Overview
Investment Strategy
The goal of the Davis Value Portfolio is to provide investors access to attractive investment opportunities among large cap, durable, well-managed businesses. We seek to purchase these businesses at value prices and hold them for the long term. This approach makes the Davis Value Portfolio an ideal foundation for an investor's portfolio.
"By being highly selective and rejecting the vast majority of companies in the index, we’ve uncovered businesses with solid earnings, yet selling at some of the lowest valuations we have ever seen. We believe this sets the stage for attractive returns in the years ahead.”
– Portfolio Manager Chris Davis
| Selective | Attractive Growth | Undervalued |
|---|---|---|
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Value Portfolio invests in only a select group of well-researched companies |
Value Portfolio's portfolio companies have solid earnings The Attractive Growth and Undervalued reference in this piece relates to underlying characteristics of the portfolio holdings. There is no guarantee that the Fund’s performance will be positive as equity markets are volatile and an investor may lose money. |
Value Portfolio's portfolio companies are 44% less expensive than the index |
| Holdings The number of holdings in the Fund excluding cash positions. | EPS Growth (5 Year) Five-year EPS Growth Rate (5-year EPS) is the average annualized earnings per share growth for a company over the past 5 years. The values shown are the weighted average of the 5-year EPS of the stocks in the Fund or Index. Approximately 2.52% of the assets of the Fund are not accounted for in the calculation of 5-year EPS as relevant information on certain companies is not available to the Fund’s data provider. | P/E (Forward) Forward Price/Earnings (Forward P/E) Ratio is a stock’s price at the date indicated divided by the company’s forecasted earnings for the following 12 months based on estimates provided by the Fund’s data provider. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index. |
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Portfolio
S&P 500
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Fund Details as of 9/30/23
| Detail | Value |
|---|---|
| Long-Term Capital Appreciation | |
| Total Net Assets ($M) | 89.6 |
| Benchmark | S&P 500 |
| Category | Large Cap Core |
| Detail | Value |
|---|---|
| Ticker | QDVPAX |
| Inception Date | 7/1/99 |
| CUSIP | 239124100 |
| Fund Number | 1665 |
| 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. | 0.69% |
| Gross Expense Ratio | 0.69% |
Performance
Average Annual Returns
Quarterly (as of 9/30/23)
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|---|---|---|---|---|---|---|---|
| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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Value Portfolio | 16.48% | 28.33% | 9.28% | 5.78% | 8.48% | 6.12% |
The average annual total returns for Davis Value Portfolio for periods ending September 30, 2023, are: 1 year, 28.33%; 5 years, 5.78%; and 10 years, 8.48%. 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 0.69%. [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 10/31/23)
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| Share Class | YTD* | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Incep | |
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Value Portfolio | 13.64% | 18.81% | 8.11% | 7.39% | 7.80% | 6.00% |
The average annual total returns for Davis Value Portfolio for periods ending September 30, 2023, are: 1 year, 28.33%; 5 years, 5.78%; and 10 years, 8.48%. 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 0.69%. [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 9/30/23
Portfolio Composition
| Item | Value Portfolio | S&P 500 |
|---|---|---|
| Forecast P/E | 11.3x | 20.2x |
| 5 Year Earnings Growth | 11.7% | 13.5% |
| P/B Ratio | 3.4 | 4.4 |
| Standard Deviation (5 year, A Shares) | 21.9 | 19.0 |
| Number of Holdings | 36 | 505 |
| Weighted Average Market Cap ($bn) | 285.3 | 585.8 |
| Median Market Cap | 46.7 | 29.5 |
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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 9/30/23)
| Holding | Ticker | Value Portfolio | S&P 500® |
|---|---|---|---|
| Meta Platforms | META | 9.3% | 1.9% |
| Berkshire Hathaway | BRK A | 8.9% | 1.8% |
| Applied Materials | AMAT | 7.4% | 0.3% |
| Wells Fargo | WFC | 7.2% | 0.4% |
| Capital One Financial | COF | 5.7% | 0.1% |
| Amazon.com | AMZN | 5.3% | 3.2% |
| JPMorgan Chase | JPM | 4.0% | 1.2% |
| Viatris | VTRS | 3.9% | < 0.1% |
| Alphabet | GOOGL | 3.6% | 4.0% |
| Bank of New York Mellon | BK | 3.4% | 0.1% |
| Top 10 Holdings Total % of Portfolio | 58.6% | 13.0% | |
Top 10 Holdings: Monthly (as of 10/31/23)
| Holding | Ticker | Value Portfolio | S&P 500® |
|---|---|---|---|
| Meta Platforms | META | 9.1% | 1.9% |
| Berkshire Hathaway | BRK A | 9.0% | 1.8% |
| Applied Materials | AMAT | 7.3% | 0.3% |
| Wells Fargo | WFC | 7.2% | 0.4% |
| Capital One Financial | COF | 6.0% | 0.1% |
| Amazon.com | AMZN | 5.5% | 3.4% |
| JPMorgan Chase | JPM | 3.9% | 1.2% |
| Viatris | VTRS | 3.6% | < 0.1% |
| Bank of New York Mellon | BK | 3.5% | 0.1% |
| Alphabet | GOOGL | 3.5% | 3.9% |
| Top 10 Holdings Total % of Portfolio | 58.7% | 13.1% | |
All Holdings: Quarterly (as of 9/30/23)
| Holding | Ticker | Value Portfolio | S&P 500® |
|---|---|---|---|
| Meta Platforms | META | 9.3% | 1.9% |
| Berkshire Hathaway | BRK A | 8.9% | — |
| Applied Materials | AMAT | 7.4% | 0.3% |
| Wells Fargo | WFC | 7.2% | 0.4% |
| Capital One Financial | COF | 5.7% | 0.1% |
| Amazon.com | AMZN | 5.3% | 3.2% |
| JPMorgan Chase | JPM | 4.0% | 1.2% |
| Viatris | VTRS | 3.9% | < 0.1% |
| Alphabet | GOOGL | 3.6% | 2.2% |
| Bank of New York Mellon | BK | 3.4% | 0.1% |
| Texas Instruments | TXN | 3.3% | 0.4% |
| DBS Group Holdings | DBS SP | 3.0% | — |
| Owens Corning | OC | 2.9% | — |
| Cigna Group | CI | 2.9% | 0.2% |
| Danske Bank | DANSKE DC | 2.8% | — |
| U.S. Bancorp | USB | 2.7% | 0.1% |
| Teck Resources | TECK | 2.7% | — |
| MGM Resorts | MGM | 2.2% | < 0.1% |
| Intel | INTC | 2.0% | 0.4% |
| Chubb | CB | 1.8% | 0.2% |
| Markel Group | MKL | 1.6% | — |
| AIA Group | 1299 HK | 1.4% | — |
| Microsoft | MSFT | 1.3% | 6.5% |
| Ping An Insurance Group | 2318 HK | 1.3% | — |
| Prosus | PRX NA | 1.3% | — |
| Samsung Electronics | 005930 KS | 1.1% | — |
| IAC | IAC | 1.0% | — |
| Darling Ingredients | DAR | 0.9% | — |
| Quest Diagnostics | DGX | 0.9% | < 0.1% |
| Coupang | CPNG | 0.9% | — |
| American Express | AXP | 0.7% | 0.2% |
| JD.com | JD | 0.7% | — |
| Naspers | NPN SJ | 0.5% | — |
| Loews | L | 0.4% | < 0.1% |
| Orascom Construction | OC DU | 0.1% | — |
| Cash | 1.2% | — |
All Holdings: Monthly (as of 10/31/23)
| Holding | Ticker | Value Portfolio | S&P 500® |
|---|---|---|---|
| Meta Platforms | META | 9.1% | 1.9% |
| Berkshire Hathaway | BRK A | 9.0% | — |
| Applied Materials | AMAT | 7.3% | 0.3% |
| Wells Fargo | WFC | 7.2% | 0.4% |
| Capital One Financial | COF | 6.0% | 0.1% |
| Amazon.com | AMZN | 5.5% | 3.4% |
| JPMorgan Chase | JPM | 3.9% | 1.2% |
| Viatris | VTRS | 3.6% | < 0.1% |
| Bank of New York Mellon | BK | 3.5% | 0.1% |
| Alphabet | GOOGL | 3.5% | 2.1% |
| Cigna Group | CI | 3.2% | 0.3% |
| Texas Instruments | TXN | 3.1% | 0.4% |
| Danske Bank | DANSKE DC | 2.9% | — |
| DBS Group Holdings | DBS SP | 2.9% | — |
| U.S. Bancorp | USB | 2.6% | 0.1% |
| MGM Resorts | MGM | 2.3% | < 0.1% |
| Teck Resources | TECK | 2.3% | — |
| Owens Corning | OC | 2.2% | — |
| Intel | INTC | 2.1% | 0.4% |
| Chubb | CB | 1.9% | 0.3% |
| Markel Group | MKL | 1.7% | — |
| Quest Diagnostics | DGX | 1.6% | < 0.1% |
| AIA Group | 1299 HK | 1.6% | — |
| Microsoft | MSFT | 1.5% | 7.2% |
| Prosus | PRX NA | 1.3% | — |
| Ping An Insurance Group | 2318 HK | 1.2% | — |
| Samsung Electronics | 005930 KS | 1.1% | — |
| Coupang | CPNG | 0.9% | — |
| IAC | IAC | 0.8% | — |
| Darling Ingredients | DAR | 0.8% | — |
| American Express | AXP | 0.8% | 0.2% |
| JD.com | JD | 0.6% | — |
| Naspers | NPN SJ | 0.5% | — |
| AGCO | AGCO | 0.4% | — |
| Loews | L | 0.4% | < 0.1% |
| Orascom Construction | OC DU | 0.1% | — |
| Cash | 0.7% | — |
Sector Allocation The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and S&P Global (“S&P”). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.
| Sector | Value Portfolio | S&P 500® |
|---|---|---|
| Financials | 45.4% | 12.8% |
| Information Technology | 15.4% | 27.5% |
| Communication Services | 14.0% | 8.9% |
| Consumer Discretionary | 10.9% | 10.7% |
| Health Care | 7.7% | 13.4% |
| Industrials | 3.0% | 8.4% |
| Materials | 2.7% | 2.5% |
| Consumer Staples | 0.9% | 6.6% |
| Energy | — | 4.7% |
| Real Estate | — | 2.4% |
| Utilities | — | 2.4% |
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
2023 Estimated Distribution Information as of 10/06/23
| Record Date | Ex-Date | Payable Date | Short-term Capital Gain | Long-term Capital Gain |
|---|---|---|---|---|
| 12/26/23 | 12/27/23 | 12/28/23 | 1% - 2% | 9% - 10% |
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 |
|---|---|---|---|---|---|---|---|---|
| 12/27/22 | 12/28/22 | 12/29/22 | 100% | 0.10 | - | 5.19 | - | 1.76 |
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.