Davis Advisors

Q2 2023 13F · by Chris Davis, portfolio manager

As of: Jun 30, 2023
Filed: Aug 9, 2023
US stock: $16.4B · prev $15.1B
Positions: 102 · prev 101
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%

Moves89 since the prior filing

+2.6 pp in · −2.6 pp out

New 2 +0.03 pp
Added 40 +2.59 pp
Trimmed 46 −2.53 pp
Exited 1 −0.04 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.3% a year, about 12.0 years per position

Low
Moderate
High

Top 5 positions38% of US stock

META Meta Platforms, Inc. Class A trimmed+1.21 pp trimmed+1.2110.0%
WFC Wells Fargo & Co. added+0.49 pp added+0.498.0%
COF Capital One Financial added+0.67 pp added+0.677.5%
AMZN Amazon.Com Inc trimmed+0.90 pp trimmed+0.906.5%
BRK.A Berkshire Hathaway Inc. trimmed+0.10 pp trimmed+0.106.4%

Positions102 in this filing · 1 exited


METAMeta Platforms, Inc. Class A	9.99%	5,715,317	$1.6B	trimmed−9%	+1.21 pp	31 q
WFCWells Fargo & Co.	7.99%	30,739,720	$1.3B	added+1%	+0.49 pp	41 q
COFCapital One Financial	7.51%	11,264,109	$1.2B	added+5%	+0.67 pp	36 q
AMZNAmazon.Com Inc	6.54%	8,229,601	$1.1B	trimmed−0%	+0.90 pp	41 q
BRK.ABerkshire Hathaway Inc.	6.36%	2,015	$1.0B	trimmed−1%	+0.10 pp	41 q
AMATApplied Materials Inc	6.12%	6,945,026	$1.0B	trimmed−3%	+0.32 pp	41 q
VTRSViatris Inc.	3.83%	62,948,155	$628M	added+14%	+0.33 pp	11 q
JPMJPMorgan Chase & Co.	3.73%	4,206,087	$612M	added0%	+0.12 pp	41 q
BNYBank of New York Mellon Corporation	3.56%	13,129,195	$585M	added+1%	−0.35 pp	41 q
OCOwens Corning	3.32%	4,175,279	$545M	added+16%	+1.04 pp	19 q
TECKTeck Resources Limited	3.31%	12,903,889	$543M	trimmed−1%	+0.17 pp	8 q
USBU.S. Bancorp	3.10%	15,422,333	$510M	trimmed−1%	−0.60 pp	41 q
TXNTexas Instruments Incorporated	3.07%	2,795,495	$503M	added+1%	−0.35 pp	41 q
CIThe Cigna Group	2.94%	1,722,146	$483M	trimmed−1%	0.00 pp	19 q
GOOGLAlphabet Inc. Class A	2.63%	3,606,619	$432M	trimmed−16%	−0.32 pp	31 q
BRK.BBERKSHIRE HATHAWAY Class B	2.35%	1,133,346	$386M	trimmed−2%	−0.01 pp	41 q
INTCIntel Corp	2.30%	11,291,159	$378M	trimmed−1%	−0.15 pp	41 q
MKLMarkel Group Inc.	2.24%	265,233	$367M	added+8%	+0.17 pp	41 q
CBChubb Limited	1.74%	1,479,094	$285M	trimmed−1%	−0.18 pp	30 q
DGXQuest Diagnostics Inc.	1.30%	1,513,888	$213M	trimmed−0%	−0.12 pp	38 q
DARDarling Ingredients Inc.	1.24%	3,189,114	$203M	added+2%	+0.03 pp	9 q
AXPAmerican Express Company	1.01%	950,068	$166M	trimmed−1%	−0.04 pp	41 q
JDJD.com, Inc.	1.01%	4,835,578	$165M	trimmed−1%	−0.41 pp	37 q
PPLIPeople Incorporated	0.97%	2,532,853	$159M	added+37%	+0.34 pp	9 q
MSFTMicrosoft Corp	0.72%	345,390	$118M	trimmed−2%	+0.05 pp	41 q
CPNGCoupang, Inc.	0.69%	6,513,579	$113M	added0%	0.00 pp	10 q
DUSADavis Select U.S. Equity ETF	0.65%	3,332,430	$107M	held	—	26 q
HOLIHollysys Automation Technolo	0.58%	5,428,153	$95M	trimmed−2%	−0.05 pp	26 q
LLoews Corporation	0.56%	1,549,767	$92M	trimmed−2%	−0.05 pp	41 q
GOOGAlphabet Inc. Class C	0.54%	728,618	$88M	trimmed−84%	−2.60 pp	37 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.54%	3,222,053	$88M	trimmed−1%	−0.04 pp	22 q
BACBank of America Corporation	0.49%	2,827,109	$81M	trimmed−2%	−0.06 pp	18 q
DINTDavis Select International ETF	0.45%	3,893,199	$73M	held	—	22 q
FITBFifth Third Bancorp	0.39%	2,467,424	$65M	added+3%	−0.03 pp	5 q
DFNLDavis Select Financial ETF	0.35%	2,112,316	$57M	held	—	26 q
DWLDDavis Select Worldwide ETF	0.34%	1,941,227	$56M	held	—	26 q
PNCPNC Financial Services Group	0.33%	428,713	$54M	trimmed−0%	−0.03 pp	30 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.33%	113,794	$55M	trimmed−1%	−0.03 pp	41 q
FERGFerguson Enterprises Inc.	0.23%	238,906	$38M	trimmed−0%	+0.02 pp	10 q
LM05Liberty Media Corp-liberty-a	0.21%	519,103	$35M	trimmed−2%	−0.03 pp	10 q
ETNEaton Corporation, plc	0.21%	170,033	$34M	trimmed−14%	−0.01 pp	31 q
JCIJohnson Controls International plc	0.21%	512,959	$35M	added0%	+0.01 pp	28 q
CARRCarrier Global Corporation	0.19%	624,528	$31M	added0%	0.00 pp	13 q
RKTRocket Companies, Inc.	0.19%	3,493,673	$31M	trimmed−3%	−0.03 pp	9 q
MBCMasterBrand, Inc.	0.16%	2,269,926	$26M	added+1%	+0.04 pp	3 q
PLDPrologis, Inc.	0.16%	210,196	$26M	trimmed−13%	−0.04 pp	27 q
WCCWesco International Inc.	0.15%	133,262	$24M	added×2.8	+0.10 pp	4 q
ORCLOracle Corp	0.14%	195,460	$23M	trimmed−3%	+0.02 pp	41 q
HUMHumana Inc.	0.12%	43,589	$19M	added0%	−0.02 pp	17 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.12%	267,808	$20M	trimmed−2%	−0.02 pp	10 q
SAPSap SE	0.12%	140,899	$19M	trimmed−1%	0.00 pp	41 q
AVBAvalonBay Communities, Inc.	0.11%	95,050	$18M	added+2%	+0.01 pp	41 q
PSAPublic Storage	0.11%	61,030	$18M	trimmed−7%	−0.02 pp	29 q
SCHWThe Charles Schwab Corporation	0.11%	329,998	$19M	trimmed−3%	−0.01 pp	41 q
YOUClear Secure, Inc.	0.10%	673,582	$16M	trimmed−1%	−0.02 pp	9 q
CUZCousins Properties Inc.	0.10%	692,495	$16M	added+2%	0.00 pp	17 q
ESSEssex Property Trust, Inc	0.10%	68,221	$16M	added+5%	+0.01 pp	41 q
BABAAlibaba Group Holding Limited	0.09%	184,714	$15M	trimmed−26%	−0.08 pp	27 q
BRXBrixmor Property Group Inc.	0.09%	690,910	$15M	added+8%	0.00 pp	24 q
CVSCvs Health Corporation	0.09%	207,809	$14M	trimmed−0%	−0.01 pp	19 q
EQIXEquinix, Inc.	0.09%	18,918	$15M	trimmed−20%	−0.02 pp	22 q
SPGSimon Property Group, Inc.	0.09%	134,770	$16M	added+3%	−0.01 pp	41 q
WELLWelltower Inc.	0.09%	181,550	$15M	held	—	17 q
EGEverest Group, Ltd.	0.09%	44,858	$15M	trimmed−4%	−0.02 pp	41 q
AREAlexandria Real Estate Equities, Inc.	0.08%	116,247	$13M	added+2%	−0.01 pp	41 q
AMTAmerican Tower Corporation	0.07%	63,430	$12M	added+2%	−0.01 pp	9 q
DLRDigital Realty Trust, Inc.	0.07%	103,395	$12M	added+2%	0.00 pp	22 q
NOAHNoah Holdings Limited	0.07%	791,724	$11M	trimmed−2%	−0.02 pp	32 q
TRNOTerreno Realty Corporation	0.07%	194,867	$12M	trimmed−11%	−0.02 pp	38 q
VTRVentas, Inc.	0.07%	250,260	$12M	added+2%	0.00 pp	19 q
AMHAmerican Homes 4 Rent	0.06%	265,260	$9M	added+2%	+0.01 pp	23 q
VMRKVivmark Residential	0.06%	144,555	$10M	added+2%	0.00 pp	33 q
UDRUDR, Inc.	0.06%	244,610	$11M	added+2%	0.00 pp	10 q
CCICrown Castle Inc.	0.05%	74,840	$9M	added+2%	−0.01 pp	8 q
IQiQIYI, Inc.	0.05%	1,437,345	$8M	trimmed−53%	−0.10 pp	22 q
ROICRetail Opportunity Investments Corp.	0.05%	580,065	$8M	added+3%	0.00 pp	34 q
SHOSunstone Hotel Investors, Inc.	0.05%	836,200	$8M	added+2%	0.00 pp	15 q
BIDUBaidu, Inc.	0.04%	48,907	$7M	trimmed−68%	−0.11 pp	33 q
BXPBXP, Inc.	0.04%	126,010	$7M	added+2%	0.00 pp	41 q
CPTCamden Property Trust	0.04%	58,360	$6M	added+2%	0.00 pp	30 q
DEIDouglas Emmett, Inc.	0.04%	496,370	$6M	added+3%	0.00 pp	15 q
SSSLife Storage Inc	0.04%	54,630	$7M	held	—	27 q
MTBM&T Bank Corp.	0.04%	46,895	$6M	trimmed−1%	0.00 pp	13 q
REXRRexford Industrial Realty, Inc.	0.04%	141,390	$7M	trimmed−43%	−0.06 pp	32 q
CUBECubeSmart	0.03%	118,810	$5M	held	—	6 q
FRTFederal Realty Investment Trust	0.03%	52,500	$5M	added+2%	0.00 pp	6 q
REGRegency Centers Corporation	0.03%	90,800	$6M	new	+0.03 pp	new
STTState Street Corporation	0.03%	56,888	$4M	trimmed−1%	0.00 pp	30 q
SUISun Communities, Inc	0.03%	33,840	$4M	added+3%	0.00 pp	9 q
VICIVICI Properties Inc.	0.03%	150,510	$5M	held	—	10 q
CHCTCommunity Healthcare Trust Incorporated, $0.01 par value per share	0.02%	104,830	$3M	added×2.1	+0.01 pp	2 q
DOCHealthpeak Properties, Inc.	0.02%	200,776	$4M	held	—	15 q
HIWHighwoods Properties Inc.	0.02%	157,020	$4M	added+3%	0.00 pp	13 q
unresolvedHudson Pac Pptys Inc	0.02%	678,853	$3M	held	—	26 q
NTSTNetSTREIT Corp.	0.02%	159,110	$3M	held	—	6 q
4KSVimeo Inc	0.02%	982,661	$4M	added0%	0.00 pp	9 q
TFCTruist Financial Corporation	0.01%	66,014	$2M	trimmed−2%	−0.01 pp	13 q
IVEiShares S&P 500 Value ETF	0.00%	2,657	$428,282	new	0.00 pp	new
LRCXLam Research Corp	0.00%	1,228	$789,432	held	—	30 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	253,534	$164,797	trimmed−1%	0.00 pp	36 q
RHRh	0.00%	2,240	$738,282	held	—	4 q
SKAASkechers USA Inc-cl A	0.00%	12,400	$652,984	held	—	6 q
GLREGreenlight Captial RE, LTD. Class A	—	−662,512	—	exited	−0.04 pp	—