Davis Selected Advisers

In Q2 2026, Davis Selected Advisers held 107 US-listed stocks worth $23bn. Its biggest move was selling all of its Coterra Energy (6.0% the quarter before), followed by buying Devon Energy (now 4.5% of the portfolio). It started 2 new positions and sold out of 2. Its largest holding is Capital One Financial at 7.1%.

Source: SEC Form 13F for Q2 2026, filed 11 Aug 2026, and the funds’ Form N-PORT filings. How we use them

Latest 13F

Q2 2026

Filed 11 Aug 2026

Fund assets

$1.2bn

2 US-registered funds

Q3 2026 13F due

26 days

Expected Mon 9 Nov

What changed in Q2 2026

New positions

Devon Energy4.5% of the portfolio
SBA Communicationsunder 0.1% of the portfolio

Added to

Amazon.com+25% shares, now 4.4%
UnitedHealth Group+2.2% shares, now 2.3%
JBS N.V.+91% shares, now 2.5%
Sea+8.8% shares, now 0.8%
NetEase+45% shares, now 0.3%

Trimmed

Applied Materials-91% shares, now 0.3%
Tyson Foods-3.3% shares, now 3.1%
Meta Platforms-4.1% shares, now 4.0%
Teck Resources-21% shares, now 2.1%
Restaurant Brands International-22% shares, now 0.9%

Sold out

Coterra Energywas 6.0%
Crown Castlewas under 0.1%

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

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36% of the $1.2bn of shares held in Davis Selected Advisers’s 2 US-registered funds, by value, are not in its 13F. Those holdings are marked with a gold dot below.

US holdings from the 13F

Q2 2026, filed 11 Aug 2026 (filing): 2 new, 18 added to, 85 trimmed, 2 sold out. Select a row to see it over time. How this works

Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

Capital One FinancialCOF	$1.7bn	8,270,946	7.1%$1.7bn	Trimmed -3.1%	7.2%
US BancorpUSB	$1.3bn	21,453,510	5.6%$1.3bn	Trimmed -3.5%	5.3%
AlphabetGOOG	$1.2bn	3,501,434	5.4%$1.2bn	Trimmed -7.2%	5.0%
CVS HealthCVS	$1.2bn	11,865,916	5.3%$1.2bn	Trimmed -3.1%	4.0%
ViatrisVTRS	$1.2bn	75,232,254	5.1%$1.2bn	Trimmed -3.8%	4.8%
MGM Resorts InternationalMGM	$1.1bn	23,903,317	4.9%$1.1bn	Trimmed -1.6%	4.1%
Devon EnergyDVN	$1.0bn	25,297,991	4.5%$1.0bn	New	–
Berkshire HathawayBRK.B	$1.0bn	739,301	4.4%$1.0bn	Trimmed -1.5%	4.7%
Amazon.comAMZN	$1.0bn	4,276,176	4.4%$1.0bn	Added +25%	3.3%
Meta PlatformsMETA	$929m	1,648,172	4.0%$929m	Trimmed -4.1%	4.5%
Markel GroupMKL	$794m	406,759	3.4%$794m	Added +6.1%	3.4%
Texas InstrumentsTXN	$727m	2,437,486	3.1%$727m	Trimmed -14%	2.5%
Tyson FoodsTSN	$724m	12,653,717	3.1%$724m	Trimmed -3.3%	3.9%
Wells Fargo & CompanyWFC	$662m	8,008,728	2.8%$662m	Trimmed -2.2%	3.0%
Cigna GroupCI	$621m	2,253,424	2.7%$621m	Added +0.9%	2.7%
JBS N.V.JBS	$593m	50,016,236	2.5%$593m	Added +91%	2.2%
UnitedHealth GroupUNH	$530m	1,274,650	2.3%$530m	Added +2.2%	1.6%
Davis Select Financial ETFDFNL	$497m	11,382,744	2.1%$497m	Unchanged	2.1%
Teck ResourcesTECK	$497m	8,363,497	2.1%$497m	Trimmed -21%	2.5%
SolventumSOLV	$487m	6,307,729	2.1%$487m	Trimmed -0.4%	1.9%
LyondellBasell IndustriesLYB	$458m	8,698,852	2.0%$458m	Added +55%	2.1%
ChubbCB	$391m	1,148,090	1.7%$391m	Trimmed -4.0%	1.8%
Trip Com GroupTCOM	$349m	8,761,371	1.5%$349m	Added +34%	1.5%
Owens CorningOC	$331m	2,081,213	1.4%$331m	Trimmed -0.9%	1.0%
Quest DiagnosticsDGX	$330m	1,555,612	1.4%$330m	Trimmed -3.8%	1.5%
PinterestPINS	$264m	12,574,721	1.1%$264m	Added +1.4%	1.0%
AGCOAGCO	$246m	2,058,488	1.1%$246m	Trimmed -1.3%	1.1%
Full Truck AllianceYMM	$224m	27,639,082	1.0%$224m	Trimmed -3.9%	1.1%
Restaurant Brands InternationalQSR	$203m	2,800,345	0.9%$203m	Trimmed -22%	1.2%
ConocoPhillipsCOP	$195m	1,877,583	0.8%$195m	Added +0.1%	1.1%
SeaSE	$193m	2,011,812	0.8%$193m	Added +8.8%	0.7%
ApplovinAPP	$163m	315,539	0.7%$163m	Trimmed -6.0%	0.6%
JPMorgan ChaseJPM	$156m	476,389	0.7%$156m	Trimmed -14%	0.8%
Fifth Third BancorpFITB	$151m	2,684,183	0.7%$151m	Trimmed -4.6%	0.6%
WESCO InternationalWCC	$126m	363,915	0.5%$126m	Trimmed -4.5%	0.5%
PNC Financial Services GroupPNC	$122m	496,066	0.5%$122m	Trimmed -8.5%	0.5%
IACPPLI	$111m	2,394,024	0.5%$111m	Trimmed -0.8%	0.4%
NetEaseNTES	$78.5m	612,955	0.3%$78.5m	Added +45%	0.2%
Renaissancere HoldingsRNR	$74.3m	234,528	0.3%$74.3m	Trimmed -8.8%	0.3%
Applied MaterialsAMAT	$74.1m	102,521	0.3%$74.1m	Trimmed -91%	1.9%
American ExpressAXP	$71.0m	209,821	0.3%$71.0m	Trimmed -10%	0.3%
Rocket CompaniesRKT	$70.3m	4,463,148	0.3%$70.3m	Trimmed -7.5%	0.3%
LoewsL	$61.7m	545,211	0.3%$61.7m	Trimmed -11%	0.3%
Bank of N.T. Butterfield & SonNTB	$60.2m	1,012,140	0.3%$60.2m	Trimmed -5.7%	0.3%
Bank of AmericaBAC	$56.6m	992,776	0.2%$56.6m	Trimmed -14%	0.3%
BNYBK	$53.0m	366,448	0.2%$53.0m	Trimmed -30%	0.3%
Chime FinancialCHYM	$47.8m	2,331,776	0.2%$47.8m	Trimmed -8.2%	0.2%
Everest GroupEG	$45.2m	126,423	0.2%$45.2m	Trimmed -10%	0.2%
Vale SAVALE	$44.1m	2,929,850	0.2%$44.1m	Trimmed 0.0%	0.2%
MicrosoftMSFT	$34.7m	92,973	0.1%$34.7m	Added +19%	0.1%
NVIDIANVDA	$31.0m	154,727	0.1%$31.0m	Added +36%	0.1%
KE HoldingsBEKE	$26.9m	1,850,782	0.1%$26.9m	Trimmed -0.1%	0.1%
Charles SchwabSCHW	$26.7m	289,871	0.1%$26.7m	Trimmed -6.8%	0.1%
FiservFISV	$26.5m	539,839	0.1%$26.5m	Trimmed -8.3%	0.1%
State StreetSTT	$25.1m	147,966	0.1%$25.1m	Trimmed -2.8%	0.1%
PrologisPLD	$24.2m	178,556	0.1%$24.2m	Trimmed -2.2%	0.1%
Johnson Controls InternationalJCI	$20.7m	141,422	0.1%$20.7m	Trimmed -27%	0.1%
EquinixEQIX	$20.1m	19,313	0.1%$20.1m	Trimmed -9.0%	0.1%
Cousins PropertiesCUZ	$17.2m	573,605	0.1%$17.2m	Trimmed -2.2%	0.1%
BXPBXP	$15.4m	232,050	0.1%$15.4m	Trimmed -2.2%	0.1%
Brixmor Property GroupBRX	$15.0m	477,150	0.1%$15.0m	Trimmed -15%	0.1%
AdobeADBE	$13.9m	67,894	0.1%$13.9m	Added +50%	0.1%
M&T BankMTB	$13.8m	58,072	0.1%$13.8m	Trimmed -3.7%	0.1%
Healthpeak PropertiesDOC	$13.5m	631,026	0.1%$13.5m	Trimmed -2.2%	0.1%
Digital Realty TrustDLR	$13.2m	73,280	0.1%$13.2m	Trimmed -7.1%	0.1%
Public StoragePSA	$12.0m	37,740	0.1%$12.0m	Trimmed -8.5%	0.1%
Avalonbay CmntysAVBC	$11.3m	59,890	0.1%$11.3m	Trimmed -25%	0.1%
SynopsysSNPS	$11.1m	24,962	0.1%$11.1m	Trimmed -3.7%	0.1%
Simon Property GroupSPG	$11.0m	49,318	0.1%$11.0m	Trimmed -2.3%	0.0%
OracleORCL	$11.0m	74,923	0.1%$11.0m	Trimmed -6.8%	0.1%
American Homes 4 RentAMH	$10.9m	325,590	0.1%$10.9m	Added +18%	0.0%
COPT Defense PropertiesCDP	$10.7m	292,700	0.1%$10.7m	Trimmed -2.2%	0.0%
Truist FinancialTFC	$10.4m	208,391	0.0%$10.4m	Trimmed -7.3%	0.1%
Eastgroup PropertiesEGP	$10.4m	51,230	0.0%$10.4m	Trimmed -2.2%	0.0%
American TowerAMT	$10.3m	63,250	0.0%$10.3m	Trimmed -2.1%	0.1%
Sunstone Hotel InvestorsSHO	$10.0m	870,120	0.0%$10.0m	Trimmed -2.2%	0.0%
VentasVTR	$9.9m	111,420	0.0%$9.9m	Trimmed -2.2%	0.0%
Camden Property TrustCPT	$9.9m	86,120	0.0%$9.9m	Trimmed -2.1%	0.0%
Noah HoldingsNOAH	$9.6m	964,486	0.0%$9.6m	Trimmed -5.6%	0.1%
Darling IngredientsDAR	$9.3m	170,846	0.0%$9.3m	Trimmed -9.1%	0.1%
SAPSAP	$9.3m	60,529	0.0%$9.3m	Trimmed -81%	0.3%
Regency CentersREG	$9.3m	116,340	0.0%$9.3m	Trimmed -16%	0.1%
Essex Property TrustESS	$8.3m	28,501	0.0%$8.3m	Added +70%	0.0%
JD.comJD	$7.2m	283,280	0.0%$7.2m	Trimmed 0.0%	0.0%
Terreno RealtyTRNO	$7.2m	111,037	0.0%$7.2m	Trimmed -2.2%	0.0%
SBA CommunicationsSBAC	$7.2m	40,700	0.0%$7.2m	New	–
Rexford Industrial RealtyREXR	$6.4m	191,960	0.0%$6.4m	Trimmed -8.4%	0.0%
Equity ResidentialVMRK	$6.2m	91,855	0.0%$6.2m	Trimmed -13%	0.0%
Community Healthcare TrustCHCT	$5.9m	322,890	0.0%$5.9m	Trimmed -2.2%	0.0%
Realty IncomeO	$5.7m	92,720	0.0%$5.7m	Trimmed -2.3%	0.0%
Vici PropertiesVICI	$5.7m	215,360	0.0%$5.7m	Trimmed -2.2%	0.0%
Angi HomeservicesANGI	$5.5m	932,653	0.0%$5.5m	Trimmed -1.7%	0.0%
Sun CommunitiesSUI	$5.1m	42,480	0.0%$5.1m	Trimmed -2.2%	0.0%
Hudson Pacific PropertiesHPP	$4.8m	315,236	0.0%$4.8m	Trimmed -2.2%	0.0%
Alexandria Real Estate EquitiesARE	$4.3m	80,467	0.0%$4.3m	Trimmed -55%	0.0%
FermiFRMI	$4.1m	451,400	0.0%$4.1m	Added +48%	0.0%
Extra Space StorageEXR	$4.0m	27,535	0.0%$4.0m	Trimmed -2.1%	0.0%
Jones Lang LaSalleJLL	$3.8m	12,295	0.0%$3.8m	Trimmed -0.8%	0.0%
CubeSmartCUBE	$3.6m	90,280	0.0%$3.6m	Trimmed -2.2%	0.0%
Douglas EmmettDEI	$3.6m	301,580	0.0%$3.6m	Trimmed -2.2%	0.0%
CBRE GroupCBRE	$3.4m	25,390	0.0%$3.4m	Trimmed -0.9%	0.0%
Mid-America Apartment CommunitiesMAA	$3.0m	21,900	0.0%$3.0m	Trimmed -54%	0.0%
Taiwan Semiconductor ManufacturingTSM	$1.9m	3,980	0.0%$1.9m	Trimmed -45%	0.0%
Lam ResearchLRCX	$1.2m	2,780	0.0%$1.2m	Unchanged	0.0%
Janus LivingJAN	$1.0m	35,000	0.0%$1.0m	Added +250%	0.0%
Ishares TrEFA	$747k	3,288	0.0%$747k	Trimmed -72%	0.0%
Crown HoldingsCCK	$612k	5,470	0.0%$612k	Trimmed -36%	0.0%
Coterra EnergyCTRA	–	–	–	Sold out	6.0%
Crown CastleCCI	–	–	–	Sold out	0.0%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

BRK.BCOFGOOGWFCAMZNMETAEverything else

2013: Berkshire Hathaway 4.9%, Capital One Financial 0.0%, Alphabet 7.2%, Wells Fargo & Company 6.4%, Amazon.com 0.0%, Meta Platforms 0.0%; 2014: Berkshire Hathaway 5.5%, Capital One Financial 0.0%, Alphabet 6.4%, Wells Fargo & Company 7.3%, Amazon.com 4.7%, Meta Platforms 0.0%; 2015: Berkshire Hathaway 4.4%, Capital One Financial 0.0%, Alphabet 7.5%, Wells Fargo & Company 5.8%, Amazon.com 7.9%, Meta Platforms 0.0%; 2016: Berkshire Hathaway 5.9%, Capital One Financial 0.0%, Alphabet 7.2%, Wells Fargo & Company 6.4%, Amazon.com 6.3%, Meta Platforms 0.0%; 2017: Berkshire Hathaway 6.7%, Capital One Financial 5.0%, Alphabet 8.3%, Wells Fargo & Company 6.8%, Amazon.com 7.4%, Meta Platforms 0.0%; 2018: Berkshire Hathaway 8.0%, Capital One Financial 5.6%, Alphabet 8.8%, Wells Fargo & Company 6.9%, Amazon.com 5.9%, Meta Platforms 3.9%; 2019: Berkshire Hathaway 6.8%, Capital One Financial 6.5%, Alphabet 8.4%, Wells Fargo & Company 6.8%, Amazon.com 5.4%, Meta Platforms 4.2%; 2020: Berkshire Hathaway 6.0%, Capital One Financial 7.7%, Alphabet 8.2%, Wells Fargo & Company 5.9%, Amazon.com 5.3%, Meta Platforms 4.3%; 2021: Berkshire Hathaway 7.2%, Capital One Financial 7.9%, Alphabet 7.3%, Wells Fargo & Company 8.5%, Amazon.com 4.3%, Meta Platforms 4.2%; 2022: Berkshire Hathaway 9.2%, Capital One Financial 6.9%, Alphabet 5.3%, Wells Fargo & Company 8.7%, Amazon.com 4.4%, Meta Platforms 5.3%; 2023: Berkshire Hathaway 8.0%, Capital One Financial 8.1%, Alphabet 3.3%, Wells Fargo & Company 8.2%, Amazon.com 6.0%, Meta Platforms 7.9%; Q3 ’24: Berkshire Hathaway 8.2%, Capital One Financial 8.1%, Alphabet 3.5%, Wells Fargo & Company 4.5%, Amazon.com 4.3%, Meta Platforms 8.7%; Q4 ’24: Berkshire Hathaway 8.2%, Capital One Financial 9.6%, Alphabet 4.0%, Wells Fargo & Company 3.5%, Amazon.com 4.8%, Meta Platforms 8.5%; Q1 ’25: Berkshire Hathaway 9.3%, Capital One Financial 9.3%, Alphabet 3.3%, Wells Fargo & Company 3.5%, Amazon.com 3.9%, Meta Platforms 7.3%; Q2 ’25: Berkshire Hathaway 5.6%, Capital One Financial 10.2%, Alphabet 3.3%, Wells Fargo & Company 3.5%, Amazon.com 3.8%, Meta Platforms 8.3%; Q3 ’25: Berkshire Hathaway 5.3%, Capital One Financial 9.3%, Alphabet 4.3%, Wells Fargo & Company 3.4%, Amazon.com 3.6%, Meta Platforms 6.6%; Q4 ’25: Berkshire Hathaway 4.9%, Capital One Financial 9.4%, Alphabet 5.4%, Wells Fargo & Company 0.0%, Amazon.com 3.6%, Meta Platforms 5.2%; Q1 ’26: Berkshire Hathaway 4.7%, Capital One Financial 7.2%, Alphabet 5.0%, Wells Fargo & Company 0.0%, Amazon.com 3.3%, Meta Platforms 4.5%; Q2 ’26: Berkshire Hathaway 4.4%, Capital One Financial 7.1%, Alphabet 5.4%, Wells Fargo & Company 0.0%, Amazon.com 4.4%, Meta Platforms 4.0%

Q2 2026

Q4 2013Q2 2026

Davis Global Fund

1 year+18.4%

3 yearsa year+17.4%

5 yearsa year+9.4%

10 yearsa year+10.6%

Yearly costs0.72%

Total returns after fees for the DGFYX, Class Y share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 31 Jul 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 30 Apr 2026. Costs are the expense ratio in the half-year report to 30 Apr 2026, about $78 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 31 Jul 2026, from the fund’s N-PORT filing. Net assets $928m. Cash, bonds and other assets make up 0.7%. Changes are against 30 Apr 2026: 1 new, 9 added to, 7 trimmed, 2 sold out. The 13F is at 30 Jun 2026, so a gold dot can also mean the fund bought the shares after that date.

Davis Global Fund holdings with change from the previous filing

Full Truck Alliance SpnYMM	United States	6.2%	Unchanged	5.8%
Trip.com GroupTCOM	United States	5.8%	Added +38%	4.9%
SeaSE	United States	4.7%	Added +16%	3.3%
Devon EnergyDVN	United States	4.7%	New	–
ViatrisVTRS	United States	4.5%	Trimmed -19%	4.8%
JBS Nv AJBS	Netherlands	4.5%	Added +58%	3.3%
Julius Baer GroupBAER Zurich	Switzerland	4.2%	Unchanged	4.0%
MGM Resorts InternationalMGM	United States	4.2%	Unchanged	3.7%
CVS HealthCVS	United States	4.0%	Trimmed -7.6%	3.6%
ProsusPRX Amsterdam	Netherlands	3.9%	Unchanged	4.2%
Samsung Electronics005930 Seoul	South Korea	3.5%	Trimmed -41%	5.2%
Capital One FinancialCOF	United States	3.0%	Unchanged	2.8%
ApplovinAPP	United States	3.0%	Unchanged	3.4%
Amazon.comAMZN	United States	3.0%	Added +123%	1.3%
Tyson FoodsTSN	United States	2.9%	Unchanged	3.3%
Didi Global92S	United States	2.9%	Unchanged	3.0%
SolventumSOLV	United States	2.6%	Unchanged	2.1%
Meta PlatformsMETA	United States	2.6%	Trimmed -0.5%	3.0%
Meituan3690 Hong Kong	Hong Kong	2.5%	Unchanged	2.4%
Sany Heavy Industry Co Ltd H6031 Hong Kong	China	2.5%	Added +29%	2.0%
SAPSAP Xetra	Germany	2.3%	Added +17%	1.8%
LyondellBasell IndustriesLYB	United Kingdom	2.0%	Added +25%	2.0%
AlphabetGOOG	United States	2.0%	Trimmed -35%	3.3%
Ping An Insurance Group Co H2318 Hong Kong	China	1.8%	Trimmed -61%	5.2%
Markel GroupMKL	United States	1.8%	Unchanged	1.7%
UnitedHealth GroupUNH	United States	1.7%	Unchanged	1.6%
AIA Group1299 Hong Kong	Hong Kong	1.7%	Unchanged	1.9%
NetEaseNTES	United States	1.7%	Added +52%	1.0%
AumovioAMV0 Xetra	Germany	1.6%	Unchanged	1.6%
Itochu8001 Tokyo	Japan	1.5%	Added +57%	0.9%
Silergy6415 Taipei	Taiwan	1.4%	Unchanged	1.6%
Cigna GroupCI	United States	1.4%	Unchanged	1.5%
EntainENT London	United Kingdom	1.4%	Unchanged	1.4%
PinterestPINS	United States	0.9%	Unchanged	0.8%
Berkshire HathawayBRK.B	United States	0.5%	Trimmed -21%	0.6%
Asac II Lp Unit Sealed	United States	0.0%	Unchanged	0.0%
		–	Sold out	5.5%
		–	Sold out	0.5%

Davis International Fund

1 year+17.1%

3 yearsa year+16.3%

5 yearsa year+8.1%

10 yearsa year+6.9%

Yearly costs0.72%

Total returns after fees for the DILYX, Class Y share class (the cheapest one with a full record). 1, 3 and 5-year figures run to 31 Jul 2026, built from the monthly returns the fund reports in its N-PORT filings and checked against its shareholder reports. The 10-year figure is from the shareholder report to 30 Apr 2026. Costs are the expense ratio in the half-year report to 30 Apr 2026, about $78 a year on $10,000. Past returns don’t predict future ones.

Full portfolio at 31 Jul 2026, from the fund’s N-PORT filing. Net assets $272m. Cash, bonds and other assets make up 4.8%. Changes are against 30 Apr 2026: 0 new, 8 added to, 8 trimmed, 0 sold out. The 13F is at 30 Jun 2026, so a gold dot can also mean the fund bought the shares after that date.

Davis International Fund holdings with change from the previous filing

JBS Nv AJBS	Netherlands	6.2%	Added +62%	4.6%
Julius Baer GroupBAER Zurich	Switzerland	5.9%	Unchanged	5.7%
SeaSE	United States	5.8%	Added +12%	4.3%
Trip.com GroupTCOM	United States	5.7%	Added +45%	4.7%
AIA Group1299 Hong Kong	Hong Kong	4.8%	Unchanged	5.5%
Samsung Electronics005930 Seoul	South Korea	4.8%	Trimmed -43%	7.6%
ProsusPRX Amsterdam	Netherlands	4.7%	Unchanged	5.1%
Full Truck Alliance SpnYMM	United States	4.6%	Unchanged	4.4%
Ping An Insurance Group Co H2318 Hong Kong	China	4.3%	Trimmed -25%	6.5%
Itochu8001 Tokyo	Japan	4.2%	Added +14%	3.8%
Didi Global92S	United States	3.7%	Added +16%	3.5%
SAPSAP Xetra	Germany	3.7%	Added +57%	2.3%
Meituan3690 Hong Kong	Hong Kong	3.6%	Unchanged	3.4%
Sany Heavy Industry Co Ltd H6031 Hong Kong	China	3.2%	Added +46%	2.4%
Danske BankDANSKE Copenhagen	Denmark	3.0%	Trimmed -16%	3.3%
Ke HoldingsBEKE	United States	2.7%	Unchanged	2.8%
EntainENT London	United Kingdom	2.7%	Unchanged	2.8%
AumovioAMV0 Xetra	Germany	2.6%	Unchanged	2.6%
Naspers Ltd N ShsNPN Johannesburg	South Africa	2.6%	Unchanged	2.8%
NetEaseNTES	United States	2.4%	Added +31%	1.7%
Teck ResourcesTECK.B Toronto	Canada	2.2%	Trimmed -17%	2.7%
Silergy6415 Taipei	Taiwan	2.1%	Unchanged	2.4%
ValeVALE	Brazil	1.9%	Unchanged	2.2%
Restaurant Brands InternQSR Toronto	Canada	1.8%	Unchanged	2.0%
Bank of N.t. Butterfield+SonNTB	United States	1.6%	Unchanged	1.6%
Tokyo Electron8035 Tokyo	Japan	1.2%	Trimmed -63%	3.1%
Metro Bank HoldingsMTRO London	United Kingdom	0.9%	Trimmed -57%	1.9%
JD.comJD	United States	0.8%	Unchanged	0.8%
Noah Holdings Ltd SponNOAH	United States	0.6%	Trimmed -31%	1.2%
Delivery HeroDHER Xetra	Germany	0.2%	Trimmed -90%	1.1%

Look-through earnings

Davis Selected Advisers’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

$1.0bn

Last 12 months, holdings with SEC financials

Price paid for those earnings

18.6×

Value of those holdings ÷ their earnings

Earnings per share growth

+13.1%

Same holdings, against a year earlier

Portfolio covered

83%

Of the 13F value

$617m2017

$441m2018

$791m2019

$588m2020

$1.4bn2021

$961m2022

$958m2023

$682m2024

$512m2025

$634m2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

Devon EnergyDVN	2.7%	$3.3bn	$88.3m	$51.4m	-22.0%
Capital One FinancialCOF	1.3%	$11bn	$140m	$40.2m	–
Markel GroupMKL	3.2%	$2.3bn	$73.8m	$37.8m	+3.4%
AlphabetGOOG	0.03%	$244bn	$69.5m	$31.9m	+109.4%
US BancorpUSB	1.4%	$8.2bn	$113m	$30.0m	+18.7%
CVS HealthCVS	0.9%	$4.9bn	$45.1m	$27.5m	+6.5%
MGM Resorts InternationalMGM	9.3%	$426m	$39.5m	$27.1m	-15.6%
Amazon.comAMZN	0.04%	$135bn	$53.1m	$24.6m	+89.8%
Wells Fargo & CompanyWFC	0.3%	$23bn	$58.9m	$16.7m	+16.7%
IACPPLI	3.1%	$336m	$10.6m	$16.0m	–
Cigna GroupCI	0.8%	$6.4bn	$54.8m	$14.2m	+29.9%
Meta PlatformsMETA	0.06%	$68bn	$43.7m	$10.2m	-4.6%
ChubbCB	0.3%	$11bn	$32.8m	$8.4m	+25.5%
UnitedHealth GroupUNH	0.1%	$14bn	$19.9m	$7.7m	-33.4%
Tyson FoodsTSN	3.6%	$574m	$20.5m	$6.5m	-26.4%
ConocoPhillipsCOP	0.1%	$9.3bn	$14.4m	$6.1m	+4.8%
Owens CorningOC	2.6%	−$671m	−$17.3m	$5.8m	-313.8%
Texas InstrumentsTXN	0.3%	$6.1bn	$16.0m	$5.2m	+19.0%
Quest DiagnosticsDGX	1.4%	$1.1bn	$14.8m	$4.4m	+12.8%
Renaissancere HoldingsRNR	0.6%	$2.6bn	$14.9m	$3.7m	+50.0%
JPMorgan ChaseJPM	0.02%	$65bn	$11.5m	$3.7m	+19.2%
SolventumSOLV	3.6%	$1.4bn	$52.2m	$3.3m	+281.5%
Restaurant Brands InternationalQSR	0.6%	$1.6bn	$9.6m	$3.1m	+21.7%
PNC Financial Services GroupPNC	0.1%	$7.3bn	$8.9m	$2.5m	+20.7%
Fifth Third BancorpFITB	0.3%	$2.3bn	$6.9m	$2.3m	-26.1%
AGCOAGCO	2.9%	$533m	$15.4m	$2.2m	+461.1%
WESCO InternationalWCC	0.7%	$710m	$5.2m	$1.5m	+7.2%
ApplovinAPP	0.09%	$4.4bn	$4.1m	$1.2m	+84.3%
PinterestPINS	2.2%	$249m	$5.6m	−$1.0m	-84.2%
ViatrisVTRS	6.5%	−$411m	−$26.6m	−$7.7m	–

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

5% stake filings

Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F. How this works

Davis Selected Advisers’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company. How to read a 13D.

Company	Owns	Form	Filed
JBS N.V.	6.5%	13G	12 Aug 2026
MGM Resorts International	9.3%	13G/A	12 Aug 2026
Viatris	6.5%	13G/A	12 Aug 2026
MGM Resorts International	9.5%	13G/A	5 May 2026
Viatris	6.8%	13G/A	5 May 2026

US holdings by sector

Financials20.7%
Health care13.6%
Consumer discretionary11.7%
Consumer staples11.0%
Communication and media10.8%
Insurance10.2%
Technology6.1%
Energy5.3%
Materials4.3%
Industrials2.5%
Other1.4%
Real estate0.2%
Not classified2.1%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$16bnQ3 ’23

$18bnQ4 ’23

$18bnQ1 ’24

$17bnQ2 ’24

$18bnQ3 ’24

$17bnQ4 ’24

$17bnQ1 ’25

$19bnQ2 ’25

$19bnQ3 ’25

$22bnQ4 ’25

$22bnQ1 ’26

$23bnQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.