Davis Asset Management, L.P.

CIK

1945894

Location

SAUSALITO, CA

Portfolio Value

Mid $2,830,045,071

Diversification

Diversified

Filing Date

Global Rank

#967 / 8,603 ▲ 128 · as of Mar 2026

Top Industry

Banks - Regional 28.1%

3Y Alpha vs SPY

+1.4%

Period ended 3 months ago

Filed May 15, 2026 · 55d

15 quarters · since Sep 2022

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+79.6%

SPY

+76.5%

Annualised alpha

+0.7%

Max drawdown

−21.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

79 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

10.4%

−3.4 pts

Top 5

34.1%

−5.0 pts

Top 10

55.6%

−5.2 pts

HHI

448

Diversified−106

Portfolio Trend

15 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	76.8%	$2,174,343,202	35
Communication Services	10.5%	$296,016,854	6
Technology	3.9%	$109,849,991	10
Industrials	3.6%	$101,532,227	5
Consumer Cyclical	2.7%	$77,452,136	4
Real Estate	2.2%	$63,172,200	1
Healthcare	0.2%	$4,604,754	9
Consumer Defensive	0.1%	$2,087,670	2
Basic Materials	0.0%	$974,612	5
Utilities	0.0%	$7,070	1
Energy	0.0%	$4,355	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

19 positions

Ticker	Company	Δ Shares	Shares	Value
CRBG	Corebridge Financial, Inc.	+2,304,000	5,804,000	$138,483,440
WAL	Western Alliance Bancorporation	+583,000	3,083,000	$218,430,550
EQR	Equity Residential	+268,000	1,068,000	$63,172,200
ACN	Accenture plc	+190,000	540,000	$107,076,600
BRK-B	Berkshire Hathaway Inc	+135,643	315,643	$151,256,125
CG	Carlyle Group Inc.	+131,000	1,131,000	$54,729,090
USB	US Bancorp De	+115,210	715,210	$37,198,072
BABA	Alibaba Group Holding Ltd	+107,561	607,561	$76,224,603
ACGL	Arch Capital Group Ltd.	+100,000	650,000	$62,393,500
GPN	Global Payments Inc	+85,000	1,485,000	$99,940,500
AX	Axos Financial, Inc.	+78,000	1,535,219	$130,631,784
OSBC	Old Second Bancorp Inc	+54,477	1,800,000	$36,288,000
CB	Chubb Ltd	+44,556	494,556	$161,190,637
SFBS	ServisFirst Bancshares, Inc.	+35,000	910,376	$66,302,684
MKL	Markel Group Inc.	+20,631	70,631	$135,192,671
V	Visa Inc.	+20,000	320,000	$96,716,800
MA	Mastercard Inc	+17,000	102,000	$50,965,320
META	Meta Platforms, Inc.	+15,000	515,000	$294,646,950
MTB	M&T Bank Corp	+10,000	410,000	$84,755,200
No positions match the current search.

Trimmed

Positions the filer reduced

No qualifying positions this quarter.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
JPM	Jpmorgan Chase & Co	468,786	$137,898,089
PGR	Progressive Corp/Oh/	504,510	$100,014,062
GS	Goldman Sachs Group Inc	92,391	$78,161,862
WFC	Wells Fargo & Company/Mn	337,969	$26,905,712
AXP	American Express Co	63,000	$19,056,240
MKTX	Marketaxess Holdings Inc	108,846	$17,957,413
STT	State Street Corp	116,000	$14,680,960
JNJ	Johnson & Johnson	12,500	$3,055,500
AMAT	Applied Materials Inc /De	6,626	$2,264,700
BLK	BlackRock, Inc.	2,100	$2,019,591
KO	Coca Cola Co	25,000	$1,901,250
GOOGL	Alphabet Inc.	4,750	$1,365,910
MGM	MGM Resorts International	31,458	$1,164,260
DE	Deere & Co	1,943	$1,094,491
TRV	Travelers Companies, Inc.	3,653	$1,065,507
LLY	ELI LILLY & Co	637	$585,893
MRK	Merck & Co., Inc.	4,000	$481,160
LIN	Linde PLC	900	$446,184
WRB	Berkley W R Corp	5,804	$384,689
STTK	Shattuck Labs, Inc.	48,276	$310,414
IBM	International Business Machines Corp	1,274	$308,804
UNP	Union Pacific Corp	1,200	$291,144
DD	DuPont de Nemours, Inc.	1,835	$252,129
AFL	Aflac Inc	2,000	$219,420
WMT	Walmart Inc.	1,500	$186,420
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
WBS	Webster Financial Corp	2,000,000	$125,880,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

79 positions · $2,830,045,071 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 79 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
META	Meta Platforms, Inc. Communication Services	Added	515,000	+15,000	$294,646,950	−10.7%	10.41%
WAL	Western Alliance Bancorporation Financial Services	Added	3,083,000	+583,000	$218,430,550	+3.9%	7.72%
CB	Chubb Ltd Financial Services	Added	494,556	+44,556	$161,190,637	+14.8%	5.70%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	315,643	+135,643	$151,256,125	+67.2%	5.34%
CRBG	Corebridge Financial, Inc. Financial Services	Added	5,804,000	+2,304,000	$138,483,440	+31.1%	4.89%
JPM	Jpmorgan Chase & Co Financial Services	NEW	468,786	NEW	$137,898,089	NEW	4.87%
MKL	Markel Group Inc. Financial Services	Added	70,631	+20,631	$135,192,671	+25.8%	4.78%
AX	Axos Financial, Inc. Financial Services	Added	1,535,219	+78,000	$130,631,784	+4.0%	4.62%
ACN	Accenture plc Technology	Added	540,000	+190,000	$107,076,600	+14.0%	3.78%
PGR	Progressive Corp/Oh/ Financial Services	NEW	504,510	NEW	$100,014,062	NEW	3.53%
GPN	Global Payments Inc Industrials	Added	1,485,000	+85,000	$99,940,500	−7.8%	3.53%
V	Visa Inc. Financial Services	Added	320,000	+20,000	$96,716,800	−8.1%	3.42%
FAF	First American Financial Corp Financial Services	Held	1,500,000	0	$90,435,000	−1.9%	3.20%
MTB	M&T Bank Corp Financial Services	Added	410,000	+10,000	$84,755,200	+5.2%	2.99%
GS	Goldman Sachs Group Inc Financial Services	NEW	92,391	NEW	$78,161,862	NEW	2.76%
BABA	Alibaba Group Holding Ltd Consumer Cyclical	Added	607,561	+107,561	$76,224,603	+4.0%	2.69%
SFBS	ServisFirst Bancshares, Inc. Financial Services	Added	910,376	+35,000	$66,302,684	+5.5%	2.34%
EQR	Equity Residential Real Estate	Added	1,068,000	+268,000	$63,172,200	+25.3%	2.23%
ACGL	Arch Capital Group Ltd. Financial Services	Added	650,000	+100,000	$62,393,500	+18.3%	2.20%
FSBC	Five Star Bancorp Financial Services	Held	1,511,500	0	$57,013,780	+5.4%	2.01%
CG	Carlyle Group Inc. Financial Services	Added	1,131,000	+131,000	$54,729,090	−7.4%	1.93%
MA	Mastercard Inc Financial Services	Added	102,000	+17,000	$50,965,320	+5.0%	1.80%
TCBK	Trico Bancshares / Financial Services	Held	1,046,900	0	$49,769,626	+0.4%	1.76%
ABCB	Ameris Bancorp Financial Services	Held	621,800	0	$48,494,182	+5.0%	1.71%
RJF	Raymond James Financial Inc Financial Services	Held	270,000	0	$39,093,300	−9.8%	1.38%
USB	US Bancorp De Financial Services	Added	715,210	+115,210	$37,198,072	+16.2%	1.31%
OSBC	Old Second Bancorp Inc Financial Services	Added	1,800,000	+54,477	$36,288,000	+6.6%	1.28%
FBK	FB Financial Corp Financial Services	Held	619,236	0	$32,163,117	−6.9%	1.14%
CCNE	Cnb Financial Corp/Pa Financial Services	Held	950,000	0	$27,512,000	+10.7%	0.97%
WFC	Wells Fargo & Company/Mn Financial Services	NEW	337,969	NEW	$26,905,712	NEW	0.95%
AXP	American Express Co Financial Services	NEW	63,000	NEW	$19,056,240	NEW	0.67%
MKTX	Marketaxess Holdings Inc Financial Services	NEW	108,846	NEW	$17,957,413	NEW	0.63%
STT	State Street Corp Financial Services	NEW	116,000	NEW	$14,680,960	NEW	0.52%
TSBK	Timberland Bancorp Inc Financial Services	Held	174,476	0	$6,879,588	+10.1%	0.24%
JNJ	Johnson & Johnson Healthcare	NEW	12,500	NEW	$3,055,500	NEW	0.11%
AMAT	Applied Materials Inc /De Technology	NEW	6,626	NEW	$2,264,700	NEW	0.08%
BLK	BlackRock, Inc. Financial Services	NEW	2,100	NEW	$2,019,591	NEW	0.07%
KO	Coca Cola Co Consumer Defensive	NEW	25,000	NEW	$1,901,250	NEW	0.07%
GOOGL	Alphabet Inc. Communication Services	NEW	4,750	NEW	$1,365,910	NEW	0.05%
MGM	MGM Resorts International Consumer Cyclical	NEW	31,458	NEW	$1,164,260	NEW	0.04%
DE	Deere & Co Industrials	NEW	1,943	NEW	$1,094,491	NEW	0.04%
TRV	Travelers Companies, Inc. Financial Services	NEW	3,653	NEW	$1,065,507	NEW	0.04%
LLY	ELI LILLY & Co Healthcare	NEW	637	NEW	$585,893	NEW	0.02%
MRK	Merck & Co., Inc. Healthcare	NEW	4,000	NEW	$481,160	NEW	0.02%
LIN	Linde PLC Basic Materials	NEW	900	NEW	$446,184	NEW	0.02%
WRB	Berkley W R Corp Financial Services	NEW	5,804	NEW	$384,689	NEW	0.01%
STTK	Shattuck Labs, Inc. Healthcare	NEW	48,276	NEW	$310,414	NEW	0.01%
IBM	International Business Machines Corp Technology	NEW	1,274	NEW	$308,804	NEW	0.01%
UNP	Union Pacific Corp Industrials	NEW	1,200	NEW	$291,144	NEW	0.01%
DD	DuPont de Nemours, Inc. Basic Materials	NEW	1,835	NEW	$252,129	NEW	0.01%