Davis Advisors

Q4 2024 13F · by Chris Davis, portfolio manager

As of: Dec 31, 2024
Filed: Jan 22, 2025
US stock: $17.2B · prev $17.8B
Positions: 100 · 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%

Moves96 since the prior filing

+4.8 pp in · −4.8 pp out

New 2 +0.65 pp
Added 27 +4.17 pp
Trimmed 63 −4.70 pp
Exited 4 −0.12 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions34% of US stock

COF Capital One Financial trimmed+1.50 pp trimmed+1.509.6%
META Meta Platforms, Inc. Class A trimmed−0.24 pp trimmed−0.248.5%
BRK.A Berkshire Hathaway Inc. trimmed−0.01 pp trimmed−0.016.3%
AMZN Amazon.Com Inc trimmed+0.60 pp trimmed+0.604.8%
VTRS Viatris Inc. trimmed+0.45 pp trimmed+0.454.5%

Positions100 in this filing · 4 exited


COFCapital One Financial	9.59%	9,249,045	$1.6B	trimmed−4%	+1.50 pp	42 q
METAMeta Platforms, Inc. Class A	8.48%	2,492,597	$1.5B	trimmed−8%	−0.24 pp	37 q
BRK.ABerkshire Hathaway Inc.	6.26%	1,582	$1.1B	trimmed−2%	−0.01 pp	47 q
AMZNAmazon.Com Inc	4.85%	3,807,582	$835M	trimmed−6%	+0.60 pp	47 q
VTRSViatris Inc.	4.53%	62,573,562	$779M	trimmed−0%	+0.45 pp	17 q
AMATApplied Materials Inc	4.45%	4,712,217	$766M	added+15%	−0.21 pp	47 q
MGMMgm Resorts International	4.01%	19,920,713	$690M	added+5%	−0.16 pp	6 q
USBU.S. Bancorp	4.00%	14,375,139	$688M	trimmed−0%	+0.31 pp	47 q
MKLMarkel Group Inc.	3.72%	370,522	$640M	added+28%	+1.17 pp	47 q
WFCWells Fargo & Co.	3.53%	8,635,051	$607M	trimmed−39%	−0.99 pp	47 q
HUMHumana Inc.	3.33%	2,256,909	$573M	trimmed−2%	−0.77 pp	23 q
GOOGLAlphabet Inc. Class A	3.32%	3,015,704	$571M	trimmed−2%	+0.47 pp	37 q
CVSCvs Health Corporation	2.97%	11,385,950	$511M	added×31.0	+2.84 pp	25 q
TECKTeck Resources Limited	2.66%	11,298,820	$458M	trimmed−1%	−0.68 pp	14 q
TXNTexas Instruments Incorporated	2.56%	2,350,090	$441M	trimmed−0%	−0.18 pp	47 q
CIThe Cigna Group	2.30%	1,431,796	$395M	trimmed−1%	−0.50 pp	25 q
DGXQuest Diagnostics Inc.	2.10%	2,397,260	$362M	trimmed−0%	+0.01 pp	44 q
SOLVSolventum Corporation	2.01%	5,246,614	$347M	trimmed−0%	−0.05 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	1.89%	717,513	$325M	trimmed−4%	−0.04 pp	47 q
OCOwens Corning	1.79%	1,811,263	$308M	trimmed−16%	−0.34 pp	25 q
CBChubb Limited	1.76%	1,095,002	$303M	trimmed−7%	−0.15 pp	36 q
TCOMTrip.com Group Limited	1.50%	3,747,161	$257M	added0%	+0.25 pp	2 q
AGCOAGCO Corporation	1.08%	1,991,357	$186M	trimmed−2%	−0.04 pp	5 q
TSNTyson Foods, Inc.	1.03%	3,080,686	$177M	trimmed−1%	−0.01 pp	3 q
BNYBank of New York Mellon Corporation	0.95%	2,136,974	$164M	trimmed−60%	−1.21 pp	47 q
JPMJPMorgan Chase & Co.	0.92%	657,723	$158M	trimmed−53%	−0.74 pp	47 q
DUSADavis Select U.S. Equity ETF	0.83%	3,386,897	$143M	added0%	+0.04 pp	32 q
COPConocoPhillips	0.79%	1,370,773	$136M	trimmed−3%	−0.04 pp	3 q
CPNGCoupang, Inc.	0.76%	5,911,885	$130M	trimmed−0%	−0.06 pp	16 q
GOOGAlphabet Inc. Class C	0.72%	646,956	$123M	trimmed−3%	+0.10 pp	43 q
PPLIPeople Incorporated	0.66%	2,635,624	$114M	trimmed−2%	−0.16 pp	15 q
MSFTMicrosoft Corp	0.62%	254,991	$107M	trimmed−1%	0.00 pp	47 q
FITBFifth Third Bancorp	0.60%	2,444,176	$103M	added0%	+0.01 pp	11 q
PNCPNC Financial Services Group	0.56%	501,629	$97M	trimmed−0%	+0.04 pp	36 q
DINTDavis Select International ETF	0.49%	3,869,214	$85M	added0%	−0.03 pp	28 q
AXPAmerican Express Company	0.47%	274,490	$81M	trimmed−5%	+0.03 pp	47 q
DARDarling Ingredients Inc.	0.47%	2,378,248	$80M	trimmed−16%	−0.12 pp	15 q
DFNLDavis Select Financial ETF	0.47%	2,129,265	$81M	added0%	+0.03 pp	32 q
DWLDDavis Select Worldwide ETF	0.40%	1,917,980	$70M	added0%	−0.01 pp	32 q
BEKEKE Holdings Inc.	0.39%	3,647,872	$67M	trimmed−38%	−0.27 pp	6 q
SESea Limited	0.39%	638,014	$68M	trimmed−2%	+0.05 pp	3 q
YMMFull Truck Alliance Co. Ltd.	0.34%	5,400,391	$58M	new	+0.34 pp	new
NTESNetEase, inc.	0.31%	597,320	$53M	new	+0.31 pp	new
BACBank of America Corporation	0.30%	1,170,435	$51M	added0%	+0.04 pp	24 q
INTCIntel Corp	0.30%	2,567,616	$51M	trimmed−80%	−1.36 pp	47 q
LLoews Corporation	0.30%	606,197	$51M	added0%	+0.03 pp	47 q
WCCWesco International Inc.	0.27%	256,987	$47M	added0%	+0.03 pp	10 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.23%	1,076,424	$39M	added+1%	+0.01 pp	28 q
IVEiShares S&P 500 Value ETF	0.22%	197,175	$38M	added×15.5	+0.21 pp	3 q
RKTRocket Companies, Inc.	0.21%	3,170,939	$36M	added0%	−0.13 pp	15 q
RNRRenaissanceRe Holdings Ltd.	0.21%	142,313	$35M	added+1%	−0.01 pp	2 q
JCIJohnson Controls International plc	0.19%	403,534	$32M	trimmed−13%	−0.01 pp	34 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.15%	51,115	$26M	trimmed−0%	−0.02 pp	47 q
SAPSap SE	0.14%	97,487	$24M	trimmed−2%	+0.01 pp	47 q
ORCLOracle Corp	0.13%	137,210	$23M	trimmed−1%	0.00 pp	47 q
SCHWThe Charles Schwab Corporation	0.13%	300,056	$22M	added0%	+0.02 pp	47 q
EQIXEquinix, Inc.	0.11%	19,198	$18M	trimmed−1%	+0.01 pp	28 q
NOAHNoah Holdings Limited	0.11%	1,665,696	$20M	trimmed−0%	−0.01 pp	38 q
PLDPrologis, Inc.	0.11%	179,096	$19M	trimmed−27%	−0.06 pp	33 q
AMTAmerican Tower Corporation	0.10%	89,530	$16M	added+18%	0.00 pp	15 q
AREAlexandria Real Estate Equities, Inc.	0.09%	150,197	$15M	added+6%	0.00 pp	47 q
YOUClear Secure, Inc.	0.09%	579,686	$15M	trimmed−2%	−0.02 pp	15 q
CUZCousins Properties Inc.	0.09%	504,215	$15M	trimmed−19%	−0.01 pp	23 q
DLRDigital Realty Trust, Inc.	0.09%	90,645	$16M	trimmed−10%	0.00 pp	28 q
PSAPublic Storage	0.09%	50,090	$15M	trimmed−8%	−0.02 pp	35 q
VTRVentas, Inc.	0.09%	251,750	$15M	trimmed−10%	−0.01 pp	25 q
BRXBrixmor Property Group Inc.	0.08%	491,270	$14M	trimmed−1%	0.00 pp	30 q
REXRRexford Industrial Realty, Inc.	0.08%	339,590	$13M	added+62%	+0.02 pp	38 q
SPGSimon Property Group, Inc.	0.08%	80,720	$14M	trimmed−3%	0.00 pp	47 q
EGEverest Group, Ltd.	0.08%	39,212	$14M	added+1%	−0.01 pp	47 q
AVBAvalonBay Communities, Inc.	0.07%	56,220	$12M	trimmed−1%	0.00 pp	47 q
BXPBXP, Inc.	0.07%	152,800	$11M	held	—	47 q
JDJD.com, Inc.	0.07%	355,833	$12M	trimmed−59%	−0.12 pp	43 q
ESSEssex Property Trust, Inc	0.06%	33,241	$9M	trimmed−1%	0.00 pp	47 q
SHOSunstone Hotel Investors, Inc.	0.06%	802,620	$10M	trimmed−1%	+0.01 pp	21 q
AMHAmerican Homes 4 Rent	0.05%	216,670	$8M	trimmed−1%	0.00 pp	29 q
CPTCamden Property Trust	0.05%	69,380	$8M	trimmed−1%	0.00 pp	36 q
EXRExtra Space Storage, Inc.	0.05%	61,085	$9M	trimmed−1%	−0.01 pp	6 q
MTBM&T Bank Corp.	0.05%	49,678	$9M	added+2%	0.00 pp	19 q
REGRegency Centers Corporation	0.05%	118,830	$9M	trimmed−1%	0.00 pp	7 q
UDRUDR, Inc.	0.05%	195,910	$9M	trimmed−1%	0.00 pp	16 q
EGPEastGroup Properties Inc.	0.04%	44,440	$7M	added+12%	0.00 pp	2 q
VMRKVivmark Residential	0.04%	100,455	$7M	trimmed−1%	0.00 pp	39 q
FRTFederal Realty Investment Trust	0.04%	60,070	$7M	trimmed−1%	0.00 pp	12 q
unresolvedHudson Pac Pptys Inc	0.04%	2,280,963	$7M	added+88%	+0.01 pp	32 q
STTState Street Corporation	0.04%	63,111	$6M	added+4%	+0.01 pp	36 q
TFCTruist Financial Corporation	0.04%	145,379	$6M	added+6%	+0.01 pp	19 q
DOCHealthpeak Properties, Inc.	0.03%	248,366	$5M	trimmed−1%	0.00 pp	21 q
MAAMid-America Apartment Communities, Inc.	0.03%	35,660	$6M	held	—	3 q
TRNOTerreno Realty Corporation	0.03%	101,477	$6M	trimmed−1%	−0.01 pp	44 q
CHCTCommunity Healthcare Trust Incorporated, $0.01 par value per share	0.02%	215,630	$4M	held	—	8 q
CCICrown Castle Inc.	0.02%	41,260	$4M	trimmed−1%	−0.01 pp	14 q
HIWHighwoods Properties Inc.	0.02%	130,050	$4M	trimmed−17%	−0.01 pp	19 q
VICIVICI Properties Inc.	0.02%	145,300	$4M	trimmed−1%	−0.01 pp	16 q
WELLWelltower Inc.	0.02%	29,550	$4M	trimmed−1%	0.00 pp	23 q
DEIDouglas Emmett, Inc.	0.01%	124,690	$2M	held	—	21 q
LRCXLam Research Corp	0.01%	12,280	$886,984	held	—	36 q
RHRh	0.01%	2,240	$881,642	held	—	10 q
CCKCrown Holdings Inc.	0.00%	8,570	$708,653	held	—	3 q
SKAASkechers USA Inc-cl A	0.00%	6,000	$403,440	held	—	12 q
BABAAlibaba Group Holding Limited	—	−127,784	—	exited	−0.08 pp	—
ROICRetail Opportunity Investments Corp.	—	−265,055	—	exited	−0.02 pp	—
SUISun Communities, Inc	—	−26,100	—	exited	−0.02 pp	—
FWONALiberty Media Corporation Series A	—	−9,590	—	exited	0.00 pp	—