Davis Advisors

Q3 2024 13F · by Chris Davis, portfolio manager

As of: Sep 30, 2024
Filed: Nov 8, 2024
US stock: $17.8B · prev $17.2B
Positions: 102 · 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%

Moves98 since the prior filing

+5.6 pp in · −5.7 pp out

New 3 +1.51 pp
Added 23 +4.09 pp
Trimmed 69 −5.60 pp
Exited 3 −0.12 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.4 years per position

Low
Moderate
High

Top 5 positions32% of US stock

META Meta Platforms, Inc. Class A trimmed−0.24 pp trimmed−0.248.7%
COF Capital One Financial trimmed+0.34 pp trimmed+0.348.1%
BRK.A Berkshire Hathaway Inc. trimmed−0.24 pp trimmed−0.246.3%
AMAT Applied Materials Inc trimmed−1.08 pp trimmed−1.084.7%
WFC Wells Fargo & Co. trimmed−0.78 pp trimmed−0.784.5%

Positions102 in this filing · 3 exited


METAMeta Platforms, Inc. Class A	8.72%	2,714,886	$1.6B	trimmed−11%	−0.24 pp	36 q
COFCapital One Financial	8.09%	9,628,400	$1.4B	trimmed−0%	+0.34 pp	41 q
BRK.ABerkshire Hathaway Inc.	6.27%	1,617	$1.1B	trimmed−12%	−0.24 pp	46 q
AMATApplied Materials Inc	4.66%	4,112,767	$831M	trimmed−2%	−1.08 pp	46 q
WFCWells Fargo & Co.	4.52%	14,263,227	$806M	trimmed−7%	−0.78 pp	46 q
AMZNAmazon.Com Inc	4.25%	4,062,415	$757M	trimmed−29%	−2.17 pp	46 q
MGMMgm Resorts International	4.17%	19,038,296	$744M	added+60%	+1.10 pp	5 q
HUMHumana Inc.	4.10%	2,309,557	$732M	trimmed−0%	−0.92 pp	22 q
VTRSViatris Inc.	4.08%	62,647,266	$727M	added+9%	+0.53 pp	16 q
USBU.S. Bancorp	3.69%	14,392,993	$658M	added+1%	+0.41 pp	46 q
TECKTeck Resources Limited	3.34%	11,390,911	$595M	trimmed−1%	+0.13 pp	13 q
GOOGLAlphabet Inc. Class A	2.85%	3,062,607	$508M	trimmed−0%	−0.40 pp	36 q
CIThe Cigna Group	2.80%	1,439,871	$499M	trimmed−0%	+0.02 pp	24 q
TXNTexas Instruments Incorporated	2.74%	2,360,962	$488M	trimmed−0%	+0.07 pp	46 q
MKLMarkel Group Inc.	2.55%	289,600	$454M	added+1%	−0.08 pp	46 q
BNYBank of New York Mellon Corporation	2.16%	5,366,975	$386M	trimmed−28%	−0.43 pp	46 q
OCOwens Corning	2.13%	2,153,295	$380M	trimmed−5%	−0.17 pp	24 q
DGXQuest Diagnostics Inc.	2.09%	2,399,103	$372M	added0%	+0.19 pp	43 q
SOLVSolventum Corporation	2.06%	5,271,513	$368M	added+2%	+0.47 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	1.93%	746,965	$344M	trimmed−8%	+0.02 pp	46 q
CBChubb Limited	1.91%	1,178,336	$340M	trimmed−6%	+0.05 pp	35 q
INTCIntel Corp	1.66%	12,623,929	$296M	trimmed−0%	−0.61 pp	46 q
JPMJPMorgan Chase & Co.	1.66%	1,399,528	$295M	trimmed−24%	−0.51 pp	46 q
TCOMTrip.com Group Limited	1.25%	3,746,822	$223M	new	+1.25 pp	new
AGCOAGCO Corporation	1.12%	2,041,981	$200M	added+50%	+0.35 pp	4 q
TSNTyson Foods, Inc.	1.04%	3,111,577	$185M	added0%	+0.01 pp	2 q
COPConocoPhillips	0.83%	1,407,562	$148M	added×3.7	+0.58 pp	2 q
CPNGCoupang, Inc.	0.82%	5,940,678	$146M	trimmed−1%	+0.09 pp	15 q
PPLIPeople Incorporated	0.82%	2,702,142	$145M	trimmed−0%	+0.08 pp	14 q
DUSADavis Select U.S. Equity ETF	0.79%	3,385,789	$141M	held	—	31 q
BEKEKE Holdings Inc.	0.66%	5,880,528	$117M	trimmed−2%	+0.17 pp	5 q
GOOGAlphabet Inc. Class C	0.62%	665,676	$111M	trimmed−1%	−0.10 pp	42 q
MSFTMicrosoft Corp	0.62%	258,140	$111M	added0%	−0.05 pp	46 q
DARDarling Ingredients Inc.	0.59%	2,831,571	$105M	trimmed−0%	−0.02 pp	14 q
FITBFifth Third Bancorp	0.59%	2,435,536	$104M	trimmed−2%	+0.06 pp	10 q
DINTDavis Select International ETF	0.52%	3,866,428	$93M	held	—	27 q
PNCPNC Financial Services Group	0.52%	501,736	$93M	trimmed−2%	+0.06 pp	35 q
AXPAmerican Express Company	0.44%	287,548	$78M	trimmed−21%	−0.05 pp	46 q
DFNLDavis Select Financial ETF	0.44%	2,128,485	$79M	held	—	31 q
DWLDDavis Select Worldwide ETF	0.41%	1,916,112	$73M	held	—	31 q
RKTRocket Companies, Inc.	0.34%	3,163,759	$61M	trimmed−2%	+0.08 pp	14 q
SESea Limited	0.34%	649,028	$61M	trimmed−1%	+0.07 pp	2 q
LLoews Corporation	0.27%	605,243	$48M	trimmed−3%	0.00 pp	46 q
BACBank of America Corporation	0.26%	1,169,687	$46M	trimmed−2%	−0.02 pp	23 q
WCCWesco International Inc.	0.24%	256,020	$43M	added+32%	+0.06 pp	9 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.22%	1,070,712	$39M	trimmed−1%	0.00 pp	27 q
RNRRenaissanceRe Holdings Ltd.	0.22%	141,214	$38M	new	+0.22 pp	new
JCIJohnson Controls International plc	0.20%	463,669	$36M	added+5%	+0.03 pp	33 q
JDJD.com, Inc.	0.19%	867,641	$35M	trimmed−80%	−0.46 pp	42 q
PLDPrologis, Inc.	0.17%	246,846	$31M	added+4%	+0.17 pp	32 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.17%	51,132	$30M	trimmed−43%	−0.10 pp	46 q
CVSCvs Health Corporation	0.13%	367,512	$23M	added+1%	0.00 pp	24 q
ORCLOracle Corp	0.13%	138,268	$24M	added0%	+0.02 pp	46 q
SAPSap SE	0.13%	99,355	$23M	added+1%	+0.01 pp	46 q
NOAHNoah Holdings Limited	0.12%	1,666,249	$21M	trimmed−1%	+0.03 pp	37 q
YOUClear Secure, Inc.	0.11%	592,587	$20M	added0%	+0.05 pp	14 q
PSAPublic Storage	0.11%	54,520	$20M	trimmed−2%	+0.11 pp	34 q
SCHWThe Charles Schwab Corporation	0.11%	299,705	$19M	trimmed−2%	−0.02 pp	46 q
AMTAmerican Tower Corporation	0.10%	75,940	$18M	trimmed−0%	+0.10 pp	14 q
CUZCousins Properties Inc.	0.10%	620,015	$18M	trimmed−9%	+0.10 pp	22 q
EQIXEquinix, Inc.	0.10%	19,328	$17M	added+12%	+0.10 pp	27 q
VTRVentas, Inc.	0.10%	281,230	$18M	trimmed−2%	+0.10 pp	24 q
AREAlexandria Real Estate Equities, Inc.	0.09%	142,057	$17M	added0%	+0.09 pp	46 q
DLRDigital Realty Trust, Inc.	0.09%	101,175	$16M	trimmed−1%	+0.09 pp	27 q
EGEverest Group, Ltd.	0.09%	38,883	$15M	trimmed−5%	0.00 pp	46 q
BABAAlibaba Group Holding Limited	0.08%	127,784	$14M	trimmed−25%	+0.01 pp	32 q
BRXBrixmor Property Group Inc.	0.08%	494,490	$14M	trimmed−2%	+0.08 pp	29 q
SPGSimon Property Group, Inc.	0.08%	83,580	$14M	trimmed−2%	+0.08 pp	46 q
AVBAvalonBay Communities, Inc.	0.07%	56,610	$13M	trimmed−2%	+0.07 pp	46 q
BXPBXP, Inc.	0.07%	152,800	$12M	trimmed−1%	+0.07 pp	46 q
ESSEssex Property Trust, Inc	0.06%	33,451	$10M	trimmed−28%	+0.06 pp	46 q
EXRExtra Space Storage, Inc.	0.06%	61,495	$11M	trimmed−0%	+0.06 pp	5 q
REXRRexford Industrial Realty, Inc.	0.06%	209,250	$11M	trimmed−0%	+0.06 pp	37 q
AMHAmerican Homes 4 Rent	0.05%	218,090	$8M	trimmed−2%	+0.05 pp	28 q
CPTCamden Property Trust	0.05%	69,820	$9M	trimmed−1%	+0.05 pp	35 q
MTBM&T Bank Corp.	0.05%	48,565	$9M	added+1%	+0.01 pp	18 q
REGRegency Centers Corporation	0.05%	119,660	$9M	trimmed−1%	+0.05 pp	6 q
SHOSunstone Hotel Investors, Inc.	0.05%	807,870	$8M	trimmed−1%	+0.05 pp	20 q
UDRUDR, Inc.	0.05%	197,320	$9M	trimmed−2%	+0.05 pp	15 q
EGPEastGroup Properties Inc.	0.04%	39,660	$7M	new	+0.04 pp	new
VMRKVivmark Residential	0.04%	101,105	$8M	trimmed−2%	+0.04 pp	38 q
FRTFederal Realty Investment Trust	0.04%	60,520	$7M	trimmed−1%	+0.04 pp	11 q
TRNOTerreno Realty Corporation	0.04%	102,237	$7M	trimmed−35%	+0.04 pp	43 q
CCICrown Castle Inc.	0.03%	41,550	$5M	trimmed−1%	+0.03 pp	13 q
DOCHealthpeak Properties, Inc.	0.03%	250,166	$6M	trimmed−2%	+0.03 pp	20 q
HIWHighwoods Properties Inc.	0.03%	157,100	$5M	trimmed−2%	+0.03 pp	18 q
unresolvedHudson Pac Pptys Inc	0.03%	1,213,023	$6M	trimmed−1%	+0.03 pp	31 q
MAAMid-America Apartment Communities, Inc.	0.03%	35,660	$6M	added+48%	+0.03 pp	2 q
STTState Street Corporation	0.03%	60,809	$5M	added+11%	+0.01 pp	35 q
TFCTruist Financial Corporation	0.03%	137,238	$6M	added+2%	0.00 pp	18 q
VICIVICI Properties Inc.	0.03%	146,190	$5M	trimmed−1%	+0.03 pp	15 q
CHCTCommunity Healthcare Trust Incorporated, $0.01 par value per share	0.02%	215,630	$4M	trimmed−2%	+0.02 pp	7 q
ROICRetail Opportunity Investments Corp.	0.02%	265,055	$4M	trimmed−47%	+0.02 pp	39 q
SUISun Communities, Inc	0.02%	26,100	$4M	trimmed−2%	+0.02 pp	14 q
WELLWelltower Inc.	0.02%	29,740	$4M	trimmed−69%	+0.02 pp	22 q
DEIDouglas Emmett, Inc.	0.01%	124,690	$2M	trimmed−2%	+0.01 pp	20 q
IVEiShares S&P 500 Value ETF	0.01%	12,698	$3M	trimmed−46%	−0.02 pp	2 q
LRCXLam Research Corp	0.01%	1,228	$1M	held	—	35 q
CCKCrown Holdings Inc.	0.00%	8,570	$821,692	held	—	2 q
FWONALiberty Media Corporation Series A	0.00%	9,590	$685,973	trimmed−97%	−0.13 pp	4 q
RHRh	0.00%	2,240	$749,123	held	—	9 q
SKAASkechers USA Inc-cl A	0.00%	6,000	$401,520	trimmed−20%	0.00 pp	11 q
MBCMasterBrand, Inc.	—	−823,506	—	exited	−0.07 pp	—
HOLIHollysys Automation Technolo	—	−220,761	—	exited	−0.03 pp	—
BIDUBaidu, Inc.	—	−46,841	—	exited	−0.02 pp	—