Christopher Davis

Davis Selected Advisers

2026Q1 · filed May 7, 2026112 positions · $21.78Btop-5 28%

2026Q1 brief

Christopher Davis's $21.78B Davis Selected Advisers portfolio (112 positions) showed a clear thematic tilt this quarter toward international consumer/tech and healthcare. The most aggressive add was CI (Cigna), nearly tripling to 2.7% of assets (+197%), a notable healthcare value bet as managed-care names faced pressure. JBS N.V. (global protein) more than doubled to 2.2%, and SE (Sea Limited) surged +324% to 0.7% — signaling growing EM consumer conviction alongside existing TCOM (+30%) and YMM (+64%). New position LyondellBasell at 2.1% adds cyclical chemicals exposure. On the exit side, AMAT was slashed 72% to 1.9%, a notable retreat from semiconductor capex. Top holding COF (7.2%) and CTRA (6%) remain anchors. The pattern here is a rotation from domestic semis and REITs (multiple REIT trims/exits) toward international consumer platforms and beaten-down healthcare. Watch whether CI and JBS continue scaling toward top-5 status in the next filing.

AI-generated. Not investment advice.

Holdings (112) · click any column to sort

#↑	Ticker	Issuer	% Port.	This Q	History	Value
1	COF	Capital One Financial Corp	7.2%		40q held	$1.56B
2	CTRA	Coterra Energy Inc	6.0%		19q held	$1.30B
3	USB	US Bancorp	5.3%		40q held	$1.16B
4	VTRS	Viatris Inc	4.9%		22q held	$1.06B
5	META	Meta Platforms Inc-class A	4.5%		40q held	$984M
6	MGM	Mgm Resorts International	4.1%		11q held	$899M
7	GOOGL	Alphabet Inc-cl A	4.1%		40q held	$890M
8	CVS	Cvs Health Corp	4.0%		30q held	$879M
9	TSN	Tyson Foods Inc-cl A	3.9%		8q held	$839M
10	MKL	Markel Group Inc	3.4%		40q held	$734M
11	AMZN	Amazon.com Inc	3.3%		40q held	$713M
12	BRK/A	Berkshire Hathaway Inc-cl A	3.0%		40q held	$663M
13	WFC	Wells Fargo & CO	3.0%		40q held	$652M
14	CI	The Cigna Group	2.7%	+197%	30q held	$596M
15	TXN	Texas Instruments Inc	2.5%		40q held	$553M
16	TECK	Teck Resources Ltd-cls B	2.5%		19q held	$548M
17	N4732M103	Jbs N.v., Class A	2.2%	+121%	2q held	$471M
18	N53745100	Lyondellbasell Industries N.v.	2.1%	New	— 1q held	$451M
19	SOLV	Solventum Corp	1.9%		8q held	$413M
20	AMAT	Applied Materials Inc	1.9%	-72%	40q held	$409M
21	CB	Chubb Ltd.	1.8%		40q held	$390M
22	BRK/B	Berkshire Hathaway Inc-cl B	1.6%		40q held	$359M
23	UNH	Unitedhealth Group Inc	1.6%		40q held	$338M
24	TCOM	Trip.com Group Ltd-adr	1.5%	+30%	17q held	$326M
25	DGX	Quest Diagnostics Inc	1.5%		40q held	$317M
26	QSR	Restaurant Brands Intern	1.2%		5q held	$266M
27	COP	Conocophillips	1.1%		8q held	$248M
28	AGCO	Agco Corp	1.1%		10q held	$242M
29	YMM	Full Truck Alliance -spn Adr	1.1%	+64%	6q held	$239M
30	PINS	Pinterest Inc- Class A	1.0%		3q held	$227M
31	OC	Owens Corning	1.0%		30q held	$227M
32	GOOG	Alphabet Inc-cl C	0.9%		40q held	$194M
33	DUSA	Davis Select US Equity Etf	0.8%		37q held	$173M
34	JPM	Jpmorgan Chase & CO	0.8%		40q held	$164M
35	SE	Sea Ltd-adr	0.7%	+324%	8q held	$153M
36	APP	Applovin Corp-class A	0.6%	+35%	5q held	$134M
37	FITB	Fifth Third Bancorp	0.6%		16q held	$131M
38	PNC	Pnc Financial Services Group	0.5%		40q held	$113M
39	DINT	Davis Select International	0.5%		33q held	$105M
40	WCC	Wesco International Inc	0.5%		18q held	$104M
41	IAC	Iac Inc	0.4%		20q held	$97M
42	DFNL	Davis Select Financial Etf	0.4%		37q held	$96M
43	DWLD	Davis Select Worldwide Etf	0.4%		37q held	$85M
44	G7496G103	Renaissancere Holdings Ltd	0.4%		7q held	$76M
45	AXP	American Express CO	0.3%		40q held	$71M
46	RKT	Rocket Cos Inc-class A	0.3%	+49%	22q held	$69M
47	L	Loews Corp	0.3%		40q held	$66M
48	BK	Bank OF New York Mellon Corp	0.3%		40q held	$62M
49	BAC	Bank OF America Corp	0.3%		29q held	$57M
50	G0772R208	Bank OF N.t. Butterfield & Son Limited	0.3%		33q held	$56M
51	SAP	Sap Se-sponsored Adr	0.3%	+463%	40q held	$54M
52	CHYM	Chime Financial Inc-cl A	0.2%		3q held	$48M
53	NTES	Netease Inc-adr	0.2%		6q held	$47M
54	VALE	Vale Sa-sp Adr	0.2%		5q held	$47M
55	EG	Everest Group, Ltd.	0.2%		40q held	$46M
56	FISV	Fiserv Inc	0.2%		2q held	$33M
57	SCHW	Schwab (charles) Corp	0.1%		40q held	$29M
58	MSFT	Microsoft Corp	0.1%	+29%	40q held	$29M
59	BEKE	KE Holdings Inc-adr	0.1%		11q held	$28M
60	JCI	Johnson Controls International Plc	0.1%		39q held	$25M
61	PLD	Prologis Inc	0.1%		37q held	$24M
62	EQIX	Equinix Inc	0.1%		32q held	$21M
63	NVDA	Nvidia Corp	0.1%		4q held	$20M
64	STT	State Street Corp	0.1%		40q held	$19M
65	BRX	Brixmor Property Group Inc	0.1%		34q held	$16M
66	DLR	Digital Realty Trust Inc	0.1%		32q held	$14M
67	CUZ	Cousins Properties Inc	0.1%		27q held	$13M
68	AVB	Avalonbay Communities Inc	0.1%		39q held	$13M
69	MTB	M & T Bank Corp	0.1%		24q held	$12M
70	BXP	Bxp Inc	0.1%		39q held	$12M
71	ORCL	Oracle Corp	0.1%		40q held	$12M
72	DAR	Darling Ingredients Inc	0.1%	-93%	20q held	$12M
73	PSA	Public Storage	0.1%		39q held	$11M
74	AMT	American Tower Corp	0.1%		19q held	$11M
75	ADBE	Adobe Inc	0.1%	New	— 1q held	$11M
76	DOC	Healthpeak Properties Inc	<0.1%	+48%	25q held	$11M
77	REG	Regency Centers Corp	<0.1%		24q held	$10M
78	TFC	Truist Financial Corp	<0.1%		24q held	$10M
79	SNPS	Synopsys Inc	<0.1%	+199%	3q held	$10M
80	NOAH	Noah Holdings Ltd-spon Ads	<0.1%		40q held	$10M
81	EGP	Eastgroup Properties Inc	<0.1%		26q held	$10M
82	SPG	Simon Property Group Inc	<0.1%	-24%	39q held	$9M
83	VTR	Ventas Inc	<0.1%		36q held	$9M
84	CDP	Copt Defense Properties	<0.1%		4q held	$9M
85	CPT	Camden Property Trust	<0.1%		39q held	$9M
86	ARE	Alexandria Real Estate Equit	<0.1%		39q held	$8M
87	JD	Jd.com Inc-adr	<0.1%		40q held	$8M
88	SHO	Sunstone Hotel Investors Inc	<0.1%	-30%	25q held	$8M
89	AMH	American Homes 4 Rent- A	<0.1%		36q held	$8M
90	TRNO	Terreno Realty Corp	<0.1%		39q held	$7M
91	REXR	Rexford Industrial Realty IN	<0.1%	-39%	39q held	$7M
92	ANGI	Angi Inc	<0.1%		4q held	$7M
93	EQR	Equity Residential	<0.1%		39q held	$6M
94	VICI	Vici Properties Inc	<0.1%		20q held	$6M
95	MAA	Mid-america Apartment Comm	<0.1%		16q held	$6M
96	O	Realty Income Corp	<0.1%		4q held	$6M
97	SUI	Sun Communities Inc	<0.1%		24q held	$5M
98	CHCT	Community Healthcare Trust I	<0.1%		12q held	$5M
99	ESS	Essex Property Trust Inc	<0.1%		39q held	$4M
100	JLL	Jones Lang Lasalle Inc	<0.1%	New	— 1q held	$4M
101	EXR	Extra Space Storage Inc	<0.1%		37q held	$4M
102	CBRE	Cbre Group Inc - A	<0.1%	New	— 1q held	$3M
103	CCI	Crown Castle Inc	<0.1%		38q held	$3M
104	CUBE	Cubesmart	<0.1%		23q held	$3M
105	DEI	Douglas Emmett Inc	<0.1%		25q held	$3M
106	IVE	Ishares S&p 500 Value Etf	<0.1%	-91%	27q held	$2M
107	TSM	Taiwan Semiconductor-sp Adr	<0.1%		4q held	$2M
108	HPP	Hudson Pacific Properties IN	<0.1%		2q held	$2M
109	FRMI	Fermi Inc	<0.1%	New	— 1q held	$2M
110	CCK	Crown Holdings Inc	<0.1%		8q held	$859K
111	LRCX	Lam Research Corp	<0.1%	-77%	6q held	$594K
112	JAN	Janus Living Inc Cl-a-1	<0.1%	New	— 1q held	$236K

Sort↑

1COF
7.2%
$1.56B
Capital One Financial Corp
this Q hold·40q
2CTRA
6.0%
$1.30B
Coterra Energy Inc
this Q hold·19q
3USB
5.3%
$1.16B
US Bancorp
this Q hold·40q
4VTRS
4.9%
$1.06B
Viatris Inc
this Q hold·22q
5META
4.5%
$984M
Meta Platforms Inc-class A
this Q hold·40q
6MGM
4.1%
$899M
Mgm Resorts International
this Q hold·11q
7GOOGL
4.1%
$890M
Alphabet Inc-cl A
this Q hold·40q
8CVS
4.0%
$879M
Cvs Health Corp
this Q hold·30q
9TSN
3.9%
$839M
Tyson Foods Inc-cl A
this Q hold·8q
10MKL
3.4%
$734M
Markel Group Inc
this Q hold·40q
11AMZN
3.3%
$713M
Amazon.com Inc
this Q hold·40q
12BRK/A
3.0%
$663M
Berkshire Hathaway Inc-cl A
this Q hold·40q
13WFC
3.0%
$652M
Wells Fargo & CO
this Q hold·40q
14CI
2.7%
$596M
The Cigna Group
this Q +197%·30q
15TXN
2.5%
$553M
Texas Instruments Inc
this Q hold·40q
16TECK
2.5%
$548M
Teck Resources Ltd-cls B
this Q hold·19q
17N4732M103
2.2%
$471M
Jbs N.v., Class A
this Q +121%·2q
18N53745100
2.1%
$451M
Lyondellbasell Industries N.v.
this Q New·—1q
19SOLV
1.9%
$413M
Solventum Corp
this Q hold·8q
20AMAT
1.9%
$409M
Applied Materials Inc
this Q -72%·40q
21CB
1.8%
$390M
Chubb Ltd.
this Q hold·40q
22BRK/B
1.6%
$359M
Berkshire Hathaway Inc-cl B
this Q hold·40q
23UNH
1.6%
$338M
Unitedhealth Group Inc
this Q hold·40q
24TCOM
1.5%
$326M
Trip.com Group Ltd-adr
this Q +30%·17q
25DGX
1.5%
$317M
Quest Diagnostics Inc
this Q hold·40q
26QSR
1.2%
$266M
Restaurant Brands Intern
this Q hold·5q
27COP
1.1%
$248M
Conocophillips
this Q hold·8q
28AGCO
1.1%
$242M
Agco Corp
this Q hold·10q
29YMM
1.1%
$239M
Full Truck Alliance -spn Adr
this Q +64%·6q
30PINS
1.0%
$227M
Pinterest Inc- Class A
this Q hold·3q
31OC
1.0%
$227M
Owens Corning
this Q hold·30q
32GOOG
0.9%
$194M
Alphabet Inc-cl C
this Q hold·40q
33DUSA
0.8%
$173M
Davis Select US Equity Etf
this Q hold·37q
34JPM
0.8%
$164M
Jpmorgan Chase & CO
this Q hold·40q
35SE
0.7%
$153M
Sea Ltd-adr
this Q +324%·8q
36APP
0.6%
$134M
Applovin Corp-class A
this Q +35%·5q
37FITB
0.6%
$131M
Fifth Third Bancorp
this Q hold·16q
38PNC
0.5%
$113M
Pnc Financial Services Group
this Q hold·40q
39DINT
0.5%
$105M
Davis Select International
this Q hold·33q
40WCC
0.5%
$104M
Wesco International Inc
this Q hold·18q
41IAC
0.4%
$97M
Iac Inc
this Q hold·20q
42DFNL
0.4%
$96M
Davis Select Financial Etf
this Q hold·37q
43DWLD
0.4%
$85M
Davis Select Worldwide Etf
this Q hold·37q
44G7496G103
0.4%
$76M
Renaissancere Holdings Ltd
this Q hold·7q
45AXP
0.3%
$71M
American Express CO
this Q hold·40q
46RKT
0.3%
$69M
Rocket Cos Inc-class A
this Q +49%·22q
47L
0.3%
$66M
Loews Corp
this Q hold·40q
48BK
0.3%
$62M
Bank OF New York Mellon Corp
this Q hold·40q
49BAC
0.3%
$57M
Bank OF America Corp
this Q hold·29q
50G0772R208
0.3%
$56M
Bank OF N.t. Butterfield & Son Limited
this Q hold·33q
51SAP
0.3%
$54M
Sap Se-sponsored Adr
this Q +463%·40q
52CHYM
0.2%
$48M
Chime Financial Inc-cl A
this Q hold·3q
53NTES
0.2%
$47M
Netease Inc-adr
this Q hold·6q
54VALE
0.2%
$47M
Vale Sa-sp Adr
this Q hold·5q
55EG
0.2%
$46M
Everest Group, Ltd.
this Q hold·40q
56FISV
0.2%
$33M
Fiserv Inc
this Q hold·2q
57SCHW
0.1%
$29M
Schwab (charles) Corp
this Q hold·40q
58MSFT
0.1%
$29M
Microsoft Corp
this Q +29%·40q
59BEKE
0.1%
$28M
KE Holdings Inc-adr
this Q hold·11q
60JCI
0.1%
$25M
Johnson Controls International Plc
this Q hold·39q
61PLD
0.1%
$24M
Prologis Inc
this Q hold·37q
62EQIX
0.1%
$21M
Equinix Inc
this Q hold·32q
63NVDA
0.1%
$20M
Nvidia Corp
this Q hold·4q
64STT
0.1%
$19M
State Street Corp
this Q hold·40q
65BRX
0.1%
$16M
Brixmor Property Group Inc
this Q hold·34q
66DLR
0.1%
$14M
Digital Realty Trust Inc
this Q hold·32q
67CUZ
0.1%
$13M
Cousins Properties Inc
this Q hold·27q
68AVB
0.1%
$13M
Avalonbay Communities Inc
this Q hold·39q
69MTB
0.1%
$12M
M & T Bank Corp
this Q hold·24q
70BXP
0.1%
$12M
Bxp Inc
this Q hold·39q
71ORCL
0.1%
$12M
Oracle Corp
this Q hold·40q
72DAR
0.1%
$12M
Darling Ingredients Inc
this Q -93%·20q
73PSA
0.1%
$11M
Public Storage
this Q hold·39q
74AMT
0.1%
$11M
American Tower Corp
this Q hold·19q
75ADBE
0.1%
$11M
Adobe Inc
this Q New·—1q
76DOC
<0.1%
$11M
Healthpeak Properties Inc
this Q +48%·25q
77REG
<0.1%
$10M
Regency Centers Corp
this Q hold·24q
78TFC
<0.1%
$10M
Truist Financial Corp
this Q hold·24q
79SNPS
<0.1%
$10M
Synopsys Inc
this Q +199%·3q
80NOAH
<0.1%
$10M
Noah Holdings Ltd-spon Ads
this Q hold·40q
81EGP
<0.1%
$10M
Eastgroup Properties Inc
this Q hold·26q
82SPG
<0.1%
$9M
Simon Property Group Inc
this Q -24%·39q
83VTR
<0.1%
$9M
Ventas Inc
this Q hold·36q
84CDP
<0.1%
$9M
Copt Defense Properties
this Q hold·4q
85CPT
<0.1%
$9M
Camden Property Trust
this Q hold·39q
86ARE
<0.1%
$8M
Alexandria Real Estate Equit
this Q hold·39q
87JD
<0.1%
$8M
Jd.com Inc-adr
this Q hold·40q
88SHO
<0.1%
$8M
Sunstone Hotel Investors Inc
this Q -30%·25q
89AMH
<0.1%
$8M
American Homes 4 Rent- A
this Q hold·36q
90TRNO
<0.1%
$7M
Terreno Realty Corp
this Q hold·39q
91REXR
<0.1%
$7M
Rexford Industrial Realty IN
this Q -39%·39q
92ANGI
<0.1%
$7M
Angi Inc
this Q hold·4q
93EQR
<0.1%
$6M
Equity Residential
this Q hold·39q
94VICI
<0.1%
$6M
Vici Properties Inc
this Q hold·20q
95MAA
<0.1%
$6M
Mid-america Apartment Comm
this Q hold·16q
96O
<0.1%
$6M
Realty Income Corp
this Q hold·4q
97SUI
<0.1%
$5M
Sun Communities Inc
this Q hold·24q
98CHCT
<0.1%
$5M
Community Healthcare Trust I
this Q hold·12q
99ESS
<0.1%
$4M
Essex Property Trust Inc
this Q hold·39q
100JLL
<0.1%
$4M
Jones Lang Lasalle Inc
this Q New·—1q
101EXR
<0.1%
$4M
Extra Space Storage Inc
this Q hold·37q
102CBRE
<0.1%
$3M
Cbre Group Inc - A
this Q New·—1q
103CCI
<0.1%
$3M
Crown Castle Inc
this Q hold·38q
104CUBE
<0.1%
$3M
Cubesmart
this Q hold·23q
105DEI
<0.1%
$3M
Douglas Emmett Inc
this Q hold·25q
106IVE
<0.1%
$2M
Ishares S&p 500 Value Etf
this Q -91%·27q
107TSM
<0.1%
$2M
Taiwan Semiconductor-sp Adr
this Q hold·4q
108HPP
<0.1%
$2M
Hudson Pacific Properties IN
this Q hold·2q
109FRMI
<0.1%
$2M
Fermi Inc
this Q New·—1q
110CCK
<0.1%
$859K
Crown Holdings Inc
this Q hold·8q
111LRCX
<0.1%
$594K
Lam Research Corp
this Q -77%·6q
112JAN
<0.1%
$236K
Janus Living Inc Cl-a-1
this 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

TRIMAMAT
1.9%
Applied Materials Inc
Δ -72%·$409M
ADDCI
2.7%
The Cigna Group
Δ +197%·$596M
ADDN4732M103
2.2%
Jbs N.v., Class A
Δ +121%·$471M
NEWN53745100
2.1%
Lyondellbasell Industries N.v.
Δ +100%·$451M
ADDTCOM
1.5%
Trip.com Group Ltd-adr
Δ +30%·$326M
ADDYMM
1.1%
Full Truck Alliance -spn Adr
Δ +64%·$239M
ADDAPP
0.6%
Applovin Corp-class A
Δ +35%·$134M
ADDSE
0.7%
Sea Ltd-adr
Δ +324%·$153M
TRIMDAR
0.1%
Darling Ingredients Inc
Δ -93%·$12M
ADDRKT
0.3%
Rocket Cos Inc-class A
Δ +49%·$69M
ADDSAP
0.3%
Sap Se-sponsored Adr
Δ +463%·$54M
ADDMSFT
0.1%
Microsoft Corp
Δ +29%·$29M
TRIMIVE
<0.1%
Ishares S&p 500 Value Etf
Δ -91%·$2M
TRIMREXR
<0.1%
Rexford Industrial Realty IN
Δ -39%·$7M
TRIMSPG
<0.1%
Simon Property Group Inc
Δ -24%·$9M
TRIMSHO
<0.1%
Sunstone Hotel Investors Inc
Δ -30%·$8M
NEWADBE
0.1%
Adobe Inc
Δ +100%·$11M
ADDDOC
<0.1%
Healthpeak Properties Inc
Δ +48%·$11M
ADDSNPS
<0.1%
Synopsys Inc
Δ +199%·$10M
EXITUDR
<0.1%
Udr Inc
Δ -100%·$0
NEWJLL
<0.1%
Jones Lang Lasalle Inc
Δ +100%·$4M
NEWCBRE
<0.1%
Cbre Group Inc - A
Δ +100%·$3M
EXITNTST
<0.1%
Netstreit Corp
Δ -100%·$0
TRIMLRCX
<0.1%
Lam Research Corp
Δ -77%·$594K
NEWFRMI
<0.1%
Fermi Inc
Δ +100%·$2M
NEWJAN
<0.1%
Janus Living Inc Cl-a-1
Δ +100%·$236K

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