Davis Advisors

Q1 2022 13F · by Chris Davis, portfolio manager

As of: Mar 31, 2022
Filed: May 12, 2022
US stock: $19.8B · prev $21.5B
Positions: 121 · 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%

Moves124 since the prior filing

+0.6 pp in · −0.6 pp out

New 6 +0.15 pp
Added 42 +0.45 pp
Trimmed 71 −0.39 pp
Exited 5 −0.21 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.8 years per position

Low
Moderate
High

Top 5 positions32% of US stock

WFC Wells Fargo & Co. trimmed−0.22 pp trimmed−0.228.3%
COF Capital One Financial trimmed−0.39 pp trimmed−0.397.5%
BRK.A Berkshire Hathaway Inc. trimmed+1.20 pp trimmed+1.206.3%
AMAT Applied Materials Inc trimmed−0.78 pp trimmed−0.785.4%
USB U.S. Bancorp trimmed−0.01 pp trimmed−0.014.6%

Positions121 in this filing · 5 exited


WFCWells Fargo & Co.	8.32%	33,967,518	$1.6B	trimmed−11%	−0.22 pp	36 q
COFCapital One Financial	7.55%	11,386,174	$1.5B	trimmed−3%	−0.39 pp	31 q
BRK.ABerkshire Hathaway Inc.	6.28%	2,349	$1.2B	trimmed−3%	+1.20 pp	36 q
AMATApplied Materials Inc	5.36%	8,051,951	$1.1B	trimmed−4%	−0.78 pp	36 q
USBU.S. Bancorp	4.64%	17,265,465	$918M	trimmed−3%	−0.01 pp	36 q
AMZNAmazon.Com Inc	4.42%	268,267	$875M	trimmed−3%	+0.13 pp	36 q
INTCIntel Corp	4.19%	16,727,945	$829M	trimmed−0%	+0.18 pp	36 q
CIThe Cigna Group	4.07%	3,361,983	$806M	trimmed−0%	+0.48 pp	14 q
GOOGAlphabet Inc. Class C	3.83%	271,365	$758M	trimmed−4%	+0.01 pp	32 q
METAMeta Platforms, Inc. Class A	3.77%	3,352,260	$745M	added+26%	−0.38 pp	26 q
BNYBank of New York Mellon Corporation	3.57%	14,243,589	$707M	trimmed−3%	−0.41 pp	36 q
GOOGLAlphabet Inc. Class A	3.53%	251,517	$700M	trimmed−4%	+0.01 pp	26 q
JPMJPMorgan Chase & Co.	3.20%	4,647,137	$633M	trimmed−5%	−0.38 pp	36 q
VTRSViatris Inc.	3.12%	56,666,290	$617M	added+26%	+0.30 pp	6 q
TXNTexas Instruments Incorporated	2.89%	3,121,511	$573M	trimmed−4%	+0.05 pp	36 q
JDJD.com, Inc.	2.60%	8,901,083	$515M	added+18%	+0.14 pp	32 q
BRK.BBERKSHIRE HATHAWAY Class B	2.48%	1,389,714	$490M	trimmed−7%	+0.41 pp	36 q
CBChubb Limited	1.92%	1,778,467	$380M	trimmed−3%	+0.28 pp	25 q
TECKTeck Resources Limited	1.74%	8,505,298	$344M	trimmed−1%	+0.59 pp	3 q
BABAAlibaba Group Holding Limited	1.70%	3,100,179	$337M	trimmed−3%	−0.07 pp	22 q
MKLMarkel Group Inc.	1.61%	216,073	$319M	trimmed−2%	+0.35 pp	36 q
AXPAmerican Express Company	1.55%	1,640,907	$307M	trimmed−39%	−0.49 pp	36 q
DGXQuest Diagnostics Inc.	1.35%	1,947,058	$266M	trimmed−3%	−0.26 pp	33 q
DARDarling Ingredients Inc.	1.31%	3,216,376	$259M	added+2%	+0.29 pp	4 q
PPLIPeople Incorporated	1.04%	2,046,779	$205M	trimmed−3%	−0.24 pp	4 q
LLoews Corporation	0.81%	2,461,965	$160M	trimmed−3%	+0.13 pp	36 q
CPNGCoupang, Inc.	0.77%	8,652,810	$153M	added×2.1	+0.21 pp	5 q
BACBank of America Corporation	0.67%	3,208,874	$132M	trimmed−4%	−0.02 pp	13 q
MSFTMicrosoft Corp	0.67%	432,438	$133M	trimmed−3%	−0.02 pp	36 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.67%	3,698,930	$133M	trimmed−5%	−0.02 pp	17 q
DIDIYDidi Global Inc S/	0.58%	46,147,871	$115M	trimmed−3%	−0.52 pp	4 q
DUSADavis Select U.S. Equity ETF	0.55%	3,308,560	$109M	added+1%	+0.03 pp	21 q
HOLIHollysys Automation Technolo	0.52%	6,479,573	$103M	trimmed−5%	+0.07 pp	21 q
PNCPNC Financial Services Group	0.46%	493,789	$91M	trimmed−0%	0.00 pp	25 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.39%	153,093	$78M	trimmed−14%	−0.03 pp	36 q
SCHWThe Charles Schwab Corporation	0.36%	846,351	$71M	trimmed−1%	+0.03 pp	36 q
DINTDavis Select International ETF	0.35%	3,898,825	$69M	added+2%	0.00 pp	17 q
4KSVimeo Inc	0.33%	5,532,179	$66M	added+2%	−0.12 pp	4 q
YAlleghany Corporation	0.32%	75,902	$64M	trimmed−0%	+0.08 pp	20 q
DFNLDavis Select Financial ETF	0.32%	2,043,955	$63M	added+1%	+0.03 pp	21 q
BIDUBaidu, Inc.	0.31%	470,655	$62M	trimmed−27%	−0.14 pp	28 q
OCOwens Corning	0.31%	666,296	$61M	trimmed−1%	+0.03 pp	14 q
DWLDDavis Select Worldwide ETF	0.27%	1,925,400	$53M	added+2%	+0.01 pp	21 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.26%	726,767	$51M	trimmed−5%	+0.04 pp	5 q
RKTRocket Companies, Inc.	0.23%	4,101,341	$46M	added+71%	+0.07 pp	4 q
LM05Liberty Media Corp-liberty-a	0.22%	676,000	$43M	trimmed−4%	+0.03 pp	5 q
CARRCarrier Global Corporation	0.19%	829,265	$38M	trimmed−2%	−0.02 pp	8 q
PLDPrologis, Inc.	0.17%	211,422	$34M	trimmed−6%	−0.01 pp	22 q
JCIJohnson Controls International plc	0.17%	509,952	$33M	trimmed−2%	−0.03 pp	23 q
ETNEaton Corporation, plc	0.15%	195,482	$30M	trimmed−2%	−0.01 pp	26 q
WELLWelltower Inc.	0.12%	245,210	$24M	trimmed−1%	+0.02 pp	12 q
FGAAmerican Campus Communities	0.11%	380,075	$21M	trimmed−2%	+0.01 pp	36 q
CVSCvs Health Corporation	0.11%	208,424	$21M	trimmed−2%	+0.01 pp	14 q
IQiQIYI, Inc.	0.11%	4,800,514	$22M	trimmed−5%	0.00 pp	17 q
PSAPublic Storage	0.11%	56,830	$22M	trimmed−1%	+0.01 pp	24 q
LBTYKLiberty Global Ltd. Class C	0.11%	838,034	$22M	trimmed−2%	0.00 pp	36 q
AREAlexandria Real Estate Equities, Inc.	0.10%	96,217	$19M	added+18%	+0.02 pp	36 q
AMTAmerican Tower Corporation	0.10%	76,830	$19M	added+1%	0.00 pp	4 q
AVBAvalonBay Communities, Inc.	0.10%	77,840	$19M	added+1%	+0.01 pp	36 q
BRXBrixmor Property Group Inc.	0.10%	740,570	$19M	added+1%	+0.01 pp	19 q
YOUClear Secure, Inc.	0.10%	763,084	$21M	trimmed−1%	−0.01 pp	4 q
EQIXEquinix, Inc.	0.10%	25,708	$19M	trimmed−1%	0.00 pp	17 q
HUMHumana Inc.	0.10%	43,825	$19M	trimmed−3%	0.00 pp	12 q
NOAHNoah Holdings Limited	0.10%	860,097	$20M	trimmed−6%	−0.03 pp	27 q
VRMVroom, Inc.	0.10%	7,227,158	$19M	added+3%	−0.25 pp	5 q
VMRKVivmark Residential	0.09%	195,705	$18M	added+1%	+0.01 pp	28 q
ESSEssex Property Trust, Inc	0.09%	49,521	$17M	added+1%	+0.01 pp	36 q
ORCLOracle Corp	0.09%	223,403	$18M	trimmed−6%	−0.01 pp	36 q
REXRRexford Industrial Realty, Inc.	0.09%	244,610	$18M	trimmed−13%	−0.02 pp	27 q
SPGSimon Property Group, Inc.	0.09%	129,990	$17M	trimmed−2%	−0.01 pp	36 q
CUZCousins Properties Inc.	0.08%	374,715	$15M	added+2%	+0.01 pp	12 q
CCICrown Castle Inc.	0.08%	83,150	$15M	added+11%	+0.01 pp	3 q
DLRDigital Realty Trust, Inc.	0.08%	109,835	$16M	added+1%	−0.01 pp	17 q
RTXRTX Corporation	0.08%	165,988	$16M	trimmed−66%	−0.11 pp	28 q
TRNOTerreno Realty Corporation	0.08%	218,767	$16M	trimmed−14%	−0.02 pp	33 q
EGEverest Group, Ltd.	0.08%	55,492	$17M	trimmed−1%	+0.01 pp	36 q
VTRVentas, Inc.	0.07%	220,890	$14M	added+1%	+0.02 pp	14 q
FERGFerguson Enterprises Inc.	0.07%	102,469	$14M	trimmed−4%	−0.02 pp	5 q
FRTFederal Realty Investment Trust	0.06%	89,450	$11M	new	+0.06 pp	new
SAPSap SE	0.06%	113,252	$13M	trimmed−2%	−0.02 pp	36 q
SHOSunstone Hotel Investors, Inc.	0.06%	987,020	$12M	added+1%	+0.01 pp	10 q
AMHAmerican Homes 4 Rent	0.05%	248,510	$10M	added+1%	0.00 pp	18 q
BXPBXP, Inc.	0.05%	73,000	$9M	added+2%	+0.01 pp	36 q
CPTCamden Property Trust	0.05%	62,830	$10M	added+2%	0.00 pp	25 q
DEIDouglas Emmett, Inc.	0.05%	297,360	$10M	added+1%	0.00 pp	10 q
EXRExtra Space Storage, Inc.	0.05%	48,580	$10M	added+2%	0.00 pp	25 q
DOCHealthpeak Properties, Inc.	0.05%	315,586	$11M	added+1%	0.00 pp	10 q
HSTHost Hotels & Resorts, Inc.	0.05%	510,430	$10M	added+1%	+0.01 pp	24 q
MTBM&T Bank Corp.	0.05%	55,975	$9M	trimmed−2%	+0.01 pp	8 q
ROICRetail Opportunity Investments Corp.	0.05%	546,985	$11M	trimmed−4%	0.00 pp	29 q
UDRUDR, Inc.	0.05%	158,320	$9M	added+1%	+0.01 pp	5 q
HTAHealthcare Realty Trust Incorporated	0.04%	275,270	$9M	added+1%	0.00 pp	4 q
HIWHighwoods Properties Inc.	0.04%	180,640	$8M	added+1%	0.00 pp	8 q
VMWVMware, Inc	0.04%	68,916	$8M	added+3%	0.00 pp	9 q
GLREGreenlight Captial RE, LTD. Class A	0.04%	987,110	$7M	trimmed−0%	0.00 pp	16 q
unresolvedHudson Pac Pptys Inc	0.03%	208,243	$6M	trimmed−34%	−0.01 pp	21 q
IIPRInnovative Industrial Properties, Inc.	0.03%	25,900	$5M	new	+0.03 pp	new
unresolvedMissfresh Ltd., Class B, ADS	0.03%	6,172,251	$6M	trimmed−1%	−0.11 pp	4 q
NTSTNetSTREIT Corp.	0.03%	251,230	$6M	new	+0.03 pp	new
STTState Street Corporation	0.03%	67,412	$6M	trimmed−2%	0.00 pp	25 q
SUISun Communities, Inc	0.03%	31,950	$6M	added+1%	0.00 pp	4 q
AKRAcadia Realty Trust	0.02%	202,227	$4M	added+1%	0.00 pp	36 q
CTTCatchmark Timber Trust, Inc.	0.02%	599,280	$5M	added+2%	0.00 pp	2 q
unresolvedChina Index Holdings Ltd., ADR	0.02%	4,362,758	$5M	trimmed−2%	0.00 pp	12 q
CUBECubeSmart	0.02%	59,740	$3M	new	+0.02 pp	new
SSSLife Storage Inc	0.02%	34,520	$5M	trimmed−36%	−0.02 pp	22 q
SLGSL Green Realty Corp.	0.02%	53,031	$4M	added+4%	0.00 pp	22 q
S76Store Capital Corp	0.02%	161,730	$5M	added+1%	−0.01 pp	2 q
VICIVICI Properties Inc.	0.02%	155,340	$4M	added+2%	0.00 pp	5 q
VNOVornado Realty Trust	0.02%	105,270	$5M	added+1%	0.00 pp	36 q
COLDAmericold Realty Trust, Inc.	0.01%	89,040	$2M	added+2%	0.00 pp	3 q
DXCDXC Technology Company	0.01%	57,665	$2M	held	—	20 q
IVEiShares S&P 500 Value ETF	0.01%	7,749	$1M	trimmed−94%	−0.09 pp	3 q
NVSNovartis AG	0.01%	32,656	$3M	trimmed−24%	−0.01 pp	22 q
RADIGRadius Global Infrastructu-a	0.01%	110,870	$2M	new	+0.01 pp	new
TCOMTrip.com Group Limited	0.01%	49,106	$1M	trimmed−24%	0.00 pp	36 q
TFCTruist Financial Corporation	0.01%	30,318	$2M	trimmed−4%	0.00 pp	8 q
SFUNYFang Holdings Ltd	0.00%	75,977	$268,000	trimmed−2%	0.00 pp	23 q
LRCXLam Research Corp	0.00%	1,228	$660,000	held	—	25 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	289,034	$593,000	trimmed−4%	0.00 pp	31 q
SKAASkechers USA Inc-cl A	0.00%	12,400	$505,000	new	0.00 pp	new
QUOTQuotient Technology Inc	—	−3,628,578	—	exited	−0.13 pp	—
unresolvedFederal Realty Investment Trust REIT	—	−88,350	—	exited	−0.06 pp	—
CONECyrusOne Inc	—	−36,920	—	exited	−0.02 pp	—
KMXCarMax Inc.	—	−3,760	—	exited	0.00 pp	—
IWViShares Russell 3000 ETF	—	−3,859	—	exited	0.00 pp	—