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, 1.04%

    Performance as of 6/30/21

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

    Total Returns
    as of June 30, 2021
    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
    10.94% 43.51% 12.27% 15.62% 11.28% 8.45% 9.35%
    with a maximum 4.75% sales charge 5.67% 36.70% 10.48% 14.51% 10.75% 8.11% 9.03%
    MSCI ACWI® Index 12.30% 39.27% 14.57% 14.61% 9.90% 4.85% 8.01%
    *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 0.92%. 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 6/30/21

    Top 10 Industries

    Global Fund MSCI ACWI® Index
    Financials 33.3% 14.7%
    Consumer Discretionary 29.9% 12.8%
    Communication Services 15.8% 9.4%
    Information Technology 9.5% 21.2%
    Industrials 5.6% 9.9%
    Health Care 3.4% 11.6%
    Consumer Staples 2.5% 6.9%
    Energy 0.0% 3.4%
    Materials 0.0% 4.9%
    Real Estate 0.0% 2.6%
    Utilities 0.0% 2.6%

    Geographical Diversification

    Asia 43.5%
    United States 41.9%
    Europe 9.9%
    Africa 3.5%
    North & Central America Ex U.S. 1.2%

    Portfolio Composition

    Global Fund MSCI ACWI® Index
    Number of Holdings 46 2,973
    Median Market Cap ($bn) 26.2 12.5
    Weighted Average Market Cap ($bn) 281.8 331.9
    Forecast P/E Ratio 11.2 19.1

    Top 10 Holdings

    Wells Fargo United States One of the largest banks in the U.S. 6.8%
    Capital One Financial United States Top 10 U.S. bank with $240+ bn of deposits 5.3%
    Alphabet United States The dominant global online search and advertising company 5.2%
    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 5.1%
    DBS Group Holdings Singapore Largest bank in Singapore and among the largest in developed Asia 4.9%
    JD.com China One of the largest e-commerce businesses in mainland China offering a range of goods such as consumer electronics and appliances 4.4%
    New Oriental Education & Technology China Largest provider of private education services in China 4.3%
    Danske Bank Denmark Largest bank in Denmark that is well-capitalized yet is trading below book value due to what we believe are temporary headwinds  3.9%
    AIA Group Hong Kong 2nd largest life insurer in China with operations throughout Asia-Pacific offering financial services to a large, under-penetrated addressable market  3.8%
    Meituan China A Chinese consumer-facing business specializing in quick food delivery and other services such as hotel and travel reservations 3.8%

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

    Portfolio Composition Download

    Quarterly update of portfolio characteristics.

    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.

    Manager Commentaries
    Manager Commentary - Fall Review 2021 Download View

    Portfolio Manager Danton Goei discusses the Portfolio, performance and how he applies 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.


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

    3As of June 30, 2021. This includes Davis Advisors, the Davis family and Foundation, our employees, and Fund Directors. 

    4See Expense Ratio/Turnover link below.

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

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