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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The fund is adjusting its benchmark-tracking process while remaining strictly committed to its selective, long-term valuation strategy."
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.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Growth Outlook
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Language Signal
Perceived Risk
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