Christopher Davis
Davis Selected Advisers
Christopher Davis (Davis Selected Advisers) discloses a $21.78B portfolio across 112 US-listed positions in the latest 13F filing (2026Q1, filed May 7, 2026). The largest holding is COF at 7.2% of the book. The biggest move of the quarter: added 197% to the CI share count (position now $596M). Latticework's clone backtest puts this 13F book at -2.4%/yr vs SPY over 12.0 years.
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.
2026Q1 brief
Christopher Davis's Davis Selected Advisers ($21.8B, 112 positions) used Q1 2026 to lean harder into healthcare and international consumer themes. The standout add was CI (Cigna), nearly tripling to 2.7% of the $21.8B book — a meaningful conviction call on a beaten-down managed-care name at a time when the sector faces regulatory scrutiny, signaling Davis sees the selloff as overdone. JBS N.V. (global protein, 2.2%) more than doubled, reinforcing an emerging-market protein consumption thesis alongside existing TCOM (+30% to 1.5%) and YMM (+64% to 1.1%), both China-exposed names that few U.S. managers are adding. SE (Southeast Asia e-commerce) surged 324% to 0.7%. The new initiation of LyondellBasell (2.1%) adds a cyclical chemicals name trading at deeply depressed multiples. Davis nearly eliminated AMAT (-71.5% to 1.9%), a clean exit from semicap equipment, while COF (7.2%) and CTRA (6.0%) remain the top two. Watch whether the managed-care and China consumer cluster continues to build in Q2 — that would confirm a deliberate thematic pivot.
AI-generated. Not investment advice.
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Holdings (112) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | COF | 7.2% | $1.56B | |||
| 2 | CTRA | 6.0% | $1.30B | |||
| 3 | USB | 5.3% | $1.16B | |||
| 4 | VTRS | 4.9% | $1.06B | |||
| 5 | META | 4.5% | $984M | |||
| 6 | MGM | 4.1% | $899M | |||
| 7 | GOOGL | 4.1% | $890M | |||
| 8 | CVS | 4.0% | $879M | |||
| 9 | TSN | 3.9% | $839M | |||
| 10 | MKL | 3.4% | $734M | |||
| 11 | AMZN | 3.3% | $713M | |||
| 12 | BRK/A | 3.0% | $663M | |||
| 13 | WFC | 3.0% | $652M | |||
| 14 | CI | 2.7% | $596M | |||
| 15 | TXN | 2.5% | $553M | |||
| 16 | TECK | 2.5% | $548M | |||
| 17 | N4732M103 | 2.2% | $471M | |||
| 18 | N53745100 | 2.1% | $451M | |||
| 19 | SOLV | 1.9% | $413M | |||
| 20 | AMAT | 1.9% | $409M | |||
| 21 | CB | 1.8% | $390M | |||
| 22 | BRK/B | 1.6% | $359M | |||
| 23 | UNH | 1.6% | $338M | |||
| 24 | TCOM | 1.5% | $326M | |||
| 25 | DGX | 1.5% | $317M | |||
| 26 | QSR | 1.2% | $266M | |||
| 27 | COP | 1.1% | $248M | |||
| 28 | AGCO | 1.1% | $242M | |||
| 29 | YMM | 1.1% | $239M | |||
| 30 | PINS | 1.0% | $227M | |||
| 31 | OC | 1.0% | $227M | |||
| 32 | GOOG | 0.9% | $194M | |||
| 33 | DUSA | 0.8% | $173M | |||
| 34 | JPM | 0.8% | $164M | |||
| 35 | SE | 0.7% | $153M | |||
| 36 | APP | 0.6% | $134M | |||
| 37 | FITB | 0.6% | $131M | |||
| 38 | PNC | 0.5% | $113M | |||
| 39 | DINT | 0.5% | $105M | |||
| 40 | WCC | 0.5% | $104M | |||
| 41 | IAC | 0.4% | $97M | |||
| 42 | DFNL | 0.4% | $96M | |||
| 43 | DWLD | 0.4% | $85M | |||
| 44 | G7496G103 | 0.4% | $76M | |||
| 45 | AXP | 0.3% | $71M | |||
| 46 | RKT | 0.3% | $69M | |||
| 47 | L | 0.3% | $66M | |||
| 48 | BK | 0.3% | $62M | |||
| 49 | BAC | 0.3% | $57M | |||
| 50 | G0772R208 | 0.3% | $56M | |||
| 51 | SAP | 0.3% | $54M | |||
| 52 | CHYM | 0.2% | $48M | |||
| 53 | NTES | 0.2% | $47M | |||
| 54 | VALE | 0.2% | $47M | |||
| 55 | EG | 0.2% | $46M | |||
| 56 | FISV | 0.2% | $33M | |||
| 57 | SCHW | 0.1% | $29M | |||
| 58 | MSFT | 0.1% | $29M | |||
| 59 | BEKE | 0.1% | $28M | |||
| 60 | JCI | 0.1% | $25M | |||
| 61 | PLD | 0.1% | $24M | |||
| 62 | EQIX | 0.1% | $21M | |||
| 63 | NVDA | 0.1% | $20M | |||
| 64 | STT | 0.1% | $19M | |||
| 65 | BRX | 0.1% | $16M | |||
| 66 | DLR | 0.1% | $14M | |||
| 67 | CUZ | 0.1% | $13M | |||
| 68 | AVB | 0.1% | $13M | |||
| 69 | MTB | 0.1% | $12M | |||
| 70 | BXP | 0.1% | $12M | |||
| 71 | ORCL | 0.1% | $12M | |||
| 72 | DAR | 0.1% | $12M | |||
| 73 | PSA | 0.1% | $11M | |||
| 74 | AMT | 0.1% | $11M | |||
| 75 | ADBE | 0.1% | $11M | |||
| 76 | DOC | <0.1% | $11M | |||
| 77 | REG | <0.1% | $10M | |||
| 78 | TFC | <0.1% | $10M | |||
| 79 | SNPS | <0.1% | $10M | |||
| 80 | NOAH | <0.1% | $10M | |||
| 81 | EGP | <0.1% | $10M | |||
| 82 | SPG | <0.1% | $9M | |||
| 83 | VTR | <0.1% | $9M | |||
| 84 | CDP | <0.1% | $9M | |||
| 85 | CPT | <0.1% | $9M | |||
| 86 | ARE | <0.1% | $8M | |||
| 87 | JD | <0.1% | $8M | |||
| 88 | SHO | <0.1% | $8M | |||
| 89 | AMH | <0.1% | $8M | |||
| 90 | TRNO | <0.1% | $7M | |||
| 91 | REXR | <0.1% | $7M | |||
| 92 | ANGI | <0.1% | $7M | |||
| 93 | EQR | <0.1% | $6M | |||
| 94 | VICI | <0.1% | $6M | |||
| 95 | MAA | <0.1% | $6M | |||
| 96 | O | <0.1% | $6M | |||
| 97 | SUI | <0.1% | $5M | |||
| 98 | CHCT | <0.1% | $5M | |||
| 99 | ESS | <0.1% | $4M | |||
| 100 | JLL | <0.1% | $4M | |||
| 101 | EXR | <0.1% | $4M | |||
| 102 | CBRE | <0.1% | $3M | |||
| 103 | CCI | <0.1% | $3M | |||
| 104 | CUBE | <0.1% | $3M | |||
| 105 | DEI | <0.1% | $3M | |||
| 106 | IVE | <0.1% | $2M | |||
| 107 | TSM | <0.1% | $2M | |||
| 108 | HPP | <0.1% | $2M | |||
| 109 | FRMI | <0.1% | $2M | |||
| 110 | CCK | <0.1% | $859K | |||
| 111 | LRCX | <0.1% | $594K | |||
| 112 | JAN | <0.1% | $236K |
- 1COFport7.2%val$1.56BCapital One Financial Corpthis Q hold·40q
- 2CTRAport6.0%val$1.30BCoterra Energy Incthis Q hold·19q
- 3USBport5.3%val$1.16BUS Bancorpthis Q hold·40q
- 4VTRSport4.9%val$1.06BViatris Incthis Q hold·22q
- 5METAport4.5%val$984MMeta Platforms Inc-class Athis Q hold·40q
- 6MGMport4.1%val$899MMgm Resorts Internationalthis Q hold·11q
- port4.1%val$890MAlphabet Inc-cl Athis Q hold·40q
- 8CVSport4.0%val$879MCvs Health Corpthis Q hold·30q
- 9TSNport3.9%val$839MTyson Foods Inc-cl Athis Q hold·8q
- 10MKLport3.4%val$734MMarkel Group Incthis Q hold·40q
- 11AMZNport3.3%val$713MAmazon.com Incthis Q hold·40q
- 12BRK/Aport3.0%val$663MBerkshire Hathaway Inc-cl Athis Q hold·40q
- 13WFCport3.0%val$652MWells Fargo & COthis Q hold·40q
- 14CIport2.7%val$596MThe Cigna Groupthis Q +197%·30q
- 15TXNport2.5%val$553MTexas Instruments Incthis Q hold·40q
- 16TECKport2.5%val$548MTeck Resources Ltd-cls Bthis Q hold·19q
- 17N4732M103port2.2%val$471MJbs N.v., Class Athis Q +121%·2q
- 18N53745100port2.1%val$451MLyondellbasell Industries N.v.this Q New·—1q
- 19SOLVport1.9%val$413MSolventum Corpthis Q hold·8q
- 20AMATport1.9%val$409MApplied Materials Incthis Q -72%·40q
- 21CBport1.8%val$390MChubb Ltd.this Q hold·40q
- 22BRK/Bport1.6%val$359MBerkshire Hathaway Inc-cl Bthis Q hold·40q
- 23UNHport1.6%val$338MUnitedhealth Group Incthis Q hold·40q
- 24TCOMport1.5%val$326MTrip.com Group Ltd-adrthis Q +30%·17q
- 25DGXport1.5%val$317MQuest Diagnostics Incthis Q hold·40q
- 26QSRport1.2%val$266MRestaurant Brands Internthis Q hold·5q
- 27COPport1.1%val$248MConocophillipsthis Q hold·8q
- 28AGCOport1.1%val$242MAgco Corpthis Q hold·10q
- 29YMMport1.1%val$239MFull Truck Alliance -spn Adrthis Q +64%·6q
- 30PINSport1.0%val$227MPinterest Inc- Class Athis Q hold·3q
- 31OCport1.0%val$227MOwens Corningthis Q hold·30q
- 32GOOGport0.9%val$194MAlphabet Inc-cl Cthis Q hold·40q
- 33DUSAport0.8%val$173MDavis Select US Equity Etfthis Q hold·37q
- 34JPMport0.8%val$164MJpmorgan Chase & COthis Q hold·40q
- 35SEport0.7%val$153MSea Ltd-adrthis Q +324%·8q
- 36APPport0.6%val$134MApplovin Corp-class Athis Q +35%·5q
- 37FITBport0.6%val$131MFifth Third Bancorpthis Q hold·16q
- 38PNCport0.5%val$113MPnc Financial Services Groupthis Q hold·40q
- 39DINTport0.5%val$105MDavis Select Internationalthis Q hold·33q
- 40WCCport0.5%val$104MWesco International Incthis Q hold·18q
- 41IACport0.4%val$97MIac Incthis Q hold·20q
- 42DFNLport0.4%val$96MDavis Select Financial Etfthis Q hold·37q
- 43DWLDport0.4%val$85MDavis Select Worldwide Etfthis Q hold·37q
- 44G7496G103port0.4%val$76MRenaissancere Holdings Ltdthis Q hold·7q
- 45AXPport0.3%val$71MAmerican Express COthis Q hold·40q
- 46RKTport0.3%val$69MRocket Cos Inc-class Athis Q +49%·22q
- 47Lport0.3%val$66MLoews Corpthis Q hold·40q
- 48BKport0.3%val$62MBank OF New York Mellon Corpthis Q hold·40q
- 49BACport0.3%val$57MBank OF America Corpthis Q hold·29q
- 50G0772R208port0.3%val$56MBank OF N.t. Butterfield & Son Limitedthis Q hold·33q
- 51SAPport0.3%val$54MSap Se-sponsored Adrthis Q +463%·40q
- 52CHYMport0.2%val$48MChime Financial Inc-cl Athis Q hold·3q
- 53NTESport0.2%val$47MNetease Inc-adrthis Q hold·6q
- 54VALEport0.2%val$47MVale Sa-sp Adrthis Q hold·5q
- 55EGport0.2%val$46MEverest Group, Ltd.this Q hold·40q
- 56FISVport0.2%val$33MFiserv Incthis Q hold·2q
- 57SCHWport0.1%val$29MSchwab (charles) Corpthis Q hold·40q
- 58MSFTport0.1%val$29MMicrosoft Corpthis Q +29%·40q
- 59BEKEport0.1%val$28MKE Holdings Inc-adrthis Q hold·11q
- 60JCIport0.1%val$25MJohnson Controls International Plcthis Q hold·39q
- 61PLDport0.1%val$24MPrologis Incthis Q hold·37q
- 62EQIXport0.1%val$21MEquinix Incthis Q hold·32q
- 63NVDAport0.1%val$20MNvidia Corpthis Q hold·4q
- 64STTport0.1%val$19MState Street Corpthis Q hold·40q
- 65BRXport0.1%val$16MBrixmor Property Group Incthis Q hold·34q
- 66DLRport0.1%val$14MDigital Realty Trust Incthis Q hold·32q
- 67CUZport0.1%val$13MCousins Properties Incthis Q hold·27q
- 68AVBport0.1%val$13MAvalonbay Communities Incthis Q hold·39q
- 69MTBport0.1%val$12MM & T Bank Corpthis Q hold·24q
- 70BXPport0.1%val$12MBxp Incthis Q hold·39q
- 71ORCLport0.1%val$12MOracle Corpthis Q hold·40q
- 72DARport0.1%val$12MDarling Ingredients Incthis Q -93%·20q
- 73PSAport0.1%val$11MPublic Storagethis Q hold·39q
- 74AMTport0.1%val$11MAmerican Tower Corpthis Q hold·19q
- 75ADBEport0.1%val$11MAdobe Incthis Q New·—1q
- 76DOCport<0.1%val$11MHealthpeak Properties Incthis Q +48%·25q
- 77REGport<0.1%val$10MRegency Centers Corpthis Q hold·24q
- 78TFCport<0.1%val$10MTruist Financial Corpthis Q hold·24q
- 79SNPSport<0.1%val$10MSynopsys Incthis Q +199%·3q
- 80NOAHport<0.1%val$10MNoah Holdings Ltd-spon Adsthis Q hold·40q
- 81EGPport<0.1%val$10MEastgroup Properties Incthis Q hold·26q
- 82SPGport<0.1%val$9MSimon Property Group Incthis Q -24%·39q
- 83VTRport<0.1%val$9MVentas Incthis Q hold·36q
- 84CDPport<0.1%val$9MCopt Defense Propertiesthis Q hold·4q
- 85CPTport<0.1%val$9MCamden Property Trustthis Q hold·39q
- 86AREport<0.1%val$8MAlexandria Real Estate Equitthis Q hold·39q
- 87JDport<0.1%val$8MJd.com Inc-adrthis Q hold·40q
- 88SHOport<0.1%val$8MSunstone Hotel Investors Incthis Q -30%·25q
- 89AMHport<0.1%val$8MAmerican Homes 4 Rent- Athis Q hold·36q
- 90TRNOport<0.1%val$7MTerreno Realty Corpthis Q hold·39q
- 91REXRport<0.1%val$7MRexford Industrial Realty INthis Q -39%·39q
- 92ANGIport<0.1%val$7MAngi Incthis Q hold·4q
- 93EQRport<0.1%val$6MEquity Residentialthis Q hold·39q
- 94VICIport<0.1%val$6MVici Properties Incthis Q hold·20q
- 95MAAport<0.1%val$6MMid-america Apartment Commthis Q hold·16q
- 96Oport<0.1%val$6MRealty Income Corpthis Q hold·4q
- 97SUIport<0.1%val$5MSun Communities Incthis Q hold·24q
- 98CHCTport<0.1%val$5MCommunity Healthcare Trust Ithis Q hold·12q
- 99ESSport<0.1%val$4MEssex Property Trust Incthis Q hold·39q
- 100JLLport<0.1%val$4MJones Lang Lasalle Incthis Q New·—1q
- 101EXRport<0.1%val$4MExtra Space Storage Incthis Q hold·37q
- 102CBREport<0.1%val$3MCbre Group Inc - Athis Q New·—1q
- 103CCIport<0.1%val$3MCrown Castle Incthis Q hold·38q
- 104CUBEport<0.1%val$3MCubesmartthis Q hold·23q
- 105DEIport<0.1%val$3MDouglas Emmett Incthis Q hold·25q
- 106IVEport<0.1%val$2MIshares S&p 500 Value Etfthis Q -91%·27q
- 107TSMport<0.1%val$2MTaiwan Semiconductor-sp Adrthis Q hold·4q
- 108HPPport<0.1%val$2MHudson Pacific Properties INthis Q hold·2q
- 109FRMIport<0.1%val$2MFermi Incthis Q New·—1q
- 110CCKport<0.1%val$859KCrown Holdings Incthis Q hold·8q
- 111LRCXport<0.1%val$594KLam Research Corpthis Q -77%·6q
- 112JANport<0.1%val$236KJanus Living Inc Cl-a-1this Q New·—1q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| AMAT | Applied Materials Inc | TRIM | 1.9% | -72% | $409M |
| CI | The Cigna Group | ADD | 2.7% | +197% | $596M |
| N4732M103 | Jbs N.v., Class A | ADD | 2.2% | +121% | $471M |
| N53745100 | Lyondellbasell Industries N.v. | NEW | 2.1% | +100% | $451M |
| TCOM | Trip.com Group Ltd-adr | ADD | 1.5% | +30% | $326M |
| YMM | Full Truck Alliance -spn Adr | ADD | 1.1% | +64% | $239M |
| APP | Applovin Corp-class A | ADD | 0.6% | +35% | $134M |
| SE | Sea Ltd-adr | ADD | 0.7% | +324% | $153M |
| DAR | Darling Ingredients Inc | TRIM | 0.1% | -93% | $12M |
| RKT | Rocket Cos Inc-class A | ADD | 0.3% | +49% | $69M |
| SAP | Sap Se-sponsored Adr | ADD | 0.3% | +463% | $54M |
| MSFT | Microsoft Corp | ADD | 0.1% | +29% | $29M |
| IVE | Ishares S&p 500 Value Etf | TRIM | <0.1% | -91% | $2M |
| REXR | Rexford Industrial Realty IN | TRIM | <0.1% | -39% | $7M |
| SPG | Simon Property Group Inc | TRIM | <0.1% | -24% | $9M |
| SHO | Sunstone Hotel Investors Inc | TRIM | <0.1% | -30% | $8M |
| ADBE | Adobe Inc | NEW | 0.1% | +100% | $11M |
| DOC | Healthpeak Properties Inc | ADD | <0.1% | +48% | $11M |
| SNPS | Synopsys Inc | ADD | <0.1% | +199% | $10M |
| UDR | Udr Inc | EXIT | <0.1% | -100% | $0 |
| JLL | Jones Lang Lasalle Inc | NEW | <0.1% | +100% | $4M |
| CBRE | Cbre Group Inc - A | NEW | <0.1% | +100% | $3M |
| NTST | Netstreit Corp | EXIT | <0.1% | -100% | $0 |
| LRCX | Lam Research Corp | TRIM | <0.1% | -77% | $594K |
| FRMI | Fermi Inc | NEW | <0.1% | +100% | $2M |
| JAN | Janus Living Inc Cl-a-1 | NEW | <0.1% | +100% | $236K |
- TRIMAMAT1.9%Applied Materials IncΔ -72%·$409M
- ADDCI2.7%The Cigna GroupΔ +197%·$596M
- ADDN4732M1032.2%Jbs N.v., Class AΔ +121%·$471M
- NEWN537451002.1%Lyondellbasell Industries N.v.Δ +100%·$451M
- ADDTCOM1.5%Trip.com Group Ltd-adrΔ +30%·$326M
- ADDYMM1.1%Full Truck Alliance -spn AdrΔ +64%·$239M
- ADDAPP0.6%Applovin Corp-class AΔ +35%·$134M
- ADDSE0.7%Sea Ltd-adrΔ +324%·$153M
- TRIMDAR0.1%Darling Ingredients IncΔ -93%·$12M
- ADDRKT0.3%Rocket Cos Inc-class AΔ +49%·$69M
- ADDSAP0.3%Sap Se-sponsored AdrΔ +463%·$54M
- ADDMSFT0.1%Microsoft CorpΔ +29%·$29M
- TRIMIVE<0.1%Ishares S&p 500 Value EtfΔ -91%·$2M
- TRIMREXR<0.1%Rexford Industrial Realty INΔ -39%·$7M
- TRIMSPG<0.1%Simon Property Group IncΔ -24%·$9M
- TRIMSHO<0.1%Sunstone Hotel Investors IncΔ -30%·$8M
- NEWADBE0.1%Adobe IncΔ +100%·$11M
- ADDDOC<0.1%Healthpeak Properties IncΔ +48%·$11M
- ADDSNPS<0.1%Synopsys IncΔ +199%·$10M
- EXITUDR<0.1%Udr IncΔ -100%·$0
- NEWJLL<0.1%Jones Lang Lasalle IncΔ +100%·$4M
- NEWCBRE<0.1%Cbre Group Inc - AΔ +100%·$3M
- EXITNTST<0.1%Netstreit CorpΔ -100%·$0
- TRIMLRCX<0.1%Lam Research CorpΔ -77%·$594K
- NEWFRMI<0.1%Fermi IncΔ +100%·$2M
- NEWJAN<0.1%Janus Living Inc Cl-a-1Δ +100%·$236K
Frequently asked questions
- What stocks does Christopher Davis own?
- As of 2026Q1, Christopher Davis's 13F discloses 112 positions worth $21.78B. The top five holdings: COF (7.2%), CTRA (6.0%), USB (5.3%), VTRS (4.9%), META (4.5%). 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 2026Q1, the filing shows 6 new positions and 11 additions to existing holdings. The largest positions touched by buying: CI, TCOM, YMM, SE, APP.
- How big is Christopher Davis's portfolio?
- $21.78B across 112 positions per the latest 13F (filed May 7, 2026). The top five holdings account for 28% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001036325). Not investment advice.