Davis Global Fund

    Overview

    Investment Strategy

    The goal of the Davis Global Fund is to provide shareholders access to attractive investment opportunities in the United States and abroad, in both developed and developing markets.

    The Fund applies our signature Davis Investment Discipline – seeking durable, well-managed businesses at value prices and holding them for the long term – to create a Portfolio of companies from around the world.

    Investors who recognize that today’s increasingly global economy can create compelling investment opportunities anywhere in the world may want to consider the Davis Global Fund.

    Why Invest in a Fund with Both U.S. and International Companies

    The U.S. economy remains the world’s largest and includes many of the strongest, most durable and innovative companies.

    However, as economic globalization continues at a rapid pace, investors seeking long-term growth should consider investing in companies beyond U.S. borders:

    • Many successful companies are based internationally. (More than 37,000 companies are listed on exchanges outside the United States compared with only 5,000 within the United States).
    • About half of the world’s market capitalization is outside the United States.
    • Approximately 95% of the world’s population lives beyond U.S. borders and 74% of global GDP is generated outside the United States.

    Why Invest in the Davis Global Fund

    Sixty Years of Experience

    The Davis family has compounded wealth for investors over six decades and three generations.

    Aligned with Shareholders

    With more than $2 billion invested side by side with fellow shareholders, we experience the same risks and reap the same rewards.1

    Lower than Average Expense Ratio2

    Davis Global Fund A, 1.05%; Lipper category average, 1.68%

    Lower than Average Turnover Rate2

    Davis Global Fund, 28%; Lipper category average, 103%

    Performance as of 3/31/12

    Annual Returns

    Total Returns
    as of March 31, 2012
    YTD* 1
    Year
    3
    Years
    5
    Years
    Since
    12/22/04
    Davis Global Fund Class A shares
    without a sales charge
    12.95% -5.66% 23.14% -1.31% 5.23%
    with a maximum 4.75% sales charge 7.61% -10.13% 21.16% -2.27% 4.52%
    MSCI ACWI® Index 11.88% -0.73% 20.75% -0.19% 4.51%

    *YTD is not annualized.

    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 1.05%. 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, click here or call 800.279.0279. The Advisor is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses for Class A shares at 1.30% until March 1, 2013. After that date there is no assurance that expenses will be capped.

    Portfolio Characteristics as of 3/31/12

    Top 10 Industries

    Global Fund MSCI ACWI® Index
    Technology 10.5% 13.1%
    Capital Goods 10.1% 7.8%
    Food, Beverage & Tobacco 8.7% 6.4%
    Transportation 7.4% 2.0%
    Materials 7.3% 7.9%
    Pharmaceutical & Health Care 7.2% 8.9%
    Media 5.5% 2.2%
    Energy 5.4% 11.4%
    Diversified Financials 5.1% 4.3%
    Consumer Durables & Apparel 4.6% 1.5%

    Geographical Diversification

    United States 35.1%
    Europe 28.8%
    Asia 18.9%
    South America 9.3%
    North America Ex U.S. 7.9%

    Portfolio Composition

    Global Fund MSCI ACWI® Index
    Number of Holdings 66 2,429
    Median Market Cap ($bn) 10.9 7.1
    Weighted Average Market Cap ($bn) 44.0 73.5
    Forecast P/E Ratio 15.0 12.2

    Top 10 Holdings

    Google Inc. Class A United States Dominant global on-line search and advertising company 4.9%
    Kuehne & Nagel International AG Switzerland A leader in logistics management, including sea freight, air freight, rail, road, etc. 4.9%
    Compagnie Financiere Richemont SA Switzerland A luxury goods holding company whose brands include Cartier, Montblanc and Van Cleef & Arpels 4.2%
    Hang Lung Group Limited Hong Kong A leading commercial/residential property owner and developer in Hong Kong and mainland China 4.1%
    Disney Walt Holdings United States A Global media and family entertainment franchise whose brands include Disney, ESPN, ABC, Pixar and Marvel. 4.0%
    America Movil S.A.B. de C.V. - ADR Mexico A leading provider of wireless communications services in Latin America 3.6%
    Schneider Electric SA France Global specialist in energy management 3.5%
    Heineken Holding NV Netherlands A leading brewer and seller of beer throughout Europe, the Americas, Africa, the Middle East, and Asia Pacific 3.5%
    Coca Cola Co. United States The world's largest beverage company and one of its most valuable brands 3.2%
    Nielsen Holdings N.V. United States A global provider of information on what consumers buy or what they view on television, the internet or mobile devices 2.6%

    Click here for month-end holdings.
    Click here for quarter-end holdings.

    Literature

    Fact Sheet
    Fund Fact Sheet Download

    Applying the Davis Investment Discipline to companies within the United States and around the globe; Portfolio characteristics, top holdings, and performance.

    Portfolio Manager Commentary
    Portfolio Review -
    Winter 2012
    Download View

    The Fund research team discusses the Portfolio, performance and how they apply the Davis Investment Discipline to uncover opportunities around the globe.

    This material must be accompanied or preceded by a current Davis Global Fund Prospectus. You should carefully consider the Fund’s investment objective, risks, charges, and expenses before investing. The prospectus contains this and other information and can be obtained by clicking here or calling 800.279.0279. Read the prospectus carefully before you invest or send money.


    1As of  December 31, 2011.

    2See Expense ratio/Turnover link below.


    Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756