Davis Advisors

Q4 2022 13F · by Chris Davis, portfolio manager

As of: Dec 31, 2022
Filed: Feb 10, 2023
US stock: $14.7B · prev $14.1B
Positions: 109 · 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%

Moves94 since the prior filing

+3.3 pp in · −3.4 pp out

New 2 +0.12 pp
Added 30 +3.20 pp
Trimmed 55 −3.18 pp
Exited 7 −0.19 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.5 years per position

Low
Moderate
High

Top 5 positions32% of US stock

WFC Wells Fargo & Co. trimmed−0.52 pp trimmed−0.528.7%
COF Capital One Financial added−0.22 pp added−0.226.9%
BRK.A Berkshire Hathaway Inc. trimmed+0.37 pp trimmed+0.376.7%
META Meta Platforms, Inc. Class A added+1.25 pp added+1.255.3%
AMAT Applied Materials Inc trimmed+0.51 pp trimmed+0.514.8%

Positions109 in this filing · 7 exited


WFCWells Fargo & Co.	8.65%	30,812,906	$1.3B	trimmed−4%	−0.52 pp	39 q
COFCapital One Financial	6.87%	10,867,609	$1.0B	added0%	−0.22 pp	34 q
BRK.ABerkshire Hathaway Inc.	6.72%	2,109	$989M	trimmed−4%	+0.37 pp	39 q
METAMeta Platforms, Inc. Class A	5.35%	6,538,326	$787M	added+54%	+1.25 pp	29 q
AMATApplied Materials Inc	4.80%	7,259,244	$707M	trimmed−1%	+0.51 pp	39 q
USBU.S. Bancorp	4.68%	15,801,280	$689M	trimmed−4%	−0.03 pp	39 q
AMZNAmazon.Com Inc	4.44%	7,780,936	$654M	added+47%	+0.19 pp	39 q
CIThe Cigna Group	4.14%	1,840,098	$610M	trimmed−41%	−1.97 pp	17 q
VTRSViatris Inc.	4.14%	54,721,607	$609M	trimmed−1%	+0.78 pp	9 q
BNYBank of New York Mellon Corporation	4.07%	13,165,044	$599M	trimmed−3%	+0.34 pp	39 q
JPMJPMorgan Chase & Co.	3.90%	4,274,179	$573M	trimmed−4%	+0.60 pp	39 q
TECKTeck Resources Limited	3.34%	13,008,612	$492M	added+2%	+0.58 pp	6 q
TXNTexas Instruments Incorporated	3.20%	2,853,589	$471M	trimmed−3%	−0.04 pp	39 q
GOOGAlphabet Inc. Class C	2.72%	4,507,926	$400M	trimmed−3%	−0.47 pp	35 q
GOOGLAlphabet Inc. Class A	2.56%	4,276,844	$377M	trimmed−3%	−0.43 pp	29 q
BRK.BBERKSHIRE HATHAWAY Class B	2.49%	1,183,955	$366M	trimmed−6%	+0.09 pp	39 q
CBChubb Limited	2.31%	1,538,314	$339M	trimmed−9%	+0.12 pp	28 q
MKLMarkel Group Inc.	2.24%	250,362	$330M	added+20%	+0.63 pp	39 q
OCOwens Corning	2.09%	3,608,040	$308M	added+7%	+0.20 pp	17 q
INTCIntel Corp	2.02%	11,262,103	$298M	trimmed−4%	−0.12 pp	39 q
DGXQuest Diagnostics Inc.	1.95%	1,835,823	$287M	trimmed−2%	+0.32 pp	36 q
JDJD.com, Inc.	1.69%	4,430,035	$249M	trimmed−47%	−1.28 pp	35 q
DARDarling Ingredients Inc.	1.33%	3,129,927	$196M	trimmed−2%	−0.17 pp	7 q
AXPAmerican Express Company	0.99%	988,952	$146M	trimmed−8%	−0.04 pp	39 q
BACBank of America Corporation	0.66%	2,949,213	$98M	trimmed−6%	−0.01 pp	16 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.66%	3,270,744	$98M	trimmed−5%	−0.13 pp	20 q
CPNGCoupang, Inc.	0.65%	6,478,520	$95M	trimmed−24%	−0.36 pp	8 q
LLoews Corporation	0.65%	1,640,349	$96M	trimmed−6%	+0.03 pp	39 q
DUSADavis Select U.S. Equity ETF	0.61%	3,329,138	$90M	added+1%	+0.02 pp	24 q
HOLIHollysys Automation Technolo	0.61%	5,494,597	$90M	trimmed−3%	−0.08 pp	24 q
MSFTMicrosoft Corp	0.59%	361,772	$87M	trimmed−3%	−0.03 pp	39 q
PPLIPeople Incorporated	0.55%	1,837,370	$82M	trimmed−5%	−0.21 pp	7 q
PNCPNC Financial Services Group	0.48%	444,521	$70M	trimmed−8%	−0.03 pp	28 q
DINTDavis Select International ETF	0.42%	3,458,765	$61M	trimmed−11%	+0.01 pp	20 q
FITBFifth Third Bancorp	0.42%	1,905,588	$63M	added+83%	+0.18 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.42%	116,177	$62M	trimmed−5%	−0.02 pp	39 q
DFNLDavis Select Financial ETF	0.38%	2,080,320	$56M	added+2%	+0.02 pp	24 q
BABAAlibaba Group Holding Limited	0.37%	612,354	$54M	trimmed−20%	−0.06 pp	25 q
DWLDDavis Select Worldwide ETF	0.33%	1,932,578	$48M	added0%	+0.03 pp	24 q
JCIJohnson Controls International plc	0.22%	509,833	$33M	trimmed−0%	+0.04 pp	26 q
ETNEaton Corporation, plc	0.21%	195,536	$31M	added0%	+0.02 pp	29 q
FERGFerguson Enterprises Inc.	0.21%	240,576	$30M	added+78%	+0.11 pp	8 q
LM05Liberty Media Corp-liberty-a	0.20%	537,943	$29M	trimmed−6%	−0.01 pp	8 q
SCHWThe Charles Schwab Corporation	0.20%	348,966	$29M	trimmed−58%	−0.22 pp	39 q
PLDPrologis, Inc.	0.18%	239,446	$27M	added+10%	+0.02 pp	25 q
RKTRocket Companies, Inc.	0.18%	3,761,997	$26M	trimmed−6%	0.00 pp	7 q
CARRCarrier Global Corporation	0.17%	622,474	$26M	trimmed−24%	−0.04 pp	11 q
HUMHumana Inc.	0.15%	43,436	$22M	trimmed−0%	0.00 pp	15 q
IQiQIYI, Inc.	0.15%	4,163,424	$22M	trimmed−0%	+0.07 pp	20 q
CVSCvs Health Corporation	0.13%	208,090	$19M	added0%	−0.01 pp	17 q
YOUClear Secure, Inc.	0.13%	691,550	$19M	trimmed−3%	+0.01 pp	7 q
EQIXEquinix, Inc.	0.12%	26,458	$17M	held	—	20 q
ORCLOracle Corp	0.12%	216,204	$18M	trimmed−1%	+0.03 pp	39 q
PSAPublic Storage	0.12%	65,130	$18M	added+11%	0.00 pp	27 q
AREAlexandria Real Estate Equities, Inc.	0.11%	112,557	$16M	added+13%	+0.01 pp	39 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.11%	277,227	$17M	trimmed−5%	−0.01 pp	8 q
MBCMasterBrand, Inc.	0.11%	2,187,640	$17M	new	+0.11 pp	new
EGEverest Group, Ltd.	0.11%	48,774	$16M	trimmed−9%	+0.01 pp	39 q
AMTAmerican Tower Corporation	0.10%	70,290	$15M	trimmed−12%	−0.02 pp	7 q
BRXBrixmor Property Group Inc.	0.10%	633,460	$14M	trimmed−17%	0.00 pp	22 q
RTXRTX Corporation	0.10%	144,483	$15M	trimmed−11%	+0.01 pp	31 q
SAPSap SE	0.10%	142,835	$15M	added+27%	+0.04 pp	39 q
SPGSimon Property Group, Inc.	0.10%	130,280	$15M	held	—	39 q
AVBAvalonBay Communities, Inc.	0.09%	86,500	$14M	added+7%	−0.02 pp	39 q
ESSEssex Property Trust, Inc	0.09%	60,161	$13M	added+17%	0.00 pp	39 q
REXRRexford Industrial Realty, Inc.	0.09%	244,030	$13M	held	—	30 q
CUZCousins Properties Inc.	0.08%	464,145	$12M	added×2.4	+0.05 pp	15 q
CCICrown Castle Inc.	0.08%	85,990	$12M	held	—	6 q
NOAHNoah Holdings Limited	0.08%	796,398	$12M	trimmed−1%	0.00 pp	30 q
TRNOTerreno Realty Corporation	0.08%	218,247	$12M	held	—	36 q
DLRDigital Realty Trust, Inc.	0.07%	109,565	$11M	held	—	20 q
VTRVentas, Inc.	0.07%	242,350	$11M	added+10%	+0.01 pp	17 q
WELLWelltower Inc.	0.07%	152,980	$10M	trimmed−29%	−0.03 pp	15 q
VMRKVivmark Residential	0.06%	139,785	$8M	trimmed−31%	−0.04 pp	31 q
IVEiShares S&P 500 Value ETF	0.06%	62,868	$9M	added+97%	+0.03 pp	6 q
ROICRetail Opportunity Investments Corp.	0.06%	565,145	$8M	held	—	32 q
UDRUDR, Inc.	0.06%	236,950	$9M	added+45%	+0.01 pp	8 q
AMHAmerican Homes 4 Rent	0.05%	257,380	$8M	held	—	21 q
CPTCamden Property Trust	0.05%	65,210	$7M	held	—	28 q
DEIDouglas Emmett, Inc.	0.05%	483,820	$8M	added+11%	−0.01 pp	13 q
EXRExtra Space Storage, Inc.	0.05%	50,320	$7M	held	—	28 q
MTBM&T Bank Corp.	0.05%	47,915	$7M	held	—	11 q
STTState Street Corporation	0.05%	89,316	$7M	added+15%	+0.02 pp	28 q
SHOSunstone Hotel Investors, Inc.	0.05%	816,580	$8M	held	—	13 q
GLREGreenlight Captial RE, LTD. Class A	0.05%	905,612	$7M	trimmed−6%	0.00 pp	19 q
BIDUBaidu, Inc.	0.04%	46,820	$5M	trimmed−4%	0.00 pp	31 q
FRTFederal Realty Investment Trust	0.04%	51,370	$5M	trimmed−27%	0.00 pp	4 q
HSTHost Hotels & Resorts, Inc.	0.04%	408,130	$7M	held	—	27 q
SSSLife Storage Inc	0.04%	54,520	$5M	added+52%	+0.01 pp	25 q
WCCWesco International Inc.	0.04%	51,905	$6M	added+22%	0.00 pp	2 q
BXPBXP, Inc.	0.03%	54,720	$4M	trimmed−46%	−0.02 pp	39 q
CUBECubeSmart	0.03%	117,450	$5M	added+87%	+0.01 pp	4 q
DOCHealthpeak Properties, Inc.	0.03%	164,496	$4M	trimmed−50%	−0.02 pp	13 q
HIWHighwoods Properties Inc.	0.03%	153,070	$4M	trimmed−18%	−0.01 pp	11 q
unresolvedHudson Pac Pptys Inc	0.03%	458,673	$4M	held	—	24 q
IIPRInnovative Industrial Properties, Inc.	0.03%	44,000	$4M	added+24%	+0.01 pp	4 q
NTSTNetSTREIT Corp.	0.03%	260,350	$5M	held	—	4 q
S76Store Capital Corp	0.03%	141,770	$5M	trimmed−15%	−0.01 pp	5 q
SUISun Communities, Inc	0.03%	33,010	$5M	held	—	7 q
VICIVICI Properties Inc.	0.03%	150,510	$5M	held	—	8 q
COLDAmericold Realty Trust, Inc.	0.02%	88,850	$3M	held	—	6 q
RADIGRadius Global Infrastructu-a	0.02%	245,640	$3M	held	—	4 q
TFCTruist Financial Corporation	0.02%	69,290	$3M	added×2.4	+0.01 pp	11 q
4KSVimeo Inc	0.02%	955,150	$3M	trimmed−74%	−0.09 pp	7 q
IWViShares Russell 3000 ETF	0.01%	3,382	$746,340	new	+0.01 pp	new
LRCXLam Research Corp	0.00%	1,228	$516,128	held	—	28 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	260,644	$174,527	trimmed−3%	0.00 pp	34 q
RHRh	0.00%	1,150	$307,269	held	—	2 q
SKAASkechers USA Inc-cl A	0.00%	12,400	$520,180	held	—	4 q
VMWVMware, Inc	—	−68,184	—	exited	−0.05 pp	—
HRHealthcare Realty Trust Incorporated	—	−250,480	—	exited	−0.04 pp	—
unresolvedChina Index Holdings Ltd., ADR	—	−4,120,370	—	exited	−0.03 pp	—
AKRAcadia Realty Trust	—	−209,147	—	exited	−0.02 pp	—
DREDuke Realty Corp.	—	−46,160	—	exited	−0.02 pp	—
NVSNovartis AG	—	−28,943	—	exited	−0.02 pp	—
DXCDXC Technology Company	—	−56,665	—	exited	−0.01 pp	—