Davis Selected Advisers
Reported US equity positions for Q1 2026 — $21.8B across 112 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| COF Capital One Financial Corporation | $1.6B | 7.2% | 8,539,736 |
| CTRA Coterra Energy, Inc. | $1.3B | 6.0% | 37,119,404 |
| USB U.S. Bancorp | $1.2B | 5.3% | 22,237,960 |
| VTRS Viatris Inc. | $1.1B | 4.9% | 78,211,191 |
| META Meta Platforms, Inc. | $983.6M | 4.5% | 1,719,156 |
| MGM MGM Resorts International | $899.2M | 4.1% | 24,295,338 |
| GOOGL Alphabet Inc. | $889.9M | 4.1% | 3,094,659 |
| CVS CVS Health Corporation | $879.1M | 4.0% | 12,239,666 |
| TSN Tyson Foods, Inc. | $838.7M | 3.9% | 13,090,689 |
| MKL Markel Group Inc. | $734.0M | 3.4% | 383,433 |
| AMZN Amazon.com, Inc. | $713.4M | 3.3% | 3,425,252 |
| BRK.A Berkshire Hathaway Inc. | $662.8M | 3.0% | 923 |
| WFC Wells Fargo & Company | $652.1M | 3.0% | 8,190,871 |
| CI The Cigna Group | $595.9M | 2.7% | 2,233,929 |
| TXN Texas Instruments Incorporated | $553.2M | 2.5% | 2,849,671 |
| TECK Teck Resources Ltd Ordinary Shares | $547.8M | 2.5% | 10,584,663 |
| N4732M103 JBS N.V., Class A | $471.4M | 2.2% | 26,244,660 |
| N53745100 LyondellBasell Industries N.V. | $450.9M | 2.1% | 5,596,588 |
| SOLV Solventum Corporation | $413.4M | 1.9% | 6,330,325 |
| AMAT Applied Materials, Inc. | $409.2M | 1.9% | 1,197,102 |
| H1467J104 Chubb Ltd. | $389.6M | 1.8% | 1,195,391 |
| BRK.B Berkshire Hathaway Inc. | $359.3M | 1.6% | 749,846 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $337.6M | 1.5% | 1,247,476 |
| TCOM Trip.com Group Limited | $326.4M | 1.5% | 6,555,112 |
| DGX Quest Diagnostics Incorporated | $317.1M | 1.5% | 1,617,813 |
| QSR Restaurant Brands International Inc. | $266.0M | 1.2% | 3,599,127 |
| COP ConocoPhillips | $247.6M | 1.1% | 1,875,428 |
| AGCO AGCO Corporation | $241.8M | 1.1% | 2,086,643 |
| YMM Full Truck Alliance Co. Ltd. American Preferred | $238.7M | 1.1% | 28,763,191 |
| PINS Pinterest, Inc. Class A | $227.4M | 1.0% | 12,400,101 |
| OC Owens Corning Inc Common Stock | $227.4M | 1.0% | 2,100,935 |
| GOOG Alphabet Inc. - Class C Capital Stock | $194.4M | 0.9% | 677,607 |
| DUSA Davis Select U.S. Equity ETF | $172.6M | 0.8% | 3,400,745 |
| JPM JP Morgan Chase & Co. | $163.7M | 0.8% | 556,452 |
| SE Sea Limited American Preferred | $153.2M | 0.7% | 1,849,831 |
| APP Applovin Corporation | $133.7M | 0.6% | 335,810 |
| FITB Fifth Third Bancorp | $130.7M | 0.6% | 2,813,525 |
| PNC The PNC Financial Services Group, Inc. | $112.8M | 0.5% | 541,922 |
| DINT Davis Select International ETF | $105.4M | 0.5% | 3,915,748 |
| WCC WESCO International, Inc. | $104.3M | 0.5% | 381,007 |
| PPLI IAC Inc. | $96.6M | 0.4% | 2,413,247 |
| DFNL Davis Select Financial ETF | $95.5M | 0.4% | 2,130,666 |
| DWLD Davis Select Worldwide ETF | $84.8M | 0.4% | 1,935,585 |
| G7496G103 RenaissanceRe Holdings Ltd | $76.4M | 0.4% | 257,190 |
| AXP American Express Company | $70.5M | 0.3% | 233,126 |
| RKT Rocket Companies, Inc. Class A | $68.7M | 0.3% | 4,823,570 |
| L Loews Corporation | $65.5M | 0.3% | 614,097 |
| BNY The Bank of New York Mellon Corporation | $62.3M | 0.3% | 525,228 |
| BAC Bank of America Corporation | $56.5M | 0.3% | 1,159,204 |
| G0772R208 Bank of N.T. Butterfield & Son Limited | $56.3M | 0.3% | 1,073,129 |
| SAP SAP SE ADS | $54.3M | 0.2% | 317,422 |
| CHYM Chime Financial, Inc. | $47.6M | 0.2% | 2,539,206 |
| NTES NetEase, Inc. | $47.3M | 0.2% | 422,712 |
| VALE VALE S.A. American Preferred | $46.6M | 0.2% | 2,931,198 |
| G3223R108 Everest Group, Ltd. | $46.1M | 0.2% | 140,908 |
| FISV Fiserv, Inc. | $32.9M | 0.2% | 588,885 |
| SCHW The Charles Schwab Corporation | $29.2M | 0.1% | 310,982 |
| MSFT Microsoft Corporation | $29.1M | 0.1% | 78,489 |
| BEKE KE Holdings Inc American Preferred | $27.7M | 0.1% | 1,851,804 |
| G51502105 Johnson Controls International plc | $25.4M | 0.1% | 193,880 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| N53745100 LyondellBasell Industries N.V. | New | $450.9M | — | — |
| ADBE Adobe Inc. | New | $11.0M | — | — |
| JLL Jones Lang LaSalle Incorporated | New | $3.8M | — | — |
| CBRE CBRE Group Inc Common Stock Class A | New | $3.5M | — | — |
| FRMI Fermi Inc. | New | $1.8M | — | — |
| JAN Janus Living, Inc. | New | $235,700 | — | — |
| UDR UDR, Inc. | Exit | — | $4.2M | -100% |
| NTST NetSTREIT Corp. | Exit | — | $3.3M | -100% |
| CTRA Coterra Energy, Inc. | Add | $1.3B | $856.4M | +14% |
| META Meta Platforms, Inc. | Trim | $983.6M | $1.2B | -2% |
| MGM MGM Resorts International | Trim | $899.2M | $978.7M | -9% |
| CVS CVS Health Corporation | Trim | $879.1M | $1.0B | -4% |
| TSN Tyson Foods, Inc. | Add | $838.7M | $752.0M | +2% |
| MKL Markel Group Inc. | Trim | $734.0M | $892.5M | -8% |
| BRK.A Berkshire Hathaway Inc. | Trim | $662.8M | $711.8M | -2% |
| CI The Cigna Group | Add | $595.9M | $207.2M | +197% |
| TECK Teck Resources Ltd Ordinary Shares | Trim | $547.8M | $575.6M | -12% |
| N4732M103 JBS N.V., Class A | Add | $471.4M | $170.9M | +121% |
| SOLV Solventum Corporation | Add | $413.4M | $492.9M | +2% |
| AMAT Applied Materials, Inc. | Trim | $409.2M | $1.1B | -72% |
| BRK.B Berkshire Hathaway Inc. | Add | $359.3M | $371.9M | +1% |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | Trim | $337.6M | $420.4M | -2% |
| TCOM Trip.com Group Limited | Add | $326.4M | $363.4M | +30% |
| DGX Quest Diagnostics Incorporated | Add | $317.1M | $275.9M | +2% |
| QSR Restaurant Brands International Inc. | Trim | $266.0M | $274.3M | -10% |
| COP ConocoPhillips | Add | $247.6M | $168.3M | +4% |
| AGCO AGCO Corporation | Add | $241.8M | $213.7M | +2% |
| YMM Full Truck Alliance Co. Ltd. American Preferred | Add | $238.7M | $188.2M | +64% |
| PINS Pinterest, Inc. Class A | Add | $227.4M | $305.6M | +5% |
| OC Owens Corning Inc Common Stock | Add | $227.4M | $229.0M | +3% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $194.4M | $223.1M | -5% |
| JPM JP Morgan Chase & Co. | Trim | $163.7M | $184.2M | -3% |
| SE Sea Limited American Preferred | Add | $153.2M | $55.7M | +324% |
| APP Applovin Corporation | Add | $133.7M | $167.1M | +35% |
| FITB Fifth Third Bancorp | Add | $130.7M | $128.5M | +3% |
| PNC The PNC Financial Services Group, Inc. | Add | $112.8M | $110.6M | +2% |
| WCC WESCO International, Inc. | Add | $104.3M | $89.2M | +5% |
| PPLI IAC Inc. | Trim | $96.6M | $98.3M | -4% |
| G7496G103 RenaissanceRe Holdings Ltd | Add | $76.4M | $64.6M | +12% |
| AXP American Express Company | Trim | $70.5M | $89.4M | -4% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.