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Christopher Davis Davis Selected Advisers
AUM
$23.2B
Turnover
7.56%
1-Year Est. Return
18.42%
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.
This Fund
S&P 500
This Quarter Est. Return
+11.74%
1 Year Est. Return
+18.42%
3 Year Est. Return
+93.59%
5 Year Est. Return
+98.13%
10 Year Est. Return
+348.63%
AUM
$40.9B
AUM Growth
+$2.41B
(+6.2%)
Cap. Flow
-$1.75B
Cap. Flow % of AUM
Cap. Flow %
-4.28%
Top 10 Holdings %
Top 10 Hldgs %
51.91%
Holding
202
New
15
Increased
48
Reduced
110
Closed
12
Avg Time Held
0.4
years
Top 10 Avg Time Held
0.5
years
Top 20 Avg Time Held
0.5
years
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
|
+$100M |
| 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 | Held Since | |
|---|---|---|---|---|---|---|---|
1
American Express
AXP
$214B
| $3.25B | 7.93% |
35,767,841
-1,345,715
| -4% | -$111M |
2013 Q2
2 quarters
|
|
2
Alphabet (Google) Class C
GOOG
$3.64T
| $2.95B | 7.2% |
105,514,578
-1,557,576
| -1% | -$39.4M |
2013 Q2
2 quarters
|
|
3
Bank of New York Mellon
BNY
$103B
| $2.91B | 7.11% |
83,323,238
-3,183,223
| -4% | -$104M |
2013 Q2
2 quarters
|
|
4
Wells Fargo
WFC
$258B
| $2.61B | 6.38% |
57,541,470
-1,390,586
| -2% | -$60.1M |
2013 Q2
2 quarters
|
|
|
5
CVS Health
CVS
$115B
| $2.37B | 5.78% |
33,058,529
-3,389,529
| -9% | -$218M |
2013 Q2
2 quarters
|
|
|
6
Berkshire Hathaway Class A
BRK.A
$1.25T
| $1.71B | 4.17% |
9,585
-1,782
| -16% | -$309M |
2013 Q2
2 quarters
|
|
|
BBBY
7
DELISTED
Bed Bath & Beyond Inc
BBBY
| $1.6B | 3.91% |
19,921,965
-586,553
| -3% | -$45.4M |
2013 Q2
2 quarters
|
|
8
Costco
COST
$484B
| $1.51B | 3.68% |
12,662,918
-180,179
| -1% | -$21.5M |
2013 Q2
2 quarters
|
|
9
Canadian Natural Resources
CNQ
$100B
| $1.18B | 2.88% |
72,128,755
-1,872,556
| -3% | -$29.1M |
2013 Q2
2 quarters
|
|
|
10
UnitedHealth
UNH
$364B
| $1.17B | 2.87% |
15,589,667
+709,423
| +5% | +$51M |
2013 Q2
2 quarters
|
|
|
ESRX
11
DELISTED
Express Scripts Holding Company
ESRX
| $904M | 2.21% |
12,872,126
-690,718
| -5% | -$45.1M |
2013 Q2
2 quarters
|
|
12
Progressive
PGR
$137B
| $884M | 2.16% |
32,423,950
-1,019,143
| -3% | -$27.5M |
2013 Q2
2 quarters
|
|
|
13
Labcorp
LH
$30.2B
| $874M | 2.13% |
11,129,970
+1,940,338
| +21% | +$165M |
2013 Q2
2 quarters
|
|
14
Air Products & Chemicals
APD
$70.5B
| $794M | 1.94% |
7,675,983
-94,881
| -1% | -$9.6M |
2013 Q2
2 quarters
|
|
15
Loews
L
$22.7B
| $790M | 1.93% |
16,367,518
-2,474,302
| -13% | -$118M |
2013 Q2
2 quarters
|
|
16
Liberty Global Class C
LBTYK
$3.45B
| $716M | 1.75% |
20,998,129
+361,828
| +2% | +$11.3M |
2013 Q2
2 quarters
|
|
17
EOG Resources
EOG
$81.2B
| $691M | 1.69% |
8,237,494
-80,016
| -1% | -$6.86M |
2013 Q2
2 quarters
|
|
18
Texas Instruments
TXN
$285B
| $657M | 1.61% |
14,960,544
-160,217
| -1% | -$6.71M |
2013 Q2
2 quarters
|
|
|
Y
19
DELISTED
Alleghany Corp
Y
| $566M | 1.38% |
1,416,323
-381,296
| -21% | -$152M |
2013 Q2
2 quarters
|
|
20
PACCAR
PCAR
$56.3B
| $555M | 1.36% |
14,070,671
-151,585
| -1% | -$5.74M |
2013 Q2
2 quarters
|
|
21
Ecolab
ECL
$85.9B
| $534M | 1.3% |
5,120,907
-43,254
| -0.8% | -$4.5M |
2013 Q2
2 quarters
|
|
22
Charles Schwab
SCHW
$159B
| $487M | 1.19% |
18,723,805
-356,397
| -2% | -$8.5M |
2013 Q2
2 quarters
|
|
23
Visa
V
$788B
| $487M | 1.19% |
8,742,008
-445,672
| -5% | -$22.5M |
2013 Q2
2 quarters
|
|
24
CarMax
KMX
$7.51B
| $455M | 1.11% |
9,682,229
-78,744
| -0.8% | -$3.86M |
2013 Q2
2 quarters
|
|
25
Booking.com
BKNG
$120B
| $442M | 1.08% |
9,495,900
-210,875
| -2% | -$9.38M |
2013 Q3
1 quarter
|
|
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.