Davis Advisors

Q4 2023 13F · by Chris Davis, portfolio manager

As of: Dec 31, 2023
Filed: Feb 12, 2024
US stock: $17.7B · prev $15.9B
Positions: 103 · prev 104
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%

Moves98 since the prior filing

+3.0 pp in · −3.0 pp out

New 3 +1.29 pp
Added 31 +1.70 pp
Trimmed 60 −2.70 pp
Exited 4 −0.31 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.5 years per position

Low
Moderate
High

Top 5 positions36% of US stock

WFC Wells Fargo & Co. trimmed+0.39 pp trimmed+0.398.2%
COF Capital One Financial trimmed+1.32 pp trimmed+1.328.1%
META Meta Platforms, Inc. Class A trimmed−1.28 pp trimmed−1.287.9%
AMZN Amazon.Com Inc trimmed+0.10 pp trimmed+0.106.0%
BRK.A Berkshire Hathaway Inc. trimmed−0.82 pp trimmed−0.825.8%

Positions103 in this filing · 4 exited


WFCWells Fargo & Co.	8.16%	29,354,991	$1.4B	trimmed−3%	+0.39 pp	43 q
COFCapital One Financial	8.07%	10,891,619	$1.4B	trimmed−2%	+1.32 pp	38 q
METAMeta Platforms, Inc. Class A	7.92%	3,957,652	$1.4B	trimmed−19%	−1.28 pp	33 q
AMZNAmazon.Com Inc	6.02%	7,013,917	$1.1B	trimmed−6%	+0.10 pp	43 q
BRK.ABerkshire Hathaway Inc.	5.77%	1,883	$1.0B	trimmed−5%	−0.82 pp	43 q
AMATApplied Materials Inc	5.44%	5,937,245	$962M	trimmed−13%	−0.47 pp	43 q
JPMJPMorgan Chase & Co.	3.84%	3,993,234	$679M	trimmed−3%	+0.08 pp	43 q
VTRSViatris Inc.	3.83%	62,661,728	$679M	trimmed−2%	−0.13 pp	13 q
USBU.S. Bancorp	3.74%	15,286,371	$662M	trimmed−0%	+0.56 pp	43 q
BNYBank of New York Mellon Corporation	3.71%	12,602,375	$656M	trimmed−3%	+0.23 pp	43 q
TECKTeck Resources Limited	3.05%	12,769,491	$540M	trimmed−1%	−0.43 pp	10 q
CIThe Cigna Group	2.80%	1,653,283	$495M	trimmed−3%	−0.25 pp	21 q
GOOGLAlphabet Inc. Class A	2.78%	3,522,043	$492M	trimmed−1%	−0.15 pp	33 q
MGMMgm Resorts International	2.61%	10,332,109	$462M	added+5%	+0.34 pp	2 q
INTCIntel Corp	2.57%	9,035,759	$454M	trimmed−4%	+0.48 pp	43 q
TXNTexas Instruments Incorporated	2.55%	2,650,737	$452M	trimmed−3%	−0.16 pp	43 q
MKLMarkel Group Inc.	2.41%	300,604	$427M	added+15%	−0.01 pp	43 q
OCOwens Corning	2.25%	2,685,808	$398M	trimmed−27%	−0.90 pp	21 q
BRK.BBERKSHIRE HATHAWAY Class B	2.21%	1,098,843	$392M	trimmed−1%	−0.24 pp	43 q
DGXQuest Diagnostics Inc.	2.08%	2,666,564	$368M	added+60%	+0.81 pp	40 q
CBChubb Limited	1.79%	1,399,886	$316M	trimmed−4%	−0.11 pp	32 q
AGCOAGCO Corporation	1.04%	1,512,163	$184M	new	+1.04 pp	new
AXPAmerican Express Company	0.96%	903,491	$169M	trimmed−3%	+0.09 pp	43 q
DARDarling Ingredients Inc.	0.87%	3,075,812	$153M	trimmed−1%	−0.15 pp	11 q
PPLIPeople Incorporated	0.86%	2,910,455	$152M	trimmed−2%	−0.08 pp	11 q
HOLIHollysys Automation Technolo	0.78%	5,248,240	$138M	trimmed−2%	+0.11 pp	28 q
JDJD.com, Inc.	0.73%	4,490,036	$130M	trimmed−6%	−0.14 pp	39 q
MSFTMicrosoft Corp	0.71%	333,476	$125M	trimmed−1%	+0.04 pp	43 q
DUSADavis Select U.S. Equity ETF	0.68%	3,390,041	$120M	added+2%	+0.02 pp	28 q
LLoews Corporation	0.57%	1,450,893	$101M	trimmed−4%	−0.03 pp	43 q
GOOGAlphabet Inc. Class C	0.56%	699,392	$99M	trimmed−2%	−0.03 pp	39 q
CPNGCoupang, Inc.	0.56%	6,145,093	$99M	trimmed−4%	−0.12 pp	12 q
FITBFifth Third Bancorp	0.49%	2,502,465	$86M	added0%	+0.09 pp	7 q
PNCPNC Financial Services Group	0.44%	502,758	$78M	added+18%	+0.11 pp	32 q
BEKEKE Holdings Inc.	0.43%	4,711,272	$76M	added+35%	+0.09 pp	2 q
DINTDavis Select International ETF	0.41%	3,916,775	$73M	added+1%	−0.03 pp	24 q
DFNLDavis Select Financial ETF	0.37%	2,138,178	$65M	added+1%	+0.02 pp	28 q
DWLDDavis Select Worldwide ETF	0.33%	1,953,004	$58M	added+1%	0.00 pp	28 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.32%	108,331	$57M	trimmed−5%	−0.04 pp	43 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.31%	1,726,478	$55M	trimmed−46%	−0.23 pp	24 q
RKTRocket Companies, Inc.	0.27%	3,282,563	$48M	trimmed−4%	+0.10 pp	11 q
BACBank of America Corporation	0.23%	1,215,443	$41M	trimmed−56%	−0.25 pp	20 q
FERGFerguson Enterprises Inc.	0.22%	206,170	$40M	trimmed−13%	−0.03 pp	12 q
ETNEaton Corporation, plc	0.20%	145,440	$35M	trimmed−1%	0.00 pp	33 q
WCCWesco International Inc.	0.18%	187,354	$33M	added+40%	+0.06 pp	6 q
CARRCarrier Global Corporation	0.17%	514,650	$30M	added0%	−0.01 pp	15 q
MBCMasterBrand, Inc.	0.17%	2,000,385	$30M	trimmed−12%	0.00 pp	5 q
JCIJohnson Controls International plc	0.17%	515,723	$30M	added+1%	0.00 pp	30 q
FWONALiberty Media Corporation Series A	0.16%	488,300	$28M	new	+0.16 pp	new
IVEiShares S&P 500 Value ETF	0.14%	139,545	$24M	added×8.1	+0.12 pp	3 q
PLDPrologis, Inc.	0.14%	190,596	$25M	trimmed−9%	−0.01 pp	29 q
SAPSap SE	0.12%	139,367	$22M	trimmed−1%	+0.01 pp	43 q
SCHWThe Charles Schwab Corporation	0.12%	311,523	$21M	trimmed−3%	+0.01 pp	43 q
HUMHumana Inc.	0.11%	43,563	$20M	trimmed0%	−0.02 pp	19 q
ORCLOracle Corp	0.11%	181,985	$19M	trimmed−3%	−0.01 pp	43 q
AREAlexandria Real Estate Equities, Inc.	0.10%	143,977	$18M	added+21%	+0.03 pp	43 q
CUZCousins Properties Inc.	0.10%	694,055	$17M	added0%	+0.01 pp	19 q
BRXBrixmor Property Group Inc.	0.09%	711,430	$17M	added0%	0.00 pp	26 q
CVSCvs Health Corporation	0.09%	206,414	$16M	added+1%	0.00 pp	21 q
FWONKLiberty Media Corporation Series C	0.09%	257,802	$16M	new	+0.09 pp	new
PSAPublic Storage	0.09%	54,490	$17M	trimmed−6%	−0.01 pp	31 q
SPGSimon Property Group, Inc.	0.09%	111,280	$16M	trimmed−13%	0.00 pp	43 q
BABAAlibaba Group Holding Limited	0.08%	182,114	$14M	trimmed−1%	−0.02 pp	29 q
AVBAvalonBay Communities, Inc.	0.08%	74,020	$14M	trimmed−9%	−0.01 pp	43 q
YOUClear Secure, Inc.	0.08%	649,513	$13M	trimmed−2%	0.00 pp	11 q
DLRDigital Realty Trust, Inc.	0.08%	103,645	$14M	added0%	0.00 pp	24 q
EQIXEquinix, Inc.	0.08%	17,848	$14M	trimmed−6%	−0.01 pp	24 q
ESSEssex Property Trust, Inc	0.08%	55,751	$14M	trimmed−3%	0.00 pp	43 q
VTRVentas, Inc.	0.08%	290,590	$14M	added+16%	+0.01 pp	21 q
EGEverest Group, Ltd.	0.08%	41,963	$15M	trimmed−4%	−0.02 pp	43 q
AMTAmerican Tower Corporation	0.07%	58,190	$13M	added+30%	+0.02 pp	11 q
TRNOTerreno Realty Corporation	0.07%	199,937	$13M	added0%	0.00 pp	40 q
WELLWelltower Inc.	0.07%	134,350	$12M	trimmed−12%	−0.01 pp	19 q
BXPBXP, Inc.	0.06%	157,340	$11M	added0%	0.00 pp	43 q
NOAHNoah Holdings Limited	0.06%	773,993	$11M	trimmed−2%	0.00 pp	34 q
AMHAmerican Homes 4 Rent	0.05%	254,160	$9M	trimmed−4%	−0.01 pp	25 q
VMRKVivmark Residential	0.05%	144,915	$9M	added0%	0.00 pp	35 q
REGRegency Centers Corporation	0.05%	122,890	$8M	held	—	3 q
ROICRetail Opportunity Investments Corp.	0.05%	572,755	$8M	trimmed−5%	0.00 pp	36 q
REXRRexford Industrial Realty, Inc.	0.05%	159,280	$9M	added+11%	+0.01 pp	34 q
SHOSunstone Hotel Investors, Inc.	0.05%	846,280	$9M	added0%	0.00 pp	17 q
EXRExtra Space Storage, Inc.	0.04%	41,275	$7M	trimmed−16%	0.00 pp	2 q
FRTFederal Realty Investment Trust	0.04%	62,280	$6M	added+15%	+0.01 pp	8 q
unresolvedHudson Pac Pptys Inc	0.04%	693,643	$6M	held	—	28 q
MTBM&T Bank Corp.	0.04%	49,385	$7M	added+1%	0.00 pp	15 q
SUISun Communities, Inc	0.04%	49,380	$7M	held	—	11 q
UDRUDR, Inc.	0.04%	204,760	$8M	trimmed−18%	−0.02 pp	12 q
BIDUBaidu, Inc.	0.03%	46,357	$6M	added+1%	−0.01 pp	35 q
CPTCamden Property Trust	0.03%	44,890	$4M	trimmed−23%	0.00 pp	32 q
CHCTCommunity Healthcare Trust Incorporated, $0.01 par value per share	0.03%	223,100	$6M	added+37%	0.00 pp	4 q
CCICrown Castle Inc.	0.03%	42,550	$5M	added+25%	+0.01 pp	10 q
DOCHealthpeak Properties, Inc.	0.03%	281,996	$6M	trimmed−26%	−0.01 pp	17 q
TFCTruist Financial Corporation	0.03%	144,376	$5M	trimmed−2%	0.00 pp	15 q
VICIVICI Properties Inc.	0.03%	152,200	$5M	held	—	12 q
CUBECubeSmart	0.02%	72,040	$3M	trimmed−26%	0.00 pp	8 q
DEIDouglas Emmett, Inc.	0.02%	260,100	$4M	trimmed−49%	−0.02 pp	17 q
HIWHighwoods Properties Inc.	0.02%	162,490	$4M	held	—	15 q
SLGSL Green Realty Corp.	0.02%	85,380	$4M	held	—	2 q
STTState Street Corporation	0.02%	55,273	$4M	trimmed−1%	0.00 pp	32 q
LRCXLam Research Corp	0.01%	1,228	$961,843	held	—	32 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	237,084	$201,521	trimmed−5%	0.00 pp	38 q
RHRh	0.00%	2,240	$652,915	held	—	6 q
SKAASkechers USA Inc-cl A	0.00%	12,400	$773,016	held	—	8 q
LM05Liberty Media Corp-liberty-a	—	−514,877	—	exited	−0.18 pp	—
FWONKLiberty Media Corporation Series C Liberty Formula One	—	−265,230	—	exited	−0.10 pp	—
NTSTNetSTREIT Corp.	—	−160,780	—	exited	−0.02 pp	—
IQiQIYI, Inc.	—	−254,236	—	exited	−0.01 pp	—