Overview
Investment Strategy
The goal of the Davis New York Venture Fund is to provide investors access to attractive investment opportunities among large cap, durable, well-managed businesses, primarily in the U.S. We seek to purchase these businesses at value prices and hold them for the long term. This approach makes the Davis New York Venture Fund an ideal foundation for an investor's portfolio.
Using our signature Davis Investment Discipline, the Davis New York Venture Fund has outperformed the S&P 500® Index since its inception in 1969: A hypothetical $10,000 investment has compounded to $5.5 million vs. only $3.2 million for the S&P 500® Index.
Fund Details as of 3/31/26
| Detail | Value |
|---|---|
| Long-Term Capital Appreciation | |
| Total Net Assets ($M) | 6,955.1 |
| Benchmark | S&P 500 |
| Lipper Category | Large Cap Value |
A Shares
| Detail | Value |
|---|---|
| Ticker (A) | NYVTX |
| Inception Date (A) | 2/17/69 |
| CUSIP (A) | 239080104 |
| Fund Number (A) | 425 |
| Net Expense Ratio (A) More information about Net Expense Ratio 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, 1.00%; Class C Shares, 1.75%; Class Y Shares, 0.75%; and Class R Shares, 1.25%). The Adviser is obligated to continue the expense cap through December 1, 2026. 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. | 0.91% |
| Gross Expense Ratio (A) | 0.91% |
C Shares
| Detail | Value |
|---|---|
| Ticker (C) | NYVCX |
| Inception Date (C) | 12/20/94 |
| CUSIP (C) | 239080302 |
| Fund Number (C) | 735 |
| Net Expense Ratio (C) More information about Net Expense Ratio 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, 1.00%; Class C Shares, 1.75%; Class Y Shares, 0.75%; and Class R Shares, 1.25%). The Adviser is obligated to continue the expense cap through December 1, 2026. 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. | 1.75% |
| Gross Expense Ratio (C) | 1.75% |
Y Shares
| Detail | Value |
|---|---|
| Ticker (Y) | DNVYX |
| Inception Date (Y) | 10/2/96 |
| CUSIP (Y) | 239080401 |
| Fund Number (Y) | 909 |
| Net Expense Ratio (Y) More information about Net Expense Ratio 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, 1.00%; Class C Shares, 1.75%; Class Y Shares, 0.75%; and Class R Shares, 1.25%). The Adviser is obligated to continue the expense cap through December 1, 2026. 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. | 0.67% |
| Gross Expense Ratio (Y) | 0.67% |
R Shares
| Detail | Value |
|---|---|
| Ticker (R) | NYVRX |
| Inception Date (R) | 8/20/03 |
| CUSIP (R) | 239080880 |
| Fund Number (R) | 1468 |
| Net Expense Ratio (R) More information about Net Expense Ratio 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, 1.00%; Class C Shares, 1.75%; Class Y Shares, 0.75%; and Class R Shares, 1.25%). The Adviser is obligated to continue the expense cap through December 1, 2026. 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. | 1.20% |
| Gross Expense Ratio (R) | 1.20% |
Returns from Inception as of 3/31/26
| Item | Value |
|---|---|
| A Shares (Average Annual Return, without a sales charge) | 11.67% |
| S&P 500 | 10.61% |
Performance as of 3/31/26
Growth of $10,000 (Class A Shares since Inception, without a sales charge)
Key Takeaway Using our signature Davis Investment Discipline, the Davis New York Venture Fund has outperformed the S&P 500® Index since its inception in 1969: A hypothetical $10,000 investment has compounded to $5.5 million vs. only $3.2 million for the S&P 500® Index.
Percentage of Time the New York Venture Fund Has Outperformed the Market
(2/17/69 - 3/31/26)
Key Takeaway As shown, the probability of outperformance has increased the longer an investor has stayed with us.
Outperforming the Market. Davis New York Venture Fund’s average annual total returns for Class A shares were compared against the returns of the S&P 500 Index as of the end of each quarter for all time periods shown from 2/17/69, through 3/31/26. The Fund’s returns assume an investment in Class A shares on the first day of each period with all dividends and capital gain distributions reinvested for the time period. The returns are not adjusted for any sales charge that may be imposed. If a sales charge were imposed, the reported figures would be lower. The figures shown reflect past results; past performance is not a guarantee of future results. There can be no guarantee that the Fund will continue to deliver consistent investment performance. The performance presented includes periods of bear markets when performance was negative. Equity markets are volatile and an investor may lose money. Returns for other share classes will vary.
Average Annual Returns
A Shares: Quarterly (as of 3/31/26)
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
A Shares without a sales charge |
-0.07% | 24.66% | 22.30% | 9.68% | 12.64% | 11.67% |
|
|
A Shares with a maximum 4.75% sales charge |
-4.82% | 18.74% | 20.36% | 8.62% | 12.10% | 11.58% |
The average annual total returns for Davis New York Venture Fund’s Class A shares for periods ending March 31, 2026, including a maximum 4.75% sales charge, are: 1 year, 18.74%; 5 years, 8.62%; and 10 years, 12.10%. 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 0.91%. [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 December 1, 2026.] 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 3/31/26)
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
A Shares without a sales charge |
-0.07% | 24.66% | 22.30% | 9.68% | 12.64% | 11.67% |
|
|
A Shares with a maximum 4.75% sales charge |
-4.82% | 18.74% | 20.36% | 8.62% | 12.10% | 11.58% |
The average annual total returns for Davis New York Venture Fund’s Class A shares for periods ending March 31, 2026, including a maximum 4.75% sales charge, are: 1 year, 18.74%; 5 years, 8.62%; and 10 years, 12.10%. 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 0.91%. [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 December 1, 2026.] 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 3/31/26)
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
C Shares without CDSC |
-0.28% | 23.61% | 21.27% | 8.77% | 11.92% | 10.24% |
|
|
C Shares with CDSC |
-1.27% | 22.61% | 21.27% | 8.77% | 11.92% | 10.24% |
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 New York Venture Fund’s Class A shares for periods ending March 31, 2026, including a maximum 4.75% sales charge, are: 1 year, 18.74%; 5 years, 8.62%; and 10 years, 12.10%. 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 0.91%. [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 December 1, 2026.] 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 3/31/26)
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|
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
C Shares without CDSC |
-0.28% | 23.61% | 21.27% | 8.77% | 11.92% | 10.24% |
|
|
C Shares with CDSC |
-1.27% | 22.61% | 21.27% | 8.77% | 11.92% | 10.24% |
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 New York Venture Fund’s Class A shares for periods ending March 31, 2026, including a maximum 4.75% sales charge, are: 1 year, 18.74%; 5 years, 8.62%; and 10 years, 12.10%. 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 0.91%. [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 December 1, 2026.] 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 3/31/26)
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
Y Shares | -0.03% | 24.95% | 22.58% | 9.95% | 12.92% | 9.66% |
The average annual total returns for Davis New York Venture Fund’s Class A shares for periods ending March 31, 2026, including a maximum 4.75% sales charge, are: 1 year, 18.74%; 5 years, 8.62%; and 10 years, 12.10%. 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 0.91%. [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 December 1, 2026.] 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 3/31/26)
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
Y Shares | -0.03% | 24.95% | 22.58% | 9.95% | 12.92% | 9.66% |
The average annual total returns for Davis New York Venture Fund’s Class A shares for periods ending March 31, 2026, including a maximum 4.75% sales charge, are: 1 year, 18.74%; 5 years, 8.62%; and 10 years, 12.10%. 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 0.91%. [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 December 1, 2026.] 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.
R Shares: Quarterly (as of 3/31/26)
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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R Shares | -0.17% | 24.29% | 21.95% | 9.38% | 12.33% | 9.09% |
The average annual total returns for Davis New York Venture Fund’s Class A shares for periods ending March 31, 2026, including a maximum 4.75% sales charge, are: 1 year, 18.74%; 5 years, 8.62%; and 10 years, 12.10%. 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 0.91%. [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 December 1, 2026.] 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.
R Shares: Monthly (as of 3/31/26)
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
R Shares | -0.17% | 24.29% | 21.95% | 9.38% | 12.33% | 9.09% |
The average annual total returns for Davis New York Venture Fund’s Class A shares for periods ending March 31, 2026, including a maximum 4.75% sales charge, are: 1 year, 18.74%; 5 years, 8.62%; and 10 years, 12.10%. 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 0.91%. [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 December 1, 2026.] 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 3/31/26
Portfolio Composition
| Item | New York Venture Fund | S&P 500® |
|---|---|---|
| P/E (Forward) More information about 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 S&P 500 is 21.2x. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index. | 13.5x | 21.2x |
| 5 Year Earnings Growth | 13.7% | 18.7% |
| P/B Ratio More information about 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. | 2.5 | 4.7 |
| Active Share More information about Active Share Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index. | 85% | N/A |
| Standard Deviation (5 year, A Shares) More information about Standard Deviation 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. | 16.8 | 15.3 |
| Number of Holdings | 43 | 504 |
| Weighted Average Market Cap ($bn) More information about Weighted Average Market Cap Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. | 289.7 | 1,117.3 |
| Median Market Cap ($bn) More information about Median Market Cap Median Market Capitalization is the midpoint of market capitalization of the stocks in a portfolio. | 26.7 | 39.3 |
| New York Venture Fund | Large Cap Value Category Average | |
|---|---|---|
| Turnover Rate More information about 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 17% and 7%, respectively. | 17% | 71% |
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Watch the SeriesPortfolio Holdings More information about 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 3/31/26)
| Holding | Ticker | New York Venture Fund | S&P 500® |
|---|---|---|---|
| Capital One Financial | COF | 6.0% | 0.2% |
| Coterra Energy | CTRA | 5.6% | 0.1% |
| U.S. Bancorp | USB | 4.9% | 0.1% |
| MGM Resorts | MGM | 4.0% | < 0.1% |
| Alphabet | GOOGL | 4.0% | 5.4% |
| Viatris | VTRS | 4.0% | < 0.1% |
| CVS Health | CVS | 4.0% | 0.2% |
| Meta Platforms | META | 3.9% | 2.2% |
| Berkshire Hathaway | BRK A | 3.9% | 1.6% |
| Samsung Electronics | 005930 KS | 3.7% | — |
| Total | 43.9% | 9.8% | |
Top 10 Holdings: Monthly (as of 3/31/26)
| Holding | Ticker | New York Venture Fund | S&P 500® |
|---|---|---|---|
| Capital One Financial | COF | 6.0% | 0.2% |
| Coterra Energy | CTRA | 5.6% | 0.1% |
| U.S. Bancorp | USB | 4.9% | 0.1% |
| MGM Resorts | MGM | 4.0% | < 0.1% |
| Alphabet | GOOGL | 4.0% | 5.4% |
| Viatris | VTRS | 4.0% | < 0.1% |
| CVS Health | CVS | 4.0% | 0.2% |
| Meta Platforms | META | 3.9% | 2.2% |
| Berkshire Hathaway | BRK A | 3.9% | 1.6% |
| Samsung Electronics | 005930 KS | 3.7% | — |
| Total | 43.9% | 9.8% | |
All Holdings: Quarterly (as of 3/31/26)
| Holding | Ticker | New York Venture Fund | S&P 500® |
|---|---|---|---|
| Capital One Financial | COF | 6.0% | 0.2% |
| Coterra Energy | CTRA | 5.6% | 0.1% |
| U.S. Bancorp | USB | 4.9% | 0.1% |
| MGM Resorts | MGM | 4.0% | < 0.1% |
| Alphabet | GOOGL | 4.0% | 3.0% |
| Viatris | VTRS | 4.0% | < 0.1% |
| CVS Health | CVS | 4.0% | 0.2% |
| Meta Platforms | META | 3.9% | 2.2% |
| Berkshire Hathaway | BRK A | 3.9% | — |
| Samsung Electronics | 005930 KS | 3.7% | — |
| Tyson Foods | TSN | 3.4% | < 0.1% |
| Amazon.com | AMZN | 3.1% | 3.6% |
| Texas Instruments | TXN | 2.7% | 0.3% |
| Ping An Insurance Group | 2318 HK | 2.6% | — |
| Cigna Group | CI | 2.5% | 0.1% |
| Teck Resources | TECK | 2.5% | — |
| Danske Bank | DANSKE DC | 2.4% | — |
| Tourmaline Oil | TOU CN | 2.2% | — |
| LyondellBasell Industries | LYB | 2.2% | < 0.1% |
| JBS | JBS | 2.0% | — |
| Markel Group | MKL | 1.9% | — |
| Wells Fargo | WFC | 1.9% | 0.4% |
| Prosus | PRX NA | 1.8% | — |
| Chubb | CB | 1.8% | 0.2% |
| Julius Baer Group | BAER SE | 1.7% | — |
| UnitedHealth Group | UNH | 1.6% | 0.4% |
| Solventum | SOLV | 1.5% | < 0.1% |
| Applied Materials | AMAT | 1.5% | 0.5% |
| AIA Group | 1299 HK | 1.5% | — |
| DiDi Global | DIDIY | 1.4% | — |
| Restaurant Brands International | QSR | 1.1% | — |
| ConocoPhillips | COP | 1.1% | 0.3% |
| AGCO | AGCO | 1.1% | — |
| Trip.com Group | TCOM | 1.1% | — |
| PINS | 1.1% | — | |
| Quest Diagnostics | DGX | 1.0% | < 0.1% |
| Owens Corning | OC | 0.9% | — |
| IAC | IAC | 0.7% | — |
| Naspers | NPN SJ | 0.2% | — |
| Orascom Construction | ORAS UH | 0.2% | — |
| OCI | OCI NA | 0.1% | — |
| ASAC II | ASAC LP | 0.1% | — |
| Angi | ANGI | 0.1% | — |
| CASH | — | 5.4% | — |
All Holdings: Monthly (as of 3/31/26)
| Holding | Ticker | New York Venture Fund | S&P 500® |
|---|---|---|---|
| Capital One Financial | COF | 6.0% | 0.2% |
| Coterra Energy | CTRA | 5.6% | 0.1% |
| U.S. Bancorp | USB | 4.9% | 0.1% |
| MGM Resorts | MGM | 4.0% | < 0.1% |
| Alphabet | GOOGL | 4.0% | 3.0% |
| Viatris | VTRS | 4.0% | < 0.1% |
| CVS Health | CVS | 4.0% | 0.2% |
| Meta Platforms | META | 3.9% | 2.2% |
| Berkshire Hathaway | BRK A | 3.9% | — |
| Samsung Electronics | 005930 KS | 3.7% | — |
| Tyson Foods | TSN | 3.4% | < 0.1% |
| Amazon.com | AMZN | 3.1% | 3.6% |
| Texas Instruments | TXN | 2.7% | 0.3% |
| Ping An Insurance Group | 2318 HK | 2.6% | — |
| Cigna Group | CI | 2.5% | 0.1% |
| Teck Resources | TECK | 2.5% | — |
| Danske Bank | DANSKE DC | 2.4% | — |
| Tourmaline Oil | TOU CN | 2.2% | — |
| LyondellBasell Industries | LYB | 2.2% | < 0.1% |
| JBS | JBS | 2.0% | — |
| Markel Group | MKL | 1.9% | — |
| Wells Fargo | WFC | 1.9% | 0.4% |
| Prosus | PRX NA | 1.8% | — |
| Chubb | CB | 1.8% | 0.2% |
| Julius Baer Group | BAER SE | 1.7% | — |
| UnitedHealth Group | UNH | 1.6% | 0.4% |
| Solventum | SOLV | 1.5% | < 0.1% |
| Applied Materials | AMAT | 1.5% | 0.5% |
| AIA Group | 1299 HK | 1.5% | — |
| DiDi Global | DIDIY | 1.4% | — |
| Restaurant Brands International | QSR | 1.1% | — |
| ConocoPhillips | COP | 1.1% | 0.3% |
| AGCO | AGCO | 1.1% | — |
| Trip.com Group | TCOM | 1.1% | — |
| PINS | 1.1% | — | |
| Quest Diagnostics | DGX | 1.0% | < 0.1% |
| Owens Corning | OC | 0.9% | — |
| IAC | IAC | 0.7% | — |
| Naspers | NPN SJ | 0.2% | — |
| Orascom Construction | ORAS UH | 0.2% | — |
| OCI | OCI NA | 0.1% | — |
| ASAC II | ASAC LP | 0.1% | — |
| Angi | ANGI | 0.1% | — |
| CASH | — | 5.4% | — |
Sector Allocation More information about 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 | New York Venture Fund | S&P 500® |
|---|---|---|
| Financials | 30.1% | 12.6% |
| Health Care | 15.4% | 9.5% |
| Consumer Discretionary | 12.0% | 9.9% |
| Communication Services | 10.3% | 10.3% |
| Energy | 9.4% | 4.0% |
| Information Technology | 8.3% | 32.9% |
| Consumer Staples | 5.7% | 5.3% |
| Materials | 5.0% | 2.1% |
| Industrials | 3.8% | 9.0% |
| Utilities | — | 2.5% |
| Real Estate | — | 2.0% |
Market Cap Breakout More information about 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.
| New York Venture Fund | ||
|---|---|---|
| Market | Percentage | |
|
|
Large | 91.0% |
|
|
Mid | 7.9% |
|
|
Small | 1.1% |
| S&P 500® Index | ||
|---|---|---|
| Market | Percentage | |
|
|
Large | 99.7% |
|
|
Mid | 0.3% |
|
|
Small | 0.0% |
PM Commentary
Portfolio Manager Commentaries
| Document | Description |
|---|---|
| Manager Video Commentary | Davis NY Venture Fund PM Commentary with Chris Davis |
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. | December 2025 |
Video
Video Insights
“Fragile Value” & “Speculative Growth” Areas to Avoid
Identifying vulnerable companies in both the Value and Growth camps – each dangerous in their own ways
Recession Potential and Impact on Portfolio Positioning
Predicting is futile. Buy businesses that have proven resilient through the inevitable storms. Investors are now being reminded of the critical importance of business durability.
Insights
Fund Insights
| Document | Description |
|---|---|
| Quarterly Outlook – First Quarter 2025 | An update on the Davis portfolios, markets and economy. |
| Value Investor Insight: PM Chris Davis on Financials | The unrecognized opportunity in the Financial sector; thoughts on JP Morgan, Capital One and Bank of NY |
| A History of Long Term Outperformance | Discusses the Fund’s growing success in beating the S&P500 as investor holding period increased (ultimately reaching 100%). |
| Forbes Interview: PM Chris Davis on a Transitioning Market | Why the end of “free money” is unwinding a decade of market distortions and how we’re taking advantage of this “return to normalcy” |
| Davis Research: Uncovering Value in Clean Energy | The challenges and opportunities that accompany the transition to a lower carbon economy, separating hype from reality, and why our copper and biofuel businesses may be significant beneficiaries |
Literature
Regulatory Reports
| Document |
|---|
| Summary Prospectus |
| Prospectus |
| Statement of Additional Information |
| Holdings Q1 |
| Holdings Q3 |
| Proxy |
| Document |
|---|
| Annual Report - Class A |
| Annual Report - Class C |
| Annual Report - Class Y |
| Annual Report - Class R |
| Annual Financial Statements & Other Info More information about Annual Financial Statements & Other Info Items 7-11 of Form N-CSR |
| Document |
|---|
| Semi-Annual Report - Class A |
| Semi-Annual Report - Class C |
| Semi-Annual Report - Class Y |
| Semi-Annual Report - Class R |
| Semi-Annual Financial Statements & Other Info More information about Semi-Annual Financial Statements & Other Info Items 7-11 of Form N-CSR |
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 | Class R |
|---|---|---|---|---|
| Minimum Initial Investment | $1,000 | $1,000 | $5,000,000 | $500,000 |
| Minimum Additional Investment | $25 | $25 | $25 | $25 |
Distributions
2025 Distributions as of 01/12/26
This information on 2025 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 | Short-term Capital Gain | Long-term Capital Gain | Reinvestment Price |
|---|---|---|---|---|---|---|---|---|---|
| Class A | 6/24/25 | 6/25/25 | 6/26/25 | 93.60% | 0.177 | - | - | 2.10 | 25.88 |
| 12/11/25 | 12/12/25 | 12/15/25 | 93.60% | 0.147 | - | - | 0.89 | 28.54 | |
| Class C | 6/24/25 | 6/25/25 | 6/26/25 | 93.60% | 0.052 | - | - | 2.10 | 19.55 |
| 12/11/25 | 12/12/25 | 12/15/25 | 93.60% | 0.024 | - | - | 0.89 | 21.35 | |
| Class Y | 6/24/25 | 6/25/25 | 6/26/25 | 93.60% | 0.221 | - | - | 2.10 | 27.24 |
| 12/11/25 | 12/12/25 | 12/15/25 | 93.60% | 0.19 | - | - | 0.89 | 30.10 | |
| Class R | 6/24/25 | 6/25/25 | 6/26/25 | 93.60% | 0.137 | - | - | 2.10 | 25.95 |
| 12/11/25 | 12/12/25 | 12/15/25 | 93.60% | 0.1055 | - | - | 0.89 | 28.63 |
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 2025 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 2025 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.