Overview

Investment Strategy

The goal of the Fund is to provide investors access to attractive investment opportunities that exist outside of the United States, in both developed and developing markets.

The Fund applies our signature Davis Investment Discipline to seek durable, well-managed businesses at value prices and holding them for the long term.

Investing solely in U.S. stock funds may mean missing the tremendous growth opportunities and diversification potential that international companies provide.

"By being highly selective and rejecting the vast majority of companies in the index, we’ve uncovered businesses with highly attractive earnings growth, yet selling at some of the lowest valuations we have ever seen. We believe this sets the stage for attractive returns in the years ahead."

– Portfolio Manager Chris Davis

Selective Attractive Growth Undervalued

International Fund invests in only a select group of well-researched companies

International Fund's portfolio companies have offered attractive growth The Attractive Growth and Undervalued reference in this piece relates to underlying characteristics of the portfolio holdings. There is no guarantee that the Fund’s performance will be positive as equity markets are volatile and an investor may lose money.

International Fund's portfolio companies are 37% less expensive than the index

Holdings The number of holdings in the Fund excluding cash positions. EPS Growth (5 Year) Five-year EPS Growth Rate (5-year EPS) is the average annualized earnings per share growth for a company over the past 5 years. The values shown are the weighted average of the 5-year EPS of the stocks in the Fund or Index. Approximately 15.01% of the assets of the Fund are not accounted for in the calculation of 5-year EPS as relevant information on certain companies is not available to the Fund’s data provider. P/E (Forward) Forward Price/Earnings (Forward P/E) Ratio is a stock’s price at the date indicated divided by the company’s forecasted earnings for the following 12 months based on estimates provided by the Fund’s data provider. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index.
2,231
27
15.0%
12.1%
8.8x
13.9x
Fund
MSCI ACWI ex US
The companies of Davis International Fund have grown more than the companies in the index, yet are 37% less expensive.

Fund Details as of 3/31/24

Detail Value
Long-Term Capital Growth
Total Net Assets ($M) 145.9
Benchmark MSCI ACWI ex US
Lipper Category Intl Multi Cap Core

A Shares

Detail Value
Ticker (A) DILAX
Inception Date (A) 12/29/06
CUSIP (A) 239080872
Fund Number (A) 2250
Net Expense Ratio (A) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses (Class A Shares, 1.05%; Class C Shares, 1.80%; and Class Y Shares, 0.80%). The Adviser is obligated to continue the expense cap through March 1, 2025. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund. As of the most recent prospectus. 1.05%
Gross Expense Ratio (A) 1.09%

C Shares

Detail Value
Ticker (C) DILCX
Inception Date (C) 12/29/06
CUSIP (C) 239080856
Fund Number (C) 2252
Net Expense Ratio (C) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses (Class A Shares, 1.05%; Class C Shares, 1.80%; and Class Y Shares, 0.80%). The Adviser is obligated to continue the expense cap through March 1, 2025. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund. As of the most recent prospectus. 1.80%
Gross Expense Ratio (C) 1.89%

Y Shares

Detail Value
Ticker (Y) DILYX
Inception Date (Y) 12/31/09
CUSIP (Y) 239080849
Fund Number (Y) 2254
Net Expense Ratio (Y) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses (Class A Shares, 1.05%; Class C Shares, 1.80%; and Class Y Shares, 0.80%). The Adviser is obligated to continue the expense cap through March 1, 2025. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund. As of the most recent prospectus. 0.74%
Gross Expense Ratio (Y) 0.74%

Fund Manager

Danton G. Goei
28 Years Industry Experience
25 Years at Davis Funds
View Bio

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Performance as of 3/31/24

Growth of $10,000 (Class A Shares since Inception, without a sales charge)

International Fund
MSCI ACWI ex US

Average Annual Returns

A Shares: Quarterly (as of 3/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
A Shares
without a sales charge
3.59% 5.66% -9.44% 0.05% 1.76% 1.90%
A Shares
with a maximum 4.75% sales charge
-1.33% 0.65% -10.91% -0.92% 1.27% 1.62%

The average annual total returns for Davis International Fund’s Class A shares for periods ending March 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 0.65%; 5 years, -0.92%; and 10 years, 1.27%. 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. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 1.09%. [The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses of Class A shares at 1.00%. The expense cap expires March 1, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

A Shares: Monthly (as of 5/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
A Shares
without a sales charge
12.25% 22.78% -6.71% 3.08% 2.35% 2.36%
A Shares
with a maximum 4.75% sales charge
6.92% 16.94% -8.22% 2.09% 1.86% 2.07%

The average annual total returns for Davis International Fund’s Class A shares for periods ending March 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 0.65%; 5 years, -0.92%; and 10 years, 1.27%. 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. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 1.09%. [The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses of Class A shares at 1.00%. The expense cap expires March 1, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

C Shares: Quarterly (as of 3/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
C Shares
without CDSC
3.39% 4.89% -10.11% -0.72% 0.99% 1.29%
C Shares
with CDSC
2.39% 3.89% -10.11% -0.72% 0.99% 1.29%

Class C shares automatically convert to Class A shares after eight years. Class C shares’ performance for the periods exceeding eight years include the first eight years of Class C share performance and Class A share performance thereafter.

The average annual total returns for Davis International Fund’s Class A shares for periods ending March 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 0.65%; 5 years, -0.92%; and 10 years, 1.27%. 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. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 1.09%. [The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses of Class A shares at 1.00%. The expense cap expires March 1, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

C Shares: Monthly (as of 5/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
C Shares
without CDSC
11.88% 21.94% -7.40% 2.28% 1.59% 1.75%
C Shares
with CDSC
10.88% 20.94% -7.40% 2.28% 1.59% 1.75%

Class C shares automatically convert to Class A shares after eight years. Class C shares’ performance for the periods exceeding eight years include the first eight years of Class C share performance and Class A share performance thereafter.

The average annual total returns for Davis International Fund’s Class A shares for periods ending March 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 0.65%; 5 years, -0.92%; and 10 years, 1.27%. 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. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 1.09%. [The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses of Class A shares at 1.00%. The expense cap expires March 1, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

Y Shares: Quarterly (as of 3/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
Y Shares 3.73% 6.06% -9.17% 0.33% 2.05% 3.47%

The average annual total returns for Davis International Fund’s Class A shares for periods ending March 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 0.65%; 5 years, -0.92%; and 10 years, 1.27%. 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. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 1.09%. [The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses of Class A shares at 1.00%. The expense cap expires March 1, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

Y Shares: Monthly (as of 5/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
Y Shares 12.41% 23.23% -6.42% 3.37% 2.64% 4.01%

The average annual total returns for Davis International Fund’s Class A shares for periods ending March 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 0.65%; 5 years, -0.92%; and 10 years, 1.27%. 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. For most recent month-end performance, visit davisfunds.com or call 800-279-0279. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 1.09%. [The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses of Class A shares at 1.00%. The expense cap expires March 1, 2025.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

Portfolio Characteristics as of 3/31/24

Portfolio Composition

Item International Fund MSCI ACWI ex US®
P/E (Forward) Forward Price/Earnings (Forward P/E) Ratio is a stock’s price at the date indicated divided by the company’s forecasted earnings for the following 12 months based on estimates provided by the Fund’s data provider. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index. 8.8x 13.9x
5 Year Earnings Growth 15.0% 12.1%
P/B Ratio Price/Book (P/B) Ratio is the weighted average of the P/B ratios of the stocks in a portfolio. The P/B ratio of a stock is calculated by dividing the current price of the stock by the company’s per share book value. Stocks with negative book values are excluded for this calculation. 2.2 3.0
Active Share Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index. 96% N/A
Standard Deviation (5 year, A Shares) Standard Deviation is a measure of the average deviations of a return series from its mean; often used as a risk measure. A large standard deviation implies that there have been large swings or volatility in the manager’s return series. 22.6 17.5
Number of Holdings 27 2231
Weighted Average Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. 76.5 101.1
Median Market Cap ($bn) Median Market Capitalization is the midpoint of market capitalization of the stocks in a portfolio. 30.6 8.7
International Fund Intl Multi Cap Core Category Average
Turnover Rate Turnover Rate is a measure of the trading activity in a mutual fund’s investment portfolio that reflects how often securities are bought and sold. These amounts are as of the most recent prospectus. Over the last five years, the high and low turnover rate was 20% and 5%, respectively. 11% 55%
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Portfolio Holdings The information provided should not be considered a recommendation to buy, sell or hold any particular security. Davis Funds has adopted a Portfolio Holdings Disclosure policy that governs the release of non-public portfolio holding information. This policy is described in the prospectus. Holding percentages are subject to change.

Top 10 Holdings: Quarterly (as of 3/31/24)

Holding Ticker International Fund MSCI ACWI ex US®
Danske Bank DANSKE DC 8.7% 0.1%
Samsung Electronics 005930 KS 8.5% 1.3%
DBS Group Holdings DBS SP 8.0% 0.2%
Meituan 3690 HK 6.7% 0.2%
Julius Baer Group BAER SE 5.7% 0.1%
Prosus PRX NA 5.5% 0.2%
Naspers NPN SJ 5.4% 0.1%
Teck Resources TECK 5.0% 0.1%
Ping An Insurance Group 2318 HK 4.5% 0.1%
Tokyo Electron 8035 JP 4.5% 0.5%
Top 10 Holdings Total % of Portfolio 62.4% 2.8%

Top 10 Holdings: Monthly (as of 5/31/24)

Holding Ticker International Fund MSCI ACWI ex US®
DBS Group Holdings DBS SP 7.8% 0.2%
Danske Bank DANSKE DC 7.6% 0.1%
Samsung Electronics 005930 KS 7.1% 1.1%
Meituan 3690 HK 7.0% 0.3%
Prosus PRX NA 6.0% 0.2%
Naspers NPN SJ 5.7% 0.1%
Ping An Insurance Group 2318 HK 5.6% 0.1%
Julius Baer Group BAER SE 5.6% 0.1%
Teck Resources TECK 5.3% 0.1%
AIA Group 1299 HK 5.1% 0.3%
Top 10 Holdings Total % of Portfolio 62.6% 2.6%

All Holdings: Quarterly (as of 3/31/24)

Holding Ticker International Fund MSCI ACWI ex US®
Danske Bank DANSKE DC 8.7% 0.1%
Samsung Electronics 005930 KS 8.5% 1.1%
DBS Group Holdings DBS SP 8.0% 0.2%
Meituan 3690 HK 6.7% 0.2%
Julius Baer Group BAER SE 5.7% 0.1%
Prosus PRX NA 5.5% 0.2%
Naspers NPN SJ 5.4% 0.1%
Teck Resources TECK 5.0% 0.1%
Ping An Insurance Group 2318 HK 4.5% 0.1%
Tokyo Electron 8035 JP 4.5% 0.5%
AIA Group 1299 HK 4.5% 0.3%
Schneider Electric SU FP 4.1% 0.5%
DiDi Global DIDIY 3.8%
Fila Holdings 081660 KS 3.1%
JD.com JD 3.0%
KE Holdings BEKE 3.0% < 0.1%
Ferguson FERG 2.3%
ITOCHU 8001 JP 1.9% 0.2%
Delivery Hero DHER GR 1.8% < 0.1%
Hollysys Automation Technologies HOLI 1.7%
Bank of N.T. Butterfield & Son NTB 1.6%
Alibaba Group Holding BABA 1.5%
DNB Bank DNB NO 1.3% 0.1%
Coupang CPNG 1.2%
Tourmaline Oil TOU CN 1.1% 0.1%
Metro Bank Holdings MTRO LN 0.5%
Noah Holdings NOAH 0.5%
Cash 0.9%

All Holdings: Monthly (as of 5/31/24)

Holding Ticker International Fund MSCI ACWI ex US®
DBS Group Holdings DBS SP 7.8% 0.2%
Danske Bank DANSKE DC 7.6% 0.1%
Samsung Electronics 005930 KS 7.1% 1.0%
Meituan 3690 HK 7.0% 0.3%
Prosus PRX NA 6.0% 0.2%
Naspers NPN SJ 5.7% 0.1%
Ping An Insurance Group 2318 HK 5.6% 0.1%
Julius Baer Group BAER SE 5.6% 0.1%
Teck Resources TECK 5.3% 0.1%
AIA Group 1299 HK 5.1% 0.3%
DiDi Global DIDIY 4.8%
Schneider Electric SU FP 4.3% 0.5%
KE Holdings BEKE 3.5% < 0.1%
JD.com JD 3.1%
ITOCHU 8001 JP 3.0% 0.2%
Fila Holdings 081660 KS 2.9%
Tokyo Electron 8035 JP 2.7% 0.4%
Sea SE 2.1% 0.1%
Delivery Hero DHER GR 1.8% < 0.1%
Bank of N.T. Butterfield & Son NTB 1.7%
Alibaba Group Holding BABA 1.5%
Coupang CPNG 1.5%
DNB Bank DNB NO 1.2% 0.1%
Tourmaline Oil TOU CN 1.1% 0.1%
Metro Bank Holdings MTRO LN 0.6%
Hollysys Automation Technologies HOLI 0.5%
Noah Holdings NOAH 0.4%
Cash 0.9%

Sector Allocation The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and S&P Global (“S&P”). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

Sector International Fund MSCI ACWI ex US®
Financials 35.6% 21.4%
Consumer Discretionary 28.3% 11.8%
Information Technology 14.8% 13.4%
Industrials 12.2% 13.8%
Materials 5.0% 7.4%
Real Estate 3.0% 2.0%
Energy 1.1% 5.5%
Health Care 9.2%
Consumer Staples 7.4%
Communication Services 5.1%
Utilities 3.0%

Regional Allocation

Region International Fund MSCI ACWI ex US®
Asia 56.8% 41.4%
Europe 27.8% 42.9%
North & Central America Ex US 7.7% 8.4%
Africa 5.4% 0.8%
United States 2.3%
Australia/Oceania 4.8%
South America 1.7%

Country Allocation - Top 10

Country International Fund MSCI ACWI ex US®
China 24.9% 6.9%
Korea, Republic of (South Korea) 13.0% 3.5%
Denmark 8.8% 2.4%
Singapore 8.1% 0.9%
Japan 6.4% 15.3%
Canada 6.1% 7.6%
Switzerland 5.7% 6.1%
Netherlands 5.5% 3.3%
South Africa 5.4% 0.8%
Hong Kong 4.5% 1.2%
Top 10 Countries Total % of Portfolio 88.4% 48.0%

Developed vs Emerging Markets

Market International Fund MSCI ACWI ex US®
Developed Ex US 52.8% 73.5%
Emerging Markets 44.9% 26.4%
United States 2.3%

Market Cap Breakout The Adviser considers companies with market capitalizations over $10 billion to be large-capitalization companies, between $3 billion and $10 billion to be mid-capitalization companies, and under $3 billion to be small-capitalization companies.

International Fund
Large 90.7%
Mid 1.8%
Small 7.5%
MSCI ACWI ex US® Index
Large 86.6%
Mid 12.8%
Small 0.6%

PM Commentary

Portfolio Manager Commentaries

Document Description
Manager Commentary - Annual Review 2024 An interview with the Fund Managers.

Factsheet

Fact Sheets

Document Description Date
Fund Fact Sheet Goals of the Fund, types of companies in the Portfolio, top holdings, Portfolio characteristics, and historical performance. March 2024

Video

Video Insights

Video

Our PM on the Davis Global and International Funds

Portfolios built on fundamental bottom-up research. Our companies have grown faster yet trade at significant discounts to their respective index

Insights

Fund Insights

Document Description
Davis International Fund: Selective. Attractive Growth. Undervalued. Our companies are rigorously researched, offer attractive growth and yet are significantly undervalued versus the benchmark - A powerful combination.

Purchase Details

Account Minimums

Investment Class A Class C Class Y
Minimum Initial Investment $1,000 $1,000 $5,000,000
Minimum Additional Investment $25 $25 $25

Distributions

2023 Distributions as of 01/08/24

This information on 2023 distributions is intended for existing shareholders

As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.

Capital gains result from appreciation in the portfolio. The funds' long-term investment approach means that this appreciation may have occurred over an extended period of time. The majority of the gains are long-term and generally subject to lower tax rates than short-term gains or dividend income.

Share Class Record Date Ex-Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Foreign Tax Credit Short-term Capital Gain Long-term Capital Gain Reinvestment Price
Class A 12/7/23 12/8/23 12/11/23 100% 0.192792 - 0.024692 - - 10.34
Class C 12/7/23 12/8/23 12/11/23 100% 0.102 - 0.022 - - 9.54
Class Y 12/7/23 12/8/23 12/11/23 100% 0.2252 - 0.0252 - - 10.20

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2023 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI). QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2023 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.


Before investing in the Davis Funds, you should carefully consider the investment objectives, risks, charges, and expenses of the Funds. The prospectus and summary prospectus contains this and other information about the Funds. You can obtain performance information and a current prospectus and summary prospectus by visiting davisfunds.com or calling 800.279.0279. Please read the prospectus or summary prospectus carefully before investing or sending money. Investing involves risks including possible loss of principal.