Davis Selected Advisers LP 13F holdings and portfolio analysis
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Baseline
Analyse-NachrichtenVorbereitete Q&A zu diesem Fonds. Als Referenzkontext für Ihre eigene Analyse verwenden.
Directly following the baseline exposes an investor to a concentrated, benchmark-like equity portfolio with notable single-name and sector risk. The baseline top 5 holdings are 33.63%, top 10 are 56.82%, and top 20 are 80.66%. The largest positions are Capital One at 10.78%, U.S. Bancorp at 6.08%, Meta at 5.97%, Applied Materials at 5.57%, and CVS Health at 5.23%. Sector exposure is led by Financials at 34.96%, followed by Health Care at 17.45%, Consumer Discretionary at 12.77%, and Information Technology at 9.36%. Performance-wise, the baseline keeps beta near market at 0.99 and still suffered a -36.17% maxDrawdown, so the investor gets equity-like downside without much diversification benefit.
The recent periods that best explain the baseline trade-off are the ones with strong rebounds but inconsistent excess return and meaningful turnover. In 2023-03-31, the baseline gained 15.66% versus SPY’s 7.9% for +7.75% excess, then followed with another strong 2023-09-30 period at 16.31% versus 10.11% for +6.2%. But those wins were offset by weaker stretches such as 2024-03-31 at -2.91% versus SPY’s +2.31% (-5.23% excess), 2025-06-30 at +0.35% versus 4.2% (-3.85%), and 2022-12-31 at -8.27% versus -0.25% (-8.02%). Turnover was also elevated in some stronger and weaker periods alike, including 20.18% in 2024-09-30 and 19.91% in 2024-12-31, which helps explain why respectable absolute returns did not translate into durable alpha.
A user should inspect three things next: concentration, sector dependence, and timing risk from filing-delay implementation. Concentration is high with top 10 holdings at 56.82%, including Capital One at 10.78% and U.S. Bancorp at 6.08%. Sector dependence is also meaningful because Financials are 34.96% of the baseline, far ahead of Health Care at 17.45% and Consumer Discretionary at 12.77%. Finally, the backtest notes that trades are implemented after disclosure deadlines, and period data shows some quarters with large trade counts such as 75 trades in 2024-09-30 and 72 trades in 2025-03-31. Before accepting the baseline, a user should decide whether they are comfortable copying a concentrated, financials-heavy book with reporting lag and recurring turnover.