Davis Appreciation and Income Fund
Overview
Investment Strategy
The Fund is a portfolio of equities and bonds which seeks to provide total return through capital appreciation and income. The goal is to do so over long-term market cycles. The Fund has lower than average expenses. As the largest shareholder, we have a unique commitment to client stewardship.
Why Invest in Davis Appreciation and Income Fund
Stocks and Bonds in a Single Fund
Combination of durable, well-managed stocks (about two-thirds of the portfolio) and high quality bonds (about one-third).
Rigorous Research
Utilizing in-depth, independent research, we evaluate the quality and valuation of equities and fixed income securities to achieve the Fund’s goals.
Attractive Results
Through up-market years since 1992, the Fund has delivered an average annual return of 14.1% vs. 17.9% for the S&P 500® Index. Through down market years since 1992, the Fund has delivered an average annual return of −12.5% vs.−17.1% for the S&P 500® Index.1
We are one of the Largest 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. clients.2 We have a unique commitment to stewardship, generating attractive long-term results, managing risks, and minimizing fees.
Experienced Management
Chris Davis, 34 years with Davis Advisors
Darin Prozes, 19 years with Davis Advisors
Creston A. King III, CFA, 24 years with Davis Advisors
Lower Expenses3
Expense Ratio (Cl–A) 1.00%; Lipper Category Average 1.01%
Expense Ratio (Cl–Y) 0.68%; Lipper Category Average 0.84%
Performance as of 3/31/23
Portfolio Characteristics as of 3/31/23
Portfolio Allocation
Common Stocks | 68% | |
Bonds | 17% | |
Foreign Stocks | 11% | |
Cash & Equivalents | 4% |
Top 10 Holdings
Berkshire Hathaway | 8.0% |
Applied Materials | 6.0% |
Alphabet | 5.7% |
Capital One Financial | 5.0% |
Wells Fargo | 4.9% |
Amazon.com | 4.3% |
Julius Baer Group | 4.1% |
Viatris | 3.4% |
Quest Diagnostics | 3.3% |
Texas Instruments | 3.0% |
Top Sectors (Equity Holdings Only)
Financials | 52.3% |
Information Technology | 17.9% |
Health Care | 11.3% |
Communication Services | 9.0% |
Banks | 5.4% |
Literature
Fact Sheets | ||
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Fund Fact Sheet | Download Share | Goals of the Fund, types of companies commonly in the Portfolio, top holdings, Portfolio characteristics and historical performance. |
This material must be accompanied or preceded by a current Davis Appreciation and Income 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.
1Class A, not including a sales charge. Returns are from inception (5/1/92) through 3/31/23. Past performance is not a guarantee of future results.
2As of December 31, 2022. This includes Davis Advisors, the Davis family and Foundation, our employees, and Fund Directors.
3See Expense ratio/Turnover link below.
(28) Read here for objective/risk disclosures
(30) Read here for Expense ratio/Turnover disclosures
(12) Read here for Index definition
(9) Read here for additional disclosures
Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756