Davis Selected Q1 2026: A Financials-Led Value Book

Davis Selected Advisers, the long-term value firm led by Chris Davis, reported a $21.78B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001036325-26-000016, filed 2026-05-07). The portfolio is a study in classic value investing: financials lead, the turnover is low, and the largest position is a bank, not a megacap technology stock. Capital One (COF) tops the book at 7.15%, with U.S. Bancorp (USB) at 5.31% and insurer Markel (MKL) at 3.37% reinforcing a heavy financial-sector tilt.

Davis has long favored well-run financial companies bought at reasonable valuations, and this book reflects that discipline. Around the financial core sit energy, value-priced healthcare, and consumer names — with a couple of megacaps held for their quality rather than their growth multiples.

The quarter's most active move was a 14% increase in energy producer Coterra Energy (CTRA), now the second-largest position, while most other holdings were held roughly flat — the low-turnover signature of a patient value manager.

A financials-and-value book

After Capital One and Coterra come U.S. Bancorp, generic-drug maker Viatris (VTRS) at 4.85%, and Meta (META) at 4.52%. The lineup continues with MGM Resorts (MGM), Alphabet's GOOGL shares, CVS Health (CVS), Tyson Foods (TSN), and Markel.

The sector spread is the tell: banks and insurers (Capital One, U.S. Bancorp, Markel), energy (Coterra), value-priced healthcare (Viatris, CVS), and consumer names (MGM, Tyson). Even the two megacaps present — Meta and Alphabet — are names a value investor can defend on cash flow rather than momentum. With 112 positions and the top ten at roughly 47% of the book, Davis runs a concentrated value portfolio.

Low turnover, one notable add

True to its long-horizon style, Davis held most of its largest positions roughly flat. The exceptions were the 14% increase in Coterra Energy and modest trims to MGM Resorts (-9%) and Markel (-8%).

Adding to a natural-gas-weighted energy producer while keeping the financial core intact fits a value manager finding a specific opportunity rather than reshaping the book. The reported value has grown steadily from around $17B in 2024 to $21.78B, easing slightly this quarter — a trajectory driven more by its holdings than by trading.

What it means for 13F readers

Davis Selected is a clear example of disciplined, financials-tilted value investing. The Capital One, U.S. Bancorp, and Markel positions define the book, and the low turnover means the rare moves — like the Coterra add — are the signals worth watching. Track the firm's quarter-over-quarter holdings on the Davis Selected Advisers filer page.

FAQ

What is Davis Selected Advisers?

Davis Selected Advisers is a long-term value investment firm led by Chris Davis. It reported a $21.78B U.S. equity 13F book for the quarter ended March 31, 2026, across about 112 positions.

What are Davis's largest holdings in Q1 2026?

Its five largest positions are Capital One (7.15%), Coterra Energy (5.99%), U.S. Bancorp (5.31%), Viatris (4.85%), and Meta (4.52%) — a financials-tilted value book.

What did Davis buy in Q1 2026?

The most active move was a 14% increase in Coterra Energy, now the second-largest position, while most other holdings were held roughly flat and MGM Resorts and Markel were trimmed.

Why is Davis so concentrated in financials?

Davis has a long history of favoring well-run banks and insurers bought at reasonable valuations. Capital One, U.S. Bancorp, and Markel together give the book a heavy financial-sector tilt characteristic of its value discipline.