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Insights into the Davis Global Fund

Davis Global Fund has outperformed its benchmark since inception*, has low expenses and Davis is the largest shareholder.

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Insights into the Davis Global Fund

We started the Davis Global Fund more than ten years ago with a single goal: to help our clients compound wealth over the long term. Now in managing it we use the same time-tested investment discipline that has guided our firm for decades. We research the underlying individual businesses. We try to look for the combination of attractive value, attractive growth characteristics and strong management wherever the company is headquartered around the world.

Now what's interesting is that globalization has lately become an investor theme. More and more clients are recognizing that globalization of the economy should somehow be reflected in their portfolio. But it's nothing new to us. In fact my grandfather bought his first equity in Asia all the way back in 1960. And for decades our research team has approached each industry without regard to where a company is headquartered.

After all, companies headquartered in Ohio are competing with companies headquartered in Dusseldorf or companies headquartered in Shanghai. The economy and the competitive environment are globalized and our research approach reflects that. Now the Davis Global Fund is truly an actively managed fund. And what we mean by this is it doesn't look anything like an index or an ETF. Each investment is made based on the merits of that particular investment decision and the portfolio is constructed based on one researched company at a time.

The result is a portfolio that can own companies in the U. S., own companies in Europe, but just as easily be looking for opportunities in China or in India or in Latin America. So it truly reflects the best ideas that our research uncovers from around the world.

Now the result of this flexible and opportunistic approach has been a fund that has delivered good returns on both an absolute and a relative basis from the time we started it more than ten years ago.

Finally like all our funds, the Davis Global Fund is guided by a principal of stewardship and alignment. Our family, our colleagues, our firm, and even our philanthropies are the largest investors in the Davis Global strategy, invested alongside our clients. Now the result of this alignment is that we don't just focus on generating good returns over the long term, but we also maintain a laser focus on keeping costs low and managing risks.





The average annual total returns for Davis Global Fund's Class A shares for periods ending September 30, 2015, including a maximum 4.75% sales charge, are: 1 year, -4.32%; 5 years, 7.69%; and 10 years, 5.48%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor's shares may be worth more or less than their original cost. The Fund is subject to a 2% short-term redemption fee for shares held for fewer than 30 days. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 0.96%. The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Current performance may be higher or lower than the performance quoted. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. The Fund's performance benefited from IPO purchases in 2013 and 2014. After purchase, the IPOs rapidly increased in value. Davis Advisors purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs were unusual occurrences.

This report is authorized for use by existing shareholders. A current Davis Global Fund prospectus must accompany or precede this material if it is distributed to prospective shareholders. You should carefully consider the Fund's investment objective, risks, charges, and expenses before investing. Read the prospectus carefully before you invest or send money.

This report includes candid statements and observations regarding investment strategies, and economic and market conditions; however, there is no guarantee that these statements, opinions or forecasts will prove to be correct. These comments may also include the expression of opinions that are speculative in nature and should not be relied on as statements of fact.

Objective and Risks. Davis Global Fund's investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Some important risks of an investment in the Fund are: stock market risk: stock markets have periods of rising prices and periods of falling prices, including sharp declines; manager risk: poor security selection may cause the Fund to underperform relevant benchmarks; common stock risk: an adverse event may have a negative impact on a company and could result in a decline in the price of its common stock; foreign country risk: foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified; emerging market risk: securities of issuers in emerging and developing markets may present risks not found in more mature markets. foreign currency risk: the change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency; depositary receipts risk: depositary receipts involve higher expenses and may trade at a discount (or premium) to the underlying security; large-capitalization companies risk: companies with $10 billion or more in market capitalization generally experience slower rates of growth in earnings per share than do mid- and small-capitalization companies; mid- and small-capitalization companies risk: companies with less than $10 billion in market capitalization typically have more limited product lines, markets and financial resources than larger companies, and may trade less frequently and in more limited volume; headline risk: the Fund may invest in a company when the company becomes the center of controversy. The company's stock may never recover or may become worthless; and fees and expenses risk: the Fund may not earn enough through income and capital appreciation to offset the operating expenses of the Fund. See the prospectus for a complete description of the principal risks.

The Fund is subject to a 2% short-term redemption fee for shares held for fewer than 30 days.

Davis Advisors is committed to communicating with our investment partners as candidly as possible because we believe our investors benefit from understanding our investment philosophy and approach. Our views and opinions include "forward-looking statements" which may or may not be accurate over the long term. Forward-looking statements can be identified by words like "believe," "expect," "anticipate," or similar expressions. You should not place undue reliance on forward-looking statements, which are current as of the date of this report. We disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise. While we believe we have a reasonable basis for our appraisals and we have confidence in our opinions, actual results may differ materially from those we anticipate.

During the period from inception (December 22, 2004) through December 29, 2006, only the directors, officers and employees of the Fund or its investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) were eligible to purchase Fund shares. Since inception, the Fund's investment strategies and operations have remained substantially the same.

Broker-dealers and other financial intermediaries may charge Davis Advisors substantial fees for selling its products and providing continuing support to clients and shareholders. For example, broker-dealers and other financial intermediaries may charge: sales commissions; distribution and service fees; and record-keeping fees. In addition, payments or reimbursements may be requested for: marketing support concerning Davis Advisors' products; placement on a list of offered products; access to sales meetings, sales representatives and management representatives; and participation in conferences or seminars, sales or training programs for invited registered representatives and other employees, client and investor events, and other dealer-sponsored events. Financial advisors should not consider Davis Advisors' payment(s) to a financial intermediary as a basis for recommending Davis Advisors.

After January 31, 2016, this material must be accompanied by a supplement containing performance data for the most recent quarter end.

Shares of the Davis Funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested.

Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756, 800-279-0279, davisfunds.com