13F
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DAVIS SELECTED ADVISERS

13F equity value
$21.8B
Positions
112
Top 10 concentration
47.3%
Quarters / total new picks
26 / 82
13F equity value over time
$0M$12B$24B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 26 quarters, returned +0.8% per quarter — versus +3.4% per quarter from simply owning every 13F stock. It beat that baseline in only 42.3% of quarters (excess t = -1.19, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-3.2%
t-stat
-1.19
Quarterly win rate
42%
Annualized excess
-11.9%
$1 → follow vs universe
$1.06 vs $2.19
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180930: universe 1.08920181231: universe 1.07720190331: universe 1.05820190630: universe 1.13820190930: universe 1.22320191231: universe 0.98720200331: universe 1.19020200630: universe 1.31420210331: universe 1.32620210630: universe 1.43220210930: universe 1.28620220331: universe 1.38020220630: universe 1.27920220930: universe 1.37420230331: universe 1.44720230630: universe 1.39520230930: universe 1.58420231231: universe 1.65520240630: universe 1.80520240930: universe 1.78920241231: universe 1.67020250331: universe 1.82120250630: universe 1.87820250930: universe 2.11220251231: universe 2.184 20180331: follow 0.95120180930: follow 1.02720181231: follow 0.92420190331: follow 0.91020190630: follow 0.92120190930: follow 1.00320191231: follow 0.68520200331: follow 0.72220200630: follow 0.82620210331: follow 0.67920210630: follow 0.65120210930: follow 0.68620220331: follow 0.68120220630: follow 0.65920220930: follow 0.79020230331: follow 0.74220230630: follow 0.75420230930: follow 0.84020231231: follow 0.86620240630: follow 0.94920240930: follow 1.01620241231: follow 1.04620250331: follow 1.11020250630: follow 1.14220250930: follow 1.10720251231: follow 1.058 0.60 1.48 2.36 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 112 · 2026 Q1

Ticker Value Weight QoQ
COF $1.6B
7.1%
HOLD
CTRA $1.3B
6.0%
ADD
USB $1.2B
5.3%
HOLD
VTRS $1.1B
4.9%
HOLD
META $984M
4.5%
HOLD
MGM $899M
4.1%
TRIM
GOOGL $890M
4.1%
HOLD
CVS $879M
4.0%
TRIM
TSN $839M
3.9%
ADD
MKL $734M
3.4%
TRIM
AMZN $713M
3.3%
HOLD
BRK/A $663M
3.0%
TRIM
WFC $652M
3.0%
HOLD
CI $596M
2.7%
ADD
TXN $553M
2.5%
HOLD
TECK $548M
2.5%
TRIM
JBS $471M
2.2%
ADD
LYB $451M
2.1%
NEW
SOLV $413M
1.9%
HOLD
AMAT $409M
1.9%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

ADBECBREFRMIJLLLYB

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.