Davis Global Fund

    Overview

    Fund Statistics (Class A)

    Inception Date 12/22/04
    Expense Ratio 0.98%
    Turnover Rate 15%

    The Fund

    Davis Global Fund is a portfolio of attractive businesses from around the world, selected using the time-tested Davis Investment Discipline. 


    The Fund has outperformed the index since its inception in 2004 and has lower than average expenses. 


    Davis is one of the largest shareholders of the Fund.

    Why Invest in the Davis Global Fund

    • A Portfolio of Well-Researched Businesses from Around the Globe: Companies with attractive long term growth prospects, from the U.S. & abroad, in both developed and developing markets
 
    • Signature Davis Investment Discipline: Utilizes a time-tested strategy that has successfully compounded wealth for more than 50 years, in both U.S. and non-U.S markets. Focuses on identifying attractive businesses with sustainable competitive advantages and experienced managements, selling at a discount to their true value.
 
    • Attractive Results: Outperformed the MSCI ACWI® Index since inception (12/22/04).1 
    • A Flexible, Opportunistic Approach: We believe that a bottom-up stock selection process, and not mirroring the benchmark, are keys to long-term outperformance. 
 
    • Invested Side-by-Side with Shareholders: With more than $2 billion invested in funds and other accounts following the same investment strategy, we experience the same risks and reap the same rewards.3
    • Lower than Average Expense Ratio4
      Davis Global Fund A, 0.98%; Lipper category average, 1.13%

    Performance as of 6/30/20

    The Davis Global Fund has outperformed the MSCI ACWI® Index since inception (12/22/04).1

    Total Returns
    as of June 30, 2020    		 YTD* 1
    Year    		 3
    Years    		 5
    Years    		 10
    Years    		 15
    Years    		 Since
    12/22/04
    Davis Global Fund Class A shares
    without a sales charge     		-4.87% 5.42% 4.99% 6.88% 9.94% 7.36% 7.45%
    with a maximum 4.75% sales charge -9.39% 0.41% 3.31% 5.85% 9.42% 7.01% 7.11%
    MSCI ACWI® Index -6.25% 2.11% 6.14% 6.46% 9.16% 6.42% 6.26%
    *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 0.98%. 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 6/30/20

    Top 10 Industries

    Global Fund MSCI ACWI® Index
    Retailing 33.0% 6.7%
    Banks 14.3% 6.4%
    Capital Goods 11.3% 1.4%
    Media & Entertainment 11.0% 6.2%
    Information Technology 8.7% 6.7%
    Diversified Financials 8.6% 3.8%
    Consumer Services 5.6% 3.2%
    Transportation 4.0% 20.7%
    Insurance 2.5% 2.0%
    Automobiles & Components 0.2% 1.9%

    Geographical Diversification

    Asia 41.6%
    United States 37.0%
    Europe 15.9%
    Africa 4.3%
    North & Central America ex US 1.2%

    Portfolio Composition

    Global Fund MSCI ACWI® Index
    Number of Holdings 40 2,988
    Median Market Cap ($bn) 24.7 8.5
    Weighted Average Market Cap ($bn) 234.8 240.6
    Forecast P/E Ratio 14.3 19.7

    Top 10 Holdings

    Alibaba Group Holding China The world’s largest and most valuable retailer, with operations in over 200 countries and a dominant position in the e-commerce market 7.3%
    Alphabet United States The dominant global online search and advertising company 5.8%
    New Oriental Education & Technology China Largest provider of private education services in China 5.6%
    Missfresh Pvt China An e-Commerce startup that delivers fresh produce through a subscription service 5.5%
    Applied Materials United States An industry-leading producer of semiconductor fabrication tools. 5.0%
    JD.com China One of the largest e-commerce businesses in mainland China offering a range of goods such as consumer electronics and appliances 4.8%
    Amazon.com United States An e-commerce giant within the retail industry 4.4%
    Naspers 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 4.3%
    Capital One Financial United States Top 10 U.S. bank with $240+ bn of deposits 3.9%
    Meituan Dianping China A Chinese consumer-facing business specializing in quick food delivery and other services such as hotel and travel reservations 3.9%

    Click here for month-end holdings.
    Click here for quarter-end holdings.
    Click here for N-Port Schedule of Portfolio Holdings.

    Literature

    Fact Sheets
    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.
    A History of Long Term Outperformance Download

    Best ideas from the U.S. and around the world. Outperformed its benchmark over the past decade.^^
    Portfolio Composition Download

    Quarterly update of portfolio characteristics.
    Portfolio Manager Commentaries
    Manager Commentary - Semi-Annual Review 2020 Download View

    Portfolio Manager Danton Goei discusses the Portfolio, performance and how he applies the Davis Investment Discipline to uncover opportunities around the globe.
    Portfolio Manager Special Update - March 2020 Download View

    How the strong balance sheets and durable competitive advantages of the companies of Davis Global Fund are helping them navigate these challenging times, and why we believe well-capitalized financials are significantly mispriced currently.
    Insights into the Fund
    Davis Global Fund: Selective. Attractive Growth. Undervalued. Download

    Our companies are rigorously researched, offer attractive growth and yet are significantly undervalued versus the benchmark – A powerful combination.
    The International Opportunity - Looking Beyond the Headlines Download

    The powerful long-term trends driving international returns that are overlooked in today’s headlines; examples of the world-class businesses of Davis Global Fund, distinguished by their attractive growth and low valuations†
    Davis Global:
    Ways Investors Use the Fund         		Download How investors use Davis Global Fund to pursue specific portfolio objectives
    Davis Global Fund - Attractive Long Term Investment Results Download

    Best ideas from the U.S. and around the world. Outperformed its benchmark over the past decade.^^

    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.


    1 Class A shares without a sales charge. Past performance is not a guarantee of future results.

    
3 As of June 30, 2020. This includes Davis Advisors, the Davis family and Foundation, our employees, and Fund Directors.

    
4 See Expense ratio/Turnover link below.

    ^^ Class A shares without a sales charge. Past performance is not a guarantee of future results.

    (14) Read here for objective/risk disclosures

    (15) Read here for Expense ratio/Turnover disclosures

    (16) Read here for Index definition

    (9) Read here for additional disclosures

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