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Christopher Davis

Davis Selected Advisers

$23.29B
disclosed 13F portfolio · 112 positions
top-5 concentration28%
Q2 2026 · filed Aug 11, 2026

Christopher Davis (Davis Selected Advisers) discloses a $23.29B portfolio across 112 US-listed positions in the latest 13F filing (2026Q2, filed Aug 11, 2026). The largest holding is COF at 7.1% of the book. The biggest move of the quarter: fully exited CTRA (was 6.0% of the book). Mechanically cloning this 13F returned 11.7%/yr over the past 12.2 years, versus 13.7%/yr for the S&P 500 across that identical 12.2-year window.

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Holdings (112) · click any column to sort

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  • port7.1%
    val$1.66B
    Capital One Financial Corp
    this Q hold·40q
  • port5.6%
    val$1.30B
    US Bancorp
    this Q hold·40q
  • port5.3%
    val$1.23B
    Cvs Health Corp
    this Q hold·31q
  • port5.1%
    val$1.19B
    Viatris Inc
    this Q hold·23q
  • port4.9%
    val$1.14B
    Mgm Resorts International
    this Q hold·12q
  • port4.5%
    val$1.05B
    Alphabet Inc-cl A
    this Q hold·40q
  • port4.5%
    val$1.05B
    Devon Energy Corp
    this Q New·1q
  • port4.4%
    val$1.02B
    Amazon.com Inc
    this Q +25%·40q
  • port4.0%
    val$929M
    Meta Platforms Inc-class A
    this Q hold·40q
  • 10MKL
    port3.4%
    val$794M
    Markel Group Inc
    this Q hold·40q
  • 11TXN
    port3.1%
    val$727M
    Texas Instruments Inc
    this Q hold·40q
  • 12TSN
    port3.1%
    val$724M
    Tyson Foods Inc-cl A
    this Q hold·9q
  • 13WFC
    port2.8%
    val$662M
    Wells Fargo & CO
    this Q hold·40q
  • port2.8%
    val$650M
    Berkshire Hathaway Inc-cl A
    this Q hold·40q
  • 15CI
    port2.7%
    val$621M
    The Cigna Group
    this Q hold·31q
  • 16N4732M103
    port2.5%
    val$593M
    Jbs N.v., Class A
    this Q +91%·3q
  • 17UNH
    port2.3%
    val$530M
    Unitedhealth Group Inc
    this Q hold·40q
  • port2.1%
    val$497M
    Teck Resources Ltd-cls B
    this Q -21%·20q
  • port2.1%
    val$487M
    Solventum Corp
    this Q hold·9q
  • 20N53745100
    port2.0%
    val$458M
    Lyondellbasell Industries N.v.
    this Q +55%·2q
  • 21CB
    port1.7%
    val$391M
    Chubb Ltd.
    this Q hold·40q
  • port1.6%
    val$370M
    Berkshire Hathaway Inc-cl B
    this Q hold·40q
  • port1.5%
    val$349M
    Trip.com Group Ltd-adr
    this Q +34%·18q
  • 24OC
    port1.4%
    val$331M
    Owens Corning
    this Q hold·31q
  • 25DGX
    port1.4%
    val$330M
    Quest Diagnostics Inc
    this Q hold·40q
  • port1.1%
    val$264M
    Pinterest Inc- Class A
    this Q hold·4q
  • port1.1%
    val$246M
    Agco Corp
    this Q hold·11q
  • 28YMM
    port1.0%
    val$224M
    Full Truck Alliance -spn Adr
    this Q hold·7q
  • 29QSR
    port0.9%
    val$203M
    Restaurant Brands Intern
    this Q -22%·6q
  • port0.9%
    val$199M
    Alphabet Inc-cl C
    this Q hold·40q
  • 31COP
    port0.8%
    val$195M
    Conocophillips
    this Q hold·9q
  • 32SE
    port0.8%
    val$193M
    Sea Ltd-adr
    this Q hold·9q
  • port0.8%
    val$191M
    Davis Select US Equity Etf
    this Q hold·38q
  • 34APP
    port0.7%
    val$163M
    Applovin Corp-class A
    this Q hold·6q
  • 35JPM
    port0.7%
    val$156M
    Jpmorgan Chase & CO
    this Q hold·40q
  • port0.7%
    val$151M
    Fifth Third Bancorp
    this Q hold·17q
  • 37WCC
    port0.5%
    val$126M
    Wesco International Inc
    this Q hold·18q
  • 38PNC
    port0.5%
    val$122M
    Pnc Financial Services Group
    this Q hold·40q
  • port0.5%
    val$112M
    Davis Select International
    this Q hold·34q
  • 40IAC
    port0.5%
    val$111M
    Iac Inc
    this Q hold·21q
  • port0.5%
    val$105M
    Davis Select Financial Etf
    this Q hold·38q
  • port0.4%
    val$90M
    Davis Select Worldwide Etf
    this Q hold·38q
  • port0.3%
    val$79M
    Netease Inc-adr
    this Q +45%·7q
  • 44G7496G103
    port0.3%
    val$74M
    Renaissancere Holdings Ltd
    this Q hold·8q
  • port0.3%
    val$74M
    Applied Materials Inc
    this Q -91%·40q
  • 46AXP
    port0.3%
    val$71M
    American Express CO
    this Q hold·40q
  • 47RKT
    port0.3%
    val$70M
    Rocket Cos Inc-class A
    this Q hold·23q
  • 48L
    port0.3%
    val$62M
    Loews Corp
    this Q hold·40q
  • 49G0772R208
    port0.3%
    val$60M
    Bank OF N.t. Butterfield & Son Limited
    this Q hold·34q
  • 50BAC
    port0.2%
    val$57M
    Bank OF America Corp
    this Q hold·30q
  • 51BK
    port0.2%
    val$53M
    Bank OF New York Mellon Corp
    this Q -30%·40q
  • port0.2%
    val$48M
    Chime Financial Inc-cl A
    this Q hold·4q
  • 53EG
    port0.2%
    val$45M
    Everest Group, Ltd.
    this Q hold·40q
  • port0.2%
    val$44M
    Vale Sa-sp Adr
    this Q hold·6q
  • port0.1%
    val$35M
    Microsoft Corp
    this Q hold·40q
  • port0.1%
    val$31M
    Nvidia Corp
    this Q +36%·5q
  • port0.1%
    val$27M
    KE Holdings Inc-adr
    this Q hold·12q
  • port0.1%
    val$27M
    Schwab (charles) Corp
    this Q hold·40q
  • port0.1%
    val$26M
    Fiserv Inc
    this Q hold·3q
  • 60STT
    port0.1%
    val$25M
    State Street Corp
    this Q hold·40q
  • 61PLD
    port0.1%
    val$24M
    Prologis Inc
    this Q hold·38q
  • 62JCI
    port0.1%
    val$21M
    Johnson Controls International Plc
    this Q -27%·40q
  • port0.1%
    val$20M
    Equinix Inc
    this Q hold·33q
  • 64CUZ
    port0.1%
    val$17M
    Cousins Properties Inc
    this Q hold·28q
  • 65BXP
    port0.1%
    val$15M
    Bxp Inc
    this Q hold·39q
  • 66BRX
    port0.1%
    val$15M
    Brixmor Property Group Inc
    this Q hold·35q
  • port0.1%
    val$14M
    Adobe Inc
    this Q +50%·2q
  • 68MTB
    port0.1%
    val$14M
    M & T Bank Corp
    this Q hold·25q
  • 69DOC
    port0.1%
    val$14M
    Healthpeak Properties Inc
    this Q hold·26q
  • 70DLR
    port0.1%
    val$13M
    Digital Realty Trust Inc
    this Q hold·33q
  • 71PSA
    port0.1%
    val$12M
    Public Storage
    this Q hold·39q
  • 72AVB
    port<0.1%
    val$11M
    Avalonbay Communities Inc
    this Q -25%·39q
  • port<0.1%
    val$11M
    Synopsys Inc
    this Q hold·4q
  • 74SPG
    port<0.1%
    val$11M
    Simon Property Group Inc
    this Q hold·39q
  • port<0.1%
    val$11M
    Oracle Corp
    this Q hold·40q
  • 76AMH
    port<0.1%
    val$11M
    American Homes 4 Rent- A
    this Q hold·36q
  • 77CDP
    port<0.1%
    val$11M
    Copt Defense Properties
    this Q hold·5q
  • 78TFC
    port<0.1%
    val$10M
    Truist Financial Corp
    this Q hold·25q
  • 79EGP
    port<0.1%
    val$10M
    Eastgroup Properties Inc
    this Q hold·26q
  • 80AMT
    port<0.1%
    val$10M
    American Tower Corp
    this Q hold·20q
  • 81SHO
    port<0.1%
    val$10M
    Sunstone Hotel Investors Inc
    this Q hold·26q
  • 82VTR
    port<0.1%
    val$10M
    Ventas Inc
    this Q hold·37q
  • 83CPT
    port<0.1%
    val$10M
    Camden Property Trust
    this Q hold·39q
  • port<0.1%
    val$10M
    Noah Holdings Ltd-spon Ads
    this Q hold·40q
  • 85DAR
    port<0.1%
    val$9M
    Darling Ingredients Inc
    this Q hold·21q
  • 86SAP
    port<0.1%
    val$9M
    Sap Se-sponsored Adr
    this Q -81%·40q
  • 87REG
    port<0.1%
    val$9M
    Regency Centers Corp
    this Q hold·25q
  • 88ESS
    port<0.1%
    val$8M
    Essex Property Trust Inc
    this Q +70%·39q
  • 89JD
    port<0.1%
    val$7M
    Jd.com Inc-adr
    this Q hold·40q
  • port<0.1%
    val$7M
    Terreno Realty Corp
    this Q hold·39q
  • port<0.1%
    val$7M
    Sba Communications Corp
    this Q New·1q
  • port<0.1%
    val$6M
    Rexford Industrial Realty IN
    this Q hold·39q
  • 93EQR
    port<0.1%
    val$6M
    Equity Residential
    this Q hold·39q
  • port<0.1%
    val$6M
    Community Healthcare Trust I
    this Q hold·13q
  • 95O
    port<0.1%
    val$6M
    Realty Income Corp
    this Q hold·5q
  • port<0.1%
    val$6M
    Vici Properties Inc
    this Q hold·21q
  • port<0.1%
    val$6M
    Angi Inc
    this Q hold·5q
  • 98SUI
    port<0.1%
    val$5M
    Sun Communities Inc
    this Q hold·25q
  • 99HPP
    port<0.1%
    val$5M
    Hudson Pacific Properties IN
    this Q hold·3q
  • 100ARE
    port<0.1%
    val$4M
    Alexandria Real Estate Equit
    this Q -55%·39q
  • 101FRMI
    port<0.1%
    val$4M
    Fermi Inc
    this Q +48%·2q
  • 102EXR
    port<0.1%
    val$4M
    Extra Space Storage Inc
    this Q hold·37q
  • 103JLL
    port<0.1%
    val$4M
    Jones Lang Lasalle Inc
    this Q hold·2q
  • 104CUBE
    port<0.1%
    val$4M
    Cubesmart
    this Q hold·24q
  • 105DEI
    port<0.1%
    val$4M
    Douglas Emmett Inc
    this Q hold·26q
  • 106CBRE
    port<0.1%
    val$3M
    Cbre Group Inc - A
    this Q hold·2q
  • 107MAA
    port<0.1%
    val$3M
    Mid-america Apartment Comm
    this Q -54%·17q
  • 108TSM
    port<0.1%
    val$2M
    Taiwan Semiconductor-sp Adr
    this Q -45%·5q
  • 109LRCX
    port<0.1%
    val$1M
    Lam Research Corp
    this Q hold·7q
  • 110JAN
    port<0.1%
    val$1M
    Janus Living Inc Cl-a-1
    this Q +250%·2q
  • 111IVE
    port<0.1%
    val$747K
    Ishares S&p 500 Value Etf
    this Q -72%·28q
  • 112CCK
    port<0.1%
    val$612K
    Crown Holdings Inc
    this Q -36%·9q

Beyond the 13F

as of 2026-04-30

Across Christopher Davis’s registered funds — $8.74B disclosed in SEC Form N-PORT — just 75.1% sits in US-listed equity, the only slice a 13F reports. The other $2.18B is foreign listings and cash — none of which a 13F can show.

US-listed equity (13F-eligible) · $6.57BForeign-listed equity · $1.79BCash & equivalents · $387M

Where the hidden money is

South Korea
4.3%
China
3.2%
Netherlands
2.2%
Switzerland
2.1%
Germany
1.9%
Hong Kong
1.9%
Canada
1.8%
Denmark
1.8%

+7 more countries

Largest positions no 13F shows

SAMSUNG ELECTRONICS CO LTD · South Korea · KRW$310M
STONEX REPO · United States · USD$242M
PING AN INSURANCE GROUP CO H · China · HKD$193M
TOURMALINE OIL CORP · Canada · CAD$154M
DANSKE BANK A/S · Denmark · DKK$144M
PROSUS NV · Netherlands · EUR$129M
JULIUS BAER GROUP LTD · Switzerland · CHF$128M
SAP SE · Germany · EUR$112M

From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 4 funds. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $23.29B for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.

2026Q2 moves, by size (26)(expand ↓)
  • EXITCTRA
    6.0%
    Coterra Energy Inc
    Δ -100%·$0
  • NEWDVN
    4.5%
    Devon Energy Corp
    Δ +100%·$1.05B
  • ADDAMZN
    4.4%
    Amazon.com Inc
    Δ +25%·$1.02B
  • ADDN4732M103
    2.5%
    Jbs N.v., Class A
    Δ +91%·$593M
  • TRIMTECK
    2.1%
    Teck Resources Ltd-cls B
    Δ -21%·$497M
  • ADDN53745100
    2.0%
    Lyondellbasell Industries N.v.
    Δ +55%·$458M
  • TRIMAMAT
    0.3%
    Applied Materials Inc
    Δ -91%·$74M
  • ADDTCOM
    1.5%
    Trip.com Group Ltd-adr
    Δ +34%·$349M
  • TRIMQSR
    0.9%
    Restaurant Brands Intern
    Δ -22%·$203M
  • ADDNTES
    0.3%
    Netease Inc-adr
    Δ +45%·$79M
  • TRIMBK
    0.2%
    Bank OF New York Mellon Corp
    Δ -30%·$53M
  • TRIMSAP
    <0.1%
    Sap Se-sponsored Adr
    Δ -81%·$9M
  • ADDNVDA
    0.1%
    Nvidia Corp
    Δ +36%·$31M
  • TRIMJCI
    0.1%
    Johnson Controls International Plc
    Δ -27%·$21M
  • ADDADBE
    0.1%
    Adobe Inc
    Δ +50%·$14M
  • TRIMAVB
    <0.1%
    Avalonbay Communities Inc
    Δ -25%·$11M
  • TRIMARE
    <0.1%
    Alexandria Real Estate Equit
    Δ -56%·$4M
  • ADDESS
    <0.1%
    Essex Property Trust Inc
    Δ +70%·$8M
  • NEWSBAC
    <0.1%
    Sba Communications Corp
    Δ +100%·$7M
  • TRIMMAA
    <0.1%
    Mid-america Apartment Comm
    Δ -54%·$3M
  • ADDFRMI
    <0.1%
    Fermi Inc
    Δ +48%·$4M
  • EXITCCI
    <0.1%
    Crown Castle Inc
    Δ -100%·$0
  • TRIMTSM
    <0.1%
    Taiwan Semiconductor-sp Adr
    Δ -45%·$2M
  • TRIMIVE
    <0.1%
    Ishares S&p 500 Value Etf
    Δ -72%·$747K
  • ADDJAN
    <0.1%
    Janus Living Inc Cl-a-1
    Δ +250%·$1M
  • TRIMCCK
    <0.1%
    Crown Holdings Inc
    Δ -36%·$612K

About Christopher Davis

Christopher Davis runs Davis Selected Advisers, a Sacramento-based investment firm that has managed equity assets across multiple generations of the Davis family — his father Shelby Davis and grandfather Shelby Cullom Davis both built substantial records in public markets before him. The firm's approach is long-term, fundamentals-driven value investing with a consistent tilt toward financial-services companies, which reflects a multi-decade analytical edge in bank and insurance underwriting; the current 13F bears that out, with Capital One, U.S. Bancorp, and Viatris among the largest disclosed positions. At 112 positions and a top-5 concentration around 28%, the portfolio is diversified by active-manager standards rather than concentrated. Davis funds are long-only equity vehicles, so the 13F captures the book with reasonable fidelity — no material derivatives overlay to caveat — though the standard 45-day disclosure lag means disclosed weights trail reality by roughly a quarter. The long-term clone backtest shows modest negative excess returns versus SPY, consistent with a value-oriented mandate that has faced secular headwinds from growth-factor dominance over the past decade.

2026Q2 brief

Christopher Davis made two defining moves in 2026Q2: a full exit from CTRA (previously ~6% of the $23.3B portfolio) and a fresh 4.5% position in DVN, signaling a deliberate pivot within energy — away from Coterra's natural gas tilt toward Devon's oil-weighted, free-cash-flow-heavy model. Simultaneously, Davis added aggressively to AMZN (+25%, now 4.4%), JBS N.V. (+91%, now 2.5%), and LyondellBasell (+55%, now 2.0%), painting a picture of deep-value opportunism in consumer staples, protein, and cyclical chemicals — sectors that remain deeply out of favor. The near-total exit from AMAT (-91%) after a modest position is notable; Davis appears unwilling to hold semiconductor equipment at current multiples. COF and USB together now represent over 12.7% of the book, underlining his long-running conviction in financials even as peers rotate away. The contrarian theme here is unmistakable: energy, cyclicals, and out-of-favor consumer names dominate the adds. Watch whether VTRS (5.1%) gets trimmed next quarter — it's a perennial debate position that hasn't rewarded patience.

AI-generated. Not investment advice.

Filing history

Christopher Davis's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.

Disclosed portfolio value · Q3 2023Q2 2026now $23.29B · peak $23.29B (Q2 2026)
Q3 2023Q2 2024Q2 2025Q2 2026
QuarterPositionsPortfolio value
Q2 2026 — what changed →112
$23.29B
Q1 2026 — what changed →112
$21.78B
Q4 2025 — what changed →108
$22.25B
Q3 2025 — what changed →107
$19.15B
Q2 2025 — what changed →107
$18.70B
Q1 2025 — what changed →104
$17.35B
Q4 2024 holdings100
$17.21B
Q3 2024 holdings102
$17.83B
Q2 2024 holdings68
$17.22B
Q1 2024 holdings98
$17.84B
Q4 2023 holdings103
$17.70B
Q3 2023 holdings104
$15.95B

Values as disclosed at each quarter end. Older filings on EDGAR.

Multibaggers Christopher Davis held

Stocks up 5x or more since Christopher Davis first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.

  • AMAT30.6xAPPLIED MATERIALS INC49q straight · peak 6.14% · still holds
  • NFLX13.9xNETFLIX INC4q straight · peak 0.57%
  • AMZN13.8xAMAZON.COM INC49q straight · peak 8.44% · still holds
  • PGR12.3xPROGRESSIVE CORP3q straight · peak 1.84%
  • MSFT11.2xMICROSOFT CORP49q straight · peak 1.64% · still holds
  • GOOG10.6xALPHABET INC-CL C42q straight · peak 6.45% · still holds

Six biggest of 16. Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Christopher Davis's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →

Frequently asked questions

What stocks does Christopher Davis own?
As of 2026Q2, Christopher Davis's 13F discloses 112 positions worth $23.29B. The top five holdings: COF (7.1%), USB (5.6%), CVS (5.3%), VTRS (5.1%), MGM (4.9%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
What did Christopher Davis buy this quarter?
In 2026Q2, the filing shows 2 new positions and 10 additions to existing holdings. The largest positions touched by buying: DVN, AMZN, TCOM, NTES, NVDA.
How big is Christopher Davis's portfolio?
$23.29B across 112 positions per the latest 13F (filed Aug 11, 2026). The top five holdings account for 28% of the disclosed book.

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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001036325). Not investment advice.