Overview
Investment Strategy
Davis Real Estate Portfolio is a portfolio of durable, well-managed real estate companies selected using the time-tested Davis Investment Discipline.
The Portfolio seeks best-of-breed real estate businesses with first-class management that prioritize producing steadily increasing income and strong returns on capital.
The Portfolio offers investors the diversification of the real estate asset class
We are one of the largest shareholders in the Portfolio. We experience the same risks and reap the same rewards as our shareholders.
Fund Details as of 6/30/23
| Detail | Value |
|---|---|
| Long-Term Growth and Income | |
| Total Net Assets ($M) | 9.8 |
| Benchmark | Wilshire U.S. Real Estate Securities |
| Category | Real Estate |
| Detail | Value |
|---|---|
| Ticker | QDRPAX |
| Inception Date | 7/1/99 |
| CUSIP | 239124209 |
| Fund Number | 1666 |
| 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, 2024. 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 | 1.07% |
Performance
Average Annual Returns
Quarterly (as of 6/30/23)
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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Real Estate Portfolio | 2.90% | -4.56% | 6.35% | 2.84% | 5.77% | 7.35% |
The average annual total returns for Davis Real Estate Portfolio for periods ending June 30, 2023, are: 1 year, -4.56%; 5 years, 2.84%; and 10 years, 5.77%. 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 1.07%. [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, 2024.] The total annual operating expense ratio may vary in future years.
Monthly (as of 8/31/23)
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
|
|
Real Estate Portfolio | 2.67% | -6.70% | 4.75% | 2.20% | 6.36% | 7.29% |
The average annual total returns for Davis Real Estate Portfolio for periods ending June 30, 2023, are: 1 year, -4.56%; 5 years, 2.84%; and 10 years, 5.77%. 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 1.07%. [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, 2024.] The total annual operating expense ratio may vary in future years.
Portfolio Characteristics as of 6/30/23
Portfolio Composition
| Item | Real Estate Portfolio | Wilshire U.S. Real Estate Securities |
|---|---|---|
| Forecast P/E | 37.5x | 41.8x |
| 5 Year Earnings Growth | 7.7% | 7.3% |
| P/B Ratio | 2.4 | 2.8 |
| Standard Deviation (5 year, A Shares) | 20.2 | 20.4 |
| Number of Holdings | 37 | 92 |
| Weighted Average Market Cap ($bn) | 30.5 | 37.3 |
| Median Market Cap | 11.3 | 3.0 |
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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 6/30/23)
| Holding | Ticker | Real Estate Portfolio | Wilshire U.S. Real Estate Securities® |
|---|---|---|---|
| Prologis | PLD | 7.1% | 13.8% |
| AvalonBay Communities | AVB | 5.0% | 3.2% |
| Public Storage | PSA | 4.9% | 5.5% |
| Simon Property Group | SPG | 4.4% | 4.6% |
| Essex Property Trust | ESS | 4.4% | 1.8% |
| Cousins Properties | CUZ | 4.3% | 0.4% |
| Equinix | EQIX | 4.2% | 8.9% |
| Brixmor Property Group | BRX | 4.2% | 0.8% |
| Welltower | WELL | 3.7% | 4.8% |
| Alexandria Real Estate Equities | ARE | 3.5% | 2.4% |
| Top 10 Holdings Total % of Portfolio | 45.7% | 46.2% | |
Top 10 Holdings: Monthly (as of 8/31/23)
| Holding | Ticker | Real Estate Portfolio | Wilshire U.S. Real Estate Securities® |
|---|---|---|---|
| Prologis | PLD | 7.4% | 14.0% |
| AvalonBay Communities | AVB | 4.6% | 3.1% |
| Cousins Properties | CUZ | 4.5% | 0.4% |
| Simon Property Group | SPG | 4.5% | 4.5% |
| Public Storage | PSA | 4.5% | 5.2% |
| Equinix | EQIX | 4.4% | 8.8% |
| Brixmor Property Group | BRX | 4.3% | 0.8% |
| Essex Property Trust | ESS | 4.1% | 1.9% |
| Welltower | WELL | 3.9% | 5.0% |
| Digital Realty Trust | DLR | 3.8% | 4.7% |
| Top 10 Holdings Total % of Portfolio | 46.0% | 48.5% | |
All Holdings: Quarterly (as of 6/30/23)
| Holding | Ticker | Real Estate Portfolio | Wilshire U.S. Real Estate Securities® |
|---|---|---|---|
| Prologis | PLD | 7.1% | 13.8% |
| AvalonBay Communities | AVB | 5.0% | 3.2% |
| Public Storage | PSA | 4.9% | 5.5% |
| Simon Property Group | SPG | 4.4% | 4.6% |
| Essex Property Trust | ESS | 4.4% | 1.8% |
| Cousins Properties | CUZ | 4.3% | 0.4% |
| Equinix | EQIX | 4.2% | 8.9% |
| Brixmor Property Group | BRX | 4.2% | 0.8% |
| Welltower | WELL | 3.7% | 4.8% |
| Alexandria Real Estate Equities | ARE | 3.5% | 2.4% |
| American Tower | AMT | 3.4% | — |
| Ventas | VTR | 3.4% | 2.3% |
| Digital Realty Trust | DLR | 3.2% | 4.0% |
| Terreno Realty | TRNO | 3.1% | 0.6% |
| Equity Residential | EQR | 2.6% | 3.0% |
| UDR | UDR | 2.6% | 1.7% |
| American Homes 4 Rent | AMH | 2.6% | 1.3% |
| Crown Castle | CCI | 2.4% | — |
| Life Storage | LSI | 2.3% | 1.4% |
| Sunstone Hotel Investors | SHO | 2.3% | 0.3% |
| Rexford Industrial Realty | REXR | 2.3% | 1.3% |
| Camden Property Trust | CPT | 2.0% | 1.4% |
| Boston Properties | BXP | 2.0% | 1.1% |
| Retail Opportunity Investments | ROIC | 1.9% | 0.2% |
| CubeSmart | CUBE | 1.7% | 1.2% |
| Douglas Emmett | DEI | 1.6% | 0.3% |
| Regency Centers | REG | 1.5% | 1.3% |
| Federal Realty Investment Trust | FRT | 1.4% | 1.0% |
| VICI Properties | VICI | 1.3% | — |
| Sun Communities | SUI | 1.1% | 1.9% |
| Healthpeak Properties | PEAK | 1.1% | 1.3% |
| Community Healthcare Trust | CHCT | 1.0% | — |
| Highwoods Properties | HIW | 0.9% | 0.3% |
| Derwent London | DLN LN | 0.9% | — |
| Hudson Pacific Properties | HPP | 0.8% | 0.1% |
| Great Portland Estates | GPE LN | 0.8% | — |
| NetSTREIT | NTST | 0.8% | — |
| Cash | 3.4% | — |
All Holdings: Monthly (as of 8/31/23)
| Holding | Ticker | Real Estate Portfolio | Wilshire U.S. Real Estate Securities® |
|---|---|---|---|
| Prologis | PLD | 7.4% | 14.0% |
| AvalonBay Communities | AVB | 4.6% | 3.1% |
| Cousins Properties | CUZ | 4.5% | 0.4% |
| Simon Property Group | SPG | 4.5% | 4.5% |
| Public Storage | PSA | 4.5% | 5.2% |
| Equinix | EQIX | 4.4% | 8.8% |
| Brixmor Property Group | BRX | 4.3% | 0.8% |
| Essex Property Trust | ESS | 4.1% | 1.9% |
| Welltower | WELL | 3.9% | 5.0% |
| Digital Realty Trust | DLR | 3.8% | 4.7% |
| Alexandria Real Estate Equities | ARE | 3.7% | 2.4% |
| Terreno Realty | TRNO | 3.2% | 0.6% |
| Ventas | VTR | 3.2% | 2.1% |
| American Homes 4 Rent | AMH | 2.7% | 1.4% |
| Equity Residential | EQR | 2.7% | 2.9% |
| UDR | UDR | 2.5% | 1.6% |
| Boston Properties | BXP | 2.4% | 1.3% |
| Rexford Industrial Realty | REXR | 2.4% | 1.3% |
| American Tower | AMT | 2.2% | — |
| Sunstone Hotel Investors | SHO | 2.1% | 0.2% |
| Regency Centers | REG | 2.1% | 1.4% |
| Camden Property Trust | CPT | 2.1% | 1.4% |
| Extra Space Storage | EXR | 2.1% | 3.2% |
| Retail Opportunity Investments | ROIC | 2.0% | 0.2% |
| Healthpeak Properties | PEAK | 2.0% | 1.4% |
| Douglas Emmett | DEI | 1.8% | 0.3% |
| Sun Communities | SUI | 1.6% | 1.8% |
| Federal Realty Investment Trust | FRT | 1.5% | 1.0% |
| CubeSmart | CUBE | 1.4% | 1.1% |
| Hudson Pacific Properties | HPP | 1.4% | 0.1% |
| VICI Properties | VICI | 1.3% | — |
| Community Healthcare Trust | CHCT | 1.3% | — |
| Highwoods Properties | HIW | 0.9% | 0.3% |
| Crown Castle | CCI | 0.9% | — |
| Derwent London | DLN LN | 0.8% | — |
| Great Portland Estates | GPE LN | 0.8% | — |
| NetSTREIT | NTST | 0.7% | — |
| Cash | 2.4% | — |
Industry Diversification
| Industry | Percentage | |
|---|---|---|
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Specialized REITs | 24.2% |
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Residential REITs | 21.1% |
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Office REITs | 15.3% |
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Retail REITs | 14.7% |
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Industrial REITs | 12.9% |
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Health Care REITs | 9.4% |
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Hotel & Resort REITs | 2.4% |
Geographic Diversification
| Region | Percentage | |
|---|---|---|
|
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Pacific | 37.0% |
|
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Northeast Central | 16.0% |
|
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South Atlantic | 14.0% |
|
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Mid Atlantic | 10.0% |
|
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Southeast Central | 9.0% |
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Mountain | 7.0% |
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New England | 6.0% |
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Non-u.s. | 2.0% |
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Southwest Central | 1.0% |
|
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Northwest Central | — |
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. |
| Portfolio Composition | Quarterly update of portfolio characteristics. |
Literature
Regulatory Reports
| Document |
|---|
| Summary Prospectus |
| Statutory Prospectus |
| Statement of Additional Information |
| Annual Report |
| Semi-Annual Report |
| N-Port 1Q |
| N-Port 3Q |
Purchase Details
Open an Account
Applications
Distributions
2022 Distributions as of 12/30/22
| Record Date | Ex-Date | Payable Date | Dividends Received Deduction | Ordinary Income | Return of Capital | Reinvestment Price | Short-term Capital Gain | Long-term Capital Gain |
|---|---|---|---|---|---|---|---|---|
| 3/31/22 | 4/1/22 | 4/4/22 | 0% | 0.04 | - | 19.33 | - | - |
| 6/27/22 | 6/28/22 | 6/29/22 | 0% | 0.04 | - | 15.66 | - | - |
| 9/30/22 | 10/3/22 | 10/4/22 | 0% | 0.08 | - | 14.11 | - | - |
| 12/27/22 | 12/28/22 | 12/29/22 | 0% | 0.12 | - | 13.04 | - | 0.89 |
This information on 2022 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.