Veteran value investor Christopher Davis of Davis Advisors significantly reduced his firm's position in Applied Materials (AMAT) by over 91% during the second quarter of 2026. The firm's holding was cut from 1.20 million shares to approximately 102,520, slashing the reported value from $409.16 million to $74.07 million. This sale reduced the semiconductor equipment maker's weight in the Davis portfolio from 1.88% to a marginal 0.32%.
This trade information comes from a delayed 13F filing released August 11, which details trades made before June 30. The move aligns with a strategy of harvesting gains after a strong run-up in the stock's price. Earlier in the year, Davis had noted that the firm trimmed its position in Applied Materials due to valuation concerns.