Davis Advisors

Q2 2022 13F · by Chris Davis, portfolio manager

As of: Jun 30, 2022
Filed: Aug 11, 2022
US stock: $15.6B · prev $19.8B
Positions: 114 · prev 121
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%

Moves117 since the prior filing

+2.0 pp in · −2.2 pp out

New 2 +0.25 pp
Added 42 +1.79 pp
Trimmed 64 −0.89 pp
Exited 9 −1.28 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.6% a year, about 11.6 years per position

Low
Moderate
High

Top 5 positions32% of US stock

Positions114 in this filing · 9 exited


WFCWells Fargo & Co.	8.20%	32,639,532	$1.3B	trimmed−4%	−0.12 pp	37 q
COFCapital One Financial	7.33%	10,960,176	$1.1B	trimmed−4%	−0.22 pp	32 q
BRK.ABerkshire Hathaway Inc.	5.87%	2,238	$915M	trimmed−5%	−0.41 pp	37 q
CIThe Cigna Group	5.31%	3,138,133	$827M	trimmed−7%	+1.24 pp	15 q
USBU.S. Bancorp	4.91%	16,628,587	$765M	trimmed−4%	+0.27 pp	37 q
AMATApplied Materials Inc	4.33%	7,415,384	$675M	trimmed−8%	−1.03 pp	37 q
INTCIntel Corp	3.98%	16,579,278	$620M	trimmed−1%	−0.21 pp	37 q
VTRSViatris Inc.	3.73%	55,466,147	$581M	trimmed−2%	+0.61 pp	7 q
BNYBank of New York Mellon Corporation	3.70%	13,833,713	$577M	trimmed−3%	+0.13 pp	37 q
GOOGAlphabet Inc. Class C	3.63%	258,487	$565M	trimmed−5%	−0.20 pp	33 q
JDJD.com, Inc.	3.57%	8,670,281	$557M	trimmed−3%	+0.97 pp	33 q
AMZNAmazon.Com Inc	3.55%	5,206,603	$553M	trimmed−3%	−0.87 pp	37 q
METAMeta Platforms, Inc. Class A	3.42%	3,304,953	$533M	trimmed−1%	−0.35 pp	27 q
GOOGLAlphabet Inc. Class A	3.35%	239,369	$522M	trimmed−5%	−0.18 pp	27 q
JPMJPMorgan Chase & Co.	3.25%	4,503,786	$507M	trimmed−3%	+0.05 pp	37 q
TXNTexas Instruments Incorporated	2.95%	2,991,064	$460M	trimmed−4%	+0.06 pp	37 q
BRK.BBERKSHIRE HATHAWAY Class B	2.31%	1,320,164	$360M	trimmed−5%	−0.17 pp	37 q
CBChubb Limited	2.16%	1,713,457	$337M	trimmed−4%	+0.24 pp	26 q
TECKTeck Resources Limited	2.14%	10,909,614	$334M	added+28%	+0.40 pp	4 q
MKLMarkel Group Inc.	1.75%	211,457	$273M	trimmed−2%	+0.14 pp	37 q
OCOwens Corning	1.62%	3,395,504	$252M	added×5.1	+1.31 pp	15 q
DGXQuest Diagnostics Inc.	1.61%	1,889,815	$251M	trimmed−3%	+0.26 pp	34 q
BABAAlibaba Group Holding Limited	1.59%	2,180,288	$248M	trimmed−30%	−0.11 pp	23 q
DARDarling Ingredients Inc.	1.22%	3,190,790	$191M	trimmed−1%	−0.09 pp	5 q
AXPAmerican Express Company	0.97%	1,089,117	$151M	trimmed−34%	−0.58 pp	37 q
PPLIPeople Incorporated	0.96%	1,964,023	$149M	trimmed−4%	−0.08 pp	5 q
LLoews Corporation	0.82%	2,156,086	$128M	trimmed−12%	+0.01 pp	37 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.71%	3,528,707	$110M	trimmed−5%	+0.04 pp	18 q
CPNGCoupang, Inc.	0.70%	8,571,656	$109M	trimmed−1%	−0.07 pp	6 q
BACBank of America Corporation	0.63%	3,173,444	$99M	trimmed−1%	−0.04 pp	14 q
MSFTMicrosoft Corp	0.62%	377,148	$97M	trimmed−13%	−0.05 pp	37 q
DUSADavis Select U.S. Equity ETF	0.58%	3,308,560	$91M	held	—	22 q
HOLIHollysys Automation Technolo	0.58%	6,148,742	$91M	trimmed−5%	+0.06 pp	22 q
PNCPNC Financial Services Group	0.50%	490,186	$77M	trimmed−1%	+0.04 pp	26 q
DINTDavis Select International ETF	0.42%	3,898,825	$65M	held	—	18 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.41%	123,138	$63M	trimmed−20%	+0.02 pp	37 q
DFNLDavis Select Financial ETF	0.34%	2,043,955	$53M	held	—	22 q
SCHWThe Charles Schwab Corporation	0.34%	836,643	$53M	trimmed−1%	−0.02 pp	37 q
DWLDDavis Select Worldwide ETF	0.30%	1,925,400	$46M	held	—	22 q
LM05Liberty Media Corp-liberty-a	0.24%	642,552	$37M	trimmed−5%	+0.02 pp	6 q
FITBFifth Third Bancorp	0.23%	1,053,038	$35M	new	+0.23 pp	new
4KSVimeo Inc	0.21%	5,495,287	$33M	trimmed−1%	−0.12 pp	5 q
CARRCarrier Global Corporation	0.19%	824,416	$29M	trimmed−1%	0.00 pp	9 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.19%	460,278	$29M	trimmed−37%	−0.07 pp	6 q
RKTRocket Companies, Inc.	0.19%	4,103,414	$30M	added0%	−0.04 pp	5 q
PLDPrologis, Inc.	0.16%	217,522	$26M	added+3%	−0.01 pp	23 q
ETNEaton Corporation, plc	0.16%	194,384	$24M	trimmed−1%	+0.01 pp	27 q
JCIJohnson Controls International plc	0.16%	512,718	$25M	added+1%	−0.01 pp	24 q
AMTAmerican Tower Corporation	0.13%	79,430	$20M	added+3%	+0.03 pp	5 q
HUMHumana Inc.	0.13%	43,812	$21M	trimmed−0%	+0.03 pp	13 q
WELLWelltower Inc.	0.13%	244,330	$20M	trimmed−0%	+0.01 pp	13 q
CVSCvs Health Corporation	0.12%	208,272	$19M	trimmed−0%	+0.01 pp	15 q
IQiQIYI, Inc.	0.12%	4,402,947	$18M	trimmed−8%	+0.01 pp	18 q
PSAPublic Storage	0.12%	58,510	$18M	added+3%	+0.01 pp	25 q
EQIXEquinix, Inc.	0.11%	26,458	$17M	added+3%	+0.01 pp	18 q
NOAHNoah Holdings Limited	0.11%	830,319	$17M	trimmed−3%	+0.01 pp	28 q
AVBAvalonBay Communities, Inc.	0.10%	80,590	$16M	added+4%	0.00 pp	37 q
BRXBrixmor Property Group Inc.	0.10%	767,440	$16M	added+4%	0.00 pp	20 q
YOUClear Secure, Inc.	0.10%	742,091	$15M	trimmed−3%	0.00 pp	5 q
ORCLOracle Corp	0.10%	219,403	$15M	trimmed−2%	+0.01 pp	37 q
RTXRTX Corporation	0.10%	162,261	$16M	trimmed−2%	+0.02 pp	29 q
EGEverest Group, Ltd.	0.10%	54,992	$15M	trimmed−1%	+0.02 pp	37 q
AREAlexandria Real Estate Equities, Inc.	0.09%	99,547	$14M	added+3%	−0.01 pp	37 q
CCICrown Castle Inc.	0.09%	85,990	$14M	added+3%	+0.01 pp	4 q
DLRDigital Realty Trust, Inc.	0.09%	109,565	$14M	trimmed−0%	+0.01 pp	18 q
VMRKVivmark Residential	0.09%	202,605	$15M	added+4%	0.00 pp	29 q
ESSEssex Property Trust, Inc	0.09%	51,291	$13M	added+4%	0.00 pp	37 q
REXRRexford Industrial Realty, Inc.	0.09%	244,030	$14M	trimmed−0%	0.00 pp	28 q
SPGSimon Property Group, Inc.	0.08%	130,280	$12M	added0%	−0.01 pp	37 q
TRNOTerreno Realty Corporation	0.08%	218,247	$12M	trimmed−0%	0.00 pp	34 q
CUZCousins Properties Inc.	0.07%	388,025	$11M	added+4%	−0.01 pp	13 q
SAPSap SE	0.07%	112,892	$10M	trimmed−0%	+0.01 pp	37 q
SHOSunstone Hotel Investors, Inc.	0.07%	1,021,460	$10M	added+3%	+0.01 pp	11 q
VTRVentas, Inc.	0.07%	220,300	$11M	trimmed−0%	0.00 pp	15 q
FERGFerguson Enterprises Inc.	0.07%	102,811	$11M	added0%	0.00 pp	6 q
AMHAmerican Homes 4 Rent	0.06%	257,380	$9M	added+4%	+0.01 pp	19 q
CPTCamden Property Trust	0.06%	65,210	$9M	added+4%	+0.01 pp	26 q
FRTFederal Realty Investment Trust	0.06%	92,650	$9M	added+4%	0.00 pp	2 q
MTBM&T Bank Corp.	0.06%	54,615	$9M	trimmed−2%	+0.01 pp	9 q
ROICRetail Opportunity Investments Corp.	0.06%	565,145	$9M	added+3%	+0.01 pp	30 q
BIDUBaidu, Inc.	0.05%	48,867	$7M	trimmed−90%	−0.26 pp	29 q
DEIDouglas Emmett, Inc.	0.05%	334,290	$7M	added+12%	0.00 pp	11 q
EXRExtra Space Storage, Inc.	0.05%	50,320	$9M	added+4%	0.00 pp	26 q
DOCHealthpeak Properties, Inc.	0.05%	326,536	$8M	added+3%	0.00 pp	11 q
HSTHost Hotels & Resorts, Inc.	0.05%	527,900	$8M	added+3%	0.00 pp	25 q
IVEiShares S&P 500 Value ETF	0.05%	58,209	$8M	added×7.5	+0.04 pp	4 q
UDRUDR, Inc.	0.05%	163,690	$8M	added+3%	0.00 pp	6 q
VMWVMware, Inc	0.05%	68,726	$8M	trimmed−0%	+0.01 pp	10 q
GLREGreenlight Captial RE, LTD. Class A	0.05%	977,098	$8M	trimmed−1%	+0.01 pp	17 q
BXPBXP, Inc.	0.04%	75,650	$7M	added+4%	−0.01 pp	37 q
CTTCatchmark Timber Trust, Inc.	0.04%	619,780	$6M	added+3%	+0.02 pp	3 q
HTAHealthcare Realty Trust Incorporated	0.04%	250,480	$7M	trimmed−9%	0.00 pp	5 q
HIWHighwoods Properties Inc.	0.04%	186,760	$6M	added+3%	0.00 pp	9 q
SSSLife Storage Inc	0.03%	35,830	$4M	added+4%	+0.01 pp	23 q
NTSTNetSTREIT Corp.	0.03%	260,350	$5M	added+4%	0.00 pp	2 q
STTState Street Corporation	0.03%	77,846	$5M	added+15%	0.00 pp	26 q
S76Store Capital Corp	0.03%	167,310	$4M	added+3%	+0.01 pp	3 q
SUISun Communities, Inc	0.03%	33,010	$5M	added+3%	0.00 pp	5 q
VICIVICI Properties Inc.	0.03%	160,490	$5M	added+3%	+0.01 pp	6 q
AKRAcadia Realty Trust	0.02%	209,147	$3M	added+3%	0.00 pp	37 q
COLDAmericold Realty Trust, Inc.	0.02%	88,850	$3M	trimmed−0%	+0.01 pp	4 q
unresolvedChina Index Holdings Ltd., ADR	0.02%	4,174,203	$3M	trimmed−4%	0.00 pp	13 q
CUBECubeSmart	0.02%	62,880	$3M	added+5%	0.00 pp	2 q
DREDuke Realty Corp.	0.02%	46,160	$3M	new	+0.02 pp	new
unresolvedHudson Pac Pptys Inc	0.02%	215,043	$3M	added+3%	−0.01 pp	22 q
IIPRInnovative Industrial Properties, Inc.	0.02%	35,410	$4M	added+37%	−0.01 pp	2 q
NVSNovartis AG	0.02%	28,943	$2M	trimmed−11%	+0.01 pp	23 q
RADIGRadius Global Infrastructu-a	0.02%	198,520	$3M	added+79%	+0.01 pp	2 q
SLGSL Green Realty Corp.	0.02%	52,921	$2M	trimmed−0%	0.00 pp	23 q
DXCDXC Technology Company	0.01%	56,665	$2M	trimmed−2%	0.00 pp	21 q
TFCTruist Financial Corporation	0.01%	28,518	$1M	trimmed−6%	0.00 pp	9 q
LRCXLam Research Corp	0.00%	1,228	$523,000	held	—	26 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	272,704	$206,000	trimmed−6%	0.00 pp	32 q
SKAASkechers USA Inc-cl A	0.00%	12,400	$441,000	held	—	2 q
DIDIYDidi Global Inc S/	—	−46,147,871	—	exited	−0.58 pp	—
YAlleghany Corporation	—	−75,902	—	exited	−0.32 pp	—
FGAAmerican Campus Communities	—	−380,075	—	exited	−0.11 pp	—
LBTYKLiberty Global Ltd. Class C	—	−838,034	—	exited	−0.11 pp	—
VRMVroom, Inc.	—	−7,227,158	—	exited	−0.10 pp	—
unresolvedMissfresh Ltd., Class B, ADS	—	−6,172,251	—	exited	−0.03 pp	—
VNOVornado Realty Trust	—	−105,270	—	exited	−0.02 pp	—
TCOMTrip.com Group Limited	—	−49,106	—	exited	−0.01 pp	—
SFUNYFang Holdings Ltd	—	−75,977	—	exited	0.00 pp	—