Davis Advisors

Q1 2024 13F · by Chris Davis, portfolio manager

As of: Mar 31, 2024
Filed: May 14, 2024
US stock: $17.8B · prev $17.7B
Positions: 98 · prev 103
Options notional: $0
Documents: 1· 1 amendment

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

+4.3 pp in · −4.4 pp out

New 0 0.00 pp
Added 9 +4.34 pp
Trimmed 87 −3.93 pp
Exited 5 −0.45 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.8 years per position

Low
Moderate
High

Top 5 positions36% of US stock

META Meta Platforms, Inc. Class A trimmed+0.46 pp trimmed+0.468.4%
COF Capital One Financial trimmed0.00 pp trimmed0.008.1%
WFC Wells Fargo & Co. trimmed−0.52 pp trimmed−0.527.6%
BRK.A Berkshire Hathaway Inc. trimmed+0.80 pp trimmed+0.806.6%
AMZN Amazon.Com Inc trimmed−0.19 pp trimmed−0.195.8%

Revealed late, restated

restated 0 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · May 14, 2024 ↗

Positions98 in this filing · 5 exited


METAMeta Platforms, Inc. Class A	8.38%	3,078,864	$1.5B	trimmed−22%	+0.46 pp	34 q
COFCapital One Financial	8.07%	9,675,321	$1.4B	trimmed−11%	0.00 pp	39 q
WFCWells Fargo & Co.	7.64%	23,503,511	$1.4B	trimmed−20%	−0.52 pp	44 q
BRK.ABerkshire Hathaway Inc.	6.57%	1,848	$1.2B	trimmed−2%	+0.80 pp	44 q
AMZNAmazon.Com Inc	5.83%	5,765,626	$1.0B	trimmed−18%	−0.19 pp	44 q
AMATApplied Materials Inc	5.39%	4,660,857	$961M	trimmed−22%	−0.05 pp	44 q
HUMHumana Inc.	3.87%	1,990,129	$690M	added×45.7	+3.76 pp	20 q
VTRSViatris Inc.	3.85%	57,465,399	$686M	trimmed−8%	+0.02 pp	14 q
JPMJPMorgan Chase & Co.	3.62%	3,227,669	$647M	trimmed−19%	−0.22 pp	44 q
USBU.S. Bancorp	3.55%	14,185,007	$634M	trimmed−7%	−0.19 pp	44 q
BNYBank of New York Mellon Corporation	3.32%	10,283,435	$593M	trimmed−18%	−0.39 pp	44 q
MGMMgm Resorts International	3.15%	11,895,279	$562M	added+15%	+0.54 pp	3 q
TECKTeck Resources Limited	2.97%	11,584,005	$530M	trimmed−9%	−0.08 pp	11 q
CIThe Cigna Group	2.96%	1,453,170	$528M	trimmed−12%	+0.16 pp	22 q
GOOGLAlphabet Inc. Class A	2.61%	3,082,282	$465M	trimmed−12%	−0.17 pp	34 q
MKLMarkel Group Inc.	2.44%	286,091	$435M	trimmed−5%	+0.03 pp	44 q
TXNTexas Instruments Incorporated	2.32%	2,373,740	$414M	trimmed−10%	−0.23 pp	44 q
OCOwens Corning	2.17%	2,316,199	$386M	trimmed−14%	−0.08 pp	22 q
BRK.BBERKSHIRE HATHAWAY Class B	1.91%	809,942	$341M	trimmed−26%	−0.30 pp	44 q
CBChubb Limited	1.83%	1,262,467	$327M	trimmed−10%	+0.04 pp	33 q
DGXQuest Diagnostics Inc.	1.78%	2,381,163	$317M	trimmed−11%	−0.30 pp	41 q
INTCIntel Corp	1.68%	6,791,218	$300M	trimmed−25%	−0.89 pp	44 q
AXPAmerican Express Company	0.98%	766,345	$174M	trimmed−15%	+0.02 pp	44 q
AGCOAGCO Corporation	0.94%	1,356,659	$167M	trimmed−10%	−0.10 pp	2 q
PPLIPeople Incorporated	0.81%	2,703,237	$144M	trimmed−7%	−0.05 pp	12 q
DUSADavis Select U.S. Equity ETF	0.77%	3,385,789	$137M	trimmed−0%	+0.09 pp	29 q
DARDarling Ingredients Inc.	0.74%	2,847,011	$132M	trimmed−7%	−0.13 pp	12 q
JDJD.com, Inc.	0.67%	4,384,782	$120M	trimmed−2%	−0.06 pp	40 q
MSFTMicrosoft Corp	0.61%	258,645	$109M	trimmed−22%	−0.10 pp	44 q
CPNGCoupang, Inc.	0.60%	6,008,216	$107M	trimmed−2%	+0.04 pp	13 q
GOOGAlphabet Inc. Class C	0.57%	671,067	$102M	trimmed−4%	+0.01 pp	40 q
FITBFifth Third Bancorp	0.52%	2,485,189	$92M	trimmed−1%	+0.03 pp	8 q
BEKEKE Holdings Inc.	0.46%	6,010,085	$83M	added+28%	+0.03 pp	3 q
PNCPNC Financial Services Group	0.45%	499,320	$81M	trimmed−1%	+0.01 pp	33 q
DINTDavis Select International ETF	0.42%	3,866,428	$75M	trimmed−1%	+0.01 pp	25 q
DFNLDavis Select Financial ETF	0.40%	2,128,485	$71M	trimmed−0%	+0.03 pp	29 q
DWLDDavis Select Worldwide ETF	0.35%	1,916,112	$62M	trimmed−2%	+0.02 pp	29 q
LLoews Corporation	0.28%	629,559	$49M	trimmed−57%	−0.29 pp	44 q
RKTRocket Companies, Inc.	0.26%	3,234,359	$47M	trimmed−1%	−0.01 pp	12 q
BACBank of America Corporation	0.25%	1,197,479	$45M	trimmed−1%	+0.02 pp	21 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.25%	89,853	$44M	trimmed−17%	−0.07 pp	44 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.19%	1,085,560	$35M	trimmed−37%	−0.12 pp	25 q
WCCWesco International Inc.	0.18%	190,822	$33M	added+2%	0.00 pp	7 q
JCIJohnson Controls International plc	0.16%	436,724	$29M	trimmed−15%	−0.01 pp	31 q
PLDPrologis, Inc.	0.13%	181,256	$24M	trimmed−5%	−0.01 pp	30 q
SAPSap SE	0.13%	117,052	$23M	trimmed−16%	+0.01 pp	44 q
FWONALiberty Media Corporation Series A	0.12%	368,843	$22M	trimmed−24%	−0.04 pp	2 q
SCHWThe Charles Schwab Corporation	0.12%	307,029	$22M	trimmed−1%	0.00 pp	44 q
FERGFerguson Enterprises Inc.	0.12%	99,207	$22M	trimmed−52%	−0.10 pp	13 q
AREAlexandria Real Estate Equities, Inc.	0.10%	141,657	$18M	trimmed−2%	0.00 pp	44 q
ORCLOracle Corp	0.10%	141,313	$18M	trimmed−22%	−0.01 pp	44 q
CUZCousins Properties Inc.	0.09%	682,895	$16M	trimmed−2%	−0.01 pp	20 q
MBCMasterBrand, Inc.	0.09%	860,746	$16M	trimmed−57%	−0.08 pp	6 q
PSAPublic Storage	0.09%	52,660	$15M	trimmed−3%	0.00 pp	32 q
SPGSimon Property Group, Inc.	0.09%	107,610	$17M	trimmed−3%	0.00 pp	44 q
EGEverest Group, Ltd.	0.09%	41,209	$16M	trimmed−2%	+0.01 pp	44 q
HOLIHollysys Automation Technolo	0.09%	654,467	$17M	trimmed−88%	−0.69 pp	29 q
BRXBrixmor Property Group Inc.	0.08%	615,590	$14M	trimmed−13%	−0.01 pp	27 q
CVSCvs Health Corporation	0.08%	172,743	$14M	trimmed−16%	−0.01 pp	22 q
DLRDigital Realty Trust, Inc.	0.08%	101,965	$15M	trimmed−2%	0.00 pp	25 q
EQIXEquinix, Inc.	0.08%	17,268	$14M	trimmed−3%	0.00 pp	25 q
BABAAlibaba Group Holding Limited	0.07%	182,192	$13M	added0%	−0.01 pp	30 q
AMTAmerican Tower Corporation	0.07%	66,680	$13M	added+15%	0.00 pp	12 q
AVBAvalonBay Communities, Inc.	0.07%	66,120	$12M	trimmed−11%	−0.01 pp	44 q
CARRCarrier Global Corporation	0.07%	229,695	$13M	trimmed−55%	−0.10 pp	16 q
YOUClear Secure, Inc.	0.07%	588,888	$13M	trimmed−9%	−0.01 pp	12 q
VTRVentas, Inc.	0.07%	285,910	$12M	trimmed−2%	−0.01 pp	22 q
WELLWelltower Inc.	0.07%	129,970	$12M	trimmed−3%	0.00 pp	20 q
BXPBXP, Inc.	0.06%	154,810	$10M	trimmed−2%	0.00 pp	44 q
ESSEssex Property Trust, Inc	0.06%	46,311	$11M	trimmed−17%	−0.02 pp	44 q
REXRRexford Industrial Realty, Inc.	0.06%	209,610	$11M	added+32%	+0.01 pp	35 q
TRNOTerreno Realty Corporation	0.06%	158,617	$11M	trimmed−21%	−0.01 pp	41 q
AMHAmerican Homes 4 Rent	0.05%	245,470	$9M	trimmed−3%	0.00 pp	26 q
VMRKVivmark Residential	0.05%	139,705	$9M	trimmed−4%	0.00 pp	36 q
NOAHNoah Holdings Limited	0.05%	758,528	$9M	trimmed−2%	−0.01 pp	35 q
SHOSunstone Hotel Investors, Inc.	0.05%	816,380	$9M	trimmed−4%	0.00 pp	18 q
CPTCamden Property Trust	0.04%	70,480	$7M	added+57%	+0.01 pp	33 q
FRTFederal Realty Investment Trust	0.04%	61,360	$6M	trimmed−1%	0.00 pp	9 q
MTBM&T Bank Corp.	0.04%	48,247	$7M	trimmed−2%	0.00 pp	16 q
REGRegency Centers Corporation	0.04%	121,340	$7M	trimmed−1%	−0.01 pp	4 q
ROICRetail Opportunity Investments Corp.	0.04%	563,845	$7M	trimmed−2%	−0.01 pp	37 q
SUISun Communities, Inc	0.04%	48,740	$6M	trimmed−1%	0.00 pp	12 q
UDRUDR, Inc.	0.04%	201,630	$8M	trimmed−2%	0.00 pp	13 q
BIDUBaidu, Inc.	0.03%	47,337	$5M	added+2%	0.00 pp	36 q
CHCTCommunity Healthcare Trust Incorporated, $0.01 par value per share	0.03%	220,150	$6M	trimmed−1%	0.00 pp	5 q
EXRExtra Space Storage, Inc.	0.03%	39,945	$6M	trimmed−3%	−0.01 pp	3 q
DOCHealthpeak Properties, Inc.	0.03%	255,746	$5M	trimmed−9%	0.00 pp	18 q
SLGSL Green Realty Corp.	0.03%	84,220	$5M	trimmed−1%	+0.01 pp	3 q
TFCTruist Financial Corporation	0.03%	134,912	$5M	trimmed−7%	0.00 pp	16 q
CCICrown Castle Inc.	0.02%	41,990	$4M	trimmed−1%	−0.01 pp	11 q
DEIDouglas Emmett, Inc.	0.02%	256,700	$4M	trimmed−1%	0.00 pp	18 q
HIWHighwoods Properties Inc.	0.02%	160,530	$4M	trimmed−1%	0.00 pp	16 q
unresolvedHudson Pac Pptys Inc	0.02%	687,953	$4M	trimmed−1%	−0.02 pp	29 q
STTState Street Corporation	0.02%	54,917	$4M	trimmed−1%	0.00 pp	33 q
VICIVICI Properties Inc.	0.02%	147,470	$4M	trimmed−3%	−0.01 pp	13 q
LRCXLam Research Corp	0.01%	1,228	$1M	held	—	33 q
RHRh	0.00%	2,240	$780,102	held	—	7 q
SKAASkechers USA Inc-cl A	0.00%	7,490	$458,837	trimmed−40%	0.00 pp	9 q
ETNEaton Corporation, plc	—	−145,440	—	exited	−0.20 pp	—
IVEiShares S&P 500 Value ETF	—	−139,545	—	exited	−0.14 pp	—
FWONKLiberty Media Corporation Series C	—	−257,802	—	exited	−0.09 pp	—
CUBECubeSmart	—	−72,040	—	exited	−0.02 pp	—
LTRPALiberty TripAdvisor Holdings, Inc. Series A	—	−237,084	—	exited	0.00 pp	—