"Tracking Christopher Davis’ Davis Selected Advisers 13F Portfolio – Q1 2023 Update"
"Davis Selected Advisers 13F portfolio value increased from $14.71B to $15.13B this quarter.They increased Amazon and JD.com while reducing Quest Diagnostics.The top three positions are Meta Platforms, Berkshire Hathaway, and Wells Fargo, and they add up to ~25% of the portfolio.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 5/8/2023. Please visit our  to get an idea of their investment philosophy and our  for the fund’s moves during Q4 2022.This quarter, Davis Selected Advisers’ 13F portfolio increased ~3% from $14.71B to $15.13B. The number of holdings decreased from 109 to 101. The top three holdings are at ~25% while the top five holdings are close to ~38% of the 13F assets: Meta Platforms, Berkshire Hathaway, Wells Fargo, Capital One Financial, and Alphabet.Note: Davis Selected Advisors manage several mutual funds and ETFs. The flagship mutual fund is Davis New York Venture Fund (NYVTX) with ~$6B in assets. Since its 1969 inception, the fund has generated significant alpha: 11.10% annualized over 54 years compared to ~10.20% annualized for the S&P 500 index. Also, they advise the Clipper Fund (CFIMX) which was incepted in 1984.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five ~6% 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. The stock currently trades at ~$108. There was a marginal increase this quarter.Amazon.com Inc. (AMZN): The 5.64% 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 substantially 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 last quarter at prices between ~$82 and ~$121. That was followed with a ~6% further increase this quarter. The stock currently trades at ~$107.Viatris Inc. (VTRS): The 3.50% 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. The stock currently trades at $9.74. There was minor trimming in the last three quarters while this quarter saw a marginal increase.Teck Resources (TECK): The 3.14% 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 $45.71. This quarter saw a marginal increase.Intel Corporation (INTC): INTC is a 2.45% 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 $30.10. There was a one-third reduction over the last two quarters at prices between ~$25 and ~$41. They realized losses. This quarter saw a marginal increase.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. Last quarter saw the stake reduced by ~47% at prices between ~$37 and ~$60 while this quarter saw a ~10% increase. The stock currently trades at $35.62.Coupang Inc. (CPNG), Hollysys Automation (HOLI), and IAC/Interactive (IAC): These small (less than ~1% of the portfolio each) stakes were increased during the quarter.Note: They have a ~9% ownership stake in HOLIStake Decreases:Meta Platforms (META) previously Facebook: META is currently the largest 13F stake at 8.78% 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 over the last two quarters at prices between ~$89 and ~$183. The stock currently trades at ~$233. This quarter saw a minor ~4% trimming.Berkshire Hathaway (BRK.A) (BRK.B): The Berkshire stake is the second largest 13F position at 8.62% 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 ~24% trimming at prices between ~$264 and ~$360. The stock is now at ~$325.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 very large stake at ~28M shares. Recent activity follows. Q3 2020 saw a ~45% stake increase at prices between ~$23.50 and ~$26.50. Since then, the activity had been minor. The last five quarters have seen a ~24% trimming. The stock currently trades at $38.54, and the stake is the third largest at 7.50% of the portfolio.Capital One Financial (COF): The top-five 6.84% 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 timeframe 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 ~$89. The last two quarters have seen only minor adjustments.Applied Materials (AMAT): AMAT is a 5.80% 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 two years have also seen minor trimming. The stock is now at ~$114.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 have also seen minor trimming. The stock currently trades at $41.54, and the stake is at 3.91% of the portfolio.US Bancorp (USB): USB position is a 3.70% 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 $29.91. The last seven quarters have seen a ~17% trimming.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 have seen a ~42% selling at prices between ~$113 and ~$172. The stock currently trades at ~$136, and the stake is at 3.61% of the portfolio.Texas Instruments (TXN): A ~58M share stake in TXN was built in the 2007-08 timeframe at prices between ~$14 and ~$38. The position has since been reduced. Recent activity follows. The last nine quarters have seen a ~21% trimming at prices between ~$149 and ~$201. The stock currently trades at ~$163 and the stake is at 3.42% of the portfolio.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 last quarter at prices between ~$278 and ~$339.  The stock currently trades at ~$263. This quarter also saw a ~6% trimming.Owens Corning (OC): OC is a 2.28% of the portfolio position primarily built during Q2 2022 at prices between ~$74 and ~$98 and it is now at ~$106. Last quarter saw a ~7% further increase while this quarter saw marginal trimming.Markel Corp (MKL): The ~2% MKL position saw a ~20% stake increase last quarter at prices between ~$1084 and ~$1345. The stock currently trades at ~$1369. This quarter saw a minor ~2% trimming.American Express (AXP), Bank of America (BAC), Bank of N.T. Butterfield & Son (NTB), Chubb Ltd. (CB), Darling Ingredients (DAR), 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 ~6.5% ownership stake in NTB.The spreadsheet below highlights changes to Davis Selected Advisers’ 13F holdings in Q1 2023:Source: John Vincent. Data constructed from Davis Selected Advisers’ 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/10/2022 to 2/112023: 13G/As – 2/10 – VRM – zero, NTB – Bank of N.T. Butterfield – 3.27M shares – 6.6% of business, HOLI – Hollsys – 5.49M shares – 8.9% of business, CIH – China Index Holdings - zero."