Davis Selected Advisers

Financial services, particularly global banks and insurers, is historically the largest sector weight across Davis equity products. The firm believes well-capitalized financials trading below tangible book value can compound capital at attractive rates over time. Berkshire Hathaway, long a top holding, is the most visible example of the durable franchise the Davis team seeks.

The firm primarily invests through direct public-equity stock selection inside its own regulated funds. It does not operate a fund-of-funds or private-market allocation business. The only external commitments it makes are the publicly traded securities it buys in the open market — no LP commitments to outside venture capital or private equity managers.