Insight into the Latest 13F Filing Reveals Significant Changes and Strategic Moves
Chris Davis (Trades, Portfolio), the seasoned portfolio manager at Davis Financial Fund, recently disclosed his investment activities for the third quarter of 2024 through the latest 13F filing. Managing over $60 billion across various asset classes, Davis is known for his long-term investment approach, focusing primarily on financial services and purchasing undervalued, well-managed companies. His strategy emphasizes buying out-of-favor stocks and holding them for an average of four to seven years, aiming for substantial returns.
New Additions to the Portfolio
During the third quarter, Chris Davis (Trades, Portfolio) expanded his portfolio by adding three new stocks:
- Trip.com Group Ltd (TCOM, Financial) was the most significant new addition with 3,746,822 shares, representing 1.25% of the portfolio and valued at $222.67 million.
- RenaissanceRe Holdings Ltd (RNR, Financial) followed, with 141,214 shares making up about 0.22% of the portfolio, totaling $38.47 million.
- EastGroup Properties Inc (EGP, Financial) was also added with 39,660 shares, accounting for 0.04% of the portfolio and valued at $7.41 million.
Key Position Increases
Chris Davis (Trades, Portfolio) also significantly increased his stakes in several companies:
- MGM Resorts International (MGM, Financial) saw an addition of 7,126,737 shares, bringing the total to 19,038,296 shares. This adjustment increased the share count by 59.83% and impacted the portfolio by 1.56%, with a total value of $744.21 million.
- ConocoPhillips (COP, Financial) had an additional 1,027,591 shares, bringing the total to 1,407,562 shares. This represents a 270.44% increase in share count, valued at $148.19 million.
Complete Exits
In the same quarter, Chris Davis (Trades, Portfolio) decided to exit positions in three companies:
- MasterBrand Inc (MBC, Financial) was completely sold out of 823,506 shares, impacting the portfolio by -0.07%.
- Hollysys Automation Technologies Ltd (HOLI, Financial) saw all 220,761 shares liquidated, causing a -0.03% impact on the portfolio.
Significant Reductions in Holdings
Noteworthy reductions were made in several key stocks:
- Amazon.com Inc (AMZN, Financial) was reduced by 1,657,929 shares, a -28.98% decrease, impacting the portfolio by -1.86%. The stock traded at an average price of $182.46 during the quarter and has seen a 25.61% return over the past three months and 37.07% year-to-date.
- Meta Platforms Inc (META, Financial) saw a reduction of 344,631 shares, a -11.26% decrease, impacting the portfolio by -1.01%. The stock traded at an average price of $514.55 during the quarter and has returned 15.54% over the past three months and 66.69% year-to-date.
Portfolio Overview
As of the third quarter of 2024, Chris Davis (Trades, Portfolio)'s portfolio included 102 stocks. The top holdings were 8.72% in Meta Platforms Inc (META), 8.09% in Capital One Financial Corp (COF, Financial), 6.27% in Berkshire Hathaway Inc (BRK.A, Financial), 4.66% in Applied Materials Inc (AMAT, Financial), and 4.52% in Wells Fargo & Co (WFC, Financial). The holdings are predominantly concentrated in 10 of the 11 industries, including Financial Services, Healthcare, Communication Services, Consumer Cyclical, Technology, Industrials, Basic Materials, Real Estate, Consumer Defensive, and Energy.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
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