DAVIS SELECTED ADVISERS

CIK 0001036325 · Q1 2026

13F Equity AUM

$21.8B

-2.1% QoQ

Positions

112

+4 QoQ

AUM Rank

#385

Top 3%

Skill Alpha (FF)

+0.9%/yr^ns

No Clear Edge

Rank #1,675 · Top 20%

vs S&P -1.3%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 27.8%Top 10: 47.3%Top 20: 72.4%

COF7.2%

CTRA6.0%

USB5.3%

VTRS4.8%

META4.5%

MGM4.1%

GOOGL4.1%

CVS4.0%

TSN3.9%

MKL3.4%

Others (102)52.7%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services29.1%

Healthcare16.5%

Consumer Cyclical10.9%

Communication Services10.6%

Technology7.6%

Energy7.1%

Consumer Defensive6.1%

Basic Materials4.8%

Other7.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 112Median: 0.14%Avg: 0.89%

0–0.5%

74(8.1%)

0.5–1%

7(4.9%)

1–3%

19(33.4%)

3–5%

9(35.2%)

5%+

3(18.4%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 112Unique: 0vs 20 funds

1.5%Low

112

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

2.1%

BANK OF AMERICA CORP /DE/

2.3%

2.7%

2.2%

3.1%

3.6%

GEODE CAPITAL MANAGEMENT, LLC

2.9%

VANGUARD CAPITAL MANAGEMENT LLC

2.9%

VANGUARD PORTFOLIO MANAGEMENT LLC

3.4%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New6Increased64Decreased36Exited2

New Positions

LYB2.1%

+5.6M

ADBE0.1%

+45K

CBRE0.0%

+26K

JLL0.0%

+12K

FRMI0.0%

+306K

Janus Living, Inc.0.0%

+10K

Increased

JBS2.2%

+14.4M(+121%)

YMM1.1%

+11.2M(+64%)

CTRA6.0%

+4.6M(+14%)

RKT0.3%

+1.6M(+49%)

CLV1.5%

+1.5M(+30%)

CI2.7%

+1.5M(+197%)

SE0.7%

+1.4M(+324%)

PINS1.0%

+598K(+5%)

TSN3.9%

+263K(+2%)

SAP0.3%

+261K(+463%)

Decreased

AMAT1.9%

-3,004,196(-72%)

DAR0.1%

-2,654,401(-93%)

MGM4.1%

-2,524,864(-9%)

TECK/B2.5%

-1,434,946(-12%)

CVS4.0%

-520,845(-4%)

QSR1.2%

-421,664(-10%)

SHO0.0%

-389,890(-30%)

REXR0.0%

-135,220(-39%)

IVE0.0%

-115,429(-91%)

0J7Q0.4%

-100,825(-4%)

Exited

UDR

-113,280

NTST

-189,600

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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