Davis Asset Management, L.P. Long-Term Concentrated

CIK: 0001945894 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $2,792,151 (100.0% shares, 0.0% debt)

Holdings (30)

Increased Positions (5)

ACN Accenture PLC Cl A 3.4%

Value ($000) $93,905 (+52.3%) Shares 350,000 (+40.0%) Est. Cost $258.74 Unrealized -1.8%

FAF First American Financial Corp 3.3%

Value ($000) $92,160 (+30.4%) Shares 1,500,000 (+36.4%) Est. Cost $61.35 Unrealized +1.6%

MTB M&T Bank 2.9%

Value ($000) $80,592 (+25.5%) Shares 400,000 (+23.1%) Est. Cost $136.34 Unrealized +39.4%

OSBC Old Second Bancorp 1.2%

Value ($000) $34,038 (+31.3%) Shares 1,745,523 (+16.4%) Est. Cost $15.67 Unrealized +18.7%

SFBS Servisfirst Bancshares Inc 2.3%

Value ($000) $62,843 (+2.2%) Shares 875,376 (+14.6%) Est. Cost $78.39 Unrealized -6.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACN	Accenture PLC Cl A	350,000 (+40.0%)	$93,905 (+52.3%)	3.4%	$258.74	-1.8%	COM	G1151C101
FAF	First American Financial Corp	1,500,000 (+36.4%)	$92,160 (+30.4%)	3.3%	$61.35	+1.6%	COM	31847R102
MTB	M&T Bank	400,000 (+23.1%)	$80,592 (+25.5%)	2.9%	$136.34	+39.4%	COM	55261F104
OSBC	Old Second Bancorp	1,745,523 (+16.4%)	$34,038 (+31.3%)	1.2%	$15.67	+18.7%	COM	680277100
SFBS	Servisfirst Bancshares Inc	875,376 (+14.6%)	$62,843 (+2.2%)	2.3%	$78.39	-6.9%	COM	81768T108

Exited Positions (1)

STT State Str Corp 5.0%

Value ($000) $139,212 Shares 1,200,000 Est. Cost $60.70 Unrealized +96.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
STT	State Str Corp	1,200,000	$139,212	5.0%	$60.70	+96.0%	—	857477103

Unchanged Positions (25)

GOOG Alphabet Inc 11.2%

Value ($000) $313,800 Shares 1,000,000 Est. Cost $110.83 Unrealized +158.3%

META Meta Platforms 11.8%

Value ($000) $330,045 Shares 500,000 Est. Cost $160.96 Unrealized +314.6%

BABA Alibaba 2.6%

Value ($000) $73,290 Shares 500,000 Est. Cost $113.68 Unrealized —

CB Chubb Limited 5.0%

Value ($000) $140,454 Shares 450,000 Est. Cost $181.71 Unrealized +60.9%

MKL Markel 3.8%

Value ($000) $107,483 Shares 50,000 Est. Cost $1367.86 Unrealized +48.1%

GPN Global Payments Inc. 3.9%

Value ($000) $108,360 Shares 1,400,000 Est. Cost $116.43 Unrealized -31.0%

WBS Webster Financial Corp 4.5%

Value ($000) $125,880 Shares 2,000,000 Est. Cost $46.15 Unrealized +28.7%

WAL Western Alliance Bancorp 7.5%

Value ($000) $210,175 Shares 2,500,000 Est. Cost $69.27 Unrealized +16.4%

CRBG Corebridge Financial 3.8%

Value ($000) $105,595 Shares 3,500,000 Est. Cost $21.56 Unrealized +41.7%

FSBC Five Star Bancorp 1.9%

Value ($000) $54,081 Shares 1,511,500 Est. Cost $23.28 Unrealized +47.7%

CG Carlyle Group 2.1%

Value ($000) $59,110 Shares 1,000,000 Est. Cost $29.10 Unrealized +93.4%

RJF Raymond James Financial Inc 1.6%

Value ($000) $43,359 Shares 270,000 Est. Cost $96.20 Unrealized +67.3%

TCBK TriCo Bancshares 1.8%

Value ($000) $49,592 Shares 1,046,900 Est. Cost $46.74 Unrealized -1.8%

USB US Bancorp Del Com New 1.1%

Value ($000) $32,016 Shares 600,000 Est. Cost $39.22 Unrealized +24.2%

ACGL Arch Capital Group LTD 1.9%

Value ($000) $52,756 Shares 550,000 Est. Cost $71.30 Unrealized +28.3%

V Visa Inc Com 3.8%

Value ($000) $105,213 Shares 300,000 Est. Cost $198.34 Unrealized +71.6%

AX AXOS Financial Inc 4.5%

Value ($000) $125,554 Shares 1,457,219 Est. Cost $40.41 Unrealized +103.8%

CCNE CNB Financial Corp PA 0.9%

Value ($000) $24,862 Shares 950,000 Est. Cost $20.90 Unrealized +20.8%

EQR Equity Residential 1.8%

Value ($000) $50,432 Shares 800,000 Est. Cost $52.84 Unrealized +14.8%

ABCB Ameris Bancorp 1.7%

Value ($000) $46,181 Shares 621,800 Est. Cost $51.82 Unrealized +43.2%

TSBK Timberland Bancorp Inc 0.2%

Value ($000) $6,246 Shares 174,476 Est. Cost $23.23 Unrealized +43.7%

MA Mastercard Inc 1.7%

Value ($000) $48,525 Shares 85,000 Est. Cost $325.17 Unrealized +71.9%

BRK/A Berkshire Hathaway Inc Del Cl A Frmly 3.2%

Value ($000) $90,576 Shares 120 Est. Cost $428128.38 Unrealized +74.3%

FBK FB Financial Corp 1.2%

Value ($000) $34,553 Shares 619,236 Est. Cost $50.36 Unrealized +10.5%

BRK/B Berkshire Hathaway Inc Del Cl B Frmly 3.2%

Value ($000) $90,475 Shares 180,000 Est. Cost $284.56 Unrealized +74.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	Alphabet Inc	1,000,000	$313,800	11.2%	$110.83	+158.3%	Class C	02079K107
META	Meta Platforms	500,000	$330,045	11.8%	$160.96	+314.6%	Cl A	30303M102
BABA	Alibaba	500,000	$73,290	2.6%	$113.68	—	Sponsored ADS	01609W102
CB	Chubb Limited	450,000	$140,454	5.0%	$181.71	+60.9%	COM	H1467J104
MKL	Markel	50,000	$107,483	3.8%	$1367.86	+48.1%	COM	570535104
GPN	Global Payments Inc.	1,400,000	$108,360	3.9%	$116.43	-31.0%	COM	37940X102
WBS	Webster Financial Corp	2,000,000	$125,880	4.5%	$46.15	+28.7%	COM	947890109
WAL	Western Alliance Bancorp	2,500,000	$210,175	7.5%	$69.27	+16.4%	COM	957638109
CRBG	Corebridge Financial	3,500,000	$105,595	3.8%	$21.56	+41.7%	COM	21871X109
FSBC	Five Star Bancorp	1,511,500	$54,081	1.9%	$23.28	+47.7%	COM	33830T103
CG	Carlyle Group	1,000,000	$59,110	2.1%	$29.10	+93.4%	COM	14316J108
RJF	Raymond James Financial Inc	270,000	$43,359	1.6%	$96.20	+67.3%	COM	754730109
TCBK	TriCo Bancshares	1,046,900	$49,592	1.8%	$46.74	-1.8%	COM	896095106
USB	US Bancorp Del Com New	600,000	$32,016	1.1%	$39.22	+24.2%	COM	902973304
ACGL	Arch Capital Group LTD	550,000	$52,756	1.9%	$71.30	+28.3%	COM	G0450A105
V	Visa Inc Com	300,000	$105,213	3.8%	$198.34	+71.6%	COM	92826C839
AX	AXOS Financial Inc	1,457,219	$125,554	4.5%	$40.41	+103.8%	COM	05465C100
CCNE	CNB Financial Corp PA	950,000	$24,862	0.9%	$20.90	+20.8%	COM	126128107
EQR	Equity Residential	800,000	$50,432	1.8%	$52.84	+14.8%	SH BEN INT	29476L107
ABCB	Ameris Bancorp	621,800	$46,181	1.7%	$51.82	+43.2%	COM	03076K108
TSBK	Timberland Bancorp Inc	174,476	$6,246	0.2%	$23.23	+43.7%	COM	887098101
MA	Mastercard Inc	85,000	$48,525	1.7%	$325.17	+71.9%	COM	57636Q104
BRK/A	Berkshire Hathaway Inc Del Cl A Frmly	120	$90,576	3.2%	$428128.38	+74.3%	CL A	084670108
FBK	FB Financial Corp	619,236	$34,553	1.2%	$50.36	+10.5%	COM	30257X104
BRK/B	Berkshire Hathaway Inc Del Cl B Frmly	180,000	$90,475	3.2%	$284.56	+74.8%	CL B	084670702