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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 18, 2025
For the first half of 2025, the Davis Global Fund (DGF) delivered a strong return of +14.12%, outperforming its benchmark, the MSCI ACWI, which returned +10.05%. Portfolio Manager Danton Goei reported that the fund's outperformance was driven by a diverse set of holdings across financials, communication services, information technology, and healthcare. Notable individual contributors included Danske Bank, which returned 53%, Capital One, up 20%, Meta Platforms, up 26%, and AppLovin, which returned 41% since its purchase in March. Despite the strong performance, the fund manager emphasized the risk of high market valuations, particularly in the S&P 500, which trades near two standard deviations above its historic average. In response, DGF maintains a highly selective portfolio of high-quality, competitively advantaged companies trading at a significant discount to the benchmark, with an average forward P/E of 12.2x compared to the MSCI ACWI's 19.4x. The manager highlighted Chinese equities as especially compelling, trading at a 39% discount to MSCI ACWI. He defended China's growth figures and highlighted its leadership in EVs, batteries, solar energy, robotics, and biotechnology, positioning the fund to benefit from these secular trends while maintaining rigorous valuation discipline.
We focus on competitively advantaged companies with strong managements trading at attractive valuations that can be expected to produce good results through shifting economic conditions.
The manager remains cautious about high market valuations, geopolitical tensions, and macroeconomic hurdles like tariff-induced inflation and weak GDP growth. However, they are highly optimistic about the fund's selective holdings which feature resilient balance sheets, strong cash generation, and deeply discounted valuations.
Neutral / Balanced
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