Davis New York Venture Fund

    Overview

    Fund Statistics (Class A)

    Inception Date 2/17/69
    Expense Ratio 0.89%
    Turnover Rate 17%
    Results from inception through 12/31/19 (A shares without sales charge):
    Fund 11.65%
    Average Fund in Category 9.88%

    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. 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 Fund has significantly outperformed the S&P 500® Index since its inception in 1969.1 Click here to learn more about our historical record of attractive long-term returns.

    Why Invest in the Davis New York Venture Fund

    Sixty Years of Experience

    The Davis family has compounded wealth for investors over six decades and three generations.

    Long-Term Investment Results

    The Davis New York Venture Fund has significantly outperformed the S&P 500® Index since its inception in 1969.1

    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.2

    Lower than Average Expense Ratio4

    Davis New York Venture Fund A, 0.89%; Lipper category average, 0.91%

    Lower than Average Turnover Rate4

    Davis New York Venture Fund, 17%; Lipper category average, 55%.

    Performance as of 12/31/19

    1) Compounding Wealth

    By consistently outperforming the S&P 500® Index over time, a hypothetical $10,000 investment in the Fund on February 17, 1969 compounded to $2,735,198 as of December 31, 2019 vs. only $1,427,735 for the S&P 500® Index and $1,592,429 for the average large cap fund.

    Total Returns
    as of December 31, 2019    		 YTD* 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr 20 Yr 25 Yr 30 Yr 35 Yr 40 Yr Since
    2/17/69
    DNYVF Class A shares
    without a sales charge     		30.91% 30.91% 11.63% 9.96% 10.73% 7.45% 6.50% 10.18% 10.44% 12.02% 12.83% 11.65%
    with a maximum 4.75% sales charge 24.69% 24.69% 9.83% 8.90% 10.20% 7.10% 6.24% 9.97% 10.27% 11.87% 12.70% 11.56%
    S&P 500® Index 31.49% 31.49% 15.27% 11.69% 13.55% 8.99% 6.05% 10.21% 9.96% 11.38% 11.80% 10.24%

    *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 total annual operating expense ratio for Class A shares as of the most recent prospectus was 0.89%. 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.



    2) A History of Consistent Long Term Outperformance

    Since no manager can outperform over all periods, our objective has been to increase the probability of outperformance the longer an investor stays with us. As shown below, the longer one has invested with us, the more likely they have earned above-average returns.6

    Percentage of Time the Davis New York Venture Fund Has Outperformed the Market
    (2/17/69 - 12/31/19)

    Source: Thomson Financial, Lipper and Bloomberg. The "market" is represented by the S&P 500® Index. Past performance is not a guarantee of future results.

    Portfolio Characteristics as of 12/31/19

    Portfolio Composition

    New York
    Venture Fund    		 S&P 500®
    Index
    Forecast P/E Ratio 15.3 20.0
    P/B Ratio 3.1 3.8
    Weighted Average Market Cap ($bn) 256.1 283.3
    Beta (3 year) 1.2 1.0
    Standard Deviation (5 year, A Shares) 14.6 12.0
    Number of Holdings 48 505

    Turnover and Expenses

    New York
    Venture Fund    		 Lipper Category
    Average5
    Turnover Rate4 17% 55%
    Expense Ratio4 (A Shares) 0.89% 0.91%

    Top 10 Holdings

    Alphabet 8.1%
    Wells Fargo 6.6%
    Berkshire Hathaway 6.2%
    Capital One Financial 6.1%
    New Oriental Education & Tech 5.6%
    United Technologies 5.2%
    Amazon.com 5.1%
    JPMorgan Chase 5.0%
    Facebook Inc 4.4%
    Applied Materials 4.3%

    Click here for month-end holdings.
    Click here for quarter-end holdings.
    Click here for N-Port Schedule of Portfolio Holdings.

    Top 10 Industries

    Diversified Financials 18.3%
    Banks 17.2%
    Media & Entertainment 12.8%
    Retailing 11.2%
    Information Technology 10.8%
    Capital Goods 8.0%
    Consumer Services 5.6%
    Energy 4.5%
    Insurance 4.1%
    Transportation 3.5%

    Literature

    Fact Sheets
    Fund Fact Sheet Download

    Goals of the Fund, types of companies in the Portfolio, top holdings, Portfolio characteristics, and historical performance.
    Portfolio Composition Download

    Quarterly update of portfolio characteristics.
    Insights Into the Fund
    Davis NY Venture Fund:
    Attractive Growth.
    Undervalued.
    World Class Businesses.         		Download

    Distinguished by companies with earnings growth significantly higher and P/Es significantly lower than the Index – World-class businesses positioned for opportunities in today’s market †
    A History of Long Term Outperformance Download Discusses the Fund’s growing success in beating the S&P500 as investor holding period increased (ultimately reaching 100%).
    Davis NY Venture Fund: Selective. Attractive Growth. Undervalued. Download

    Our companies are rigorously researched, offer attractive growth and yet are significantly undervalued versus the benchmark – A powerful combination.
    A Conversation with Chris Davis Download

    PM Chris Davis on strategies that can help every investor to become more successful.
    Portfolio Manager Commentaries
    Manager Commentary - Annual Review 2020 Download View

    An interview with the Fund Managers.

    This material must be accompanied or preceded by a current Davis New York Venture 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.


    1Class A shares, not including a sales charge. Past performance is not a guarantee of future results.

    2As of December 31, 2019. This includes Davis Advisors, the Davis family and Foundation, our employees, and Fund Directors.

    4See Expense ratio/Turnover link below.

    5The Average Large Cap Fund is represented by the equities in the Lipper Average Large Cap peer group. Lipper will not calculate returns with inceptions in the middle of the month. Inception date used is 2/28/69. Past performance is not a guarantee of future results.

    6See "outperforming the market" link below.

    * Class A shares without a sales charge. Past performance is not a guarantee of future results. Inception is 2/17/1969.

    † The Attractive Growth and Undervalued reference in this piece relates to underlying characteristics of the portfolio holdings. There is no guarantee that Fund performance will be positive as equity markets are volatile and an investor may lose money.


    (4) Read here for objective/risk disclosures

    (6) Read here for outperforming the market disclosure

    (8) Read here for Expense ratio/Turnover disclosures

    (12) Read here for Index definition

    (9) Read here for additional disclosures

    Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756