Davis Asset Management, L.P.
Long book
$3.46B
Q1 2026
Positions
85
Top-10 weight
58%
concentration
Last quarter
+11.0%
SPY +14.8%
Turnover
66%
of book per quarter
Strategy in plain words
auto-generated from filingsDavis Asset Management, L.P. is a concentrated fundamental stock-picker, specialised in financials (68% of the long book), running a $3.46B US long book across 85 positions.
The portfolio is concentrated: the top 10 names carry 58% of the portfolio. Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: BERKSHIRE HATHAWAY INC-CL A, META PLATFORMS INC-CLASS A, ALPHABET INC-CL C, WESTERN ALLIANCE BANCORP, CHUBB LTD.
Over the last 9 quarters its long book ran on average 0.5pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.5%
Q2 2024
+13.0%
Q3 2024
+5.2%
Q4 2024
-1.7%
Q1 2025
+6.1%
Q2 2025
+7.7%
Q3 2025
+2.4%
Q4 2025
-7.2%
Q1 2026
+11.0%
Sector allocation
Financials 71%
Technology 18%
Services media 11%
Healthcare 0%
Energy 0%
Consumer staples 0%
Industrials 0%
Materials 0%
Long book by quarter
What does Davis Asset own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 475 | $341.1M | 9.9% | +295.8% |
| META META PLATFORMS INC-CLASS A | Technology | 515.0K | $294.6M | 8.5% | +3.0% |
| GOOG ALPHABET INC-CL C | Technology | 1.0M | $286.9M | 8.3% | Held |
| WAL WESTERN ALLIANCE BANCORP | Financials | 3.1M | $218.4M | 6.3% | +23.3% |
| CB CHUBB LTD | Financials | 494.6K | $161.2M | 4.7% | +9.9% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 315.6K | $151.3M | 4.4% | +75.4% |
| CRBG COREBRIDGE FINANCIAL INC | Financials | 5.8M | $138.5M | 4.0% | +65.8% |
| JPM JPMORGAN CHASE & CO | Financials | 468.8K | $137.9M | 4.0% | New |
| MKL MARKEL GROUP INC | Financials | 70.6K | $135.2M | 3.9% | +41.3% |
| AX AXOS FINANCIAL INC | Financials | 1.5M | $124.0M | 3.6% | +5.4% |
| ACN ACCENTURE PLC-CL A | Services media | 540.0K | $107.1M | 3.1% | +54.3% |
| PGR PROGRESSIVE CORP | Financials | 504.5K | $100.0M | 2.9% | New |
| GPN GLOBAL PAYMENTS INC | Services media | 1.5M | $99.9M | 2.9% | +6.1% |
| V VISA INC-CLASS A SHARES | Services media | 320.0K | $96.7M | 2.8% | +6.7% |
| FAF FIRST AMERICAN FINANCIAL | Financials | 1.5M | $90.4M | 2.6% | Held |
| MTB M & T BANK CORP | Financials | 410.0K | $84.8M | 2.5% | +2.5% |
| GS GOLDMAN SACHS GROUP INC | Financials | 92.4K | $78.2M | 2.3% | New |
| SFBS SERVISFIRST BANCSHARES INC | Financials | 910.4K | $66.3M | 1.9% | +4.0% |
| ACGL ARCH CAPITAL GROUP LTD | Financials | 650.0K | $62.4M | 1.8% | +18.2% |
| FSBC FIVE STAR BANCORP | Financials | 1.5M | $57.0M | 1.6% | Held |
| CG CARLYLE GROUP INC/THE | Financials | 1.1M | $54.7M | 1.6% | +13.1% |
| MA MASTERCARD INC - A | Services media | 102.0K | $51.0M | 1.5% | +20.0% |
| TCBK TRICO BANCSHARES | Financials | 1.0M | $49.8M | 1.4% | Held |
| ABCB AMERIS BANCORP | Financials | 621.8K | $48.5M | 1.4% | Held |
| RJF RAYMOND JAMES FINANCIAL INC | Financials | 270.0K | $39.1M | 1.1% | Held |
| USB US BANCORP | Financials | 715.2K | $37.2M | 1.1% | +19.2% |
| OSBC OLD SECOND BANCORP INC | Financials | 1.8M | $36.3M | 1.1% | +3.1% |
| FBK FB FINANCIAL CORP | Financials | 619.2K | $32.2M | 0.9% | Held |
| CCNE CNB FINANCIAL CORP/PA | Financials | 950.0K | $27.5M | 0.8% | Held |
| WFC WELLS FARGO & CO | Financials | 338.0K | $26.9M | 0.8% | New |
| AXP AMERICAN EXPRESS CO | Financials | 63.0K | $19.1M | 0.6% | New |
| MKTX MARKETAXESS HOLDINGS INC | Financials | 108.8K | $18.0M | 0.5% | New |
| STT STATE STREET CORP | Financials | 116.0K | $14.7M | 0.4% | New |
| TSBK TIMBERLAND BANCORP INC | Financials | 174.5K | $6.9M | 0.2% | Held |
| XOM EXXON MOBIL CORP | Energy | 24.2K | $4.1M | 0.1% | New |
| JNJ JOHNSON & JOHNSON | Healthcare | 12.5K | $3.1M | 0.1% | New |
| AMAT APPLIED MATERIALS INC | Technology | 6.6K | $2.3M | 0.1% | New |
| BLK BLACKROCK INC | Financials | 2.1K | $2.0M | 0.1% | New |
| KO COCA-COLA CO/THE | Consumer staples | 25.0K | $1.9M | 0.1% | New |
| GOOGL ALPHABET INC-CL A | Technology | 4.8K | $1.4M | 0.0% | New |
| MGM MGM RESORTS INTERNATIONAL | Services media | 31.5K | $1.2M | 0.0% | New |
| DE DEERE & CO | Industrials | 1.9K | $1.1M | 0.0% | New |
| TRV TRAVELERS COS INC/THE | Financials | 3.7K | $1.1M | 0.0% | New |
| LLY ELI LILLY & CO | Healthcare | 637 | $586K | 0.0% | New |
| MRK MERCK & CO. INC. | Healthcare | 4.0K | $481K | 0.0% | New |
| LIN LINDE PLC | Materials | 900 | $446K | 0.0% | New |
| WY Weyerhaeuser Co. | Real estate | 17.3K | $416K | 0.0% | New |
| WRB WR BERKLEY CORP | Financials | 5.8K | $385K | 0.0% | New |
| STTK SHATTUCK LABS INC | Healthcare | 48.3K | $310K | 0.0% | New |
| IBM INTL BUSINESS MACHINES CORP | Technology | 1.3K | $309K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 85 | $3.46B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 30 | $2.79B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 31 | $2.81B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 31 | $2.57B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 31 | $2.40B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 31 | $2.45B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 33 | $2.50B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 34 | $2.23B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 33 | $2.28B | canonical | SEC ↗ |