Davis Advisors

Q1 2025 13F · by Chris Davis, portfolio manager

As of: Mar 31, 2025
Filed: May 12, 2025
US stock: $17.3B · prev $17.2B
Positions: 104 · prev 100
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%

Moves101 since the prior filing

+2.7 pp in · −2.7 pp out

New 5 +1.74 pp
Added 41 +0.99 pp
Trimmed 54 −2.70 pp
Exited 1 −0.02 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.2 years per position

Low
Moderate
High

Top 5 positions33% of US stock

COF Capital One Financial trimmed−0.29 pp trimmed−0.299.3%
META Meta Platforms, Inc. Class A trimmed−1.14 pp trimmed−1.147.3%
BRK.A Berkshire Hathaway Inc. trimmed+0.91 pp trimmed+0.917.2%
CVS Cvs Health Corporation added+1.54 pp added+1.544.5%
AMAT Applied Materials Inc added−0.27 pp added−0.274.2%

Positions104 in this filing · 1 exited


COFCapital One Financial	9.30%	8,999,453	$1.6B	trimmed−3%	−0.29 pp	43 q
METAMeta Platforms, Inc. Class A	7.34%	2,210,250	$1.3B	trimmed−11%	−1.14 pp	38 q
BRK.ABerkshire Hathaway Inc.	7.17%	1,558	$1.2B	trimmed−2%	+0.91 pp	48 q
CVSCvs Health Corporation	4.51%	11,549,057	$782M	added+1%	+1.54 pp	26 q
AMATApplied Materials Inc	4.18%	4,993,172	$725M	added+6%	−0.27 pp	48 q
MKLMarkel Group Inc.	4.00%	371,469	$695M	added0%	+0.28 pp	48 q
AMZNAmazon.Com Inc	3.86%	3,519,954	$670M	trimmed−8%	−0.99 pp	48 q
USBU.S. Bancorp	3.62%	14,889,014	$629M	added+4%	−0.38 pp	48 q
HUMHumana Inc.	3.56%	2,331,343	$617M	added+3%	+0.23 pp	24 q
MGMMgm Resorts International	3.56%	20,815,057	$617M	added+4%	−0.45 pp	7 q
WFCWells Fargo & Co.	3.50%	8,468,647	$608M	trimmed−2%	−0.03 pp	48 q
VTRSViatris Inc.	3.26%	64,948,236	$566M	added+4%	−1.27 pp	18 q
CIThe Cigna Group	2.72%	1,433,251	$472M	added0%	+0.42 pp	26 q
GOOGLAlphabet Inc. Class A	2.71%	3,039,483	$470M	added+1%	−0.61 pp	38 q
TXNTexas Instruments Incorporated	2.52%	2,431,035	$437M	added+3%	−0.04 pp	48 q
TECKTeck Resources Limited	2.35%	11,190,628	$408M	trimmed−1%	−0.31 pp	15 q
DGXQuest Diagnostics Inc.	2.33%	2,388,302	$404M	trimmed−0%	+0.23 pp	45 q
SOLVSolventum Corporation	2.32%	5,288,138	$402M	added+1%	+0.31 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	2.08%	678,453	$361M	trimmed−5%	+0.19 pp	48 q
CBChubb Limited	1.89%	1,086,389	$328M	trimmed−1%	+0.13 pp	37 q
TCOMTrip.com Group Limited	1.78%	4,862,997	$309M	added+30%	+0.28 pp	3 q
TSNTyson Foods, Inc.	1.72%	4,679,582	$299M	added+52%	+0.69 pp	4 q
OCOwens Corning	1.47%	1,787,242	$255M	trimmed−1%	−0.32 pp	26 q
QSRRestaurant Brands International Inc.	1.30%	3,372,511	$225M	new	+1.30 pp	new
AGCOAGCO Corporation	1.08%	2,027,266	$188M	added+2%	0.00 pp	6 q
BNYBank of New York Mellon Corporation	0.92%	1,910,645	$160M	trimmed−11%	−0.03 pp	48 q
JPMJPMorgan Chase & Co.	0.90%	639,852	$157M	trimmed−3%	−0.02 pp	48 q
COPConocoPhillips	0.85%	1,402,068	$147M	added+2%	+0.06 pp	4 q
DUSADavis Select U.S. Equity ETF	0.83%	3,383,338	$143M	trimmed−0%	0.00 pp	33 q
CPNGCoupang, Inc.	0.74%	5,880,990	$129M	trimmed−1%	−0.02 pp	17 q
PPLIPeople Incorporated	0.70%	2,657,782	$122M	added+1%	+0.04 pp	16 q
GOOGAlphabet Inc. Class C	0.58%	646,697	$101M	trimmed−0%	−0.14 pp	44 q
YMMFull Truck Alliance Co. Ltd.	0.58%	7,819,344	$100M	added+45%	+0.24 pp	2 q
FITBFifth Third Bancorp	0.56%	2,461,119	$96M	added+1%	−0.04 pp	12 q
MSFTMicrosoft Corp	0.56%	256,523	$96M	added+1%	−0.06 pp	48 q
DINTDavis Select International ETF	0.52%	3,890,080	$90M	added+1%	+0.03 pp	29 q
PNCPNC Financial Services Group	0.50%	495,808	$87M	trimmed−1%	−0.06 pp	37 q
DFNLDavis Select Financial ETF	0.48%	2,129,860	$84M	added0%	+0.01 pp	33 q
DARDarling Ingredients Inc.	0.45%	2,476,469	$77M	added+4%	−0.02 pp	16 q
AXPAmerican Express Company	0.42%	271,435	$73M	trimmed−1%	−0.05 pp	48 q
DWLDDavis Select Worldwide ETF	0.42%	1,916,287	$72M	trimmed−0%	+0.02 pp	33 q
SESea Limited	0.39%	514,628	$67M	trimmed−19%	0.00 pp	4 q
NTESNetEase, inc.	0.35%	596,114	$61M	trimmed−0%	+0.04 pp	2 q
LLoews Corporation	0.32%	599,066	$55M	trimmed−1%	+0.02 pp	48 q
BACBank of America Corporation	0.28%	1,156,148	$48M	trimmed−1%	−0.02 pp	25 q
APPApplovin Corporation Class A	0.25%	163,011	$43M	new	+0.25 pp	new
NTBThe Bank of N.T. Butterfield & Son Limited	0.24%	1,068,441	$42M	trimmed−1%	+0.01 pp	29 q
WCCWesco International Inc.	0.23%	258,503	$40M	added+1%	−0.04 pp	11 q
BEKEKE Holdings Inc.	0.22%	1,860,528	$37M	trimmed−49%	−0.17 pp	7 q
RKTRocket Companies, Inc.	0.22%	3,139,289	$38M	trimmed−1%	+0.01 pp	16 q
RNRRenaissanceRe Holdings Ltd.	0.20%	143,801	$35M	added+1%	−0.01 pp	3 q
JCIJohnson Controls International plc	0.19%	404,164	$32M	added0%	0.00 pp	35 q
VALEVale S.a.	0.16%	2,733,513	$27M	new	+0.16 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.15%	48,519	$25M	trimmed−5%	0.00 pp	48 q
SCHWThe Charles Schwab Corporation	0.13%	297,606	$23M	trimmed−1%	0.00 pp	48 q
SAPSap SE	0.12%	76,126	$20M	trimmed−22%	−0.02 pp	48 q
AMTAmerican Tower Corporation	0.11%	88,940	$19M	trimmed−1%	+0.01 pp	16 q
ORCLOracle Corp	0.11%	136,380	$19M	trimmed−1%	−0.02 pp	48 q
PLDPrologis, Inc.	0.11%	171,756	$19M	trimmed−4%	0.00 pp	34 q
VTRVentas, Inc.	0.10%	250,190	$17M	trimmed−1%	+0.01 pp	26 q
YOUClear Secure, Inc.	0.09%	581,691	$15M	added0%	0.00 pp	16 q
NOAHNoah Holdings Limited	0.09%	1,654,817	$16M	trimmed−1%	−0.02 pp	39 q
PSAPublic Storage	0.09%	49,760	$15M	trimmed−1%	0.00 pp	36 q
AREAlexandria Real Estate Equities, Inc.	0.08%	151,317	$14M	added+1%	−0.01 pp	48 q
BXPBXP, Inc.	0.08%	203,440	$14M	added+33%	+0.01 pp	48 q
CUZCousins Properties Inc.	0.08%	446,935	$13M	trimmed−11%	−0.01 pp	24 q
JDJD.com, Inc.	0.08%	345,461	$14M	trimmed−3%	+0.01 pp	44 q
REXRRexford Industrial Realty, Inc.	0.08%	363,620	$14M	added+7%	0.00 pp	39 q
EGEverest Group, Ltd.	0.08%	39,662	$14M	added+1%	0.00 pp	48 q
AVBAvalonBay Communities, Inc.	0.07%	56,650	$12M	added+1%	0.00 pp	48 q
BRXBrixmor Property Group Inc.	0.07%	484,360	$13M	trimmed−1%	−0.01 pp	31 q
EQIXEquinix, Inc.	0.07%	15,373	$13M	trimmed−20%	−0.04 pp	29 q
SPGSimon Property Group, Inc.	0.07%	68,033	$11M	trimmed−16%	−0.01 pp	48 q
DLRDigital Realty Trust, Inc.	0.06%	67,130	$10M	trimmed−26%	−0.03 pp	29 q
AMHAmerican Homes 4 Rent	0.05%	243,120	$9M	added+12%	0.00 pp	30 q
CPTCamden Property Trust	0.05%	76,510	$9M	added+10%	0.00 pp	37 q
EGPEastGroup Properties Inc.	0.05%	44,750	$8M	added+1%	+0.01 pp	3 q
ESSEssex Property Trust, Inc	0.05%	27,731	$9M	trimmed−17%	−0.01 pp	48 q
EXRExtra Space Storage, Inc.	0.05%	56,785	$8M	trimmed−7%	0.00 pp	7 q
MTBM&T Bank Corp.	0.05%	51,185	$9M	added+3%	0.00 pp	20 q
MAAMid-America Apartment Communities, Inc.	0.05%	51,450	$9M	added+44%	+0.02 pp	4 q
REGRegency Centers Corporation	0.05%	118,140	$9M	trimmed−1%	0.00 pp	8 q
VMRKVivmark Residential	0.04%	99,855	$7M	trimmed−1%	0.00 pp	40 q
unresolvedHudson Pac Pptys Inc	0.04%	2,296,963	$7M	added+1%	0.00 pp	33 q
STTState Street Corporation	0.04%	72,704	$7M	added+15%	0.00 pp	37 q
SHOSunstone Hotel Investors, Inc.	0.04%	791,730	$7M	trimmed−1%	−0.02 pp	22 q
TRNOTerreno Realty Corporation	0.04%	100,827	$6M	trimmed−1%	+0.01 pp	45 q
TFCTruist Financial Corporation	0.04%	156,431	$6M	added+8%	0.00 pp	20 q
UDRUDR, Inc.	0.04%	158,610	$7M	trimmed−19%	−0.01 pp	17 q
CHCTCommunity Healthcare Trust Incorporated, $0.01 par value per share	0.03%	301,740	$5M	added+40%	+0.01 pp	9 q
DOCHealthpeak Properties, Inc.	0.03%	246,806	$5M	trimmed−1%	0.00 pp	22 q
VICIVICI Properties Inc.	0.03%	143,440	$5M	trimmed−1%	+0.01 pp	17 q
CCICrown Castle Inc.	0.02%	41,000	$4M	trimmed−1%	0.00 pp	15 q
DEIDouglas Emmett, Inc.	0.02%	268,820	$4M	added×2.2	+0.01 pp	22 q
FRTFederal Realty Investment Trust	0.02%	32,930	$3M	trimmed−45%	−0.02 pp	13 q
HIWHighwoods Properties Inc.	0.02%	129,180	$4M	trimmed−1%	0.00 pp	20 q
IVEiShares S&P 500 Value ETF	0.02%	19,712	$4M	trimmed−90%	−0.20 pp	4 q
SUISun Communities, Inc	0.02%	25,040	$3M	new	+0.02 pp	new
LRCXLam Research Corp	0.01%	12,280	$892,756	held	—	37 q
NTSTNetSTREIT Corp.	0.01%	114,960	$2M	new	+0.01 pp	new
CCKCrown Holdings Inc.	0.00%	8,570	$764,958	held	—	4 q
INTCIntel Corp	0.00%	10,683	$242,609	trimmed−100%	−0.30 pp	48 q
RHRh	0.00%	2,240	$525,078	held	—	11 q
SKAASkechers USA Inc-cl A	0.00%	6,000	$340,680	held	—	13 q
WELLWelltower Inc.	—	−29,550	—	exited	−0.02 pp	—