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Davis Global Fund
Overview
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, 0.92%; Lipper category average, 1.07%
Performance as of 12/31/20
The Davis Global Fund has outperformed the MSCI ACWI® Index since inception (12/22/04).1
| Total Returns as of December 31, 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 |
23.06% | 23.06% | 8.63% | 13.51% | 10.28% | 8.47% | 8.94% |
| with a maximum 4.75% sales charge | 17.22% | 17.22% | 6.89% | 12.43% | 9.76% | 8.13% | 8.62% |
| MSCI ACWI® Index | 16.25% | 16.25% | 10.06% | 12.26% | 9.13% | 7.19% | 7.49% |
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 0.92%. 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 12/31/20
Top 10 Industries
| Global Fund | MSCI ACWI® Index | |
|---|---|---|
| Retailing | 29.0% | 6.6% |
| Banks | 17.0% | 6.5% |
| Media & Entertainment | 11.1% | 7.0% |
| Diversified Financials | 10.9% | 3.9% |
| Information Technology | 9.3% | 21.9% |
| Capital Goods | 6.2% | 6.5% |
| Consumer Services | 6.2% | 1.6% |
| Insurance | 4.2% | 3.1% |
| Transportation | 3.5% | 2.1% |
| Health Care | 1.5% | 11.9% |
Geographical Diversification
| United States | 41.7% | |
| Asia | 40.0% | |
| Europe | 13.3% | |
| Africa | 3.8% | |
| North & Central America Ex U.S. | 1.2% |
Portfolio Composition
| Global Fund | MSCI ACWI® Index | |
|---|---|---|
| Number of Holdings | 40 | 2,982 |
| Median Market Cap ($bn) | 38.1 | 11.1 |
| Weighted Average Market Cap ($bn) | 238.7 | 300.8 |
| Forecast P/E Ratio | 16.3 | 21.5 |
Top 10 Holdings
| New Oriental Education & Technology | China | Largest provider of private education services in China | 6.2% |
| Capital One Financial | United States | Top 10 U.S. bank with $240+ bn of deposits | 6.0% |
| Alphabet | United States | The dominant global online search and advertising company | 5.7% |
| Applied Materials | United States | An industry-leading producer of semiconductor fabrication tools. | 5.6% |
| JD.com | China | One of the largest e-commerce businesses in mainland China offering a range of goods such as consumer electronics and appliances | 5.4% |
| 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 | 5.4% |
| Wells Fargo | United States | One of the largest banks in the U.S. | 5.1% |
| Meituan | China | A Chinese consumer-facing business specializing in quick food delivery and other services such as hotel and travel reservations | 4.6% |
| DNB | Norway | Largest financial institution and oldest private bank in Norway | 4.5% |
| Missfresh Pvt | China | An e-Commerce startup that delivers fresh produce through a subscription service | 4.4% |
Literature
| Fact Sheets | ||
|---|---|---|
| Fund Fact Sheet | Download Share | 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 Share | Best ideas from the U.S. and around the world. Outperformed its benchmark over the past decade.^^ |
| Portfolio Composition | Download Share | Quarterly update of portfolio characteristics. |
| Portfolio Manager Commentaries | ||
| Manager Commentary - Annual Review 2021 | Download View Share | Portfolio Manager Danton Goei discusses the Portfolio, performance and how he applies the Davis Investment Discipline to uncover opportunities around the globe. |
| Insights into the Fund | ||
| Davis Global Fund: Selective. Attractive Growth. Undervalued. | Download Share | Our companies are rigorously researched, offer attractive growth and yet are significantly undervalued versus the benchmark – A powerful combination. |
|
Davis Global: Ways Investors Use the Fund |
Download Share | How investors use Davis Global Fund to pursue specific portfolio objectives |
| Davis Global Fund - Attractive Long Term Investment Results | Download Share | 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 December 31, 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
Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756