Overview
Investment Strategy
Davis Real Estate Fund is a portfolio of durable, well-managed real estate companies selected using the time-tested Davis Investment Discipline.
The Fund seeks best-of-breed real estate businesses with first-class management that prioritize producing steadily increasing income and strong returns on capital.
The Fund offers investors the diversification of the real estate asset class
We are one of the largest shareholders in the Fund. We experience the same risks and reap the same rewards as our shareholders.
Fund Details as of 9/30/24
| Detail | Value |
|---|---|
| Long-Term Growth and Income | |
| Total Net Assets ($M) | 167.4 |
| Benchmark | Wilshire U.S. Real Estate Securities |
| Lipper Category | Real Estate |
A Shares
| Detail | Value |
|---|---|
| Ticker (A) | RPFRX |
| Inception Date (A) | 1/3/94 |
| CUSIP (A) | 239103302 |
| Fund Number (A) | 429 |
| 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 C Shares, 1.75%; and Class Y Shares, 0.75%). The Adviser is obligated to continue the expense cap through May 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. | 1.00% |
| Gross Expense Ratio (A) | 1.00% |
C Shares
| Detail | Value |
|---|---|
| Ticker (C) | DRECX |
| Inception Date (C) | 8/13/97 |
| CUSIP (C) | 239103724 |
| Fund Number (C) | 829 |
| 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 C Shares, 1.75%; and Class Y Shares, 0.75%). The Adviser is obligated to continue the expense cap through May 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) | 2.00% |
Y Shares
| Detail | Value |
|---|---|
| Ticker (Y) | DREYX |
| Inception Date (Y) | 11/8/96 |
| CUSIP (Y) | 239103823 |
| Fund Number (Y) | 917 |
| 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 C Shares, 1.75%; and Class Y Shares, 0.75%). The Adviser is obligated to continue the expense cap through May 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. | 0.75% |
| Gross Expense Ratio (Y) | 0.75% |
Performance as of 9/30/24
Average Annual Returns
A Shares: Quarterly (as of 9/30/24)
|
|
|||||||
|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
A Shares without a sales charge |
12.97% | 31.07% | 1.91% | 3.57% | 6.99% | 8.79% |
|
|
A Shares with a maximum 4.75% sales charge |
7.61% | 24.84% | 0.27% | 2.57% | 6.48% | 8.62% |
The average annual total returns for Davis Real Estate Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.84%; 5 years, 2.57%; and 10 years, 6.48%. 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 1.00%. [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 May 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 9/30/24)
|
|
|||||||
|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
A Shares without a sales charge |
12.97% | 31.07% | 1.91% | 3.57% | 6.99% | 8.79% |
|
|
A Shares with a maximum 4.75% sales charge |
7.61% | 24.84% | 0.27% | 2.57% | 6.48% | 8.62% |
The average annual total returns for Davis Real Estate Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.84%; 5 years, 2.57%; and 10 years, 6.48%. 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 1.00%. [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 May 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)
|
|
|||||||
|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
C Shares without CDSC |
12.31% | 30.02% | 1.10% | 2.75% | 6.27% | 7.08% |
|
|
C Shares with CDSC |
11.31% | 29.02% | 1.10% | 2.75% | 6.27% | 7.08% |
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 Real Estate Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.84%; 5 years, 2.57%; and 10 years, 6.48%. 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 1.00%. [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 May 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 9/30/24)
|
|
|||||||
|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
C Shares without CDSC |
12.31% | 30.02% | 1.10% | 2.75% | 6.27% | 7.08% |
|
|
C Shares with CDSC |
11.31% | 29.02% | 1.10% | 2.75% | 6.27% | 7.08% |
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 Real Estate Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.84%; 5 years, 2.57%; and 10 years, 6.48%. 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 1.00%. [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 May 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)
|
|
|||||||
|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
Y Shares | 13.19% | 31.39% | 2.16% | 3.80% | 7.23% | 8.34% |
The average annual total returns for Davis Real Estate Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.84%; 5 years, 2.57%; and 10 years, 6.48%. 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 1.00%. [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 May 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 9/30/24)
|
|
|||||||
|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
Y Shares | 13.19% | 31.39% | 2.16% | 3.80% | 7.23% | 8.34% |
The average annual total returns for Davis Real Estate Fund’s Class A shares for periods ending September 30, 2024, including a maximum 4.75% sales charge, are: 1 year, 24.84%; 5 years, 2.57%; and 10 years, 6.48%. 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 1.00%. [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 May 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 | Real Estate Fund | Wilshire U.S. Real Estate Securities® |
|---|---|---|
| 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 Wilshire U.S. Real Estate Securities is 46.9x. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index. | 42.2x | 46.9x |
| 5 Year Earnings Growth | 7.9% | 8.2% |
| 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. | 2.7 | 3.0 |
| 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. | 21.5 | 21.4 |
| Number of Holdings | 37 | 95 |
| Weighted Average Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. | 38.5 | 44.2 |
| Median Market Cap ($bn) Median Market Capitalization is the midpoint of market capitalization of the stocks in a portfolio. | 15.0 | 3.9 |
| Real Estate Fund | Real Estate 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 25% and 14%, respectively. | 14% | 50% |
Mastering the Mental Game of Investing
A video series to help you develop the mindset of a successful investor.
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 | Real Estate Fund | Wilshire U.S. Real Estate Securities® |
|---|---|---|---|
| Prologis | PLD | 8.4% | 11.1% |
| Public Storage | PSA | 5.2% | 5.5% |
| Ventas | VTR | 4.9% | 2.5% |
| Cousins Properties | CUZ | 4.7% | 0.4% |
| Equinix | EQIX | 4.7% | 8.0% |
| American Tower | AMT | 4.5% | — |
| Alexandria Real Estate Equities | ARE | 4.4% | 2.0% |
| Digital Realty Trust | DLR | 4.3% | 5.0% |
| Simon Property Group | SPG | 4.0% | 5.2% |
| Brixmor Property Group | BRX | 3.8% | 0.8% |
| Top 10 Holdings Total % of Portfolio | 48.8% | 40.5% | |
Top 10 Holdings: Monthly (as of 9/30/24)
| Holding | Ticker | Real Estate Fund | Wilshire U.S. Real Estate Securities® |
|---|---|---|---|
| Prologis | PLD | 8.4% | 11.1% |
| Public Storage | PSA | 5.2% | 5.5% |
| Ventas | VTR | 4.9% | 2.5% |
| Cousins Properties | CUZ | 4.7% | 0.4% |
| Equinix | EQIX | 4.7% | 8.0% |
| American Tower | AMT | 4.5% | — |
| Alexandria Real Estate Equities | ARE | 4.4% | 2.0% |
| Digital Realty Trust | DLR | 4.3% | 5.0% |
| Simon Property Group | SPG | 4.0% | 5.2% |
| Brixmor Property Group | BRX | 3.8% | 0.8% |
| Top 10 Holdings Total % of Portfolio | 48.8% | 40.5% | |
All Holdings: Quarterly (as of 9/30/24)
| Holding | Ticker | Real Estate Fund | Wilshire U.S. Real Estate Securities® |
|---|---|---|---|
| Prologis | PLD | 8.4% | 11.1% |
| Public Storage | PSA | 5.2% | 5.5% |
| Ventas | VTR | 4.9% | 2.5% |
| Cousins Properties | CUZ | 4.7% | 0.4% |
| Equinix | EQIX | 4.7% | 8.0% |
| American Tower | AMT | 4.5% | — |
| Alexandria Real Estate Equities | ARE | 4.4% | 2.0% |
| Digital Realty Trust | DLR | 4.3% | 5.0% |
| Simon Property Group | SPG | 4.0% | 5.2% |
| Brixmor Property Group | BRX | 3.8% | 0.8% |
| AvalonBay Communities | AVB | 3.3% | 3.0% |
| BXP | BXP | 3.2% | 1.2% |
| Extra Space Storage | EXR | 3.0% | 3.6% |
| Rexford Industrial Realty | REXR | 2.8% | 1.1% |
| Essex Property Trust | ESS | 2.7% | 1.8% |
| Camden Property Trust | CPT | 2.5% | 1.2% |
| American Homes 4 Rent | AMH | 2.3% | 1.2% |
| UDR | UDR | 2.3% | 1.4% |
| Sunstone Hotel Investors | SHO | 2.3% | 0.2% |
| Regency Centers | REG | 2.3% | 1.2% |
| Equity Residential | EQR | 2.1% | 2.6% |
| Eastgroup Properties, Inc. | EGP | 2.0% | 0.9% |
| Federal Realty Investment Trust | FRT | 1.7% | 0.9% |
| Terreno Realty | TRNO | 1.7% | 0.6% |
| Hudson Pacific Properties | HPP | 1.6% | 0.1% |
| Mid-America Apartment Communities | MAA | 1.5% | 1.8% |
| Healthpeak Properties | DOC | 1.5% | 1.5% |
| VICI Properties | VICI | 1.4% | — |
| Highwoods Properties | HIW | 1.3% | 0.3% |
| Crown Castle | CCI | 1.3% | — |
| Great Portland Estates | GPE LN | 1.1% | — |
| Welltower | WELL | 1.1% | 7.4% |
| Community Healthcare Trust | CHCT | 1.0% | — |
| Derwent London | DLN LN | 1.0% | — |
| Retail Opportunity Investments | ROIC | 1.0% | 0.2% |
| Sun Communities | SUI | 0.9% | 1.6% |
| Douglas Emmett | DEI | 0.6% | 0.3% |
| Cash | — | 1.9% | — |
All Holdings: Monthly (as of 9/30/24)
| Holding | Ticker | Real Estate Fund | Wilshire U.S. Real Estate Securities® |
|---|---|---|---|
| Prologis | PLD | 8.4% | 11.1% |
| Public Storage | PSA | 5.2% | 5.5% |
| Ventas | VTR | 4.9% | 2.5% |
| Cousins Properties | CUZ | 4.7% | 0.4% |
| Equinix | EQIX | 4.7% | 8.0% |
| American Tower | AMT | 4.5% | — |
| Alexandria Real Estate Equities | ARE | 4.4% | 2.0% |
| Digital Realty Trust | DLR | 4.3% | 5.0% |
| Simon Property Group | SPG | 4.0% | 5.2% |
| Brixmor Property Group | BRX | 3.8% | 0.8% |
| AvalonBay Communities | AVB | 3.3% | 3.0% |
| BXP | BXP | 3.2% | 1.2% |
| Extra Space Storage | EXR | 3.0% | 3.6% |
| Rexford Industrial Realty | REXR | 2.8% | 1.1% |
| Essex Property Trust | ESS | 2.7% | 1.8% |
| Camden Property Trust | CPT | 2.5% | 1.2% |
| American Homes 4 Rent | AMH | 2.3% | 1.2% |
| UDR | UDR | 2.3% | 1.4% |
| Sunstone Hotel Investors | SHO | 2.3% | 0.2% |
| Regency Centers | REG | 2.3% | 1.2% |
| Equity Residential | EQR | 2.1% | 2.6% |
| Eastgroup Properties, Inc. | EGP | 2.0% | 0.9% |
| Federal Realty Investment Trust | FRT | 1.7% | 0.9% |
| Terreno Realty | TRNO | 1.7% | 0.6% |
| Hudson Pacific Properties | HPP | 1.6% | 0.1% |
| Mid-America Apartment Communities | MAA | 1.5% | 1.8% |
| Healthpeak Properties | DOC | 1.5% | 1.5% |
| VICI Properties | VICI | 1.4% | — |
| Highwoods Properties | HIW | 1.3% | 0.3% |
| Crown Castle | CCI | 1.3% | — |
| Great Portland Estates | GPE LN | 1.1% | — |
| Welltower | WELL | 1.1% | 7.4% |
| Community Healthcare Trust | CHCT | 1.0% | — |
| Derwent London | DLN LN | 1.0% | — |
| Retail Opportunity Investments | ROIC | 1.0% | 0.2% |
| Sun Communities | SUI | 0.9% | 1.6% |
| Douglas Emmett | DEI | 0.6% | 0.3% |
| Cash | — | 1.9% | — |
Industry Diversification
| Industry | Percentage | |
|---|---|---|
|
|
Specialized REITs | 24.9% |
|
|
Residential REITs | 17.9% |
|
|
Industrial REITs | 15.1% |
|
|
Office REITs | 13.8% |
|
|
Health Care REITs | 13.1% |
|
|
Retail REITs | 13.0% |
|
|
Hotel & Resort REITs | 2.3% |
Geographic Diversification
| Region | Percentage | |
|---|---|---|
|
|
Pacific | 36% |
|
|
South Atlantic | 14% |
|
|
Northeast Central | 13% |
|
|
Mountain | 9% |
|
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Southeast Central | 8% |
|
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New England | 8% |
|
|
Mid Atlantic | 5% |
|
|
Southwest Central | 5% |
|
|
Non-U.S. | 2% |
|
|
Northwest Central | — |
PM Commentary
Portfolio Manager Commentaries
| Document | Description |
|---|---|
| Manager Commentary - Semi-Annual 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 |
Literature
Regulatory Reports
| Document |
|---|
| Summary Prospectus |
| Prospectus |
| Financial Statements and Other Information Items 7-11 of Form N-CSR |
| Statement of Additional Information |
| Holdings Q1 |
| Holdings Q3 |
| Proxy |
| Document |
|---|
| 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 |
|---|---|---|---|
| Minimum Initial Investment | $1,000 | $1,000 | $5,000,000 |
| Minimum Additional Investment | $25 | $25 | $25 |
Distributions
2023 Distributions as of 01/08/24
This information on 2023 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 | 3/28/23 | 3/29/23 | 3/30/23 | 1.09% | 0.18 | - | - | - | 37.45 |
| 6/26/23 | 6/27/23 | 6/28/23 | 1.09% | 0.18 | - | - | - | 38.59 | |
| 9/26/23 | 9/27/23 | 9/28/23 | 1.09% | 0.18 | - | - | - | 35.80 | |
| 12/26/23 | 12/27/23 | 12/28/23 | 1.09% | 0.40 | - | - | - | 41.92 | |
| Class C | 3/28/23 | 3/29/23 | 3/30/23 | 1.09% | 0.1045 | - | - | - | 37.46 |
| 6/26/23 | 6/27/23 | 6/28/23 | 1.09% | 0.1079 | - | - | - | 38.60 | |
| 9/26/23 | 9/27/23 | 9/28/23 | 1.09% | 0.1065 | - | - | - | 35.81 | |
| 12/26/23 | 12/27/23 | 12/28/23 | 1.09% | 0.33 | - | - | - | 41.92 | |
| Class Y | 3/28/23 | 3/29/23 | 3/30/23 | 1.09% | 0.208 | - | - | - | 38.00 |
| 6/26/23 | 6/27/23 | 6/28/23 | 1.09% | 0.207 | - | - | - | 39.16 | |
| 9/26/23 | 9/27/23 | 9/28/23 | 1.09% | 0.2075 | - | - | - | 36.32 | |
| 12/26/23 | 12/27/23 | 12/28/23 | 1.09% | 0.429 | - | - | - | 42.53 |
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 2023 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 2023 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.
2024 Estimated Year-End Distributions Percentage of 09/30/23 NAV Price
This information on 2024 estimated year-end distributions is intended for existing shareholders. Davis New York Venture Fund also paid a semiannual capital gains distribution. No other Davis Fund paid a semiannual capital gains distribution.
As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.
Capital gains result from the appreciation of companies in the portfolio. The funds’ long-term investment approach means that this appreciation may have occurred over an extended period of time. Most or all of the gains are long term and generally subject to lower tax rates than short-term gains or dividend income.
- Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.
- Estimated distributions can change prior to the record date depending on current market conditions. The estimates below do not include ordinary income distributions the fund may be making.
| Record Date | Ex-Date | Payable Date | Short-term Capital Gain | Long-term Capital Gain |
|---|---|---|---|---|
| 12/26/24 | 12/27/24 | 12/30/24 | None Expected | 1% - 3% |
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.