Chris Davis's firm - durable, reasonably priced businesses held for the very long term.
| # | Holding | Our call | % of book | Value | Shares | QoQ |
|---|---|---|---|---|---|---|
| 1 | COF | Buy | 7.2% | $1.56B | 8.54M | — |
| 2 | Coterra Energy, Inc. | — | 6.0% | $1.30B | 37.1M | Added+14% |
| 3 | USB | Buy | 5.3% | $1.16B | 22.2M | — |
| 4 | VTRS | Hold | 4.9% | $1.06B | 78.2M | — |
| 5 | META | Buy | 4.5% | $984M | 1.72M | Trimmed-2% |
| 6 | MGM | Hold | 4.1% | $899M | 24.3M | Trimmed-9% |
| 7 | GOOGL | Buy | 4.1% | $890M | 3.09M | — |
| 8 | CVS | Hold | 4.0% | $879M | 12.2M | Trimmed-4% |
| 9 | TSN | Hold | 3.9% | $839M | 13.1M | Added+2% |
| 10 | MKL | Hold | 3.4% | $734M | 383K | Trimmed-8% |
| 11 | AMZN | Buy | 3.3% | $713M | 3.43M | — |
| 12 | Berkshire Hathaway Inc., Class A | — | 3.0% | $663M | 923.00 | Trimmed-2% |
| 13 | WFC | Buy | 3.0% | $652M | 8.19M | — |
| 14 | CI | Buy | 2.7% | $596M | 2.23M | Added+197% |
| 15 | TXN | Hold | 2.5% | $553M | 2.85M | — |
| 16 | TECK | — | 2.5% | $548M | 10.6M | Trimmed-12% |
| 17 | JBS N.V., Class A | — | 2.2% | $471M | 26.2M | Added+121% |
| 18 | LYB | Hold | 2.1% | $451M | 5.60M | NEW |
| 19 | SOLV | Buy | 1.9% | $413M | 6.33M | Added+2% |
| 20 | AMAT | Sell | 1.9% | $409M | 1.20M | Trimmed-72% |
| 21 | CB | Buy | 1.8% | $390M | 1.20M | — |
| 22 | BRKB | — | 1.6% | $359M | 750K | Added+1% |
| 23 | UNH | Sell | 1.5% | $338M | 1.25M | Trimmed-2% |
| 24 | TCOM | — | 1.5% | $326M | 6.56M | Added+30% |
| 25 | DGX | Hold | 1.5% | $317M | 1.62M | Added+2% |
| 26 | QSR | Hold | 1.2% | $266M | 3.60M | Trimmed-10% |
| 27 | COP | Buy | 1.1% | $248M | 1.88M | Added+4% |
| 28 | AGCO | Hold | 1.1% | $242M | 2.09M | Added+2% |
| 29 | YMM | — | 1.1% | $239M | 28.8M | Added+64% |
| 30 | PINS | Buy | 1.0% | $227M | 12.4M | Added+5% |
| 31 | OC | Hold | 1.0% | $227M | 2.10M | Added+3% |
| 32 | GOOG | Buy | 0.9% | $194M | 678K | Trimmed-5% |
| 33 | DUSA | — | 0.8% | $173M | 3.40M | — |
| 34 | JPM | Hold | 0.8% | $164M | 556K | Trimmed-3% |
| 35 | SE | — | 0.7% | $153M | 1.85M | Added+324% |
| 36 | APP | Buy | 0.6% | $134M | 336K | Added+35% |
| 37 | FITB | Hold | 0.6% | $131M | 2.81M | Added+3% |
| 38 | PNC | Buy | 0.5% | $113M | 542K | Added+2% |
| 39 | DINT | — | 0.5% | $105M | 3.92M | — |
| 40 | Wesco International, Inc. | — | 0.5% | $104M | 381K | Added+5% |
| 41 | PPLI | — | 0.4% | $96.6M | 2.41M | Trimmed-4% |
| 42 | DFNL | — | 0.4% | $95.5M | 2.13M | — |
| 43 | DWLD | — | 0.4% | $84.8M | 1.94M | — |
| 44 | RNR | Buy | 0.4% | $76.4M | 257K | Added+12% |
| 45 | AXP | Buy | 0.3% | $70.5M | 233K | Trimmed-4% |
| 46 | RKT | Hold | 0.3% | $68.7M | 4.82M | Added+49% |
| 47 | L | Buy | 0.3% | $65.5M | 614K | Added+2% |
| 48 | BNY | Hold | 0.3% | $62.3M | 525K | — |
| 49 | BAC | Hold | 0.3% | $56.5M | 1.16M | — |
| 50 | NTB | — | 0.3% | $56.3M | 1.07M | Added+2% |
| 51 | SAP | — | 0.2% | $54.3M | 317K | Added+463% |
| 52 | CHYM | Hold | 0.2% | $47.6M | 2.54M | Added+3% |
| 53 | NTES | — | 0.2% | $47.3M | 423K | — |
| 54 | VALE | — | 0.2% | $46.6M | 2.93M | — |
| 55 | EG | Buy | 0.2% | $46.1M | 141K | Added+19% |
| 56 | FISV | Buy | 0.2% | $32.9M | 589K | Added+3% |
| 57 | SCHW | Buy | 0.1% | $29.2M | 311K | Added+3% |
| 58 | MSFT | Buy | 0.1% | $29.1M | 78.5K | Added+29% |
| 59 | BEKE | — | 0.1% | $27.7M | 1.85M | — |
| 60 | JCI | Hold | 0.1% | $25.4M | 194K | Trimmed-8% |
| 61 | PLD | Hold | 0.1% | $24.1M | 183K | Added+1% |
| 62 | EQIX | Hold | 0.1% | $20.8M | 21.2K | Added+2% |
| 63 | NVDA | Hold | 0.1% | $19.8M | 114K | Added+2% |
| 64 | STT | Hold | 0.1% | $19.3M | 152K | Added+6% |
| 65 | BRX | Hold | 0.1% | $16.2M | 563K | Added+1% |
| 66 | DLR | Hold | 0.1% | $14.2M | 78.9K | — |
| 67 | Cousins Properties, Inc. | — | 0.1% | $13.2M | 586K | Added+17% |
| 68 | AVB | Hold | 0.1% | $13.1M | 80.0K | Added+1% |
| 69 | MTB | Buy | 0.1% | $12.5M | 60.3K | Added+8% |
| 70 | BXP | Hold | 0.1% | $12.3M | 237K | Added+1% |
| 71 | ORCL | Hold | 0.1% | $11.8M | 80.4K | Added+1% |
| 72 | DAR | Hold | 0.1% | $11.6M | 188K | Trimmed-93% |
| 73 | PSA | Hold | 0.1% | $11.2M | 41.3K | Trimmed-5% |
| 74 | AMT | Hold | 0.1% | $11.2M | 64.6K | Added+1% |
| 75 | ADBE | Buy | 0.1% | $11.0M | 45.1K | NEW |
| 76 | DOC | Hold | 0.0% | $10.6M | 645K | Added+48% |
| 77 | REG | Buy | 0.0% | $10.5M | 139K | Added+1% |
| 78 | TFC | Hold | 0.0% | $10.3M | 225K | Added+17% |
| 79 | SNPS | Hold | 0.0% | $10.3M | 25.9K | Added+199% |
| 80 | NOAH | — | 0.0% | $10.1M | 1.02M | — |
| 81 | Eastgroup Properties, Inc. | — | 0.0% | $9.69M | 52.4K | Added+1% |
| 82 | SPG | Hold | 0.0% | $9.41M | 50.5K | Trimmed-24% |
| 83 | VTR | Hold | 0.0% | $9.31M | 114K | — |
| 84 | CDP | — | 0.0% | $9.16M | 299K | Added+2% |
| 85 | CPT | Hold | 0.0% | $8.60M | 88.0K | Added+1% |
| 86 | ARE | Hold | 0.0% | $8.39M | 181K | Added+2% |
| 87 | JD | — | 0.0% | $8.38M | 283K | Trimmed-14% |
| 88 | SHO | — | 0.0% | $8.02M | 890K | Trimmed-30% |
| 89 | American Homes 4 Rent - Class A | — | 0.0% | $7.74M | 277K | — |
| 90 | TRNO | Buy | 0.0% | $6.97M | 114K | Trimmed-4% |
| 91 | REXR | Hold | 0.0% | $6.86M | 210K | Trimmed-39% |
| 92 | ANGI | — | 0.0% | $6.50M | 949K | — |
| 93 | EQR | Hold | 0.0% | $6.26M | 106K | Added+1% |
| 94 | VICI | Buy | 0.0% | $6.02M | 220K | Added+2% |
| 95 | MAA | Hold | 0.0% | $5.86M | 48.0K | Trimmed-19% |
| 96 | O | Hold | 0.0% | $5.81M | 94.9K | Added+4% |
| 97 | SUI | Hold | 0.0% | $5.47M | 43.4K | Added+1% |
| 98 | CHCT | — | 0.0% | $5.24M | 330K | Added+1% |
| 99 | ESS | Hold | 0.0% | $4.06M | 16.8K | Added+2% |
| 100 | JLL | Buy | 0.0% | $3.77M | 12.4K | NEW |
| 101 | EXR | Hold | 0.0% | $3.69M | 28.1K | — |
| 102 | CBRE | Buy | 0.0% | $3.47M | 25.6K | NEW |
| 103 | CCI | Hold | 0.0% | $3.41M | 41.9K | — |
| 104 | CUBE | Hold | 0.0% | $3.38M | 92.3K | Added+1% |
| 105 | DEI | — | 0.0% | $2.90M | 308K | — |
| 106 | IVE | — | 0.0% | $2.45M | 11.6K | Trimmed-91% |
| 107 | TSM | — | 0.0% | $2.43M | 7.20K | — |
| 108 | Hudson Pacific Properties, Inc. | — | 0.0% | $1.90M | 322K | — |
| 109 | FRMI | — | 0.0% | $1.79M | 306K | NEW |
| 110 | Crown Holdings, Inc. | — | 0.0% | $859K | 8.57K | — |
| 111 | LRCX | Sell | 0.0% | $594K | 2.78K | Trimmed-77% |
| 112 | JAN | — | 0.0% | $236K | 10.0K | NEW |
Source: SEC Form 13F-HR. Positions are as-of quarter end (filed up to 45 days later) and cover US-listed equities only — shorts, non-US listings and most derivatives don’t appear. Values as reported by the filer. “Our call” is TENK/calls’s independent SEC-grounded verdict, not the fund’s view.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.