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 grown more than the companies in the index 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 45% 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. The 5-year EPS of the MSCI ACWI ex US is 12.4%. Approximately 16.53% 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. The Forward P/E of the MSCI ACWI ex US is 14.3x. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index. |
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MSCI ACWI ex US
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Fund Details as of 9/30/24
| Detail | Value |
|---|---|
| Long-Term Capital Growth | |
| Total Net Assets ($M) | 176.0 |
| Benchmark | MSCI ACWI ex US |
| Lipper Category | Intl Large Cap Value |
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% |
Performance as of 9/30/24
Growth of $10,000 (Class A Shares since Inception, without a sales charge)
Average Annual Returns
A Shares: Quarterly (as of 9/30/24)
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| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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A Shares without a sales charge |
31.68% | 39.47% | 6.45% | 5.60% | 4.46% | 3.23% |
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A Shares with a maximum 4.75% sales charge |
25.42% | 32.84% | 4.74% | 4.59% | 3.96% | 2.95% |
The average annual total returns for Davis International Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 32.84%; 5 years, 4.59%; and 10 years, 3.96%. 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. Periods less than one year are not annualized.
A Shares: Monthly (as of 10/31/24)
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| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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A Shares without a sales charge |
29.74% | 43.62% | 4.71% | 4.90% | 4.23% | 3.13% |
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A Shares with a maximum 4.75% sales charge |
23.58% | 36.80% | 3.03% | 3.89% | 3.73% | 2.85% |
The average annual total returns for Davis International Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 32.84%; 5 years, 4.59%; and 10 years, 3.96%. 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. Periods less than one year are not annualized.
C Shares: Quarterly (as of 9/30/24)
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| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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C Shares without CDSC |
30.94% | 38.39% | 5.70% | 4.80% | 3.71% | 2.63% |
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C Shares with CDSC |
29.94% | 37.39% | 5.70% | 4.80% | 3.71% | 2.63% |
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 September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 32.84%; 5 years, 4.59%; and 10 years, 3.96%. 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. Periods less than one year are not annualized.
C Shares: Monthly (as of 10/31/24)
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| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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C Shares without CDSC |
28.84% | 42.43% | 3.92% | 4.08% | 3.49% | 2.54% |
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C Shares with CDSC |
27.84% | 41.43% | 3.92% | 4.08% | 3.49% | 2.54% |
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 September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 32.84%; 5 years, 4.59%; and 10 years, 3.96%. 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. Periods less than one year are not annualized.
Y Shares: Quarterly (as of 9/30/24)
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| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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Y Shares | 32.00% | 39.94% | 6.76% | 5.89% | 4.76% | 5.06% |
The average annual total returns for Davis International Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 32.84%; 5 years, 4.59%; and 10 years, 3.96%. 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. Periods less than one year are not annualized.
Y Shares: Monthly (as of 10/31/24)
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| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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Y Shares | 30.04% | 44.01% | 5.00% | 5.18% | 4.53% | 4.92% |
The average annual total returns for Davis International Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 32.84%; 5 years, 4.59%; and 10 years, 3.96%. 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. Periods less than one year are not annualized.
Portfolio Characteristics as of 9/30/24
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. The Forward P/E of the MSCI ACWI ex US is 14.3x. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index. | 7.8x | 14.3x |
| 5 Year Earnings Growth | 17.6% | 12.4% |
| 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. | 2.8 | 3.2 |
| Active Share Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index. | 95% | 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. | 23.0 | 17.2 |
| Number of Holdings | 27 | 2094 |
| Weighted Average Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. | 67.4 | 107.7 |
| Median Market Cap ($bn) Median Market Capitalization is the midpoint of market capitalization of the stocks in a portfolio. | 40.1 | 10.2 |
| International Fund | Intl Large Cap Value 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% | 46% |
Mastering the Mental Game of Investing
A video series to help you develop the mindset of a successful investor.
Watch the SeriesPortfolio 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 9/30/24)
| Holding | Ticker | International Fund | MSCI ACWI ex US® |
|---|---|---|---|
| Meituan | 3690 HK | 9.4% | 0.4% |
| Danske Bank | DANSKE DC | 6.5% | 0.1% |
| Ping An Insurance Group | 2318 HK | 6.2% | 0.2% |
| Prosus | PRX NA | 5.3% | 0.2% |
| AIA Group | 1299 HK | 5.2% | 0.4% |
| Samsung Electronics | 005930 KS | 5.2% | 0.9% |
| Naspers | NPN SJ | 5.1% | 0.2% |
| Julius Baer Group | BAER SE | 4.9% | < 0.1% |
| Teck Resources | TECK | 4.7% | 0.1% |
| Trip.com Group | TCOM | 4.5% | 0.1% |
| Total | 57.0% | 2.5% | |
Top 10 Holdings: Monthly (as of 10/31/24)
| Holding | Ticker | International Fund | MSCI ACWI ex US® |
|---|---|---|---|
| Meituan | 3690 HK | 10.2% | 0.4% |
| Danske Bank | DANSKE DC | 6.5% | 0.1% |
| Ping An Insurance Group | 2318 HK | 6.1% | 0.2% |
| Prosus | PRX NA | 5.2% | 0.2% |
| Julius Baer Group | BAER SE | 5.1% | 0.1% |
| Naspers | NPN SJ | 5.0% | 0.2% |
| Trip.com Group | TCOM | 4.9% | 0.1% |
| Samsung Electronics | 005930 KS | 4.8% | 0.9% |
| AIA Group | 1299 HK | 4.7% | 0.3% |
| DiDi Global | DIDIY | 4.6% | — |
| Total | 57.1% | 2.5% | |
All Holdings: Quarterly (as of 9/30/24)
| Holding | Ticker | International Fund | MSCI ACWI ex US® |
|---|---|---|---|
| Meituan | 3690 HK | 9.4% | 0.4% |
| Danske Bank | DANSKE DC | 6.5% | 0.1% |
| Ping An Insurance Group | 2318 HK | 6.2% | 0.2% |
| Prosus | PRX NA | 5.3% | 0.2% |
| AIA Group | 1299 HK | 5.2% | 0.4% |
| Samsung Electronics | 005930 KS | 5.2% | 0.8% |
| Naspers | NPN SJ | 5.1% | 0.2% |
| Julius Baer Group | BAER SE | 4.9% | < 0.1% |
| Teck Resources | TECK | 4.7% | 0.1% |
| Trip.com Group | TCOM | 4.5% | — |
| DiDi Global | DIDIY | 4.3% | — |
| Entain | ENT LN | 3.8% | < 0.1% |
| Tourmaline Oil | TOU CN | 3.6% | 0.1% |
| KE Holdings | BEKE | 3.6% | 0.1% |
| JD.com | JD | 3.0% | — |
| ITOCHU | 8001 JP | 3.0% | 0.2% |
| DBS Group Holdings | DBS SP | 2.9% | 0.2% |
| Fila Holdings | 081660 KS | 2.9% | — |
| Sea | SE | 2.6% | 0.1% |
| Schneider Electric | SU FP | 2.1% | 0.5% |
| Delivery Hero | DHER GR | 2.1% | < 0.1% |
| Alibaba Group Holding | BABA | 1.8% | — |
| Bank of N.T. Butterfield & Son | NTB | 1.6% | — |
| Noah Holdings | NOAH | 1.5% | — |
| Coupang | CPNG | 1.4% | — |
| Metro Bank Holdings | MTRO LN | 1.0% | — |
| Tokyo Electron | 8035 JP | 0.7% | 0.3% |
| Cash | — | 1.2% | — |
All Holdings: Monthly (as of 10/31/24)
| Holding | Ticker | International Fund | MSCI ACWI ex US® |
|---|---|---|---|
| Meituan | 3690 HK | 10.2% | 0.4% |
| Danske Bank | DANSKE DC | 6.5% | 0.1% |
| Ping An Insurance Group | 2318 HK | 6.1% | 0.2% |
| Prosus | PRX NA | 5.2% | 0.2% |
| Julius Baer Group | BAER SE | 5.1% | 0.1% |
| Naspers | NPN SJ | 5.0% | 0.2% |
| Trip.com Group | TCOM | 4.9% | — |
| Samsung Electronics | 005930 KS | 4.8% | 0.8% |
| AIA Group | 1299 HK | 4.7% | 0.3% |
| DiDi Global | DIDIY | 4.6% | — |
| Teck Resources | TECK | 4.3% | 0.1% |
| KE Holdings | BEKE | 4.0% | 0.1% |
| Entain | ENT LN | 3.7% | < 0.1% |
| Tourmaline Oil | TOU CN | 3.6% | 0.1% |
| JD.com | JD | 3.1% | — |
| DBS Group Holdings | DBS SP | 2.9% | 0.2% |
| ITOCHU | 8001 JP | 2.8% | 0.2% |
| FILA Holdings | 081660 KS | 2.7% | — |
| Sea | SE | 2.6% | 0.1% |
| Delivery Hero | DHER GR | 2.2% | < 0.1% |
| Schneider Electric | SU FP | 2.1% | 0.5% |
| Alibaba Group Holding | BABA | 1.7% | — |
| Bank of N.T. Butterfield & Son | NTB | 1.6% | — |
| Noah Holdings | NOAH | 1.5% | — |
| Coupang | CPNG | 1.5% | — |
| Metro Bank Holdings | MTRO LN | 1.1% | — |
| Tokyo Electron | 8035 JP | 0.6% | 0.3% |
| Cash | — | 1.0% | — |
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® |
|---|---|---|
| Consumer Discretionary | 39.6% | 11.3% |
| Financials | 30.2% | 22.5% |
| Industrials | 9.6% | 13.8% |
| Information Technology | 6.0% | 12.8% |
| Materials | 4.8% | 7.1% |
| Energy | 3.6% | 5.0% |
| Real Estate | 3.6% | 1.9% |
| Communication Services | 2.6% | 5.6% |
| Health Care | — | 9.4% |
| Consumer Staples | — | 7.4% |
| Utilities | — | 3.2% |
Regional Allocation
| Region | International Fund | MSCI ACWI ex US® |
|---|---|---|
| Asia | 58.9% | 42.4% |
| Europe | 26.0% | 41.8% |
| North & Central America Ex US | 10.0% | 8.2% |
| Africa | 5.1% | 0.9% |
| Australia/Oceania | — | 5.0% |
| South America | — | 1.7% |
| United States | — | — |
Country Allocation - Top 10
| Country | International Fund | MSCI ACWI ex US® |
|---|---|---|
| China | 34.7% | 8.2% |
| Korea, Republic of (South Korea) | 9.6% | 3.1% |
| Canada | 8.4% | 7.7% |
| Denmark | 6.6% | 2.1% |
| Singapore | 5.5% | 0.9% |
| Netherlands | 5.3% | 3.0% |
| Hong Kong | 5.3% | 1.3% |
| South Africa | 5.1% | 0.9% |
| Switzerland | 5.0% | 6.2% |
| United Kingdom | 4.9% | 9.3% |
| Top 10 Countries Total % of Portfolio | 90.4% | 42.7% |
Developed vs Emerging Markets
| Market | International Fund | MSCI ACWI ex US® |
|---|---|---|
| Emerging Markets | 51.0% | 28.5% |
| Developed Ex US | 49.0% | 71.5% |
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 | ||
|---|---|---|
| Market | Percentage | |
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Large | 89.0% |
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Mid | 3.9% |
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Small | 7.1% |
| MSCI ACWI ex US® Index | ||
|---|---|---|
| Market | Percentage | |
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Large | 88.3% |
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Mid | 11.3% |
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Small | 0.4% |
PM Commentary
Portfolio Manager Commentaries
| Document | Description |
|---|---|
| Manager Commentary - Semi-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. | September 2024 |
Video
Video Insights
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. |
Literature
Regulatory Reports
| Document |
|---|
| Summary Prospectus |
| Prospectus |
| Statement of Additional Information |
| Holdings Q1 |
| Holdings Q3 |
| Proxy |
| Document |
|---|
| Annual Report |
| Document |
|---|
| Semi-Annual Report |
Purchase Details
Open an Account
You can invest with Davis Funds in a number of ways:
- Speak with your Financial Advisor
- Open an account by mail by downloading the applications below
| Document |
|---|
| Application for Individuals (Joint, Trust, Custodial) |
| Application for Businesses |
|
Application for Individual Retirement Account (IRA)
Please download one of the following disclosure and custodial agreements: |
|
Application for Coverdell Education Savings Account
Please download the Coverdell Education Savings Account Disclosure and Custodial Agreement |
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.
2024 Estimated Year-End Distributions Percentage of 10/31/24 NAV Price
This information on 2024 estimated year-end distributions is intended for existing shareholders. Davis New York Venture Fund also paid a semiannual capital gains distribution. No other Davis Fund paid a semiannual capital gains distribution.
As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.
Capital gains result from the appreciation of companies in the portfolio. The funds’ long-term investment approach means that this appreciation may have occurred over an extended period of time. Most or all of the gains are long term and generally subject to lower tax rates than short-term gains or dividend income.
- Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.
- Estimated distributions can change prior to the record date depending on current market conditions. The estimates below do not include ordinary income distributions the fund may be making.
| Record Date | Ex-Date | Payable Date | Short-term Capital Gain | Long-term Capital Gain |
|---|---|---|---|---|
| 12/12/24 | 12/13/24 | 12/16/24 | None Expected | None Expected |
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.