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Davis Funds

Dec 2024 → Dec 2025 · Publishes twice a year · 6 funds

Our archive holds 9 letters from Davis Funds, behind 7 investment theses and positions in 55 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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9
Letters
55
Companies
15
Moves
7
Theses

6 strategies

Davis Funds publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

What they bought and sold · 15 moves

  • TrimmedAmazon.com
    December 2025
    “Representative holdings in this category include Meta Platforms, Alphabet and Amazon.com.”
    Read the letter
  • New positionFiserv
    December 2025
    “and redeployed that capital into property & casualty reinsurers (Everest Group and RenaissanceRe), select payments-related companies (Fiserv and Chime) and a family- controlled investment holding company, Exor.”
    Read the letter
  • TrimmedDanske Bank
    December 2025
    “given their strong market performance during the year, we have trimmed our exposure to banks (primarily BNY Mellon, DBS and Danske)”
    Read the letter
  • New positionRenaissanceRe
    December 2025
    “and redeployed that capital into property & casualty reinsurers (Everest Group and RenaissanceRe), select payments-related companies (Fiserv and Chime) and a family- controlled investment holding company, Exor.”
    Read the letter
  • TrimmedAlphabet
    December 2025
    “Representative holdings in this category include Meta Platforms, Alphabet and Amazon.com.”
    Read the letter
  • New positionChime
    December 2025
    “and redeployed that capital into property & casualty reinsurers (Everest Group and RenaissanceRe), select payments-related companies (Fiserv and Chime) and a family- controlled investment holding company, Exor.”
    Read the letter
  • New positionExor
    December 2025
    “and redeployed that capital into property & casualty reinsurers (Everest Group and RenaissanceRe), select payments-related companies (Fiserv and Chime) and a family- controlled investment holding company, Exor.”
    Read the letter
  • TrimmedDBS Group
    December 2025
    “given their strong market performance during the year, we have trimmed our exposure to banks (primarily BNY Mellon, DBS and Danske)”
    Read the letter
  • TrimmedBNY Mellon
    December 2025
    “given their strong market performance during the year, we have trimmed our exposure to banks (primarily BNY Mellon, DBS and Danske)”
    Read the letter
  • New positionEverest Group
    December 2025
    “and redeployed that capital into property & casualty reinsurers (Everest Group and RenaissanceRe), select payments-related companies (Fiserv and Chime) and a family- controlled investment holding company, Exor.”
    Read the letter
  • New positionAppLovin Corporation
    June 2025
    “AppLovin Corporation, which returned 41% from when we purchased it in March of this year.”
    Read the letter
  • TrimmedMeta Platforms
    June 2025
    “we have used their recent outperformance as an opportunity to significantly reduce our positions in these excellent, but richly valued, companies.”
    Read the letter
  • AddedNetEase
    June 2025
    “In late 2024, when the market was concerned about near-term revenue weakness in several game franchises, we took advantage of weakness to build a position in NetEase at an attractive valuation.”
    Read the letter
  • New positionUnitedHealth
    June 2025
    “As a result, we have initiated a position in UnitedHealth which joins our holdings in CVS and Humana.”
    Read the letter
  • TrimmedAlphabet
    June 2025
    “we have used their recent outperformance as an opportunity to significantly reduce our positions in these excellent, but richly valued, companies.”
    Read the letter

Companies held · 55

Every company Davis Funds has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 7

  • Wells Fargo & Company
    December 2025

    Wells Fargo & Company is a large traditional U.S. bank with improving growth after asset-cap removal, cost discipline, surplus-capital buybacks, and a reasonable valuation versus expected high-teens ROTCE.

    Read the full thesis
  • Chubb Limited
    December 2025

    Chubb Limited is a diversified P&C insurer with superior underwriting culture, strong pricing tailwinds, low-20s ROTCE, and an attractive 10–11x earnings outlook.

    Read the full thesis
  • Capital One Financial
    December 2025

    Capital One Financial is a diversified consumer finance and deposit-rich bank with attractive valuation and AI capabilities that can enhance profitability.

    Read the full thesis
  • Capital One Financial Corp.
    December 2025

    Capital One Financial Corp. is a leading consumer financial services company with Discover synergy opportunities and an attractive sub-10x P/E supporting ~20% long-term returns on tangible capital.

    Read the full thesis
  • ITOCHU
    June 2025

    ITOCHU is a leading Japanese trading and investment company with a disciplined approach to capital allocation, focusing on steady returns and long-term growth across various industries.

    Read the full thesis
  • Sunstone Hotel Investors
    June 2025

    Sunstone is an undervalued hotel company with a strong balance sheet and potential for earnings acceleration, making it an attractive candidate for acquisition despite recent stock performance challenges.

    Read the full thesis
  • Capital One
    December 2024

    Capital One is a leading financial services company with a strong track record of growth and prudent credit management, currently holding significant excess capital that positions it for accelerated earnings growth.

    Read the full thesis

Letter archive · 9

2025

2024

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