Davis Asset Management, L.P.

CIK 0001945894 · Q1 2026

13F Equity AUM

$3.5B

+23.8% QoQ

Positions

+50 QoQ

AUM Rank

#1,270

Top 10%

Skill Alpha (FF)

+10.8%/yr^ns

No Clear Edge

Rank #257 · Top 3%

vs S&P -3.1%/yr (unadj.)

Quarters Tracked

~3 years

Portfolio Concentration

Top 5: 37.7%Top 10: 57.6%Top 20: 82.5%

BRK/A9.9%

META8.5%

GOOG8.3%

WEA6.3%

CB4.7%

BRK/B4.4%

CRBG4.0%

JPM4.0%

MKL3.9%

BB43.6%

Others (70)42.4%

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

Sector Allocation

Financial Services62.7%

Communication Services16.9%

Financials9.9%

Technology3.2%

Industrials2.9%

Consumer Cyclical2.2%

Other2.2%

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

Position Sizing

Positions: 80Median: 0.06%Avg: 1.25%

0–0.5%

46(1.3%)

0.5–1%

5(3.6%)

1–3%

18(34.5%)

3–5%

7(27.6%)

5%+

4(33.0%)

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

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Portfolio Overlap

Shared: 77Unique: 3vs 20 funds

1.1%Low

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)

STATE STREET CORP

2.2%

MORGAN STANLEY

1.4%

BlackRock, Inc.

1.9%

VANGUARD CAPITAL MANAGEMENT LLC

2.2%

JPMORGAN CHASE & CO

1.6%

BANK OF AMERICA CORP /DE/

1.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

2.6%

GEODE CAPITAL MANAGEMENT, LLC

2.2%

FMR LLC

2.4%

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

New56Increased20Decreased0Exited1

New Positions

JPM4.0%

+469K

PGR2.9%

+505K

GS2.3%

+92K

WFC0.8%

+338K

AXP0.6%

+63K

MKTX0.5%

+109K

STT0.4%

+116K

XOM0.1%

+24K

JNJ0.1%

+13K

AMAT0.1%

+7K

Increased

CRBG4.0%

+2.3M(+66%)

WEA6.3%

+583K(+23%)

EQR1.8%

+268K(+34%)

ACN3.1%

+190K(+54%)

BRK/B4.4%

+136K(+75%)

CG1.6%

+131K(+13%)

USB1.1%

+115K(+19%)

BABA2.2%

+108K(+22%)

ACGL1.8%

+100K(+18%)

GPN2.9%

+85K(+6%)

Exited

WBS

-2,000,000

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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