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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Davis Real Estate Fund (DREF) underperformed its benchmark (Wilshire U.S. Real Estate Securities Index) in 2025, returning -5.72% on NAV compared to the index's +3.47%. This performance gap was primarily driven by under-owning Welltower (which surged to represent nearly 9% of the benchmark due to passive inflows) and over-owning Alexandria Real Estate (which fell drastically as life-science recovery timelines extended). In response, the portfolio managers are refining their risk parameters and widening modeling estimates. The fund saw positive performance contributions from industrial holdings (Prologis) and London-based office REITs. The managers remain highly confident in their long-term, selective allocations in premium apartments, class-A offices, and deeply discounted life-science properties.
Long-term, selective value investing in premium real estate. Active managers can exploit structural market inefficiencies caused by valuation-agnostic passive flows by acquiring high-quality assets trading at steep discounts relative to their long-term underlying cash flows.
The managers expect the recovery in apartment rentals to become visible in late 2026 to 2027. They anticipate premium office REITs will continue to win market share, and believe Alexandria has a clear multi-year glide path back to earnings growth, although short-term performance may remain choppy.
As of Dec 31, 2025
Danton G. Goei serves as the portfolio manager of Davis Global Fund, bringing 30 years of industry experience and 27 years specifically at Davis Advisors to the role. He has been managing the fund since December 22, 2004, providing over two decades of consistent leadership and investment approach. Goei operates within the Davis family-controlled structure, where the Davis family retains control of the firm and maintains over $2 billion of their own wealth invested alongside clients, demonstrating significant alignment of interests with external investors and confidence in their investment discipline.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
High-conviction positioning: The Davis Real Estate Fund posted a disappointing -5.72% NAV return in 2025 due to valuation-agnostic index flows boosting expensive mega-caps at the expense of value-driven picks ...
Growth Outlook
Market outlook remains above average conviction: The Davis Real Estate Fund posted a disappointing -5.72% NAV return in 2025 due to valuation-agnostic index flows boosting expensive mega-caps at the expense of value-driven picks ...
Risk Appetite
Risk appetite posture is moderate conviction: The Davis Real Estate Fund posted a disappointing -5.72% NAV return in 2025 due to valuation-agnostic index flows boosting expensive mega-caps at the expense of value-driven picks ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Davis Real Estate Fund posted a disappointing -5.72% NAV return in 2025 due to valuation-agnostic index flows boosting expensive mega-caps at the expense of value-driven picks ...
Forward Guidance
Forward guidance signal: The Davis Real Estate Fund posted a disappointing -5.72% NAV return in 2025 due to valuation-agnostic index flows boosting expensive mega-caps at the expense of value-driven picks ...
Language Signal
Tone analysis indicates moderate conviction language: The Davis Real Estate Fund posted a disappointing -5.72% NAV return in 2025 due to valuation-agnostic index flows boosting expensive mega-caps at the expense of value-driven picks ...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Davis Real Estate Fund posted a disappointing -5.72% NAV return in 2025 due to valuation-agnostic index flows boosting expensive mega-caps at the expense of value-driven picks ...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Davis Real Estate Fund posted a disappointing -5.72% NAV return in 2025 due to valuation-agnostic index flows boosting expensive mega-caps at the expense of value-driven picks ...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Davis Real Estate Fund posted a disappointing -5.72% NAV return in 2025 due to valuation-agnostic index flows boosting expensive mega-caps at the expense of value-driven picks ...
Top Conviction Themes
Key Catalysts
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