Davis Advisors

Q2 2024 13F · by Chris Davis, portfolio manager

As of: Jun 30, 2024
Filed: Aug 7, 2024
US stock: $17.2B · prev $17.8B
Positions: 102 · prev 98
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%

Moves93 since the prior filing

+4.3 pp in · −4.2 pp out

New 7 +3.17 pp
Added 23 +1.09 pp
Trimmed 60 −4.02 pp
Exited 3 −0.22 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 4.9 years per position

Low
Moderate
High

Top 5 positions35% of US stock

META Meta Platforms, Inc. Class A trimmed+0.58 pp trimmed+0.589.0%
COF Capital One Financial trimmed−0.32 pp trimmed−0.327.8%
BRK.A Berkshire Hathaway Inc. trimmed−0.06 pp trimmed−0.066.5%
AMZN Amazon.Com Inc trimmed+0.59 pp trimmed+0.596.4%
AMAT Applied Materials Inc trimmed+0.35 pp trimmed+0.355.7%

Positions102 in this filing · 3 exited


METAMeta Platforms, Inc. Class A	8.96%	3,059,517	$1.5B	trimmed−1%	+0.58 pp	35 q
COFCapital One Financial	7.75%	9,635,496	$1.3B	trimmed−0%	−0.32 pp	40 q
BRK.ABerkshire Hathaway Inc.	6.51%	1,831	$1.1B	trimmed−1%	−0.06 pp	45 q
AMZNAmazon.Com Inc	6.42%	5,720,344	$1.1B	trimmed−1%	+0.59 pp	45 q
AMATApplied Materials Inc	5.74%	4,185,924	$988M	trimmed−10%	+0.35 pp	45 q
WFCWells Fargo & Co.	5.30%	15,350,126	$912M	trimmed−35%	−2.34 pp	45 q
HUMHumana Inc.	5.02%	2,311,362	$864M	added+16%	+1.15 pp	21 q
VTRSViatris Inc.	3.55%	57,535,953	$612M	added0%	−0.30 pp	15 q
USBU.S. Bancorp	3.28%	14,228,444	$565M	added0%	−0.27 pp	45 q
GOOGLAlphabet Inc. Class A	3.25%	3,074,425	$560M	trimmed−0%	+0.64 pp	35 q
TECKTeck Resources Limited	3.21%	11,530,660	$552M	trimmed−0%	+0.24 pp	12 q
MGMMgm Resorts International	3.07%	11,911,559	$529M	added0%	−0.08 pp	4 q
CIThe Cigna Group	2.78%	1,446,129	$478M	trimmed−0%	−0.18 pp	23 q
TXNTexas Instruments Incorporated	2.67%	2,361,294	$459M	trimmed−1%	+0.35 pp	45 q
MKLMarkel Group Inc.	2.63%	287,061	$452M	added0%	+0.19 pp	45 q
BNYBank of New York Mellon Corporation	2.59%	7,450,908	$446M	trimmed−28%	−0.73 pp	45 q
OCOwens Corning	2.30%	2,275,729	$395M	trimmed−2%	+0.13 pp	23 q
INTCIntel Corp	2.27%	12,642,316	$392M	added+86%	+0.59 pp	45 q
JPMJPMorgan Chase & Co.	2.17%	1,849,353	$374M	trimmed−43%	−1.45 pp	45 q
BRK.BBERKSHIRE HATHAWAY Class B	1.91%	810,163	$330M	added0%	0.00 pp	45 q
DGXQuest Diagnostics Inc.	1.90%	2,390,828	$327M	added0%	+0.12 pp	42 q
CBChubb Limited	1.86%	1,256,840	$321M	trimmed−0%	+0.03 pp	34 q
SOLVSolventum Corporation	1.59%	5,163,955	$273M	new	+1.59 pp	new
TSNTyson Foods, Inc.	1.03%	3,105,330	$177M	new	+1.03 pp	new
DUSADavis Select U.S. Equity ETF	0.80%	3,385,789	$138M	held	—	30 q
AGCOAGCO Corporation	0.77%	1,357,633	$133M	added0%	−0.17 pp	3 q
PPLIPeople Incorporated	0.74%	2,704,207	$127M	added0%	−0.07 pp	13 q
CPNGCoupang, Inc.	0.73%	5,974,842	$125M	trimmed−1%	+0.13 pp	14 q
GOOGAlphabet Inc. Class C	0.72%	675,447	$124M	added+1%	+0.15 pp	41 q
MSFTMicrosoft Corp	0.67%	258,122	$115M	trimmed−0%	+0.06 pp	45 q
JDJD.com, Inc.	0.65%	4,304,912	$111M	trimmed−2%	−0.02 pp	41 q
DARDarling Ingredients Inc.	0.61%	2,837,718	$104M	trimmed−0%	−0.13 pp	13 q
FITBFifth Third Bancorp	0.53%	2,478,079	$90M	trimmed−0%	+0.01 pp	9 q
AXPAmerican Express Company	0.49%	363,803	$84M	trimmed−53%	−0.49 pp	45 q
BEKEKE Holdings Inc.	0.49%	5,995,230	$85M	trimmed−0%	+0.03 pp	4 q
PNCPNC Financial Services Group	0.46%	510,360	$79M	added+2%	+0.01 pp	34 q
DINTDavis Select International ETF	0.45%	3,866,428	$77M	held	—	26 q
DFNLDavis Select Financial ETF	0.41%	2,128,485	$71M	held	—	30 q
DWLDDavis Select Worldwide ETF	0.37%	1,916,112	$64M	held	—	30 q
BACBank of America Corporation	0.28%	1,190,869	$47M	trimmed−1%	+0.03 pp	22 q
LLoews Corporation	0.27%	626,859	$47M	trimmed−0%	−0.01 pp	45 q
SESea Limited	0.27%	652,316	$47M	new	+0.27 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.27%	90,293	$46M	added0%	+0.02 pp	45 q
RKTRocket Companies, Inc.	0.26%	3,217,609	$44M	trimmed−1%	0.00 pp	13 q
COPConocoPhillips	0.25%	379,971	$43M	new	+0.25 pp	new
NTBThe Bank of N.T. Butterfield & Son Limited	0.22%	1,080,340	$38M	trimmed−0%	+0.03 pp	26 q
WCCWesco International Inc.	0.18%	193,646	$31M	added+1%	0.00 pp	8 q
JCIJohnson Controls International plc	0.17%	439,642	$29M	added+1%	+0.01 pp	32 q
CVSCvs Health Corporation	0.13%	364,782	$22M	added×2.1	+0.05 pp	23 q
FWONALiberty Media Corporation Series A	0.13%	357,861	$23M	trimmed−3%	+0.01 pp	3 q
SCHWThe Charles Schwab Corporation	0.13%	304,789	$22M	trimmed−1%	+0.01 pp	45 q
SAPSap SE	0.12%	98,807	$20M	trimmed−16%	−0.01 pp	45 q
ORCLOracle Corp	0.11%	138,132	$20M	trimmed−2%	+0.01 pp	45 q
NOAHNoah Holdings Limited	0.09%	1,681,650	$16M	added×2.2	+0.04 pp	36 q
EGEverest Group, Ltd.	0.09%	40,889	$16M	trimmed−1%	0.00 pp	45 q
BABAAlibaba Group Holding Limited	0.07%	169,908	$12M	trimmed−7%	0.00 pp	31 q
MBCMasterBrand, Inc.	0.07%	823,506	$12M	trimmed−4%	−0.02 pp	7 q
YOUClear Secure, Inc.	0.06%	589,764	$11M	added0%	−0.01 pp	13 q
MTBM&T Bank Corp.	0.04%	48,247	$7M	held	—	17 q
IVEiShares S&P 500 Value ETF	0.03%	23,681	$4M	new	+0.03 pp	new
TFCTruist Financial Corporation	0.03%	134,912	$5M	held	—	17 q
HOLIHollysys Automation Technolo	0.03%	220,761	$5M	trimmed−66%	−0.06 pp	30 q
BIDUBaidu, Inc.	0.02%	46,841	$4M	trimmed−1%	−0.01 pp	37 q
STTState Street Corporation	0.02%	54,917	$4M	held	—	34 q
LRCXLam Research Corp	0.01%	1,228	$1M	held	—	34 q
AREAlexandria Real Estate Equities, Inc.	0.00%	141,587	$0	trimmed−0%	−0.10 pp	45 q
AMHAmerican Homes 4 Rent	0.00%	222,270	$0	trimmed−9%	−0.05 pp	27 q
AMTAmerican Tower Corporation	0.00%	76,070	$0	added+14%	−0.07 pp	13 q
AVBAvalonBay Communities, Inc.	0.00%	57,770	$0	trimmed−13%	−0.07 pp	45 q
BXPBXP, Inc.	0.00%	154,730	$0	trimmed−0%	−0.06 pp	45 q
BRXBrixmor Property Group Inc.	0.00%	503,980	$0	trimmed−18%	−0.08 pp	28 q
CPTCamden Property Trust	0.00%	70,430	$0	trimmed−0%	−0.04 pp	34 q
CHCTCommunity Healthcare Trust Incorporated, $0.01 par value per share	0.00%	219,990	$0	trimmed−0%	−0.03 pp	6 q
CUZCousins Properties Inc.	0.00%	682,525	$0	trimmed−0%	−0.09 pp	21 q
CCICrown Castle Inc.	0.00%	41,950	$0	trimmed−0%	−0.02 pp	12 q
CCKCrown Holdings Inc.	0.00%	8,570	$637,522	new	0.00 pp	new
DLRDigital Realty Trust, Inc.	0.00%	101,905	$0	trimmed−0%	−0.08 pp	26 q
DEIDouglas Emmett, Inc.	0.00%	127,180	$0	trimmed−50%	−0.02 pp	19 q
EQIXEquinix, Inc.	0.00%	17,258	$0	trimmed−0%	−0.08 pp	26 q
VMRKVivmark Residential	0.00%	103,015	$0	trimmed−26%	−0.05 pp	37 q
ESSEssex Property Trust, Inc	0.00%	46,271	$0	trimmed−0%	−0.06 pp	45 q
EXRExtra Space Storage, Inc.	0.00%	61,595	$0	added+54%	−0.03 pp	4 q
FRTFederal Realty Investment Trust	0.00%	61,320	$0	trimmed−0%	−0.04 pp	10 q
DOCHealthpeak Properties, Inc.	0.00%	255,476	$0	trimmed−0%	−0.03 pp	19 q
HIWHighwoods Properties Inc.	0.00%	160,530	$0	held	—	17 q
unresolvedHudson Pac Pptys Inc	0.00%	1,224,493	$0	added+78%	−0.02 pp	30 q
MAAMid-America Apartment Communities, Inc.	0.00%	24,080	$0	new	0.00 pp	new
PLDPrologis, Inc.	0.00%	236,886	$0	added+31%	−0.13 pp	31 q
PSAPublic Storage	0.00%	55,620	$0	added+6%	−0.09 pp	33 q
RHRh	0.00%	2,240	$547,546	held	—	8 q
REGRegency Centers Corporation	0.00%	121,200	$0	trimmed−0%	−0.04 pp	5 q
ROICRetail Opportunity Investments Corp.	0.00%	499,455	$0	trimmed−11%	−0.04 pp	38 q
REXRRexford Industrial Realty, Inc.	0.00%	209,610	$0	held	—	36 q
SPGSimon Property Group, Inc.	0.00%	85,140	$0	trimmed−21%	−0.09 pp	45 q
SKAASkechers USA Inc-cl A	0.00%	7,490	$517,709	held	—	10 q
SUISun Communities, Inc	0.00%	26,670	$0	trimmed−45%	−0.04 pp	13 q
SHOSunstone Hotel Investors, Inc.	0.00%	815,490	$0	trimmed−0%	−0.05 pp	19 q
TRNOTerreno Realty Corporation	0.00%	158,467	$0	trimmed−0%	−0.06 pp	42 q
UDRUDR, Inc.	0.00%	201,490	$0	trimmed−0%	−0.04 pp	14 q
VTRVentas, Inc.	0.00%	285,660	$0	trimmed−0%	−0.07 pp	23 q
VICIVICI Properties Inc.	0.00%	147,340	$0	trimmed−0%	−0.02 pp	14 q
WELLWelltower Inc.	0.00%	96,500	$0	trimmed−26%	−0.07 pp	21 q
FERGFerguson Enterprises Inc.	—	−99,207	—	exited	−0.12 pp	—
CARRCarrier Global Corporation	—	−229,695	—	exited	−0.07 pp	—
SLGSL Green Realty Corp.	—	−84,220	—	exited	−0.03 pp	—