DA
Davis Asset Management, L.P. — 13F Portfolio Report & Top Holdings (Q2 2026)
Davis Asset Management, L.P.CIK: 0001945894
Diversified strategySector-focusedMomentum follower
Total reported value
$3.9B
Reporting period: 2026-06-30 · Number of holdings: 85
Davis Asset Management, L.P. disclosed 85 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $3.9B and a quarterly turnover rate of 15.8%.
Browse other institutions with $1B to $10B AUMBrowse other institutions starting with "D"
Personality snowflake
- Concentration
- 18.47
- Portfolio Stability
- 15.8
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 82.8
Davis Asset Management, L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.046 — mathematically equivalent to about 22 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 1.72), 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 5.2 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim META
+0.4% -$3.4M
Add GOOG
+5.0% $84.0M
Add MKTX
+359.4% $38.8M
Trim ACN
+37.0% -$15.0M
Trim BABA
0.0% -$17.9M
New buy INFQ
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 9.39% | +1.09% | +4.96% | |
| 2 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 9.22% | -0.65% | +2.32% | |
| 3 | META | Meta Platforms Inc-class A | Stock-Comm Services | 7.37% | -1.16% | +0.39% | |
| 4 | WAL | Western Alliance Bancorp | Stock-Financials | 6.94% | +0.62% | +8.21% | |
| 5 | MKL | Markel Group Inc | Stock-Financials | 4.56% | +0.65% | +30.40% | |
| 6 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 4.49% | +0.11% | +12.22% | |
| 7 | CB | Chubb Limited | Stock-Financials | 4.27% | -0.39% | — | |
| 8 | CRBG | Corebridge Financial Inc | Stock-Financials | 4.21% | +0.20% | -0.07% | |
| 9 | JPM | Jpmorgan Chase & Co | Stock-Financials | 4.09% | +0.10% | +5.36% | |
| 10 | AX | Axos Financial Inc | Stock-Financials | 3.79% | +0.20% | — | |
| 11 | PGR | Progressive CORP | Stock-Financials | 2.79% | -0.10% | — | |
| 12 | V | Visa Inc-class A Shares | Stock-Financials | 2.78% | -0.02% | — | |
| 13 | GPN | Global Payments Inc | Stock-Industrials | 2.73% | -0.16% | — | |
| 14 | FAF | First American Financial | Stock-Financials | 2.61% | -0.01% | — | |
| 15 | MTB | M & T Bank CORP | Stock-Financials | 2.47% | +0.02% | — | |
| 16 | GS | Goldman Sachs Group Inc | Stock-Financials | 2.37% | +0.11% | — | |
| 17 | ACN | Accenture plc | Stock-Tech | 2.33% | -0.77% | +37.04% | |
| 18 | SFBS | Servisfirst Bancshares Inc | Stock-Financials | 2.00% | +0.08% | — | |
| 19 | FSBC | Five Star Bancorp | Stock-Other | 1.86% | +0.21% | — | |
| 20 | EQR | Equity Residential | Stock-Real Estate | 1.83% | — | -0.28% | |
| 21 | ACGL | Arch Capital Group Ltd. | Stock-Financials | 1.60% | -0.21% | — | |
| 22 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 1.48% | -0.73% | — | |
| 23 | MKTX | Marketaxess Holdings Inc | Stock-Financials | 1.44% | +0.92% | +359.36% | |
| 24 | TCBK | Trico Bancshares | Stock-Other | 1.43% | -0.01% | — | |
| 25 | ABCB | Ameris Bancorp | Stock-Financials | 1.42% | +0.02% | — | |
| 26 | MA | Mastercard Inc - A | Stock-Financials | 1.33% | -0.14% | — | |
| 27 | CG | Carlyle Group Inc/the | Stock-Financials | 1.21% | -0.37% | — | |
| 28 | USB | US Bancorp | Stock-Financials | 1.09% | +0.01% | — | |
| 29 | OSBC | Old Second Bancorp Inc | Stock-Other | 1.06% | +0.01% | — | |
| 30 | RJF | Raymond James Financial Inc | Stock-Financials | 1.04% | -0.09% | — | |
| 31 | FBK | Fb Financial CORP | Stock-Other | 0.87% | -0.06% | — | |
| 32 | CCNE | Cnb Financial Corp/pa | Stock-Other | 0.81% | +0.01% | — | |
| 33 | WFC | Wells Fargo & Co | Stock-Financials | 0.71% | -0.07% | — | |
| 34 | INFQ | Infleqtion Inc | Stock-Other | 0.70% | +0.70% | NEW | |
| 35 | AXP | American Express Co | Stock-Financials | 0.54% | -0.01% | — | |
| 36 | STT | State Street CORP | Stock-Financials | 0.33% | -0.09% | -34.48% | |
| 37 | TSBK | Timberland Bancorp Inc | Stock-Other | 0.20% | — | — | |
| 38 | AMAT | Applied Materials Inc | Stock-Tech | 0.12% | +0.05% | — | |
| 39 | XOM | Exxon Mobil CORP | Stock-Energy | 0.08% | -0.04% | — | |
| 40 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.08% | -0.01% | — | |
| 41 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.05% | -0.01% | — | |
| 42 | BLK | Blackrock Inc | Stock-Financials | 0.05% | -0.01% | — | |
| 43 | MGM | Mgm Resorts International | Stock-Consumer Disc | 0.04% | +0.01% | — | |
| 44 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.04% | — | -15.79% | |
| 45 | DE | Deere & Co | Stock-Industrials | 0.03% | — | — | |
| 46 | TRV | Travelers Cos Inc/the | Stock-Financials | 0.03% | — | — | |
| 47 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.02% | — | — | |
| 48 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.01% | — | — | |
| 49 | LIN | Linde plc | Stock-Materials | 0.01% | — | — | |
| 50 | ✓ | Weyerhaeuser Co Mtn Be | Stock-Other | 0.01% | — | — |
1–50 of 85
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Portfolio Performance
Performance for Q3 2026
+6%
Performance Last 4 Quarters
+9.2%
Based on 86% of reported portfolio value with available pricing
- Stdev
- +17.5%
- Beta
- +1.06
- Alpha
- +0.6%
- Max Drawdown
- -14.8%
- Annualized Perf
- +22.2%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +2.39
- Stutzer
- +0.36
- Treynor
- +0.21
- Sterling
- +1.09
- Calmar
- +1.5
- Information Ratio
- +0.15
- Tracking Error
- +11%
- Stdev Down
- +9.1%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +53.6%
- Worst 12 Months
- +6.7%
- Efficiency Ratio
- +0.51
- Sharpe
- +1.24
- Stdev Sectors
- +19.4%
- Skewness
- -0.07
- Kurtosis
- -0.89
- Upside Potential
- +4.16
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Davis Asset Management, L.P.'s most significant position changes for 2026-06-30: New buy: Infleqtion Inc (INFQ); New buy: Dow Inc (DOW); New buy: Solventum CORP (SOLV); Sold out: Walt Disney Co/the (DIS); Sold out: Tesla Inc (TSLA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | +1.1% | +4.96% | Add |
| 2 | MKTX | Marketaxess Holdings Inc | +0.9% | +359.36% | Add |
| 3 | INFQ | Infleqtion Inc | +0.7% | NEW | New buy |
| 4 | MKL | Markel Group Inc | +0.7% | +30.40% | Add |
| 5 | WAL | Western Alliance Bancorp | +0.6% | +8.21% | Add |
| 6 | FSBC | Five Star Bancorp | +0.2% | — | Unchanged |
| 7 | CRBG | Corebridge Financial Inc | +0.2% | -0.07% | Trim |
| 8 | AX | Axos Financial Inc | +0.2% | — | Unchanged |
| 9 | BRK-B | Berkshire Hathaway Inc-cl B | +0.1% | +12.22% | Add |
| 10 | GS | Goldman Sachs Group Inc | +0.1% | — | Unchanged |
| 11 | JPM | Jpmorgan Chase & Co | +0.1% | +5.36% | Add |
| 12 | SFBS | Servisfirst Bancshares Inc | +0.1% | — | Unchanged |
| 13 | AMAT | Applied Materials Inc | +0.1% | — | Unchanged |
| 14 | MTB | M & T Bank CORP | 0% | — | Unchanged |
| 15 | ABCB | Ameris Bancorp | 0% | — | Unchanged |
| 16 | USB | US Bancorp | 0% | — | Unchanged |
| 17 | OSBC | Old Second Bancorp Inc | 0% | — | Unchanged |
| 18 | CCNE | Cnb Financial Corp/pa | 0% | — | Unchanged |
| 19 | MGM | Mgm Resorts International | 0% | — | Unchanged |
| 20 | EQR | Equity Residential | — | -0.28% | Trim |
| 21 | TSBK | Timberland Bancorp Inc | — | — | Unchanged |
| 22 | LLY | Eli Lilly & Co | — | — | Unchanged |
| 23 | TRV | Travelers Cos Inc/the | — | — | Unchanged |
| 24 | DE | Deere & Co | — | — | Unchanged |
| 25 | GOOGL | Alphabet Inc-cl A | — | -15.79% | Trim |
| 26 | DOW | Dow Inc | — | NEW | New buy |
| 27 | IBM | Intl Business Machines CORP | — | — | Unchanged |
| 28 | Q | Qnity Electronics Inc | — | — | Unchanged |
| 29 | CSCO | Cisco Systems Inc | — | — | Unchanged |
| 30 | AEP | American Electric Power Company, Inc. | — | — | Unchanged |
| 31 | UNP | Union Pacific CORP | — | — | Unchanged |
| 32 | MRK | Merck & Co. Inc. | — | — | Unchanged |
| 33 | GEV | GE Vernova Inc | — | — | Unchanged |
| 34 | WRB | Wr Berkley CORP | — | — | Unchanged |
| 35 | STTK | Shattuck Labs Inc | — | — | Unchanged |
| 36 | LIN | Linde plc | — | — | Unchanged |
| 37 | C | Citigroup Inc | — | — | Unchanged |
| 38 | PFE | Pfizer Inc | — | — | Unchanged |
| 39 | SOLV | Solventum CORP | — | NEW | New buy |
| 40 | AFL | Aflac Inc | — | — | Unchanged |
| 41 | MMM | 3m Co | — | — | Unchanged |
| 42 | MCD | Mcdonald's CORP | — | — | Unchanged |
| 43 | VZ | Verizon Communications Inc. | — | — | Unchanged |
| 44 | OGN | Organon & Co | — | — | Unchanged |
| 45 | MLM | Martin Marietta Materials | — | — | Unchanged |
| 46 | DIS | Walt Disney Co/the | — | EXIT | Sold out |
| 47 | CTVA | Corteva Inc | — | — | Unchanged |
| 48 | ✓ | Weyerhaeuser Co Mtn Be | — | — | Unchanged |
| 49 | BMY | Bristol-myers Squibb Co | — | — | Unchanged |
| 50 | VTRS | Viatris Inc | — | — | Unchanged |
1–50 of 88
Filing History
FAQ
What is Davis Asset Management, L.P. and what type of investor is it?
Davis Asset Management, L.P. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $3.9B, spread across 85 disclosed positions.
What are Davis Asset Management, L.P.'s largest equity positions?
Based on the latest 13F filing, Davis Asset Management, L.P.'s top holdings by market value are:
1. Alphabet Inc-cl C (GOOG) — $370.8M (9.4%)
2. Berkshire Hathaway Inc-cl A (BRK-A) — $363.9M (9.2%)
3. Meta Platforms Inc-class A (META) — $291.2M (7.4%)
4. Western Alliance Bancorp (WAL) — $274.2M (6.9%)
5. Markel Group Inc (MKL) — $179.9M (4.6%)
What changes did Davis Asset Management, L.P. make in its most recent portfolio filing?
In the latest reported quarter, Davis Asset Management, L.P. made 20 notable position adjustments: 3 new positions were initiated, 9 existing holdings were added to, 5 positions were partially reduced, and 3 were completely exited. The largest of these moves: New buy: Infleqtion Inc (INFQ); New buy: Dow Inc (DOW); New buy: Solventum CORP (SOLV); Sold out: Walt Disney Co/the (DIS); Sold out: Tesla Inc (TSLA)
What sectors does Davis Asset Management, L.P. focus on?
Davis Asset Management, L.P. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 67.6%
• Communication Services: 21.2%
• Industrials: 3.5%
• Information Technology: 3.1%
• Real Estate: 2.3%
• Consumer Discretionary: 1.9%
Investment Profile
Davis Asset Management, L.P. returned an annualized 22.2% over the trailing 36 months — outperforming the S&P 500 by 0.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.06 (roughly in line with the market) and a 47% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 67.6% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 16 over the past 4 quarters — a shift toward more active trading.
It has added to its BRK-A position over the past two quarters (+$273.4M, now $363.9M), while trimming META over the same stretch (-$38.8M, still holding $291.2M).
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Developer Access
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REST API
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npx alphasmo institutions get davis-asset-management-l-p