Davis Selected Advisers

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), Davis Selected Advisers reported 107 stock positions worth $18.7 billion. Its top holding was Capital One Financial (COF) at 10.2% of the portfolio, followed by Meta Platforms Class A (META, 8.3%) and Applied Materials (AMAT, 4.9%). Compared with Q1 2025, it opened 8 new positions, sold out of 5, added to 43 and reduced 49. The biggest buy was Unitedhealth (UNH, shares +2235%) and the biggest sale Berkshire Hathaway Class A (BRK.A, shares −32%).

Most Recent 13F
Q2 2026
Location
Tucson, AZ
CIK
0001036325
Portfolio Value
$18.7B (Q2 2025)
SEC Filing
0000071701-25-000029 ↗ filed Aug 8, 2025

Holdings Value

0$5.0B$10.0B$15.0B$20.0B$25.0B Q1 2024: $17.8B Q1 2024 Q2 2024: $17.2B Q2 2024 Q3 2024: $17.8B Q3 2024 Q4 2024: $17.2B Q4 2024 Q1 2025: $17.3B Q1 2025 Q2 2025: $18.7B $18.7B Q2 2025 Q3 2025: $19.2B Q3 2025 Q4 2025: $22.2B Q4 2025 Q1 2026: $21.8B Q1 2026 Q2 2026: $23.3B Q2 2026

Holdings 107 stocks · $18.7B
COF Capital One Financial Corp. 10.19% 8,955,742 $1.9B Reduce -0.5%
META Meta Platforms Inc. Class A 8.32% 2,107,814 $1.6B Reduce -4.6%
AMAT Applied Materials Inc. 4.85% 4,957,593 $907.6M Reduce -0.7%
USB US Bancorp 4.68% 19,331,637 $874.8M Add +29.8%
MGM MGM Resorts International 4.38% 23,821,109 $819.2M Add +14.4%
CVS CVS Health Corp. 4.27% 11,586,790 $799.3M Add +0.3%
BRK.A Berkshire Hathaway Inc. Class A 4.15% 1,065 $776.2M Reduce -31.6%
MKL Markel Group Inc. 3.96% 371,131 $741.3M Reduce -0.1%
AMZN Amazon.com Inc. 3.83% 3,269,161 $717.2M Reduce -7.1%
WFC Wells Fargo & Co. 3.50% 8,176,423 $655.1M Reduce -3.5%
VTRS Viatris Inc. 3.17% 66,375,520 $592.7M Add +2.2%
GOOGL Alphabet Inc. Class A 2.69% 2,854,413 $503.0M Reduce -6.1%
TSN Tyson Foods Inc. Class A 2.68% 8,956,466 $501.0M Add +91.4%
TXN Texas Instruments Inc. 2.64% 2,380,207 $494.2M Reduce -2.1%
TECK Teck Resources Ltd.-CLS B 2.38% 11,034,993 $445.6M Reduce -1.4%
SOLV Solventum Corp. 2.23% 5,492,661 $416.6M Add +3.9%
HUM Humana Inc. 2.16% 1,652,734 $404.1M Reduce -29.1%
UNH Unitedhealth Group Inc. 1.89% 1,132,885 $353.4M Add +2234.9%
CB Chubb Ltd. 1.66% 1,071,823 $310.5M Reduce -1.3%
TCOM Trip.com Group Ltd.-ADR 1.55% 4,949,468 $290.2M Add +1.8%
BRK.B Berkshire Hathaway Inc. Class B 1.44% 553,845 $269.0M Reduce -18.4%
DGX Quest Diagnostics Inc. 1.30% 1,354,420 $243.3M Reduce -43.3%
OC Owens Corning 1.30% 1,769,093 $243.3M Reduce -1.0%
CTRA Coterra Energy Inc. 1.27% 9,338,141 $237.0M New
QSR Restaurant Brands Intern 1.21% 3,419,715 $226.7M Add +1.4%
CI The Cigna Group 1.16% 655,889 $216.8M Reduce -54.2%
AGCO Agco Corp. 1.00% 1,804,564 $186.2M Reduce -11.0%
JPM JPMorgan Chase & Co. 0.99% 636,042 $184.4M Reduce -0.6%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.92% 1,898,430 $173.0M Reduce -0.6%
CPNG Coupang Inc. 0.92% 5,754,998 $172.4M Reduce -2.1%
DUSA Davis Select US Equity ETF 0.84% 3,383,338 $156.6M No change
COP Conocophillips 0.76% 1,585,587 $142.3M Add +13.1%
YMM Full Truck Alliance -SPN ADR 0.73% 11,635,925 $137.4M Add +48.8%
MSFT Microsoft Corp. 0.66% 247,956 $123.3M Reduce -3.3%
GOOG Alphabet Inc. Class C 0.62% 650,390 $115.4M Add +0.6%
FITB Fifth Third Bancorp 0.55% 2,512,856 $103.4M Add +2.1%
DINT Davis Select International 0.54% 3,890,080 $100.6M No change
PNC PNC Financial Services Group 0.50% 502,357 $93.6M Add +1.3%
DAR Darling Ingredients Inc. 0.50% 2,443,570 $92.7M Reduce -1.3%
DFNL Davis Select Financial ETF 0.49% 2,129,860 $91.5M No change
AXP American Express Co. 0.46% 270,500 $86.3M Reduce -0.3%
PPLI People Inc. filed as IAC INC 0.46% 2,280,775 $85.2M Reduce -14.2%
NTES Netease Inc.-ADR 0.43% 593,347 $79.9M Reduce -0.5%
DWLD Davis Select Worldwide ETF 0.42% 1,916,287 $79.4M No change
APP AppLovin Corp. Class A 0.40% 215,073 $75.3M Add +31.9%
SE Sea Ltd.-ADR 0.38% 448,305 $71.7M Reduce -12.9%
L Loews Corp. 0.29% 597,343 $54.8M Reduce -0.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.29% 1,153,397 $54.6M Reduce -0.2%
WCC Wesco International Inc. 0.29% 290,746 $53.8M Add +12.5%
NTB Bank of N.T. Butterfield&son 0.25% 1,062,264 $47.0M Reduce -0.6%
RKT Rocket Cos Inc. Class A 0.24% 3,132,678 $44.4M Reduce -0.2%
RNR Renaissancere Holdings Ltd. 0.19% 143,067 $34.8M Reduce -0.5%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 0.18% 1,852,812 $32.9M Reduce -0.4%
ORCL Oracle Corp. 0.15% 131,574 $28.8M Reduce -3.5%
VALE Vale SA-SP ADR 0.15% 2,948,514 $28.6M Add +7.9%
SCHW Schwab (charles) Corp. 0.14% 296,438 $27.0M Reduce -0.4%
JCI Johnson Controls Internation 0.14% 245,323 $25.9M Reduce -39.3%
AMT American Tower Corp. 0.11% 91,650 $20.3M Add +3.0%
ANGI Angi Inc. 0.10% 1,181,911 $18.0M New
SAP Sap SE-Sponsored ADR 0.08% 46,769 $14.2M Reduce -38.6%
BXP BXP Inc. 0.08% 209,630 $14.1M Add +3.0%
NVDA Nvidia Corp. 0.08% 89,135 $14.1M New
CUZ Cousins Properties Inc. 0.07% 460,235 $13.8M Add +3.0%
PLD Prologis Inc. 0.07% 129,226 $13.6M Reduce -24.8%
EG Everest Group Ltd. 0.07% 39,500 $13.4M Reduce -0.4%
REXR Rexford Industrial Realty Inc. 0.07% 375,010 $13.3M Add +3.1%
BRX Brixmor Property Group Inc. 0.07% 498,390 $13.0M Add +2.9%
VTR Ventas Inc. 0.07% 203,350 $12.8M Reduce -18.7%
EQIX Equinix Inc. 0.07% 15,663 $12.5M Add +1.9%
NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 0.07% 1,021,585 $12.2M Reduce -38.3%
DLR Digital Realty Trust Inc. 0.06% 68,460 $11.9M Add +2.0%
PSA Public Storage 0.06% 40,400 $11.9M Reduce -18.8%
AVB Avalonbay Communities Inc. 0.06% 57,820 $11.8M Add +2.1%
ARE Alexandria Real Estate Equit 0.06% 156,187 $11.3M Add +3.2%
JD Jd.com Inc.-ADR 0.06% 343,487 $11.2M Reduce -0.6%
SHO Sunstone Hotel Investors Inc. 0.05% 1,155,480 $10.0M Add +45.9%
MTB M & T Bank Corp. filed as M & T BK CORP 0.05% 50,948 $9.9M Reduce -0.5%
SPG Simon Property Group Inc. 0.05% 58,723 $9.4M Reduce -13.7%
AMH American Homes 4 Rent- A 0.05% 250,360 $9.0M Add +3.0%
CPT Camden Property Trust 0.05% 78,650 $8.9M Add +2.8%
REG Regency Centers Corp. 0.05% 121,830 $8.7M Add +3.1%
EXR Extra Space Storage Inc. 0.04% 56,765 $8.4M Reduce -0.0%
ESS Essex Property Trust Inc. 0.04% 28,541 $8.1M Add +2.9%
MAA Mid-America Apartment Comm 0.04% 53,050 $7.9M Add +3.1%
EGP Eastgroup Properties Inc. 0.04% 46,130 $7.7M Add +3.1%
STT State Street Corp. 0.04% 72,251 $7.7M Reduce -0.6%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.04% 101,725 $6.9M Add +1.9%
DOC Healthpeak Properties Inc. 0.04% 389,186 $6.8M Add +57.7%
TFC Truist Financial Corp. 0.04% 155,845 $6.7M Reduce -0.4%
UDR Udr Inc. 0.04% 161,990 $6.6M Add +2.1%
HUDSON PAC PPTYS INC 0.03% 2,295,973 $6.3M Reduce -0.0%
TRNO Terreno Realty Corp. 0.03% 104,197 $5.8M Add +3.3%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.03% 169,740 $5.5M Add +18.3%
CHCT Community Healthcare Trust I 0.03% 332,280 $5.5M Add +10.1%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.03% 38,370 $4.9M Add +53.2%
CCI Crown Castle Inc. 0.02% 42,300 $4.3M Add +3.2%
DEI Douglas Emmett Inc. 0.02% 276,750 $4.2M Add +3.0%
CDP Copt Defense Properties 0.02% 147,490 $4.1M New
NTST Netstreit Corp. 0.02% 220,510 $3.7M Add +91.8%
O Realty Income Corp. 0.02% 48,870 $2.8M New
IVE iShares S&P 500 Value ETF 0.01% 10,978 $2.1M Reduce -44.3%
TSM Taiwan Semiconductor-SP ADR 0.01% 7,200 $1.6M New
LRCX Lam Research Corp. 0.01% 12,280 $1.2M No change
CCK Crown Holdings Inc. 0.00% 8,570 $883K No change
RH RH 0.00% 2,240 $423K No change
AAPL Apple Inc. 0.00% 1,265 $260K New
XOM Exxon Mobil Corp. 0.00% 2,066 $223K New

Portfolio Sells Q1 2025 → Q2 2025
BRK.A Berkshire Hathaway Inc. Class A Reduce -31.6% 4.15% −3.02
CI The Cigna Group Reduce -54.2% 1.16% −1.56
HUM Humana Inc. Reduce -29.1% 2.16% −1.40
DGX Quest Diagnostics Inc. Reduce -43.3% 1.30% −1.03
BRK.B Berkshire Hathaway Inc. Class B Reduce -18.4% 1.44% −0.64
PPLI People Inc. Reduce -14.2% 0.46% −0.25
CB Chubb Ltd. Reduce -1.3% 1.66% −0.23
OC Owens Corning Reduce -1.0% 1.30% −0.17
YOU Clear Secure Inc. Class A Sold out 0.00% −0.09
AGCO Agco Corp. Reduce -11.0% 1.00% −0.09
JCI Johnson Controls Internation Reduce -39.3% 0.14% −0.05
SAP Sap SE-Sponsored ADR Reduce -38.6% 0.08% −0.04
BEKE Ke Holdings Inc.-ADR Reduce -0.4% 0.18% −0.04
MKL Markel Group Inc. Reduce -0.1% 3.96% −0.04
PLD Prologis Inc. Reduce -24.8% 0.07% −0.04
VTR Ventas Inc. Reduce -18.7% 0.07% −0.03
AMZN Amazon.com Inc. Reduce -7.1% 3.83% −0.03
NOAH Noah Holdings Ltd.-Spon ADS Reduce -38.3% 0.07% −0.02
L Loews Corp. Reduce -0.3% 0.29% −0.02
PSA Public Storage Reduce -18.8% 0.06% −0.02
HIW Highwoods Properties Inc. Sold out 0.00% −0.02
JD Jd.com Inc.-ADR Reduce -0.6% 0.06% −0.02
GOOGL Alphabet Inc. Class A Reduce -6.1% 2.69% −0.02
FRT Federal Realty Invs Trust Sold out 0.00% −0.02
SPG Simon Property Group Inc. Reduce -13.7% 0.05% −0.01
RNR Renaissancere Holdings Ltd. Reduce -0.5% 0.19% −0.01
EG Everest Group Ltd. Reduce -0.4% 0.07% −0.01
IVE iShares S&P 500 Value ETF Reduce -44.3% 0.01% −0.01
HUDSON PAC PPTYS INC Reduce -0.0% 0.03% −0.01
EXR Extra Space Storage Inc. Reduce -0.0% 0.04% −0.00
SE Sea Ltd.-ADR Reduce -12.9% 0.38% −0.00
SKX Skechers USA Inc. Class A Sold out 0.00% −0.00
INTC Intel Corp. Sold out 0.00% −0.00
WFC Wells Fargo & Co. Reduce -3.5% 3.50% −0.00
TFC Truist Financial Corp. Reduce -0.4% 0.04% −0.00
MTB M & T Bank Corp. Reduce -0.5% 0.05% +0.00
BNY Bank of New York Mellon Corp. Reduce -0.6% 0.92% +0.00
STT State Street Corp. Reduce -0.6% 0.04% +0.00
SCHW Schwab (charles) Corp. Reduce -0.4% 0.14% +0.01
NTB Bank of N.T. Butterfield&son Reduce -0.6% 0.25% +0.01
BAC Bank of America Corp. Reduce -0.2% 0.29% +0.01
RKT Rocket Cos Inc. Class A Reduce -0.2% 0.24% +0.02
TECK Teck Resources Ltd.-CLS B Reduce -1.4% 2.38% +0.03
AXP American Express Co. Reduce -0.3% 0.46% +0.04
ORCL Oracle Corp. Reduce -3.5% 0.15% +0.04
DAR Darling Ingredients Inc. Reduce -1.3% 0.50% +0.05
NTES Netease Inc.-ADR Reduce -0.5% 0.43% +0.07
JPM JPMorgan Chase & Co. Reduce -0.6% 0.99% +0.08
MSFT Microsoft Corp. Reduce -3.3% 0.66% +0.10
TXN Texas Instruments Inc. Reduce -2.1% 2.64% +0.12

Portfolio Buys Q1 2025 → Q2 2025
UNH Unitedhealth Group Inc. Add +2234.9% 1.89% +1.74
CTRA Coterra Energy Inc. New 1.27% +1.27
USB US Bancorp Add +29.8% 4.68% +1.05
TSN Tyson Foods Inc. Class A Add +91.4% 2.68% +0.96
MGM MGM Resorts International Add +14.4% 4.38% +0.82
YMM Full Truck Alliance -SPN ADR Add +48.8% 0.73% +0.16
APP AppLovin Corp. Class A Add +31.9% 0.40% +0.15
ANGI Angi Inc. New 0.10% +0.10
NVDA Nvidia Corp. New 0.08% +0.08
WCC Wesco International Inc. Add +12.5% 0.29% +0.06
GOOG Alphabet Inc. Class C Add +0.6% 0.62% +0.03
CDP Copt Defense Properties New 0.02% +0.02
O Realty Income Corp. New 0.02% +0.02
SHO Sunstone Hotel Investors Inc. Add +45.9% 0.05% +0.01
NTST Netstreit Corp. Add +91.8% 0.02% +0.01
TSM Taiwan Semiconductor-SP ADR New 0.01% +0.01
DLR Digital Realty Trust Inc. Add +2.0% 0.06% +0.01
DOC Healthpeak Properties Inc. Add +57.7% 0.04% +0.01
SUI Sun Communities Inc. Add +53.2% 0.03% +0.01
VICI Vici Properties Inc. Add +18.3% 0.03% +0.00
AAPL Apple Inc. New 0.00% +0.00
XOM Exxon Mobil Corp. New 0.00% +0.00
CCI Crown Castle Inc. Add +3.2% 0.02% −0.00
PNC PNC Financial Services Group Add +1.3% 0.50% −0.00
CHCT Community Healthcare Trust I Add +10.1% 0.03% −0.00
CUZ Cousins Properties Inc. Add +3.0% 0.07% −0.00
DEI Douglas Emmett Inc. Add +3.0% 0.02% −0.00
AMT American Tower Corp. Add +3.0% 0.11% −0.00
BXP BXP Inc. Add +3.0% 0.08% −0.00
FITB Fifth Third Bancorp Add +2.1% 0.55% −0.00
REG Regency Centers Corp. Add +3.1% 0.05% −0.00
EGP Eastgroup Properties Inc. Add +3.1% 0.04% −0.00
VALE Vale SA-SP ADR Add +7.9% 0.15% −0.00
VMRK Vivmark Residential Add +1.9% 0.04% −0.00
AMH American Homes 4 Rent- A Add +3.0% 0.05% −0.00
BRX Brixmor Property Group Inc. Add +2.9% 0.07% −0.00
TRNO Terreno Realty Corp. Add +3.3% 0.03% −0.01
EQIX Equinix Inc. Add +1.9% 0.07% −0.01
ESS Essex Property Trust Inc. Add +2.9% 0.04% −0.01
UDR Udr Inc. Add +2.1% 0.04% −0.01
CPT Camden Property Trust Add +2.8% 0.05% −0.01
AVB Avalonbay Communities Inc. Add +2.1% 0.06% −0.01
MAA Mid-America Apartment Comm Add +3.1% 0.04% −0.01
REXR Rexford Industrial Realty Inc. Add +3.1% 0.07% −0.01
ARE Alexandria Real Estate Equit Add +3.2% 0.06% −0.02
QSR Restaurant Brands Intern Add +1.4% 1.21% −0.08
COP Conocophillips Add +13.1% 0.76% −0.09
SOLV Solventum Corp. Add +3.9% 2.23% −0.09
VTRS Viatris Inc. Add +2.2% 3.17% −0.09
TCOM Trip.com Group Ltd.-ADR Add +1.8% 1.55% −0.23

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 112$23.3BCOF, USB, CVS, VTRS, MGM
Q1 2026 112$21.8BCOF, CTRA, USB, VTRS, META
Q4 2025 108$22.2BCOF, USB, META, AMAT, CVS
Q3 2025Amended 107$19.2BCOF, META, AMAT, USB, CVS
Q2 2025 107$18.7BCOF, META, AMAT, USB, MGM
Q1 2025 104$17.3BCOF, META, BRK.A, CVS, AMAT
Q4 2024 100$17.2BCOF, META, BRK.A, AMZN, VTRS
Q3 2024 102$17.8BMETA, COF, BRK.A, AMAT, WFC
Q2 2024 102$17.2BMETA, COF, BRK.A, AMZN, AMAT
Q1 2024Amended 98$17.8BMETA, COF, WFC, BRK.A, AMZN