Overview
New: Davis NY Venture Fund PM Commentary
- Why the Fund has outperformed since the bursting of the easy-money bubble – and a decade of distortions began unwinding
- How a market that rewards business fundamentals is playing into our strategy’s strengths
- Where we are looking for opportunity now
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 $4.4 million vs. only $2.8 million for the S&P 500® Index.
"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 |
|---|---|---|
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New York Venture Fund invests in only a select group of well-researched companies |
New York Venture 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. |
New York Venture 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. The 5-year EPS of the S&P 500 is 16.9%. Approximately 6.06% 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 S&P 500 is 23.7x. 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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503
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S&P 500
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Fund Details as of 9/30/24
| Detail | Value |
|---|---|
| Long-Term Capital Appreciation | |
| Total Net Assets ($M) | 6,769.8 |
| 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) 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 B Shares, 1.75%; 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, 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. | 0.92% |
| Gross Expense Ratio (A) | 0.92% |
B Shares
| Detail | Value |
|---|---|
| Ticker (B) | NYVBX |
| Inception Date (B) | 12/1/94 |
| CUSIP (B) | 239080203 |
| Fund Number (B) | 725 |
| Net Expense Ratio (B) 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 B Shares, 1.75%; 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, 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. | 1.75% |
| Gross Expense Ratio (B) | 2.37% |
C Shares
| Detail | Value |
|---|---|
| Ticker (C) | NYVCX |
| Inception Date (C) | 12/20/94 |
| CUSIP (C) | 239080302 |
| Fund Number (C) | 735 |
| 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, 1.00%; Class B Shares, 1.75%; 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, 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. | 1.75% |
| 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) 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 B Shares, 1.75%; 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, 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. | 0.67% |
| 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) 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 B Shares, 1.75%; 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, 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. | 1.20% |
| Gross Expense Ratio (R) | 1.20% |
Returns from Inception as of 9/30/24
| Item | Value |
|---|---|
| A Shares (Average Annual Return, without a sales charge) | 11.55% |
| S&P 500 | 10.62% |
Performance as of 9/30/24
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 $4.4 million vs. only $2.8 million for the S&P 500® Index.
Percentage of Time the New York Venture Fund Has Outperformed the Market
(2/17/69 - 9/30/24)
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 9/30/24. 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 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 |
19.04% | 34.69% | 8.78% | 11.79% | 10.27% | 11.55% |
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A Shares with a maximum 4.75% sales charge |
13.38% | 28.29% | 7.04% | 10.72% | 9.75% | 11.46% |
The average annual total returns for Davis New York Venture Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 28.29%; 5 years, 10.72%; and 10 years, 9.75%. 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 0.92%. [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, 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 11/30/24)
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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 |
24.36% | 33.75% | 10.88% | 11.56% | 10.26% | 11.60% |
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A Shares with a maximum 4.75% sales charge |
18.46% | 27.39% | 9.11% | 10.49% | 9.74% | 11.51% |
The average annual total returns for Davis New York Venture Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 28.29%; 5 years, 10.72%; and 10 years, 9.75%. 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 0.92%. [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, 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.
B 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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B Shares without CDSC |
18.27% | 33.55% | 7.87% | 10.84% | 9.55% | 10.04% |
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B Shares with CDSC |
14.27% | 29.55% | 7.16% | 10.61% | 9.55% | 10.04% |
Class B shares automatically convert to Class A shares after seven years. Class B shares’ performance for the ten-year and life periods include the first seven years of Class B 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 September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 28.29%; 5 years, 10.72%; and 10 years, 9.75%. 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 0.92%. [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, 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.
B Shares: Monthly (as of 11/30/24)
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| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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B Shares without CDSC |
23.39% | 32.66% | 9.97% | 10.62% | 9.54% | 10.14% |
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B Shares with CDSC |
19.39% | 28.66% | 9.24% | 10.39% | 9.54% | 10.14% |
Class B shares automatically convert to Class A shares after seven years. Class B shares’ performance for the ten-year and life periods include the first seven years of Class B 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 September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 28.29%; 5 years, 10.72%; and 10 years, 9.75%. 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 0.92%. [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, 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 |
18.24% | 33.54% | 7.87% | 10.86% | 9.58% | 9.95% |
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C Shares with CDSC |
17.24% | 32.54% | 7.87% | 10.86% | 9.58% | 9.95% |
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 September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 28.29%; 5 years, 10.72%; and 10 years, 9.75%. 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 0.92%. [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, 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 11/30/24)
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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 |
23.36% | 32.65% | 9.97% | 10.64% | 9.57% | 10.06% |
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C Shares with CDSC |
22.36% | 31.65% | 9.97% | 10.64% | 9.57% | 10.06% |
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 September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 28.29%; 5 years, 10.72%; and 10 years, 9.75%. 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 0.92%. [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, 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 | 19.22% | 35.04% | 9.05% | 12.06% | 10.55% | 9.31% |
The average annual total returns for Davis New York Venture Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 28.29%; 5 years, 10.72%; and 10 years, 9.75%. 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 0.92%. [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, 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 11/30/24)
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| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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Y Shares | 24.60% | 34.04% | 11.15% | 11.83% | 10.54% | 9.42% |
The average annual total returns for Davis New York Venture Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 28.29%; 5 years, 10.72%; and 10 years, 9.75%. 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 0.92%. [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, 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.
R 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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R Shares | 18.75% | 34.31% | 8.51% | 11.49% | 9.97% | 8.63% |
The average annual total returns for Davis New York Venture Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 28.29%; 5 years, 10.72%; and 10 years, 9.75%. 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 0.92%. [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, 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.
R Shares: Monthly (as of 11/30/24)
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| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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R Shares | 24.02% | 33.38% | 10.61% | 11.26% | 9.96% | 8.78% |
The average annual total returns for Davis New York Venture Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 28.29%; 5 years, 10.72%; and 10 years, 9.75%. 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 0.92%. [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, 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 | New York Venture Fund | S&P 500® |
|---|---|---|
| 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 23.7x. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index. | 15.0x | 23.7x |
| 5 Year Earnings Growth | 17.1% | 16.9% |
| 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. | 3.1 | 4.9 |
| 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) 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. | 20.5 | 18.0 |
| Number of Holdings | 43 | 503 |
| Weighted Average Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. | 315.7 | 946.2 |
| Median Market Cap ($bn) Median Market Capitalization is the midpoint of market capitalization of the stocks in a portfolio. | 40.1 | 38.2 |
| New York Venture Fund | 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 17% and 7%, respectively. | 17% | 47% |
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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 | New York Venture Fund | S&P 500® |
|---|---|---|---|
| Meta Platforms | META | 9.0% | 2.6% |
| Berkshire Hathaway | BRK A | 7.9% | 1.7% |
| Capital One Financial | COF | 6.8% | 0.1% |
| Applied Materials | AMAT | 4.5% | 0.3% |
| Amazon.com | AMZN | 4.2% | 3.6% |
| MGM Resorts | MGM | 4.1% | < 0.1% |
| Humana | HUM | 3.9% | 0.1% |
| Wells Fargo | WFC | 3.8% | 0.4% |
| Viatris | VTRS | 3.5% | < 0.1% |
| U.S. Bancorp | USB | 3.5% | 0.2% |
| Total | 51.2% | 9.0% | |
Top 10 Holdings: Monthly (as of 11/30/24)
| Holding | Ticker | New York Venture Fund | S&P 500® |
|---|---|---|---|
| Meta Platforms | META | 8.9% | 2.5% |
| Capital One Financial | COF | 8.4% | 0.1% |
| Berkshire Hathaway | BRK A | 8.0% | 1.7% |
| Amazon.com | AMZN | 4.6% | 3.8% |
| Applied Materials | AMAT | 4.5% | 0.3% |
| Wells Fargo | WFC | 4.1% | 0.5% |
| MGM Resorts | MGM | 3.9% | < 0.1% |
| U.S. Bancorp | USB | 3.9% | 0.2% |
| Viatris | VTRS | 3.8% | < 0.1% |
| Humana | HUM | 3.5% | 0.1% |
| Total | 53.6% | 9.2% | |
All Holdings: Quarterly (as of 9/30/24)
| Holding | Ticker | New York Venture Fund | S&P 500® |
|---|---|---|---|
| Meta Platforms | META | 9.0% | 2.6% |
| Berkshire Hathaway | BRK A | 7.9% | — |
| Capital One Financial | COF | 6.8% | 0.1% |
| Applied Materials | AMAT | 4.5% | 0.3% |
| Amazon.com | AMZN | 4.2% | 3.6% |
| MGM Resorts | MGM | 4.1% | < 0.1% |
| Humana | HUM | 3.9% | 0.1% |
| Wells Fargo | WFC | 3.8% | 0.4% |
| Viatris | VTRS | 3.5% | < 0.1% |
| U.S. Bancorp | USB | 3.5% | 0.2% |
| Danske Bank | DANSKE DC | 3.2% | — |
| Texas Instruments | TXN | 3.2% | 0.4% |
| Teck Resources | TECK | 3.0% | — |
| Alphabet | GOOGL | 2.8% | 2.0% |
| Ping An Insurance Group | 2318 HK | 2.3% | — |
| Cigna Group | CI | 2.2% | 0.2% |
| Tourmaline Oil | TOU CN | 2.2% | — |
| Chubb | CB | 1.9% | 0.2% |
| Owens Corning | OC | 1.8% | — |
| Prosus | PRX NA | 1.7% | — |
| DiDi Global | DIDIY | 1.7% | — |
| Intel | INTC | 1.6% | 0.2% |
| Solventum | SOLV | 1.6% | < 0.1% |
| Samsung Electronics | 005930 KS | 1.6% | — |
| Quest Diagnostics | DGX | 1.5% | < 0.1% |
| Bank of New York Mellon | BK | 1.5% | 0.1% |
| DBS Group Holdings | DBS SP | 1.4% | — |
| Julius Baer Group | BAER SE | 1.4% | — |
| AIA Group | 1299 HK | 1.2% | — |
| Markel Group | MKL | 1.1% | — |
| Tyson Foods | TSN | 1.0% | < 0.1% |
| AGCO | AGCO | 1.0% | — |
| Coupang | CPNG | 1.0% | — |
| ConocoPhillips | COP | 0.9% | 0.3% |
| IAC | IAC | 0.9% | — |
| JPMorgan Chase | JPM | 0.9% | 1.2% |
| OCI | OCI NA | 0.8% | — |
| Trip.com Group | TCOM | 0.7% | — |
| Darling Ingredients | DAR | 0.6% | — |
| Naspers | NPN SJ | 0.2% | — |
| Orascom Construction | OC DU | 0.1% | — |
| ASAC II | ASAC LP | 0.1% | — |
| Cash | — | 1.8% | — |
All Holdings: Monthly (as of 11/30/24)
| Holding | Ticker | New York Venture Fund | S&P 500® |
|---|---|---|---|
| Meta Platforms | META | 8.9% | 2.5% |
| Capital One Financial | COF | 8.4% | 0.1% |
| Berkshire Hathaway | BRK A | 8.0% | — |
| Amazon.com | AMZN | 4.6% | 3.8% |
| Applied Materials | AMAT | 4.5% | 0.3% |
| Wells Fargo | WFC | 4.1% | 0.5% |
| MGM Resorts | MGM | 3.9% | < 0.1% |
| U.S. Bancorp | USB | 3.9% | 0.2% |
| Viatris | VTRS | 3.8% | < 0.1% |
| Humana | HUM | 3.5% | 0.1% |
| Texas Instruments | TXN | 3.0% | 0.4% |
| Danske Bank | DANSKE DC | 3.0% | — |
| Alphabet | GOOGL | 2.8% | 1.9% |
| Teck Resources | TECK | 2.6% | — |
| Tourmaline Oil | TOU CN | 2.1% | — |
| Cigna Group | CI | 2.1% | 0.2% |
| Ping An Insurance Group | 2318 HK | 2.0% | — |
| CVS Health | CVS | 1.9% | 0.2% |
| Markel Group | MKL | 1.8% | — |
| Owens Corning | OC | 1.7% | — |
| DiDi Global | DIDIY | 1.6% | — |
| Solventum | SOLV | 1.6% | < 0.1% |
| Chubb | CB | 1.6% | 0.2% |
| Prosus | PRX NA | 1.6% | — |
| Quest Diagnostics | DGX | 1.6% | < 0.1% |
| Julius Baer Group | BAER SE | 1.5% | — |
| DBS Group Holdings | DBS SP | 1.5% | — |
| Intel | INTC | 1.4% | 0.2% |
| Samsung Electronics | 005930 KS | 1.3% | — |
| Tyson Foods | TSN | 1.1% | < 0.1% |
| AGCO | AGCO | 1.0% | — |
| AIA Group | 1299 HK | 1.0% | — |
| Coupang | CPNG | 1.0% | — |
| ConocoPhillips | COP | 0.9% | 0.3% |
| Bank of New York Mellon | BK | 0.9% | 0.1% |
| IAC | IAC | 0.8% | — |
| Trip.com Group | TCOM | 0.8% | — |
| Darling Ingredients | DAR | 0.6% | — |
| OCI | OCI NA | 0.3% | — |
| Naspers | NPN SJ | 0.2% | — |
| Orascom Construction | OC DU | 0.1% | — |
| ASAC II | ASAC LP | 0.1% | — |
| 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 | New York Venture Fund | S&P 500® |
|---|---|---|
| Financials | 37.5% | 12.9% |
| Communication Services | 13.0% | 8.9% |
| Health Care | 12.9% | 11.6% |
| Consumer Discretionary | 12.2% | 10.1% |
| Information Technology | 11.1% | 31.7% |
| Industrials | 4.7% | 8.5% |
| Materials | 3.8% | 2.2% |
| Energy | 3.1% | 3.3% |
| Consumer Staples | 1.6% | 5.9% |
| Utilities | — | 2.5% |
| Real Estate | — | 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.
| New York Venture Fund | ||
|---|---|---|
| Market | Percentage | |
|
|
Large | 96.6% |
|
|
Mid | 3.3% |
|
|
Small | 0.1% |
| S&P 500® Index | ||
|---|---|---|
| Market | Percentage | |
|
|
Large | 99.6% |
|
|
Mid | 0.4% |
|
|
Small | 0.0% |
PM Commentary
Portfolio Manager Commentaries
| Document | Description |
|---|---|
| Manager Commentary - Fall 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
How Davis NY Venture is Benefiting in this Transitioning Market
The end of the easy-money era, why fundamentals matter again and drivers of recent performance
Market Distortions Caused by Historically Low Rates
We believe that select Banks may be among the best opportunities in the market today, as investors significantly overestimate the risks and underestimate the upside potential of these durable businesses
Why We Believe Select Banks are Undervalued Today
Why we believe select banks are attractive, given their durability, long-term growth, competitive advantages, growing market share and attractive valuations.
Davis NY Venture Fund – A Portfolio in the Sweet Spot for the Coming Decade
A portfolio of resilient, growing, cash-generating businesses – undervalued over a decade when low-interest rates deemed those attributes unnecessary
“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 |
|---|---|
| Davis New York Venture Fund: Selective. Attractive Growth. Undervalued. | Our companies are rigorously researched, offer attractive growth and yet are significantly undervalued versus the benchmark - A powerful combination. |
| Barron's Interview with PM Chris Davis: Real Value to be Found Between the Extremes | Chris on an equity environment of “cheap but fragile” at one end, and “high growth but overvalued” on the other. Our target: Durable, growing but undervalued |
| Quarterly Outlook – Fourth Quarter 2024 | 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 |
| Financial Statements & Other Info Items 7-11 of Form N-CSR |
| Statement of Additional Information |
| Holdings Q1 |
| Holdings Q3 |
| Proxy |
| Document |
|---|
| Annual Report - Class A |
| Annual Report - Class B |
| Annual Report - Class C |
| Annual Report - Class Y |
| Annual Report - Class R |
| 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 | Class R |
|---|---|---|---|---|
| Minimum Initial Investment | $1,000 | $1,000 | $5,000,000 | $500,000 |
| Minimum Additional Investment | $25 | $25 | $25 | $25 |
Distributions
2024 Distributions as of 12/13/24
This information on 2024 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 | 6/13/24 | 6/14/24 | 6/17/24 | TBD | .1826 | TBD | - | 2.00 | 27.49 |
| 12/12/24 | 12/13/24 | 12/16/24 | TBD | .294 | TBD | .0243 | 3.00 | TBD | |
| Class B | 6/13/24 | 6/14/24 | 6/17/24 | TBD | .046 | TBD | - | 2.00 | 20.40 |
| 12/12/24 | 12/13/24 | 12/16/24 | TBD | .128 | TBD | .0243 | 3.00 | TBD | |
| Class C | 6/13/24 | 6/14/24 | 6/17/24 | TBD | .05 | TBD | - | 2.00 | 21.92 |
| 12/12/24 | 12/13/24 | 12/16/24 | TBD | .139 | TBD | .0243 | 3.00 | TBD | |
| Class Y | 6/13/24 | 6/14/24 | 6/17/24 | TBD | .225 | TBD | - | 2.00 | 28.69 |
| 12/12/24 | 12/13/24 | 12/16/24 | TBD | .344 | TBD | .0243 | 3.00 | TBD | |
| Class R | 6/13/24 | 6/14/24 | 6/17/24 | TBD | .144 | TBD | - | 2.00 | 27.56 |
| 12/12/24 | 12/13/24 | 12/16/24 | TBD | .25 | TBD | .0243 | 3.00 | TBD |
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 2024 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 2024 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.