- Davis Opportunity Fund Annual Review 2026 Davis Opportunity Fund argues that concentrated, expensive passive indexes warrant a selective active approach, with reduced exposure to richly valued megacap technology. The portfolio added managed-care insurers after cost-driven weakness, trimmed selected Magnificent 7 holdings, and emphasizes Capital One, Wesco International, Coterra and Teck Resources as undervalued or structurally advantaged holdings. 2025 AMAT $385BCOF $120BUNH $339B
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