Davis International Fund
Fund Statistics (Class A)
The goal of the Davis International 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 – seeking durable, well-managed businesses at value prices and holding them for the long term – to create a Portfolio of companies based primarily outside the United States.
Investors who recognize that some of the most compelling investment opportunities can be found beyond U.S. borders may want to consider the Davis International Fund.
Why Invest in Companies Outside the U.S.
Globalization of the world’s economy continues at a rapid pace:
- Many successful companies are located outside the United States. (More than 37,000 companies are listed on exchanges outside the United States, compared with only 5,000 within the United States.)
- About half of the world’s market capitalization is outside the United States.
- Approximately 95% of the world’s population lives beyond U.S. borders and 74% of global GDP is generated outside the United States.
- Investing solely in domestic stock funds may mean missing the tremendous growth opportunities and diversification potential that international companies provide.
Why Invest in the Davis International Fund
Sixty Years of Experience
The Davis family has compounded wealth for investors over six decades and three generations.
Aligned 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.1
Lower than Average Expense Ratio3
Davis International Fund A, 1.00%; Lipper category average, 1.03%
Lower than Average Turnover Rate3
Davis International Fund, 16%; Lipper category average, 40%
Selective, Attractive Growth, Undervalued (as of 9/30/22)**
|Attractive Growth||EPS Growth (5 Year)||10.8%|
Performance as of 9/30/22
as of September 30, 2022
Davis International Fund Class A shares
without a sales charge
|with a maximum 4.75% sales charge||-31.09%||-32.16%||-9.60%||-7.15%||1.33%||-0.06%|
|MSCI ACWI® - ex U.S.||-26.50%||-25.17%||-1.52%||-0.81%||3.01%||1.58%|
*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 1.00%. 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 9/30/22
|North & Central America||8.7%|
Top 10 Countries
Top 10 Holdings
|DBS Group Holdings||Singapore||Largest bank in Singapore and among the largest in developed Asia||9.7%|
|JD.com||China||One of the largest e-commerce businesses in mainland China offering a range of goods such as consumer electronics and appliances||7.6%|
|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||6.9%|
|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||6.5%|
|Samsung Electronics||South Korea||Among the world’s largest semiconductor companies - a global market leader in wireless handsets, TVs, flat panel displays and memory components.||5.9%|
|Ping An Insurance||China||A leader in retail financial services and the largest insurer in Asia||5.8%|
|DNB||Norway||Largest financial institution and oldest private bank in Norway||5.5%|
|Meituan||China||A web-based shopping platform for locally sourced consumer products and retail services in China||5.3%|
|Julius Baer Group||Switzerland||A premier private bank serving ultrahigh net worth clients||5.0%|
|Bank of N.T. Butterfield & Son||Bermuda||Local leader in Bermuda in community lending as well as trust services for reinsurers globally||5.0%|
Top 5 Industries
|Number of Holdings||24||2,272|
|Median Market Cap ($bn)||25.6||7.0|
|Weighted Average Market Cap ($bn)||62.6||68.2|
|Forecast P/E Ratio||8.1||11.2|
|Fund Fact Sheet||Download Share||
Applying the Davis Investment Discipline to companies outside the United States; Portfolio characteristics, top holdings, and performance.
|Portfolio Composition||Download Share||
Quarterly update of portfolio characteristics.
|Insights Into the Fund|
|Davis International Fund: Selective. Attractive Growth. Undervalued.||Download Share||
Our companies are rigorously researched, offer attractive growth and yet are significantly undervalued versus the benchmark – A powerful combination.
|Portfolio Manager Commentaries|
|Manager Commentary - Semi-Annual Review 2022||Download View Share||
Portfolio Manager Danton Goei discusses the Portfolio, performance and how he applies the Davis Investment Discipline to uncover opportunities outside the United States.
This material must be accompanied or preceded by a current Davis International 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.
1As of December 31, 2021. This includes Davis Advisors, the Davis family and Foundation, our employees, and Fund Directors.
3See 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.Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756