Davis Advisors

Q4 2025 13F · by Chris Davis, portfolio manager

As of: Dec 31, 2025
Filed: Feb 2, 2026
US stock: $22.2B · prev $19.2B
Positions: 108 · prev 107
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%

Moves104 since the prior filing

+3.7 pp in · −3.7 pp out

New 4 +0.97 pp
Added 54 +2.77 pp
Trimmed 43 −3.15 pp
Exited 3 −0.55 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.1 years per position

Low
Moderate
High

Top 5 positions29% of US stock

Positions108 in this filing · 3 exited


COFCapital One Financial	9.38%	8,614,766	$2.1B	added+3%	+0.08 pp	46 q
USBU.S. Bancorp	5.29%	22,041,759	$1.2B	added+13%	+0.39 pp	51 q
METAMeta Platforms, Inc. Class A	5.20%	1,752,974	$1.2B	added+2%	−1.38 pp	41 q
AMATApplied Materials Inc	4.85%	4,201,298	$1.1B	trimmed−24%	−1.09 pp	51 q
CVSCvs Health Corporation	4.55%	12,760,511	$1.0B	added+12%	+0.06 pp	29 q
MGMMgm Resorts International	4.40%	26,820,202	$979M	added+12%	+0.07 pp	10 q
GOOGLAlphabet Inc. Class A	4.39%	3,118,760	$976M	added+13%	+0.87 pp	41 q
VTRSViatris Inc.	4.37%	78,177,984	$973M	added+13%	+0.79 pp	21 q
MKLMarkel Group Inc.	4.01%	415,160	$892M	added+11%	+0.28 pp	51 q
CTRACoterra Energy Inc.	3.85%	32,537,508	$856M	added+64%	+1.39 pp	3 q
AMZNAmazon.Com Inc	3.56%	3,429,262	$792M	added+9%	−0.04 pp	51 q
WFCWells Fargo & Co.	3.46%	8,258,031	$770M	added+6%	+0.05 pp	51 q
TSNTyson Foods, Inc.	3.38%	12,827,540	$752M	added+29%	+0.56 pp	7 q
BRK.ABerkshire Hathaway Inc.	3.20%	943	$712M	trimmed−6%	−0.73 pp	51 q
TECKTeck Resources Limited	2.59%	12,019,609	$576M	added+9%	+0.06 pp	18 q
SOLVSolventum Corporation	2.22%	6,220,072	$493M	added+13%	+0.12 pp	7 q
TXNTexas Instruments Incorporated	2.22%	2,853,227	$495M	added+23%	0.00 pp	51 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.89%	1,273,400	$420M	added+12%	−0.16 pp	51 q
BRK.BBERKSHIRE HATHAWAY Class B	1.67%	739,875	$372M	added+39%	+0.27 pp	51 q
CBChubb Limited	1.66%	1,186,647	$370M	added+11%	+0.08 pp	40 q
TCOMTrip.com Group Limited	1.63%	5,053,389	$363M	added+2%	−0.31 pp	6 q
PINSPinterest, Inc. Class A	1.37%	11,801,983	$306M	added+50%	+0.04 pp	2 q
DGXQuest Diagnostics Inc.	1.24%	1,589,883	$276M	added+17%	−0.11 pp	48 q
QSRRestaurant Brands International Inc.	1.23%	4,020,791	$274M	added+14%	+0.04 pp	4 q
OCOwens Corning	1.03%	2,046,583	$229M	added+15%	−0.28 pp	29 q
GOOGAlphabet Inc. Class C	1.00%	710,963	$223M	added+10%	+0.18 pp	47 q
AGCOAGCO Corporation	0.96%	2,048,835	$214M	added+13%	−0.05 pp	9 q
CIThe Cigna Group	0.93%	752,852	$207M	added+15%	−0.06 pp	29 q
YMMFull Truck Alliance Co. Ltd.	0.85%	17,537,524	$188M	added+17%	−0.16 pp	5 q
JPMJPMorgan Chase & Co.	0.83%	571,586	$184M	trimmed−4%	−0.15 pp	51 q
DUSADavis Select U.S. Equity ETF	0.78%	3,384,566	$173M	added0%	−0.07 pp	36 q
JBSJbs N.v.	0.77%	11,854,741	$171M	new	+0.77 pp	new
COPConocoPhillips	0.76%	1,797,887	$168M	added+12%	−0.03 pp	7 q
APPApplovin Corporation Class A	0.75%	247,981	$167M	added+11%	−0.09 pp	4 q
FITBFifth Third Bancorp	0.58%	2,744,310	$128M	added+3%	−0.04 pp	15 q
DINTDavis Select International ETF	0.50%	3,892,451	$111M	added0%	−0.07 pp	32 q
PNCPNC Financial Services Group	0.50%	530,089	$111M	added+6%	−0.03 pp	40 q
DARDarling Ingredients Inc.	0.46%	2,842,306	$102M	added+16%	+0.06 pp	19 q
DFNLDavis Select Financial ETF	0.46%	2,130,361	$103M	added0%	−0.04 pp	36 q
PPLIPeople Incorporated	0.44%	2,514,072	$98M	added+12%	+0.04 pp	19 q
AXPAmerican Express Company	0.40%	241,700	$89M	trimmed−3%	−0.03 pp	51 q
DWLDDavis Select Worldwide ETF	0.40%	1,917,460	$89M	added0%	−0.05 pp	36 q
WCCWesco International Inc.	0.40%	364,502	$89M	added+25%	+0.08 pp	14 q
RNRRenaissanceRe Holdings Ltd.	0.29%	229,739	$65M	added+60%	+0.10 pp	6 q
BACBank of America Corporation	0.28%	1,149,873	$63M	trimmed−0%	−0.03 pp	28 q
CHYMChime Financial, Inc. Class A	0.28%	2,472,106	$62M	added+3%	+0.03 pp	2 q
LLoews Corporation	0.28%	600,046	$63M	added+1%	−0.03 pp	51 q
RKTRocket Companies, Inc.	0.28%	3,227,910	$62M	added+3%	−0.04 pp	19 q
BNYBank of New York Mellon Corporation	0.27%	521,722	$61M	trimmed−48%	−0.30 pp	51 q
NTESNetEase, inc.	0.26%	426,164	$59M	trimmed−28%	−0.21 pp	5 q
SESea Limited	0.25%	436,534	$56M	trimmed−1%	−0.16 pp	7 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.24%	1,053,710	$52M	trimmed−0%	0.00 pp	32 q
EGEverest Group, Ltd.	0.18%	118,017	$40M	added×3.0	+0.11 pp	51 q
FISVFiserv, Inc.	0.17%	568,982	$38M	new	+0.17 pp	new
VALEVale S.a.	0.17%	2,931,198	$38M	held	—	4 q
SCHWThe Charles Schwab Corporation	0.14%	301,695	$30M	added+2%	−0.01 pp	51 q
BEKEKE Holdings Inc.	0.13%	1,851,804	$29M	held	—	10 q
MSFTMicrosoft Corp	0.13%	60,801	$29M	added+16%	−0.01 pp	51 q
IVEiShares S&P 500 Value ETF	0.12%	127,053	$27M	added×19.2	+0.11 pp	7 q
JCIJohnson Controls International plc	0.11%	209,960	$25M	added+13%	0.00 pp	38 q
PLDPrologis, Inc.	0.10%	180,126	$23M	trimmed−9%	−0.02 pp	37 q
NVDANvidia Corp	0.09%	111,038	$21M	added+24%	0.00 pp	3 q
STTState Street Corporation	0.08%	143,773	$19M	added+39%	+0.02 pp	40 q
BXPBXP, Inc.	0.07%	233,910	$16M	trimmed−2%	−0.02 pp	51 q
BRXBrixmor Property Group Inc.	0.07%	555,970	$15M	trimmed−2%	−0.01 pp	34 q
EQIXEquinix, Inc.	0.07%	20,773	$16M	trimmed−5%	−0.02 pp	32 q
ORCLOracle Corp	0.07%	79,416	$15M	added+18%	−0.03 pp	51 q
ANGIAngi Inc. Class A	0.06%	948,993	$12M	trimmed0%	−0.02 pp	3 q
AVBAvalonBay Communities, Inc.	0.06%	78,840	$14M	added+18%	−0.01 pp	51 q
CUZCousins Properties Inc.	0.06%	499,615	$13M	trimmed−2%	−0.02 pp	27 q
DLRDigital Realty Trust, Inc.	0.06%	79,250	$12M	trimmed−3%	−0.01 pp	32 q
REXRRexford Industrial Realty, Inc.	0.06%	344,830	$13M	trimmed−13%	−0.02 pp	42 q
SAPSap SE	0.06%	56,347	$14M	added+20%	−0.01 pp	51 q
SPGSimon Property Group, Inc.	0.06%	66,183	$12M	trimmed−14%	−0.02 pp	51 q
AMTAmerican Tower Corporation	0.05%	63,970	$11M	trimmed−3%	−0.02 pp	19 q
MTBM&T Bank Corp.	0.05%	55,846	$11M	added+9%	0.00 pp	23 q
NOAHNoah Holdings Limited	0.05%	1,021,585	$10M	held	—	42 q
PSAPublic Storage	0.05%	43,520	$11M	trimmed−2%	−0.02 pp	39 q
SHOSunstone Hotel Investors, Inc.	0.05%	1,279,610	$11M	trimmed−2%	−0.01 pp	25 q
AREAlexandria Real Estate Equities, Inc.	0.04%	178,127	$9M	trimmed−1%	−0.04 pp	51 q
AMHAmerican Homes 4 Rent	0.04%	278,610	$9M	trimmed−2%	−0.01 pp	33 q
CPTCamden Property Trust	0.04%	86,930	$10M	trimmed−2%	−0.01 pp	40 q
CDPCOPT Defense Properties	0.04%	294,740	$8M	trimmed−2%	−0.01 pp	3 q
EGPEastGroup Properties Inc.	0.04%	51,630	$9M	trimmed−2%	−0.01 pp	6 q
JDJD.com, Inc.	0.04%	329,221	$9M	trimmed−4%	−0.02 pp	47 q
MAAMid-America Apartment Communities, Inc.	0.04%	59,380	$8M	trimmed−2%	0.00 pp	7 q
REGRegency Centers Corporation	0.04%	136,650	$9M	trimmed−2%	−0.01 pp	11 q
TFCTruist Financial Corporation	0.04%	192,053	$9M	added+23%	0.00 pp	23 q
VTRVentas, Inc.	0.04%	114,410	$9M	trimmed−2%	0.00 pp	29 q
VMRKVivmark Residential	0.03%	104,515	$7M	trimmed−3%	−0.01 pp	43 q
DOCHealthpeak Properties, Inc.	0.03%	435,936	$7M	trimmed−2%	−0.01 pp	25 q
TRNOTerreno Realty Corporation	0.03%	117,937	$7M	trimmed−2%	−0.01 pp	48 q
VICIVICI Properties Inc.	0.03%	216,240	$6M	trimmed−2%	−0.01 pp	20 q
CHCTCommunity Healthcare Trust Incorporated, $0.01 par value per share	0.02%	325,560	$5M	trimmed−2%	−0.01 pp	12 q
CCICrown Castle Inc.	0.02%	42,160	$4M	trimmed−3%	0.00 pp	18 q
DEIDouglas Emmett, Inc.	0.02%	309,810	$3M	trimmed−2%	−0.01 pp	25 q
ESSEssex Property Trust, Inc	0.02%	16,511	$4M	trimmed−3%	0.00 pp	51 q
EXRExtra Space Storage, Inc.	0.02%	27,955	$4M	trimmed−49%	−0.02 pp	10 q
HPPHudson Pacific Properties, Inc.	0.02%	324,026	$4M	new	+0.02 pp	new
NTSTNetSTREIT Corp.	0.02%	189,600	$3M	trimmed−45%	−0.01 pp	4 q
ORealty Income Corporation	0.02%	91,390	$5M	trimmed−2%	−0.01 pp	3 q
SUISun Communities, Inc	0.02%	42,840	$5M	trimmed−3%	−0.01 pp	4 q
SNPSSynopsys Inc	0.02%	8,655	$4M	held	—	2 q
UDRUDR, Inc.	0.02%	113,280	$4M	trimmed−39%	−0.02 pp	20 q
CUBECubeSmart	0.01%	90,930	$3M	new	+0.01 pp	new
LRCXLam Research Corp	0.01%	12,280	$2M	held	—	40 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	7,200	$2M	held	—	3 q
CCKCrown Holdings Inc.	0.00%	8,570	$882,453	held	—	7 q
HUMHumana Inc.	—	−385,539	—	exited	−0.52 pp	—
unresolvedHudson Pac Pptys Inc	—	−2,300,183	—	exited	−0.03 pp	—
RHRh	—	−2,240	—	exited	0.00 pp	—