However, Davies was determined to praise the display of his forwards as they battled all the way at Ravenhill.
"It's been a real interesting couple of weeks for us with certain results, but what has pleased me the most is the fact the boys fronted up here," said Davies.
"The pack was outstanding tonight and we had enough possession. But in the second half we couldn't get in the right position on the field.
"We defended quite heroically, but in the second half they just got a couple of scores in front of us and we couldn't quite get within two or three points. We kept clawing ourselves back so it was frustrating.
"We felt at 27-21 that if we got a converted try we would take the lead. They scored again so we were looking to get a try to get the losing bonus point.
"Coming off the back of a big, big performance against Toulon, we fronted up here tonight and that is all we can ask of the players," he added.
"Our pack is moving forward and going forward. We just need to be a bit smarter with the ball behind, whether that is kicking or moving it.
"In terms of effort and commitment, I thought it was fantastic. There was a big crowd in and it was a great atmosphere and great advert for the RaboDirect PRO12."