Davis Selected Advisers Portfolio in 2026: Top Holdings & Recent Changes
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Davis Selected Advisers, led by fund manager Chris Davis, showcases its disciplined value investing approach in the latest 13F filing. Their $22.2B Q4’2025 portfolio features active adjustments across top positions, with notable adds in financials like COF and USB, a significant reduction in AMAT, and aggressive builds in energy and healthcare names, all while maintaining low turnover at 6.5%.
Portfolio Snapshot: Balanced Concentration with Proven Longevity
Portfolio Highlights (Q4’2025): - Market Value: $22.2B - Top 10 Holdings: 50.3% - Portfolio Size: 108 +1 - Average Holding Period: 32 quarters - Turnover: 6.5%
The Davis Selected Advisers portfolio demonstrates a hallmark of their strategy: measured concentration where the top 10 holdings command over half the assets, yet spread across 108 positions for diversification. This structure balances high-conviction bets with broad exposure, reflecting a patient approach evidenced by the exceptional 32-quarter average holding period—over eight years of commitment to quality businesses.
Low turnover at 6.5% signals confidence in core holdings rather than reactive trading, even as they made targeted adjustments in Q4’2025. The addition of one new position brings the total to 108, suggesting ongoing opportunity hunting without portfolio bloat. Investors tracking via ValueSense's Davis Selected page can see how this setup prioritizes long-term compounding over short-term momentum.
This framework aligns with Davis's legacy of value-oriented investing, favoring understandable businesses with strong management teams. The $22.2B portfolio remains U.S.-centric, with tilts toward cyclicals and tech that position it well for economic recovery scenarios.
Top Positions Breakdown: Financials Lead with Bold Energy and Tech Moves
Davis Selected Advisers anchors its Q4’2025 portfolio with Capital One Financial Corporation (COF) at 9.4% after an Add 2.80%, underscoring banking sector conviction. U.S. Bancorp (USB) follows at 5.3% with a significant Add 13.43%, while Meta Platforms (META) holds 5.2% via Add 2.18%, blending fintech stability with big tech growth.
Notable shifts include a sharp Reduce 24.36% in Applied Materials (AMAT) to 4.9%, potentially profit-taking in semiconductors, contrasted by Add 11.90% to CVS Health (CVS) at 4.6% and Add 11.97% to MGM Resorts (MGM) at 4.4%. Alphabet (GOOGL) saw Add 12.57% to 4.4%, matching Viatris (VTRS)'s Add 12.74% at the same weight, with Markel (MKL) up Add 11.15% to 4.0%.
The most aggressive move is Add 63.64% to Coterra Energy (CTRA) at 3.8%, signaling energy opportunism amid commodity volatility. These changes across the top 10 highlight a dynamic yet disciplined rotation, prioritizing undervalued cyclicals and tech leaders while trimming overextended names.
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What the Portfolio Reveals About Davis's Strategy
Davis Selected Advisers' Q4’2025 moves paint a picture of opportunistic value hunting in a high-valuation market: - Financials dominance: Leading weights in COF and USB emphasize resilient banks with strong deposit bases and lending growth potential. - Tech balance: Adds to META, GOOGL, and trims in AMAT show selective exposure to AI and cloud without chasing hype. - Healthcare and cyclicals tilt: Builds in CVS and VTRS target undervalued pharma/distribution, while MGM and CTRA bet on consumer and energy recovery. - Risk management via longevity: 32-quarter holds favor quality moats over growth-at-any-price. - U.S.-focused discipline: No international bets, low turnover keeps powder dry for domestic opportunities.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Capital One Financial Corporation (COF) | $2,087.9M | 9.4% | Add 2.80% |
| U.S. Bancorp (USB) | $1,176.1M | 5.3% | Add 13.43% |
| Meta Platforms, Inc. (META) | $1,157.1M | 5.2% | Add 2.18% |
| Applied Materials, Inc. (AMAT) | $1,079.7M | 4.9% | Reduce 24.36% |
| CVS Health Corporation (CVS) | $1,012.7M | 4.6% | Add 11.90% |
| MGM Resorts International (MGM) | $978.7M | 4.4% | Add 11.97% |
| Alphabet Inc. (GOOGL) | $976.2M | 4.4% | Add 12.57% |
| Viatris Inc. (VTRS) | $973.3M | 4.4% | Add 12.74% |
| Markel Corporation (MKL) | $892.5M | 4.0% | Add 11.15% |
| Coterra Energy Inc. (CTRA) | $856.4M | 3.8% | Add 63.64% |
This table reveals Davis Selected Advisers' precise position sizing, with COF as the clear leader at 9.4% and the top 10 totaling 50.3%—a sweet spot for conviction without excessive risk. The mix of adds (nine out of ten) versus one major reduce in AMAT indicates bullishness on financials, healthcare, and energy, driving portfolio growth to $22.2B.
Standouts like the 63.64% add to CTRA and double-digit boosts elsewhere show willingness to double down on perceived value, while the AMAT trim locks in gains. Overall, this concentration amplifies returns from winners like banks and tech, buffered by 98 additional holdings.
Investment Lessons from Davis Selected Advisers
Davis Selected Advisers' Q4’2025 portfolio exemplifies timeless value principles: - Long holding periods unlock compounding: 32 quarters average rewards patience in quality names like MKL. - Active position sizing signals conviction: Massive 63.64% add to CTRA shows scaling into opportunities. - Trim winners, build undervalued: Reduce 24.36% in AMAT while adding to USB balances momentum and value. - Diversify thoughtfully: 50.3% top 10 with 108 total positions mitigates single-stock risk. - Low turnover preserves edge: 6.5% rate avoids tax drag and trading costs, focusing on fundamentals.
Looking Ahead: What Comes Next?
With turnover at just 6.5% and a new position added, Davis Selected Advisers appears positioned for selective deployment in 2026. The heavy financials tilt via COF and USB sets up for potential rate cuts boosting lending, while energy via CTRA hedges inflation. Tech adds in META and GOOGL capture AI tailwinds.
Expect further builds in cyclicals if valuations correct, with the 108-position breadth allowing nimble responses to market dips. Track via ValueSense for Q1 2026 insights.
FAQ about Davis Selected Advisers Portfolio
Q: What were the biggest changes in Davis Selected Advisers' Q4’2025 13F filing?
A: Key moves included Add 63.64% to CTRA 3.8%, Add 13.43% to USB 5.3%, and Reduce 24.36% in AMAT 4.9%, with nine of top 10 seeing adds.
Q: Why does Davis maintain 50.3% concentration in the top 10 with 108 positions?
A: This balances high-conviction bets on financials and tech with broad diversification, enabling low 6.5% turnover and 32-quarter holds for long-term value realization.
Q: What sectors dominate Davis Selected Advisers' strategy?
A: Financials lead with COF and USB, followed by tech (META, GOOGL), healthcare (CVS), and energy (CTRA).
Q: How can I track Davis Selected Advisers' portfolio and 13F filings?
A: Use ValueSense's superinvestor tracker at https://valuesense.io/superinvestors/davis-selected for real-time updates, historical changes, and visualizations. Note the 45-day 13F reporting lag means positions may evolve post-filing.
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