Davis Asset Management, L.P.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Davis Asset Management, L.P. reported 31 stock positions worth $2.6 billion. Its top holding was Meta Platforms Class A (META) at 14.4% of the portfolio, followed by Western Alliance Bancorp (WAL, 7.6%) and Alphabet Class C (GOOG, 6.9%). Compared with Q1 2025, it opened 1 new position, sold out of 1 and added to 4. The biggest buy was a new position in First American Financial (FAF) and the biggest sale an exit from KKR (KKR).

Most Recent 13F
Q2 2026
Location
SAUSALITO, CA
CIK
0001945894
Portfolio Value
$2.6B (Q2 2025)
SEC Filing
0001104659-25-077016 ↗ filed Aug 13, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $2.3B Q1 2024 Q2 2024: $2.2B Q2 2024 Q3 2024: $2.5B Q3 2024 Q4 2024: $2.5B Q4 2024 Q1 2025: $2.4B Q1 2025 Q2 2025: $2.6B $2.6B Q2 2025 Q3 2025: $2.8B Q3 2025 Q4 2025: $2.8B Q4 2025 Q1 2026: $3.5B Q1 2026 Q2 2026: $3.9B Q2 2026

Holdings 31 stocks · $2.6B
META Meta Platforms Inc. Class A 14.37% 500,000 $369.0M No change
WAL Western Alliance Bancorp 7.59% 2,500,000 $194.9M No change
GOOG Alphabet Inc. Class C 6.91% 1,000,000 $177.4M No change
CB Chubb Ltd. 5.08% 450,000 $130.4M No change
STT State Street Corp. 4.97% 1,200,000 $127.6M No change
CRBG Corebridge Financial Inc. 4.84% 3,500,000 $124.3M No change
GPN Global Payments Inc. 4.36% 1,400,000 $112.1M No change
AX Axos Financial Inc. 4.31% 1,457,219 $110.8M No change
WBS Webster Financial Corp. 4.25% 2,000,000 $109.2M No change
V Visa Inc. Class A 4.15% 300,000 $106.5M No change
MKL Markel Group Inc. 3.89% 50,000 $99.9M No change
BRK.A Berkshire Hathaway Inc. Class A 3.40% 120 $87.5M No change
BRK.B Berkshire Hathaway Inc. Class B 3.40% 180,000 $87.4M No change
CG The Carlyle Group Inc. 3.00% 1,500,000 $77.1M No change
MTB M & T Bank Corp. filed as M & T BK CORP 2.45% 325,000 $63.0M No change
SFBS Servisfirst Bancshares Inc. 2.30% 763,562 $59.2M No change
BABA Alibaba Group Holding-SP ADR 2.21% 500,000 $56.7M No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 2.10% 800,000 $54.0M No change
ACGL Arch Capital Group Ltd. 1.95% 550,000 $50.1M No change
MA Mastercard Inc. Class A 1.86% 85,000 $47.8M No change
FSBC Five Star Bancorp 1.68% 1,511,500 $43.1M No change
TCBK Trico Bancshares 1.65% 1,046,900 $42.4M Add +2.6%
RJF Raymond James Financial Inc. 1.61% 270,000 $41.4M No change
ABCB Ameris Bancorp 1.57% 621,800 $40.2M Add +55.5%
JLL Jones Lang Lasalle Inc. 1.29% 129,346 $33.1M No change
SSBK Southern States Bancshares 1.10% 774,046 $28.2M No change
USB US Bancorp 1.06% 600,000 $27.1M No change
OSBC Old Second Bancorp Inc. 0.96% 1,384,502 $24.6M Add +25.9%
CCNE CNB Financial Corp. 0.80% 894,033 $20.4M Add +27.7%
FAF First American Financial 0.69% 288,358 $17.7M New
TSBK Timberland Bancorp Inc. 0.21% 174,476 $5.4M No change

Portfolio Sells Q1 2025 → Q2 2025
KKR KKR & Co. Inc. Sold out 0.00% −0.48

Portfolio Buys Q1 2025 → Q2 2025
FAF First American Financial New 0.69% +0.69
ABCB Ameris Bancorp Add +55.5% 1.57% +0.61
OSBC Old Second Bancorp Inc. Add +25.9% 0.96% +0.19
CCNE CNB Financial Corp. Add +27.7% 0.80% +0.15
TCBK Trico Bancshares Add +2.6% 1.65% −0.05

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 85$3.9BGOOG, BRK.A, META, WAL, MKL
Q1 2026 85$3.5BBRK.A, META, GOOG, WAL, CB
Q4 2025 30$2.8BMETA, GOOG, WAL, CB, WBS
Q3 2025 31$2.8BMETA, GOOG, WAL, STT, CB
Q2 2025 31$2.6BMETA, WAL, GOOG, CB, STT
Q1 2025 31$2.4BMETA, WAL, GOOG, GPN, CB
Q4 2024 31$2.5BMETA, WAL, GOOG, GPN, CB
Q3 2024 33$2.5BMETA, WAL, GOOG, GPN, CB
Q2 2024 34$2.2BMETA, GOOG, WAL, GPN, CB
Q1 2024 33$2.3BMETA, WAL, GOOG, GPN, CB