DS

Davis Selected Advisers

Diversified strategyMomentum followerQuality / disciplined sizing

Total reported value

$21.8B

Reporting period: 2026-03-31 · Number of holdings: 112

Davis Selected Advisers disclosed 112 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $21.8B and a quarterly turnover rate of 22.8%.

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Personality snowflake

Concentration
13.05
Portfolio Stability
22.84
Momentum/Contrarian
100
Sector conviction
49.48
Diversification
100
Sizing Uniformity
83.63

Recent moves

  • Trim AMAT

    -71.5%　-$670.5M

  • Trim COF

    -0.9%　-$530.0M

  • Add CTRA

    +14.1%　$448.0M

  • Add CI

    +196.7%　$388.7M

  • Add JBS

    +121.4%　$300.4M

  • Trim META

    -1.9%　-$173.5M

Holdings Map

New buyAddUnchangedTrim

Institutional Game-State Analysis

Core Intent

Davis Selected Advisers is executing a sharp contrarian rotation, harvesting profits from high-momentum tech (AMAT, META) and financials (COF) and funneling those chips into beaten-down energy (CTRA), materials (LYB), and health care (CI). This is not a defensive position; it's a conviction bet that value will reassert itself as the AI enthusiasm fades and rate expectations normalize.

Macro & Fundamentals

The macro cycle bet here is that the growth premium from AI and tech is peaking, and capital will rotate into cyclical and value sectors as the economy adapts to a higher-for-longer rate environment. Davis is pricing in a regime where energy and materials benefit from supply constraints and infrastructure demand while health care offers defensive growth. The opposing thesis: AI capex remains durable so tech multiples hold, and a sharp slowdown crushes cyclical earnings before the rotation pays off.

Blind Spots / Risks

The structural vulnerability is time arbitrage: Davis's extreme contrarian score (100) means it is leaning hardest against the market's momentum—if that momentum persists through the next two quarters, the portfolio will suffer relative pain. Moreover, the oversized Financials weight (29.25%) combined with new energy and materials exposure creates a leveraged bet on a reflation cycle that could backfire spectacularly if the economy drifts into recession rather than inflection.

The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.

Top 10 holdings by weight

Full holdings list this quarter

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1COFCapital One Financial CORPStock-Financials7.15%-2.23%-0.87%
2CTRACoterra Energy INCStock-Energy5.99%+2.14%+14.08%
3USBUS BancorpStock-Financials5.31%+0.02%+0.89%
4VTRSViatris INCStock-Healthcare4.85%+0.48%+0.04%
5METAMeta Platforms Inc-class AStock-Comm Services4.52%-0.68%-1.93%
6MGMMgm Resorts InternationalStock-Consumer Disc4.13%-0.27%-9.41%
7GOOGLAlphabet Inc-cl AStock-Comm Services4.09%-0.30%-0.77%
8CVSCvs Health CORPStock-Healthcare4.04%-0.51%-4.08%
9TSNTyson Foods Inc-cl AStock-Consumer Staples3.85%+0.47%+2.05%
10MKLMarkel Group INCStock-Financials3.37%-0.64%-7.64%
11AMZNAmazon.com INCStock-Consumer Disc3.28%-0.28%-0.12%
12BRK-ABerkshire Hathaway Inc-cl AStock-Other3.04%-0.16%-2.12%
13WFCWells Fargo & CoStock-Financials2.99%-0.47%-0.81%
14CITHE Cigna GroupStock-Healthcare2.74%+1.81%+196.73%
15TXNTexas Instruments INCStock-Tech2.54%+0.32%-0.12%
16TECKTeck Resources Ltd-cls BStock-Materials2.51%-0.08%-11.94%
17JBSJbs N.v.Stock-Other2.16%+1.39%+121.39%
18LYBLyondellBasell Industries N.V.Stock-Materials2.07%+2.07%NEW
19SOLVSolventum CORPStock-Healthcare1.90%-0.32%+1.77%
20AMATApplied Materials INCStock-Tech1.88%-2.97%-71.51%
21CBChubb LimitedStock-Financials1.79%+0.13%+0.74%
22BRK-BBerkshire Hathaway Inc-cl BStock-Other1.65%-0.02%+1.35%
23UNHUnitedhealth Group INCStock-Healthcare1.55%-0.34%-2.04%
24TCOMTrip.com Group Ltd-adrStock-Consumer Disc1.50%-0.13%+29.72%
25DGXQuest Diagnostics INCStock-Healthcare1.46%+0.22%+1.76%
26QSRRestaurant Brands InternStock-Consumer Disc1.22%-0.01%-10.49%
27COPConocophillipsStock-Energy1.14%+0.38%+4.31%
28AGCOAgco CORPStock-Industrials1.11%+0.15%+1.85%
29YMMFull Truck Alliance -spn AdrStock-Other1.10%+0.25%+64.01%
30PINSPinterest Inc- Class AStock-Comm Services1.04%-0.33%+5.07%
31OCOwens CorningStock-Industrials1.04%—+2.66%
32GOOGAlphabet Inc-cl CStock-Comm Services0.89%-0.11%-4.69%
33DUSADavis Select US Equity ETFETF-Other0.79%—+0.48%
34JPMJpmorgan Chase & CoStock-Financials0.75%-0.08%-2.65%
35SESea Ltd-adrStock-Comm Services0.70%+0.45%+323.75%
36APPApplovin Corp-class AStock-Tech0.61%-0.14%+35.42%
37FITBFifth Third BancorpStock-Financials0.60%—+2.52%
38PNCPnc Financial Services GroupStock-Financials0.52%—+2.23%
39DINTDavis Select InternationalETF-Other0.48%—+0.60%
40WCCWesco International INCStock-Industrials0.48%+0.08%+4.53%
41PPLIPeople INCStock-Comm Services0.44%—-4.01%
42DFNLDavis Select Financial ETFETF-Other0.44%-0.02%+0.01%
43DWLDDavis Select Worldwide ETFETF-Other0.39%—+0.95%
44RNRRenaissanceRe Holdings Ltd.Stock-Financials0.35%+0.06%+11.95%
45AXPAmerican Express CoStock-Financials0.32%-0.08%-3.55%
46RKTRocket Cos Inc-class AStock-Financials0.32%+0.04%+49.43%
47LLoews CORPStock-Financials0.30%—+2.34%
48BNYBank Of New York Mellon CORPStock-Financials0.29%—+0.67%
49BACBank Of America CORPStock-Financials0.26%-0.02%+0.81%
50✓ Stock-Other0.26%—+1.84%
1–50 of 112

Holding changes this quarter

Davis Selected Advisers's most significant position changes for 2026-03-31: New buy: LyondellBasell Industries N.V. (LYB); New buy: Adobe INC (ADBE); Trim: Applied Materials INC (AMAT) — shares -71.51%; Trim: Capital One Financial CORP (COF) — shares -0.87%; Add: Coterra Energy INC (CTRA) — shares +14.08%.

Position changes disclosed by Davis Selected Advisers for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1CTRACoterra Energy INC+2.1%+14.08%Add
2CITHE Cigna Group+1.8%+196.73%Add
3JBSJbs N.v.+1.4%+121.39%Add
4VTRSViatris INC+0.5%+0.04%Add
5TSNTyson Foods Inc-cl A+0.5%+2.05%Add
6SESea Ltd-adr+0.5%+323.75%Add
7COPConocophillips+0.4%+4.31%Add
8TXNTexas Instruments INC+0.3%-0.12%Trim
9YMMFull Truck Alliance -spn Adr+0.3%+64.01%Add
10DGXQuest Diagnostics INC+0.2%+1.76%Add
11SAPSap Se-sponsored Adr+0.2%+463.33%Add
12AGCOAgco CORP+0.2%+1.85%Add
13CBChubb Limited+0.1%+0.74%Add
14WCCWesco International INC+0.1%+4.53%Add
15RNRRenaissanceRe Holdings Ltd.+0.1%+11.95%Add
16VALEVale Sa-sp Adr0%—Unchanged
17RKTRocket Cos Inc-class A0%+49.43%Add
18SNPSSynopsys INC0%+199.40%Add
19EGEverest Group, Ltd.0%+19.40%Add
20USBUS Bancorp0%+0.89%Add
21QSRRestaurant Brands Intern0%-10.49%Trim
22BRK-BBerkshire Hathaway Inc-cl B0%+1.35%Add
23DFNLDavis Select Financial ETF0%+0.01%Add
24BACBank Of America CORP0%+0.81%Add
25REXRRexford Industrial Realty In0%-39.21%Trim
26NTESNetease Inc-adr0%-0.81%Trim
27CHYMChime Financial Inc-cl A-0.1%+2.71%Add
28TECKTeck Resources Ltd-cls B-0.1%-11.94%Trim
29JPMJpmorgan Chase & Co-0.1%-2.65%Trim
30AXPAmerican Express Co-0.1%-3.55%Trim
31GOOGAlphabet Inc-cl C-0.1%-4.69%Trim
32IVEIshares S&p 500 Value ETF-0.1%-90.85%Trim
33TCOMTrip.com Group Ltd-adr-0.1%+29.72%Add
34APPApplovin Corp-class A-0.1%+35.42%Add
35BRK-ABerkshire Hathaway Inc-cl A-0.2%-2.12%Trim
36MGMMgm Resorts International-0.3%-9.41%Trim
37AMZNAmazon.com INC-0.3%-0.12%Trim
38GOOGLAlphabet Inc-cl A-0.3%-0.77%Trim
39SOLVSolventum CORP-0.3%+1.77%Add
40PINSPinterest Inc- Class A-0.3%+5.07%Add
41UNHUnitedhealth Group INC-0.3%-2.04%Trim
42DARDarling Ingredients INC-0.4%-93.39%Trim
43WFCWells Fargo & Co-0.5%-0.81%Trim
44CVSCvs Health CORP-0.5%-4.08%Trim
45MKLMarkel Group INC-0.6%-7.64%Trim
46METAMeta Platforms Inc-class A-0.7%-1.93%Trim
47COFCapital One Financial CORP-2.2%-0.87%Trim
48AMATApplied Materials INC-3%-71.51%Trim
49LYBLyondellBasell Industries N.V.—NEWNew buy
50ADBEAdobe INC—NEWNew buy

FAQ

What is Davis Selected Advisers and what type of investor is it?
Davis Selected Advisers is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $21.8B, spread across 112 disclosed positions.
What are Davis Selected Advisers's largest equity positions?
Based on the latest 13F filing, Davis Selected Advisers's top holdings by market value are: 1. Capital One Financial CORP (COF) — $1.6B (7.2%) 2. Coterra Energy INC (CTRA) — $1.3B (6.0%) 3. US Bancorp (USB) — $1.2B (5.3%) 4. Viatris INC (VTRS) — $1.1B (4.8%) 5. Meta Platforms Inc-class A (META) — $983.6M (4.5%)
What changes did Davis Selected Advisers make in its most recent portfolio filing?
In the latest reported quarter, Davis Selected Advisers made 49 notable position adjustments: 2 new positions were initiated, 26 existing holdings were added to, 21 positions were partially reduced, and 0 were completely exited. The largest of these moves: New buy: LyondellBasell Industries N.V. (LYB); New buy: Adobe INC (ADBE); Trim: Applied Materials INC (AMAT) — shares -71.51%; Trim: Capital One Financial CORP (COF) — shares -0.87%; Add: Coterra Energy INC (CTRA) — shares +14.08%
What sectors does Davis Selected Advisers focus on?
Davis Selected Advisers is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 29.3% • Health Care: 18.4% • Communication Services: 13.1% • Consumer Discretionary: 11.2% • Energy: 7.9% • Information Technology: 6.3%

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