Davis Advisors

Q1 2023 13F · by Chris Davis, portfolio manager

As of: Mar 31, 2023
Filed: May 8, 2023
US stock: $15.1B · prev $14.7B
Positions: 101 · prev 109
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%

Moves101 since the prior filing

+1.8 pp in · −1.7 pp out

New 1 +0.01 pp
Added 44 +1.76 pp
Trimmed 47 −1.33 pp
Exited 9 −0.36 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 3.8% a year, about 26.4 years per position

Low
Moderate
High

Top 5 positions35% of US stock

META Meta Platforms, Inc. Class A trimmed+3.43 pp trimmed+3.438.8%
WFC Wells Fargo & Co. trimmed−1.15 pp trimmed−1.157.5%
COF Capital One Financial trimmed−0.03 pp trimmed−0.036.8%
BRK.A Berkshire Hathaway Inc. trimmed−0.46 pp trimmed−0.466.3%
AMAT Applied Materials Inc trimmed+1.00 pp trimmed+1.005.8%

Positions101 in this filing · 9 exited


METAMeta Platforms, Inc. Class A	8.78%	6,267,376	$1.3B	trimmed−4%	+3.43 pp	30 q
WFCWells Fargo & Co.	7.50%	30,347,321	$1.1B	trimmed−2%	−1.15 pp	40 q
COFCapital One Financial	6.84%	10,760,462	$1.0B	trimmed−1%	−0.03 pp	35 q
BRK.ABerkshire Hathaway Inc.	6.26%	2,036	$948M	trimmed−3%	−0.46 pp	40 q
AMATApplied Materials Inc	5.80%	7,143,519	$877M	trimmed−2%	+1.00 pp	40 q
AMZNAmazon.Com Inc	5.64%	8,256,759	$853M	added+6%	+1.20 pp	40 q
BNYBank of New York Mellon Corporation	3.91%	13,005,799	$591M	trimmed−1%	−0.16 pp	40 q
USBU.S. Bancorp	3.70%	15,545,706	$560M	trimmed−2%	−0.98 pp	40 q
JPMJPMorgan Chase & Co.	3.61%	4,193,294	$546M	trimmed−2%	−0.29 pp	40 q
VTRSViatris Inc.	3.50%	55,009,008	$529M	added+1%	−0.64 pp	10 q
TXNTexas Instruments Incorporated	3.42%	2,781,675	$517M	trimmed−3%	+0.22 pp	40 q
GOOGAlphabet Inc. Class C	3.14%	4,567,675	$475M	added+1%	+0.42 pp	36 q
TECKTeck Resources Limited	3.14%	13,012,456	$475M	added0%	−0.20 pp	7 q
GOOGLAlphabet Inc. Class A	2.95%	4,302,369	$446M	added+1%	+0.39 pp	30 q
CIThe Cigna Group	2.94%	1,738,056	$444M	trimmed−6%	−1.20 pp	18 q
INTCIntel Corp	2.45%	11,356,224	$371M	added+1%	+0.43 pp	40 q
BRK.BBERKSHIRE HATHAWAY Class B	2.36%	1,158,551	$358M	trimmed−2%	−0.13 pp	40 q
OCOwens Corning	2.28%	3,603,881	$345M	trimmed−0%	+0.19 pp	18 q
MKLMarkel Group Inc.	2.07%	245,656	$314M	trimmed−2%	−0.17 pp	40 q
CBChubb Limited	1.92%	1,494,650	$290M	trimmed−3%	−0.39 pp	29 q
JDJD.com, Inc.	1.42%	4,892,507	$215M	added+10%	−0.27 pp	36 q
DGXQuest Diagnostics Inc.	1.42%	1,518,752	$215M	trimmed−17%	−0.53 pp	37 q
DARDarling Ingredients Inc.	1.21%	3,127,212	$183M	trimmed−0%	−0.12 pp	8 q
AXPAmerican Express Company	1.05%	964,224	$159M	trimmed−3%	+0.06 pp	40 q
CPNGCoupang, Inc.	0.69%	6,482,322	$104M	added0%	+0.04 pp	9 q
MSFTMicrosoft Corp	0.67%	351,685	$101M	trimmed−3%	+0.08 pp	40 q
DUSADavis Select U.S. Equity ETF	0.63%	3,332,430	$95M	added0%	+0.02 pp	25 q
PPLIPeople Incorporated	0.63%	1,850,002	$95M	added+1%	+0.08 pp	8 q
HOLIHollysys Automation Technolo	0.63%	5,524,540	$96M	added+1%	+0.02 pp	25 q
LLoews Corporation	0.61%	1,583,429	$92M	trimmed−3%	−0.04 pp	40 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.58%	3,260,763	$88M	trimmed−0%	−0.08 pp	21 q
BACBank of America Corporation	0.55%	2,897,641	$83M	trimmed−2%	−0.11 pp	17 q
DINTDavis Select International ETF	0.47%	3,893,199	$72M	added+13%	+0.05 pp	21 q
FITBFifth Third Bancorp	0.42%	2,401,436	$64M	added+26%	0.00 pp	4 q
DFNLDavis Select Financial ETF	0.36%	2,112,316	$55M	added+2%	−0.02 pp	25 q
PNCPNC Financial Services Group	0.36%	429,479	$55M	trimmed−3%	−0.12 pp	29 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.36%	114,842	$54M	trimmed−1%	−0.06 pp	40 q
DWLDDavis Select Worldwide ETF	0.34%	1,941,227	$51M	added0%	+0.01 pp	25 q
LM05Liberty Media Corp-liberty-a	0.24%	529,417	$36M	trimmed−2%	+0.04 pp	9 q
RKTRocket Companies, Inc.	0.22%	3,609,611	$33M	trimmed−4%	+0.04 pp	8 q
ETNEaton Corporation, plc	0.22%	196,605	$34M	added+1%	+0.01 pp	30 q
FERGFerguson Enterprises Inc.	0.21%	240,054	$32M	trimmed−0%	0.00 pp	9 q
PLDPrologis, Inc.	0.20%	241,246	$30M	added+1%	+0.02 pp	26 q
JCIJohnson Controls International plc	0.20%	512,107	$31M	added0%	−0.02 pp	27 q
CARRCarrier Global Corporation	0.19%	624,306	$29M	added0%	+0.02 pp	12 q
BABAAlibaba Group Holding Limited	0.17%	250,591	$26M	trimmed−59%	−0.20 pp	26 q
BIDUBaidu, Inc.	0.15%	154,444	$23M	added×3.3	+0.11 pp	32 q
IQiQIYI, Inc.	0.15%	3,035,981	$22M	trimmed−27%	0.00 pp	21 q
HUMHumana Inc.	0.14%	43,568	$21M	added0%	−0.01 pp	16 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.14%	273,106	$20M	trimmed−1%	+0.03 pp	9 q
PSAPublic Storage	0.13%	65,640	$20M	added+1%	+0.01 pp	28 q
YOUClear Secure, Inc.	0.12%	683,621	$18M	trimmed−1%	−0.01 pp	8 q
MBCMasterBrand, Inc.	0.12%	2,253,244	$18M	added+3%	+0.01 pp	2 q
ORCLOracle Corp	0.12%	200,838	$19M	trimmed−7%	0.00 pp	40 q
SAPSap SE	0.12%	142,080	$18M	trimmed−1%	+0.02 pp	40 q
SCHWThe Charles Schwab Corporation	0.12%	340,744	$18M	trimmed−2%	−0.08 pp	40 q
EQIXEquinix, Inc.	0.11%	23,778	$17M	trimmed−10%	−0.01 pp	21 q
EGEverest Group, Ltd.	0.11%	46,530	$17M	trimmed−5%	0.00 pp	40 q
AVBAvalonBay Communities, Inc.	0.10%	92,920	$16M	added+7%	+0.01 pp	40 q
CVSCvs Health Corporation	0.10%	207,946	$15M	trimmed−0%	−0.03 pp	18 q
CUZCousins Properties Inc.	0.10%	675,705	$14M	added+46%	+0.02 pp	16 q
REXRRexford Industrial Realty, Inc.	0.10%	245,940	$15M	added+1%	+0.01 pp	31 q
SPGSimon Property Group, Inc.	0.10%	131,110	$15M	added+1%	0.00 pp	40 q
AREAlexandria Real Estate Equities, Inc.	0.09%	113,487	$14M	added+1%	−0.02 pp	40 q
BRXBrixmor Property Group Inc.	0.09%	639,140	$14M	added+1%	−0.01 pp	23 q
ESSEssex Property Trust, Inc	0.09%	65,031	$14M	added+8%	0.00 pp	40 q
NOAHNoah Holdings Limited	0.09%	805,195	$13M	added+1%	+0.01 pp	31 q
TRNOTerreno Realty Corporation	0.09%	219,847	$14M	added+1%	+0.01 pp	37 q
WELLWelltower Inc.	0.09%	181,550	$13M	added+19%	+0.02 pp	16 q
AMTAmerican Tower Corporation	0.08%	61,920	$13M	trimmed−12%	−0.02 pp	8 q
DLRDigital Realty Trust, Inc.	0.07%	100,935	$10M	trimmed−8%	0.00 pp	21 q
VTRVentas, Inc.	0.07%	244,590	$11M	added+1%	0.00 pp	18 q
CCICrown Castle Inc.	0.06%	73,080	$10M	trimmed−15%	−0.02 pp	7 q
VMRKVivmark Residential	0.06%	141,185	$8M	added+1%	0.00 pp	32 q
UDRUDR, Inc.	0.06%	238,730	$10M	added+1%	0.00 pp	9 q
AMHAmerican Homes 4 Rent	0.05%	259,360	$8M	added+1%	0.00 pp	22 q
SSSLife Storage Inc	0.05%	54,630	$7M	added0%	+0.01 pp	26 q
ROICRetail Opportunity Investments Corp.	0.05%	565,145	$8M	held	—	33 q
SHOSunstone Hotel Investors, Inc.	0.05%	816,580	$8M	held	—	14 q
WCCWesco International Inc.	0.05%	47,648	$7M	trimmed−8%	+0.01 pp	3 q
BXPBXP, Inc.	0.04%	123,070	$7M	added×2.2	+0.01 pp	40 q
CPTCamden Property Trust	0.04%	57,260	$6M	trimmed−12%	−0.01 pp	29 q
CUBECubeSmart	0.04%	118,810	$5M	added+1%	+0.01 pp	5 q
DEIDouglas Emmett, Inc.	0.04%	483,820	$6M	held	—	14 q
MTBM&T Bank Corp.	0.04%	47,235	$6M	trimmed−1%	−0.01 pp	12 q
GLREGreenlight Captial RE, LTD. Class A	0.04%	662,512	$6M	trimmed−27%	−0.01 pp	20 q
FRTFederal Realty Investment Trust	0.03%	51,370	$5M	held	—	5 q
DOCHealthpeak Properties, Inc.	0.03%	200,776	$4M	added+22%	0.00 pp	14 q
unresolvedHudson Pac Pptys Inc	0.03%	678,853	$5M	added+48%	0.00 pp	25 q
STTState Street Corporation	0.03%	57,534	$4M	trimmed−36%	−0.02 pp	29 q
SUISun Communities, Inc	0.03%	33,010	$5M	held	—	8 q
VICIVICI Properties Inc.	0.03%	150,510	$5M	held	—	9 q
HIWHighwoods Properties Inc.	0.02%	153,070	$4M	held	—	12 q
NTSTNetSTREIT Corp.	0.02%	159,110	$3M	trimmed−39%	−0.01 pp	5 q
TFCTruist Financial Corporation	0.02%	67,106	$2M	trimmed−3%	0.00 pp	12 q
4KSVimeo Inc	0.02%	981,484	$4M	added+3%	0.00 pp	8 q
CHCTCommunity Healthcare Trust Incorporated, $0.01 par value per share	0.01%	50,670	$2M	new	+0.01 pp	new
LRCXLam Research Corp	0.00%	1,228	$650,987	held	—	29 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	254,944	$218,997	trimmed−2%	0.00 pp	35 q
RHRh	0.00%	2,240	$545,552	added+95%	0.00 pp	3 q
SKAASkechers USA Inc-cl A	0.00%	12,400	$589,248	held	—	5 q
RTXRTX Corporation	—	−144,483	—	exited	−0.10 pp	—
IVEiShares S&P 500 Value ETF	—	−62,868	—	exited	−0.06 pp	—
EXRExtra Space Storage, Inc.	—	−50,320	—	exited	−0.05 pp	—
HSTHost Hotels & Resorts, Inc.	—	−408,130	—	exited	−0.04 pp	—
IIPRInnovative Industrial Properties, Inc.	—	−44,000	—	exited	−0.03 pp	—
S76Store Capital Corp	—	−141,770	—	exited	−0.03 pp	—
COLDAmericold Realty Trust, Inc.	—	−88,850	—	exited	−0.02 pp	—
RADIGRadius Global Infrastructu-a	—	−245,640	—	exited	−0.02 pp	—
IWViShares Russell 3000 ETF	—	−3,382	—	exited	−0.01 pp	—