Davis Selected Advisers

Davis Selected Advisers declares $4.2B in 18 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 17.9% of its $23.3B 13F portfolio. Largest positions: Alphabet (0.03% of the company) and Amazon (0.04% of the company). Over time: $4.2B in 18 of these companies for Q2 2026, against $6.2B in 16 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $229.6M and sold $1.1B of these stocks, at the quarter's prices: a net sale of $837.7M; 1 new position and 1 sold out.

Performance of its AI picks

The AI-stock portfolio Davis Selected Advisers declared for Q2 2026 (Form 13F), held unchanged, returned +5.3% in Q3 2026 (SMH -7.1%), ranked 542 of 1,783 active managers. Over the last 12 months, quarter after quarter: +50.7% (SMH +87.2%), ranked 161 of 1,359 active managers. Over three years, quarter after quarter: +168.5% (SMH +325.8%), ranked 188 of 783 active managers. Over five years, quarter after quarter: +162.6% (SMH +389.8%), ranked 243 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. Alphabet (GOOGL) — $1.2B: 3.5M shares, 0.03% of the company, 5.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Amazon (AMZN) — $1.0B: 4.3M shares, 0.04% of the company, 4.4% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Meta Platforms (META) — $928.7M: 1.6M shares, 0.06% of the company, 4.0% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Texas Instruments (TXN) — $726.5M: 2.4M shares, 0.27% of the company, 3.1% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Applied Materials (AMAT) — $74.1M: 102,521 shares, 0.01% of the company, 0.32% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Microsoft (MSFT) — $34.7M: 92,973 shares, 0.00% of the company, 0.15% of its portfolio (added this quarter); held since Q4 2019 or earlier
7. NVIDIA (NVDA) — $31.0M: 154,727 shares, 0.00% of the company, 0.13% of its portfolio (added this quarter); held since Q2 2025
8. Johnson Controls (JCI) — $20.7M: 141,422 shares, 0.02% of the company, 0.09% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
9. Equinix (EQIX) — $20.1M: 19,313 shares, 0.02% of the company, 0.09% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. Adobe (ADBE) — $13.9M: 67,894 shares, 0.02% of the company, 0.06% of its portfolio (added this quarter); held since Q1 2026
11. Digital Realty (DLR) — $13.2M: 73,280 shares, 0.02% of the company, 0.06% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. Synopsys (SNPS) — $11.1M: 24,962 shares, 0.01% of the company, 0.05% of its portfolio (trimmed this quarter); held since Q3 2025
13. Oracle (ORCL) — $11.0M: 74,923 shares, 0.00% of the company, 0.05% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. American Tower (AMT) — $10.3M: 63,250 shares, 0.01% of the company, 0.04% of its portfolio (trimmed this quarter); held since Q2 2021
15. SBA Communications (SBAC) — $7.2M: 40,700 shares, 0.04% of the company, 0.03% of its portfolio (new position this quarter)

By sector

• Cloud & AI giants — $3.2B, 77% of its AI holdings, 4 companies
• Chips & compute — $759.4M, 18% of its AI holdings, 3 companies
• Equipment & test — $75.3M, 2% of its AI holdings, 2 companies
• Neoclouds & data centers — $55.0M, 1% of its AI holdings, 5 companies
• AI software — $36.0M, 1% of its AI holdings, 3 companies
• Power, electrical & cooling — $20.7M, 0% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed Applied Materials (AMAT): -$790.9M at the quarter's price
• added to Amazon (AMZN): +$202.8M at the quarter's price
• trimmed Texas Instruments (TXN): -$122.9M at the quarter's price
• trimmed Alphabet (GOOGL): -$96.6M at the quarter's price
• trimmed Meta Platforms (META): -$40.0M at the quarter's price
• added to NVIDIA (NVDA): +$8.2M at the quarter's price
• trimmed Johnson Controls (JCI): -$7.7M at the quarter's price
• opened a position in SBA Communications (SBAC): +$7.2M at the quarter's price
• added to Microsoft (MSFT): +$5.4M at the quarter's price
• added to Adobe (ADBE): +$4.7M at the quarter's price

Other holders of this size

• Hood River Capital Management LLC — $4.2B in 25 of these companies
• MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC — $4.2B in 163 of these companies
• Altshuler Shaham Ltd — $4.2B in 104 of these companies
• Quadrature Capital Ltd — $4.2B in 104 of these companies
• Egerton Capital (UK) LLP — $4.1B in 7 of these companies
• IMC-Chicago, LLC — $4.3B in 142 of these companies
• GILDER GAGNON HOWE & CO LLC — $4.1B in 61 of these companies
• W1M Asset Management Ltd — $4.3B in 28 of these companies

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