Davis Asset Management, L.P.
SAUSALITO, CA
$3.9bn in 85 US stocks at the end of 30 June 2026. The top 10 are 58.3% of the money. It changed about 5.1% of the portfolio this quarter.
Value
$3.9bn
Stocks
85
Top 10 share
58.3%
Turnover
5.1%
What changed this quarter
New
Bought for the first time this quarter.
- InfleqtionINFQ0.7% of the fund
- DOWDOW<0.1% of the fund
- SolventumSOLV<0.1% of the fund
Added
Bought more of a stock they already held.
- AlphabetGOOG9.4% of the fund+5%
- Berkshire Hathaway INC DELBRK-A9.2% of the fund+2%
- Western Alliance BancorporationWAL6.9% of the fund+8%
- Markel GroupMKL4.6% of the fund+30%
- Berkshire HathawayBRK-B4.5% of the fund+12%
- JPMorgan ChaseJPM4.1% of the fund+5%
- AccentureACN2.3% of the fund+37%
- Marketaxess HoldingsMKTX1.4% of the fund+359%
Cut
Sold some of their stake.
- State StreetSTT0.3% of the fund-34%
- AlphabetGOOGL<0.1% of the fund-16%
Sold out
Sold their entire stake.
- Walt DisneyDIS-100%
- TeslaTSLA-100%
- CoreWeaveCRWV-100%
Holdings
- Berkshire Hathaway INC DELBRK-A
- Share
- 9.2%
- Value
- $364m
- Shares
- 486
+2%
- Alibaba Group HldgBABA
- Share
- 1.5%
- Value
- $58m
- Shares
- 607,561
Held
- Weyerhaeuser
- Share
- <0.1%
- Value
- $414,186
- Shares
- 17,301
Held
- Verizon Communications
- Share
- <0.1%
- Value
- $24,218
- Shares
- 572
Held
- Vodafone GroupVOD
- Share
- <0.1%
- Value
- $621
- Shares
- 47
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| AlphabetGOOG | 9.4% | $371m | 1,049,574 | +5% |
| Berkshire Hathaway INC DELBRK-A | 9.2% | $364m | 486 | +2% |
| Meta PlatformsMETA | 7.4% | $291m | 517,000 | Held |
| Western Alliance BancorporationWAL | 6.9% | $274m | 3,336,000 | +8% |
| Markel GroupMKL | 4.6% | $180m | 92,105 | +30% |
| Berkshire HathawayBRK-B | 4.5% | $177m | 354,216 | +12% |
| ChubbCB | 4.3% | $169m | 494,556 | Held |
| Corebridge FinancialCRBG | 4.2% | $166m | 5,800,000 | Held |
| JPMorgan ChaseJPM | 4.1% | $162m | 493,896 | +5% |
| Axos FinancialAX | 3.8% | $150m | 1,535,219 | Held |
| ProgressivePGR | 2.8% | $110m | 504,510 | Held |
| VisaV | 2.8% | $110m | 320,000 | Held |
| Global PaymentsGPN | 2.7% | $108m | 1,485,000 | Held |
| First American FinancialFAF | 2.6% | $103m | 1,500,000 | Held |
| M&T BankMTB | 2.5% | $98m | 410,000 | Held |
| Goldman Sachs GroupGS | 2.4% | $93m | 92,391 | Held |
| AccentureACN | 2.3% | $92m | 740,000 | +37% |
| ServisFirst BancsharesSFBS | 2.0% | $79m | 910,376 | Held |
| Five Star BancorpFSBC | 1.9% | $74m | 1,511,500 | Held |
| Vivmark ResidentialVMRK | 1.8% | $72m | 1,065,000 | Held |
| Arch Capital GroupACGL | 1.6% | $63m | 650,000 | Held |
| Alibaba Group HldgBABA | 1.5% | $58m | 607,561 | Held |
| Marketaxess HoldingsMKTX | 1.4% | $57m | 500,000 | +359% |
| Trico BancsharesTCBK | 1.4% | $56m | 1,046,900 | Held |
| Ameris BancorpABCB | 1.4% | $56m | 621,800 | Held |
| MastercardMA | 1.3% | $52m | 102,000 | Held |
| Carlyle GroupCG | 1.2% | $48m | 1,131,000 | Held |
| US BancorpUSB | 1.1% | $43m | 715,210 | Held |
| Old Second BancorpOSBC | 1.1% | $42m | 1,800,000 | Held |
| Raymond James FinancialRJF | 1.0% | $41m | 270,000 | Held |
| FB FinancialFBK | 0.9% | $34m | 619,236 | Held |
| CNB FinancialCCNE | 0.8% | $32m | 950,000 | Held |
| Wells Fargo & CompanyWFC | 0.7% | $28m | 337,969 | Held |
| InfleqtionINFQ | 0.7% | $28m | 2,085,798 | New |
| American ExpressAXP | 0.5% | $21m | 63,000 | Held |
| State StreetSTT | 0.3% | $13m | 76,000 | -34% |
| Timberland BancorpTSBK | 0.2% | $8m | 174,476 | Held |
| Applied MaterialsAMAT | 0.1% | $5m | 6,626 | Held |
| ExxonMobil HoldingsXOM | <0.1% | $3m | 24,166 | Held |
| Johnson & JohnsonJNJ | <0.1% | $3m | 12,500 | Held |
| Coca-ColaKO | <0.1% | $2m | 25,000 | Held |
| BlackRockBLK | <0.1% | $2m | 2,100 | Held |
| MGM Resorts InternationalMGM | <0.1% | $2m | 31,458 | Held |
| AlphabetGOOGL | <0.1% | $1m | 4,000 | -16% |
| DeereDE | <0.1% | $1m | 1,943 | Held |
| Travelers CompaniesTRV | <0.1% | $1m | 3,653 | Held |
| Eli LillyLLY | <0.1% | $764,037 | 637 | Held |
| MerckMRK | <0.1% | $514,000 | 4,000 | Held |
| LindeLIN | <0.1% | $467,046 | 900 | Held |
| Weyerhaeuser | <0.1% | $414,186 | 17,301 | Held |
| Berkley W RWRB | <0.1% | $409,356 | 5,804 | Held |
| International Business MachinesIBM | <0.1% | $358,262 | 1,274 | Held |
| Shattuck LabsSTTK | <0.1% | $335,035 | 48,276 | Held |
| Union PacificUNP | <0.1% | $326,400 | 1,200 | Held |
| AflacAFL | <0.1% | $234,500 | 2,000 | Held |
| WalmartWMT | <0.1% | $169,890 | 1,500 | Held |
| CortevaCTVA | <0.1% | $155,406 | 1,835 | Held |
| General ElectricGE | <0.1% | $153,977 | 412 | Held |
| Qnity ElectronicsQ | <0.1% | $149,755 | 917 | Held |
| 3MMMM | <0.1% | $129,528 | 800 | Held |
| GE VernovaGEV | <0.1% | $121,011 | 103 | Held |
| Cisco SystemsCSCO | <0.1% | $117,460 | 1,000 | Held |
| Martin Marietta MaterialsMLM | <0.1% | $115,340 | 200 | Held |
| PfizerPFE | <0.1% | $106,626 | 4,428 | Held |
| CitigroupC | <0.1% | $100,771 | 720 | Held |
| DuPont de NemoursDD | <0.1% | $82,876 | 611 | Held |
| McDonald'sMCD | <0.1% | $54,062 | 200 | Held |
| DOWDOW | <0.1% | $50,206 | 1,835 | New |
| Bristol-Myers SquibbBMY | <0.1% | $26,505 | 460 | Held |
| Verizon Communications | <0.1% | $24,218 | 572 | Held |
| SolventumSOLV | <0.1% | $15,430 | 200 | New |
| NvidiaNVDA | <0.1% | $9,004 | 45 | Held |
| GE HealthCare TechnologiesGEHC | <0.1% | $8,769 | 137 | Held |
| ViatrisVTRS | <0.1% | $8,702 | 548 | Held |
| Duke EnergyDUK | <0.1% | $6,835 | 54 | Held |
| OrganonOGN | <0.1% | $5,416 | 400 | Held |
| ChemoursCC | <0.1% | $4,617 | 225 | Held |
| American International GroupAIG | <0.1% | $3,503 | 47 | Held |
| Occidental PetroleumOXY | <0.1% | $3,254 | 67 | Held |
| Kyndryl HoldingsKD | <0.1% | $2,873 | 254 | Held |
| Palantir TechnologiesPLTR | <0.1% | $2,290 | 20 | Held |
| Uber TechnologiesUBER | <0.1% | $2,165 | 30 | Held |
| FoxFOXA | <0.1% | $991 | 19 | Held |
| Vodafone GroupVOD | <0.1% | $621 | 47 | Held |
| NewsNWSA | <0.1% | $348 | 14 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 53.7% since 30 June 2025.
Where the money is
Financial services67.1%
Media & telecom16.8%
Technology3.2%
Real estate1.8%
Health care0.1%
Energy0.1%
Everyday goods0.1%
Industrials0.1%
Retail & consumer0.0%
Materials0.0%
Utilities0.0%
Other10.7%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.