Institutional Manager · CIK 0001036325

Davis Selected Advisers

Tucson, AZ · File #028-04121

Latest AUM

$22.25B

Positions

108

Top-10 Concentration

52.2%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	Applied Materials, Inc.	038222105	-1,352,694	-$347.6M	+$290.2M
ADD	Coterra Energy, Inc.	CTRA	+12,654,027	+$333.1M	+$53.1M
NEW	JBS N.V., Class A	JBS	+11,854,741	+$170.9M	$0
ADD	Tyson Foods Inc	TSN	+2,865,413	+$168.0M	+$43.0M
ADD	U.S. Bancorp	USB-PS	+2,610,197	+$139.3M	+$97.7M
ADD	Viatris Inc.	VTRS	+8,832,339	+$110.0M	+$176.8M
ADD	Alphabet Inc., Class A	GOOG	+348,166	+$109.0M	+$193.7M
ADD	CVS Health Corporation	CVS	+1,356,870	+$107.7M	+$45.3M
ADD	MGM Resorts International	MGM	+2,866,750	+$104.6M	+$43.8M
ADD	Berkshire Hathaway Inc., Class B	BRK-A	+205,927	+$103.5M	-$40,860

Sector Allocation

Healthcare

14.3%$3.18B

Consumer Discretionary

8.2%$1.83B

Communication Services

7.8%$1.74B

6.6%$1.47B

4.6%$1.02B

4.6%$1.03B

2.0%$457.1M

1.3%$282.7M

0.6%$123.6M

0.2%$38.2M

Filing History

Feb 2, 202613F HOLDINGS REPORTQ/E Dec 2025108 pos · $22.25B
Dec 29, 202513F HOLDINGS REPORT (Amended)Q/E Dec 2025107 pos · $19.15B
Nov 12, 202513F HOLDINGS REPORTQ/E Sep 2025107 pos · $19.15B
Aug 8, 202513F HOLDINGS REPORTQ/E Jun 2025107 pos · $18.70B
May 12, 202513F HOLDINGS REPORTQ/E Mar 2025104 pos · $17.35B
Feb 7, 202513F HOLDINGS REPORTQ/E Dec 2024100 pos · $17.21B
Nov 8, 202413F HOLDINGS REPORTQ/E Sep 2024102 pos · $17.83B
Aug 7, 202413F HOLDINGS REPORTQ/E Jun 2024102 pos · $17.22B
May 14, 202413F HOLDINGS REPORT (Amended)Q/E Mar 202498 pos · $17.84B
May 13, 202413F HOLDINGS REPORTQ/E Mar 202498 pos · $17.84B
Nov 9, 202313F HOLDINGS REPORTQ/E Dec 2023104 pos · $15.95B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	Capital One Financial Corp.	14040H105	8,614,766	$2.09B	9.74%
2	U.S. Bancorp	USB-PS	22,041,759	$1.18B	5.49%
3	Meta Platforms, Inc., Class A	META	1,752,974	$1.16B	5.40%
4	Applied Materials, Inc.	038222105	4,201,298	$1.08B	5.04%
5	CVS Health Corporation	CVS	12,760,511	$1.01B	4.72%
6	MGM Resorts International	MGM	26,820,202	$978.7M	4.56%
7	Alphabet Inc., Class A	GOOG	3,118,760	$976.2M	4.55%
8	Viatris Inc.	VTRS	78,177,984	$973.3M	4.54%
9	Markel Group, Inc	MKL	415,160	$892.5M	4.16%
10	Coterra Energy, Inc.	CTRA	32,537,508	$856.4M	3.99%
11	Amazon.com, Inc.	AMZN	3,429,262	$791.5M	3.69%
12	Wells Fargo & Co.	949746101	8,258,031	$769.6M	3.59%
13	Tyson Foods Inc	TSN	12,827,540	$752.0M	3.51%
14	Berkshire Hathaway Inc., Class A	BRK-A	943	$711.8M	3.32%
15	Teck Resources Ltd., Class B	TCKRF	12,019,609	$575.6M	2.68%
16	Texas Instruments, Inc.	882508104	2,853,227	$495.0M	2.31%
17	Solventum Corp.	SOLV	6,220,072	$492.9M	2.30%
18	UnitedHealth Group Inc.	UNH	1,273,400	$420.4M	1.96%
19	Berkshire Hathaway Inc., Class B	BRK-A	739,875	$371.9M	1.73%
20	Chubb Ltd.	CB	1,186,647	$370.4M	1.73%