Christopher Davis Davis Selected Advisers
Christopher Davis is chairman of Davis Advisors, a multi-generational investment firm known for research-intensive equity management. The firm’s strategies often emphasize financials and other businesses where long-term ownership and careful accounting analysis matter. Davis is a frequent public commentator on active management and long-horizon investing.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Labcorp
LH
|
+$165M |
| 2 |
QIHU
QIHOO 360 TECHNOLOGY CO LTD ADS RPSTG 3 CL A SHS
QIHU
|
+$117M |
| 3 |
TWTR
Twitter, Inc.
TWTR
|
+$99.6M |
| 4 |
UnitedHealth
UNH
|
+$51M |
| 5 |
Textron
TXT
|
+$48.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Berkshire Hathaway Class A
BRK.A
|
+$309M |
| 2 |
CVS Health
CVS
|
+$218M |
| 3 |
Occidental Petroleum
OXY
|
+$200M |
| 4 |
Coca-Cola
KO
|
+$164M |
| 5 |
Y
Alleghany Corp
Y
|
+$152M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 39.49% |
| 2 | Healthcare | 13.67% |
| 3 | Communication Services | 10.93% |
| 4 | Consumer Discretionary | 7.99% |
| 5 | Energy | 6.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
American Express
AXP
$227B
| $3.25B | 7.93% |
35,767,841
-1,345,715
| -4% | -$111M |
|
2
Alphabet (Google) Class C
GOOG
$4.18T
| $2.95B | 7.2% |
105,514,578
-1,557,576
| -1% | -$39.4M |
|
|
BNY
3
Bank of New York Mellon
BNY
$108B
| $2.91B | 7.11% |
83,323,238
-3,183,223
| -4% | -$104M |
|
4
Wells Fargo
WFC
$254B
| $2.61B | 6.38% |
57,541,470
-1,390,586
| -2% | -$60.1M |
|
|
5
CVS Health
CVS
$119B
| $2.37B | 5.78% |
33,058,529
-3,389,529
| -9% | -$218M |
|
|
6
Berkshire Hathaway Class A
BRK.A
$1.06T
| $1.71B | 4.17% |
9,585
-1,782
| -16% | -$309M |
|
|
BBBY
7
DELISTED
Bed Bath & Beyond Inc
BBBY
| $1.6B | 3.91% |
19,921,965
-586,553
| -3% | -$45.4M |
|
8
Costco
COST
$420B
| $1.51B | 3.68% |
12,662,918
-180,179
| -1% | -$21.5M |
|
9
Canadian Natural Resources
CNQ
$106B
| $1.18B | 2.88% |
72,128,755
-1,872,556
| -3% | -$29.1M |
|
|
10
UnitedHealth
UNH
$350B
| $1.17B | 2.87% |
15,589,667
+709,423
| +5% | +$51M |
|
|
ESRX
11
DELISTED
Express Scripts Holding Company
ESRX
| $904M | 2.21% |
12,872,126
-690,718
| -5% | -$45.1M |
|
12
Progressive
PGR
$127B
| $884M | 2.16% |
32,423,950
-1,019,143
| -3% | -$27.5M |
|
|
13
Labcorp
LH
$27.3B
| $874M | 2.13% |
11,129,970
+1,940,338
| +21% | +$165M |
|
14
Air Products & Chemicals
APD
$67.9B
| $794M | 1.94% |
7,675,983
-94,881
| -1% | -$9.56M |
|
15
Loews
L
$22.5B
| $790M | 1.93% |
16,367,518
-2,474,302
| -13% | -$118M |
|
16
Liberty Global Class C
LBTYK
$3.55B
| $716M | 1.75% |
20,998,129
+361,828
| +2% | +$11.3M |
|
17
EOG Resources
EOG
$80.3B
| $691M | 1.69% |
8,237,494
-80,016
| -1% | -$6.86M |
|
18
Texas Instruments
TXN
$241B
| $657M | 1.61% |
14,960,544
-160,217
| -1% | -$6.71M |
|
|
Y
19
DELISTED
Alleghany Corp
Y
| $566M | 1.38% |
1,416,323
-381,296
| -21% | -$152M |
|
20
PACCAR
PCAR
$69B
| $555M | 1.36% |
14,070,671
-151,585
| -1% | -$5.74M |
|
21
Ecolab
ECL
$78.9B
| $534M | 1.3% |
5,120,907
-43,254
| -0.8% | -$4.5M |
|
|
SCHW
22
Charles Schwab
SCHW
$194B
| $487M | 1.19% |
18,723,805
-356,397
| -2% | -$8.5M |
|
23
Visa
V
$693B
| $487M | 1.19% |
8,742,008
-445,672
| -5% | -$22.5M |
|
24
CarMax
KMX
$8.82B
| $455M | 1.11% |
9,682,229
-78,744
| -0.8% | -$3.86M |
|
25
Booking.com
BKNG
$158B
| $442M | 1.08% |
9,495,900
-210,875
| -2% | -$9.38M |
|
Similar funds
Christopher Davis's Q4 2013 Portfolio in Review
As of Q4 2013, Christopher Davis held 202 positions worth $40.9B, up 6.2% from $38.5B the previous quarter. Its ten largest holdings account for 52% of the portfolio.
Christopher Davis withdrew a net $1.75B in Q4 2013, closing 12 positions and reducing 110 holdings. Its most notable exit was Digital Realty Trust, an estimated $38.9M position sold in full.
By sector, the portfolio is most concentrated in Financials at 39% of assets, down from 40% a quarter earlier, followed by Healthcare and Communication Services.
Against the trend, Christopher Davis opened a new position in QIHOO 360 TECHNOLOGY CO LTD ADS RPSTG 3 CL A SHS worth $114M.
- Christopher Davis's largest Q4 2013 buy was QIHOO 360 TECHNOLOGY CO LTD ADS RPSTG 3 CL A SHS: 1,395,178 shares worth $114M.
- Christopher Davis added most to Labcorp in Q4 2013, an estimated $165M increase.
- Christopher Davis's biggest Q4 2013 reduction was Berkshire Hathaway Class A, cutting an estimated $309M.
- Christopher Davis fully exited Digital Realty Trust in Q4 2013, selling an estimated $38.9M.
- Christopher Davis's ten largest holdings make up 52% of its $40.9B portfolio in Q4 2013.
- Christopher Davis opened 15 new positions and closed 12 in Q4 2013.
- Christopher Davis's portfolio value rose 6.2% quarter-over-quarter to $40.9B.
Based on Davis Selected Advisers's 13F filing for Q4 2013, filed 12 Feb 2014.