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Davis New York Venture Fund
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. 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 Turnover Rate4
Davis New York Venture Fund A, 11%; Lipper category average, 50%
Performance as of 3/31/21
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 $3,451,956 as of March 31, 2021 vs. only $1,794,739 for the S&P 500® Index and $2,168,417 for the average large cap fund.
| Total Returns as of March 31, 2021 |
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 |
13.28% | 71.71% | 13.66% | 15.68% | 11.55% | 8.16% | 7.81% | 9.48% | 10.88% | 11.22% | 12.41% | 11.85% |
| with a maximum 4.75% sales charge | 7.90% | 63.55% | 11.85% | 14.57% | 11.02% | 7.82% | 7.56% | 9.27% | 10.71% | 11.07% | 12.28% | 11.76% |
| S&P 500® Index | 6.17% | 56.35% | 16.76% | 16.28% | 13.90% | 10.01% | 8.47% | 9.58% | 10.41% | 10.82% | 11.62% | 10.46% |
*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 0.90%. 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 - 3/31/21)
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 3/31/21
Portfolio Composition
| New York Venture Fund |
S&P 500® Index |
|
|---|---|---|
| Forecast P/E Ratio | 14.0 | 22.5 |
| P/B Ratio | 2.7 | 4.2 |
| Weighted Average Market Cap ($bn) | 303.9 | 453.6 |
| Beta (3 year) | 1.2 | 1.0 |
| Standard Deviation (5 year, A Shares) | 18.2 | 14.9 |
| Number of Holdings | 42 | 505 |
Turnover and Expenses
| New York Venture Fund |
Lipper Category Average5 |
|
|---|---|---|
| Turnover Rate4 | 11% | 50% |
| Expense Ratio4 (A Shares) | 0.90% | 0.86% |
Top 10 Holdings
| Capital One Financial | 8.4% |
| Alphabet | 7.2% |
| Wells Fargo | 6.5% |
| Applied Materials | 5.6% |
| Berkshire Hathaway | 5.5% |
| U.S. Bancorp | 4.5% |
| New Oriental Education & Technology | 4.3% |
| JPMorgan Chase | 4.3% |
| 4.2% | |
| Alibaba Group Holding | 4.2% |
Top 10 Industries
| Banks | 19.9% |
| Diversified Financials | 19.3% |
| Media & Entertainment | 13.6% |
| Retailing | 13.1% |
| Information Technology | 12.9% |
| Health Care | 4.5% |
| Capital Goods | 4.5% |
| Consumer Services | 4.3% |
| Insurance | 3.9% |
| Transportation | 3.2% |
Literature
| Fact Sheets | ||
|---|---|---|
| Fund Fact Sheet | Download Share | Goals of the Fund, types of companies in the Portfolio, top holdings, Portfolio characteristics, and historical performance. |
| Portfolio Composition | Download Share | Quarterly update of portfolio characteristics. |
| Insights Into the Fund | ||
|
Davis NY Venture Fund: Attractive Growth. Undervalued. World Class Businesses. |
Download Share | 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 † |
| Barrons Interview: A Great Time to Own Financial Stocks | View Share | Financial stocks have staged a remarkable rebound. Barron’s interviewed Chris Davis about his strong conviction in the sector, and why we may be setting up for a decade of revaluation for the group. |
| A History of Long Term Outperformance | Download Share | Discusses the Fund’s growing success in beating the S&P500 as investor holding period increased (ultimately reaching 100%). |
| Portfolio Manager Commentaries | ||
| Manager Commentary - Annual Review 2021 | Download View Share | 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, 2020. 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