| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
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This document is a fund distribution report from Davis Funds detailing 2025 year-end distributions across their mutual fund family. The report provides comprehensive distribution tables for multiple Davis funds including New York Venture Fund, International Fund, Global Fund, Financial Fund, Opportunity Fund, Balanced Fund, Real Estate Fund, and Government Bond Fund. Each table specifies record dates, ex-dates, payable dates, qualified dividend percentages, ordinary income amounts, capital gains distributions, and reinvestment prices across different share classes. The distributions reflect the funds' long-term investment approach, with the majority of gains being long-term capital gains subject to lower tax rates. The document emphasizes Davis's tax efficiency consciousness as large shareholders themselves. All funds show meaningful capital gains distributions, particularly the Opportunity Fund with $5.11 per share in long-term capital gains. The report includes standard disclaimers directing shareholders to use Form 1099-DIV for actual tax reporting rather than these preliminary figures.
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 12 2026 | 2025 Q4 | - | Capital Gains, Distributions, dividends, Tax | - | Davis Funds 2025 year-end distribution report showing substantial capital gains distributions across their fund family. Most funds distributed meaningful long-term capital gains, with Opportunity Fund leading at $5.11 per share. The distributions reflect the firm's long-term investment approach and tax-efficient management philosophy. |
| Aug 25 2025 | 2025 Q2 | AMAT, AMZN, BRK-B, COF, CVS, DANSKE.CO, DGX, HUM, META, MGM, OC, SOLV, TECK, TOU.TO, TSN, TXN, UNH, USB, VTRS, WFC | AI, Concentration, financials, inflation, Quality, technology, Transition, value | - | Davis New York Venture Fund delivered 11.51% returns in H1 2025, outperforming the S&P 500's 6.20% during a period of economic, technological, and geopolitical transition. Their selective portfolio of durable, undervalued businesses trades at a 36% discount to the index while growing earnings faster, positioning them to reward long-term shareholders as market dynamics shift away from momentum investing. |
| Dec 31 2024 | 2024 Q4 | 005930.KS, AMAT, AMZN, BRK-B, CI, COF, DGX, GOOGL, HUM, META, MGM, OC, TECK.TO, TOU.TO, TSN, TXN, USB, VTRS, WFC | AI, Concentration, financials, healthcare, industrials, inflation, technology, value | - | Davis New York Venture Fund delivered 17.51% returns in 2024 through selective value investing in durable, undervalued companies. With their portfolio trading at a 41% discount to the S&P 500 while growing earnings faster, the managers believe the end of the free-money era will reward their discipline after a decade of being out of favor. |
| Jul 25 2024 | 2024 Q2 | 005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC | banks, healthcare, interest rates, Quality, technology, value | - | Davis New York Venture Fund outperformed in 2023 as the free money era ended, validating its value discipline. The portfolio of durable, undervalued companies trades at a 46% discount to the market despite strong fundamentals. With carefully selected banks, resilient industrials, and discounted tech leaders, the fund is positioned to benefit from interest rate normalization. |
| May 4 2024 | 2024 Q1 | 005930.KS, 2318.HK, AMAT, AMZN, BAER.SW, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, MGM, OC, TECK, USB, VTRS, WFC | banks, financials, healthcare, Quality, rates, technology, value | - | Davis New York Venture Fund outperformed in 2023 as the free money era ended, with a portfolio of quality companies trading at 12x forward earnings despite 12% annual earnings growth. Heavy weighting in well-managed banks positioned to benefit from higher rates, plus durable businesses with competitive moats at discount valuations, creates attractive risk-adjusted return potential. |
| Oct 31 2023 | 2023 Q3 | 2318.HK, AMAT, AMZN, BK, BRK-B, CI, COF, D05.SI, DANSKE.CO, DGX, GOOGL, IAC, JPM, META, OC, TECK, TXN, USB, VTRS, WFC | Banking, fundamentals, healthcare, Quality, Resilience, technology, undervalued, value | - | Davis New York Venture Fund delivered strong performance as easy-money distortions unwind, with portfolio companies trading at steep discounts despite superior earnings growth. The fund emphasizes resilient, high-quality businesses across financials, technology, and healthcare that can compound value through market cycles. Managers expect continued outperformance as markets return to fundamental-based investing after a decade of speculation. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q2 |
AIGenAI is likely the most transformational technological development in modern history, driving major advances across industries while creating significant competitive, economic and social risks. The market for AI products and services is still in early days with fierce competition, making it risky to project long-term winners based on recent performance. AI will prove disruptive to once stable industries in ways difficult to anticipate. |
Artificial Intelligence Technology Disruption Innovation Competition |
ValueThe fund focuses on businesses with long-term growth and low valuations, instead of high valuations and unprecedented concentration of equity indices. Their selective portfolio combines attractive growth with low valuations, trading at a 36% discount to the S&P 500 Index while growing earnings meaningfully faster. This positions them to reward long-term shareholders who have resisted chasing fads and fashions. |
Undervalued Discount Selective Growth Discipline | |
InflationAfter more than a decade of interest rate suppression and quantitative easing, the shift to a more normal environment began in March 2022 when the Federal Reserve recognized inflation reality and announced 11 consecutive rate increases. The great unwinding from the free-money era likely still has a long way to go, with investors facing greater risks from inflation and speculation than rate cuts. |
Federal Reserve Interest Rates Monetary Policy Economic Policy Normalization | |
QualityThe portfolio is made up of companies with resilient growth, durable earnings power, significant free cash flow and some combination of long-lived assets, pricing power, competitive advantage, balance sheet strength, proven management and attractive valuation. Investors are once again seeking durability, profitability, cash production, valuation and balance sheet strength as these characteristics become increasingly desirable. |
Durability Cash Flow Balance Sheet Competitive Advantage Management | |
| 2024 Q4 |
AIGenerative AI is likely one of the most transformational technological developments in modern history, creating new risks and driving major advances across industries. The market for AI products is still early with fierce competition, making it risky to project long-term winners based on recent performance. AI will likely prove disruptive to stable industries in ways difficult to anticipate. |
Technology Disruption Competition Transformation Innovation |
InflationAfter more than a decade of interest rate suppression and quantitative easing, the Federal Reserve began raising rates in March 2022 in response to inflation reality. The managers expect recent rate cuts may prove optimistic and believe the greatest risks investors face today remain from inflation and speculation. |
Federal Reserve Interest Rates Monetary Policy Economic Risk | |
ValueThe fund focuses on companies with attractive growth and low valuations, trading at almost a 41% discount to the S&P 500 while growing earnings slightly faster. This value discipline has led them to avoid many market darlings and focus on durable, proven but less glamorous parts of sectors. |
Valuation Discount Discipline Selectivity Undervalued | |
| 2024 Q2 |
ValueThe fund emphasizes valuation discipline and seeks companies trading at attractive prices relative to fundamentals. Portfolio trades at only 12 times forward earnings, a 46% discount to S&P 500 despite strong earnings growth. The end of the free money era has created opportunities for value-conscious investors. |
Valuation Discount Undervalued Price Fundamentals |
RatesThe Federal Reserve's aggressive rate increases since March 2022 ended the free money era that persisted since 2008-2009. This normalization creates headwinds for speculative investments but tailwinds for durable businesses with strong fundamentals. Higher rates benefit select bank holdings through improved net interest margins. |
Interest Rates Federal Reserve Normalization Free Money Cost of Capital | |
QualityThe portfolio emphasizes companies with durable business models, strong competitive positions, proven management, and balance sheet strength. These characteristics become more valuable in periods of higher interest rates and economic uncertainty as fundamentals matter more than speculation. |
Durability Competitive Advantage Management Balance Sheet Fundamentals | |
| 2024 Q1 |
RatesThe fund emphasizes the end of the free money era that began in 2008-2009, with the Federal Reserve raising rates 11 consecutive times starting March 2022. This normalization creates headwinds for speculative growth companies but tailwinds for durable, attractively valued businesses with strong fundamentals. The managers view this as a return to normalcy where valuation discipline matters again. |
Interest Rates Federal Reserve Monetary Policy Normalization Free Money |
BanksFinancial sector represents the largest weighting in the fund, with managers believing banks have been significantly undervalued since 2008-2009. They emphasize well-managed large banks with strong capital ratios, proven stress test results, and positioning to benefit from higher interest rates. The collapse of poorly managed regional banks in 2023 created opportunities in quality institutions. |
Capital Ratios Stress Tests Regional Banks Deposit Growth Net Interest Margin | |
ValueThe portfolio trades at only 12 times forward earnings, a 46% discount to the S&P 500 despite companies growing earnings 12% annually over five years. Managers emphasize this rare combination of durable growth and discount prices positions them well as markets return to valuation discipline after years of speculation. |
Forward P/E Earnings Growth Discount Valuation Discipline Fundamentals | |
QualityFocus on companies with resilient business models, durable earnings power, significant free cash flow, long-lived assets with pricing power, competitive advantages, balance sheet strength, and proven management. These characteristics allow companies to better navigate higher interest rates and economic uncertainty. |
Free Cash Flow Pricing Power Competitive Moats Balance Sheet Management Quality | |
| 2023 Q3 |
ValueThe fund focuses on companies trading at attractive valuations despite strong fundamentals. Portfolio companies trade at 11.4x forward earnings, a 45% discount to the S&P 500, while growing earnings faster than market averages. The end of the easy-money era has created opportunities in undervalued, high-quality businesses. |
Undervalued Discount Fundamentals Earnings Multiples |
ResilienceThe managers prioritize companies with durable competitive advantages, conservative balance sheets, and the ability to endure economic downturns. They focus on businesses that can make strong progress in good times and survive hard times, emphasizing long-term earnings power over short-term predictability. |
Durability Conservative Competitive Endurance Long-term | |
QualityThe portfolio emphasizes high-quality businesses with proven business models, return-on-capital mindset, and expense discipline. These companies have grown earnings faster than market averages over the past five years while maintaining strong competitive positions and economies of scale. |
Business Models Return-on-capital Discipline Competitive Scale |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
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