Davis Advisors

Q3 2025 13F · by Chris Davis, portfolio manager

As of: Sep 30, 2025
Filed: Dec 29, 2025
US stock: $19.2B · prev $18.7B
Positions: 107 · prev 107
Options notional: $0
Documents: 1· 1 amendment

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

+5.5 pp in · −5.5 pp out

New 3 +1.60 pp
Added 59 +3.87 pp
Trimmed 36 −4.61 pp
Exited 3 −0.92 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.3 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Revealed late, restated

restated 0 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Dec 29, 2025 ↗

Positions107 in this filing · 3 exited


COFCapital One Financial	9.30%	8,380,117	$1.8B	trimmed−6%	−0.89 pp	45 q
METAMeta Platforms, Inc. Class A	6.58%	1,715,514	$1.3B	trimmed−19%	−1.74 pp	40 q
AMATApplied Materials Inc	5.94%	5,553,992	$1.1B	added+12%	+1.09 pp	50 q
USBU.S. Bancorp	4.90%	19,431,562	$939M	added+1%	+0.22 pp	50 q
CVSCvs Health Corporation	4.49%	11,403,641	$860M	trimmed−2%	+0.22 pp	28 q
MGMMgm Resorts International	4.33%	23,953,452	$830M	added+1%	−0.05 pp	9 q
BRK.ABerkshire Hathaway Inc.	3.93%	998	$753M	trimmed−6%	−0.22 pp	50 q
MKLMarkel Group Inc.	3.73%	373,528	$714M	added+1%	−0.23 pp	50 q
AMZNAmazon.Com Inc	3.60%	3,137,986	$689M	trimmed−4%	−0.23 pp	50 q
VTRSViatris Inc.	3.58%	69,345,645	$687M	added+4%	+0.41 pp	20 q
GOOGLAlphabet Inc. Class A	3.52%	2,770,594	$674M	trimmed−3%	+0.83 pp	40 q
WFCWells Fargo & Co.	3.41%	7,786,052	$653M	trimmed−5%	−0.09 pp	50 q
TSNTyson Foods, Inc.	2.82%	9,962,127	$541M	added+11%	+0.14 pp	6 q
TECKTeck Resources Limited	2.53%	11,023,662	$484M	trimmed−0%	+0.15 pp	17 q
CTRACoterra Energy Inc.	2.46%	19,883,481	$470M	added×2.1	+1.19 pp	2 q
TXNTexas Instruments Incorporated	2.22%	2,317,408	$426M	trimmed−3%	−0.42 pp	50 q
SOLVSolventum Corporation	2.10%	5,517,611	$403M	added0%	−0.13 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.05%	1,139,303	$393M	added+1%	+0.16 pp	50 q
TCOMTrip.com Group Limited	1.94%	4,941,445	$372M	trimmed−0%	+0.39 pp	5 q
CBChubb Limited	1.58%	1,070,445	$302M	trimmed−0%	−0.08 pp	39 q
BRK.BBERKSHIRE HATHAWAY Class B	1.40%	533,948	$268M	trimmed−4%	−0.04 pp	50 q
DGXQuest Diagnostics Inc.	1.35%	1,361,612	$259M	added+1%	+0.05 pp	47 q
PINSPinterest, Inc. Class A	1.33%	7,892,057	$254M	new	+1.33 pp	new
OCOwens Corning	1.31%	1,777,367	$251M	added0%	+0.01 pp	28 q
QSRRestaurant Brands International Inc.	1.19%	3,542,388	$227M	added+4%	−0.02 pp	3 q
AGCOAGCO Corporation	1.01%	1,812,922	$194M	added0%	+0.01 pp	8 q
YMMFull Truck Alliance Co. Ltd.	1.01%	14,981,773	$194M	added+29%	+0.28 pp	4 q
CIThe Cigna Group	0.99%	656,318	$189M	added0%	−0.17 pp	28 q
JPMJPMorgan Chase & Co.	0.98%	595,626	$188M	trimmed−6%	−0.01 pp	50 q
DUSADavis Select U.S. Equity ETF	0.85%	3,383,338	$162M	held	—	35 q
APPApplovin Corporation Class A	0.84%	223,574	$161M	added+4%	+0.44 pp	3 q
GOOGAlphabet Inc. Class C	0.82%	646,051	$157M	trimmed−1%	+0.20 pp	46 q
COPConocoPhillips	0.79%	1,599,311	$151M	added+1%	+0.03 pp	6 q
FITBFifth Third Bancorp	0.62%	2,668,869	$119M	added+6%	+0.07 pp	14 q
BNYBank of New York Mellon Corporation	0.57%	1,010,681	$110M	trimmed−47%	−0.35 pp	50 q
DINTDavis Select International ETF	0.57%	3,890,080	$109M	held	—	31 q
PNCPNC Financial Services Group	0.53%	501,817	$101M	trimmed−0%	+0.03 pp	39 q
HUMHumana Inc.	0.52%	385,539	$100M	trimmed−77%	−1.64 pp	26 q
DFNLDavis Select Financial ETF	0.50%	2,129,860	$96M	held	—	35 q
NTESNetEase, inc.	0.47%	594,740	$90M	added0%	+0.04 pp	4 q
DWLDDavis Select Worldwide ETF	0.45%	1,916,287	$87M	held	—	35 q
AXPAmerican Express Company	0.43%	247,940	$82M	trimmed−8%	−0.03 pp	50 q
SESea Limited	0.41%	440,594	$79M	trimmed−2%	+0.03 pp	6 q
DARDarling Ingredients Inc.	0.40%	2,453,940	$76M	added0%	−0.10 pp	18 q
PPLIPeople Incorporated	0.40%	2,243,689	$76M	trimmed−2%	−0.06 pp	18 q
RKTRocket Companies, Inc.	0.32%	3,134,234	$61M	added0%	+0.08 pp	18 q
WCCWesco International Inc.	0.32%	292,570	$62M	added+1%	+0.03 pp	13 q
BACBank of America Corporation	0.31%	1,150,589	$59M	trimmed−0%	+0.02 pp	27 q
LLoews Corporation	0.31%	595,697	$60M	trimmed−0%	+0.02 pp	50 q
CHYMChime Financial, Inc. Class A	0.25%	2,399,166	$48M	new	+0.25 pp	new
NTBThe Bank of N.T. Butterfield & Son Limited	0.24%	1,058,793	$45M	trimmed−0%	−0.01 pp	31 q
RNRRenaissanceRe Holdings Ltd.	0.19%	143,145	$36M	added0%	0.00 pp	5 q
BEKEKE Holdings Inc.	0.18%	1,851,804	$35M	trimmed−0%	0.00 pp	9 q
VALEVale S.a.	0.17%	2,931,198	$32M	trimmed−1%	+0.02 pp	3 q
SCHWThe Charles Schwab Corporation	0.15%	296,441	$28M	added0%	+0.01 pp	50 q
MSFTMicrosoft Corp	0.14%	52,306	$27M	trimmed−79%	−0.52 pp	50 q
PLDPrologis, Inc.	0.12%	198,166	$23M	added+53%	+0.05 pp	36 q
JCIJohnson Controls International plc	0.11%	186,004	$20M	trimmed−24%	−0.03 pp	37 q
ORCLOracle Corp	0.10%	67,052	$19M	trimmed−49%	−0.05 pp	50 q
BXPBXP, Inc.	0.09%	239,760	$18M	added+14%	+0.01 pp	50 q
EQIXEquinix, Inc.	0.09%	21,803	$17M	added+39%	+0.02 pp	31 q
NVDANvidia Corp	0.09%	89,795	$17M	added+1%	+0.01 pp	2 q
ANGIAngi Inc. Class A	0.08%	949,006	$15M	trimmed−20%	−0.02 pp	2 q
AREAlexandria Real Estate Equities, Inc.	0.08%	180,157	$15M	added+15%	+0.02 pp	50 q
BRXBrixmor Property Group Inc.	0.08%	570,000	$16M	added+14%	+0.01 pp	33 q
CUZCousins Properties Inc.	0.08%	512,355	$15M	added+11%	+0.01 pp	26 q
REXRRexford Industrial Realty, Inc.	0.08%	395,150	$16M	added+5%	+0.01 pp	41 q
SPGSimon Property Group, Inc.	0.08%	76,733	$14M	added+31%	+0.03 pp	50 q
AMTAmerican Tower Corporation	0.07%	65,670	$13M	trimmed−28%	−0.04 pp	18 q
AVBAvalonBay Communities, Inc.	0.07%	66,580	$13M	added+15%	+0.01 pp	50 q
DLRDigital Realty Trust, Inc.	0.07%	81,280	$14M	added+19%	+0.01 pp	31 q
PSAPublic Storage	0.07%	44,610	$13M	added+10%	+0.01 pp	38 q
SAPSap SE	0.07%	46,787	$13M	added0%	−0.01 pp	50 q
EGEverest Group, Ltd.	0.07%	39,428	$14M	trimmed−0%	0.00 pp	50 q
JDJD.com, Inc.	0.06%	341,711	$12M	trimmed−1%	0.00 pp	46 q
NOAHNoah Holdings Limited	0.06%	1,021,585	$12M	held	—	41 q
STTState Street Corporation	0.06%	103,785	$12M	added+44%	+0.02 pp	39 q
SHOSunstone Hotel Investors, Inc.	0.06%	1,311,800	$12M	added+14%	+0.01 pp	24 q
AMHAmerican Homes 4 Rent	0.05%	285,600	$9M	added+14%	0.00 pp	32 q
CPTCamden Property Trust	0.05%	89,120	$10M	added+13%	0.00 pp	39 q
CDPCOPT Defense Properties	0.05%	302,120	$9M	added×2.0	+0.03 pp	2 q
EGPEastGroup Properties Inc.	0.05%	52,940	$9M	added+15%	+0.01 pp	5 q
MTBM&T Bank Corp.	0.05%	51,027	$10M	added0%	0.00 pp	22 q
REGRegency Centers Corporation	0.05%	140,110	$10M	added+15%	0.00 pp	10 q
VMRKVivmark Residential	0.04%	107,215	$7M	added+5%	0.00 pp	42 q
EXRExtra Space Storage, Inc.	0.04%	55,055	$8M	trimmed−3%	0.00 pp	9 q
DOCHealthpeak Properties, Inc.	0.04%	446,866	$9M	added+15%	0.00 pp	24 q
MAAMid-America Apartment Communities, Inc.	0.04%	60,860	$9M	added+15%	0.00 pp	6 q
TRNOTerreno Realty Corporation	0.04%	120,907	$7M	added+16%	+0.01 pp	47 q
TFCTruist Financial Corporation	0.04%	156,437	$7M	added0%	0.00 pp	22 q
UDRUDR, Inc.	0.04%	186,190	$7M	added+15%	0.00 pp	19 q
VTRVentas, Inc.	0.04%	117,330	$8M	trimmed−42%	−0.03 pp	28 q
VICIVICI Properties Inc.	0.04%	221,610	$7M	added+31%	+0.01 pp	19 q
CHCTCommunity Healthcare Trust Incorporated, $0.01 par value per share	0.03%	333,190	$5M	added0%	0.00 pp	11 q
DEIDouglas Emmett, Inc.	0.03%	317,600	$5M	added+15%	+0.01 pp	24 q
unresolvedHudson Pac Pptys Inc	0.03%	2,300,183	$6M	added0%	0.00 pp	35 q
NTSTNetSTREIT Corp.	0.03%	342,410	$6M	added+55%	+0.01 pp	3 q
ORealty Income Corporation	0.03%	93,580	$6M	added+91%	+0.01 pp	2 q
SUISun Communities, Inc	0.03%	43,950	$6M	added+15%	0.00 pp	3 q
CCICrown Castle Inc.	0.02%	43,240	$4M	added+2%	0.00 pp	17 q
ESSEssex Property Trust, Inc	0.02%	16,951	$5M	trimmed−41%	−0.02 pp	50 q
SNPSSynopsys Inc	0.02%	8,655	$4M	new	+0.02 pp	new
IVEiShares S&P 500 Value ETF	0.01%	6,614	$1M	trimmed−40%	0.00 pp	6 q
LRCXLam Research Corp	0.01%	12,280	$2M	held	—	39 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	7,200	$2M	held	—	2 q
CCKCrown Holdings Inc.	0.00%	8,570	$827,776	held	—	6 q
RHRh	0.00%	2,240	$455,078	held	—	13 q
CPNGCoupang, Inc.	—	−5,754,998	—	exited	−0.92 pp	—
AAPLApple Inc.	—	−1,265	—	exited	0.00 pp	—
XOMExxon Mobil Corp	—	−2,066	—	exited	0.00 pp	—