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 6/30/24

Detail Value
Long-Term Growth and Income
Total Net Assets ($M) 8.6
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
32 Years at Davis Funds
View Bio
E Chandler Spears
30 Years Industry Experience
24 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
Real Estate Portfolio -1.45% 5.98% -2.36% 1.99% 5.22% 7.30%

The average annual total returns for Davis Real Estate Portfolio for periods ending June 30, 2024, are: 1 year, 5.98%; 5 years, 1.99%; and 10 years, 5.22%. 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. 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
Real Estate Portfolio 10.76% 19.37% -0.27% 3.56% 6.13% 7.75%

The average annual total returns for Davis Real Estate Portfolio for periods ending June 30, 2024, are: 1 year, 5.98%; 5 years, 1.99%; and 10 years, 5.22%. 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. Periods less than one year are not annualized.

Portfolio Characteristics as of 6/30/24

Portfolio Composition

Item Real Estate Portfolio Wilshire U.S. Real Estate Securities
Forecast P/E 38.7x 43.0x
5 Year Earnings Growth 7.3% 7.7%
P/B Ratio 2.3 2.6
Standard Deviation (5 year, A Shares) 20.9 21.1
Number of Holdings 36 87
Weighted Average Market Cap ($bn) 33.0 38.8
Median Market Cap 13.7 3.5
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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 Real Estate Portfolio Wilshire U.S. Real Estate Securities®
Prologis PLD 7.9% 11.9%
Alexandria Real Estate Equities ARE 4.7% 2.3%
Public Storage PSA 4.7% 5.2%
Cousins Properties CUZ 4.5% 0.4%
Digital Realty Trust DLR 4.5% 5.5%
Ventas VTR 4.4% 2.4%
American Tower AMT 4.3%
Simon Property Group SPG 4.0% 5.6%
Equinix EQIX 3.9% 8.2%
Essex Property Trust ESS 3.8% 2.0%
Top 10 Holdings Total % of Portfolio 46.5% 43.5%

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

Holding Ticker Real Estate Portfolio Wilshire U.S. Real Estate Securities®
Prologis PLD 8.6% 12.1%
Cousins Properties CUZ 5.0% 0.4%
Public Storage PSA 5.0% 5.6%
Ventas VTR 4.8% 2.6%
Equinix EQIX 4.4% 8.1%
American Tower AMT 4.4%
Alexandria Real Estate Equities ARE 4.4% 2.1%
Digital Realty Trust DLR 4.0% 4.9%
Simon Property Group SPG 4.0% 5.6%
Brixmor Property Group BRX 3.8% 0.8%
Top 10 Holdings Total % of Portfolio 48.3% 42.1%

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

Holding Ticker Real Estate Portfolio Wilshire U.S. Real Estate Securities®
Prologis PLD 7.9% 11.9%
Alexandria Real Estate Equities ARE 4.7% 2.3%
Public Storage PSA 4.7% 5.2%
Cousins Properties CUZ 4.5% 0.4%
Digital Realty Trust DLR 4.5% 5.5%
Ventas VTR 4.4% 2.4%
American Tower AMT 4.3%
Simon Property Group SPG 4.0% 5.6%
Equinix EQIX 3.9% 8.2%
Essex Property Trust ESS 3.8% 2.0%
Brixmor Property Group BRX 3.5% 0.8%
AvalonBay Communities AVB 3.4% 3.4%
Welltower WELL 3.1% 6.8%
Extra Space Storage EXR 2.9% 3.7%
Rexford Industrial Realty REXR 2.8% 1.1%
BXP BXP 2.8% 1.1%
Terreno Realty TRNO 2.6% 0.6%
Sunstone Hotel Investors SHO 2.6% 0.2%
American Homes 4 Rent AMH 2.5% 1.4%
Camden Property Trust CPT 2.5% 1.3%
UDR UDR 2.3% 1.6%
Equity Residential EQR 2.2% 3.0%
Regency Centers REG 2.2% 1.3%
Hudson Pacific Properties HPP 1.8% 0.1%
Retail Opportunity Investments ROIC 1.7% 0.2%
Federal Realty Investment Trust FRT 1.7% 1.0%
Community Healthcare Trust CHCT 1.5%
Healthpeak Properties DOC 1.4% 1.6%
VICI Properties VICI 1.3%
Crown Castle CCI 1.2%
Great Portland Estates GPE LN 1.2%
Highwoods Properties HIW 1.1% 0.3%
Derwent London DLN LN 1.1%
Mid-America Apartment Communities MAA 1.0% 1.9%
Sun Communities SUI 0.9% 1.7%
Douglas Emmett DEI 0.5% 0.3%
Cash 1.8%

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

Holding Ticker Real Estate Portfolio Wilshire U.S. Real Estate Securities®
Prologis PLD 8.6% 12.1%
Cousins Properties CUZ 5.0% 0.4%
Public Storage PSA 5.0% 5.6%
Ventas VTR 4.8% 2.6%
Equinix EQIX 4.4% 8.1%
American Tower AMT 4.4%
Alexandria Real Estate Equities ARE 4.4% 2.1%
Digital Realty Trust DLR 4.0% 4.9%
Simon Property Group SPG 4.0% 5.6%
Brixmor Property Group BRX 3.8% 0.8%
Essex Property Trust ESS 3.8% 2.0%
AvalonBay Communities AVB 3.4% 3.3%
BXP BXP 3.0% 1.2%
Extra Space Storage EXR 3.0% 3.8%
Rexford Industrial Realty REXR 2.9% 1.1%
Terreno Realty TRNO 2.7% 0.6%
Camden Property Trust CPT 2.5% 1.4%
American Homes 4 Rent AMH 2.4% 1.4%
Sunstone Hotel Investors SHO 2.3% 0.2%
UDR UDR 2.3% 1.5%
Regency Centers REG 2.3% 1.4%
Equity Residential EQR 2.1% 2.9%
Federal Realty Investment Trust FRT 1.7% 1.0%
Hudson Pacific Properties HPP 1.7% 0.1%
Healthpeak Properties DOC 1.4% 1.6%
VICI Properties VICI 1.4%
Highwoods Properties HIW 1.3% 0.3%
Crown Castle CCI 1.2%
Community Healthcare Trust CHCT 1.1%
Great Portland Estates GPE LN 1.1%
Derwent London DLN LN 1.1%
Welltower WELL 1.0% 7.1%
Mid-America Apartment Communities MAA 1.0% 1.9%
Retail Opportunity Investments ROIC 1.0% 0.2%
Sun Communities SUI 0.9% 1.7%
Douglas Emmett DEI 0.5% 0.3%
Cash 2.7%

Industry Diversification

Industry Percentage
Specialized REITs 23.1%
Residential REITs 18.9%
Health Care REITs 15.4%
Industrial REITs 13.5%
Retail REITs 13.3%
Office REITs 13.1%
Hotel & Resort REITs 2.6%

Geographic Diversification

Region Percentage
Pacific 38%
Northeast Central 15%
South Atlantic 13%
Mountain 9%
Southeast Central 8%
New England 7%
Mid Atlantic 5%
Southwest Central 3%
Non-U.S. 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.