Overview

Investment Strategy

The goal of the Portfolio is to offer investors access to some of the most attractive companies in the Financial sector.

The Portfolio applies our signature Davis Investment Discipline to seek financial companies with competitive advantages, strong balance sheets, solid free cash flows, earnings growth potential, and proven outstanding management.

The Portfolio has outperformed the S&P500 Financial Index since its inception in 1991.

We are one of the largest shareholders in the Fund. We experience the same risks and reap the same rewards as our shareholders.

Selective Attractive Growth Undervalued

Financial Portfolio invests in only a select group of well-researched companies

Financial Portfolio's portfolio companies have grown more than the index 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.

Financial Portfolio's portfolio companies are 23% less expensive than the index

Holdings The number of holdings in the Fund excluding cash positions. EPS Growth (5 Year) 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 Financial is 11.2%. Approximately 8.23% 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) 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 Financial is 15.6x. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index.
71
24
13.4%
11.2%
12.0x
15.6x
Portfolio
S&P 500 Financial
The companies of Davis Financial Portfolio have grown more than the companies in the index, yet are 23% less expensive.

Fund Details as of 6/30/24

Detail Value
Long-Term Capital Appreciation
Total Net Assets ($M) 52.1
Benchmark S&P 500
Category Financial Services
Detail Value
Ticker QDFPAX
Inception Date 7/1/99
CUSIP 239124308
Fund Number 1667
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, 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. 0.78%
Gross Expense Ratio 0.78%

Fund Managers

Chris C. Davis
36 Years Industry Experience
35 Years at Davis Funds
View Bio
Pierce B.T. Crosbie
23 Years Industry Experience
16 Years at Davis Funds
View Bio

Performance

Average Annual Returns

Quarterly (as of 6/30/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
Financial Portfolio 10.57% 26.32% 6.77% 9.85% 9.24% 6.60%

The average annual total returns for Davis Financial Portfolio for periods ending June 30, 2024, are: 1 year, 26.32%; 5 years, 9.85%; and 10 years, 9.24%. 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 0.78%. [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. Periods less than one year are not annualized.

Monthly (as of 8/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
Financial Portfolio 21.75% 36.41% 9.31% 12.70% 10.15% 6.96%

The average annual total returns for Davis Financial Portfolio for periods ending June 30, 2024, are: 1 year, 26.32%; 5 years, 9.85%; and 10 years, 9.24%. 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 0.78%. [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. Periods less than one year are not annualized.

Portfolio Characteristics as of 6/30/24

Portfolio Composition

Item Financial Portfolio S&P 500 Financial
Forecast P/E 12.0x 15.6x
5 Year Earnings Growth 13.4% 11.2%
P/B Ratio 1.7 2.4
Standard Deviation (5 year, A Shares) 23.7 22.6
Number of Holdings 24 71
Weighted Average Market Cap ($bn) 133.9 251.5
Median Market Cap 48.8 42.1
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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 6/30/24)

Holding Ticker Financial Portfolio S&P 500 Financial®
Capital One Financial COF 10.3% 0.9%
Wells Fargo WFC 9.0% 3.6%
JPMorgan Chase JPM 7.6% 10.2%
Bank of New York Mellon BK 6.2% 0.8%
Berkshire Hathaway BRK A 5.9% 12.9%
Fifth Third Bancorp FITB 5.6% 0.4%
Markel Group MKL 5.1%
Chubb CB 5.1% 1.8%
PNC Financial Services Group PNC 4.6% 1.1%
U.S. Bancorp USB 4.5% 1.1%
Top 10 Holdings Total % of Portfolio 64.0% 33.0%

Top 10 Holdings: Monthly (as of 8/31/24)

Holding Ticker Financial Portfolio S&P 500 Financial®
Capital One Financial COF 9.7% 0.9%
Wells Fargo WFC 8.2% 3.2%
JPMorgan Chase JPM 7.6% 10.2%
Bank of New York Mellon BK 6.4% 0.8%
Fifth Third Bancorp FITB 5.8% 0.5%
Chubb CB 5.3% 1.8%
Berkshire Hathaway BRK A 5.1% 13.6%
U.S. Bancorp USB 5.1% 1.2%
PNC Financial Services Group PNC 4.9% 1.2%
Markel Group MKL 4.8%
Top 10 Holdings Total % of Portfolio 62.9% 33.4%

All Holdings: Quarterly (as of 6/30/24)

Holding Ticker Financial Portfolio S&P 500 Financial®
Capital One Financial COF 10.3% 0.9%
Wells Fargo WFC 9.0% 3.6%
JPMorgan Chase JPM 7.6% 10.2%
Bank of New York Mellon BK 6.2% 0.8%
Berkshire Hathaway BRK A 5.9%
Fifth Third Bancorp FITB 5.6% 0.4%
Markel Group MKL 5.1%
Chubb CB 5.1% 1.8%
PNC Financial Services Group PNC 4.6% 1.1%
U.S. Bancorp USB 4.5% 1.1%
American Express AXP 4.3% 2.3%
Julius Baer Group BAER SE 4.2%
DBS Group Holdings DBS SP 4.2%
Danske Bank DANSKE DC 4.0%
Loews L 3.0% 0.2%
Bank of America BAC 2.8% 4.8%
Prosus PRX NA 2.4%
Rocket Companies RKT 2.4%
DNB Bank DNB NO 1.7%
Bank of N.T. Butterfield & Son NTB 1.4%
Charles Schwab SCHW 1.3% 1.9%
Everest Group EG 1.0% 0.3%
Ping An Insurance Group 2318 HK 0.7%
Metro Bank Holdings MTRO LN 0.4%
Cash 2.3%

All Holdings: Monthly (as of 8/31/24)

Holding Ticker Financial Portfolio S&P 500 Financial®
Capital One Financial COF 9.7% 0.9%
Wells Fargo WFC 8.2% 3.2%
JPMorgan Chase JPM 7.6% 10.2%
Bank of New York Mellon BK 6.4% 0.8%
Fifth Third Bancorp FITB 5.8% 0.5%
Chubb CB 5.3% 1.8%
Berkshire Hathaway BRK A 5.1%
U.S. Bancorp USB 5.1% 1.2%
PNC Financial Services Group PNC 4.9% 1.2%
Markel Group MKL 4.8%
Julius Baer Group BAER SE 4.1%
DBS Group Holdings DBS SP 4.1%
Danske Bank DANSKE DC 3.9%
American Express AXP 3.7% 2.3%
Rocket Companies RKT 3.2%
Loews L 3.0% 0.2%
Bank of America BAC 2.7% 4.4%
Prosus PRX NA 2.4%
RenaissanceRe Holdings RNR 2.2%
DNB Bank DNB NO 1.7%
Bank of N.T. Butterfield & Son NTB 1.4%
Charles Schwab SCHW 1.0% 1.5%
Everest Group EG 0.9% 0.3%
Ping An Insurance Group 2318 HK 0.6%
Metro Bank Holdings MTRO LN 0.6%
Cash 1.7%

Industry Allocation

Sector Financial Portfolio S&P 500 Financial®
Banks 46.8% 25.9%
Financial Services 35.5% 57.8%
Insurance 15.3% 16.3%
Consumer Discretionary Distrb & Retail 2.5%

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.

Distributions

2023 Distributions as of 02/07/24

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.

Record Date Ex-Date Payable Date Dividends Received Deduction Ordinary Income Return of Capital Reinvestment Price Short-term Capital Gain Long-term Capital Gain
12/26/23 12/27/23 12/28/23 77.91% 0.28 - 13.04 - 0.563

This information on 2023 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.