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Chris Davis Q1 Portfolio: Buys Pfizer Inc, Becton Dickinson, Activision Inc., Merck & Co. Inc., Sells AFLAC Inc., Altria Group Inc.

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"In a bear market you work harder, earn less, but add more value." Shelby M.C. Davis notes. Davis Funds tend to buy market leaders with strong balance sheets, "Out-of-the-spotlight" businesses and headline risk or contrarian investments. This is the Q1 portfolio of Davis Funds.

For the details of Chris Davis's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Chris+Davis

This is the sector weightings of Chris Davis's portfolio:

Technology 8.9% 8.9%
Financials 29.7% 29.7%
Utilities 0.3% 0.3%
Consumer Services 18.3% 18.3%
Health Care 9.4% 9.4%
Consumer Goods 5.2% 5.2%
Industrials 11.7% 11.7%
Basic Materials 0.1% 0.1%
Oil & Gas 16.2% 16.2%


These are the top 5 holdings of Chris Davis

  1. Berkshire Hathaway Inc. (BRK-A) - 22,814 shares, 5.11% of the total portfolio
  2. Costco Wholesale Corp. (COST) - 40,379,239 shares, 4.83% of the total portfolio
  3. Occidental Petroleum Corp. (OXY) - 27,013,745 shares, 3.88% of the total portfolio
  4. JPMorgan Chase & Co. (JPM) - 55,179,837 shares, 3.79% of the total portfolio
  5. The Bank of New York Mellon Corp. (BK) - 48,865,110 shares, 3.56% of the total portfolio

Added: The Walt Disney Company Disney (DIS)

Chris Davis added to his holdings in The Walt Disney Company Disney by 1727.04%. His purchase prices were between $15.83 and $22.31, with an estimated average price of $18.9. The impact to his portfolio due to this purchase was 0.69%. His holdings were 15,588,494 shares as of 03/31/2009.

Walt Disney Company owns 100% of Disney Enterprises Inc. whichtogether with its subsidiaries is a diversified worldwide entertainmentcompany with operations in five business segments: Media Networks StudioEntertainment Theme Parks and Resorts Consumer Products and Internet andDirect Marketing. The Walt Disney Company Disney has a market cap of $45.15 billion; its shares were traded at around $24.32 with a P/E ratio of 12.9 and P/S ratio of 1.2. The dividend yield of The Walt Disney Company Disney stocks is 1.4%. The Walt Disney Company Disney had an annual average earning growth of 4.4% over the past 10 years.

Added: Berkshire Hathaway Inc. (BRK-A)

Chris Davis added to his holdings in Berkshire Hathaway Inc. by 6.51%. His purchase prices were between $73195 and $94750, with an estimated average price of $85430.9. The impact to his portfolio due to this purchase was 0.31%. His holdings were 22,814 shares as of 03/31/2009.

Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities. The most important of these are insurance businesses conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire also owns and operates a number of other businesses engaged in a variety of activities as identified herein. Berkshire Hathaway Inc. has a market cap of $98.01 billion; its shares were traded at around $90000 with a P/E ratio of 17.8 and P/S ratio of 0.9. Berkshire Hathaway Inc. had an annual average earning growth of 27.1% over the past 10 years. GuruFocus rated Berkshire Hathaway Inc. the business predictability rank of 3.5-star.

Added: Johnson & Johnson (JNJ)

Chris Davis added to his holdings in Johnson & Johnson by 29.78%. His purchase prices were between $47.97 and $58.56, with an estimated average price of $54.2. The impact to his portfolio due to this purchase was 0.29%. His holdings were 9,410,681 shares as of 03/31/2009.

Johnson & Johnson is engaged in the manufacture and sale of a broad range of products in the health care field in many countries of the world. The company's worldwide business is divided into three segments: Consumer; Pharmaceutical; and Professional. Johnson & Johnson has a market cap of $152.22 billion; its shares were traded at around $55 with a P/E ratio of 12.1 and P/S ratio of 2.4. The dividend yield of Johnson & Johnson stocks is 3.3%. Johnson & Johnson had an annual average earning growth of 12.5% over the past 10 years. GuruFocus rated Johnson & Johnson the business predictability rank of 4.5-star.

Added: Google Inc. (GOOG)

Chris Davis added to his holdings in Google Inc. by 11.57%. His purchase prices were between $299.67 and $371.28, with an estimated average price of $333.5. The impact to his portfolio due to this purchase was 0.2%. His holdings were 2,154,135 shares as of 03/31/2009.

Google is a public and profitable company focused on search services. Named for the mathematical term `googol` Google operates web sites at many international domains with the most trafficked being www.google.com. Google is widely recognized as the `World's Best Search Engine` and is fast accurate and easy to use. The company also serves corporate clients including advertisers content publishers and site managers with cost-effective advertising and a wide range of revenue generating search services. Google's breakthrough technology and continued innovation serve the company's mission of `organizing the world's information and making it universally accessible and useful.` Google Inc. has a market cap of $125.81 billion; its shares were traded at around $399.01 with a P/E ratio of 22.5 and P/S ratio of 5.8.

Added: Bank of America Corp. (BAC)

Chris Davis added to his holdings in Bank of America Corp. by 11731.6%. His purchase prices were between $3.14 and $12.95, with an estimated average price of $6.2. The impact to his portfolio due to this purchase was 0.07%. His holdings were 4,082,129 shares as of 03/31/2009.

Bank of America Corp. is one of the world's leading financial services companies. Bank of America provides individuals small businesses and commercial corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever wherever and however they choose. Bank of America Corp. has a market cap of $78.48 billion; its shares were traded at around $12.26 with a P/E ratio of 12.9 and P/S ratio of 1. The dividend yield of Bank of America Corp. stocks is 0.3%. Bank of America Corp. had an annual average earning growth of 7.5% over the past 10 years.

Added: Taubman Centers Inc. (TCO)

Chris Davis added to his holdings in Taubman Centers Inc. by 80.46%. His purchase prices were between $13.22 and $22.46, with an estimated average price of $18.1. The impact to his portfolio due to this purchase was 0.03%. His holdings were 1,475,820 shares as of 03/31/2009.

TAUBMAN CENTERS INC. a real estate investment trust is the managing general partner of and owns an interest in The Taubman Realty Group Limited Partnership (TRG). TRG is an operating partnership that engages in the ownership operation management leasing acquisition development redevelopment expansion financing and refinancing of regional retail shopping centers and interest therein. Taubman Centers Inc. has a market cap of $1.32 billion; its shares were traded at around $24.95 with a P/E ratio of 8.1 and P/S ratio of 2. The dividend yield of Taubman Centers Inc. stocks is 6.7%. Taubman Centers Inc. had an annual average earning growth of 15.9% over the past 10 years. GuruFocus rated Taubman Centers Inc. the business predictability rank of 2-star.

Added: Douglas Emmett Inc. (DEI)

Chris Davis added to his holdings in Douglas Emmett Inc. by 33.96%. His purchase prices were between $6.37 and $12.34, with an estimated average price of $9.1. The impact to his portfolio due to this purchase was 0.02%. His holdings were 3,167,810 shares as of 03/31/2009.

DOUGLAS EMMETT INC is a fully integrated self-administered and self-managed real estate investment trust and one of the largest owners and operators of high-quality office and multifamily properties located in premier submarkets in California and Hawaii. The Company?s properties are concentrated in ten submarkets Brentwood Olympic Corridor Century City Santa Monica Beverly Hills Westwood Sherman Oaks/Encino Warner Center/Woodland Hills Burbank and Honolulu. The Company focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints high-end executive housing and key lifestyle amenities. Douglas Emmett Inc. has a market cap of $1.18 billion; its shares were traded at around $9.65 with a P/E ratio of 7.8 and P/S ratio of 1.9. The dividend yield of Douglas Emmett Inc. stocks is 4.2%.

Added: AMB Property Corp. (AMB)

Chris Davis added to his holdings in AMB Property Corp. by 56.52%. His purchase prices were between $9.53 and $22.37, with an estimated average price of $15.1. The impact to his portfolio due to this purchase was 0.02%. His holdings were 1,634,806 shares as of 03/31/2009.

AMB Property Corporation is one of the leading owners and operators of industrial real estate nationwide. The company's investment strategy is to become a leading provider of High Throughput Distribution properties located near key passenger and air cargo airports key interstate highways and ports in major metropolitan areas such as Atlanta Chicago Dallas/Fort Worth Northern New Jersey the San Francisco Bay Area andSouthern California. AMB Property Corp. has a market cap of $1.81 billion; its shares were traded at around $18.35 with a P/E ratio of 6.1 and P/S ratio of 2.6. The dividend yield of AMB Property Corp. stocks is 6.1%. AMB Property Corp. had an annual average earning growth of 15.5% over the past 10 years.

Added: UDR Inc. (UDR)

Chris Davis added to his holdings in UDR Inc. by 58.35%. His purchase prices were between $6.86 and $12, with an estimated average price of $9.4. The impact to his portfolio due to this purchase was 0.02%. His holdings were 2,280,234 shares as of 03/31/2009.

United Dominion Realty Trust Inc. is a leading multi-family real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing buying selling developing and redeveloping attractive real estate properties in targeted U.S. markets. UDR has delivered long-term value to shareholders the best standard of service to residents and the highest quality experience for associates. UDR Inc. has a market cap of $1.48 billion; its shares were traded at around $9.95 with a P/E ratio of 6.9 and P/S ratio of 2.6. The dividend yield of UDR Inc. stocks is 12.3%.

Added: Forest City Enterprises Inc. (FCE-A)

Chris Davis added to his holdings in Forest City Enterprises Inc. by 44.66%. His purchase prices were between $3.73 and $8.89, with an estimated average price of $5.8. The impact to his portfolio due to this purchase was 0.01%. His holdings were 4,555,930 shares as of 03/31/2009.

FOREST CITY ENTERPRI INC. is a national real estate company which acquires develops lease & manages residential properties; owns acquires develops & manages retail office & urban entertainment projects; acquires & sells both raw land & developed lots to commercial industrial & residential users; & acts as a wholesale lumber trading company. Forest City Enterprises Inc. has a market cap of $820.4 million; its shares were traded at around $7.93 with and P/S ratio of 0.7. Forest City Enterprises Inc. had an annual average earning growth of 5.5% over the past 10 years. GuruFocus rated Forest City Enterprises Inc. the business predictability rank of 5-star.

Added: SL Green Realty Corp. (SLG)

Chris Davis added to his holdings in SL Green Realty Corp. by 24.62%. His purchase prices were between $8.44 and $19.65, with an estimated average price of $13.7. The impact to his portfolio due to this purchase was 0.01%. His holdings were 2,547,270 shares as of 03/31/2009.

SL Green Realty Corporation is a fully-integrated self administered and self-managed real estate investment trust and was formed for the purpose ofcontinuing the commercial real estate business of SL Green. For more than 18 years SL Green has been engaged in the business of owning managing leasing acquiring and repositioning Class B office properties in Manhattan. SL Green Realty Corp. has a market cap of $1.34 billion; its shares were traded at around $23.4 with a P/E ratio of 3.8 and P/S ratio of 1.2. The dividend yield of SL Green Realty Corp. stocks is 6.4%. SL Green Realty Corp. had an annual average earning growth of 11.5% over the past 10 years. GuruFocus rated SL Green Realty Corp. the business predictability rank of 3.5-star.

Added: CBL & Associates Properties Inc. (CBL)

Chris Davis added to his holdings in CBL & Associates Properties Inc. by 88.38%. His purchase prices were between $1.84 and $7, with an estimated average price of $3.5. The impact to his portfolio due to this purchase was 0.01%. His holdings were 3,918,200 shares as of 03/31/2009.

CBL & ASSOCIATES PROPERTIES is a self-managed and self-administered REIT that engages in the ownership operation marketing management leasing expansion development redevelopment acquisition and financing of regional malls and community neighborhood centers. CBL & Associates Properties Inc. has a market cap of $456.2 million; its shares were traded at around $6.87 with a P/E ratio of 2.1 and P/S ratio of 0.4. The dividend yield of CBL & Associates Properties Inc. stocks is 21.5%. CBL & Associates Properties Inc. had an annual average earning growth of 15.1% over the past 10 years. GuruFocus rated CBL & Associates Properties Inc. the business predictability rank of 3.5-star.

Added: The St. Joe Company (JOE)

Chris Davis added to his holdings in The St. Joe Company by 25.77%. His purchase prices were between $14.59 and $25.37, with an estimated average price of $20.8. The impact to his portfolio due to this purchase was 0.01%. His holdings were 929,900 shares as of 03/31/2009.

St. Joe Company is one of the Southeast's largest real estate operating companies. St. Joe provides a broad range of real estate services to meet both residential and commercial real estate needs. The company is one of the few real estate operating companies to have assembled the range of real estate financial marketing and regulatory expertise to take a large-scale approach to real estate development and services. The St. Joe Company has a market cap of $2.27 billion; its shares were traded at around $24.55 with and P/S ratio of 8.6. The St. Joe Company had an annual average earning growth of 5.4% over the past 10 years.

Added: ACE Ltd. (ACE)

Chris Davis added to his holdings in ACE Ltd. by 38.55%. His purchase prices were between $32.3 and $49.46, with an estimated average price of $41.3. The impact to his portfolio due to this purchase was 0.01%. His holdings were 253,000 shares as of 03/31/2009.

ACE LTD. provides excess liability insurance for bodily injury property damage & wrongful advertising. ACE offers excess liability insurance for corporate directors and officers against wrongful acts and claims and satellite insurance for launch and in-orbit operations. ACE Ltd. has a market cap of $14.3 billion; its shares were traded at around $42.86 with a P/E ratio of 5.7 and P/S ratio of 1.1. The dividend yield of ACE Ltd. stocks is 2.4%. ACE Ltd. had an annual average earning growth of 26.7% over the past 10 years.

Added: Fairfax Financial Holdings Ltd. (FFH)

Chris Davis added to his holdings in Fairfax Financial Holdings Ltd. by 25.13%. His purchase prices were between $227.38 and $325.81, with an estimated average price of $284.3. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 2,664 shares as of 03/31/2009.

Fairfax Financial Holdings Limited is a financial services holding company which through its subsidiaries is engaged in property casualty and life insurance and reinsurance investment management and insurance claims management. Fairfax Financial Holdings Ltd. has a market cap of $4.54 billion; its shares were traded at around $269.49 with a P/E ratio of 4.6 and P/S ratio of 0.6. The dividend yield of Fairfax Financial Holdings Ltd. stocks is 3%.

New Purchase: Pfizer Inc (PFE)

Chris Davis initiated holdings in Pfizer Inc. His purchase prices were between $12.17 and $16.94, with an estimated average price of $14.5. The impact to his portfolio due to this purchase was 0.97%. His holdings were 27,572,290 shares as of 03/31/2009.

Pfizer Inc is a research-based global pharmaceutical company that discovers and develops innovative value-added products that improve the quality of life of people around the world and help them enjoy longer healthier and more productive lives. Pfizer has three business segments: health care animal health and consumer health care. Its products are available in numerous countries. (Company Press Release) Pfizer Inc has a market cap of $100.7 billion; its shares were traded at around $14.93 with a P/E ratio of 6.3 and P/S ratio of 2.1. The dividend yield of Pfizer Inc stocks is 4.3%. Pfizer Inc had an annual average earning growth of 11% over the past 10 years. GuruFocus rated Pfizer Inc the business predictability rank of 2.5-star.

New Purchase: Activision Inc. (ATVI)

Chris Davis initiated holdings in Activision Inc.. His purchase prices were between $8.76 and $10.66, with an estimated average price of $9.7. The impact to his portfolio due to this purchase was 0.67%. His holdings were 24,958,552 shares as of 03/31/2009.

ACTIVISION BLIZZARD INC. is a worldwide pure-play online and console game publisher with leading market positions across all categories of the rapidly growing interactive entertainment software industry. Activision Blizzard's portfolio includes best-selling video games such as Guitar Hero Call of Duty and Tony Hawk as well as Spider-Man X-Men Shrek James Bond and TRANSFORMERS leading franchises such as Crash Bandicoot and Spyro and Blizzard Entertainment's StarCraft Diablo and Warcraft franchises including the global number one subscription-based massively multi-player online role-playing game World of Warcraft. Activision Blizzard maintains operations in the U.S. Canada the United Kingdom France Germany Ireland Italy Sweden Spain Norway Denmark the Netherlands Romania Australia Chile India Japan China the region of Taiwan and South Korea. Activision Inc. has a market cap of $14.9 billion; its shares were traded at around $11.4 with a P/E ratio of 39.4 and P/S ratio of 5. Activision Inc. had an annual average earning growth of 13.1% over the past 10 years.

New Purchase: Merck & Co. Inc. (MRK)

Chris Davis initiated holdings in Merck & Co. Inc.. His purchase prices were between $22.74 and $30.26, with an estimated average price of $27.1. The impact to his portfolio due to this purchase was 0.64%. His holdings were 9,299,211 shares as of 03/31/2009.

Merck & Co. Inc. is a global research-driven pharmaceutical company dedicated to putting patients first. Established in 1891 Merck discovers develops manufactures and markets vaccines and medicines to address unmet medical needs. The company devotes extensive efforts to increase access to medicines through far-reaching programs that not only donate Merck medicines but help deliver them to the people who need them. Merck also publishes unbiased health information as a not-for-profit service. Merck & Co. Inc. has a market cap of $52.65 billion; its shares were traded at around $24.98 with a P/E ratio of 7.7 and P/S ratio of 2.3. The dividend yield of Merck & Co. Inc. stocks is 6.1%.

New Purchase: Becton Dickinson and Company (BDX)

Chris Davis initiated holdings in Becton Dickinson and Company. His purchase prices were between $61.57 and $73.71, with an estimated average price of $68.6. The impact to his portfolio due to this purchase was 0.29%. His holdings were 1,659,791 shares as of 03/31/2009.

Becton Dickinson and Co. is engaged principally in the manufacture and sale of a broad line of supplies devices and systems used by health care professionals medical research institutions and the general public. BD's operations consist of three worldwide business segments: Medical Systems Biosciences and Preanalytical Solutions. Becton Dickinson and Company has a market cap of $15.36 billion; its shares were traded at around $64.08 with a P/E ratio of 13.5 and P/S ratio of 2.2. The dividend yield of Becton Dickinson and Company stocks is 2%. Becton Dickinson and Company had an annual average earning growth of 10.8% over the past 10 years. GuruFocus rated Becton Dickinson and Company the business predictability rank of 4-star.

New Purchase: Laboratory Corp. of America Holdings (LH)

Chris Davis initiated holdings in Laboratory Corp. of America Holdings. His purchase prices were between $54.99 and $62.85, with an estimated average price of $58.9. The impact to his portfolio due to this purchase was 0.29%. His holdings were 1,926,355 shares as of 03/31/2009.

Laboratory Corporation of America Holdings is one of the largest independent clinical laboratory company's in the United States. Through a national network of laboratories the company offers different clinical laboratory tests which are used by the medical profession in routine testing patient diagnosis and in the monitoring and treatment of disease. Laboratory Corp. of America Holdings has a market cap of $6.99 billion; its shares were traded at around $64.53 with a P/E ratio of 13.7 and P/S ratio of 1.6. Laboratory Corp. of America Holdings had an annual average earning growth of 10.3% over the past 10 years.

New Purchase: Medtronic Inc. (MDT)

Chris Davis initiated holdings in Medtronic Inc.. His purchase prices were between $24.76 and $33.78, with an estimated average price of $30.7. The impact to his portfolio due to this purchase was 0.27%. His holdings were 3,606,397 shares as of 03/31/2009.

Medtronic is the world's leading medical technology company pioneeringdevice-based therapies that restore health extend life and alleviate pain.Primary products include those for bradycardia pacing tachyarrhythmiamanagement atrial fibrillation management among others. Medtronic operates its business in one reportable segment that of manufacturing and selling device-based medical therapies. The company does business in more than 120 countries. The company's product lines include cardiac rhythm management neurological and spinal vascular and cardiac surgery. Medtronic Inc. has a market cap of $38.11 billion; its shares were traded at around $34.05 with a P/E ratio of 11.8 and P/S ratio of 2.8. The dividend yield of Medtronic Inc. stocks is 2.2%. Medtronic Inc. had an annual average earning growth of 14.7% over the past 10 years. GuruFocus rated Medtronic Inc. the business predictability rank of 4.5-star.

New Purchase: Simon Property Group Inc. (SPG)

Chris Davis initiated holdings in Simon Property Group Inc.. His purchase prices were between $26.19 and $46.03, with an estimated average price of $38. The impact to his portfolio due to this purchase was 0.09%. His holdings were 1,032,043 shares as of 03/31/2009.

Simon Property Group Inc. is a self-administered and self-managed real estate investment trust which through its subsidiary partnerships is engaged in the ownership development management leasing acquisition and expansion of income-producing properties primarily regional malls and community shopping centers. (Company Press Release) Simon Property Group Inc. has a market cap of $11.89 billion; its shares were traded at around $51.41 with a P/E ratio of 7.8 and P/S ratio of 3.2. The dividend yield of Simon Property Group Inc. stocks is 7%. Simon Property Group Inc. had an annual average earning growth of 5.3% over the past 10 years. GuruFocus rated Simon Property Group Inc. the business predictability rank of 4-star.

New Purchase: Host Hotels & Resorts Inc. (HST)

Chris Davis initiated holdings in Host Hotels & Resorts Inc.. His purchase prices were between $3.54 and $7.22, with an estimated average price of $4.9. The impact to his portfolio due to this purchase was 0.04%. His holdings were 4,145,140 shares as of 03/31/2009.

Host Hotels & Resorts Inc. is a lodging real estate company that currently owns or holds controlling interests in upper upscale and luxury hotel properties primarily operated under premium brands. Host Hotels & Resorts will be the premier lodging real estate company. Creating value through aggressive asset management and disciplined capital allocation to generate superior performance would maximize shareholders? returns through a combination of dividends growth in funds from operations and increasing asset value. Host Hotels & Resorts Inc. has a market cap of $4.46 billion; its shares were traded at around $8.45 with a P/E ratio of 4.9 and P/S ratio of 0.9. Host Hotels & Resorts Inc. had an annual average earning growth of 3.7% over the past 5 years.

New Purchase: LaSalle Hotel Properties (LHO)

Chris Davis initiated holdings in LaSalle Hotel Properties. His purchase prices were between $3.9 and $10.88, with an estimated average price of $6.9. The impact to his portfolio due to this purchase was 0.04%. His holdings were 2,790,700 shares as of 03/31/2009.

Lasalle Hotel Properties which intends to operate as a real estate investment trust for federal income tax purposes has been formed to own hotel properties and to continue and expand the hotel investment activities of LaSalle Partners Incorporated and certain of its affiliates collectively LaSalle. LaSalle is an institutionally respected real estate services and investment firm which has extensive experience in the acquisition investment management finance development and disposition of hotel properties. LaSalle Hotel Properties has a market cap of $530.9 million; its shares were traded at around $12.94 with a P/E ratio of 4.5 and P/S ratio of 0.8. The dividend yield of LaSalle Hotel Properties stocks is 1%. LaSalle Hotel Properties had an annual average earning growth of 3.1% over the past 10 years.

New Purchase: Kimco Realty Corp. (KIM)

Chris Davis initiated holdings in Kimco Realty Corp.. His purchase prices were between $6.58 and $16.81, with an estimated average price of $10.9. The impact to his portfolio due to this purchase was 0.02%. His holdings were 1,174,750 shares as of 03/31/2009.

Kimco Realty Corp. together with its subsidiaries is a self-administered real estate investment trust and is one of the nation's largest owners and operators of neighborhood and community shopping centers. The company's portfolio of property interests includes neighborhood and community shopping center properties regional malls retail store leases parcels of undeveloped land and projects under development. Kimco Realty Corp. has a market cap of $3.02 billion; its shares were traded at around $11.15 with a P/E ratio of 6.2 and P/S ratio of 4. The dividend yield of Kimco Realty Corp. stocks is 15.7%. Kimco Realty Corp. had an annual average earning growth of 1.6% over the past 10 years.

New Purchase: Liberty Property Trust (LRY)

Chris Davis initiated holdings in Liberty Property Trust. His purchase prices were between $16.53 and $22.23, with an estimated average price of $19.1. The impact to his portfolio due to this purchase was 0.01%. His holdings were 228,000 shares as of 03/31/2009.

Liberty Property Trust is a self-administered and self-managed Maryland real estate investment trust. The company provides leasing property management acquisition development construction management design management and other related services for a portfolio which consists of industrial and office properties. Liberty Property Trust has a market cap of $2.45 billion; its shares were traded at around $24.2 with a P/E ratio of 7.6 and P/S ratio of 3.3. The dividend yield of Liberty Property Trust stocks is 7.9%. Liberty Property Trust had an annual average earning growth of 2% over the past 10 years.

New Purchase: NRG Energy Inc. (NRG)

Chris Davis initiated holdings in NRG Energy Inc.. His purchase prices were between $17.21 and $25.1, with an estimated average price of $20.8. The impact to his portfolio due to this purchase was 0.01%. His holdings were 195,189 shares as of 03/31/2009.

NRG Energy Inc owns and operates a diverse portfolio of power-generating facilities primarily in the United States. Its operations include baseload intermediate peaking and cogeneration facilities thermal energy production and energy resource recovery facilities. NRG Energy Inc. has a market cap of $5.11 billion; its shares were traded at around $20.92 with a P/E ratio of 6.8 and P/S ratio of 0.7. NRG Energy Inc. had an annual average earning growth of 25.9% over the past 5 years.

New Purchase: Kilroy Realty Corp. (KRC)

Chris Davis initiated holdings in Kilroy Realty Corp.. His purchase prices were between $15.04 and $28.38, with an estimated average price of $21. The impact to his portfolio due to this purchase was 0.01%. His holdings were 207,000 shares as of 03/31/2009.

Kilroy Realty Corporation owns operates and develops commercial and industrial properties primarily in California Washington and Arizona. At March 31 1997 the Company owned 2.0 million square feet of commercial office space and 1.3 million square feet of industrial space. Kilroy Realty Corp. has a market cap of $716 million; its shares were traded at around $21.66 with a P/E ratio of 6.3 and P/S ratio of 2.4. The dividend yield of Kilroy Realty Corp. stocks is 10.7%.

New Purchase: Convera Corp. (CNVR)

Chris Davis initiated holdings in Convera Corp.. His purchase prices were between $0.16 and $0.23, with an estimated average price of $0.2. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 177,900 shares as of 03/31/2009.

Convera Corporation is a leading provider of search technologies for professional workers. Convera has developed a unified product platform that makes sense of vast amounts of information-wherever it resides-across multiple data formats languages and meanings. Based on proprietary technologies that extract relevant results from public and private data Convera enables professionals to quickly retrieve exactly the information essential for action. The Convera search platform is delivered as a hosted service software or a bundled hardware and software package. Thousands of government and business professionals in forty countries rely on Convera search solutions to power a broad range of mission critical applications. Convera Corp. has a market cap of $13.9 million; its shares were traded at around $0.26 with and P/S ratio of 10.4. Convera Corp. had an annual average earning growth of 1.6% over the past 5 years.

New Purchase: Expeditors International of Washington I (EXPD)

Chris Davis initiated holdings in Expeditors International of Washington I. His purchase prices were between $24.6 and $31.52, with an estimated average price of $28.6. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 14,540 shares as of 03/31/2009.

Expeditors International of Washington Inc. is engaged in the business ofproviding global logistics services. The company offers its customers a seamless international network supporting the movement and strategic positioning of goods. The company's services include the consolidation or forwarding of air and ocean freight. In each U.S. office and in many overseas offices the company acts as a customs broker. The company also provides additional services including distribution management vendor consolidation cargo insurance and purchase order management. Expeditors International of Washington I has a market cap of $6.89 billion; its shares were traded at around $32.41 with a P/E ratio of 24.1 and P/S ratio of 1.3. The dividend yield of Expeditors International of Washington I stocks is 0.9%. Expeditors International of Washington I had an annual average earning growth of 18.2% over the past 10 years. GuruFocus rated Expeditors International of Washington I the business predictability rank of 5-star.

New Purchase: Exelon Corp. (EXC)

Chris Davis initiated holdings in Exelon Corp.. His purchase prices were between $42.02 and $57.27, with an estimated average price of $49.8. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 18,780 shares as of 03/31/2009.

Exelon Corporation is a utility holding company. Its subsidiaries are engaged principally in the production purchase transmission distribution and sale of electricity to residential commercial industrial and wholesale customers and the distribution and sale of natural gas to residential commercial and industrial customers. Exelon is a bold creative accountable and committed company with employees dedicated in their efforts to set the standards for the utility services industry. Exelon Corp. has a market cap of $33.7 billion; its shares were traded at around $51.16 with a P/E ratio of 11.4 and P/S ratio of 1.8. The dividend yield of Exelon Corp. stocks is 4.1%. Exelon Corp. had an annual average earning growth of 8.8% over the past 10 years. GuruFocus rated Exelon Corp. the business predictability rank of 2.5-star.

Reduced: General Electric Company (GE)

Chris Davis reduced to his holdings in General Electric Company by 22.72%. His sale prices were between $7.06 and $15.54, with an estimated average price of $10.8. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 431,200 shares as of 03/31/2009.

General Electric is one of the largest and most diversified industrial corporations in the world. GE is engaged in developing manufacturing and marketing a wide variety of products for the generation transmission distribution control and utilization of electricity. Some of GE's products include major appliances; lighting products; industrial automation products; medical diagnostic imaging equipment; motors; electrical distribution and control equipment; locomotives; power generation and delivery products. General Electric Company has a market cap of $144.47 billion; its shares were traded at around $13.68 with a P/E ratio of 8.5 and P/S ratio of 0.8. The dividend yield of General Electric Company stocks is 9%. General Electric Company had an annual average earning growth of 12.7% over the past 10 years. GuruFocus rated General Electric Company the business predictability rank of 3.5-star.

Reduced: 3M Company (MMM)

Chris Davis reduced to his holdings in 3M Company by 20.92%. His sale prices were between $41.83 and $57.12, with an estimated average price of $49.8. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 5,140 shares as of 03/31/2009.

3M Company is a diversified technology company with leading positions in consumer and office; display and graphics; electronics and telecommunications; health care; industrial; safety security and protection services; transportation and other businesses. They are an integrated enterprise characterized by substantial intercompany cooperation in research manufacturing and marketing of products. 3M Company has a market cap of $41.3 billion; its shares were traded at around $59.53 with a P/E ratio of 13 and P/S ratio of 1.6. The dividend yield of 3M Company stocks is 3.4%. 3M Company had an annual average earning growth of 9.6% over the past 10 years. GuruFocus rated 3M Company the business predictability rank of 2-star.

Reduced: International Business Machines Corp (IBM)

Chris Davis reduced to his holdings in International Business Machines Corp by 68.42%. His sale prices were between $83.8 and $95.64, with an estimated average price of $89.7. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 7,430 shares as of 03/31/2009.

IBM uses advanced information technology to provide customer solutions. The company operates primarily in a single industry using several segments that create value by offering a variety of solutions that include either singularly or in some combination technologies systems products services software and financing. Organizationally the company's major operations comprise three hardware product segments--Technology Personal Systems and Enterprise Systems; a Global Services segment; a Software segment; a Global Financing segment and an Enterprise Investments segment. International Business Machines Corp has a market cap of $139.45 billion; its shares were traded at around $103.94 with a P/E ratio of 11.5 and P/S ratio of 1.3. The dividend yield of International Business Machines Corp stocks is 2.1%. International Business Machines Corp had an annual average earning growth of 4.9% over the past 10 years.

Reduced: MBIA Inc. (MBI)

Chris Davis reduced to his holdings in MBIA Inc. by 98.09%. His sale prices were between $2.53 and $5.05, with an estimated average price of $4. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 94,039 shares as of 03/31/2009.

MBIA Incorporated is engaged in providing financial guaranteeinsurance and investment management and financial services to public finance clients and financial institutions on a global basis. Financial guarantees for municipal bonds asset-backed and mortgage-backed securities investor-owned utility bonds and collateralized obligations of sovereigns corporations and financial institutions both in the new issue and secondary markets are provided through the Company's wholly-owned subsidiary MBIA Insurance Corporation. MBIA Inc. has a market cap of $1.29 billion; its shares were traded at around $6.14 with and P/S ratio of 0.4. MBIA Inc. had an annual average earning growth of 18.9% over the past 10 years.

Reduced: CME Group Inc. (CME)

Chris Davis reduced to his holdings in CME Group Inc. by 41.5%. His sale prices were between $167.68 and $244.49, with an estimated average price of $191.2. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 1,580 shares as of 03/31/2009.

Chicago Mercantile Exchange Holdings is the parent company of Chicago Mercantile Exchange Inc the largest futures exchange in the United States based on notional value trading volume and open interest. As an international marketplace CME brings together buyers and sellers on its trading floors and GLOBEX around-the-clock electronic trading platform. CME offers futures contracts and options on futures primarily in four product areas: interest rates stock indexes foreign exchange and commodities. CME Group Inc. has a market cap of $17.15 billion; its shares were traded at around $258.48 with a P/E ratio of 17.4 and P/S ratio of 6.7. The dividend yield of CME Group Inc. stocks is 1.8%. CME Group Inc. had an annual average earning growth of 28.5% over the past 5 years.

Reduced: Ambac Financial Group Inc. (ABK)

Chris Davis reduced to his holdings in Ambac Financial Group Inc. by 74.3%. His sale prices were between $0.38 and $1.48, with an estimated average price of $1. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 772,300 shares as of 03/31/2009.

Ambac Financial Group Inc. is a holding company whose subsidiaries provide financial guarantee products and other financial services to clients in both the public and private sectors around the world. Through its financial services subsidiaries the Company provides investment agreements interest rate swaps investment advisory and cash management services primarily to states municipalities and their authorities. Ambac Financial Group Inc. has a market cap of $462.1 million; its shares were traded at around $1.57 with and P/S ratio of 0.3.

Reduced: American Tower Corp. (AMT)

Chris Davis reduced to his holdings in American Tower Corp. by 71.24%. His sale prices were between $26.6 and $32.01, with an estimated average price of $29.3. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 43,379 shares as of 03/31/2009.

American Tower Corporation is a wireless communications and broadcast infrastructure company with three operating segments. The company operates a leading network of communications towers and is the largest independent operator of broadcast towers in North America. The company provides comprehensive network development services for wireless service providers and broadcasters. The company also operates a leading teleport business which transmits Internet voice data and video communications worldwide. American Tower Corp. has a market cap of $11.5 billion; its shares were traded at around $28.95 with a P/E ratio of 47.5 and P/S ratio of 7.2. American Tower Corp. had an annual average earning growth of 18.6% over the past 10 years.

Reduced: Johnson Controls Inc. (JCI)

Chris Davis reduced to his holdings in Johnson Controls Inc. by 82.31%. His sale prices were between $9 and $18.82, with an estimated average price of $12.8. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 59,103 shares as of 03/31/2009.

Johnson Controls Inc. is a global market leader in automotive systems and facility management and control. In the automotive market it is a major supplier of seating and interior systems and batteries. For non-residential facilities Johnson Controls provides building control systems and services energy management and integrated facility management. (Company Press Release) Johnson Controls Inc. has a market cap of $11.28 billion; its shares were traded at around $18.98 with a P/E ratio of 16.4 and P/S ratio of 0.3. The dividend yield of Johnson Controls Inc. stocks is 2.7%. Johnson Controls Inc. had an annual average earning growth of 7.9% over the past 10 years. GuruFocus rated Johnson Controls Inc. the business predictability rank of 5-star.

Reduced: The CocaCola Company (KO)

Chris Davis reduced to his holdings in The CocaCola Company by 22.05%. His sale prices were between $38.69 and $45.1, with an estimated average price of $42.4. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 4,560 shares as of 03/31/2009.

The Coca-Cola Company is the world's largest beverage company and is the leading producer and marketer of soft drinks. Along with Coca-Cola recognized as the world's best-known brand The Coca-Cola Company markets four of the world's top five soft drink brands including diet Coke Fanta and Sprite. Through the world's largest distribution system consumers in nearly 200 countries enjoy The Coca-Cola Company's products at a rate of more than 1 billion servings each day. The CocaCola Company has a market cap of $102.77 billion; its shares were traded at around $44.4 with a P/E ratio of 14.2 and P/S ratio of 3.2. The dividend yield of The CocaCola Company stocks is 3.7%. The CocaCola Company had an annual average earning growth of 5.3% over the past 10 years. GuruFocus rated The CocaCola Company the business predictability rank of 2-star.

Reduced: Nokia Corp. (NOK)

Chris Davis reduced to his holdings in Nokia Corp. by 63.54%. His sale prices were between $8.43 and $14.68, with an estimated average price of $11.4. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 19,439 shares as of 03/31/2009.

Nokia is the world leader in mobile communications. Backed by its experience innovation user-friendliness and secure solutions the company has become the leading supplier of mobile phones and a leading supplier of mobile fixed and IP networks. By adding mobility to the Internet Nokia creates new opportunities for companies and further enriches the daily lives of people. Nokia is a broadly held company with listings on six major exchanges. Nokia Corp. has a market cap of $53.06 billion; its shares were traded at around $13.96 with a P/E ratio of 9.4 and P/S ratio of 0.7. The dividend yield of Nokia Corp. stocks is 7%. Nokia Corp. had an annual average earning growth of 12.1% over the past 10 years. GuruFocus rated Nokia Corp. the business predictability rank of 4.5-star.

Reduced: Brown & Brown Inc. (BRO)

Chris Davis reduced to his holdings in Brown & Brown Inc. by 60.66%. His sale prices were between $15.91 and $20.73, with an estimated average price of $18.3. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 44,757 shares as of 03/31/2009.

Brown & Brown Inc. and its subsidiaries offer a broad range of insurance and reinsurance products and services as well as risk management third party administration managed health care and Medicare set-aside services and programs. Providing service to business public entity individual trade and professional association clients nationwide the Company is ranked by Business Insurance magazine as the United States' sixth largest independent insurance intermediary. Brown & Brown Inc. has a market cap of $2.64 billion; its shares were traded at around $18.67 with a P/E ratio of 16.1 and P/S ratio of 2.7. The dividend yield of Brown & Brown Inc. stocks is 1.6%. Brown & Brown Inc. had an annual average earning growth of 25% over the past 10 years. GuruFocus rated Brown & Brown Inc. the business predictability rank of 4.5-star.

Reduced: Companhia Vale Do Rio Doce (RIO-P)

Chris Davis reduced to his holdings in Companhia Vale Do Rio Doce by 47.46%. His sale prices were between $10.96 and $14.45, with an estimated average price of $11.9. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 72,519 shares as of 03/31/2009.

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Reduced: E*TRADE Financial Corp. (ETFC)

Chris Davis reduced to his holdings in E*TRADE Financial Corp. by 96.47%. His sale prices were between $0.61 and $1.34, with an estimated average price of $1.1. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 545,275 shares as of 03/31/2009.

The E*TRADE FINANCIAL family of companies provide financial services including brokerage banking and lending for retail corporate and institutional customers. Securities products and services are offered by E*TRADE Securities LLC (Member NASD/SIPC). Bank and lending products and services are offered by E*TRADE Bank a Federal savings bank Member FDIC or its subsidiaries. E*TRADE Financial Corp. has a market cap of $909.5 million; its shares were traded at around $1.59 with and P/S ratio of 0.4. E*TRADE Financial Corp. had an annual average earning growth of 29.6% over the past 5 years.

Reduced: POWER CORP OF CANADA (PWCDF.PK)

Chris Davis reduced to his holdings in POWER CORP OF CANADA by 34.01%. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 211,720 shares as of 03/31/2009.

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Reduced: Koninklijke Philips Electronics N.V. N Y (PHG)

Chris Davis reduced to his holdings in Koninklijke Philips Electronics N.V. N Y by 88.79%. His sale prices were between $13.73 and $19.59, with an estimated average price of $16.3. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 14,200 shares as of 03/31/2009.

Koninklijke Philips Electronics N.V. is the parent company of Philips a widely diversified multinational group of electronic and electrical products systems and equipment as well as information technology services. Koninklijke Philips Electronics N.V. N Y has a market cap of $17.76 billion; its shares were traded at around $19.2 with a P/E ratio of 3.9 and P/S ratio of 0.5. The dividend yield of Koninklijke Philips Electronics N.V. N Y stocks is 4.7%. Koninklijke Philips Electronics N.V. N Y had an annual average earning growth of 16.4% over the past 5 years.

Reduced: RenaissanceRe Holdings Ltd. (RNR)

Chris Davis reduced to his holdings in RenaissanceRe Holdings Ltd. by 77.35%. His sale prices were between $43.4 and $50.6, with an estimated average price of $46.4. The impact to his portfolio due to this sale was less than 0.01%. Chris Davis still held 28,678 shares as of 03/31/2009.

RENAISSANCERE Holdings Ltd. provides reinsurance and insurance coverage where the risk of natural catastrophe represents a significant component of the overall exposure. You'll find information on our web-site about Renaissance Re as well as all of our other subsidiary companies and the nature of their businesses. RenaissanceRe Holdings Ltd. has a market cap of $2.86 billion; its shares were traded at around $46.56 with a P/E ratio of 21.8 and P/S ratio of 2.4. The dividend yield of RenaissanceRe Holdings Ltd. stocks is 2%.

Reduced: Yahoo! Inc. (YHOO)

Chris Davis reduced to his holdings in Yahoo! Inc. by 58.93%. His sale prices were between $11.32 and $13.63, with an estimated average price of $12.7. The impact to his portfolio due to this sale was -0.01%. Chris Davis still held 422,630 shares as of 03/31/2009.

Yahoo! Inc. is a global Internet communications commerce and media company that offers a comprehensive branded network of services. As one of the first online navigational guides to the World Wide Web Yahoo! is one of the leading guides in terms of traffic advertising and household and business user reach. The company also provides online business and enterprise services designed to enhance the productivity and Web presence of Yahoo!'s clients. Yahoo! Inc. has a market cap of $21.05 billion; its shares were traded at around $15.1 with a P/E ratio of 34.3 and P/S ratio of 2.9. Yahoo! Inc. had an annual average earning growth of 20.4% over the past 5 years.

Reduced: Vornado Realty Trust (VNO)

Chris Davis reduced to his holdings in Vornado Realty Trust by 23.5%. His sale prices were between $28.79 and $53.11, with an estimated average price of $41.7. The impact to his portfolio due to this sale was -0.01%. Chris Davis still held 425,629 shares as of 03/31/2009.

Vornado Realty Trust is a fully-integrated real estate investment trust. The company owns directly or indirectly the following: Office Building Properties; Retail Properties; Merchandise Mart Properties; Temperature Controlled Logistics; and Other Real Estate Investments. It is one of the largest property owners in New York City. Vornado Realty Trust has a market cap of $7.38 billion; its shares were traded at around $47.48 with a P/E ratio of 8.9 and P/S ratio of 2.7. The dividend yield of Vornado Realty Trust stocks is 9.8%. Vornado Realty Trust had an annual average earning growth of 13.5% over the past 10 years. GuruFocus rated Vornado Realty Trust the business predictability rank of 2.5-star.

Reduced: FPIC Insurance Group Inc. (FPIC)

Chris Davis reduced to his holdings in FPIC Insurance Group Inc. by 34.89%. His sale prices were between $34.22 and $42.02, with an estimated average price of $37.9. The impact to his portfolio due to this sale was -0.01%. Chris Davis still held 275,994 shares as of 03/31/2009.

FPIC Insurance Group Inc. has three main operating segments as follows: insurance third party administration and reciprocal management. Their primary sources of revenue are management fees and dividends received from their subsidiaries. The primary sources of revenues for these amounts are premiums earned and investment income derived from the insurance segment and fee and commission income from the TPA and RM segments. FPIC Insurance Group Inc. has a market cap of $221.5 million; its shares were traded at around $28.9 with a P/E ratio of 6.2 and P/S ratio of 1.2. FPIC Insurance Group Inc. had an annual average earning growth of 18% over the past 10 years.

Reduced: Tenaris S.A. (TS)

Chris Davis reduced to his holdings in Tenaris S.A. by 44.31%. His sale prices were between $16.33 and $22.91, with an estimated average price of $20. The impact to his portfolio due to this sale was -0.01%. Chris Davis still held 412,764 shares as of 03/31/2009.

Tenaris Sa a corporation organized in Luxembourg is a leading manufacturer and supplier of seamless steel pipe products and associated services to the oil and gas energy and other industries. Tenaris's operating subsidiaries include eight established steel pipe manufacturers: AlgomaTubes Confab Dalmine NKKTubes Siat Siderca Tamsa and Tavsa. Tenaris S.A. has a market cap of $16.78 billion; its shares were traded at around $28.42 with a P/E ratio of 6.7 and P/S ratio of 1.4. The dividend yield of Tenaris S.A. stocks is 2.7%. Tenaris S.A. had an annual average earning growth of 85% over the past 5 years.

Reduced: Blount International Inc. (BLT)

Chris Davis reduced to his holdings in Blount International Inc. by 48.56%. His sale prices were between $4.11 and $9.41, with an estimated average price of $7.2. The impact to his portfolio due to this sale was -0.01%. Chris Davis still held 2,036,813 shares as of 03/31/2009.

Blount International Inc. is an international manufacturing company with operations in three business segments: Outdoor Products Industrial and Power Equipment and Sporting Equipment. Headquartered in Montgomery Alabamatheir focus is on manufacturing products which offer superior competitive advantage and hold leading market share positions industry-leading distribution and exceptional customer service. Blount International Inc. has a market cap of $354.9 million; its shares were traded at around $7.45 with a P/E ratio of 9.7 and P/S ratio of 0.6.

Reduced: The Shaw Group Inc. (SGR)

Chris Davis reduced to his holdings in The Shaw Group Inc. by 45.91%. His sale prices were between $22.06 and $30.25, with an estimated average price of $27.3. The impact to his portfolio due to this sale was -0.01%. Chris Davis still held 366,388 shares as of 03/31/2009.

SHAW GROUP INC. is a worldwide provider of industrial piping systems serving primarily the electric power chemical and refining sectors. The Company primarily through its subsidiaries has facilities or offices in the United States Venezuela Bahrain and Canada. The Shaw Group Inc. has a market cap of $2.35 billion; its shares were traded at around $28.07 with a P/E ratio of 9.4 and P/S ratio of 0.3. The Shaw Group Inc. had an annual average earning growth of 127.5% over the past 5 years.

Reduced: SAP Aktiengesellschaft (SAP)

Chris Davis reduced to his holdings in SAP Aktiengesellschaft by 52.95%. His sale prices were between $31.81 and $38.24, with an estimated average price of $35. The impact to his portfolio due to this sale was -0.01%. Chris Davis still held 244,946 shares as of 03/31/2009.

Sap Ag Adr is the recognized leader in providing collaborative e-business solutions for all types of industries and for every major market. SAP has leveraged our extensive experience to deliver a comprehensive range of solutions to empower every aspect of business operations. By using SAP solutions organizations of all sizes including small and midsize enterprises - can reduce costs improve performance and gain the agility to respond to changing business needs. SAP is the world's largest business software company and the world's third-largest independent software provider overall. SAP has also developed the SAP NetWeaver platform which allows our customers to achieve more value from their IT investments. SAP Aktiengesellschaft has a market cap of $49.06 billion; its shares were traded at around $40.02 with a P/E ratio of 16 and P/S ratio of 2.9. The dividend yield of SAP Aktiengesellschaft stocks is 1.5%. SAP Aktiengesellschaft had an annual average earning growth of 13.5% over the past 5 years.

Reduced: Charles Schwab Corp. (SCHW)

Chris Davis reduced to his holdings in Charles Schwab Corp. by 41.94%. His sale prices were between $11.32 and $15.34, with an estimated average price of $13.8. The impact to his portfolio due to this sale was -0.01%. Chris Davis still held 702,931 shares as of 03/31/2009.

Charles Schwab Corp. provides a full-service investing experience to customers through a clicks and mortar multi-dimensional five channel offering of the Internet branch offices speech recognition touch-tone telephone e-mail and wireless technologies multilingual and international services and direct access to professionals day or night. Charles Schwab Corp. has a market cap of $20.75 billion; its shares were traded at around $17.91 with a P/E ratio of 18.1 and P/S ratio of 4. The dividend yield of Charles Schwab Corp. stocks is 1.3%. Charles Schwab Corp. had an annual average earning growth of 12.1% over the past 10 years.

Reduced: SigmaAldrich Corp. (SIAL)

Chris Davis reduced to his holdings in SigmaAldrich Corp. by 53.88%. His sale prices were between $32.67 and $39.81, with an estimated average price of $36.9. The impact to his portfolio due to this sale was -0.02%. Chris Davis still held 359,147 shares as of 03/31/2009.

Sigma-Aldrich Corporation develops manufactures and distributes the broadest range of high quality biochemicals organic chemicals chromatography products and diagnostic reagents available in the world. These products are used in high technology research and development in the life sciences at universities and in industry for the diagnosis of disease and as specialty chemicals for pharmaceutical and other manufacturing purposes. SigmaAldrich Corp. has a market cap of $5.5 billion; its shares were traded at around $45.1 with a P/E ratio of 16.7 and P/S ratio of 2.5. The dividend yield of SigmaAldrich Corp. stocks is 1.3%. SigmaAldrich Corp. had an annual average earning growth of 12.6% over the past 10 years. GuruFocus rated SigmaAldrich Corp. the business predictability rank of 4.5-star.

Reduced: Netflix Inc. (NFLX)

Chris Davis reduced to his holdings in Netflix Inc. by 92.81%. His sale prices were between $30.44 and $41.65, with an estimated average price of $36.5. The impact to his portfolio due to this sale was -0.02%. Chris Davis still held 142,154 shares as of 03/31/2009.

Netflix Inc. is the largest online movie rental subscription service in the United States providing subscribers access to a comprehensive library of more than 18000 movie television and other filmed entertainment titles. The standard subscription plan allows subscribers to have three titles out at the same time with no due dates late fees or shipping charges for a monthly fee. Netflix Inc. has a market cap of $2.37 billion; its shares were traded at around $40.33 with a P/E ratio of 26.9 and P/S ratio of 1.7. Netflix Inc. had an annual average earning growth of 81.9% over the past 5 years.

Reduced: Kohl's Corp. (KSS)

Chris Davis reduced to his holdings in Kohl's Corp. by 31.43%. His sale prices were between $34.5 and $43.14, with an estimated average price of $37.6. The impact to his portfolio due to this sale was -0.02%. Chris Davis still held 419,900 shares as of 03/31/2009.

Kohl's Corporation operates family oriented specialty department stores primarily in the Midwest Mid-Atlantic and Northeast areas of the United States that feature quality national brand merchandise priced to provide exceptional value to customers. The company's stores sell moderately priced apparel shoes accessories and home products targeted to middle-income customers shopping for their families and homes. Kohl's stores feature easily accessible locations well laid out stores central checkout and good in-stock. Kohl's Corp. has a market cap of $13.41 billion; its shares were traded at around $44.01 with a P/E ratio of 15.3 and P/S ratio of 0.8. Kohl's Corp. had an annual average earning growth of 21% over the past 10 years. GuruFocus rated Kohl's Corp. the business predictability rank of 4-star.

Reduced: Yum! Brands Inc. (YUM)

Chris Davis reduced to his holdings in Yum! Brands Inc. by 52.59%. His sale prices were between $24.34 and $30.23, with an estimated average price of $28. The impact to his portfolio due to this sale was -0.02%. Chris Davis still held 521,022 shares as of 03/31/2009.

Yum! Brands Inc. is the one of the world's largest restaurant companies with restaurants around the world in numerous countries and territories. Tricon's three brands KFC Pizza Hut and Taco Bell some of are the global leaders of the chicken pizza and Mexican restaurant categories respectively. Yum! Brands Inc. has a market cap of $15.15 billion; its shares were traded at around $32.94 with a P/E ratio of 16.7 and P/S ratio of 1.4. The dividend yield of Yum! Brands Inc. stocks is 2.4%. Yum! Brands Inc. had an annual average earning growth of 9.9% over the past 5 years.

Reduced: Avon Products Inc. (AVP)

Chris Davis reduced to his holdings in Avon Products Inc. by 94.74%. His sale prices were between $15.68 and $22.78, with an estimated average price of $19.4. The impact to his portfolio due to this sale was -0.02%. Chris Davis still held 333,680 shares as of 03/31/2009.

Avon Products Inc. is one of the world's leading manufacturers and marketers of beauty and related products which include cosmetics fragrance and toiletries; beauty plus which consists of jewelry and accessories and apparel; and non-core which consists of gift and decorative and home entertainment products. Avon Products Inc. has a market cap of $9.87 billion; its shares were traded at around $22.79 with a P/E ratio of 12.4 and P/S ratio of 0.9. The dividend yield of Avon Products Inc. stocks is 3.7%.

Reduced: IDEXX Laboratories Inc. (IDXX)

Chris Davis reduced to his holdings in IDEXX Laboratories Inc. by 45.49%. His sale prices were between $29.23 and $35.47, with an estimated average price of $32.2. The impact to his portfolio due to this sale was -0.02%. Chris Davis still held 407,947 shares as of 03/31/2009.

IDEXX Laboratories Inc. is a world leader in providing diagnostic detection and information products to the animal health industry as well as quality assurance products and services to the food and water industries. IDEXX Laboratories Inc. has a market cap of $2.52 billion; its shares were traded at around $42.74 with a P/E ratio of 22.3 and P/S ratio of 2.4. IDEXX Laboratories Inc. had an annual average earning growth of 17% over the past 5 years.

Reduced: Whole Foods Market Inc. (WFMI)

Chris Davis reduced to his holdings in Whole Foods Market Inc. by 84.99%. His sale prices were between $9.97 and $17.97, with an estimated average price of $12.7. The impact to his portfolio due to this sale was -0.03%. Chris Davis still held 953,800 shares as of 03/31/2009.

Whole Foods Market is the largest purveyor of natural foods in the world. They own and operate the country's largest chain of natural food supermarkets. They are like an old-fashioned neighborhood grocery store an organic farmer's market a European bakery a New York deli and a modern supermarket all rolled into one! The Company also offers a wide variety of non-perishable natural products on its Web site at [wholefoods.com]. Whole Foods Market Inc. has a market cap of $3.1 billion; its shares were traded at around $22.07 with a P/E ratio of 24.5 and P/S ratio of 0.4. Whole Foods Market Inc. had an annual average earning growth of 14.7% over the past 10 years. GuruFocus rated Whole Foods Market Inc. the business predictability rank of 5-star.

Reduced: Morgan Stanley (MS)

Chris Davis reduced to his holdings in Morgan Stanley by 29.49%. His sale prices were between $15.33 and $25.35, with an estimated average price of $20.3. The impact to his portfolio due to this sale was -0.03%. Chris Davis still held 1,676,491 shares as of 03/31/2009.

MORGAN STANLEY is a preeminent global financial services firm that maintains leading market positions in each of its three primary businesses: securities; asset management; and credit services. The company combines global strength in investment banking and institutionalsales and trading with strength in providing full-service and on-line brokerage services investment and global asset management services and primarily through its Discover Card brand quality consumer credit products. Morgan Stanley has a market cap of $28.59 billion; its shares were traded at around $26.42 with and P/S ratio of 0.5. The dividend yield of Morgan Stanley stocks is 1%. Morgan Stanley had an annual average earning growth of 27.3% over the past 10 years. GuruFocus rated Morgan Stanley the business predictability rank of 2.5-star.

Reduced: American International Group Inc. (AIG)

Chris Davis reduced to his holdings in American International Group Inc. by 53.98%. His sale prices were between $0.35 and $1.62, with an estimated average price of $1. The impact to his portfolio due to this sale was -0.04%. Chris Davis still held 27,513,757 shares as of 03/31/2009.

American International Group Inc. world leaders in insurance and financial services is the leading international insurance organization with operations in more than one hundred thirty countries and jurisdictions. AIG companies serve commercial institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition AIG companies are leading providers of retirement services financial services and asset management around the world. American International Group Inc. has a market cap of $4.87 billion; its shares were traded at around $1.81 with and P/S ratio of 0.5. American International Group Inc. had an annual average earning growth of 11.4% over the past 10 years.

Reduced: State Street Corp. (STT)

Chris Davis reduced to his holdings in State Street Corp. by 56.68%. His sale prices were between $17.97 and $41.55, with an estimated average price of $26.8. The impact to his portfolio due to this sale was -0.05%. Chris Davis still held 1,122,730 shares as of 03/31/2009.

State Street Corporation is the world's leading specialist in providing sophisticated global investors with investment servicing investment management investment research and trading services. Customers include mutual funds and other collective investment funds corporate and public pension funds corporations unions and not-for-profit organizations in and outside of the United States. State Street Corp. has a market cap of $16.65 billion; its shares were traded at around $38.4 with a P/E ratio of 7.9 and P/S ratio of 1.3. The dividend yield of State Street Corp. stocks is 0.1%. State Street Corp. had an annual average earning growth of 12.6% over the past 10 years. GuruFocus rated State Street Corp. the business predictability rank of 3-star.

Reduced: Staples Inc. (SPLS)

Chris Davis reduced to his holdings in Staples Inc. by 46.49%. His sale prices were between $14.74 and $18.57, with an estimated average price of $16.5. The impact to his portfolio due to this sale was -0.06%. Chris Davis still held 2,642,385 shares as of 03/31/2009.

Staples.com is creating a leading business-to-business electronic marketplace offering a comprehensive solution for all of the officeneeds of business customers. Staples.com provides an electronic marketplace where small mid-sized and large businesses can procure office products and business services and obtain business information and expert content. Staples.com includes the operations of all three of Staples Inc.'s e-commerce sites: Staples.com Quillcorp.com and StaplesLink.com. (PRESS RELEASE) Staples Inc. has a market cap of $14.34 billion; its shares were traded at around $20.06 with a P/E ratio of 15.6 and P/S ratio of 0.6. The dividend yield of Staples Inc. stocks is 0.4%. Staples Inc. had an annual average earning growth of 15.6% over the past 10 years. GuruFocus rated Staples Inc. the business predictability rank of 4.5-star.

Reduced: Digital Realty Trust Inc. (DLR)

Chris Davis reduced to his holdings in Digital Realty Trust Inc. by 36.97%. His sale prices were between $26.05 and $34.7, with an estimated average price of $31. The impact to his portfolio due to this sale was -0.06%. Chris Davis still held 1,701,897 shares as of 03/31/2009.

Digital Realty Trust owns acquires repositions and manages technology-related real estate. The Company's properties contain applications and operations critical to the day-to-day operations of technology industry tenants. Digital Realty Trust Inc. has a market cap of $2.73 billion; its shares were traded at around $35.89 with a P/E ratio of 13.1 and P/S ratio of 5.2. The dividend yield of Digital Realty Trust Inc. stocks is 3.7%.

Reduced: Markel Corp. (MKL)

Chris Davis reduced to his holdings in Markel Corp. by 32.77%. His sale prices were between $225.21 and $308.94, with an estimated average price of $275.9. The impact to his portfolio due to this sale was -0.07%. Chris Davis still held 292,901 shares as of 03/31/2009.

Markel Corporation markets and underwrites specialty insurance products andprograms to a variety of niche markets. Markel Corp. has a market cap of $2.83 billion; its shares were traded at around $288.35 with a P/E ratio of 16.9 and P/S ratio of 1.5. Markel Corp. had an annual average earning growth of 31.4% over the past 5 years.

Reduced: Tyco Electronics Ltd. (TEL)

Chris Davis reduced to his holdings in Tyco Electronics Ltd. by 40%. His sale prices were between $7.78 and $16.7, with an estimated average price of $12.5. The impact to his portfolio due to this sale was -0.09%. Chris Davis still held 8,015,776 shares as of 03/31/2009.

Tyco Electronics Ltd. global provider of engineered electronic components for thousands of consumer and industrial products; network solutions and systems for telecommunications and energy markets; and wireless systems for critical communications radar and defense applications. They design manufacture and market products for customers in industries ranging from automotive appliance aerospace and defense to telecommunications computers and consumer electronics. Tyco Electronics Ltd. has a market cap of $8.18 billion; its shares were traded at around $17.85 with a P/E ratio of 10.2 and P/S ratio of 0.5. The dividend yield of Tyco Electronics Ltd. stocks is 3.6%.

Reduced: Brookfield Asset Management Inc. Ltd. (BAM)

Chris Davis reduced to his holdings in Brookfield Asset Management Inc. Ltd. by 27.75%. His sale prices were between $11.54 and $17.79, with an estimated average price of $14.6. The impact to his portfolio due to this sale was -0.1%. Chris Davis still held 10,244,075 shares as of 03/31/2009.

Brookfield Asset Management Inc. is an asset manager. Focused on property power and infrastructure assets the company has assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM. At Brookfield they continually strive to ensure that they have sound corporate governance practices to maintain investor confidence in the way in which they do business. To ensure it communicates with there practices and commitment to strong corporate governance they are proud to share with its Statement of Corporate Governance Corporate Disclosure Policy Code of Business Conduct and Ethics and other related information on its corporate governance initiatives and practices. Brookfield Asset Management Inc. Ltd. has a market cap of $10.19 billion; its shares were traded at around $17.79 with a P/E ratio of 20.7 and P/S ratio of 0.8. The dividend yield of Brookfield Asset Management Inc. Ltd. stocks is 2.9%. Brookfield Asset Management Inc. Ltd. had an annual average earning growth of 32.6% over the past 5 years.

Reduced: DIAGEO plc (DEO)

Chris Davis reduced to his holdings in DIAGEO plc by 30.4%. His sale prices were between $42 and $55.52, with an estimated average price of $48.6. The impact to his portfolio due to this sale was -0.13%. Chris Davis still held 3,718,472 shares as of 03/31/2009.

Diageo is an multinational branded food and drinks company. Diageo has an outstanding portfolio of world-famous food and drinks brands include Smirnoff Johnnie Walker J&B Gordon's Malibu Baileys Guinness and Tanqueray. DIAGEO plc has a market cap of $33.17 billion; its shares were traded at around $53.08 with and P/S ratio of 2. The dividend yield of DIAGEO plc stocks is 4.4%. DIAGEO plc had an annual average earning growth of 12.1% over the past 10 years.

Reduced: News Corp. (NWS-A)

Chris Davis reduced to his holdings in News Corp. by 22.05%. His sale prices were between $5.25 and $8.63, with an estimated average price of $6.6. The impact to his portfolio due to this sale was -0.22%. Chris Davis still held 57,506,336 shares as of 03/31/2009.

NEWS CORPORATION is a diversified entertainment company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast satellite television; magazines and inserts; newspapers and information services; book publishing; and other. The activities of News Corporation are conducted principally in the United States Continental Europe the United Kingdom Australia Asia and the Pacific Basin. News Corp. has a market cap of $15.45 billion; its shares were traded at around $0 with a P/E ratio of 6.86 and P/S ratio of 0.47. The dividend yield of News Corp. stocks is 1.41%. News Corp. had an annual average earning growth of 17.2% over the past 5 years.

Reduced: Berkshire Hathaway Inc. (BRK-B)

Chris Davis reduced to his holdings in Berkshire Hathaway Inc. by 46.48%. His sale prices were between $2327 and $3141, with an estimated average price of $2788.9. The impact to his portfolio due to this sale was -0.32%. Chris Davis still held 95,061 shares as of 03/31/2009.

Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities. The most important of these is the property and casualty insurance business conducted nationwide on a direct basis and worldwide on a reinsurance basis through a number of subsidiaries collectively referred to as the Berkshire Hathaway Insurance Group. Berkshire Hathaway Inc. has a market cap of $40.42 billion; its shares were traded at around $2939 with and P/S ratio of 0.4. Berkshire Hathaway Inc. had an annual average earning growth of 1.7% over the past 10 years.

Reduced: Grupo Televisa S.A. Global Depositary (TV)

Chris Davis reduced to his holdings in Grupo Televisa S.A. Global Depositary by 35.89%. His sale prices were between $11.22 and $15.06, with an estimated average price of $13.5. The impact to his portfolio due to this sale was -0.34%. Chris Davis still held 27,210,510 shares as of 03/31/2009.

Grupo Televisa S.A is the largest media company in the Spanish-speaking world and a major player in the international entertainment business. They have interests in Television production broadcasting international distribution of television programming direct-to-home satellite services publishing music recording radio production and broadcasting cable television professional sports and show business promotions paging services feature film production and distribution and dubbing. with a P/E ratio of 420.3. The dividend yield of Grupo Televisa S.A. Global Depositary stocks is 2.1%. Grupo Televisa S.A. Global Depositary had an annual average earning growth of 12.3% over the past 10 years. GuruFocus rated Grupo Televisa S.A. Global Depositary the business predictability rank of 3-star.

Reduced: H&R Block Inc. (HRB)

Chris Davis reduced to his holdings in H&R Block Inc. by 37.47%. His sale prices were between $17.32 and $22.62, with an estimated average price of $20. The impact to his portfolio due to this sale was -0.49%. Chris Davis still held 27,637,403 shares as of 03/31/2009.

H&R Block Inc. is a diversified company involved in tax return preparationelectronic filing of income tax returns and other tax-related services. The Company's subsidiaries also offer investment services through broker-dealers originate purchase service sell and securitize mortgages offer personal productivity software purchase participation interests in refund anticipation loans made by a third-party lender and offer accounting tax and consulting services to business clients. H&R Block Inc. has a market cap of $5.06 billion; its shares were traded at around $14.9 with a P/E ratio of 9.9 and P/S ratio of 1.2. The dividend yield of H&R Block Inc. stocks is 4.1%. H&R Block Inc. had an annual average earning growth of 0.9% over the past 10 years.

Reduced: PHILIP MORRIS INTERNATIONAL INC (PM)

Chris Davis reduced to his holdings in PHILIP MORRIS INTERNATIONAL INC by 75.85%. His sale prices were between $32.87 and $41.72, with an estimated average price of $37. The impact to his portfolio due to this sale was -0.74%. Chris Davis still held 10,539,328 shares as of 03/31/2009.

Philip Morris International is the leading international tobacco company with products sold in over 160 countries. They own 7 of the top 15 brands in the world and have a strong mix of international and local products that seek to appeal to a wide array of adult smokers. PHILIP MORRIS INTERNATIONAL INC has a market cap of $82.97 billion; its shares were traded at around $41.84 with a P/E ratio of 13.1 and P/S ratio of 1.3. The dividend yield of PHILIP MORRIS INTERNATIONAL INC stocks is 5.1%.

Reduced: ConocoPhillips (COP)

Chris Davis reduced to his holdings in ConocoPhillips by 28.05%. His sale prices were between $35.36 and $51.41, with an estimated average price of $42.8. The impact to his portfolio due to this sale was -0.95%. Chris Davis still held 33,408,225 shares as of 03/31/2009.

ConocoPhillips is a major international integrated energy company with operations in some 49 countries. ConocoPhillips has a market cap of $67.31 billion; its shares were traded at around $45.47 with a P/E ratio of 5.2 and P/S ratio of 0.3. The dividend yield of ConocoPhillips stocks is 4.2%. ConocoPhillips had an annual average earning growth of 19% over the past 10 years.

Reduced: JPMorgan Chase & Co. (JPM)

Chris Davis reduced to his holdings in JPMorgan Chase & Co. by 29.39%. His sale prices were between $15.9 and $27.58, with an estimated average price of $23.6. The impact to his portfolio due to this sale was -1.11%. Chris Davis still held 55,179,837 shares as of 03/31/2009.

J.P. Morgan Chase & Co. is a leading global financial services firm. The firm is a leader in investment banking asset management private banking private equity custody and transaction services and retail and middle market financial services. A component of the Dow Jones Industrial Average JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers and the world's most prominent corporate institutional and government clients. JPMorgan Chase & Co. has a market cap of $132.88 billion; its shares were traded at around $35.36 with a P/E ratio of 52 and P/S ratio of 2. The dividend yield of JPMorgan Chase & Co. stocks is 0.6%.

Reduced: Costco Wholesale Corp. (COST)

Chris Davis reduced to his holdings in Costco Wholesale Corp. by 23.4%. His sale prices were between $38.98 and $48.96, with an estimated average price of $44.6. The impact to his portfolio due to this sale was -1.13%. Chris Davis still held 40,379,239 shares as of 03/31/2009.

Costco Wholesale Corp. operates membership warehouses based on the concept that offering members very low prices on a limited selection of nationally branded and selected private label products in a wide range of merchandise categories will produce high sales volumes and rapid inventory turnover. This rapid inventory turnover enables Costco to operate profitably at significantly lower gross margins than traditional wholesalers discount retailers and supermarkets. Costco Wholesale Corp. has a market cap of $20.36 billion; its shares were traded at around $46.91 with a P/E ratio of 16.8 and P/S ratio of 0.3. The dividend yield of Costco Wholesale Corp. stocks is 1.4%. Costco Wholesale Corp. had an annual average earning growth of 8.3% over the past 10 years. GuruFocus rated Costco Wholesale Corp. the business predictability rank of 4.5-star.

Sold Out: Dell Inc. (DELL)

Chris Davis sold out his holdings in Dell Inc.. His sale prices were between $8.37 and $11.12, with an estimated average price of $9.5. The impact to his portfolio due to this sale was less than 0.01%.

Dell Inc. is a premier provider of products and services required for customers worldwide to build their information-technology and Internet infrastructures. Dell through its direct business model designs manufactures and customizes products and services to customer requirements and offers an extensive selection of software and peripherals. Dell Inc. has a market cap of $21.87 billion; its shares were traded at around $11.21 with a P/E ratio of 8.1 and P/S ratio of 0.4. Dell Inc. had an annual average earning growth of 10.7% over the past 10 years. GuruFocus rated Dell Inc. the business predictability rank of 3.5-star.

Sold Out: iShares S&P 500 Value Index Fund (IVE)

Chris Davis sold out his holdings in iShares S&P 500 Value Index Fund. His sale prices were between $31.19 and $43.58, with an estimated average price of $37.8. The impact to his portfolio due to this sale was less than 0.01%.

iShares S&P 500 Value Index Fund has a market cap of $5.01 billion; its shares were traded at around $43.89 . The dividend yield of iShares S&P 500 Value Index Fund stocks is 2%.

Sold Out: Lowe's Companies Inc. (LOW)

Chris Davis sold out his holdings in Lowe's Companies Inc.. His sale prices were between $13.33 and $21.01, with an estimated average price of $17.8. The impact to his portfolio due to this sale was less than 0.01%.

Lowe's Companies Inc. is a retailer of home improvement products in the world with specific emphasis on retail do-it-yourself and commercial business customers. Lowe's specializes in offering products and services for home improvement home decor home maintenance home repair and remodeling and maintenance of commercial buildings. Lowe's principal customer groups are do-it-yourself retail customers and commercial business customers. Lowe's Companies Inc. has a market cap of $28.35 billion; its shares were traded at around $19.23 with a P/E ratio of 12.9 and P/S ratio of 0.6. The dividend yield of Lowe's Companies Inc. stocks is 1.8%. Lowe's Companies Inc. had an annual average earning growth of 21.4% over the past 10 years. GuruFocus rated Lowe's Companies Inc. the business predictability rank of 5-star.

Sold Out: iShares Russell 3000 Index Fund (IWV)

Chris Davis sold out his holdings in iShares Russell 3000 Index Fund. His sale prices were between $39.44 and $51.02, with an estimated average price of $46.1. The impact to his portfolio due to this sale was less than 0.01%.

iShares Russell 3000 Index Fund has a market cap of $3.16 billion; its shares were traded at around $52.82 . The dividend yield of iShares Russell 3000 Index Fund stocks is 1.4%.

Sold Out: UBS AG (UBS)

Chris Davis sold out his holdings in UBS AG. His sale prices were between $7.72 and $14.92, with an estimated average price of $10.9. The impact to his portfolio due to this sale was less than 0.01%.

UBS AG is one of the world's leading financial firms combining financial strength with a reputation for innovation and a global culture that embraces change. UBS is the world's largest wealth manager a premier investment banking and securities firm and one of the largest global asset managers. In Switzerland UBS is the market leader in retail and commercial banking. UBS AG has a market cap of $41.46 billion; its shares were traded at around $14.64 with and P/S ratio of 0.5. UBS AG had an annual average earning growth of 101.2% over the past 5 years.

Sold Out: Allstate Corp. The (ALL)

Chris Davis sold out his holdings in Allstate Corp. The. His sale prices were between $14.36 and $29.67, with an estimated average price of $21.2. The impact to his portfolio due to this sale was less than 0.01%.

Allstate Corporation's business is conducted principally throughAllstate Insurance Company Allstate Life Insurance Company and theirsubsidiaries. Allstate is engaged principally in the United States and Canada in the personal property and casualty insurance business and the life insurance and savings business. Allstate has four businesssegments: personal property and casualty; life and savings; discontinued lines and coverages; and corporate and other business. Allstate Corp. The has a market cap of $13.54 billion; its shares were traded at around $25.25 with a P/E ratio of 9.3 and P/S ratio of 0.5. The dividend yield of Allstate Corp. The stocks is 3.1%. Allstate Corp. The had an annual average earning growth of 21.1% over the past 10 years.

Sold Out: Union Pacific Corp. (UNP)

Chris Davis sold out his holdings in Union Pacific Corp.. His sale prices were between $34.98 and $48.94, with an estimated average price of $41.4. The impact to his portfolio due to this sale was less than 0.01%.

Union Pacific Corp. consists of one reportable segment rail transportation and the company's other product lines. The railsegment includes the operations of the corporation's wholly owned subsidiary Union Pacific Railroad Company and Union Pacific Railroad Company's subsidiaries and rail affiliates. The company's other operations include the trucking product line as well as the other product lines that include technology self-insurance activities corporate holding company operations and all appropriate consolidating entries. Union Pacific Corp. has a market cap of $24.31 billion; its shares were traded at around $48.32 with a P/E ratio of 10.9 and P/S ratio of 1.4. The dividend yield of Union Pacific Corp. stocks is 2.2%. Union Pacific Corp. had an annual average earning growth of 1.7% over the past 10 years. GuruFocus rated Union Pacific Corp. the business predictability rank of 2-star.

Sold Out: iShares Dow Jones US Real Estate Index F (IYR)

Chris Davis sold out his holdings in iShares Dow Jones US Real Estate Index F. His sale prices were between $21.72 and $33.44, with an estimated average price of $28. The impact to his portfolio due to this sale was less than 0.01%.

iShares Dow Jones US Real Estate Index F has a market cap of $390.7 million; its shares were traded at around $33.25 . The dividend yield of iShares Dow Jones US Real Estate Index F stocks is 6.9%.

Sold Out: Waddell & Reed Financial Inc. (WDR)

Chris Davis sold out his holdings in Waddell & Reed Financial Inc.. His sale prices were between $11.72 and $18.35, with an estimated average price of $15. The impact to his portfolio due to this sale was less than 0.01%.

Waddell & Reed is the exclusive underwriter and distributor of 41 mutual fund portfolios including 18 comprising Waddell & Reed Advisors Funds (formerly the United Group of Mutual Funds) and 12 comprising W&R Funds (formerly Waddell & Reed Funds Inc.). The remaining 11 portfolios comprise the W&R Target Funds which serve as the underlying investment portfolios for variable annuities and variable life insurance products underwritten by United Investors Life Insurance Company and distributed by Waddell & Reed. Waddell & Reed Financial Inc. has a market cap of $2.02 billion; its shares were traded at around $23.82 with a P/E ratio of 19.1 and P/S ratio of 2.2. The dividend yield of Waddell & Reed Financial Inc. stocks is 3.2%. Waddell & Reed Financial Inc. had an annual average earning growth of 12.1% over the past 5 years.

Sold Out: General Growth Properties Inc (GGP)

Chris Davis sold out his holdings in General Growth Properties Inc. His sale prices were between $0.33 and $1.83, with an estimated average price of $0.8. The impact to his portfolio due to this sale was less than 0.01%.

General Growth Properties is one of the oldest and most experienced shopping center owners developers and managers in the United States. It has ownership interests in and management responsibilities for a portfolio of regional shopping malls in numerous states. (Company Press Release) General Growth Properties Inc has a market cap of $293.19 million; its shares were traded at around $1.05 with a P/E ratio of 0.56 and P/S ratio of 0.09. General Growth Properties Inc had an annual average earning growth of 15.8% over the past 10 years. GuruFocus rated General Growth Properties Inc the business predictability rank of 3.5-star.

Sold Out: WPP Group plc (WPPGY)

Chris Davis sold out his holdings in WPP Group plc. His sale prices were between $25.86 and $30.67, with an estimated average price of $28. The impact to his portfolio due to this sale was less than 0.01%.

WPP Group plc is an advertising company. The Company provides public relations media advertising strategic market services market research and sales promotion audio visual and identity and design advertising that is in a non-media format. WPP Group provides its advertising services worldwide. WPP Group plc has a market cap of $9.19 billion; its shares were traded at around $36.64 with and P/S ratio of 0.7. The dividend yield of WPP Group plc stocks is 3.5%. WPP Group plc had an annual average earning growth of 11.7% over the past 10 years.

Sold Out: W.R. Berkley Corp. (WRB)

Chris Davis sold out his holdings in W.R. Berkley Corp.. His sale prices were between $19.41 and $28.26, with an estimated average price of $23.8. The impact to his portfolio due to this sale was less than 0.01%.

W. R. Berkley Corporation is an insurance holding company which through its subsidiaries operates in all segments of the property casualty insurance business: regional property casualty insurance; reinsurance; specialty lines of insurance; alternative markets; and international. The company's regional insurance operations are conducted primarily in the Midwestern Southern and Northeastern sections of the United States. Reinsurance specialty insurance and alternative markets operations are conducted nationwide. W.R. Berkley Corp. has a market cap of $3.83 billion; its shares were traded at around $23.73 with a P/E ratio of 9.9 and P/S ratio of 0.8. The dividend yield of W.R. Berkley Corp. stocks is 1%. W.R. Berkley Corp. had an annual average earning growth of 23.5% over the past 5 years.

Sold Out: White Mountains Insurance Group Ltd. (WTM)

Chris Davis sold out his holdings in White Mountains Insurance Group Ltd.. His sale prices were between $163.93 and $273.29, with an estimated average price of $216.5. The impact to his portfolio due to this sale was less than 0.01%.

White Mountains Insurance Group Ltd. is engaged in the business of property and casualty insurance and reinsurance. White Mountains Insurance Group Ltd. has a market cap of $1.91 billion; its shares were traded at around $215.44 with a P/E ratio of 22.3 and P/S ratio of 0.6. The dividend yield of White Mountains Insurance Group Ltd. stocks is 0.5%. White Mountains Insurance Group Ltd. had an annual average earning growth of 16.7% over the past 5 years.

Sold Out: XTO Energy Inc. (XTO)

Chris Davis sold out his holdings in XTO Energy Inc.. His sale prices were between $29.59 and $39.19, with an estimated average price of $34.2. The impact to his portfolio due to this sale was less than 0.01%.

XTO Energy Inc. is engaged in the acquisition development exploitation and exploration of producing oil and gas properties and in the production processing marketing and transportation of oil and natural gas. The company has grown primarily through acquisitions of proved oil and gas reserves followed by development and exploitation activities and strategic acquisitions of additional interests in or near such acquired properties. XTO Energy Inc. has a market cap of $24.75 billion; its shares were traded at around $42.7 with a P/E ratio of 11.7 and P/S ratio of 3.2. The dividend yield of XTO Energy Inc. stocks is 1.2%. XTO Energy Inc. had an annual average earning growth of 36.6% over the past 10 years. GuruFocus rated XTO Energy Inc. the business predictability rank of 5-star.

Sold Out: Alleghany Corp. (Y)

Chris Davis sold out his holdings in Alleghany Corp.. His sale prices were between $253.63 and $295.1, with an estimated average price of $276.2. The impact to his portfolio due to this sale was less than 0.01%.

ALLEGHANY CORP. is engaged through its subsidiaries Chicago Title and Trust Company (``CT&T``) Chicago Title Insurance Company (``CTI``) Security Union Title Insurance Company (``Security Union``) and Ticor Title Insurance Company (``Ticor Title``) and their subsidiaries in the sale and underwriting of title insurance and in other real estate-related services businesses and through CT&T's subsidiary Alleghany Asset Management Inc. (``Alleghany Asset Management``) and its subsidiaries in certain other financial services businesses. Alleghany Corp. has a market cap of $2.25 billion; its shares were traded at around $266.31 with a P/E ratio of 12.7 and P/S ratio of 2.3. Alleghany Corp. had an annual average earning growth of 11.4% over the past 10 years.

Sold Out: AFLAC Inc. (AFL)

Chris Davis sold out his holdings in AFLAC Inc.. His sale prices were between $13.44 and $43.19, with an estimated average price of $22.6. The impact to his portfolio due to this sale was less than 0.01%.

AFLAC Inc. is a general business holding company and acts as a management company overseeing the operations of its subsidiaries by providing management services and making capital available. Its primary business is supplemental health and life insurance which is marketed and administered primarily through its subsidiary American Family Life Assurance Company of Columbus. AFLAC Inc. has a market cap of $16.01 billion; its shares were traded at around $34.26 with a P/E ratio of 8.1 and P/S ratio of 0.9. The dividend yield of AFLAC Inc. stocks is 3.2%. AFLAC Inc. had an annual average earning growth of 17.3% over the past 10 years. GuruFocus rated AFLAC Inc. the business predictability rank of 5-star.

Sold Out: AvalonBay Communities Inc. (AVB)

Chris Davis sold out his holdings in AvalonBay Communities Inc.. His sale prices were between $41.35 and $54.19, with an estimated average price of $47.5. The impact to his portfolio due to this sale was less than 0.01%.

AvalonBay Communities Inc. is a real estate investment trust. They focus on the ownership and operation of upscale apartment communities in high barrier-to-entry markets of the United States. These markets include Northern and Southern California and selected states in the Mid-Atlantic Northeast Midwest and Pacific Northwest regions of the country. AvalonBay is the surviving corporation from the merger of Avalon Properties Inc. with and into Bay Apartment Communities Inc. AvalonBay Communities Inc. has a market cap of $4.47 billion; its shares were traded at around $56.05 with a P/E ratio of 13.7 and P/S ratio of 5.3. The dividend yield of AvalonBay Communities Inc. stocks is 6.3%. AvalonBay Communities Inc. had an annual average earning growth of 4.8% over the past 10 years.

Sold Out: ING GROEP N.V. (ING)

Chris Davis sold out his holdings in ING GROEP N.V.. His sale prices were between $3.16 and $11.36, with an estimated average price of $6.8. The impact to his portfolio due to this sale was less than 0.01%.

ING GROEP-ADR is a global financial institution of Dutch origin offering banking insurance and asset management to over 50 million private corporate and institutional clients in 65 countries. ING can fully deliver what today's clients expect: unlimited access maximum convenience immediate and accurate execution personal advice tailor-made solutions and competitive rates. ING GROEP N.V. has a market cap of $22.69 billion; its shares were traded at around $10.62 with a P/E ratio of 2.7 and P/S ratio of 0.1. The dividend yield of ING GROEP N.V. stocks is 8.6%. ING GROEP N.V. had an annual average earning growth of 92.9% over the past 5 years.

Sold Out: SunTrust Banks Inc. (STI)

Chris Davis sold out his holdings in SunTrust Banks Inc.. His sale prices were between $7.28 and $25.33, with an estimated average price of $13.2. The impact to his portfolio due to this sale was less than 0.01%.

SunTrust Banks Inc. is a commercial banking organization. The company provides a wide range of services to meet the financial needs of its growing customer base in Alabama Florida Georgia Maryland Tennessee Virginia and the District of Columbia. Its primary businesses include traditional deposit and credit services as well as trust and investment services. (Company Press Release) SunTrust Banks Inc. has a market cap of $5.8 billion; its shares were traded at around $16.21 with and P/S ratio of 0.6. The dividend yield of SunTrust Banks Inc. stocks is 2.5%. SunTrust Banks Inc. had an annual average earning growth of 2.3% over the past 10 years.

Sold Out: Old Republic International Corp. (ORI)

Chris Davis sold out his holdings in Old Republic International Corp.. His sale prices were between $7.66 and $12.09, with an estimated average price of $10.2. The impact to his portfolio due to this sale was less than 0.01%.

Old Republic International Corporation is Chicago-based and is an insurance holding company whose subsidiaries market underwrite and provide risk management services for a wide variety of coverages in the property and liability mortgage guaranty title and life and health insurance fields. Old Republic International Corp. has a market cap of $2.35 billion; its shares were traded at around $9.98 with and P/S ratio of 0.6. The dividend yield of Old Republic International Corp. stocks is 6.8%. Old Republic International Corp. had an annual average earning growth of 5% over the past 10 years.

Sold Out: Discover Financial Services (DFS)

Chris Davis sold out his holdings in Discover Financial Services. His sale prices were between $4.94 and $8.68, with an estimated average price of $6.7. The impact to his portfolio due to this sale was less than 0.01%.

Discover Financial Services operates the Discover Card with more than fifty million cardmembers the Discover Network with millions of merchant and cash access locations and the Goldfish credit card business in the United Kingdom. Discover Financial Services also operates the pulse ATM/debit network which serves more than four thousand four hundred financial institutions and includes nearly two lakhs sixty thousand ATMs as well as POS terminals nationwide. Discover Financial Services has a market cap of $4.41 billion; its shares were traded at around $9.15 with a P/E ratio of 38.1 and P/S ratio of 0.7. The dividend yield of Discover Financial Services stocks is 0.8%.

Sold Out: CNA Financial Corp. (CNA)

Chris Davis sold out his holdings in CNA Financial Corp.. His sale prices were between $6.98 and $15.3, with an estimated average price of $10.5. The impact to his portfolio due to this sale was less than 0.01%.

CNA Financial Corporation is an insurance holding company whose primary subsidiaries consist of property/casualty and life insurance companies. CNA's property/casualty insurance operations are conducted by Continental Casualty Company and The Continental Insurance Company. Life insurance operations are conducted by Continental Assurance Company. CNA Financial Corp. has a market cap of $4.01 billion; its shares were traded at around $14.89 with a P/E ratio of 9.8 and P/S ratio of 0.5.

Sold Out: The Chubb Corp. (CB)

Chris Davis sold out his holdings in The Chubb Corp.. His sale prices were between $35.42 and $44.86, with an estimated average price of $40.6. The impact to his portfolio due to this sale was less than 0.01%.

Chubb Corporation is a holding company with subsidiaries principally engaged in the property and casualty insurance business. The property and casualty insurance subsidiaries provide insurance coverages principally in the United States Canada Europe and parts of Australia Latin America and the Far East. The Chubb Corp. has a market cap of $13.81 billion; its shares were traded at around $39.21 with a P/E ratio of 7.3 and P/S ratio of 1.2. The dividend yield of The Chubb Corp. stocks is 3.5%. The Chubb Corp. had an annual average earning growth of 7.8% over the past 5 years.

Sold Out: Redwood Trust Inc. (RWT)

Chris Davis sold out his holdings in Redwood Trust Inc.. His sale prices were between $11.66 and $15.93, with an estimated average price of $13.6. The impact to his portfolio due to this sale was less than 0.01%.

REDWOOD TRUST INC. is a self-advised and self-managed real estate investment trust. It specializes in acquiring and managing real estate mortgage assets which may be acquired as whole loans or as mortgage securities reperesenting interest in or obligations backed by pools of mortgage loans. Redwood Trust Inc. has a market cap of $999.1 million; its shares were traded at around $16.59 with a P/E ratio of 30.7 and P/S ratio of 1.7. The dividend yield of Redwood Trust Inc. stocks is 6.1%. Redwood Trust Inc. had an annual average earning growth of 38.3% over the past 5 years.

Sold Out: Citigroup Inc. (C)

Chris Davis sold out his holdings in Citigroup Inc.. His sale prices were between $1.03 and $6.73, with an estimated average price of $3. The impact to his portfolio due to this sale was less than 0.01%.

Citigroup Inc. the leading global financial services company has some two hundred million customer accounts and does business in more than hundred countries providing consumers corporations governments and institutions with a broad range of financial products and services including consumer banking and credit corporate and investment banking securities brokerage and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank CitiFinancial Primerica Smith Barney and Banamex. Citigroup Inc. has a market cap of $20.18 billion; its shares were traded at around $3.66 with and P/S ratio of 0.4. Citigroup Inc. had an annual average earning growth of 5.1% over the past 10 years.

Sold Out: Mercury General Corp. (MCY)

Chris Davis sold out his holdings in Mercury General Corp.. His sale prices were between $22.95 and $42.55, with an estimated average price of $32.8. The impact to his portfolio due to this sale was less than 0.01%.

Mercury General Corp. is engaged primarily in writing all risk classifications of automobile insurance in a number of states principallyCalifornia. The company offers automobile policyholders the following types of coverage: bodily injury liability underinsured and uninsured motorist property damage liability comprehensive collision and other hazards specified in the policy. Mercury General Corp. has a market cap of $1.91 billion; its shares were traded at around $34.79 with a P/E ratio of 18 and P/S ratio of 0.7. The dividend yield of Mercury General Corp. stocks is 6.7%. Mercury General Corp. had an annual average earning growth of 31.1% over the past 10 years. GuruFocus rated Mercury General Corp. the business predictability rank of 2.5-star.

Sold Out: First Potomac Realty Trust (FPO)

Chris Davis sold out his holdings in First Potomac Realty Trust. His sale prices were between $6.19 and $8.64, with an estimated average price of $7.2. The impact to his portfolio due to this sale was less than 0.01%.

First Potomac Realty Trust is a self-administered self-managed real estate investment trust that acquires operates and develops industrial and flex properties in Maryland Virginia and the Washington D.C. metropolitan area. First Potomac Realty Trust has a market cap of $288.3 million; its shares were traded at around $10.5 with a P/E ratio of 5.6 and P/S ratio of 2.3. The dividend yield of First Potomac Realty Trust stocks is 7.6%. First Potomac Realty Trust had an annual average earning growth of 29.5% over the past 5 years.

Sold Out: BP p.l.c. (BP)

Chris Davis sold out his holdings in BP p.l.c.. His sale prices were between $35.32 and $46.19, with an estimated average price of $40.9. The impact to his portfolio due to this sale was less than 0.01%.

BP p.l.c. is the holding company of one of the world's largest petroleum and petrochemicals groups. Their main activities are exploration and production of crude oil and natural gas; refining marketing supply and transportation; and manufacturing and marketing of petrochemicals. They have a growing activity in gas and power and in solar power generation. BP has well-established operations in Europe North and South America Australasia and Africa. BP p.l.c. has a market cap of $167.65 billion; its shares were traded at around $47.94 with a P/E ratio of 7.5 and P/S ratio of 0.4. The dividend yield of BP p.l.c. stocks is 7%. BP p.l.c. had an annual average earning growth of 17.8% over the past 10 years. GuruFocus rated BP p.l.c. the business predictability rank of 2-star.

Sold Out: Sears Holdings Corp. (SHLD)

Chris Davis sold out his holdings in Sears Holdings Corp.. His sale prices were between $35.53 and $49.21, with an estimated average price of $41.7. The impact to his portfolio due to this sale was less than 0.01%.

Sears Holdings Corporation the parent of Kmart and Sears Roebuck and Co. is the leading home appliance retailer in North America and is a retail sales leader in tools lawn and garden home electronics and automotive repair and maintenance. Key proprietary brands include Kenmore Craftsman and DieHard and a broad apparel offering including such well-known labels as Lands' End Jaclyn Smith and Joe Boxer as well as the Apostrophe and Covington brands. Sears Holdings Corp. has a market cap of $6.67 billion; its shares were traded at around $54.7 with a P/E ratio of 31.8 and P/S ratio of 0.1. Sears Holdings Corp. had an annual average earning growth of 45% over the past 5 years.

Sold Out: Altria Group Inc. (MO)

Chris Davis sold out his holdings in Altria Group Inc.. His sale prices were between $15.14 and $16.78, with an estimated average price of $16. The impact to his portfolio due to this sale was less than 0.01%.

Philip Morris Companies is a holding company whose principalwholly-owned subsidiaries Philip Morris Incorporated Philip MorrisInternational Inc. Kraft Foods Inc. and Miller Brewing Company are engaged in the manufacture and sale of various consumer products. A wholly-owned subsidiary of the Company Philip Morris Capital Corporation engages in various financing and investment activities. Altria Group Inc. has a market cap of $35.93 billion; its shares were traded at around $17.39 with a P/E ratio of 10.3 and P/S ratio of 1.8. The dividend yield of Altria Group Inc. stocks is 7.3%. Altria Group Inc. had an annual average earning growth of 3.4% over the past 10 years.

Sold Out: Schlumberger Ltd. (SLB)

Chris Davis sold out his holdings in Schlumberger Ltd.. His sale prices were between $36.73 and $45.06, with an estimated average price of $40.5. The impact to his portfolio due to this sale was less than 0.01%.

Schlumberger Limited is a global technology services company consisting of two business segments Schlumberger Oilfield Services and SchlumbergerSema. Schlumberger Oilfield Services is the leading provider of exploration and production services solutions and technology to the international petroleum industry. SchlumbergerSema is a leading information technology services company providing a unique combination of domain expertise and global capabilities delivered on a local basis. Schlumberger Ltd. has a market cap of $66.68 billion; its shares were traded at around $55.75 with a P/E ratio of 13.2 and P/S ratio of 2.4. The dividend yield of Schlumberger Ltd. stocks is 1.5%. Schlumberger Ltd. had an annual average earning growth of 58.5% over the past 5 years.

Sold Out: AXIS Capital Holdings Ltd. (AXS)

Chris Davis sold out his holdings in AXIS Capital Holdings Ltd.. His sale prices were between $18.52 and $27.93, with an estimated average price of $24. The impact to his portfolio due to this sale was less than 0.01%.

AXIS Capital Holdings Limited is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance. AXIS Capital Holdings Ltd. has a market cap of $3.45 billion; its shares were traded at around $24.22 with a P/E ratio of 10.6 and P/S ratio of 1.2. The dividend yield of AXIS Capital Holdings Ltd. stocks is 3.3%. AXIS Capital Holdings Ltd. had an annual average earning growth of 18.7% over the past 5 years.

Sold Out: Boston Properties Inc. (BXP)

Chris Davis sold out his holdings in Boston Properties Inc.. His sale prices were between $31.16 and $51.36, with an estimated average price of $40.1. The impact to his portfolio due to this sale was less than 0.01%.

Boston Properties is a fully integrated self-administered and self- managed real estate investment trust that develops redevelops acquires manages operates and owns a diverse portfolio of Class-A office industrial and hotel properties. The Company is one of the largest owners and developers of Class-A office properties in the United States concentrated in four core markets -- Boston Midtown Manhattan Washington DC and San Francisco. Boston Properties Inc. has a market cap of $6.03 billion; its shares were traded at around $49.7 with a P/E ratio of 10.3 and P/S ratio of 4.1. The dividend yield of Boston Properties Inc. stocks is 5.4%. Boston Properties Inc. had an annual average earning growth of 5.8% over the past 10 years.


Rating: 3.3/5 (19 votes)

Comments

janejim76
Janejim76 - 5 years ago
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