"Tracking Christopher Davis’ Davis Selected Advisers 13F Portfolio – Q2 2023 Update"
"….….….This article is part of a series that provides an ongoing analysis of the changes made to Davis Selected Advisers’ 13F portfolio on a quarterly basis. It is based on their regulatory  filed on 8/9/2023. Please visit our  to get an idea of their investment philosophy and our  for the fund’s moves during Q1 2023.This quarter, Davis Selected Advisers’ 13F portfolio increased ~8% from $15.13B to $16.41B. The number of holdings increased from 101 to 102. The top three holdings are at ~28% while the top five holdings are close to ~41% of the 13F assets: Meta Platforms, Berkshire Hathaway, Wells Fargo, Capital One Financial, and Amazon.com.Note: Davis Selected Advisors manage several mutual funds and ETFs. The flagship mutual fund is Davis New York Venture Fund (NYVTX) with ~$6.1B in assets. Since its 1969 inception, the fund has generated significant alpha: 11.26% annualized over 54 years compared to 10.32% annualized for the S&P 500 index. Also, they advise the Clipper Fund (CFIMX) which was incepted in 1984.Stake Increases:Wells Fargo (WFC): WFC is a very long term stake that has been in the portfolio since their first 13F filing in Q1 1999. At the time, it was already a large stake at ~28M shares. Recent activity follows. Q3 2020 saw a ~45% stake increase at prices between ~$23.50 and ~$26.50. The last five quarters saw a ~24% trimming while this quarter saw a marginal increase. The stock currently trades at $43.67, and the stake is the third largest at ~8% of the portfolio.Capital One Financial (COF): The top-five 7.51% COF stake was a very small position first purchased in 2014. 2017 saw a substantial ~12M share stake built at prices between ~$78 and ~$100. The 2018-2020 period also saw incremental buying as the stake was increased to ~16.2M shares. The six quarters through Q3 2022 had seen a ~35% reduction at prices between ~$99 and ~$178. The stock currently trades at ~$111. There was a minor ~5% stake increase this quarter.Viatris Inc. (VTRS): The 3.83% VTRS stake was established in Q1 2021 at prices between ~$14 and ~$19. Next three quarters saw minor increases and that was followed with a ~25% increase in Q1 2022 at prices between ~$10 and ~$15.50. That was followed by a ~15% stake increase this quarter at prices between ~$9 and ~$10.30. The stock currently trades at $11.16.JP Morgan Chase (JPM): A ~43M share stake in JPM was first built in 2004 at an average price in the high-30s. The position size peaked at over 78M shares by 2008. Since then, the stake has wavered. Recent activity follows. The last nine quarters saw a ~42% selling at prices between ~$113 and ~$172. The stock currently trades at ~$154, and the stake is at 3.73% of the portfolio. There was a marginal increase this quarter.Bank of New York Mellon (BK): A huge 110M share stake was built in BK during the 2007-2011 time period at prices between ~$18 and ~$49. The position has since been reduced. The decade through 2020 saw the stake reduced to ~15M shares at prices between ~$21 and ~$58. The last several quarters also saw trimming. The stock currently trades at $45.89, and the stake is at 3.56% of the portfolio. This quarter saw a marginal increase.Owens Corning (OC): OC is a 3.32% of the portfolio position primarily built during Q2 2022 at prices between ~$74 and ~$98. Q4 2022 saw a ~7% further increase. That was followed with a ~16% stake increase this quarter at prices between ~$94 and ~$131. The stock is now at ~$141.Texas Instruments (TXN): A ~58M share stake in TXN was built in the 2007-08 period at prices between ~$14 and ~$38. The position has since been reduced. Recent activity follows. The last nine quarters saw a ~21% trimming at prices between ~$149 and ~$201. The stock currently trades at ~$168 and the stake is at ~3% of the portfolio. This quarter saw a marginal increase.Markel Corp (MKL): The 2.24% MKL position saw a ~20% stake increase during Q4 2022 at prices between ~$1084 and ~$1345. The stock currently trades at ~$1505. This quarter saw a ~8% stake increase.Coupang Inc. (CPNG), Darling Ingredients (DAR), and IAC/Interactive (IAC): These small (less than ~1.25% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Meta Platforms (META) previously Facebook: META is currently the largest 13F stake at ~10% of the portfolio. It was first purchased in 2015 at prices between ~$75 and ~$110. The position has wavered. Recent activity follows. There was a ~15% trimming in Q3 2021 at prices between ~$337 and ~$382 while in Q1 2022 there was a ~25% stake increase at prices between ~$187 and ~$339. That was followed with a stake doubling during H2 2022 at prices between ~$89 and ~$183. The stock currently trades at ~$306. The last two quarters saw a ~13% trimming.Berkshire Hathaway (BRK.A) (BRK.B): The Berkshire stake is the second largest 13F position at 8.71% of the portfolio. It has been in the portfolio since their first 13F filing in Q1 1999. Recent activity follows. The last five quarters saw a ~25% trimming at prices between ~$264 and ~$360. The stock is now at ~$357.Amazon.com Inc. (AMZN): The 6.54% of the portfolio position in AMZN was first purchased in 2006. A very large stake was built the next year at prices between ~$2 and ~$5. The position has since been reduced over the years. Recent activity follows. Q3 2021 saw a ~15% selling at prices between ~$160 and ~$187. The three quarters through Q2 2022 had also seen minor trimming. There was a ~47% stake increase during Q4 2022 at prices between ~$82 and ~$121. That was followed by a ~6% further increase last quarter. The stock currently trades at ~$139. This quarter saw marginal trimming.Applied Materials (AMAT): AMAT is a 6.12% long-term stake first purchased in 2011. The position remained very small until 2018 when a ~13M shares stake was built at prices between ~$30 and ~$62. Next year saw a ~15% stake increase at prices between ~$34 and ~$62. Since then, the position has seen selling. Q1 2021 saw a one-third reduction at prices between ~$85 and ~$140. The last nine quarters have also seen minor trimming. The stock is now at ~$145.Teck Resources (TECK): The 3.31% of the portfolio stake in TECK saw a ~30% increase in Q2 2022 at prices between ~$30.50 and ~$45.75. That was followed with a ~17% increase next quarter at prices between ~$26 and ~$37. The stock currently trades at $40.60. The last three quarters saw only minor adjustments.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 3.17% of the portfolio position first purchased in 2016 at prices between ~$38 and ~$40. The stake has seen periodic selling since. Recent activity follows. The two years through 2022 saw a ~50% selling at prices between ~$87 and ~$150. That was followed by a  similar reduction this quarter at prices between ~$104 and ~$128. The stock currently trades at ~$130.US Bancorp (USB): USB position is a 3.10% of the portfolio stake. A very small position was first purchased in 2010. A substantial ~9.2M stake was built in 2018 at prices between ~$45 and ~$58. Next year saw a ~10% trimming but 2020 saw a stake doubling at prices between ~$31 and ~$59. The stock currently trades at $39.49. The last two years have seen a ~18% trimming.Cigna Corp (CI): The 2.94% of the portfolio CI stake was built in 2020 at prices between ~$142 and ~$220. Next quarter saw a ~50% stake increase at prices between ~$203 and ~$244. That was followed with a ~185% increase in Q3 2021 at prices between ~$218 and ~$246. There was a ~40% stake reduction during Q4 2022 at prices between ~$278 and ~$339. The stock currently trades at ~$289. The last two quarters also saw minor trimming.Intel Corporation (INTC): INTC is a 2.30% of the portfolio stake built in 2019 at prices between ~$44 and ~$60. Next year saw a ~50% stake increase at prices between ~$44 and ~$69. 2021 had also seen a one-third increase at prices between ~$49 and ~$68. The stock currently trades well below the low end of their purchase price ranges at $34.68. There was a one-third reduction during H2 2022 at prices between ~$25 and ~$41. They realized losses. The last two quarters saw only minor adjustments.JD.com (JD): The JD stake was a very small position first purchased in 2014. The position remained small until 2018 when there was a substantial increase from ~2.5M shares to ~7.2M shares at prices between ~$19 and ~$51. Since then, the position has wavered. Recent activity follows. Q3 2021 saw a ~250% stake increase at prices between ~$62 and ~$83 while in the following quarter there was a ~35% selling at prices between ~$66 and ~$92. Q1 2022 saw a ~18% stake increase at prices between ~$43 and ~$78. Q4 2022 saw the stake reduced by ~47% at prices between ~$37 and ~$60 while the last quarter saw a ~10% increase. The stock currently trades at $38.49. This quarter saw marginal trimming.American Express (AXP), Bank of America (BAC), Bank of N.T. Butterfield & Son (NTB), Chubb Ltd. (CB), Hollysys Automation (HOLI), Loews Corp (L), Microsoft Corp (MSFT), and Quest Diagnostics (DGX): These small (less than ~2% of the portfolio each) stakes were decreased this quarter.Note: They have a ~8.9% ownership stake in HOLI and a ~6.4% ownership stake in NTB.The spreadsheet below highlights changes to Davis Selected Advisers’ 13F holdings in Q2 2023:Source: John Vincent. Data constructed from Davis Selected Advisers’ 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 2/12/2023 to 5/9/2023: None."