Davis Global Fund

    Overview

    Fund Statistics (Class A)

    Inception Date 12/22/04
    Expense Ratio 0.96%
    Turnover Rate 19%

    The Fund

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


    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.
    • 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

    Selective Attractive Growth Undervalued

    DGF invests in only a select group of well-researched companies

    DGF portfolio companies have grown faster than the Index

    DGF portfolio companies are 40% less expensive than the index

    Holdings**

    5-Year EPS Growth**

    P/E (Forward)**
    2883
    40
    DGF
    MSCI ACWI
    13.6%
    10.8%
    DGF
    MSCI ACWI
    9.5x
    15.1x
    DGF
    MSCI ACWI

       “The companies of Davis Global Fund have grown faster than the companies in the index, yet are 40% less expensive.

    In fact, this gap between price and value is among the widest we have ever seen.

    We believe this sets the stage for attractive returns in the years ahead.”

    - Portfolio Manager Danton Goei

    Performance as of 12/31/22


    Total Returns
    as of December 31, 2022    		 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     		-16.53% -16.53% -0.84% 0.31% 7.77% 3.86% 6.53%
    with a maximum 4.75% sales charge -20.50% -20.50% -2.44% -0.66% 7.25% 3.53% 6.24%
    MSCI ACWI® Index -18.36% -18.36% 4.00% 5.22% 7.97% 4.84% 6.44%
    *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 0.96%. 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 12/31/22

    Top 10 Industries

    Global Fund MSCI ACWI® Index
    Financials 42.7% 15.8%
    Consumer Discretionary 22.0% 10.5%
    Communication Services 11.8% 6.8%
    Information Technology 9.8% 19.1%
    Health Care 5.6% 13.4%
    Materials 4.0% 5.0%
    Industrials 2.5% 10.2%
    Consumer Staples 1.6% 7.8%
    Energy 0.0% 5.6%
    Real Estate 0.0% 2.6%
    Utilities 0.0% 3.2%

    Geographical Diversification

    United States 39.9%
    Asia 35.5%
    Europe 17.9%
    North & Central America Ex U.S. 5.3%
    Africa 1.4%

    Portfolio Composition

    Global Fund MSCI ACWI® Index
    Number of Holdings 40 2,883
    Median Market Cap ($bn) 29.6 10.1
    Weighted Average Market Cap ($bn) 137.6 259.1
    Forecast P/E Ratio 9.5 15.1

    Top 10 Holdings

    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  6.8%
    Ping An Insurance China A leader in retail financial services and the largest insurer in Asia 6.3%
    DBS Group Holdings Singapore Largest bank in Singapore and among the largest in developed Asia 5.8%
    Wells Fargo United States One of the largest banks in the U.S. 5.7%
    Meta Platforms United States The largest social media company in the world with more than 2 billion daily users.  5.2%
    Julius Baer Group Switzerland A premier private bank serving ultrahigh net worth clients 4.7%
    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  4.4%
    Prosus Netherlands A global consumer internet company and spin-off of South African e-commerce group, Naspers 4.1%
    Teck Resources Canada A 100-year-old diversified Canadian mining company with a focus on materials used in decarbonization 3.9%
    Capital One Financial United States Top 10 U.S. bank with $240+ bn of deposits 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 - Annual Review 2023 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 December 31, 2022. 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.

    ** The Attractive Growth and Undervalued reference relates to underlying characteristics of the portfolio holdings. There is no guarantee that the Fund performance will be positive as equity markets are volatile and an investor may lose money. Past performance is not a guarantee of future returns. Performance may vary. Five-Year EPS Growth Rate is the average annualized earning per share growth for a company over the past five years. The values for the portfolio and index are the weighted average of the five-year EPS Growth Rates of the stocks in the portfolio or index. Forward Price/Earnings (Forward P/E) Ratio is a stock’s current price divided by the company’s forecasted earnings for the following 12 months. The values for the portfolio and index are the weighted average of the P/E ratios of the stocks in the portfolio or index.

    (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