"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.
New Purchases: ATVI, BDX, CNVR, EXC, EXPD, HST, KIM, KRC, LH, LHO, LRY, MDT, MRK, NRG, PFE, SPG,
Added Positions: ACE, AMB, BAC, BRK-A, CBL, DEI, DIS, FCE-A, FFH, GOOG, JNJ, JOE, SLG, TCO, UDR,
Reduced Positions: ABK, AIG, AMT, AVP, BAM, BLT, BRK-B, BRO, CME, COP, COST, DEO, DLR, ETFC, FPIC, GE, HRB, IBM, IDXX, JCI, JPM, KO, KSS, MBI, MKL, MMM, MS, NFLX, NOK, NWS-A, PHG, PM, PWCDF.PK, RIO-P, RNR, SAP, SCHW, SGR, SIAL, SPLS, STT, TEL, TS, TV, VNO, WFMI, YHOO, YUM,
Sold Out: AFL, ALL, AVB, AXS, BP, BXP, C, CB, CNA, DELL, DFS, FPO, GGP, ING, IVE, IWV, IYR, LOW, MCY, MO, ORI, RWT, S, SHLD, SLB, STI, UBS, UNP, WDR, WPPGY, WRB, WTM, XTO, Y,
For the details of Chris Davis's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Chris+Davis
New Purchases: ATVI, BDX, CNVR, EXC, EXPD, HST, KIM, KRC, LH, LHO, LRY, MDT, MRK, NRG, PFE, SPG,
Added Positions: ACE, AMB, BAC, BRK-A, CBL, DEI, DIS, FCE-A, FFH, GOOG, JNJ, JOE, SLG, TCO, UDR,
Reduced Positions: ABK, AIG, AMT, AVP, BAM, BLT, BRK-B, BRO, CME, COP, COST, DEO, DLR, ETFC, FPIC, GE, HRB, IBM, IDXX, JCI, JPM, KO, KSS, MBI, MKL, MMM, MS, NFLX, NOK, NWS-A, PHG, PM, PWCDF.PK, RIO-P, RNR, SAP, SCHW, SGR, SIAL, SPLS, STT, TEL, TS, TV, VNO, WFMI, YHOO, YUM,
Sold Out: AFL, ALL, AVB, AXS, BP, BXP, C, CB, CNA, DELL, DFS, FPO, GGP, ING, IVE, IWV, IYR, LOW, MCY, MO, ORI, RWT, S, SHLD, SLB, STI, UBS, UNP, WDR, WPPGY, WRB, WTM, XTO, Y,
For the details of Chris Davis's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Chris+Davis
