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%

Fund Managers

Andrew A. Davis
38 Years Industry Experience
30 Years at Davis Funds
View Bio
E Chandler Spears
28 Years Industry Experience
23 Years at Davis Funds
View Bio

Performance

Average Annual Returns

Quarterly (as of 6/30/23)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
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)

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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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 6/30/23)

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
Specialized REITs 24.2%
Residential REITs 21.1%
Office REITs 15.3%
Retail REITs 14.7%
Industrial REITs 12.9%
Health Care REITs 9.4%
Hotel & Resort REITs 2.4%

Geographic Diversification

Region Percentage
Pacific 37.0%
Northeast Central 16.0%
South Atlantic 14.0%
Mid Atlantic 10.0%
Southeast Central 9.0%
Mountain 7.0%
New England 6.0%
Non-u.s. 2.0%
Southwest Central 1.0%
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.

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.