Investor: Christopher Davis
Number of Assets: 108
Reporting Period: Q4 - 2025
Holdings at Report: $22,249,323,816
Return Since Report: -$875,523,346
Return Since Report: -3.94%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Agco Corp. (AGCO) | Equity | +13.01% | 2,048,835 | 0.96% | $104.32 | $115.84 | $213,736,210 | $237,337,046 | +$23,600,836 | +11.04% |
| Alexandria Real Estate Equities Inc. (ARE) | Equity | -1.13% | 178,127 | 0.04% | $48.94 | $46.43 | $8,717,535 | $8,270,437 | -$447,098 | -5.13% |
| Alphabet Inc. (GOOGL) | Equity | +12.57% | 3,118,760 | 4.39% | $313.00 | $287.22 | $976,174,798 | $895,770,247 | -$80,404,551 | -8.24% |
| Alphabet Inc. (GOOG) | Equity | +10.05% | 710,963 | 1.00% | $313.80 | $286.39 | $223,101,674 | $203,612,694 | -$19,488,980 | -8.74% |
| Amazon.com Inc. (AMZN) | Equity | +9.28% | 3,429,262 | 3.56% | $230.82 | $208.30 | $791,545,223 | $714,315,275 | -$77,229,948 | -9.76% |
| American Express Company (AXP) | Equity | -2.52% | 241,700 | 0.40% | $369.95 | $302.24 | $89,416,822 | $73,051,408 | -$16,365,414 | -18.30% |
| American Homes 4 Rent (AMH) | Equity | -2.45% | 278,610 | 0.04% | $32.10 | $27.92 | $8,943,381 | $7,778,791 | -$1,164,590 | -13.02% |
| American Tower Corp. (AMT) | Equity | -2.59% | 63,970 | 0.05% | $175.57 | $172.59 | $11,231,213 | $11,040,582 | -$190,631 | -1.70% |
| Angi inc Class A | Equity | -0.00% | 948,993 | 0.06% | $12.93 | $0.00 | $12,270,479 | $0 | -$12,270,479 | -100% |
| Applied Materials Inc. (AMAT) | Equity | -24.36% | 4,201,298 | 4.85% | $256.99 | $341.79 | $1,079,695,847 | $1,435,961,643 | +$356,265,796 | +33.00% |
| Applovin Corp. (APP) | Equity | +10.92% | 247,981 | 0.75% | $673.84 | $398.48 | $167,098,339 | $98,815,469 | -$68,282,870 | -40.86% |
| Avalonbay Communities Inc. (AVB) | Equity | +18.41% | 78,840 | 0.06% | $181.31 | $163.40 | $14,294,480 | $12,882,456 | -$1,412,024 | -9.88% |
| Bank Of America Corp. (BAC) | Equity | -0.06% | 1,149,873 | 0.28% | $55.00 | $48.67 | $63,243,015 | $55,968,918 | -$7,274,097 | -11.50% |
| The Bank Of N.T. Butterfield & Son Limited (NTB) | Equity | -0.48% | 1,053,710 | 0.24% | $49.82 | $52.45 | $52,495,832 | $55,267,090 | +$2,771,258 | +5.28% |
| The Bank Of New York Mellon Corp. (BK) | Equity | -48.38% | 521,722 | 0.27% | $116.09 | $118.65 | $60,566,667 | $61,902,315 | +$1,335,648 | +2.21% |
| Berkshire Hathaway Inc. (BRK-A) | Equity | -5.51% | 943 | 3.20% | $754,800.00 | $718,994.50 | $711,776,400 | $678,011,814 | -$33,764,587 | -4.74% |
| Berkshire Hathaway Inc. (BRK-B) | Equity | +38.57% | 739,875 | 1.67% | $502.66 | $479.11 | $371,908,140 | $354,481,511 | -$17,426,629 | -4.69% |
| Brixmor Property Group Inc. (BRX) | Equity | -2.46% | 555,970 | 0.07% | $26.22 | $28.80 | $14,577,533 | $16,012,492 | +$1,434,959 | +9.84% |
| Bxp Inc. (BXP) | Equity | -2.44% | 233,910 | 0.07% | $67.48 | $70.77 | $15,784,247 | $16,553,811 | +$769,564 | +4.88% |
| Camden Property Trust (CPT) | Equity | -2.46% | 86,930 | 0.04% | $110.08 | $97.84 | $9,569,254 | $8,505,231 | -$1,064,023 | -11.12% |
| Capital One Financial Corp. (COF) | Equity | +2.80% | 8,614,766 | 9.38% | $242.36 | $182.19 | $2,087,878,344 | $1,569,524,218 | -$518,354,126 | -24.83% |
| The Charles Schwab Corp. (SCHW) | Equity | +1.77% | 301,695 | 0.14% | $99.91 | $93.86 | $30,142,347 | $28,317,093 | -$1,825,254 | -6.06% |
| Chime Financial Inc. (CHYM) | Equity | +3.04% | 2,472,106 | 0.28% | $25.17 | $18.73 | $62,222,908 | $46,302,545 | -$15,920,363 | -25.59% |
| Chubb Limited (CB) | Equity | +10.86% | 1,186,647 | 1.66% | $312.12 | $325.98 | $370,380,411 | $386,823,189 | +$16,442,778 | +4.44% |
| The Cigna Group (CI) | Equity | +14.71% | 752,852 | 0.93% | $275.24 | $266.30 | $207,212,398 | $200,484,488 | -$6,727,910 | -3.25% |
| Community Healthcare Trust Inc. (CHCT) | Equity | -2.29% | 325,560 | 0.02% | $16.42 | $15.88 | $5,345,695 | $5,169,893 | -$175,802 | -3.29% |
| ConocoPhillips (COP) | Equity | +12.42% | 1,797,887 | 0.76% | $93.61 | $131.27 | $168,301,392 | $235,999,637 | +$67,698,245 | +40.22% |
| Copt Defense Properties (CDP) | Equity | -2.44% | 294,740 | 0.04% | $27.80 | $30.57 | $8,193,772 | $9,010,202 | +$816,430 | +9.96% |
| Coterra Energy Inc. (CTRA) | Equity | +63.64% | 32,537,508 | 3.85% | $26.32 | $35.14 | $856,387,283 | $1,143,368,031 | +$286,980,748 | +33.51% |
| Cousins Properties Inc. (CUZ) | Equity | -2.49% | 499,615 | 0.06% | $25.78 | $22.57 | $12,880,075 | $11,276,311 | -$1,603,764 | -12.45% |
| Crown Castle Inc. (CCI) | Equity | -2.50% | 42,160 | 0.02% | $88.87 | $81.14 | $3,746,759 | $3,420,862 | -$325,897 | -8.70% |
| Crown Holdings Inc. (CCK) | Equity | 0% | 8,570 | 0.00% | $102.97 | $100.22 | $882,453 | $858,885 | -$23,568 | -2.67% |
| Cubesmart (CUBE) | Equity | +100% | 90,930 | 0.01% | $36.05 | $36.66 | $3,278,027 | $3,333,039 | +$55,012 | +1.68% |
| CVS Health Corp. (CVS) | Equity | +11.90% | 12,760,511 | 4.55% | $79.36 | $71.82 | $1,012,674,950 | $916,396,097 | -$96,278,853 | -9.51% |
| Darling Ingredients Inc. (DAR) | Equity | +15.83% | 2,842,306 | 0.46% | $36.00 | $61.86 | $102,323,526 | $175,825,049 | +$73,501,523 | +71.83% |
| Davis Select Financial ETF (DFNL) | Equity | +0.02% | 2,130,361 | 0.46% | $48.33 | $44.84 | $102,960,342 | $95,525,387 | -$7,434,955 | -7.22% |
| Davis Select International ETF (DINT) | Equity | +0.06% | 3,892,451 | 0.50% | $28.50 | $26.92 | $110,934,845 | $104,765,319 | -$6,169,526 | -5.56% |
| Davis Select U.S. Equity ETF (DUSA) | Equity | +0.04% | 3,384,566 | 0.78% | $51.13 | $50.70 | $173,052,858 | $171,597,496 | -$1,455,362 | -0.84% |
| Davis Select Worldwide ETF (DWLD) | Equity | +0.06% | 1,917,460 | 0.40% | $46.64 | $43.81 | $89,430,314 | $84,003,923 | -$5,426,391 | -6.07% |
| Digital Realty Trust Inc. (DLR) | Equity | -2.50% | 79,250 | 0.06% | $154.71 | $180.25 | $12,260,768 | $14,284,813 | +$2,024,044 | +16.51% |
| Douglas Emmett Inc. (DEI) | Equity | -2.45% | 309,810 | 0.02% | $10.99 | $13.57 | $3,404,812 | $4,202,573 | +$797,761 | +23.43% |
| Eastgroup Properties Inc. (EGP) | Equity | -2.47% | 51,630 | 0.04% | $178.14 | $185.15 | $9,197,368 | $9,559,295 | +$361,926 | +3.94% |
| Equinix Inc. (EQIX) | Equity | -4.72% | 20,773 | 0.07% | $766.16 | $980.24 | $15,915,442 | $20,362,526 | +$4,447,084 | +27.94% |
| Equity Residential (EQR) | Equity | -2.52% | 104,515 | 0.03% | $63.04 | $59.16 | $6,588,626 | $6,183,107 | -$405,519 | -6.15% |
| Essex Property Trust Inc. (ESS) | Equity | -2.60% | 16,511 | 0.02% | $261.68 | $242.16 | $4,320,598 | $3,998,304 | -$322,294 | -7.46% |
| Everest Group Ltd. (EG) | Equity | +199.32% | 118,017 | 0.18% | $339.35 | $327.05 | $40,049,069 | $38,597,460 | -$1,451,609 | -3.62% |
| Extra Space Storage Inc. (EXR) | Equity | -49.22% | 27,955 | 0.02% | $130.22 | $131.13 | $3,640,300 | $3,665,739 | +$25,439 | +0.70% |
| Fifth Third Bancorp. (FITB) | Equity | +2.83% | 2,744,310 | 0.58% | $46.81 | $46.46 | $128,461,151 | $127,500,643 | -$960,508 | -0.75% |
| Fiserv Inc. (FISV) | Equity | +100% | 568,982 | 0.17% | $67.17 | $56.04 | $38,218,521 | $31,885,751 | -$6,332,770 | -16.57% |
| Full Truck Alliance Co. Ltd. (YMM) | Equity | +17.06% | 17,537,524 | 0.85% | $10.73 | $8.30 | $188,177,633 | $145,473,762 | -$42,703,871 | -22.69% |
| Healthpeak Properties Inc. (DOC) | Equity | -2.45% | 435,936 | 0.03% | $16.08 | $16.45 | $7,009,851 | $7,171,147 | +$161,296 | +2.30% |
| Hudson Pacific Properties inc | Equity | +100% | 324,026 | 0.02% | $10.83 | N/A | $3,509,202 | N/A | N/A | N/A |
| IAC Inc. (IAC) | Equity | +12.05% | 2,514,072 | 0.44% | $39.10 | $40.14 | $98,300,787 | $100,914,850 | +$2,614,063 | +2.66% |
| Ishares S&P 500 Value ETF (IVE) | Equity | +1820.97% | 127,053 | 0.12% | $212.07 | $211.17 | $26,944,130 | $26,829,782 | -$114,348 | -0.42% |
| JBS NV | Equity | +100% | 11,854,741 | 0.77% | $14.42 | $0.00 | $170,945,362 | $0 | -$170,945,362 | -100% |
| JD.com Inc. (JD) | Equity | -3.66% | 329,221 | 0.04% | $28.70 | $29.58 | $9,448,643 | $9,736,711 | +$288,068 | +3.05% |
| Johnson Controls International PLC (JCI) | Equity | +12.88% | 209,960 | 0.11% | $119.75 | $131.05 | $25,143,113 | $27,515,258 | +$2,372,145 | +9.43% |
| JP Morgan Chase & Co. (JPM) | Equity | -4.04% | 571,586 | 0.83% | $322.22 | $294.43 | $184,176,369 | $168,292,066 | -$15,884,303 | -8.62% |
| KE Holdings Inc. (BEKE) | Equity | 0% | 1,851,804 | 0.13% | $15.76 | $14.95 | $29,184,431 | $27,675,211 | -$1,509,220 | -5.17% |
| Lam Research Corp. (LRCX) | Equity | 0% | 12,280 | 0.01% | $171.18 | $212.51 | $2,102,090 | $2,609,561 | +$507,471 | +24.14% |
| Loews Corp. (L) | Equity | +0.73% | 600,046 | 0.28% | $105.31 | $106.75 | $63,190,844 | $64,051,910 | +$861,066 | +1.36% |
| M&T Bank Corp. (MTB) | Equity | +9.44% | 55,846 | 0.05% | $201.48 | $207.13 | $11,251,852 | $11,567,382 | +$315,530 | +2.80% |
| Markel Group Inc. (MKL) | Equity | +11.15% | 415,160 | 4.01% | $2,149.76 | $1,912.83 | $892,495,821 | $794,130,503 | -$98,365,318 | -11.02% |
| Meta Platforms Inc. (META) | Equity | +2.18% | 1,752,974 | 5.20% | $660.10 | $570.25 | $1,157,130,854 | $999,633,424 | -$157,497,430 | -13.61% |
| MGM Resorts International (MGM) | Equity | +11.97% | 26,820,202 | 4.40% | $36.49 | $36.90 | $978,669,323 | $989,531,353 | +$10,862,030 | +1.11% |
| Microsoft Corp. (MSFT) | Equity | +16.24% | 60,801 | 0.13% | $483.64 | $370.17 | $29,405,634 | $22,506,706 | -$6,898,928 | -23.46% |
| Mid-America Apartment Communities Inc. (MAA) | Equity | -2.43% | 59,380 | 0.04% | $138.91 | $122.18 | $8,248,476 | $7,255,048 | -$993,428 | -12.04% |
| Netease Inc. (NTES) | Equity | -28.34% | 426,164 | 0.26% | $137.62 | $111.76 | $58,649,113 | $47,628,089 | -$11,021,024 | -18.79% |
| Netstreit Corp. (NTST) | Equity | -44.63% | 189,600 | 0.02% | $17.64 | $18.93 | $3,344,544 | $3,588,180 | +$243,636 | +7.28% |
| Noah Holdings Limited (NOAH) | Equity | 0% | 1,021,585 | 0.05% | $10.04 | $9.91 | $10,256,713 | $10,123,907 | -$132,806 | -1.29% |
| Nvidia Corp. (NVDA) | Equity | +23.66% | 111,038 | 0.09% | $186.51 | $174.21 | $20,709,251 | $19,343,930 | -$1,365,321 | -6.59% |
| Oracle Corp. (ORCL) | Equity | +18.44% | 79,416 | 0.07% | $194.92 | $146.96 | $15,479,547 | $11,670,578 | -$3,808,969 | -24.61% |
| Owens Corning (OC) | Equity | +15.15% | 2,046,583 | 1.03% | $111.91 | $108.15 | $229,034,800 | $221,337,951 | -$7,696,849 | -3.36% |
| Pinterest Inc. (PINS) | Equity | +49.54% | 11,801,983 | 1.37% | $25.89 | $18.37 | $305,553,581 | $216,802,428 | -$88,751,153 | -29.05% |
| The Pnc Financial Services Group Inc. (PNC) | Equity | +5.63% | 530,089 | 0.50% | $208.73 | $207.79 | $110,645,477 | $110,147,193 | -$498,284 | -0.45% |
| Prologis Inc. (PLD) | Equity | -9.10% | 180,126 | 0.10% | $127.66 | $132.21 | $22,994,885 | $23,814,458 | +$819,573 | +3.56% |
| Public Storage (PSA) | Equity | -2.44% | 43,520 | 0.05% | $259.50 | $270.77 | $11,293,440 | $11,783,693 | +$490,253 | +4.34% |
| Quest Diagnostics Inc. (DGX) | Equity | +16.76% | 1,589,883 | 1.24% | $173.53 | $196.05 | $275,895,498 | $311,696,562 | +$35,801,064 | +12.98% |
| Realty Inc.Ome Corp. (O) | Equity | -2.34% | 91,390 | 0.02% | $56.37 | $61.18 | $5,151,654 | $5,590,783 | +$439,129 | +8.52% |
| Regency Centers Corp. (REG) | Equity | -2.47% | 136,650 | 0.04% | $69.03 | $75.66 | $9,432,950 | $10,338,939 | +$905,989 | +9.60% |
| Renaissancere Holdings Ltd. (RNR) | Equity | +60.49% | 229,739 | 0.29% | $281.16 | $298.15 | $64,593,417 | $68,496,683 | +$3,903,266 | +6.04% |
| Restaurant Brands International Inc. (QSR) | Equity | +13.51% | 4,020,791 | 1.23% | $68.23 | $73.95 | $274,339,592 | $297,317,390 | +$22,977,798 | +8.38% |
| Rexford Industrial Realty Inc. (REXR) | Equity | -12.73% | 344,830 | 0.06% | $38.72 | $32.73 | $13,351,818 | $11,284,562 | -$2,067,256 | -15.48% |
| Rocket Companies Inc. (RKT) | Equity | +2.99% | 3,227,910 | 0.28% | $19.36 | $14.24 | $62,492,338 | $45,965,438 | -$16,526,900 | -26.45% |
| Sap Se (SAP) | Equity | +20.43% | 56,347 | 0.06% | $242.93 | $171.17 | $13,688,124 | $9,644,916 | -$4,043,208 | -29.54% |
| Sea Limited (SE) | Equity | -0.92% | 436,534 | 0.25% | $127.57 | $82.54 | $55,689,027 | $36,031,516 | -$19,657,511 | -35.30% |
| Simon Property Group Inc. (SPG) | Equity | -13.75% | 66,183 | 0.06% | $185.11 | $186.50 | $12,251,135 | $12,342,799 | +$91,664 | +0.75% |
| Solventum Corp. (SOLV) | Equity | +12.73% | 6,220,072 | 2.22% | $79.24 | $65.32 | $492,879,705 | $406,295,103 | -$86,584,602 | -17.57% |
| State Street Corp. (STT) | Equity | +38.53% | 143,773 | 0.08% | $129.01 | $126.86 | $18,548,155 | $18,239,043 | -$309,112 | -1.67% |
| Sun Communities Inc. (SUI) | Equity | -2.53% | 42,840 | 0.02% | $123.91 | $125.98 | $5,308,304 | $5,396,769 | +$88,465 | +1.67% |
| Sunstone Hotel Investors Inc. (SHO) | Equity | -2.45% | 1,279,610 | 0.05% | $8.94 | $9.01 | $11,439,713 | $11,529,286 | +$89,573 | +0.78% |
| Synopsys Inc. (SNPS) | Equity | 0% | 8,655 | 0.02% | $469.72 | $396.88 | $4,065,427 | $3,434,996 | -$630,431 | -15.51% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | 0% | 7,200 | 0.01% | $303.89 | $337.70 | $2,188,008 | $2,431,440 | +$243,432 | +11.13% |
| Teck Resources Limited (TECK) | Equity | +9.03% | 12,019,609 | 2.59% | $47.89 | $51.70 | $575,619,508 | $621,413,785 | +$45,794,277 | +7.96% |
| Terreno Realty Corp. (TRNO) | Equity | -2.46% | 117,937 | 0.03% | $58.71 | $61.44 | $6,924,081 | $7,246,049 | +$321,968 | +4.65% |
| Texas Instruments Inc. (TXN) | Equity | +23.12% | 2,853,227 | 2.22% | $173.49 | $193.96 | $495,008,831 | $553,411,909 | +$58,403,078 | +11.80% |
| Trip.Com Group Limited (TCOM) | Equity | +2.27% | 5,053,389 | 1.63% | $71.91 | $49.81 | $363,389,353 | $251,684,039 | -$111,705,314 | -30.74% |
| Truist Financial Corp. (TFC) | Equity | +22.77% | 192,053 | 0.04% | $49.21 | $45.92 | $9,450,928 | $8,818,113 | -$632,815 | -6.70% |
| Tyson Foods Inc. (TSN) | Equity | +28.76% | 12,827,540 | 3.38% | $58.62 | $64.00 | $751,950,994 | $820,898,422 | +$68,947,428 | +9.17% |
| U.S. Bancorp. (USB) | Equity | +13.43% | 22,041,759 | 5.29% | $53.36 | $52.09 | $1,176,148,497 | $1,148,045,018 | -$28,103,479 | -2.39% |
| UDR Inc. (UDR) | Equity | -39.16% | 113,280 | 0.02% | $36.68 | $33.79 | $4,155,110 | $3,827,731 | -$327,379 | -7.88% |
| UnitedHealth Group Inc. (UNH) | Equity | +11.77% | 1,273,400 | 1.89% | $330.12 | $270.78 | $420,368,751 | $344,811,252 | -$75,557,499 | -17.97% |
| Vale S.A. (VALE) | Equity | 0% | 2,931,198 | 0.17% | $13.03 | $15.90 | $38,193,510 | $46,606,048 | +$8,412,538 | +22.03% |
| Ventas Inc. (VTR) | Equity | -2.49% | 114,410 | 0.04% | $77.38 | $81.78 | $8,853,046 | $9,356,450 | +$503,404 | +5.69% |
| Viatris Inc. (VTRS) | Equity | +12.74% | 78,177,984 | 4.37% | $12.45 | $13.51 | $973,315,913 | $1,056,184,564 | +$82,868,651 | +8.51% |
| Vici Properties Inc. (VICI) | Equity | -2.42% | 216,240 | 0.03% | $28.12 | $27.33 | $6,080,669 | $5,909,839 | -$170,830 | -2.81% |
| Wells Fargo & Company (WFC) | Equity | +6.06% | 8,258,031 | 3.46% | $93.20 | $79.53 | $769,649,182 | $656,719,915 | -$112,929,267 | -14.67% |
| Wesco International Inc. (WCC) | Equity | +24.59% | 364,502 | 0.40% | $244.64 | $275.46 | $89,172,369 | $100,405,721 | +$11,233,352 | +12.60% |