Davis Advisors

Q1 2026 13F · by Chris Davis, portfolio manager

As of: Mar 31, 2026
Filed: May 7, 2026
US stock: $21.8B · prev $22.2B
Positions: 112 · prev 108
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%

Moves108 since the prior filing

+9.6 pp in · −9.6 pp out

New 6 +2.17 pp
Added 64 +7.44 pp
Trimmed 36 −9.53 pp
Exited 2 −0.04 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions28% of US stock

COF Capital One Financial trimmed−2.23 pp trimmed−2.237.2%
CTRA Coterra Energy Inc. added+2.14 pp added+2.146.0%
USB U.S. Bancorp added+0.02 pp added+0.025.3%
VTRS Viatris Inc. added+0.48 pp added+0.484.8%
META Meta Platforms, Inc. Class A trimmed−0.68 pp trimmed−0.684.5%

Positions112 in this filing · 2 exited


COFCapital One Financial	7.15%	8,539,736	$1.6B	trimmed−1%	−2.23 pp	47 q
CTRACoterra Energy Inc.	5.99%	37,119,404	$1.3B	added+14%	+2.14 pp	4 q
USBU.S. Bancorp	5.31%	22,237,960	$1.2B	added+1%	+0.02 pp	52 q
VTRSViatris Inc.	4.85%	78,211,191	$1.1B	added0%	+0.48 pp	22 q
METAMeta Platforms, Inc. Class A	4.52%	1,719,156	$984M	trimmed−2%	−0.68 pp	42 q
MGMMgm Resorts International	4.13%	24,295,338	$899M	trimmed−9%	−0.27 pp	11 q
GOOGLAlphabet Inc. Class A	4.09%	3,094,659	$890M	trimmed−1%	−0.30 pp	42 q
CVSCvs Health Corporation	4.04%	12,239,666	$879M	trimmed−4%	−0.51 pp	30 q
TSNTyson Foods, Inc.	3.85%	13,090,689	$839M	added+2%	+0.47 pp	8 q
MKLMarkel Group Inc.	3.37%	383,433	$734M	trimmed−8%	−0.64 pp	52 q
AMZNAmazon.Com Inc	3.28%	3,425,252	$713M	trimmed−0%	−0.28 pp	52 q
BRK.ABerkshire Hathaway Inc.	3.04%	923	$663M	trimmed−2%	−0.16 pp	52 q
WFCWells Fargo & Co.	2.99%	8,190,871	$652M	trimmed−1%	−0.47 pp	52 q
CIThe Cigna Group	2.74%	2,233,929	$596M	added×3.0	+1.81 pp	30 q
TXNTexas Instruments Incorporated	2.54%	2,849,671	$553M	trimmed−0%	+0.32 pp	52 q
TECKTeck Resources Limited	2.51%	10,584,663	$548M	trimmed−12%	−0.08 pp	19 q
JBSJbs N.v.	2.16%	26,244,660	$471M	added×2.2	+1.39 pp	2 q
LYBLyondellBasell Industries N.V. Class A	2.07%	5,596,588	$451M	new	+2.07 pp	new
SOLVSolventum Corporation	1.90%	6,330,325	$413M	added+2%	−0.32 pp	8 q
AMATApplied Materials Inc	1.88%	1,197,102	$409M	trimmed−72%	−2.97 pp	52 q
CBChubb Limited	1.79%	1,195,391	$390M	added+1%	+0.13 pp	41 q
BRK.BBERKSHIRE HATHAWAY Class B	1.65%	749,846	$359M	added+1%	−0.02 pp	52 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.55%	1,247,476	$338M	trimmed−2%	−0.34 pp	52 q
TCOMTrip.com Group Limited	1.50%	6,555,112	$326M	added+30%	−0.13 pp	7 q
DGXQuest Diagnostics Inc.	1.46%	1,617,813	$317M	added+2%	+0.22 pp	49 q
QSRRestaurant Brands International Inc.	1.22%	3,599,127	$266M	trimmed−10%	−0.01 pp	5 q
COPConocoPhillips	1.14%	1,875,428	$248M	added+4%	+0.38 pp	8 q
AGCOAGCO Corporation	1.11%	2,086,643	$242M	added+2%	+0.15 pp	10 q
YMMFull Truck Alliance Co. Ltd.	1.10%	28,763,191	$239M	added+64%	+0.25 pp	6 q
OCOwens Corning	1.04%	2,100,935	$227M	added+3%	+0.01 pp	30 q
PINSPinterest, Inc. Class A	1.04%	12,400,101	$227M	added+5%	−0.33 pp	3 q
GOOGAlphabet Inc. Class C	0.89%	677,607	$194M	trimmed−5%	−0.11 pp	48 q
DUSADavis Select U.S. Equity ETF	0.79%	3,400,745	$173M	added0%	+0.01 pp	37 q
JPMJPMorgan Chase & Co.	0.75%	556,452	$164M	trimmed−3%	−0.08 pp	52 q
SESea Limited	0.70%	1,849,831	$153M	added×4.2	+0.45 pp	8 q
APPApplovin Corporation Class A	0.61%	335,810	$134M	added+35%	−0.14 pp	5 q
FITBFifth Third Bancorp	0.60%	2,813,525	$131M	added+3%	+0.02 pp	16 q
PNCPNC Financial Services Group	0.52%	541,922	$113M	added+2%	+0.02 pp	41 q
DINTDavis Select International ETF	0.48%	3,915,748	$105M	added+1%	−0.02 pp	33 q
WCCWesco International Inc.	0.48%	381,007	$104M	added+5%	+0.08 pp	15 q
DFNLDavis Select Financial ETF	0.44%	2,130,666	$96M	added0%	−0.02 pp	37 q
PPLIPeople Incorporated	0.44%	2,413,247	$97M	trimmed−4%	0.00 pp	20 q
DWLDDavis Select Worldwide ETF	0.39%	1,935,585	$85M	added+1%	−0.01 pp	37 q
RNRRenaissanceRe Holdings Ltd.	0.35%	257,190	$76M	added+12%	+0.06 pp	7 q
AXPAmerican Express Company	0.32%	233,126	$71M	trimmed−4%	−0.08 pp	52 q
RKTRocket Companies, Inc.	0.32%	4,823,570	$69M	added+49%	+0.04 pp	20 q
LLoews Corporation	0.30%	614,097	$66M	added+2%	+0.02 pp	52 q
BNYBank of New York Mellon Corporation	0.29%	525,228	$62M	added+1%	+0.02 pp	52 q
BACBank of America Corporation	0.26%	1,159,204	$57M	added+1%	−0.02 pp	29 q
NTBThe Bank of N.T. Butterfield & Son Limited	0.26%	1,073,129	$56M	added+2%	+0.02 pp	33 q
SAPSap SE	0.25%	317,422	$54M	added×5.6	+0.19 pp	52 q
CHYMChime Financial, Inc. Class A	0.22%	2,539,206	$48M	added+3%	−0.06 pp	3 q
NTESNetEase, inc.	0.22%	422,712	$47M	trimmed−1%	−0.04 pp	6 q
VALEVale S.a.	0.21%	2,931,198	$47M	held	—	5 q
EGEverest Group, Ltd.	0.21%	140,908	$46M	added+19%	+0.03 pp	52 q
FISVFiserv, Inc.	0.15%	588,885	$33M	added+4%	−0.02 pp	2 q
BEKEKE Holdings Inc.	0.13%	1,851,804	$28M	held	—	11 q
MSFTMicrosoft Corp	0.13%	78,489	$29M	added+29%	0.00 pp	52 q
SCHWThe Charles Schwab Corporation	0.13%	310,982	$29M	added+3%	−0.01 pp	52 q
JCIJohnson Controls International plc	0.12%	193,880	$25M	trimmed−8%	+0.01 pp	39 q
PLDPrologis, Inc.	0.11%	182,586	$24M	added+1%	+0.01 pp	38 q
EQIXEquinix, Inc.	0.10%	21,223	$21M	added+2%	+0.03 pp	33 q
NVDANvidia Corp	0.09%	113,556	$20M	added+2%	0.00 pp	4 q
STTState Street Corporation	0.09%	152,200	$19M	added+6%	+0.01 pp	41 q
BRXBrixmor Property Group Inc.	0.07%	563,170	$16M	added+1%	0.00 pp	35 q
DLRDigital Realty Trust, Inc.	0.07%	78,880	$14M	trimmed−0%	+0.01 pp	33 q
AVBAvalonBay Communities, Inc.	0.06%	79,970	$13M	added+1%	0.00 pp	52 q
BXPBXP, Inc.	0.06%	237,190	$12M	added+1%	−0.01 pp	52 q
CUZCousins Properties Inc.	0.06%	586,465	$13M	added+17%	0.00 pp	28 q
MTBM&T Bank Corp.	0.06%	60,305	$12M	added+8%	+0.01 pp	24 q
ADBEAdobe Inc.	0.05%	45,139	$11M	new	+0.05 pp	new
AMTAmerican Tower Corporation	0.05%	64,620	$11M	added+1%	0.00 pp	20 q
DARDarling Ingredients Inc.	0.05%	187,905	$12M	trimmed−93%	−0.41 pp	20 q
DOCHealthpeak Properties, Inc.	0.05%	645,206	$11M	added+48%	+0.02 pp	26 q
NOAHNoah Holdings Limited	0.05%	1,021,585	$10M	held	—	43 q
ORCLOracle Corp	0.05%	80,414	$12M	added+1%	−0.02 pp	52 q
PSAPublic Storage	0.05%	41,260	$11M	trimmed−5%	0.00 pp	40 q
REGRegency Centers Corporation	0.05%	138,630	$10M	added+1%	+0.01 pp	12 q
SNPSSynopsys Inc	0.05%	25,913	$10M	added×3.0	+0.03 pp	3 q
TFCTruist Financial Corporation	0.05%	224,805	$10M	added+17%	+0.01 pp	24 q
AREAlexandria Real Estate Equities, Inc.	0.04%	180,807	$8M	added+2%	0.00 pp	52 q
AMHAmerican Homes 4 Rent	0.04%	277,170	$8M	trimmed−1%	0.00 pp	34 q
CPTCamden Property Trust	0.04%	88,010	$9M	added+1%	0.00 pp	41 q
CDPCOPT Defense Properties	0.04%	299,200	$9M	added+2%	0.00 pp	4 q
EGPEastGroup Properties Inc.	0.04%	52,370	$10M	added+1%	0.00 pp	7 q
JDJD.com, Inc.	0.04%	283,418	$8M	trimmed−14%	0.00 pp	48 q
SPGSimon Property Group, Inc.	0.04%	50,458	$9M	trimmed−24%	−0.02 pp	52 q
SHOSunstone Hotel Investors, Inc.	0.04%	889,720	$8M	trimmed−30%	−0.01 pp	26 q
VTRVentas, Inc.	0.04%	113,870	$9M	trimmed−0%	0.00 pp	30 q
ANGIAngi Inc. Class A	0.03%	948,993	$7M	held	—	4 q
VMRKVivmark Residential	0.03%	105,765	$6M	added+1%	0.00 pp	44 q
MAAMid-America Apartment Communities, Inc.	0.03%	48,020	$6M	trimmed−19%	−0.01 pp	8 q
ORealty Income Corporation	0.03%	94,910	$6M	added+4%	+0.01 pp	4 q
REXRRexford Industrial Realty, Inc.	0.03%	209,610	$7M	trimmed−39%	−0.03 pp	43 q
SUISun Communities, Inc	0.03%	43,430	$5M	added+1%	+0.01 pp	5 q
TRNOTerreno Realty Corporation	0.03%	113,507	$7M	trimmed−4%	0.00 pp	49 q
VICIVICI Properties Inc.	0.03%	220,180	$6M	added+2%	0.00 pp	21 q
CBRECbre Group, Inc.	0.02%	25,610	$3M	new	+0.02 pp	new
CHCTCommunity Healthcare Trust Incorporated, $0.01 par value per share	0.02%	330,040	$5M	added+1%	0.00 pp	13 q
CCICrown Castle Inc.	0.02%	41,920	$3M	trimmed−1%	0.00 pp	19 q
CUBECubeSmart	0.02%	92,270	$3M	added+1%	+0.01 pp	2 q
ESSEssex Property Trust, Inc	0.02%	16,761	$4M	added+2%	0.00 pp	52 q
EXRExtra Space Storage, Inc.	0.02%	28,135	$4M	added+1%	0.00 pp	11 q
JLLJones Lang LaSalle, Inc.	0.02%	12,395	$4M	new	+0.02 pp	new
DEIDouglas Emmett, Inc.	0.01%	308,250	$3M	trimmed−1%	−0.01 pp	26 q
FRMIFermi Inc.	0.01%	305,730	$2M	new	+0.01 pp	new
HPPHudson Pacific Properties, Inc.	0.01%	322,176	$2M	trimmed−1%	−0.01 pp	2 q
IVEiShares S&P 500 Value ETF	0.01%	11,624	$2M	trimmed−91%	−0.11 pp	8 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	7,200	$2M	held	—	4 q
CCKCrown Holdings Inc.	0.00%	8,570	$859,143	held	—	8 q
JANJanus Living, Inc.	0.00%	10,000	$235,700	new	0.00 pp	new
LRCXLam Research Corp	0.00%	2,780	$593,975	trimmed−77%	−0.01 pp	41 q
NTSTNetSTREIT Corp.	—	−189,600	—	exited	−0.02 pp	—
UDRUDR, Inc.	—	−113,280	—	exited	−0.02 pp	—