Davis Asset Management, L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Davis Asset Management, L.P. reported 30 stock positions worth $2.8 billion. Its top holding was Meta Platforms Class A (META) at 11.8% of the portfolio, followed by Alphabet Class C (GOOG, 11.2%) and Western Alliance Bancorp (WAL, 7.5%). Compared with Q3 2025, it sold out of 1 and added to 5. The biggest buy was Accenture Class A (ACN, shares +40%) and the biggest sale an exit from State Street (STT).

Most Recent 13F
Q2 2026
Location
SAUSALITO, CA
CIK
0001945894
Portfolio Value
$2.8B (Q4 2025)
SEC Filing
0001104659-26-014629 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $2.8B $2.8B Q4 2025 Q1 2026: $3.5B Q1 2026 Q2 2026: $3.9B Q2 2026

Holdings 30 stocks · $2.8B
META Meta Platforms Inc. Class A 11.82% 500,000 $330.0M No change
GOOG Alphabet Inc. Class C 11.24% 1,000,000 $313.8M No change
WAL Western Alliance Bancorp 7.53% 2,500,000 $210.2M No change
CB Chubb Ltd. 5.03% 450,000 $140.5M No change
WBS Webster Financial Corp. 4.51% 2,000,000 $125.9M No change
AX Axos Financial Inc. 4.50% 1,457,219 $125.6M No change
GPN Global Payments Inc. 3.88% 1,400,000 $108.4M No change
MKL Markel Group Inc. 3.85% 50,000 $107.5M No change
CRBG Corebridge Financial Inc. 3.78% 3,500,000 $105.6M No change
V Visa Inc. Class A 3.77% 300,000 $105.2M No change
ACN Accenture PLC Class A 3.36% 350,000 $93.9M Add +40.0%
FAF First American Financial 3.30% 1,500,000 $92.2M Add +36.4%
BRK.A Berkshire Hathaway Inc. Class A 3.24% 120 $90.6M No change
BRK.B Berkshire Hathaway Inc. Class B 3.24% 180,000 $90.5M No change
MTB M & T Bank Corp. filed as M & T BK CORP 2.89% 400,000 $80.6M Add +23.1%
BABA Alibaba Group Holding-SP ADR 2.62% 500,000 $73.3M No change
SFBS Servisfirst Bancshares Inc. 2.25% 875,376 $62.8M Add +14.6%
CG The Carlyle Group Inc. 2.12% 1,000,000 $59.1M No change
FSBC Five Star Bancorp 1.94% 1,511,500 $54.1M No change
ACGL Arch Capital Group Ltd. 1.89% 550,000 $52.8M No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 1.81% 800,000 $50.4M No change
TCBK Trico Bancshares 1.78% 1,046,900 $49.6M No change
MA Mastercard Inc. Class A 1.74% 85,000 $48.5M No change
ABCB Ameris Bancorp 1.65% 621,800 $46.2M No change
RJF Raymond James Financial Inc. 1.55% 270,000 $43.4M No change
FBK FB Financial Corp. filed as FB FINL CORP 1.24% 619,236 $34.6M No change
OSBC Old Second Bancorp Inc. 1.22% 1,745,523 $34.0M Add +16.4%
USB US Bancorp 1.15% 600,000 $32.0M No change
CCNE CNB Financial Corp. 0.89% 950,000 $24.9M No change
TSBK Timberland Bancorp Inc. 0.22% 174,476 $6.2M No change

Portfolio Sells Q3 2025 → Q4 2025
STT State Street Corp. Sold out 0.00% −4.96

Portfolio Buys Q3 2025 → Q4 2025
ACN Accenture PLC Class A Add +40.0% 3.36% +1.17
FAF First American Financial Add +36.4% 3.30% +0.79
MTB M & T Bank Corp. Add +23.1% 2.89% +0.60
OSBC Old Second Bancorp Inc. Add +16.4% 1.22% +0.30
SFBS Servisfirst Bancshares Inc. Add +14.6% 2.25% +0.06

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