Davis International Fund
Fund Statistics (Class A)
The goal of the Davis International Fund is to provide investors access to attractive investment opportunities that exist outside of the United States, 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 based primarily outside the United States.
Investors who recognize that some of the most compelling investment opportunities can be found beyond U.S. borders may want to consider the Davis International Fund.
Why Invest in Companies Outside the U.S.
Globalization of the world’s economy continues at a rapid pace:
- Many successful companies are located outside the United States. (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.
- Investing solely in domestic stock funds may mean missing the tremendous growth opportunities and diversification potential that international companies provide.
Why Invest in the Davis International 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 risk and reap the same rewards.1
Lower than Average Expense Ratio3
Davis International Fund A, 1.14%; Lipper category average, 2.13%
Lower than Average Turnover Rate3
Davis International Fund, 47%; Lipper category average, 64%
Performance as of 12/31/16
as of December 31, 2016
Davis International Fund Class A shares
without a sales charge
|with a maximum 4.75% sales charge||-4.00%||-4.00%||-2.88%||5.37%||0.35%||0.35%|
|MSCI ACWI® - ex U.S.||4.50%||4.50%||-1.78%||5.00%||0.96%||0.96%|
*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 1.14%. 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.
Portfolio Characteristics as of 12/31/16
Top 10 Countries
Top 10 Holdings
|Encana Corp.||Canada||Canadian-based energy exploration and production company with properties in Canada and the U.S.||7.4%|
|Naspers, Class N||South Africa||A media conglomerate that operates a leading pay television business in South and Sub-Saharan Africa and holds interests in a range of e-commerce businesses around the world||5.3%|
|Didi Chuxing Joint Co., Series A-17||China||The largest mobile platform taxi-calling app in China||5.0%|
|Safran S.A.||France||Leading manufacturer of jet engines||4.8%|
|LafargeHolcim Ltd.||Switzerland||The world’s largest cement company with operations spanning the developed and developing worlds||4.0%|
|Sul America S.A.||Brazil||A leading multi-line insurer in Brazil||3.9%|
|JD.com Inc., Class A, ADR||China||One of the largest e-commerce businesses in mainland China offering a range of goods such as consumer electronics and appliances||3.8%|
|Novartis AG - ADR||Switzerland||A diversified health care company that manufacturers pharmaceuticals and eye care products||3.7%|
|Schneider Electric SE||France||A global specialist in energy management||3.7%|
|Roche Holding AG - Genusschein||Switzerland||A global leader in pharmaceuticals and biotech||3.6%|
Top 5 Industries
|Number of Holdings||39||1,855|
|Median Market Cap ($bn)||6.3||6.7|
|Weighted Average Market Cap ($bn)||37.4||49.3|
|Forecast P/E Ratio||11.6||15.3|
|Fund Fact Sheet||Download Share||
Applying the Davis Investment Discipline to companies outside the United States; Portfolio characteristics, top holdings, and performance.
|Portfolio Composition||Download Share||
Quarterly update of portfolio characteristics.
|Manager Commentary - Semi-Annual Review 2015||Download View Share||
The Fund research team discusses the Portfolio, performance and how they apply the Davis Investment Discipline to uncover opportunities outside the United States.
This material must be accompanied or preceded by a current Davis International 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, 2016.
3See Expense ratio/Turnover link below.
Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756