CIK: 0001945894
Total reported value
$3.5B
Reporting period: 2026-03-31 · Number of holdings: 85
Davis Asset Management, L.P. disclosed 85 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $3.5B and a quarterly turnover rate of 35.3%.
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Davis Asset Management, L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.047 — mathematically equivalent to about 21 equally-sized positions, well below its 85 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.73), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.4 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Add BRK-A
+295.8% $250.5M
Trim META
+3.0% -$35.4M
Trim GOOG
0.0% -$26.9M
Trim WAL
+23.3% $8.3M
Add BRK-B
+75.4% $60.8M
Trim GPN
+6.1% -$8.4M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 9.87% | +6.63% | +295.83% | |
| 2 | META | Meta Platforms Inc-class A | Stock-Comm Services | 8.53% | -3.29% | +3.00% | |
| 3 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 8.30% | -2.94% | — | |
| 4 | WAL | Western Alliance Bancorp | Stock-Financials | 6.32% | -1.21% | +23.32% | |
| 5 | CB | Chubb Limited | Stock-Financials | 4.66% | -0.37% | +9.90% | |
| 6 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 4.38% | +1.14% | +75.36% | |
| 7 | CRBG | Corebridge Financial INC | Stock-Financials | 4.01% | +0.23% | +65.83% | |
| 8 | JPM | Jpmorgan Chase & Co | Stock-Financials | 3.99% | +3.99% | NEW | |
| 9 | MKL | Markel Group INC | Stock-Financials | 3.91% | +0.06% | +41.26% | |
| 10 | AX | Axos Financial INC | Stock-Financials | 3.59% | -0.91% | +5.35% | |
| 11 | ACN | Accenture plc | Stock-Tech | 3.10% | -0.26% | +54.29% | |
| 12 | PGR | Progressive CORP | Stock-Financials | 2.89% | +2.89% | NEW | |
| 13 | GPN | Global Payments INC | Stock-Industrials | 2.89% | -0.99% | +6.07% | |
| 14 | V | Visa Inc-class A Shares | Stock-Financials | 2.80% | -0.97% | +6.67% | |
| 15 | FAF | First American Financial | Stock-Financials | 2.62% | -0.68% | — | |
| 16 | MTB | M & T Bank CORP | Stock-Financials | 2.45% | -0.44% | +2.50% | |
| 17 | GS | Goldman Sachs Group INC | Stock-Financials | 2.26% | +2.26% | NEW | |
| 18 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 2.21% | -0.41% | +21.51% | |
| 19 | SFBS | Servisfirst Bancshares INC | Stock-Financials | 1.92% | -0.33% | +4.00% | |
| 20 | EQR | Equity Residential | Stock-Real Estate | 1.83% | +0.02% | +33.50% | |
| 21 | ACGL | Arch Capital Group Ltd. | Stock-Financials | 1.81% | -0.08% | +18.18% | |
| 22 | FSBC | Five Star Bancorp | Stock-Other | 1.65% | -0.29% | — | |
| 23 | CG | Carlyle Group Inc/the | Stock-Financials | 1.58% | -0.54% | +13.10% | |
| 24 | MA | Mastercard INC - A | Stock-Financials | 1.47% | -0.27% | +20.00% | |
| 25 | TCBK | Trico Bancshares | Stock-Other | 1.44% | — | — | |
| 26 | ABCB | Ameris Bancorp | Stock-Financials | 1.40% | -0.25% | — | |
| 27 | RJF | Raymond James Financial INC | Stock-Financials | 1.13% | -0.42% | — | |
| 28 | USB | US Bancorp | Stock-Financials | 1.08% | -0.07% | +19.20% | |
| 29 | OSBC | Old Second Bancorp INC | Stock-Other | 1.05% | -0.17% | +3.12% | |
| 30 | FBK | Fb Financial CORP | Stock-Other | 0.93% | -0.31% | — | |
| 31 | CCNE | Cnb Financial Corp/pa | Stock-Other | 0.80% | -0.09% | — | |
| 32 | WFC | Wells Fargo & Co | Stock-Financials | 0.78% | +0.78% | NEW | |
| 33 | AXP | American Express Co | Stock-Financials | 0.55% | +0.55% | NEW | |
| 34 | MKTX | Marketaxess Holdings INC | Stock-Financials | 0.52% | +0.52% | NEW | |
| 35 | STT | State Street CORP | Stock-Financials | 0.42% | +0.42% | NEW | |
| 36 | TSBK | Timberland Bancorp INC | Stock-Other | 0.20% | -0.02% | — | |
| 37 | XOM | Exxon Mobil CORP | Stock-Energy | 0.12% | +0.12% | NEW | |
| 38 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.09% | +0.09% | NEW | |
| 39 | AMAT | Applied Materials INC | Stock-Tech | 0.07% | +0.07% | NEW | |
| 40 | BLK | Blackrock INC | Stock-Financials | 0.06% | +0.06% | NEW | |
| 41 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.06% | +0.06% | NEW | |
| 42 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.04% | +0.04% | NEW | |
| 43 | MGM | Mgm Resorts International | Stock-Consumer Disc | 0.03% | +0.03% | NEW | |
| 44 | DE | Deere & Co | Stock-Industrials | 0.03% | +0.03% | NEW | |
| 45 | TRV | Travelers Cos Inc/the | Stock-Financials | 0.03% | +0.03% | NEW | |
| 46 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.02% | +0.02% | NEW | |
| 47 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.01% | +0.01% | NEW | |
| 48 | LIN | Linde plc | Stock-Materials | 0.01% | +0.01% | NEW | |
| 49 | ✓ | Weyerhaeuser Co Mtn Be | Stock-Other | 0.01% | +0.01% | NEW | |
| 50 | WRB | Wr Berkley CORP | Stock-Financials | 0.01% | +0.01% | NEW |
Performance for Q3 2026
+4.4%
Performance Last 4 Quarters
+13.4%
Based on 81% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 85 | $3.5B | 35 | |
| 2025-12-31 | 30 | $2.8B | 15 | |
| 2025-09-30 | 31 | $2.8B | 25 | |
| 2025-06-30 | 31 | $2.6B | 0 | |
| 2025-03-31 | 31 | $2.4B | 0 | |
| 2024-12-31 | 31 | $2.5B | 0 | |
| 2024-09-30 | 33 | $2.5B | 0 | |
| 2024-06-30 | 34 | $2.2B | 0 | |
| 2024-03-31 | 33 | $2.3B | 0 | |
| 2023-12-31 | 33 | $2.1B | 0 | |
| 2023-09-30 | 32 | $1.7B | 0 | |
| 2023-06-30 | 32 | $1.7B | 0 | |
| 2023-03-31 | 32 | $1.6B | 0 | |
| 2022-12-31 | 31 | $1.8B | 0 | |
| 2022-09-30 | 31 | $1.7B | 0 |
Davis Asset Management, L.P.'s most significant position changes for 2026-03-31: New buy: Jpmorgan Chase & Co (JPM); Sold out: Webster Financial CORP (WBS); New buy: Progressive CORP (PGR); New buy: Goldman Sachs Group INC (GS); New buy: Wells Fargo & Co (WFC).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | BRK-A | Berkshire Hathaway Inc-cl A | +6.6% | +295.83% | Add |
| 2 | BRK-B | Berkshire Hathaway Inc-cl B | +1.1% | +75.36% | Add |
| 3 | CRBG | Corebridge Financial INC | +0.2% | +65.83% | Add |
| 4 | MKL | Markel Group INC | +0.1% | +41.26% | Add |
| 5 | EQR | Equity Residential | 0% | +33.50% | Add |
| 6 | TSBK | Timberland Bancorp INC | 0% | — | Unchanged |
| 7 | USB | US Bancorp | -0.1% | +19.20% | Add |
| 8 | ACGL | Arch Capital Group Ltd. | -0.1% | +18.18% | Add |
| 9 | CCNE | Cnb Financial Corp/pa | -0.1% | — | Unchanged |
| 10 | OSBC | Old Second Bancorp INC | -0.2% | +3.12% | Add |
| 11 | ABCB | Ameris Bancorp | -0.3% | — | Unchanged |
| 12 | ACN | Accenture plc | -0.3% | +54.29% | Add |
| 13 | MA | Mastercard INC - A | -0.3% | +20.00% | Add |
| 14 | FSBC | Five Star Bancorp | -0.3% | — | Unchanged |
| 15 | FBK | Fb Financial CORP | -0.3% | — | Unchanged |
| 16 | SFBS | Servisfirst Bancshares INC | -0.3% | +4.00% | Add |
| 17 | CB | Chubb Limited | -0.4% | +9.90% | Add |
| 18 | BABA | Alibaba Group Holding-sp Adr | -0.4% | +21.51% | Add |
| 19 | RJF | Raymond James Financial INC | -0.4% | — | Unchanged |
| 20 | MTB | M & T Bank CORP | -0.4% | +2.50% | Add |
| 21 | CG | Carlyle Group Inc/the | -0.5% | +13.10% | Add |
| 22 | FAF | First American Financial | -0.7% | — | Unchanged |
| 23 | AX | Axos Financial INC | -0.9% | +5.35% | Add |
| 24 | V | Visa Inc-class A Shares | -1% | +6.67% | Add |
| 25 | GPN | Global Payments INC | -1% | +6.07% | Add |
| 26 | WAL | Western Alliance Bancorp | -1.2% | +23.32% | Add |
| 27 | GOOG | Alphabet Inc-cl C | -2.9% | — | Unchanged |
| 28 | META | Meta Platforms Inc-class A | -3.3% | +3.00% | Add |
| 29 | JPM | Jpmorgan Chase & Co | — | NEW | New buy |
| 30 | WBS | Webster Financial CORP | — | EXIT | Sold out |
| 31 | PGR | Progressive CORP | — | NEW | New buy |
| 32 | GS | Goldman Sachs Group INC | — | NEW | New buy |
| 33 | WFC | Wells Fargo & Co | — | NEW | New buy |
| 34 | AXP | American Express Co | — | NEW | New buy |
| 35 | MKTX | Marketaxess Holdings INC | — | NEW | New buy |
| 36 | STT | State Street CORP | — | NEW | New buy |
| 37 | XOM | Exxon Mobil CORP | — | NEW | New buy |
| 38 | JNJ | Johnson & Johnson | — | NEW | New buy |
| 39 | AMAT | Applied Materials INC | — | NEW | New buy |
| 40 | BLK | Blackrock INC | — | NEW | New buy |
| 41 | KO | Coca-cola Co/the | — | NEW | New buy |
| 42 | GOOGL | Alphabet Inc-cl A | — | NEW | New buy |
| 43 | MGM | Mgm Resorts International | — | NEW | New buy |
| 44 | DE | Deere & Co | — | NEW | New buy |
| 45 | TRV | Travelers Cos Inc/the | — | NEW | New buy |
| 46 | LLY | Eli Lilly & Co | — | NEW | New buy |
| 47 | MRK | Merck & Co. INC. | — | NEW | New buy |
| 48 | LIN | Linde plc | — | NEW | New buy |
| 49 | ✓ | Weyerhaeuser Co Mtn Be | — | NEW | New buy |
| 50 | WRB | Wr Berkley CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-15 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-11 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
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