Davis Asset Management, L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Davis Asset Management, L.P. reported 31 stock positions worth $2.8 billion. Its top holding was Meta Platforms Class A (META) at 13.1% of the portfolio, followed by Alphabet Class C (GOOG, 8.7%) and Western Alliance Bancorp (WAL, 7.7%). Compared with Q2 2025, it opened 2 new positions, sold out of 2, added to 3 and reduced 1. The biggest buy was a new position in Accenture Class A (ACN) and the biggest sale an exit from Jones Lang Lasalle (JLL).

Most Recent 13F
Q2 2026
Location
SAUSALITO, CA
CIK
0001945894
Portfolio Value
$2.8B (Q3 2025)
SEC Filing
0001104659-25-112161 ↗ filed Nov 14, 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 Q2 2025 Q3 2025: $2.8B $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 · $2.8B
META Meta Platforms Inc. Class A 13.07% 500,000 $367.2M No change
GOOG Alphabet Inc. Class C 8.67% 1,000,000 $243.6M No change
WAL Western Alliance Bancorp 7.72% 2,500,000 $216.8M No change
STT State Street Corp. 4.96% 1,200,000 $139.2M No change
CB Chubb Ltd. 4.52% 450,000 $127.0M No change
AX Axos Financial Inc. 4.39% 1,457,219 $123.4M No change
WBS Webster Financial Corp. 4.23% 2,000,000 $118.9M No change
GPN Global Payments Inc. 4.14% 1,400,000 $116.3M No change
CRBG Corebridge Financial Inc. 3.99% 3,500,000 $112.2M No change
V Visa Inc. Class A 3.65% 300,000 $102.4M No change
MKL Markel Group Inc. 3.40% 50,000 $95.6M No change
BRK.A Berkshire Hathaway Inc. Class A 3.22% 120 $90.5M No change
BRK.B Berkshire Hathaway Inc. Class B 3.22% 180,000 $90.5M No change
BABA Alibaba Group Holding-SP ADR 3.18% 500,000 $89.4M No change
FAF First American Financial 2.52% 1,100,000 $70.7M Add +281.5%
MTB M & T Bank Corp. filed as M & T BK CORP 2.29% 325,000 $64.2M No change
CG The Carlyle Group Inc. 2.23% 1,000,000 $62.7M Reduce -33.3%
ACN Accenture PLC Class A 2.19% 250,000 $61.6M New
SFBS Servisfirst Bancshares Inc. 2.19% 763,562 $61.5M No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 1.84% 800,000 $51.8M No change
ACGL Arch Capital Group Ltd. 1.78% 550,000 $49.9M No change
FSBC Five Star Bancorp 1.73% 1,511,500 $48.7M No change
MA Mastercard Inc. Class A 1.72% 85,000 $48.3M No change
RJF Raymond James Financial Inc. 1.66% 270,000 $46.6M No change
TCBK Trico Bancshares 1.66% 1,046,900 $46.5M No change
ABCB Ameris Bancorp 1.62% 621,800 $45.6M No change
FBK FB Financial Corp. filed as FB FINL CORP 1.23% 619,236 $34.5M New
USB US Bancorp 1.03% 600,000 $29.0M No change
OSBC Old Second Bancorp Inc. 0.92% 1,500,000 $25.9M Add +8.3%
CCNE CNB Financial Corp. 0.82% 950,000 $23.0M Add +6.3%
TSBK Timberland Bancorp Inc. 0.21% 174,476 $5.8M No change

Portfolio Sells Q2 2025 → Q3 2025
JLL Jones Lang Lasalle Inc. Sold out 0.00% −1.29
SSBK Southern States Bancshares Sold out 0.00% −1.10
CG The Carlyle Group Inc. Reduce -33.3% 2.23% −0.77

Portfolio Buys Q2 2025 → Q3 2025
ACN Accenture PLC Class A New 2.19% +2.19
FAF First American Financial Add +281.5% 2.52% +1.83
FBK FB Financial Corp. New 1.23% +1.23
CCNE CNB Financial Corp. Add +6.3% 0.82% +0.02
OSBC Old Second Bancorp Inc. Add +8.3% 0.92% −0.03

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