Davis Advisors

Q2 2025 13F · by Chris Davis, portfolio manager

As of: Jun 30, 2025
Filed: Jul 24, 2025
US stock: $18.7B · prev $17.3B
Positions: 107 · prev 104
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%

Moves105 since the prior filing

+5.6 pp in · −5.6 pp out

New 8 +1.50 pp
Added 43 +4.08 pp
Trimmed 49 −5.52 pp
Exited 5 −0.13 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.6 years per position

Low
Moderate
High

Top 5 positions32% of US stock

COF Capital One Financial trimmed+0.89 pp trimmed+0.8910.2%
META Meta Platforms, Inc. Class A trimmed+0.98 pp trimmed+0.988.3%
AMAT Applied Materials Inc trimmed+0.67 pp trimmed+0.674.8%
USB U.S. Bancorp added+1.06 pp added+1.064.7%
MGM Mgm Resorts International added+0.82 pp added+0.824.4%

Positions107 in this filing · 5 exited


COFCapital One Financial	10.19%	8,955,742	$1.9B	trimmed−0%	+0.89 pp	44 q
METAMeta Platforms, Inc. Class A	8.32%	2,107,814	$1.6B	trimmed−5%	+0.98 pp	39 q
AMATApplied Materials Inc	4.85%	4,957,593	$908M	trimmed−1%	+0.67 pp	49 q
USBU.S. Bancorp	4.68%	19,331,637	$875M	added+30%	+1.06 pp	49 q
MGMMgm Resorts International	4.38%	23,821,109	$819M	added+14%	+0.82 pp	8 q
CVSCvs Health Corporation	4.27%	11,586,790	$799M	added0%	−0.24 pp	27 q
BRK.ABerkshire Hathaway Inc.	4.15%	1,065	$776M	trimmed−32%	−3.02 pp	49 q
MKLMarkel Group Inc.	3.96%	371,131	$741M	trimmed−0%	−0.04 pp	49 q
AMZNAmazon.Com Inc	3.83%	3,269,161	$717M	trimmed−7%	−0.03 pp	49 q
WFCWells Fargo & Co.	3.50%	8,176,423	$655M	trimmed−3%	0.00 pp	49 q
VTRSViatris Inc.	3.17%	66,375,520	$593M	added+2%	−0.09 pp	19 q
GOOGLAlphabet Inc. Class A	2.69%	2,854,413	$503M	trimmed−6%	−0.02 pp	39 q
TSNTyson Foods, Inc.	2.68%	8,956,466	$501M	added+91%	+0.96 pp	5 q
TXNTexas Instruments Incorporated	2.64%	2,380,207	$494M	trimmed−2%	+0.12 pp	49 q
TECKTeck Resources Limited	2.38%	11,034,993	$446M	trimmed−1%	+0.03 pp	16 q
SOLVSolventum Corporation	2.23%	5,492,661	$417M	added+4%	−0.09 pp	5 q
HUMHumana Inc.	2.16%	1,652,734	$404M	trimmed−29%	−1.40 pp	25 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.89%	1,132,885	$353M	added×23.3	+1.74 pp	49 q
CBChubb Limited	1.66%	1,071,823	$311M	trimmed−1%	−0.23 pp	38 q
TCOMTrip.com Group Limited	1.55%	4,949,468	$290M	added+2%	−0.23 pp	4 q
BRK.BBERKSHIRE HATHAWAY Class B	1.44%	553,845	$269M	trimmed−18%	−0.64 pp	49 q
OCOwens Corning	1.30%	1,769,093	$243M	trimmed−1%	−0.17 pp	27 q
DGXQuest Diagnostics Inc.	1.30%	1,354,420	$243M	trimmed−43%	−1.03 pp	46 q
CTRACoterra Energy Inc.	1.27%	9,338,141	$237M	new	+1.27 pp	new
QSRRestaurant Brands International Inc.	1.21%	3,419,715	$227M	added+1%	−0.09 pp	2 q
CIThe Cigna Group	1.16%	655,889	$217M	trimmed−54%	−1.56 pp	27 q
AGCOAGCO Corporation	1.00%	1,804,564	$186M	trimmed−11%	−0.08 pp	7 q
JPMJPMorgan Chase & Co.	0.99%	636,042	$184M	trimmed−1%	+0.09 pp	49 q
BNYBank of New York Mellon Corporation	0.92%	1,898,430	$173M	trimmed−1%	0.00 pp	49 q
CPNGCoupang, Inc.	0.92%	5,754,998	$172M	trimmed−2%	+0.18 pp	18 q
DUSADavis Select U.S. Equity ETF	0.84%	3,383,338	$157M	held	—	34 q
COPConocoPhillips	0.76%	1,585,587	$142M	added+13%	−0.09 pp	5 q
YMMFull Truck Alliance Co. Ltd.	0.73%	11,635,925	$137M	added+49%	+0.15 pp	3 q
MSFTMicrosoft Corp	0.66%	247,956	$123M	trimmed−3%	+0.10 pp	49 q
GOOGAlphabet Inc. Class C	0.62%	650,390	$115M	added+1%	+0.04 pp	45 q
FITBFifth Third Bancorp	0.55%	2,512,856	$103M	added+2%	−0.01 pp	13 q
DINTDavis Select International ETF	0.54%	3,890,080	$101M	held	—	30 q
DARDarling Ingredients Inc.	0.50%	2,443,570	$93M	trimmed−1%	+0.05 pp	17 q
PNCPNC Financial Services Group	0.50%	502,357	$94M	added+1%	0.00 pp	38 q
DFNLDavis Select Financial ETF	0.49%	2,129,860	$91M	held	—	34 q
AXPAmerican Express Company	0.46%	270,500	$86M	trimmed−0%	+0.04 pp	49 q
PPLIPeople Incorporated	0.46%	2,280,775	$85M	trimmed−14%	−0.24 pp	17 q
NTESNetEase, inc.	0.43%	593,347	$80M	trimmed−0%	+0.08 pp	3 q
DWLDDavis Select Worldwide ETF	0.42%	1,916,287	$79M	held	—	34 q
APPApplovin Corporation Class A	0.40%	215,073	$75M	added+32%	+0.15 pp	2 q
SESea Limited	0.38%	448,305	$72M	trimmed−13%	−0.01 pp	5 q
BACBank of America Corporation	0.29%	1,153,397	$55M	trimmed−0%	+0.01 pp	26 q
LLoews Corporation	0.29%	597,343	$55M	trimmed−0%	−0.03 pp	49 q
WCCWesco International Inc.	0.29%	290,746	$54M	added+12%	+0.06 pp	12 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.25%	1,062,264	$47M	trimmed−1%	+0.01 pp	30 q
RKTRocket Companies, Inc.	0.24%	3,132,678	$44M	trimmed−0%	+0.02 pp	17 q
RNRRenaissanceRe Holdings Ltd.	0.19%	143,067	$35M	trimmed−1%	−0.01 pp	4 q
BEKEKE Holdings Inc.	0.18%	1,852,812	$33M	trimmed−0%	−0.04 pp	8 q
ORCLOracle Corp	0.15%	131,574	$29M	trimmed−4%	+0.04 pp	49 q
VALEVale S.a.	0.15%	2,948,514	$29M	added+8%	−0.01 pp	2 q
SCHWThe Charles Schwab Corporation	0.14%	296,438	$27M	trimmed−0%	+0.01 pp	49 q
JCIJohnson Controls International plc	0.14%	245,323	$26M	trimmed−39%	−0.05 pp	36 q
AMTAmerican Tower Corporation	0.11%	91,650	$20M	added+3%	0.00 pp	17 q
ANGIAngi Inc. Class A	0.10%	1,181,911	$18M	new	+0.10 pp	new
BXPBXP, Inc.	0.08%	209,630	$14M	added+3%	0.00 pp	49 q
NVDANvidia Corp	0.08%	89,135	$14M	new	+0.08 pp	new
SAPSap SE	0.08%	46,769	$14M	trimmed−39%	−0.04 pp	49 q
BRXBrixmor Property Group Inc.	0.07%	498,390	$13M	added+3%	0.00 pp	32 q
CUZCousins Properties Inc.	0.07%	460,235	$14M	added+3%	−0.01 pp	25 q
EQIXEquinix, Inc.	0.07%	15,663	$12M	added+2%	0.00 pp	30 q
NOAHNoah Holdings Limited	0.07%	1,021,585	$12M	trimmed−38%	−0.02 pp	40 q
PLDPrologis, Inc.	0.07%	129,226	$14M	trimmed−25%	−0.04 pp	35 q
REXRRexford Industrial Realty, Inc.	0.07%	375,010	$13M	added+3%	−0.01 pp	40 q
VTRVentas, Inc.	0.07%	203,350	$13M	trimmed−19%	−0.03 pp	27 q
EGEverest Group, Ltd.	0.07%	39,500	$13M	trimmed−0%	−0.01 pp	49 q
AREAlexandria Real Estate Equities, Inc.	0.06%	156,187	$11M	added+3%	−0.02 pp	49 q
AVBAvalonBay Communities, Inc.	0.06%	57,820	$12M	added+2%	−0.01 pp	49 q
DLRDigital Realty Trust, Inc.	0.06%	68,460	$12M	added+2%	0.00 pp	30 q
JDJD.com, Inc.	0.06%	343,487	$11M	trimmed−1%	−0.02 pp	45 q
PSAPublic Storage	0.06%	40,400	$12M	trimmed−19%	−0.03 pp	37 q
AMHAmerican Homes 4 Rent	0.05%	250,360	$9M	added+3%	0.00 pp	31 q
CPTCamden Property Trust	0.05%	78,650	$9M	added+3%	0.00 pp	38 q
MTBM&T Bank Corp.	0.05%	50,948	$10M	trimmed−0%	0.00 pp	21 q
REGRegency Centers Corporation	0.05%	121,830	$9M	added+3%	0.00 pp	9 q
SPGSimon Property Group, Inc.	0.05%	58,723	$9M	trimmed−14%	−0.02 pp	49 q
SHOSunstone Hotel Investors, Inc.	0.05%	1,155,480	$10M	added+46%	+0.01 pp	23 q
EGPEastGroup Properties Inc.	0.04%	46,130	$8M	added+3%	−0.01 pp	4 q
VMRKVivmark Residential	0.04%	101,725	$7M	added+2%	0.00 pp	41 q
ESSEssex Property Trust, Inc	0.04%	28,541	$8M	added+3%	−0.01 pp	49 q
EXRExtra Space Storage, Inc.	0.04%	56,765	$8M	trimmed−0%	−0.01 pp	8 q
DOCHealthpeak Properties, Inc.	0.04%	389,186	$7M	added+58%	+0.01 pp	23 q
MAAMid-America Apartment Communities, Inc.	0.04%	53,050	$8M	added+3%	−0.01 pp	5 q
STTState Street Corporation	0.04%	72,251	$8M	trimmed−1%	0.00 pp	38 q
TFCTruist Financial Corporation	0.04%	155,845	$7M	trimmed−0%	0.00 pp	21 q
UDRUDR, Inc.	0.04%	161,990	$7M	added+2%	0.00 pp	18 q
CHCTCommunity Healthcare Trust Incorporated, $0.01 par value per share	0.03%	332,280	$6M	added+10%	0.00 pp	10 q
unresolvedHudson Pac Pptys Inc	0.03%	2,295,973	$6M	trimmed−0%	−0.01 pp	34 q
SUISun Communities, Inc	0.03%	38,370	$5M	added+53%	+0.01 pp	2 q
TRNOTerreno Realty Corporation	0.03%	104,197	$6M	added+3%	−0.01 pp	46 q
VICIVICI Properties Inc.	0.03%	169,740	$6M	added+18%	0.00 pp	18 q
CDPCOPT Defense Properties	0.02%	147,490	$4M	new	+0.02 pp	new
CCICrown Castle Inc.	0.02%	42,300	$4M	added+3%	0.00 pp	16 q
DEIDouglas Emmett, Inc.	0.02%	276,750	$4M	added+3%	0.00 pp	23 q
NTSTNetSTREIT Corp.	0.02%	220,510	$4M	added+92%	+0.01 pp	2 q
ORealty Income Corporation	0.02%	48,870	$3M	new	+0.02 pp	new
IVEiShares S&P 500 Value ETF	0.01%	10,978	$2M	trimmed−44%	−0.01 pp	5 q
LRCXLam Research Corp	0.01%	12,280	$1M	held	—	38 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	7,200	$2M	new	+0.01 pp	new
AAPLApple Inc.	0.00%	1,265	$259,540	new	0.00 pp	new
CCKCrown Holdings Inc.	0.00%	8,570	$882,539	held	—	5 q
XOMExxon Mobil Corp	0.00%	2,066	$222,715	new	0.00 pp	new
RHRh	0.00%	2,240	$423,382	held	—	12 q
YOUClear Secure, Inc.	—	−581,691	—	exited	−0.09 pp	—
FRTFederal Realty Investment Trust	—	−32,930	—	exited	−0.02 pp	—
HIWHighwoods Properties Inc.	—	−129,180	—	exited	−0.02 pp	—
INTCIntel Corp	—	−10,683	—	exited	0.00 pp	—
SKAASkechers USA Inc-cl A	—	−6,000	—	exited	0.00 pp	—