Davis Opportunity Fund

    Overview

    Fund Statistics (Class A)

    Inception Date 12/1/94
    Expense Ratio 0.94%
    Turnover Rate 17%
    Results from inception through 3/31/21 (A shares without a sales charge):
    Fund 11.09%
    Average Fund in Category 9.65%

    Investment Strategy

    The goal of the Davis Opportunity Fund is to create an opportunistic portfolio that can seek attractive businesses across all market caps, industries and sectors.

    Using our signature Davis Investment Discipline, the Fund has outperformed the S&P 1500® Index since Davis began managing the Fund.1 Click here to learn more about our long-term returns.

    Why Invest in the Davis Opportunity Fund7

    Sixty Years of Experience

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

    Long-Term Investment Results

    The Fund has outperformed the S&P 1500® Index since Davis began managing the Fund. A hypothetical $10,000 investment in the Fund on January 1, 1999 compounded to over $72,240 as of March 31, 2021 vs. only $52,844 for the S&P 1500® Index.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 Ratio3

    Davis Opportunity Fund A, 0.94%; Lipper category average, 0.95%

    Lower than Average Turnover Rate3

    Davis Opportunity Fund, 17%; Lipper category average, 71%

    Performance as of 3/31/21

    A hypothetical $10,000 investment in the Davis Opportunity Fund on 1/1/99 compounded to $72,240 by March 31, 2021 vs. only $52,844 for the S&P 1500® Index.

    Total Returns
    as of March 31, 2021    		 1
    Year    		 5
    Years    		 10
    Years
    Davis Opportunity Fund Class A Shares
    with a maximum 4.75% sales charge     		59.82% 13.14% 12.02%

    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 0.94%. 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 3/31/21

    Market Capitalization

    Small Cap 2.0%
    Mid Cap 7.7%
    Large Cap 90.3%

    Portfolio Composition

    Opportunity Fund S&P 1500®
    Forecast P/E Ratio 15.4 22.2
    P/B Ratio 3.0 4.1
    Weighted Average Market Cap ($bn) 190.4 413.8
    Beta (3 year) 1.1 1.0
    Standard Deviation (5 year, A shares) 16.6 15.2
    Number of Holdings 40 1,506

    Turnover and Expenses

    Opportunity Fund Lipper Category Average
    Turnover Rate3 17% 71%
    Expense Ratio3 (A Shares) 0.93% 0.95%

    Top 10 Holdings

    Quest Diagnostics 6.1%
    Carrier Global 5.8%
    Wells Fargo 5.7%
    Cigna 5.3%
    Capital One Financial 5.2%
    U.S. Bancorp 5.0%
    UnitedHealth Group 5.0%
    Owens Corning 4.4%
    Grab Holdings 4.3%
    Alphabet 3.9%

    Click here for month-end holdings.
    Click here for quarter-end holdings.


    Top 5 Industries

    Capital Goods 22.5%
    Health Care 21.7%
    Banks 10.7%
    Information Technology 10.1%
    Transportation 7.8%

    Literature

    Fact Sheets
    Fund Fact Sheet Download

    How the Fund applies the Davis Investment Discipline to companies of various market capitalizations, Portfolio characteristics, top holdings, and performance.

    Portfolio Composition Download

    Quarterly update of portfolio characteristics.
    Portfolio Manager Commentary
    Manager Commentary - Annual Review 2021 Download View

    The Fund research team discusses the Portfolio, performance and how they apply the Davis Investment Discipline to uncover opportunities in the current environment.

    This material must be accompanied or preceded by a current Davis Opportunity 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. Davis began managing the fund on 1/1/99.  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.

    3See Expense ratio/Turnover link below.


    (17) Read here for objective/risk disclosures

    (19) Read here for Expense ratio/Turnover disclosures

    (20) Read here for Index definition

    (9) Read here for additional disclosures

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