The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Davis New York Venture Fund (DNYVF) reported a +11.51% return for the first half of 2025, outperforming the S&P 500 Index's return of +6.20%. Co-portfolio managers Chris Davis and Danton Goei outline the ongoing 'Triple Transition' in economics, technology, and geopolitics. They warn of high index valuations and extreme market concentration (where the Magnificent Seven comprise nearly 35% of the S&P 500). To combat these risks, the fund focuses on durable and cash-generative businesses across four key themes: Financials (Misunderstood Durability), Technology (Resilient, Reasonably Priced), Healthcare (Durability over Speculation), and Industrials (Resilient, Non-Linear Growth). The managers emphasize the danger of attempting to time the market, citing that missing the five strongest days in 1H 2025 would slash investor returns from +6.2% to -12.1%. The letter underscores strong alignment with clients, noting that Davis Advisors and fund directors have over $2 billion co-invested in their portfolios.
Long-term wealth is built by strictly adhering to a fundamental, bottom-up valuation discipline. Investing in durable, cash-generating companies with competitive advantages and low valuations provides strong relative outperformance, especially during periods of market transition and overvalued passive indices.
The managers expect periods of volatility and disruption ahead, but believe the tide is turning in favor of active, highly selective value strategies. Passive indexing and momentum strategies are predicted to suffer due to unprecedented concentration and high valuations, while the unwinding of the free-money era continues.
As of Jun 30, 2025
Chris C. Davis brings 36 years of experience at Davis Advisors while Danton G. Goei contributes 27 years of experience at Davis Advisors. Both portfolio managers have over $2 billion of their own investments in Davis funds and strategies, demonstrating exceptional alignment with shareholder interests. The management team emphasizes selective investing, rejecting the vast majority of companies in benchmark indices to uncover businesses with solid earnings selling at attractive valuations. Their approach focuses on companies with resilient growth, durable earnings power, significant free cash flow and competitive advantages.
The Davis Investment Discipline emphasizes rigorous research, disciplined value investing, and patient stewardship. The fund invests in durable, well-managed businesses with sustainable competitive advantages and attractive long-term growth prospects selling at a discount to their true value. The strategy selectively invests in large cap, durable, well-managed companies, seeking growing businesses at value prices to hold for the long term with an Active Share of 86% reflecting commitment to bottom-up stock selection rather than index mirroring.
Lead Portfolio Manager
Danton Goei Chris Davis
Managing Partner
High Conviction Bullish
Market Conviction
High-conviction positioning: Davis New York Venture Fund returned +11.51% in 1H 2025, outperforming the S&P 500. The fund is heavily underweight overvalued tech darlings, favoring a selective portfolio of unde...
Growth Outlook
Market outlook remains low conviction: Davis New York Venture Fund returned +11.51% in 1H 2025, outperforming the S&P 500. The fund is heavily underweight overvalued tech darlings, favoring a selective portfolio of unde...
Risk Appetite
Risk appetite posture is moderate conviction: Davis New York Venture Fund returned +11.51% in 1H 2025, outperforming the S&P 500. The fund is heavily underweight overvalued tech darlings, favoring a selective portfolio of unde...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Davis New York Venture Fund returned +11.51% in 1H 2025, outperforming the S&P 500. The fund is heavily underweight overvalued tech darlings, favoring a selective portfolio of unde...
Forward Guidance
Forward guidance signal: Davis New York Venture Fund returned +11.51% in 1H 2025, outperforming the S&P 500. The fund is heavily underweight overvalued tech darlings, favoring a selective portfolio of unde...
Language Signal
Tone analysis indicates high conviction language: Davis New York Venture Fund returned +11.51% in 1H 2025, outperforming the S&P 500. The fund is heavily underweight overvalued tech darlings, favoring a selective portfolio of unde...
Perceived Risk
Perceived risk level is evaluated as high conviction. Davis New York Venture Fund returned +11.51% in 1H 2025, outperforming the S&P 500. The fund is heavily underweight overvalued tech darlings, favoring a selective portfolio of unde...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Davis New York Venture Fund returned +11.51% in 1H 2025, outperforming the S&P 500. The fund is heavily underweight overvalued tech darlings, favoring a selective portfolio of unde...
Time Horizon
Investment time horizon reflects a high conviction orientation. Davis New York Venture Fund returned +11.51% in 1H 2025, outperforming the S&P 500. The fund is heavily underweight overvalued tech darlings, favoring a selective portfolio of unde...
Top Conviction Themes
Key Catalysts
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