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Davis Asset Management, L.P.

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13F filer, CIK 1945894, SAUSALITO, CA

Davis Asset Management, L.P. reported $2,792,151,050 across 30 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 59.9% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-26-014629

Period
2025-12-31
Reported value
$2.79B
Holdings
30
Top 10 weight
59.9%
New
0
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ACNadded+100,000$26.8M
FAFadded+400,000$24.6M
MTBadded+75,000$15.1M
SFBSadded+111,814$8.03M
OSBCadded+245,523$4.79M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
STTexited-1,200,000-$139M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001104659-26-014629, largest first. % of portfolio is the value over $2,792,151,050, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 500,000 shares; 2025Q1: 500,000 shares; 2025Q2: 500,000 shares; 2025Q3: 500,000 shares; 2025Q4: 500,000 shares 500,000$330M11.82%0Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 1,000,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares; 2025Q4: 1,000,000 shares 1,000,000$314M11.24%0Timeline
WALWESTERN ALLIANCE BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,500,000 shares; 2024Q4: 2,500,000 shares; 2025Q1: 2,500,000 shares; 2025Q2: 2,500,000 shares; 2025Q3: 2,500,000 shares; 2025Q4: 2,500,000 shares 2,500,000$210M7.53%0Timeline
CBCHUBB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 450,000 shares; 2024Q4: 450,000 shares; 2025Q1: 450,000 shares; 2025Q2: 450,000 shares; 2025Q3: 450,000 shares; 2025Q4: 450,000 shares 450,000$140M5.03%0Timeline
WBSWEBSTER FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 2,000,000 shares; 2025Q1: 2,000,000 shares; 2025Q2: 2,000,000 shares; 2025Q3: 2,000,000 shares; 2025Q4: 2,000,000 shares 2,000,000$126M4.51%0Timeline
AXAXOS FINANCIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,500,000 shares; 2024Q4: 1,457,219 shares; 2025Q1: 1,457,219 shares; 2025Q2: 1,457,219 shares; 2025Q3: 1,457,219 shares; 2025Q4: 1,457,219 shares 1,457,219$126M4.5%0Timeline
GPNGLOBAL PMTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,400,000 shares; 2024Q4: 1,400,000 shares; 2025Q1: 1,400,000 shares; 2025Q2: 1,400,000 shares; 2025Q3: 1,400,000 shares; 2025Q4: 1,400,000 shares 1,400,000$108M3.88%0Timeline
MKLMARKEL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares; 2025Q3: 50,000 shares; 2025Q4: 50,000 shares 50,000$107M3.85%0Timeline
CRBGCOREBRIDGE FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000,000 shares; 2024Q4: 3,500,000 shares; 2025Q1: 3,500,000 shares; 2025Q2: 3,500,000 shares; 2025Q3: 3,500,000 shares; 2025Q4: 3,500,000 shares 3,500,000$106M3.78%0Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,000 shares; 2024Q4: 300,000 shares; 2025Q1: 300,000 shares; 2025Q2: 300,000 shares; 2025Q3: 300,000 shares; 2025Q4: 300,000 shares 300,000$105M3.77%0Timeline
ACNACCENTURE PLC IRELANDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 250,000 shares; 2025Q4: 350,000 shares 350,000$93.9M3.36%+100,000Timeline
FAFFIRST AMERN FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 288,358 shares; 2025Q3: 1,100,000 shares; 2025Q4: 1,500,000 shares 1,500,000$92.2M3.3%+400,000Timeline
BRK-ABERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 120 shares; 2024Q4: 120 shares; 2025Q1: 120 shares; 2025Q2: 120 shares; 2025Q3: 120 shares; 2025Q4: 120 shares 120$90.6M3.24%0Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 200,000 shares; 2024Q4: 180,000 shares; 2025Q1: 180,000 shares; 2025Q2: 180,000 shares; 2025Q3: 180,000 shares; 2025Q4: 180,000 shares 180,000$90.5M3.24%0Timeline
MTBM & T BK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 345,000 shares; 2024Q4: 325,000 shares; 2025Q1: 325,000 shares; 2025Q2: 325,000 shares; 2025Q3: 325,000 shares; 2025Q4: 400,000 shares 400,000$80.6M2.89%+75,000Timeline
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 500,000 shares; 2025Q1: 500,000 shares; 2025Q2: 500,000 shares; 2025Q3: 500,000 shares; 2025Q4: 500,000 shares 500,000$73.3M2.62%0Timeline
SFBSSERVISFIRST BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 823,562 shares; 2024Q4: 763,562 shares; 2025Q1: 763,562 shares; 2025Q2: 763,562 shares; 2025Q3: 763,562 shares; 2025Q4: 875,376 shares 875,376$62.8M2.25%+111,814Timeline
CGCARLYLE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,500,000 shares; 2024Q4: 1,500,000 shares; 2025Q1: 1,500,000 shares; 2025Q2: 1,500,000 shares; 2025Q3: 1,000,000 shares; 2025Q4: 1,000,000 shares 1,000,000$59.1M2.12%0Timeline
FSBCFIVE STAR BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,511,500 shares; 2024Q4: 1,511,500 shares; 2025Q1: 1,511,500 shares; 2025Q2: 1,511,500 shares; 2025Q3: 1,511,500 shares; 2025Q4: 1,511,500 shares 1,511,500$54.1M1.94%0Timeline
ACGLARCH CAP GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 550,000 shares; 2024Q4: 550,000 shares; 2025Q1: 550,000 shares; 2025Q2: 550,000 shares; 2025Q3: 550,000 shares; 2025Q4: 550,000 shares 550,000$52.8M1.89%0Timeline
VMRKVIVMARK RESIDENTIALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 800,000 shares; 2025Q1: 800,000 shares; 2025Q2: 800,000 shares; 2025Q3: 800,000 shares; 2025Q4: 800,000 shares 800,000$50.4M1.81%0Timeline
TCBKTRICO BANCSHARESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,020,800 shares; 2024Q4: 1,020,800 shares; 2025Q1: 1,020,800 shares; 2025Q2: 1,046,900 shares; 2025Q3: 1,046,900 shares; 2025Q4: 1,046,900 shares 1,046,900$49.6M1.78%0Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 85,000 shares; 2024Q4: 85,000 shares; 2025Q1: 85,000 shares; 2025Q2: 85,000 shares; 2025Q3: 85,000 shares; 2025Q4: 85,000 shares 85,000$48.5M1.74%0Timeline
ABCBAMERIS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 400,000 shares; 2025Q1: 400,000 shares; 2025Q2: 621,800 shares; 2025Q3: 621,800 shares; 2025Q4: 621,800 shares 621,800$46.2M1.65%0Timeline
RJFRAYMOND JAMES FINL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,000 shares; 2024Q4: 270,000 shares; 2025Q1: 270,000 shares; 2025Q2: 270,000 shares; 2025Q3: 270,000 shares; 2025Q4: 270,000 shares 270,000$43.4M1.55%0Timeline
FBKFB FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 619,236 shares; 2025Q4: 619,236 shares 619,236$34.6M1.24%0Timeline
OSBCOLD SECOND BANCORP INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,098,369 shares; 2024Q4: 1,100,000 shares; 2025Q1: 1,100,000 shares; 2025Q2: 1,384,502 shares; 2025Q3: 1,500,000 shares; 2025Q4: 1,745,523 shares 1,745,523$34M1.22%+245,523Timeline
USBUS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 800,000 shares; 2024Q4: 600,000 shares; 2025Q1: 600,000 shares; 2025Q2: 600,000 shares; 2025Q3: 600,000 shares; 2025Q4: 600,000 shares 600,000$32M1.15%0Timeline
CCNECNB FINL CORP PAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 700,000 shares; 2025Q1: 700,000 shares; 2025Q2: 894,033 shares; 2025Q3: 950,000 shares; 2025Q4: 950,000 shares 950,000$24.9M0.89%0Timeline
TSBKTIMBERLAND BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 174,476 shares; 2024Q4: 174,476 shares; 2025Q1: 174,476 shares; 2025Q2: 174,476 shares; 2025Q3: 174,476 shares; 2025Q4: 174,476 shares 174,476$6.25M0.22%0Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
STTSTATE STR CORP1,200,000$139Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001104659-26-014629 base2026-02-13acceptance time not in the bulk data set