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% |
Performance
Average Annual Returns
Quarterly (as of 6/30/24)
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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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)
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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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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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 6/30/24)
| 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 | |
|---|---|---|
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Specialized REITs | 23.1% |
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Residential REITs | 18.9% |
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Health Care REITs | 15.4% |
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Industrial REITs | 13.5% |
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Retail REITs | 13.3% |
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Office REITs | 13.1% |
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Hotel & Resort REITs | 2.6% |
Geographic Diversification
| Region | Percentage | |
|---|---|---|
|
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Pacific | 38% |
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Northeast Central | 15% |
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South Atlantic | 13% |
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Mountain | 9% |
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Southeast Central | 8% |
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New England | 7% |
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Mid Atlantic | 5% |
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Southwest Central | 3% |
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Non-U.S. | 2% |
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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. |
Literature
Regulatory Reports
| Document |
|---|
| Summary Prospectus |
| Prospectus |
| Financial Statements & Other Info Items 7-11 of Form N-CSR |
| Statement of Additional Information |
| Holdings Q1 |
| Holdings Q3 |
| Proxy |
| Document |
|---|
| Annual Report |
| Document |
|---|
| Semi-Annual Report |
Purchase Details
Open an Account
Applications
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.