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 3/31/24

Detail Value
Long-Term Growth and Income
Total Net Assets ($M) 9.0
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, 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 1.23%

Fund Managers

Andrew A. Davis
39 Years Industry Experience
31 Years at Davis Funds
View Bio
E Chandler Spears
29 Years Industry Experience
23 Years at Davis Funds
View Bio

Performance

Average Annual Returns

Quarterly (as of 3/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
Real Estate Portfolio -1.05% 8.01% 1.39% 2.38% 5.92% 7.39%

The average annual total returns for Davis Real Estate Portfolio for periods ending March 31, 2024, are: 1 year, 8.01%; 5 years, 2.38%; and 10 years, 5.92%. 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 1.23%. [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.

Monthly (as of 4/30/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
Real Estate Portfolio -7.57% 0.07% -3.27% 0.99% 4.97% 7.07%

The average annual total returns for Davis Real Estate Portfolio for periods ending March 31, 2024, are: 1 year, 8.01%; 5 years, 2.38%; and 10 years, 5.92%. 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 1.23%. [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.

Portfolio Characteristics as of 3/31/24

Portfolio Composition

Item Real Estate Portfolio Wilshire U.S. Real Estate Securities
Forecast P/E 39.8x 45.4x
5 Year Earnings Growth 6.9% 7.4%
P/B Ratio 2.2 2.7
Standard Deviation (5 year, A Shares) 20.5 20.7
Number of Holdings 36 88
Weighted Average Market Cap ($bn) 32.3 41.9
Median Market Cap 12.8 3.7
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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 3/31/24)

Holding Ticker Real Estate Portfolio Wilshire U.S. Real Estate Securities®
Prologis PLD 6.8% 13.6%
Alexandria Real Estate Equities ARE 5.1% 2.5%
Simon Property Group SPG 5.0% 5.7%
Cousins Properties CUZ 4.6% 0.4%
Public Storage PSA 4.3% 5.2%
Brixmor Property Group BRX 4.3% 0.8%
Digital Realty Trust DLR 4.2% 5.1%
Equinix EQIX 4.1% 8.8%
Ventas VTR 3.7% 2.0%
American Tower AMT 3.7%
Top 10 Holdings Total % of Portfolio 45.8% 44.1%

Top 10 Holdings: Monthly (as of 4/30/24)

Holding Ticker Real Estate Portfolio Wilshire U.S. Real Estate Securities®
Prologis PLD 5.8% 11.6%
Alexandria Real Estate Equities ARE 5.0% 2.5%
Simon Property Group SPG 4.9% 5.6%
Cousins Properties CUZ 4.8% 0.4%
Digital Realty Trust DLR 4.4% 5.3%
Brixmor Property Group BRX 4.3% 0.8%
Public Storage PSA 4.2% 5.0%
Welltower WELL 4.1% 6.7%
Ventas VTR 4.0% 2.2%
American Tower AMT 3.9%
Top 10 Holdings Total % of Portfolio 45.4% 40.0%

All Holdings: Quarterly (as of 3/31/24)

Holding Ticker Real Estate Portfolio Wilshire U.S. Real Estate Securities®
Prologis PLD 6.8% 13.6%
Alexandria Real Estate Equities ARE 5.1% 2.5%
Simon Property Group SPG 5.0% 5.7%
Cousins Properties CUZ 4.6% 0.4%
Public Storage PSA 4.3% 5.2%
Brixmor Property Group BRX 4.3% 0.8%
Digital Realty Trust DLR 4.2% 5.1%
Equinix EQIX 4.1% 8.8%
Ventas VTR 3.7% 2.0%
American Tower AMT 3.7%
Welltower WELL 3.7% 6.0%
AvalonBay Communities AVB 3.5% 3.0%
Essex Property Trust ESS 3.4% 1.8%
Rexford Industrial Realty REXR 3.1% 1.2%
Terreno Realty TRNO 2.9% 0.7%
Boston Properties BXP 2.9% 1.2%
Sunstone Hotel Investors SHO 2.7% 0.3%
American Homes 4 Rent AMH 2.7% 1.4%
Equity Residential EQR 2.6% 2.7%
Camden Property Trust CPT 2.2% 1.2%
Regency Centers REG 2.1% 1.3%
UDR UDR 2.1% 1.4%
Retail Opportunity Investments ROIC 2.0% 0.2%
Extra Space Storage EXR 1.8% 3.5%
Sun Communities SUI 1.7% 1.8%
Federal Realty Investment Trust FRT 1.7% 1.0%
Community Healthcare Trust CHCT 1.7%
VICI Properties VICI 1.4%
Hudson Pacific Properties HPP 1.3% 0.1%
Healthpeak Properties DOC 1.3% 1.2%
SL Green Realty SLG 1.3% 0.4%
Crown Castle CCI 1.3%
Highwoods Properties HIW 1.1% 0.3%
Douglas Emmett DEI 1.0% 0.3%
Derwent London DLN LN 1.0%
Great Portland Estates GPE LN 0.8%
Cash 1.0%

All Holdings: Monthly (as of 4/30/24)

Holding Ticker Real Estate Portfolio Wilshire U.S. Real Estate Securities®
Prologis PLD 5.8% 11.6%
Alexandria Real Estate Equities ARE 5.0% 2.5%
Simon Property Group SPG 4.9% 5.6%
Cousins Properties CUZ 4.8% 0.4%
Digital Realty Trust DLR 4.4% 5.3%
Brixmor Property Group BRX 4.3% 0.8%
Public Storage PSA 4.2% 5.0%
Welltower WELL 4.1% 6.7%
Ventas VTR 4.0% 2.2%
American Tower AMT 3.9%
Equinix EQIX 3.9% 8.3%
AvalonBay Communities AVB 3.8% 3.3%
Essex Property Trust ESS 3.7% 1.9%
Boston Properties BXP 3.0% 1.2%
Equity Residential EQR 2.9% 3.0%
Rexford Industrial Realty REXR 2.8% 1.1%
American Homes 4 Rent AMH 2.8% 1.5%
Sunstone Hotel Investors SHO 2.7% 0.3%
Terreno Realty TRNO 2.5% 0.6%
Camden Property Trust CPT 2.3% 1.3%
UDR UDR 2.3% 1.5%
Regency Centers REG 2.2% 1.3%
Retail Opportunity Investments ROIC 2.1% 0.2%
Federal Realty Investment Trust FRT 1.8% 1.1%
Community Healthcare Trust CHCT 1.8%
Extra Space Storage EXR 1.8% 3.5%
Sun Communities SUI 1.6% 1.7%
Healthpeak Properties DOC 1.5% 1.3%
VICI Properties VICI 1.4%
Hudson Pacific Properties HPP 1.3% 0.1%
Crown Castle CCI 1.2%
Highwoods Properties HIW 1.2% 0.3%
Douglas Emmett DEI 1.1% 0.3%
Derwent London DLN LN 1.0%
Great Portland Estates GPE LN 0.9%
Cash 0.9%

Industry Diversification

Industry Percentage
Specialized REITs 21.0%
Office REITs 19.4%
Residential REITs 18.3%
Retail REITs 15.2%
Industrial REITs 12.8%
Health Care REITs 10.5%
Hotel & Resort REITs 2.8%

Geographic Diversification

Region Percentage
Pacific 37%
Northeast Central 17%
South Atlantic 13%
Mountain 8%
Southeast Central 8%
Mid Atlantic 7%
New England 6%
Non-U.S. 2%
Southwest Central 2%
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.

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
3/28/23 3/29/23 3/30/23 0% 0.06 - 12.92 - -
6/26/23 6/27/23 6/28/23 0% 0.06 - 13.31 - -
9/26/23 9/27/23 9/28/23 0% 0.06 - 12.36 - -
12/26/23 12/27/23 12/28/23 0% 0.16 - 14.39 - -

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.