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Christopher Davis: Q3 2023 Letter to shareholders

The two portfolio managers at Davis Funds, Christopher Davis and Danton Goei, provide an update on the past quarter and what changes they have made to the portfolio.

In relation to changes to the portfolio, they write about their investments in Alphabet, Meta and Amazon as well as a new investment in IAC:

 

In big technology, the huge price volatility of leaders like Alphabet, Meta and Amazon can come with opportunity—trimming when prices are high and adding when they are low. For example, we added significantly to Meta last year at less than half of today’s price and have recently trimmed our positions in Alphabet and Meta as their shares swung back into favor.

We have also added to our holdings in a lesser-known but spectacularly well-managed company called IAC. IAC owns dozens of popular online brands and services including Angi, Vimeo, Dotdash Meredith (Investopedia, People) as well as a large position in MGM Resorts.

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Disclaimer of liability

The above has been prepared by Børsgade ApS for information purposes and cannot be regarded as a solicitation or recommendation to buy or sell any security. Nor can the information etc. be regarded as recommendations or advice of a legal, accounting or tax nature. Børsgade cannot be held liable for losses caused by customers’/users’ actions – or lack thereof – based on the information in the above. We have made every effort to ensure that the information in the above is complete and accurate, but cannot guarantee this and accept no liability for errors or omissions.

Readers are advised that investing may involve a risk of loss that cannot be determined in advance, and that past performance and price development cannot be used as a reliable indicator of future performance and price development. For further information please contact info@borsgade.dk

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