%	3,339,702	$149M	trimmed−0%	+0.03 pp	12 q
MSFTMicrosoft Corp	0.69%	444,003	$149M	trimmed−1%	+0.10 pp	35 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.69%	3,883,140	$148M	trimmed−2%	+0.04 pp	16 q
LLoews Corporation	0.68%	2,527,139	$146M	trimmed−1%	+0.05 pp	35 q
CPNGCoupang, Inc.	0.56%	4,094,836	$120M	trimmed−2%	+0.02 pp	4 q
DUSADavis Select U.S. Equity ETF	0.52%	3,272,642	$112M	added+1%	+0.01 pp	20 q
PNCPNC Financial Services Group	0.46%	495,433	$99M	trimmed−0%	+0.01 pp	24 q
BIDUBaidu, Inc.	0.45%	646,474	$96M	trimmed−3%	−0.02 pp	27 q
4KSVimeo Inc	0.45%	5,401,983	$97M	added+56%	−0.02 pp	3 q
HOLIHollysys Automation Technolo	0.45%	6,802,977	$96M	trimmed−2%	−0.21 pp	20 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.42%	178,719	$90M	trimmed−4%	+0.08 pp	35 q
DINTDavis Select International ETF	0.35%	3,837,929	$74M	added+1%	0.00 pp	16 q
VRMVroom, Inc.	0.35%	7,018,989	$76M	trimmed−3%	−0.39 pp	4 q
SCHWThe Charles Schwab Corporation	0.33%	852,241	$72M	trimmed−0%	+0.04 pp	35 q
DFNLDavis Select Financial ETF	0.29%	2,019,293	$62M	added+1%	+0.01 pp	20 q
OCOwens Corning	0.28%	671,766	$61M	trimmed−1%	+0.01 pp	13 q
DWLDDavis Select Worldwide ETF	0.26%	1,893,720	$55M	added+1%	0.00 pp	20 q
YAlleghany Corporation	0.24%	76,058	$51M	added0%	+0.02 pp	19 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.22%	765,148	$48M	trimmed−3%	+0.03 pp	4 q
CARRCarrier Global Corporation	0.21%	849,655	$46M	trimmed−6%	−0.01 pp	7 q
JCIJohnson Controls International plc	0.20%	519,206	$42M	trimmed−0%	+0.04 pp	22 q
LM05Liberty Media Corp-liberty-a	0.19%	703,340	$42M	trimmed−3%	+0.03 pp	4 q
RTXRTX Corporation	0.19%	482,682	$42M	trimmed−78%	−0.69 pp	27 q
PLDPrologis, Inc.	0.18%	224,282	$38M	trimmed−16%	+0.03 pp	21 q
RKTRocket Companies, Inc.	0.16%	2,399,153	$34M	trimmed−1%	−0.02 pp	3 q
ETNEaton Corporation, plc	0.16%	199,860	$35M	trimmed−0%	+0.02 pp	25 q
unresolvedMissfresh Ltd., Class B, ADS	0.14%	6,206,272	$31M	trimmed−0%	+0.02 pp	3 q
NOAHNoah Holdings Limited	0.13%	914,475	$28M	trimmed−2%	−0.03 pp	26 q
QUOTQuotient Technology Inc	0.13%	3,628,578	$27M	trimmed−3%	+0.03 pp	25 q
YOUClear Secure, Inc.	0.11%	772,002	$24M	added+53%	+0.01 pp	3 q
IQiQIYI, Inc.	0.11%	5,071,337	$23M	trimmed−1%	−0.08 pp	16 q
REXRRexford Industrial Realty, Inc.	0.11%	282,410	$23M	trimmed−14%	+0.02 pp	26 q
LBTYKLiberty Global Ltd. Class C	0.11%	852,124	$24M	trimmed−0%	−0.01 pp	35 q
FGAAmerican Campus Communities	0.10%	387,305	$22M	added0%	+0.01 pp	35 q
AMTAmerican Tower Corporation	0.10%	75,980	$22M	added+16%	+0.02 pp	3 q
CVSCvs Health Corporation	0.10%	213,733	$22M	trimmed−73%	−0.21 pp	13 q
EQIXEquinix, Inc.	0.10%	26,068	$22M	added0%	+0.01 pp	16 q
HUMHumana Inc.	0.10%	44,965	$21M	trimmed−1%	+0.02 pp	11 q
IVEiShares S&P 500 Value ETF	0.10%	132,773	$21M	added×70.1	+0.10 pp	2 q
ORCLOracle Corp	0.10%	237,597	$21M	trimmed−11%	−0.01 pp	35 q
PSAPublic Storage	0.10%	57,510	$22M	added0%	+0.02 pp	23 q
SPGSimon Property Group, Inc.	0.10%	131,970	$21M	trimmed−11%	+0.01 pp	35 q
TRNOTerreno Realty Corporation	0.10%	254,357	$22M	trimmed−12%	+0.02 pp	32 q
WELLWelltower Inc.	0.10%	247,840	$21M	added+16%	+0.02 pp	11 q
AVBAvalonBay Communities, Inc.	0.09%	76,780	$19M	trimmed−3%	+0.01 pp	35 q
BRXBrixmor Property Group Inc.	0.09%	729,790	$19M	trimmed−7%	+0.01 pp	18 q
DLRDigital Realty Trust, Inc.	0.09%	108,585	$19M	added+18%	+0.03 pp	16 q
FERGFerguson Enterprises Inc.	0.09%	106,795	$19M	trimmed−2%	+0.02 pp	4 q
AREAlexandria Real Estate Equities, Inc.	0.08%	81,567	$18M	added+18%	+0.02 pp	35 q
VMRKVivmark Residential	0.08%	193,025	$17M	held	—	27 q
ESSEssex Property Trust, Inc	0.08%	48,811	$17M	trimmed−10%	0.00 pp	35 q
SAPSap SE	0.08%	115,688	$16M	trimmed−7%	0.00 pp	35 q
CUZCousins Properties Inc.	0.07%	369,135	$15M	held	—	11 q
CCICrown Castle Inc.	0.07%	74,640	$16M	added+78%	+0.04 pp	2 q
EGEverest Group, Ltd.	0.07%	55,940	$15M	trimmed−0%	0.00 pp	35 q
unresolvedFederal Realty Investment Trust REIT	0.06%	88,350	$12M	trimmed−10%	+0.01 pp	35 q
AMHAmerican Homes 4 Rent	0.05%	245,510	$11M	trimmed−5%	0.00 pp	17 q
CPTCamden Property Trust	0.05%	61,570	$11M	held	—	24 q
DEIDouglas Emmett, Inc.	0.05%	293,430	$10M	held	—	9 q
EXRExtra Space Storage, Inc.	0.05%	47,860	$11M	held	—	24 q
DOCHealthpeak Properties, Inc.	0.05%	311,556	$11M	held	—	9 q
ROICRetail Opportunity Investments Corp.	0.05%	572,485	$11M	held	—	28 q
SHOSunstone Hotel Investors, Inc.	0.05%	976,160	$11M	trimmed−19%	−0.02 pp	9 q
VTRVentas, Inc.	0.05%	218,170	$11M	added+36%	+0.01 pp	13 q
BXPBXP, Inc.	0.04%	71,860	$8M	held	—	35 q
HTAHealthcare Realty Trust Incorporated	0.04%	271,420	$9M	held	—	3 q
HIWHighwoods Properties Inc.	0.04%	178,580	$8M	added+1%	0.00 pp	7 q
HSTHost Hotels & Resorts, Inc.	0.04%	505,810	$9M	trimmed−57%	−0.05 pp	23 q
unresolvedHudson Pac Pptys Inc	0.04%	316,873	$8M	trimmed−9%	0.00 pp	20 q
SSSLife Storage Inc	0.04%	53,930	$8M	trimmed−16%	+0.01 pp	21 q
MTBM&T Bank Corp.	0.04%	56,995	$9M	trimmed−62%	−0.06 pp	7 q
UDRUDR, Inc.	0.04%	156,780	$9M	added+35%	+0.01 pp	4 q
VMWVMware, Inc	0.04%	66,866	$8M	trimmed−14%	−0.01 pp	8 q
GLREGreenlight Captial RE, LTD. Class A	0.04%	991,904	$8M	trimmed−0%	+0.01 pp	15 q
STTState Street Corporation	0.03%	68,480	$6M	trimmed−1%	0.00 pp	24 q
S76Store Capital Corp	0.03%	159,790	$5M	new	+0.03 pp	new
SUISun Communities, Inc	0.03%	31,530	$7M	held	—	3 q
AKRAcadia Realty Trust	0.02%	199,877	$4M	trimmed−38%	−0.01 pp	35 q
CTTCatchmark Timber Trust, Inc.	0.02%	587,000	$5M	new	+0.02 pp	new
unresolvedChina Index Holdings Ltd., ADR	0.02%	4,452,643	$4M	trimmed−1%	−0.01 pp	11 q
CONECyrusOne Inc	0.02%	36,920	$3M	trimmed−75%	−0.03 pp	10 q
NVSNovartis AG	0.02%	43,035	$4M	trimmed−4%	0.00 pp	21 q
SLGSL Green Realty Corp.	0.02%	52,492	$4M	trimmed−3%	0.00 pp	21 q
VICIVICI Properties Inc.	0.02%	152,930	$5M	held	—	4 q
VNOVornado Realty Trust	0.02%	103,840	$4M	added+1%	0.00 pp	35 q
COLDAmericold Realty Trust, Inc.	0.01%	87,230	$3M	held	—	2 q
DXCDXC Technology Company	0.01%	57,665	$2M	trimmed−14%	0.00 pp	19 q
TCOMTrip.com Group Limited	0.01%	64,741	$2M	trimmed−85%	−0.05 pp	35 q
TFCTruist Financial Corporation	0.01%	31,650	$2M	trimmed−40%	0.00 pp	7 q
KMXCarMax Inc.	0.00%	3,760	$490,000	held	—	35 q
SFUNYFang Holdings Ltd	0.00%	77,537	$295,000	trimmed−2%	0.00 pp	22 q
IWViShares Russell 3000 ETF	0.00%	3,859	$1M	new	0.00 pp	new
LRCXLam Research Corp	0.00%	1,228	$883,000	trimmed−50%	−0.01 pp	24 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	299,624	$650,000	trimmed−1%	0.00 pp	30 q
CORCoresite Realty Corp	—	−47,455	—	exited	−0.03 pp	—
RHPRyman Hospitality Properties, Inc	—	−37,480	—	exited	−0.01 pp	—
ULTAUlta Beauty, Inc.	—	−3,080	—	exited	−0.01 pp	—