Christopher Davis - Davis Advisors

Davis Selected Advisers

Latest 13F filing

Q1 2026

filed May 7, 2026

Portfolio value

$21.78B

Positions

112

Top 10 concentration

47.3%

QoQ change

-2.1%

$-467.88M

Activity vs. Q4 2025

New positions

Added to

Unchanged

Reduced

Exited

Portfolio composition — Q1 2026

COFCapital One Financial Corp.7.2%
CTRACoterra Energy, Inc.6.0%
USBU.S. Bancorp5.3%
VTRSViatris Inc.4.9%
METAMeta Platforms, Inc., Class A4.5%
MGMMGM Resorts International4.1%
GOOGLAlphabet Inc., Class A4.1%
CVSCVS Health Corporation4.0%
TSNTyson Foods Inc3.9%
MKLMarkel Group, Inc3.4%
Other102 more positions52.7%

Top buys

New & added positions, by size

CTRAADD
Coterra Energy, Inc.
$1.30B
+14.1%
USBADD
U.S. Bancorp
$1.16B
+0.9%
VTRSADD
Viatris Inc.
$1.06B
+0.0%
TSNADD
Tyson Foods Inc
$838.72M
+2.1%
CIADD
Cigna Group
$595.91M
+196.7%

Top sells

Reduced & exited positions, biggest cuts first

LTRPAUSDEXIT
Liberty TripAdvisor Hldgs Inc. - A
-100.0%
Exited
FWONKEXIT
Liberty Formula One, Series C
-100.0%
Exited
LRCXEUREXIT
Lam Research Corp.
-100.0%
Exited
CARREXIT
Carrier Global Corp.
-100.0%
Exited
ROICUSDEXIT
Retail Opportunity Investments Corp.
-100.0%
Exited

Holdings as of Q1 2026

#	Ticker	Issuer	Shares	Value	% Portfolio	Reported price	Action	Δ Shares
1	COF	Capital One Financial Corp.	8,539,736	$1.56B	7.15%	$182.43	REDUCE	-0.9%
2	CTRA	Coterra Energy, Inc.	37,119,404	$1.30B	5.99%	$35.14	ADD	+14.1%
3	USB	U.S. Bancorp	22,237,960	$1.16B	5.31%	$52.01	ADD	+0.9%
4	VTRS	Viatris Inc.	78,211,191	$1.06B	4.85%	$13.51	ADD	+0.0%
5	META	Meta Platforms, Inc., Class A	1,719,156	$983.59M	4.52%	$572.14	REDUCE	-1.9%
6	MGM	MGM Resorts International	24,295,338	$899.17M	4.13%	$37.01	REDUCE	-9.4%
7	GOOGL	Alphabet Inc., Class A	3,094,659	$889.90M	4.09%	$287.56	REDUCE	-0.8%
8	CVS	CVS Health Corporation	12,239,666	$879.05M	4.04%	$71.82	REDUCE	-4.1%
9	TSN	Tyson Foods Inc	13,090,689	$838.72M	3.85%	$64.07	ADD	+2.1%
10	MKL	Markel Group, Inc	383,433	$733.96M	3.37%	$1914.18	REDUCE	-7.6%
11	AMZN	Amazon.com, Inc.	3,425,252	$713.38M	3.28%	$208.27	REDUCE	-0.1%
12	BRK/A	Berkshire Hathaway Inc., Class A	923	$662.84M	3.04%	$718140.00	REDUCE	-2.1%
13	WFC	Wells Fargo & Co.	8,190,871	$652.08M	2.99%	$79.61	REDUCE	-0.8%
14	CI	Cigna Group	2,233,929	$595.91M	2.74%	$266.75	ADD	+196.7%
15	TXN	Texas Instruments, Inc.	2,849,671	$553.24M	2.54%	$194.14	REDUCE	-0.1%
16	TECK	Teck Resources Ltd., Class B	10,584,663	$547.76M	2.51%	$51.75	REDUCE	-11.9%
17	JBS	JBS N.V., Class A	26,244,660	$471.35M	2.16%	$17.96	ADD	+121.4%
18	LYB	LyondellBasell Industries N.V.	5,596,588	$450.86M	2.07%	$80.56	NEW	—
19	SOLV	Solventum Corp.	6,330,325	$413.37M	1.90%	$65.30	ADD	+1.8%
20	AMAT	Applied Materials, Inc.	1,197,102	$409.16M	1.88%	$341.80	REDUCE	-71.5%
21	CB	Chubb Ltd.	1,195,391	$389.62M	1.79%	$325.93	ADD	+0.7%
22	BRK/B	Berkshire Hathaway Inc., Class B	749,846	$359.34M	1.65%	$479.21	ADD	+1.3%
23	UNH	UnitedHealth Group Inc.	1,247,476	$337.56M	1.55%	$270.59	REDUCE	-2.0%
24	TCOM	Trip.com Group Ltd., ADR	6,555,112	$326.38M	1.50%	$49.79	ADD	+29.7%
25	DGX	Quest Diagnostics Inc.	1,617,813	$317.06M	1.46%	$195.98	ADD	+1.8%
26	QSR	Restaurant Brands International, Inc.	3,599,127	$265.98M	1.22%	$73.90	REDUCE	-10.5%
27	COP	ConocoPhillips	1,875,428	$247.56M	1.14%	$132.00	ADD	+4.3%
28	AGCO	AGCO Corporation	2,086,643	$241.78M	1.11%	$115.87	ADD	+1.8%
29	YMM	Full Truck Alliance Co. Ltd., ADR	28,763,191	$238.73M	1.10%	$8.30	ADD	+64.0%
30	PINS	Pinterest, Inc., Class A	12,400,101	$227.42M	1.04%	$18.34	ADD	+5.1%
31	OC	Owens Corning	2,100,935	$227.36M	1.04%	$108.22	ADD	+2.7%
32	GOOG	Alphabet Inc., Class C	677,607	$194.38M	0.89%	$286.86	REDUCE	-4.7%
33	DUSA	Davis Select U.S. Equity ETF	3,400,745	$172.55M	0.79%	$50.74	ADD	+0.5%
34	JPM	JPMorgan Chase & Co.	556,452	$163.69M	0.75%	$294.16	REDUCE	-2.6%
35	SE	Sea Ltd., Class A, ADR	1,849,831	$153.18M	0.70%	$82.81	ADD	+323.8%
36	APP	AppLovin Corp., Class A	335,810	$133.65M	0.61%	$398.01	ADD	+35.4%
37	FITB	Fifth Third Bancorp	2,813,525	$130.72M	0.60%	$46.46	ADD	+2.5%
38	PNC	PNC Financial Services Group, Inc.	541,922	$112.77M	0.52%	$208.09	ADD	+2.2%
39	DINT	Davis Select International ETF	3,915,748	$105.39M	0.48%	$26.91	ADD	+0.6%
40	WCC	Wesco International, Inc.	381,007	$104.25M	0.48%	$273.62	ADD	+4.5%
41	IAC	IAC Inc.	2,413,247	$96.60M	0.44%	$40.03	REDUCE	-4.0%
42	DFNL	Davis Select Financial ETF	2,130,666	$95.54M	0.44%	$44.84	ADD	+0.0%
43	DWLD	Davis Select Worldwide ETF	1,935,585	$84.80M	0.39%	$43.81	ADD	+0.9%
44	RNR	RenaissanceRe Holdings Ltd	257,190	$76.44M	0.35%	$297.23	ADD	+11.9%
45	AXP	American Express Co.	233,126	$70.52M	0.32%	$302.48	REDUCE	-3.5%
46	RKT	Rocket Companies, Inc., Class A	4,823,570	$68.74M	0.32%	$14.25	ADD	+49.4%
47	L	Loews Corp.	614,097	$65.55M	0.30%	$106.74	ADD	+2.3%
48	BK	Bank of New York Mellon Corp.	525,228	$62.31M	0.29%	$118.63	ADD	+0.7%
49	BAC	Bank of America Corp.	1,159,204	$56.51M	0.26%	$48.75	ADD	+0.8%
50	—	Bank of N.T. Butterfield & Son Limited	1,073,129	$56.32M	0.26%	$52.48	ADD	+1.8%
51	SAP	SAP SE - ADR	317,422	$54.35M	0.25%	$171.21	ADD	+463.3%
52	CHYM	Chime Financial, Inc.	2,539,206	$47.56M	0.22%	$18.73	ADD	+2.7%
53	NTES	NetEase Inc. - ADR	422,712	$47.32M	0.22%	$111.94	REDUCE	-0.8%
54	VALE	Vale S.A., ADR	2,931,198	$46.64M	0.21%	$15.91	—	0%
55	EG	Everest Group, Ltd.	140,908	$46.06M	0.21%	$326.85	ADD	+19.4%
56	FISV	Fiserv, Inc.	588,885	$32.86M	0.15%	$55.80	ADD	+3.5%
57	SCHW	Charles Schwab Corp.	310,982	$29.23M	0.13%	$93.98	ADD	+3.1%
58	MSFT	Microsoft Corp.	78,489	$29.06M	0.13%	$370.18	ADD	+29.1%
59	BEKE	KE Holdings Inc., Class A, ADR	1,851,804	$27.72M	0.13%	$14.97	—	0%
60	JCI	Johnson Controls International plc	193,880	$25.39M	0.12%	$130.95	REDUCE	-7.7%
61	PLD	Prologis, Inc.	182,586	$24.13M	0.11%	$132.18	ADD	+1.4%
62	EQIX	Equinix, Inc.	21,223	$20.80M	0.10%	$980.24	ADD	+2.2%
63	NVDA	NVIDIA Corp.	113,556	$19.80M	0.09%	$174.40	ADD	+2.3%
64	STT	State Street Corp.	152,200	$19.26M	0.09%	$126.56	ADD	+5.9%
65	BRX	Brixmor Property Group, Inc.	563,170	$16.22M	0.07%	$28.80	ADD	+1.3%
66	DLR	Digital Realty Trust, Inc.	78,880	$14.21M	0.07%	$180.21	REDUCE	-0.5%
67	CUZ	Cousins Properties, Inc.	586,465	$13.24M	0.06%	$22.57	ADD	+17.4%
68	AVB	AvalonBay Communities, Inc.	79,970	$13.06M	0.06%	$163.35	ADD	+1.4%
69	MTB	M & T Bank Corp	60,305	$12.47M	0.06%	$206.72	ADD	+8.0%
70	BXP	BXP, Inc.	237,190	$12.31M	0.06%	$51.90	ADD	+1.4%
71	ORCL	Oracle Corporation	80,414	$11.83M	0.05%	$147.12	ADD	+1.3%
72	DAR	Darling Ingredients Inc.	187,905	$11.62M	0.05%	$61.85	REDUCE	-93.4%
73	PSA	Public Storage, Inc.	41,260	$11.18M	0.05%	$270.88	REDUCE	-5.2%
74	AMT	American Tower Corp	64,620	$11.15M	0.05%	$172.58	ADD	+1.0%
75	ADBE	Adobe Inc.	45,139	$10.97M	0.05%	$243.10	NEW	—
76	DOC	Healthpeak Properties, Inc.	645,206	$10.60M	0.05%	$16.43	ADD	+48.0%
77	REG	Regency Centers Corporation	138,630	$10.49M	0.05%	$75.66	ADD	+1.4%
78	TFC	Truist Financial Corp.	224,805	$10.33M	0.05%	$45.97	ADD	+17.1%
79	SNPS	Synopsys, Inc.	25,913	$10.28M	0.05%	$396.53	ADD	+199.4%
80	NOAH	Noah Holdings Ltd., Class A, ADS	1,021,585	$10.11M	0.05%	$9.90	—	0%
81	EGP	Eastgroup Properties, Inc.	52,370	$9.69M	0.04%	$185.09	ADD	+1.4%
82	SPG	Simon Property Group, Inc.	50,458	$9.41M	0.04%	$186.53	REDUCE	-23.8%
83	VTR	Ventas, Inc.	113,870	$9.31M	0.04%	$81.78	REDUCE	-0.5%
84	CDP	COPT Defense Properties	299,200	$9.16M	0.04%	$30.60	ADD	+1.5%
85	CPT	Camden Property Trust	88,010	$8.60M	0.04%	$97.66	ADD	+1.2%
86	ARE	Alexandria Real Estate Equities, Inc.	180,807	$8.39M	0.04%	$46.42	ADD	+1.5%
87	JD	JD.com Inc., Class A, ADR	283,418	$8.38M	0.04%	$29.57	REDUCE	-13.9%
88	SHO	Sunstone Hotel Investors, Inc.	889,720	$8.02M	0.04%	$9.01	REDUCE	-30.5%
89	AMH	American Homes 4 Rent - Class A	277,170	$7.74M	0.04%	$27.92	REDUCE	-0.5%
90	TRNO	Terreno Realty Corp.	113,507	$6.97M	0.03%	$61.42	REDUCE	-3.8%
91	REXR	Rexford Industrial Realty, Inc.	209,610	$6.86M	0.03%	$32.73	REDUCE	-39.2%
92	ANGI	ANGI Inc., Class A	948,993	$6.50M	0.03%	$6.85	—	0%
93	EQR	Equity Residential	105,765	$6.26M	0.03%	$59.15	ADD	+1.2%
94	VICI	VICI Properties, Inc.	220,180	$6.02M	0.03%	$27.32	ADD	+1.8%
95	MAA	Mid-America Apartment Communities, Inc.	48,020	$5.86M	0.03%	$122.12	REDUCE	-19.1%
96	O	Realty Income Corp.	94,910	$5.81M	0.03%	$61.18	ADD	+3.9%
97	SUI	Sun Communities, Inc.	43,430	$5.47M	0.03%	$125.96	ADD	+1.4%
98	CHCT	Community Healthcare Trust, Inc.	330,040	$5.24M	0.02%	$15.89	ADD	+1.4%
99	ESS	Essex Property Trust, Inc.	16,761	$4.06M	0.02%	$242.00	ADD	+1.5%
100	JLL	Jones Lang LaSalle, Inc.	12,395	$3.77M	0.02%	$304.32	NEW	—
101	EXR	Extra Space Storage, Inc.	28,135	$3.69M	0.02%	$131.13	ADD	+0.6%
102	CBRE	CBRE Group, Inc.	25,610	$3.47M	0.02%	$135.46	NEW	—
103	CCI	Crown Castle, Inc.	41,920	$3.41M	0.02%	$81.31	REDUCE	-0.6%
104	CUBE	CubeSmart	92,270	$3.38M	0.02%	$36.65	ADD	+1.5%
105	DEI	Douglas Emmett, Inc	308,250	$2.90M	0.01%	$9.42	REDUCE	-0.5%
106	IVE	iShares S&P 500 Value Index Fund	11,624	$2.45M	0.01%	$211.15	REDUCE	-90.9%
107	TSM	Taiwan Semiconductor Manufacturing, ADR	7,200	$2.43M	0.01%	$337.95	—	0%
108	HPP	Hudson Pacific Properties, Inc.	322,176	$1.90M	0.01%	$5.91	REDUCE	-0.6%
109	FRMI	Fermi Inc.	305,730	$1.79M	0.01%	$5.84	NEW	—
110	CCK	Crown Holdings, Inc.	8,570	$859.14K	0.00%	$100.25	—	0%
111	LRCX	Lam Research Corp.	2,780	$593.98K	0.00%	$213.66	REDUCE	-77.4%
112	JAN	Janus Living, Inc.	10,000	$235.70K	0.00%	$23.57	NEW	—

Positions exited in Q1 2026

Ticker	Issuer	Prior shares
LTRPAUSD	Liberty TripAdvisor Hldgs Inc. - A	0
FWONK	Liberty Formula One, Series C	0
LRCXEUR	Lam Research Corp.	0
CARR	Carrier Global Corp.	0
ROICUSD	Retail Opportunity Investments Corp.	0
RH	RH	0
SKAA	Skechers U.S.A., Inc., Class A	0
AAPL	Apple Inc.	0
YOU	Clear Secure, Inc.	0
XOM	Exxon Mobil Corp.	0
CPNG	Coupang, Inc., Class A	0
HUM	Humana Inc.	0
BABA	Alibaba Group Holding Ltd., ADR	0
HPP	Hudson Pacific Properties Inc.	0
NTST	NetSTREIT Corp.	189,600
INTC	Intel Corp.	0
ETN	Eaton Corp. PLC	0
FWONA	Liberty Formula One, Series A	0
WELL	Welltower, Inc.	0
BIDU	Baidu, Inc. Class A, ADR	0
—	Hollysys Automation Technologies Ltd.	0
MBC	Masterbrand, Inc.	0
FERG	Ferguson PLC	0
SLG	SL Green Realty Corp.	0
UDR	UDR, Inc.	113,280
HIW	Highwoods Properties Inc.	0
FRT	Federal Realty Investment Trust	0

Source: SEC EDGAR 13F-HR filing May 7, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001036325.