Davis Advisors

Q3 2022 13F · by Chris Davis, portfolio manager

As of: Sep 30, 2022
Filed: Nov 10, 2022
US stock: $14.1B · prev $15.6B
Positions: 114 · prev 114
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%

Moves73 since the prior filing

+2.1 pp in · −2.1 pp out

New 2 +0.04 pp
Added 9 +2.10 pp
Trimmed 60 −2.08 pp
Exited 2 −0.06 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.0% a year, about 16.8 years per position

Low
Moderate
High

Top 5 positions33% of US stock

WFC Wells Fargo & Co. trimmed+0.97 pp trimmed+0.979.2%
COF Capital One Financial trimmed−0.24 pp trimmed−0.247.1%
BRK.A Berkshire Hathaway Inc. trimmed+0.48 pp trimmed+0.486.3%
CI The Cigna Group trimmed+0.80 pp trimmed+0.806.1%
USB U.S. Bancorp trimmed−0.20 pp trimmed−0.204.7%

Positions114 in this filing · 2 exited


WFCWells Fargo & Co.	9.17%	32,077,734	$1.3B	trimmed−2%	+0.97 pp	38 q
COFCapital One Financial	7.09%	10,818,066	$997M	trimmed−1%	−0.24 pp	33 q
BRK.ABerkshire Hathaway Inc.	6.35%	2,197	$893M	trimmed−2%	+0.48 pp	38 q
CIThe Cigna Group	6.11%	3,094,489	$859M	trimmed−1%	+0.80 pp	16 q
USBU.S. Bancorp	4.71%	16,424,077	$662M	trimmed−1%	−0.20 pp	38 q
AMATApplied Materials Inc	4.29%	7,357,696	$603M	trimmed−1%	−0.04 pp	38 q
AMZNAmazon.Com Inc	4.25%	5,283,616	$597M	added+1%	+0.70 pp	38 q
METAMeta Platforms, Inc. Class A	4.10%	4,254,315	$577M	added+29%	+0.68 pp	28 q
BNYBank of New York Mellon Corporation	3.73%	13,615,323	$524M	trimmed−2%	+0.03 pp	38 q
VTRSViatris Inc.	3.36%	55,460,186	$473M	trimmed−0%	−0.37 pp	8 q
JPMJPMorgan Chase & Co.	3.30%	4,442,339	$464M	trimmed−1%	+0.05 pp	38 q
TXNTexas Instruments Incorporated	3.24%	2,940,143	$455M	trimmed−2%	+0.29 pp	38 q
GOOGAlphabet Inc. Class C	3.19%	4,659,454	$448M	trimmed−10%	−0.44 pp	34 q
GOOGLAlphabet Inc. Class A	2.99%	4,393,621	$420M	trimmed−8%	−0.36 pp	28 q
JDJD.com, Inc.	2.97%	8,305,574	$418M	trimmed−4%	−0.60 pp	34 q
TECKTeck Resources Limited	2.76%	12,754,780	$388M	added+17%	+0.62 pp	5 q
BRK.BBERKSHIRE HATHAWAY Class B	2.40%	1,262,980	$337M	trimmed−4%	+0.09 pp	38 q
CBChubb Limited	2.19%	1,696,101	$308M	trimmed−1%	+0.03 pp	27 q
INTCIntel Corp	2.14%	11,690,486	$301M	trimmed−29%	−1.84 pp	38 q
OCOwens Corning	1.89%	3,373,140	$265M	trimmed−1%	+0.27 pp	16 q
DGXQuest Diagnostics Inc.	1.63%	1,871,160	$230M	trimmed−1%	+0.02 pp	35 q
MKLMarkel Group Inc.	1.61%	208,220	$226M	trimmed−2%	−0.14 pp	38 q
DARDarling Ingredients Inc.	1.50%	3,183,405	$211M	trimmed−0%	+0.28 pp	6 q
AXPAmerican Express Company	1.03%	1,078,803	$146M	trimmed−1%	+0.06 pp	38 q
CPNGCoupang, Inc.	1.01%	8,507,055	$142M	trimmed−1%	+0.31 pp	7 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.79%	3,427,026	$111M	trimmed−3%	+0.08 pp	19 q
PPLIPeople Incorporated	0.76%	1,924,901	$107M	trimmed−2%	−0.20 pp	6 q
HOLIHollysys Automation Technolo	0.69%	5,639,188	$96M	trimmed−8%	+0.11 pp	23 q
BACBank of America Corporation	0.67%	3,121,302	$94M	trimmed−2%	+0.04 pp	15 q
LLoews Corporation	0.62%	1,752,307	$87M	trimmed−19%	−0.20 pp	38 q
MSFTMicrosoft Corp	0.62%	371,589	$87M	trimmed−1%	0.00 pp	38 q
DUSADavis Select U.S. Equity ETF	0.59%	3,308,560	$83M	held	—	23 q
PNCPNC Financial Services Group	0.51%	481,820	$72M	trimmed−2%	+0.01 pp	27 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.44%	122,391	$62M	trimmed−1%	+0.03 pp	38 q
BABAAlibaba Group Holding Limited	0.43%	762,491	$61M	trimmed−65%	−1.16 pp	24 q
SCHWThe Charles Schwab Corporation	0.42%	822,690	$59M	trimmed−2%	+0.08 pp	38 q
DINTDavis Select International ETF	0.41%	3,898,825	$58M	held	—	19 q
DFNLDavis Select Financial ETF	0.36%	2,043,955	$50M	held	—	23 q
DWLDDavis Select Worldwide ETF	0.30%	1,925,400	$42M	held	—	23 q
FITBFifth Third Bancorp	0.24%	1,039,881	$33M	trimmed−1%	+0.01 pp	2 q
CARRCarrier Global Corporation	0.21%	819,923	$29M	trimmed−1%	+0.02 pp	10 q
LM05Liberty Media Corp-liberty-a	0.21%	574,666	$30M	trimmed−11%	−0.03 pp	7 q
ETNEaton Corporation, plc	0.19%	195,345	$26M	added0%	+0.03 pp	28 q
RKTRocket Companies, Inc.	0.18%	4,014,627	$25M	trimmed−2%	−0.01 pp	6 q
JCIJohnson Controls International plc	0.18%	510,463	$25M	trimmed−0%	+0.02 pp	25 q
PLDPrologis, Inc.	0.16%	217,522	$22M	held	—	24 q
HUMHumana Inc.	0.15%	43,501	$21M	trimmed−1%	+0.02 pp	14 q
CVSCvs Health Corporation	0.14%	207,368	$20M	trimmed−0%	+0.02 pp	16 q
AMTAmerican Tower Corporation	0.12%	79,430	$17M	held	—	6 q
YOUClear Secure, Inc.	0.12%	714,779	$16M	trimmed−4%	+0.02 pp	6 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.12%	291,302	$17M	trimmed−37%	−0.07 pp	7 q
PSAPublic Storage	0.12%	58,510	$17M	held	—	26 q
AVBAvalonBay Communities, Inc.	0.11%	80,590	$15M	held	—	38 q
EQIXEquinix, Inc.	0.11%	26,458	$15M	held	—	19 q
4KSVimeo Inc	0.11%	3,733,256	$15M	trimmed−32%	−0.10 pp	6 q
AREAlexandria Real Estate Equities, Inc.	0.10%	99,547	$14M	held	—	38 q
BRXBrixmor Property Group Inc.	0.10%	767,440	$14M	held	—	21 q
VMRKVivmark Residential	0.10%	202,605	$14M	held	—	30 q
WELLWelltower Inc.	0.10%	215,090	$14M	trimmed−12%	−0.03 pp	14 q
EGEverest Group, Ltd.	0.10%	53,505	$14M	trimmed−3%	0.00 pp	38 q
FERGFerguson Enterprises Inc.	0.10%	135,026	$14M	added+31%	+0.03 pp	7 q
CCICrown Castle Inc.	0.09%	85,990	$12M	held	—	5 q
ESSEssex Property Trust, Inc	0.09%	51,291	$12M	held	—	38 q
ORCLOracle Corp	0.09%	217,532	$13M	trimmed−1%	−0.01 pp	38 q
RTXRTX Corporation	0.09%	161,550	$13M	trimmed−0%	−0.01 pp	30 q
REXRRexford Industrial Realty, Inc.	0.09%	244,030	$13M	held	—	29 q
DLRDigital Realty Trust, Inc.	0.08%	109,565	$11M	held	—	19 q
IQiQIYI, Inc.	0.08%	4,177,319	$11M	trimmed−5%	−0.04 pp	19 q
NOAHNoah Holdings Limited	0.08%	806,789	$11M	trimmed−3%	−0.03 pp	29 q
SPGSimon Property Group, Inc.	0.08%	130,280	$12M	held	—	38 q
TRNOTerreno Realty Corporation	0.08%	218,247	$12M	held	—	35 q
AMHAmerican Homes 4 Rent	0.06%	257,380	$8M	held	—	20 q
CPTCamden Property Trust	0.06%	65,210	$8M	held	—	27 q
DEIDouglas Emmett, Inc.	0.06%	437,780	$8M	added+31%	+0.01 pp	12 q
EXRExtra Space Storage, Inc.	0.06%	50,320	$9M	held	—	27 q
MTBM&T Bank Corp.	0.06%	47,915	$8M	trimmed−12%	0.00 pp	10 q
ROICRetail Opportunity Investments Corp.	0.06%	565,145	$8M	held	—	31 q
SAPSap SE	0.06%	112,108	$9M	trimmed−1%	−0.01 pp	38 q
VTRVentas, Inc.	0.06%	220,300	$9M	held	—	16 q
BXPBXP, Inc.	0.05%	101,310	$8M	added+34%	+0.01 pp	38 q
DOCHealthpeak Properties, Inc.	0.05%	326,536	$7M	held	—	12 q
HSTHost Hotels & Resorts, Inc.	0.05%	408,130	$6M	trimmed−23%	0.00 pp	26 q
SHOSunstone Hotel Investors, Inc.	0.05%	816,580	$8M	trimmed−20%	−0.02 pp	12 q
UDRUDR, Inc.	0.05%	163,690	$7M	held	—	7 q
VMWVMware, Inc	0.05%	68,184	$7M	trimmed−1%	0.00 pp	11 q
GLREGreenlight Captial RE, LTD. Class A	0.05%	962,248	$7M	trimmed−2%	0.00 pp	18 q
BIDUBaidu, Inc.	0.04%	48,867	$6M	held	—	30 q
FRTFederal Realty Investment Trust	0.04%	70,040	$6M	trimmed−24%	−0.02 pp	3 q
HRHealthcare Realty Trust Incorporated	0.04%	250,480	$5M	held	—	6 q
HIWHighwoods Properties Inc.	0.04%	186,760	$5M	held	—	10 q
unresolvedHudson Pac Pptys Inc	0.04%	458,673	$5M	added×2.1	+0.02 pp	23 q
S76Store Capital Corp	0.04%	167,310	$5M	held	—	4 q
WCCWesco International Inc.	0.04%	42,621	$5M	new	+0.04 pp	new
unresolvedChina Index Holdings Ltd., ADR	0.03%	4,120,370	$4M	trimmed−1%	+0.01 pp	14 q
CUZCousins Properties Inc.	0.03%	192,945	$5M	trimmed−50%	−0.04 pp	14 q
IVEiShares S&P 500 Value ETF	0.03%	31,833	$4M	trimmed−45%	−0.02 pp	5 q
SSSLife Storage Inc	0.03%	35,830	$4M	held	—	24 q
NTSTNetSTREIT Corp.	0.03%	260,350	$5M	held	—	3 q
STTState Street Corporation	0.03%	77,846	$5M	held	—	27 q
SUISun Communities, Inc	0.03%	33,010	$4M	held	—	6 q
VICIVICI Properties Inc.	0.03%	150,510	$4M	trimmed−6%	0.00 pp	7 q
AKRAcadia Realty Trust	0.02%	209,147	$3M	held	—	38 q
COLDAmericold Realty Trust, Inc.	0.02%	88,850	$2M	held	—	5 q
CUBECubeSmart	0.02%	62,880	$3M	held	—	3 q
DREDuke Realty Corp.	0.02%	46,160	$2M	held	—	2 q
IIPRInnovative Industrial Properties, Inc.	0.02%	35,410	$3M	held	—	3 q
NVSNovartis AG	0.02%	28,943	$2M	held	—	24 q
RADIGRadius Global Infrastructu-a	0.02%	245,640	$2M	added+24%	0.00 pp	3 q
DXCDXC Technology Company	0.01%	56,665	$1M	held	—	22 q
TFCTruist Financial Corporation	0.01%	28,518	$1M	held	—	10 q
LRCXLam Research Corp	0.00%	1,228	$449,000	held	—	27 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	269,654	$294,000	trimmed−1%	0.00 pp	33 q
RHRh	0.00%	1,150	$283,000	new	0.00 pp	new
SKAASkechers USA Inc-cl A	0.00%	12,400	$393,000	held	—	3 q
CTTCatchmark Timber Trust, Inc.	—	−619,780	—	exited	−0.04 pp	—
SLGSL Green Realty Corp.	—	−52,921	—	exited	−0.02 pp	—