Overview
Investment Strategy
The goal of the Davis Equity Portfolio 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 Equity Portfolio an ideal foundation for an investor's portfolio.
"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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Equity Portfolio invests in only a select group of well-researched companies |
Equity Portfolio's portfolio companies have grown more than the index More information about Earnings 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. |
Equity Portfolio's portfolio companies are 36% less expensive than the index |
| Holdings More information about Holdings The number of holdings in the Fund excluding cash positions. | EPS Growth (5 Year) More information about EPS 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 15.1%. Approximately 3.95% 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) More information about 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 23.1x. 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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Portfolio
S&P 500
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Fund Details as of 6/30/25
| Detail | Value |
|---|---|
| Long-Term Capital Appreciation | |
| Total Net Assets ($M) | 102.5 |
| Benchmark | S&P 500 |
| Category | Large Cap Core |
| Detail | Value |
|---|---|
| Ticker | QDVPAX |
| Inception Date | 7/1/99 |
| CUSIP | 239124100 |
| Fund Number | 1665 |
| Net Expense Ratio More information about Net Expense Ratio 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 at 1.00%. The Adviser is obligated to continue the expense cap through May 1, 2026. 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. | 0.72% |
| Gross Expense Ratio | 0.72% |
Performance
Average Annual Returns
Quarterly (as of 6/30/25)
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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Equity Portfolio | 11.53% | 14.59% | 21.32% | 15.76% | 10.93% | 7.36% |
The average annual total returns for Davis Equity Portfolio for periods ending June 30, 2025, are: 1 year, 14.59%; 5 years, 15.76%; and 10 years, 10.93%. 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 as of the most recent prospectus was 0.72%. [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, 2026.] The total annual operating expense ratio may vary in future years. Periods less than one year are not annualized.
Monthly (as of 8/31/25)
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| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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Equity Portfolio | 15.83% | 16.41% | 21.89% | 14.35% | 11.70% | 7.47% |
The average annual total returns for Davis Equity Portfolio for periods ending June 30, 2025, are: 1 year, 14.59%; 5 years, 15.76%; and 10 years, 10.93%. 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 as of the most recent prospectus was 0.72%. [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, 2026.] The total annual operating expense ratio may vary in future years. Periods less than one year are not annualized.
Portfolio Characteristics as of 6/30/25
Portfolio Composition
| Item | Equity Portfolio | S&P 500 |
|---|---|---|
| Forecast P/E | 14.7x | 23.1x |
| 5 Year Earnings Growth | 19.4% | 15.1% |
| P/B Ratio | 3.4 | 4.7 |
| Standard Deviation (5 year, A Shares) | 18.0 | 16.3 |
| Number of Holdings | 40 | 503 |
| Weighted Average Market Cap ($bn) | 421.7 | 1,088.8 |
| Median Market Cap | 48.5 | 36.2 |
Mastering the Mental Game of Investing
A video series to help you develop the mindset of a successful investor.
Watch the SeriesPortfolio Holdings More information about Portfolio 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 6/30/25)
| Holding | Ticker | Equity Portfolio | S&P 500® |
|---|---|---|---|
| Meta Platforms | META | 9.2% | 3.1% |
| Capital One Financial | COF | 9.1% | 0.3% |
| Applied Materials | AMAT | 5.2% | 0.3% |
| Berkshire Hathaway | BRK A | 5.0% | 1.7% |
| U.S. Bancorp | USB | 4.4% | 0.1% |
| MGM Resorts | MGM | 4.2% | < 0.1% |
| CVS Health | CVS | 4.0% | 0.2% |
| Amazon.com | AMZN | 3.9% | 4.0% |
| Danske Bank | DANSKE DC | 3.8% | — |
| Alphabet | GOOGL | 3.6% | 3.5% |
| Top 10 Holdings Total % of Portfolio | 52.3% | 13.1% | |
Top 10 Holdings: Monthly (as of 8/31/25)
| Holding | Ticker | Equity Portfolio | S&P 500® |
|---|---|---|---|
| Capital One Financial | COF | 9.4% | 0.3% |
| Meta Platforms | META | 7.6% | 2.9% |
| Berkshire Hathaway | BRK A | 5.0% | 1.7% |
| Applied Materials | AMAT | 4.9% | 0.2% |
| MGM Resorts | MGM | 4.7% | < 0.1% |
| U.S. Bancorp | USB | 4.6% | 0.1% |
| Alphabet | GOOGL | 4.2% | 4.1% |
| CVS Health | CVS | 4.1% | 0.2% |
| Amazon.com | AMZN | 4.0% | 4.0% |
| Danske Bank | DANSKE DC | 3.7% | — |
| Top 10 Holdings Total % of Portfolio | 52.3% | 13.5% | |
All Holdings: Quarterly (as of 6/30/25)
| Holding | Ticker | Equity Portfolio | S&P 500® |
|---|---|---|---|
| Meta Platforms | META | 9.2% | 3.1% |
| Capital One Financial | COF | 9.1% | 0.3% |
| Applied Materials | AMAT | 5.2% | 0.3% |
| Berkshire Hathaway | BRK A | 5.0% | — |
| U.S. Bancorp | USB | 4.4% | 0.1% |
| MGM Resorts | MGM | 4.2% | < 0.1% |
| CVS Health | CVS | 4.0% | 0.2% |
| Amazon.com | AMZN | 3.9% | 4.0% |
| Danske Bank | DANSKE DC | 3.8% | — |
| Alphabet | GOOGL | 3.6% | 2.0% |
| Texas Instruments | TXN | 3.3% | 0.4% |
| Viatris | VTRS | 3.2% | < 0.1% |
| Wells Fargo | WFC | 3.1% | 0.5% |
| Markel Group | MKL | 2.7% | — |
| Tyson Foods | TSN | 2.6% | < 0.1% |
| Samsung Electronics | 005930 KS | 2.4% | — |
| Tourmaline Oil | TOU CN | 2.3% | — |
| Teck Resources | TECK | 2.1% | — |
| Prosus | PRX NA | 2.1% | — |
| Humana | HUM | 1.9% | 0.1% |
| UnitedHealth Group | UNH | 1.9% | 0.5% |
| Solventum | SOLV | 1.8% | < 0.1% |
| Chubb | CB | 1.5% | 0.2% |
| Owens Corning | OC | 1.4% | — |
| Microsoft | MSFT | 1.4% | 7.0% |
| Ping An Insurance Group | 2318 HK | 1.3% | — |
| AIA Group | 1299 HK | 1.2% | — |
| Coterra Energy | CTRA | 1.2% | < 0.1% |
| Coupang | CPNG | 1.1% | — |
| Restaurant Brands International | QSR | 1.1% | — |
| AGCO | AGCO | 1.1% | — |
| Trip.com Group | TCOM | 1.0% | — |
| Quest Diagnostics | DGX | 1.0% | < 0.1% |
| Cigna Group | CI | 0.9% | 0.2% |
| ConocoPhillips | COP | 0.8% | 0.2% |
| IAC | IAC | 0.6% | — |
| Darling Ingredients | DAR | 0.5% | — |
| Naspers | NPN SJ | 0.4% | — |
| ANGI | ANGI | 0.1% | — |
| Orascom Construction | OC DU | 0.1% | — |
| CASH | 1.4% | — |
All Holdings: Monthly (as of 8/31/25)
| Holding | Ticker | Equity Portfolio | S&P 500® |
|---|---|---|---|
| Capital One Financial | COF | 9.4% | 0.3% |
| Meta Platforms | META | 7.6% | 2.9% |
| Berkshire Hathaway | BRK A | 5.0% | — |
| Applied Materials | AMAT | 4.9% | 0.2% |
| MGM Resorts | MGM | 4.7% | < 0.1% |
| U.S. Bancorp | USB | 4.6% | 0.1% |
| Alphabet | GOOGL | 4.2% | 2.3% |
| CVS Health | CVS | 4.1% | 0.2% |
| Amazon.com | AMZN | 4.0% | 4.0% |
| Danske Bank | DANSKE DC | 3.7% | — |
| Viatris | VTRS | 3.7% | < 0.1% |
| Texas Instruments | TXN | 3.2% | 0.3% |
| Wells Fargo | WFC | 3.1% | 0.5% |
| Samsung Electronics | 005930 KS | 2.7% | — |
| Markel Group | MKL | 2.6% | — |
| Tyson Foods | TSN | 2.5% | < 0.1% |
| Humana | HUM | 2.4% | 0.1% |
| Prosus | PRX NA | 2.3% | — |
| Tourmaline Oil | TOU CN | 2.0% | — |
| UnitedHealth Group | UNH | 1.9% | 0.5% |
| Teck Resources | TECK | 1.8% | — |
| Solventum | SOLV | 1.7% | < 0.1% |
| Owens Corning | OC | 1.5% | — |
| PINS | 1.5% | — | |
| Chubb | CB | 1.4% | 0.2% |
| Ping An Insurance Group | 2318 HK | 1.4% | — |
| Trip.com Group | TCOM | 1.3% | — |
| AIA Group | 1299 HK | 1.2% | — |
| Coterra Energy | CTRA | 1.1% | < 0.1% |
| AGCO | AGCO | 1.1% | — |
| Restaurant Brands International | QSR | 1.0% | — |
| Quest Diagnostics | DGX | 1.0% | < 0.1% |
| ConocoPhillips | COP | 0.9% | 0.2% |
| Cigna Group | CI | 0.8% | 0.2% |
| IAC | IAC | 0.6% | — |
| Darling Ingredients | DAR | 0.5% | — |
| Naspers | NPN SJ | 0.4% | — |
| ANGI | ANGI | 0.2% | — |
| Orascom Construction | OC DU | 0.1% | — |
| CASH | 2.2% | — |
Sector Allocation More information about 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 | Equity Portfolio | S&P 500® |
|---|---|---|
| Financials | 32.5% | 14.0% |
| Health Care | 15.0% | 9.3% |
| Consumer Discretionary | 14.0% | 10.4% |
| Communication Services | 13.7% | 9.8% |
| Information Technology | 12.6% | 33.1% |
| Energy | 4.4% | 3.0% |
| Consumer Staples | 3.1% | 5.5% |
| Industrials | 2.6% | 8.6% |
| Materials | 2.2% | 1.9% |
| Utilities | — | 2.4% |
| Real Estate | — | 2.0% |
Factsheet
Fact Sheets
| Document | Description |
|---|---|
| Portfolio Fact Sheet | Goals of the Portfolio, types of companies in the Portfolio, top holdings, Portfolio characteristics, and historical performance. |
Literature
Regulatory Reports
| Document |
|---|
| Summary Prospectus |
| Prospectus |
| Statement of Additional Information |
| Holdings Q1 |
| Holdings Q3 |
| Proxy |
| Document |
|---|
| Annual Report |
| Annual Financial Statements & Other Info More information about Annual Financial Statements & Other Info Items 7-11 of Form N-CSR |
| Document |
|---|
| Semi-Annual Report |
| Semi-Annual Financial Statements & Other Info More information about Semi-Annual Financial Statements & Other Info Items 7-11 of Form N-CSR |
Purchase Details
Open an Account
Applications
Distributions
2024 Distributions as of 02/11/25
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.
| Record Date | Ex-Date | Payable Date | Dividends Received Deduction | Ordinary Income | Return of Capital | Reinvestment Price | Short-term Capital Gain | Long-term Capital Gain |
|---|---|---|---|---|---|---|---|---|
| 12/26/24 | 12/27/24 | 12/30/24 | 96.31% | .08 | - | 5.86 | - | 1.49 |
This information on 2024 distributions is intended for existing shareholders.
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.