In its second-quarter 13F filing, Christopher Davis's Davis Advisors reported that its managed securities grew to $23.29 billion. The portfolio remains concentrated, with the top five holdings, led by Capital One Financial (COF), accounting for nearly 28% of the total value. The firm's strategy continues to focus on what it deems as durable, well-managed businesses purchased at value prices for the long term.
The most significant change during the quarter was a major rotation within the energy sector. Davis Advisors completely exited its substantial $1.3 billion stake in Coterra Energy (CTRA), which was previously a top holding. Concurrently, the firm initiated a new, high-conviction position in Devon Energy (DVN) valued at $1.05 billion, immediately making it a top-ten holding at 4.5% of the portfolio. This move follows the merger of Coterra and Devon, which was completed in May 2026.
Other notable changes include a significant reduction in the firm's holding of Applied Materials (AMAT), bringing it to a near-exit level. The firm also increased its stakes in JBS N.V. and LyondellBasell Industries, while boosting its position in Amazon (AMZN) by 25%. Reductions were made in technology company Texas Instruments (TXN) and mining firm Teck Resources (TECK).