Davis Advisors

Q3 2023 13F · by Chris Davis, portfolio manager

As of: Sep 30, 2023
Filed: Nov 9, 2023
US stock: $15.9B · prev $16.4B
Positions: 104 · prev 102
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%

Moves92 since the prior filing

+2.8 pp in · −2.8 pp out

New 4 +2.67 pp
Added 29 +0.17 pp
Trimmed 57 −2.72 pp
Exited 2 −0.06 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.1 years per position

Low
Moderate
High

Top 5 positions36% of US stock

META Meta Platforms, Inc. Class A trimmed−0.79 pp trimmed−0.799.2%
WFC Wells Fargo & Co. trimmed−0.22 pp trimmed−0.227.8%
COF Capital One Financial trimmed−0.76 pp trimmed−0.766.8%
BRK.A Berkshire Hathaway Inc. trimmed+0.23 pp trimmed+0.236.6%
AMZN Amazon.Com Inc trimmed−0.62 pp trimmed−0.625.9%

Positions104 in this filing · 2 exited


METAMeta Platforms, Inc. Class A	9.20%	4,888,906	$1.5B	trimmed−14%	−0.79 pp	32 q
WFCWells Fargo & Co.	7.77%	30,313,265	$1.2B	trimmed−1%	−0.22 pp	42 q
COFCapital One Financial	6.75%	11,089,149	$1.1B	trimmed−2%	−0.76 pp	37 q
BRK.ABerkshire Hathaway Inc.	6.59%	1,976	$1.1B	trimmed−2%	+0.23 pp	42 q
AMZNAmazon.Com Inc	5.92%	7,431,131	$945M	trimmed−10%	−0.62 pp	42 q
AMATApplied Materials Inc	5.91%	6,809,823	$943M	trimmed−2%	−0.21 pp	42 q
VTRSViatris Inc.	3.96%	64,063,785	$632M	added+2%	+0.13 pp	12 q
JPMJPMorgan Chase & Co.	3.76%	4,137,185	$600M	trimmed−2%	+0.03 pp	42 q
BNYBank of New York Mellon Corporation	3.48%	12,996,471	$554M	trimmed−1%	−0.08 pp	42 q
TECKTeck Resources Limited	3.48%	12,875,150	$555M	trimmed−0%	+0.17 pp	9 q
USBU.S. Bancorp	3.18%	15,340,624	$507M	trimmed−1%	+0.08 pp	42 q
OCOwens Corning	3.15%	3,684,624	$503M	trimmed−12%	−0.17 pp	20 q
CIThe Cigna Group	3.05%	1,700,471	$486M	trimmed−1%	+0.11 pp	20 q
GOOGLAlphabet Inc. Class A	2.93%	3,568,210	$467M	trimmed−1%	+0.30 pp	32 q
TXNTexas Instruments Incorporated	2.71%	2,722,415	$433M	trimmed−3%	−0.36 pp	42 q
BRK.BBERKSHIRE HATHAWAY Class B	2.45%	1,115,427	$391M	trimmed−2%	+0.10 pp	42 q
MKLMarkel Group Inc.	2.42%	262,103	$386M	trimmed−1%	+0.18 pp	42 q
MGMMgm Resorts International	2.27%	9,845,345	$362M	new	+2.27 pp	new
INTCIntel Corp	2.09%	9,385,423	$334M	trimmed−17%	−0.21 pp	42 q
CBChubb Limited	1.90%	1,453,549	$303M	trimmed−2%	+0.16 pp	31 q
DGXQuest Diagnostics Inc.	1.27%	1,667,698	$203M	added+10%	−0.03 pp	39 q
DARDarling Ingredients Inc.	1.02%	3,109,149	$162M	trimmed−3%	−0.22 pp	10 q
PPLIPeople Incorporated	0.94%	2,960,918	$149M	added+17%	−0.03 pp	10 q
AXPAmerican Express Company	0.87%	932,300	$139M	trimmed−2%	−0.14 pp	42 q
JDJD.com, Inc.	0.87%	4,769,477	$139M	trimmed−1%	−0.14 pp	38 q
CPNGCoupang, Inc.	0.68%	6,415,197	$109M	trimmed−2%	−0.01 pp	11 q
MSFTMicrosoft Corp	0.67%	336,436	$106M	trimmed−3%	−0.05 pp	42 q
HOLIHollysys Automation Technolo	0.67%	5,368,114	$107M	trimmed−1%	+0.09 pp	27 q
DUSADavis Select U.S. Equity ETF	0.66%	3,332,430	$105M	held	—	27 q
LLoews Corporation	0.60%	1,515,387	$96M	trimmed−2%	+0.04 pp	42 q
GOOGAlphabet Inc. Class C	0.59%	712,177	$94M	trimmed−2%	+0.05 pp	38 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.54%	3,204,685	$87M	trimmed−1%	0.00 pp	23 q
BACBank of America Corporation	0.48%	2,766,991	$76M	trimmed−2%	−0.01 pp	19 q
DINTDavis Select International ETF	0.44%	3,893,199	$69M	held	—	23 q
FITBFifth Third Bancorp	0.40%	2,497,371	$63M	added+1%	+0.01 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.36%	113,684	$57M	trimmed−0%	+0.03 pp	42 q
DFNLDavis Select Financial ETF	0.35%	2,112,316	$57M	held	—	27 q
BEKEKE Holdings Inc.	0.34%	3,502,766	$54M	new	+0.34 pp	new
DWLDDavis Select Worldwide ETF	0.33%	1,941,227	$53M	held	—	27 q
PNCPNC Financial Services Group	0.33%	427,564	$52M	trimmed−0%	0.00 pp	31 q
FERGFerguson Enterprises Inc.	0.25%	237,800	$39M	trimmed−0%	+0.02 pp	11 q
ETNEaton Corporation, plc	0.20%	146,334	$31M	trimmed−14%	−0.01 pp	32 q
CARRCarrier Global Corporation	0.18%	513,418	$28M	trimmed−18%	−0.01 pp	14 q
LM05Liberty Media Corp-liberty-a	0.18%	514,877	$29M	trimmed−1%	−0.03 pp	11 q
MBCMasterBrand, Inc.	0.17%	2,272,376	$28M	added0%	+0.01 pp	4 q
RKTRocket Companies, Inc.	0.17%	3,410,601	$28M	trimmed−2%	−0.02 pp	10 q
JCIJohnson Controls International plc	0.17%	509,477	$27M	trimmed−1%	−0.04 pp	29 q
PLDPrologis, Inc.	0.15%	210,196	$24M	held	—	28 q
HUMHumana Inc.	0.13%	43,564	$21M	trimmed−0%	+0.01 pp	18 q
ORCLOracle Corp	0.12%	186,945	$20M	trimmed−4%	−0.02 pp	42 q
WCCWesco International Inc.	0.12%	133,510	$19M	added0%	−0.03 pp	5 q
SAPSap SE	0.11%	140,912	$18M	added0%	−0.01 pp	42 q
SCHWThe Charles Schwab Corporation	0.11%	322,279	$18M	trimmed−2%	0.00 pp	42 q
BABAAlibaba Group Holding Limited	0.10%	183,624	$16M	trimmed−1%	+0.01 pp	28 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.10%	265,230	$17M	trimmed−1%	−0.02 pp	11 q
PSAPublic Storage	0.10%	57,800	$15M	trimmed−5%	−0.01 pp	30 q
EGEverest Group, Ltd.	0.10%	43,655	$16M	trimmed−3%	+0.01 pp	42 q
AVBAvalonBay Communities, Inc.	0.09%	81,040	$14M	trimmed−15%	−0.02 pp	42 q
BRXBrixmor Property Group Inc.	0.09%	709,290	$15M	added+3%	0.00 pp	25 q
CVSCvs Health Corporation	0.09%	204,632	$14M	trimmed−2%	0.00 pp	20 q
CUZCousins Properties Inc.	0.09%	692,495	$14M	held	—	18 q
EQIXEquinix, Inc.	0.09%	18,918	$14M	held	—	23 q
SPGSimon Property Group, Inc.	0.09%	128,130	$14M	trimmed−5%	0.00 pp	42 q
YOUClear Secure, Inc.	0.08%	663,985	$13M	trimmed−1%	−0.02 pp	10 q
DLRDigital Realty Trust, Inc.	0.08%	103,395	$13M	held	—	23 q
ESSEssex Property Trust, Inc	0.08%	57,191	$12M	trimmed−16%	−0.02 pp	42 q
WELLWelltower Inc.	0.08%	152,690	$13M	trimmed−16%	−0.01 pp	18 q
AREAlexandria Real Estate Equities, Inc.	0.07%	119,407	$12M	added+3%	−0.01 pp	42 q
TRNOTerreno Realty Corporation	0.07%	199,417	$11M	added+2%	0.00 pp	39 q
VTRVentas, Inc.	0.07%	251,370	$11M	added0%	0.00 pp	20 q
AMHAmerican Homes 4 Rent	0.06%	265,260	$9M	held	—	24 q
BXPBXP, Inc.	0.06%	156,890	$9M	added+25%	+0.02 pp	42 q
NOAHNoah Holdings Limited	0.06%	786,389	$10M	trimmed−1%	−0.01 pp	33 q
UDRUDR, Inc.	0.06%	250,290	$9M	added+2%	0.00 pp	11 q
AMTAmerican Tower Corporation	0.05%	44,780	$7M	trimmed−29%	−0.02 pp	10 q
VMRKVivmark Residential	0.05%	144,555	$8M	held	—	34 q
REGRegency Centers Corporation	0.05%	122,890	$7M	added+35%	+0.02 pp	2 q
ROICRetail Opportunity Investments Corp.	0.05%	600,195	$7M	added+3%	0.00 pp	35 q
SHOSunstone Hotel Investors, Inc.	0.05%	843,340	$8M	added+1%	0.00 pp	16 q
BIDUBaidu, Inc.	0.04%	46,112	$6M	trimmed−6%	0.00 pp	34 q
DEIDouglas Emmett, Inc.	0.04%	512,980	$7M	added+3%	0.00 pp	16 q
EXRExtra Space Storage, Inc.	0.04%	49,375	$6M	new	+0.04 pp	new
DOCHealthpeak Properties, Inc.	0.04%	380,516	$7M	added+90%	+0.02 pp	16 q
MTBM&T Bank Corp.	0.04%	48,705	$6M	added+4%	0.00 pp	14 q
REXRRexford Industrial Realty, Inc.	0.04%	144,090	$7M	added+2%	0.00 pp	33 q
SUISun Communities, Inc	0.04%	49,380	$6M	added+46%	+0.01 pp	10 q
CPTCamden Property Trust	0.03%	58,360	$6M	held	—	31 q
CHCTCommunity Healthcare Trust Incorporated, $0.01 par value per share	0.03%	163,400	$5M	added+56%	+0.01 pp	3 q
FRTFederal Realty Investment Trust	0.03%	54,200	$5M	added+3%	0.00 pp	7 q
unresolvedHudson Pac Pptys Inc	0.03%	693,643	$5M	added+2%	+0.01 pp	27 q
TFCTruist Financial Corporation	0.03%	146,866	$4M	added×2.2	+0.02 pp	14 q
VICIVICI Properties Inc.	0.03%	152,200	$4M	added+1%	0.00 pp	11 q
CCICrown Castle Inc.	0.02%	33,920	$3M	trimmed−55%	−0.03 pp	9 q
CUBECubeSmart	0.02%	97,370	$4M	trimmed−18%	−0.01 pp	7 q
HIWHighwoods Properties Inc.	0.02%	162,490	$3M	added+3%	0.00 pp	14 q
IVEiShares S&P 500 Value ETF	0.02%	17,162	$3M	added×6.5	+0.02 pp	2 q
NTSTNetSTREIT Corp.	0.02%	160,780	$3M	added+1%	0.00 pp	7 q
SLGSL Green Realty Corp.	0.02%	85,380	$3M	new	+0.02 pp	new
STTState Street Corporation	0.02%	55,919	$4M	trimmed−2%	−0.01 pp	31 q
IQiQIYI, Inc.	0.01%	254,236	$1M	trimmed−82%	−0.04 pp	23 q
LRCXLam Research Corp	0.00%	1,228	$769,674	held	—	31 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	249,144	$121,831	trimmed−2%	0.00 pp	37 q
RHRh	0.00%	2,240	$592,166	held	—	5 q
SKAASkechers USA Inc-cl A	0.00%	12,400	$606,980	held	—	7 q
SSSLife Storage Inc	—	−54,630	—	exited	−0.04 pp	—
4KSVimeo Inc	—	−982,661	—	exited	−0.02 pp	—