DAVIS NEW YORK VENTURE FUND, INC.
|
Table of Contents
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DAVIS GLOBAL FUND
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DAVIS INTERNATIONAL FUND
|
2
|
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Management’s Discussion of Fund Performance:
|
|
3
|
|
5
|
|
Fund Overview:
|
|
7
|
|
8
|
|
9
|
|
Schedule of Investments:
|
|
10
|
|
13
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|
15
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|
17
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18
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|
20
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|
29
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33
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36
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|
37
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DAVIS GLOBAL FUND
|
|
DAVIS INTERNATIONAL FUND
|
Christopher C. Davis
|
Danton G. Goei
|
President
|
Portfolio Manager
|
June 3, 2022
|
DAVIS GLOBAL FUND
|
1
|
The companies included in the Morgan Stanley Capital International All Country World Index are divided into eleven sectors. One or more industry groups make up a
sector. For purposes of measuring concentration, the Fund generally classifies companies at the industry group or industry level. See the SAI for additional information regarding the Fund’s concentration policy.
|
2
|
A company’s or sector’s contribution to or detraction from the Fund’s performance is a product both of its appreciation or depreciation and its weighting within the
Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.
|
3
|
This Management Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information
reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund’s holdings of each company
discussed.
|
DAVIS GLOBAL FUND – (CONTINUED)
|
Management’s Discussion of Fund Performance
|
Fund & Benchmark Index
|
1-Year
|
5-Year
|
10-Year
|
Since
Inception
|
Inception
Date
|
Gross Expense
Ratio
|
Net Expense
Ratio
|
Class A - without sales charge
|
(32.07)%
|
4.05%
|
8.25%
|
6.78%
|
12/22/04
|
0.94%
|
0.94%
|
Class A - with sales charge*
|
(35.29)%
|
3.05%
|
7.73%
|
6.48%
|
12/22/04
|
0.94%
|
0.94%
|
Class C**
|
(33.21)%
|
3.25%
|
7.53%
|
6.29%
|
12/22/04
|
1.71%
|
1.71%
|
Class Y
|
(31.89)%
|
4.31%
|
8.51%
|
4.15%
|
07/25/07
|
0.70%
|
0.70%
|
MSCI ACWI®***
|
(5.44)%
|
9.45%
|
9.20%
|
7.09%
|
Class A Shares
|
1-Year
|
5-Year
|
10-Year
|
With sales charge*
|
(24.86)%
|
5.44%
|
8.38%
|
DAVIS INTERNATIONAL FUND
|
1
|
The companies included in the Morgan Stanley Capital International All Country World Index ex USA are divided into eleven sectors. One or more industry groups make up a
sector. For purposes of measuring concentration, the Fund generally classifies companies at the industry group or industry level. See the SAI for additional information regarding the Fund’s concentration policy.
|
2
|
A company’s or sector’s contribution to or detraction from the Fund’s performance is a product both of its appreciation or depreciation and its weighting within the
Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.
|
3
|
This Management Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information
reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund’s holdings of each company
discussed.
|
DAVIS INTERNATIONAL FUND – (CONTINUED)
|
Management’s Discussion of Fund Performance
|
Fund & Benchmark Index
|
1-Year
|
5-Year
|
10-Year
|
Since
Inception
|
Inception
Date
|
Gross Expense
Ratio
|
Net Expense
Ratio
|
Class A - without sales charge
|
(38.20)%
|
(1.30)%
|
2.82%
|
1.09%
|
12/29/06
|
1.07%
|
1.05%
|
Class A - with sales charge*
|
(41.13)%
|
(2.26)%
|
2.33%
|
0.77%
|
12/29/06
|
1.07%
|
1.05%
|
Class C**
|
(39.23)%
|
(2.13)%
|
2.01%
|
0.41%
|
12/29/06
|
1.89%
|
1.80%
|
Class Y
|
(37.95)%
|
(1.02)%
|
3.15%
|
2.65%
|
12/31/09
|
0.76%
|
0.76%
|
MSCI ACWI® ex USA***
|
(10.31)%
|
4.94%
|
5.04%
|
2.87%
|
Class A Shares
|
1-Year
|
5-Year
|
10-Year
|
With sales charge*
|
(34.19)%
|
0.36%
|
3.16%
|
DAVIS GLOBAL FUND
|
|
April 30, 2022 (Unaudited)
|
Portfolio Composition
|
Industry Weightings
|
|||||
(% of Fund’s 04/30/22 Net Assets)
|
(% of 04/30/22 Stock Holdings)
|
|||||
MSCI
|
||||||
Fund
|
ACWI®
|
|||||
Common Stock (Foreign)
|
53.47%
|
Banks
|
20.78%
|
7.08%
|
||
Common Stock (U.S.)
|
45.40%
|
Retailing
|
20.58%
|
4.89%
|
||
Short-Term Investments
|
1.22 %
|
Media & Entertainment
|
14.85%
|
5.79%
|
||
Other Assets & Liabilities
|
(0.09)%
|
Information Technology
|
11.12%
|
21.56%
|
||
100.00%
|
Diversified Financials
|
10.28%
|
4.30%
|
|||
Insurance
|
9.26%
|
3.14%
|
||||
Health Care
|
7.49%
|
12.28%
|
||||
Materials
|
1.61%
|
5.14%
|
||||
Food, Beverage & Tobacco
|
1.50%
|
4.22%
|
||||
Consumer Durables & Apparel
|
1.00%
|
1.88%
|
||||
Capital Goods
|
0.84%
|
6.19%
|
||||
Transportation
|
0.47%
|
2.09%
|
||||
Food & Staples Retailing
|
0.20%
|
1.59%
|
||||
Commercial & Professional Services
|
0.02%
|
1.14%
|
||||
Energy
|
–
|
4.64%
|
||||
Utilities
|
–
|
3.02%
|
||||
Other
|
–
|
11.05%
|
||||
100.00%
|
100.00%
|
Country Diversification
|
Top 10 Long-Term Holdings
|
|||
(% of 04/30/22 Stock Holdings)
|
(% of Fund’s 04/30/22 Net Assets)
|
|||
United States
|
45.92%
|
DBS Group Holdings Ltd.
|
7.12%
|
|
China
|
22.78%
|
Wells Fargo & Co.
|
6.43%
|
|
Singapore
|
7.20%
|
JD.com, Inc., Class A*
|
5.58%
|
|
Denmark
|
5.35%
|
Danske Bank A/S
|
5.29%
|
|
South Korea
|
4.22%
|
Ping An Insurance (Group) Co. of China, Ltd. - H
|
5.02%
|
|
Hong Kong
|
4.18%
|
Alphabet Inc., Class C
|
4.34%
|
|
Netherlands
|
3.49%
|
Cigna Corp.
|
4.29%
|
|
Switzerland
|
2.60%
|
Alibaba Group Holding Ltd.*
|
4.22%
|
|
Canada
|
1.61%
|
AIA Group Ltd.
|
4.14%
|
|
Bermuda
|
1.49%
|
Capital One Financial Corp.
|
3.83%
|
|
South Africa
|
0.92%
|
|||
United Kingdom
|
0.24%
|
*Includes ADR and foreign ordinary shares.
|
||
100.00%
|
DAVIS INTERNATIONAL FUND
|
|
April 30, 2022 (Unaudited)
|
Portfolio Composition
|
Industry Weightings
|
|||||
(% of Fund’s 04/30/22 Net Assets)
|
(% of 04/30/22 Stock Holdings)
|
|||||
MSCI
|
||||||
ACWI®
|
||||||
Fund
|
ex USA
|
|||||
Common Stock (Foreign)
|
94.84%
|
Retailing
|
27.01%
|
3.03%
|
||
Short-Term Investments
|
4.53%
|
Banks
|
26.80%
|
12.54%
|
||
Other Assets & Liabilities
|
0.63%
|
Information Technology
|
15.61%
|
11.54%
|
||
100.00%
|
Insurance
|
13.03%
|
4.54%
|
|||
Diversified Financials
|
5.16%
|
3.34%
|
||||
Capital Goods
|
4.38%
|
7.86%
|
||||
Consumer Durables & Apparel
|
2.85%
|
3.31%
|
||||
Materials
|
2.37%
|
8.83%
|
||||
Media & Entertainment
|
1.10%
|
3.10%
|
||||
Transportation
|
0.94%
|
2.70%
|
||||
Commercial & Professional Services
|
0.44%
|
1.40%
|
||||
Food & Staples Retailing
|
0.31%
|
1.62%
|
||||
Health Care
|
–
|
9.61%
|
||||
Energy
|
–
|
5.68%
|
||||
Food, Beverage & Tobacco
|
–
|
5.38%
|
||||
Automobiles & Components
|
–
|
3.44%
|
||||
Other
|
–
|
12.08%
|
||||
100.00%
|
100.00%
|
Country Diversification
|
Top 10 Long-Term Holdings
|
|||
(% of 04/30/22 Stock Holdings)
|
(% of Fund’s 04/30/22 Net Assets)
|
|||
China
|
33.62%
|
DBS Group Holdings Ltd.
|
8.45%
|
|
South Korea
|
10.89%
|
JD.com, Inc., Class A, ADR
|
8.03%
|
|
Singapore
|
8.91%
|
Danske Bank A/S
|
7.02%
|
|
Denmark
|
7.40%
|
Samsung Electronics Co., Ltd.
|
6.85%
|
|
Hong Kong
|
6.66%
|
AIA Group Ltd.
|
6.31%
|
|
Norway
|
5.85%
|
Ping An Insurance (Group) Co. of China, Ltd. - H
|
6.05%
|
|
France
|
4.38%
|
Alibaba Group Holding Ltd., ADR
|
5.95%
|
|
Switzerland
|
4.37%
|
DNB Bank ASA
|
5.55%
|
|
Bermuda
|
4.32%
|
Meituan, Class B
|
4.50%
|
|
Japan
|
4.20%
|
Schneider Electric SE
|
4.16%
|
|
Netherlands
|
3.67%
|
|||
South Africa
|
3.05%
|
|||
Canada
|
2.36%
|
|||
United Kingdom
|
0.32%
|
|||
100.00%
|
DAVIS GLOBAL FUND
|
|
DAVIS INTERNATIONAL FUND
|
Beginning
Account Value
|
Ending
Account Value
|
Expenses Paid During
Period*
|
|||
(11/01/21)
|
(04/30/22)
|
(11/01/21-04/30/22)
|
|||
Davis Global Fund
|
|||||
Class A (annualized expense ratio 0.94%**)
|
|||||
Actual
|
$1,000.00
|
$793.07
|
$4.18
|
||
Hypothetical
|
$1,000.00
|
$1,020.13
|
$4.71
|
||
Class C (annualized expense ratio 1.71%**)
|
|||||
Actual
|
$1,000.00
|
$790.03
|
$7.59
|
||
Hypothetical
|
$1,000.00
|
$1,016.31
|
$8.55
|
||
Class Y (annualized expense ratio 0.70%**)
|
|||||
Actual
|
$1,000.00
|
$794.03
|
$3.11
|
||
Hypothetical
|
$1,000.00
|
$1,021.32
|
$3.51
|
||
Davis International Fund
|
|||||
Class A (annualized expense ratio 1.05%**)
|
|||||
Actual
|
$1,000.00
|
$781.85
|
$4.64
|
||
Hypothetical
|
$1,000.00
|
$1,019.59
|
$5.26
|
||
Class C (annualized expense ratio 1.80%**)
|
|||||
Actual
|
$1,000.00
|
$779.30
|
$7.94
|
||
Hypothetical
|
$1,000.00
|
$1,015.87
|
$9.00
|
||
Class Y (annualized expense ratio 0.76%**)
|
|||||
Actual
|
$1,000.00
|
$783.73
|
$3.36
|
||
Hypothetical
|
$1,000.00
|
$1,021.03
|
$3.81
|
||
Hypothetical assumes 5% annual return before expenses.
|
|||||
*Expenses are equal to each Class’s annualized operating expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
|||||
**The expense ratios reflect the impact, if any, of certain reimbursements from the Adviser.
|
Shares/Units
|
Value
(Note 1) |
|||||||||||
COMMON STOCK – (98.87%)
|
||||||||||||
COMMUNICATION SERVICES – (14.69%)
|
||||||||||||
Media & Entertainment – (14.69%)
|
||||||||||||
Alphabet Inc., Class C *
|
17,448
|
$
|
40,118,710
|
|||||||||
ASAC II L.P. *(a)(b)
|
35,352
|
34,670
|
||||||||||
Baidu, Inc., Class A, ADR (China)*
|
63,720
|
7,912,112
|
||||||||||
Fang Holdings Ltd., Class A, ADR (China)*
|
20,474
|
72,171
|
||||||||||
IAC/InterActiveCorp *
|
127,040
|
10,529,075
|
||||||||||
iQIYI, Inc., Class A, ADR (China)*
|
916,790
|
3,263,772
|
||||||||||
Liberty Media Corp., Liberty Formula One, Series A *
|
250,670
|
14,393,471
|
||||||||||
Liberty Media Corp., Liberty Formula One, Series C *
|
331,635
|
20,670,810
|
||||||||||
Meta Platforms, Inc., Class A *
|
148,140
|
29,697,626
|
||||||||||
Vimeo, Inc. *
|
902,030
|
9,191,686
|
||||||||||
Total Communication Services
|
135,884,103
|
|||||||||||
CONSUMER DISCRETIONARY – (21.34%)
|
||||||||||||
Consumer Durables & Apparel – (0.99%)
|
||||||||||||
Fila Holdings Corp. (South Korea)
|
359,070
|
9,174,589
|
||||||||||
Retailing – (20.35%)
|
||||||||||||
Alibaba Group Holding Ltd. (China)*
|
850,000
|
10,368,026
|
||||||||||
Alibaba Group Holding Ltd., ADR (China)*
|
295,760
|
28,715,338
|
||||||||||
Amazon.com, Inc. *
|
9,810
|
24,384,030
|
||||||||||
Coupang, Inc., Class A (South Korea)*
|
512,130
|
6,591,113
|
||||||||||
JD.com, Inc., Class A (China)
|
71,430
|
2,227,083
|
||||||||||
JD.com, Inc., Class A, ADR (China)
|
800,395
|
49,352,356
|
||||||||||
Meituan, Class B (China)*
|
1,201,729
|
25,748,721
|
||||||||||
Naspers Ltd. - N (South Africa)
|
83,411
|
8,412,495
|
||||||||||
Prosus N.V., Class N (Netherlands)
|
661,220
|
31,889,758
|
||||||||||
Vroom, Inc. *
|
330,520
|
515,611
|
||||||||||
188,204,531
|
||||||||||||
Total Consumer Discretionary
|
197,379,120
|
|||||||||||
CONSUMER STAPLES – (1.68%)
|
||||||||||||
Food & Staples Retailing – (0.20%)
|
||||||||||||
Missfresh Ltd., Class B, ADS (China)*
|
3,495,389
|
1,803,621
|
||||||||||
Food, Beverage & Tobacco – (1.48%)
|
||||||||||||
Darling Ingredients Inc. *
|
186,740
|
13,704,848
|
||||||||||
Total Consumer Staples
|
15,508,469
|
|||||||||||
FINANCIALS – (39.86%)
|
||||||||||||
Banks – (20.54%)
|
||||||||||||
Bank of N.T. Butterfield & Son Ltd. (Bermuda)
|
425,190
|
13,618,836
|
||||||||||
Danske Bank A/S (Denmark)
|
3,190,350
|
48,936,285
|
||||||||||
DBS Group Holdings Ltd. (Singapore)
|
2,713,894
|
65,840,744
|
||||||||||
Metro Bank PLC (United Kingdom)*
|
1,958,272
|
2,174,102
|
||||||||||
Wells Fargo & Co.
|
1,363,270
|
59,479,470
|
||||||||||
190,049,437
|
||||||||||||
Diversified Financials – (10.16%)
|
||||||||||||
Capital Markets – (2.90%)
|
||||||||||||
Julius Baer Group Ltd. (Switzerland)
|
498,140
|
23,805,024
|
||||||||||
Noah Holdings Ltd., Class A, ADS (China)*
|
169,150
|
3,039,626
|
||||||||||
26,844,650
|
DAVIS GLOBAL FUND – (CONTINUED)
|
Schedule of Investments
|
April 30, 2022 (Unaudited)
|
Shares
|
Value
(Note 1) |
||||||||||||
COMMON STOCK – (CONTINUED)
|
|||||||||||||
FINANCIALS – (CONTINUED)
|
|||||||||||||
Diversified Financials – (Continued)
|
|||||||||||||
Consumer Finance – (3.83%)
|
|||||||||||||
Capital One Financial Corp.
|
284,060
|
$
|
35,399,557
|
||||||||||
Diversified Financial Services – (3.43%)
|
|||||||||||||
Berkshire Hathaway Inc., Class B *
|
98,420
|
31,772,928
|
|||||||||||
94,017,135
|
|||||||||||||
Insurance – (9.16%)
|
|||||||||||||
Life & Health Insurance – (9.16%)
|
|||||||||||||
AIA Group Ltd. (Hong Kong)
|
3,896,780
|
38,281,022
|
|||||||||||
Ping An Insurance (Group) Co. of China, Ltd. - H (China)
|
7,343,500
|
46,416,156
|
|||||||||||
84,697,178
|
|||||||||||||
Total Financials
|
368,763,750
|
||||||||||||
HEALTH CARE – (7.41%)
|
|||||||||||||
Health Care Equipment & Services – (4.29%)
|
|||||||||||||
Cigna Corp.
|
160,810
|
39,684,692
|
|||||||||||
Pharmaceuticals, Biotechnology & Life Sciences – (3.12%)
|
|||||||||||||
Viatris Inc.
|
2,794,450
|
28,866,668
|
|||||||||||
Total Health Care
|
68,551,360
|
||||||||||||
INDUSTRIALS – (1.31%)
|
|||||||||||||
Capital Goods – (0.83%)
|
|||||||||||||
Owens Corning
|
84,270
|
7,662,671
|
|||||||||||
Commercial & Professional Services – (0.02%)
|
|||||||||||||
China Index Holdings Ltd., Class A, ADR (China)*
|
225,679
|
214,395
|
|||||||||||
Transportation – (0.46%)
|
|||||||||||||
DiDi Global Inc., Class A, ADS (China)*
|
2,267,318
|
4,262,558
|
|||||||||||
Total Industrials
|
12,139,624
|
||||||||||||
INFORMATION TECHNOLOGY – (10.99%)
|
|||||||||||||
Semiconductors & Semiconductor Equipment – (5.07%)
|
|||||||||||||
Applied Materials, Inc.
|
163,470
|
18,038,915
|
|||||||||||
Intel Corp.
|
663,160
|
28,907,144
|
|||||||||||
46,946,059
|
|||||||||||||
Software & Services – (0.76%)
|
|||||||||||||
Clear Secure, Inc., Class A *
|
229,930
|
6,994,470
|
|||||||||||
Technology Hardware & Equipment – (5.16%)
|
|||||||||||||
Hollysys Automation Technologies Ltd. (China)
|
1,618,906
|
24,931,153
|
|||||||||||
Samsung Electronics Co., Ltd. (South Korea)
|
428,460
|
22,834,152
|
|||||||||||
47,765,305
|
|||||||||||||
Total Information Technology
|
101,705,834
|
||||||||||||
MATERIALS – (1.59%)
|
|||||||||||||
Teck Resources Ltd., Class B (Canada)
|
373,640
|
14,743,834
|
|||||||||||
Total Materials
|
14,743,834
|
||||||||||||
TOTAL COMMON STOCK – (Identified cost $901,480,924)
|
914,676,094
|
DAVIS GLOBAL FUND – (CONTINUED)
|
Schedule of Investments
|
April 30, 2022 (Unaudited)
|
Principal
|
Value
(Note 1) |
|||||||||||
SHORT-TERM INVESTMENTS – (1.22%)
|
||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 0.29%, 05/02/22,
dated 04/29/22, repurchase value of $6,285,152 (collateralized by: U.S.
Government agency mortgages and obligation in a pooled cash account,
1.625%-8.00%, 11/20/22-04/15/57, total market value $6,410,700)
|
$
|
6,285,000
|
$
|
6,285,000
|
||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 0.30%, 05/02/22,
dated 04/29/22, repurchase value of $5,021,126 (collateralized by: U.S.
Government agency mortgages in a pooled cash account, 2.50%-3.50%,
04/01/29-04/01/52, total market value $5,121,420)
|
5,021,000
|
5,021,000
|
||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $11,306,000)
|
11,306,000
|
|||||||||||
Total Investments – (100.09%) – (Identified cost $912,786,924)
|
925,982,094
|
|||||||||||
Liabilities Less Other Assets – (0.09%)
|
(842,504)
|
|||||||||||
Net Assets – (100.00%)
|
$
|
925,139,590
|
||||||||||
ADR: American Depositary Receipt
|
||||||||||||
ADS: American Depositary Share
|
||||||||||||
*
|
Non-income producing security.
|
|||||||||||
(a)
|
Restricted Security – See Note 6 of the Notes to Financial Statements.
|
|||||||||||
(b)
|
The value of this security was determined using significant unobservable inputs. See Note 1 of the Notes to Financial Statements.
|
|||||||||||
See Notes to Financial Statements
|
DAVIS INTERNATIONAL FUND
|
|
April 30, 2022 (Unaudited)
|
Shares
|
Value
(Note 1) |
|||||||||||
COMMON STOCK – (94.84%)
|
||||||||||||
COMMUNICATION SERVICES – (1.04%)
|
||||||||||||
Media & Entertainment – (1.04%)
|
||||||||||||
Fang Holdings Ltd., Class A, ADR (China)*
|
10,080
|
$
|
35,532
|
|||||||||
iQIYI, Inc., Class A, ADR (China)*
|
533,000
|
1,897,480
|
||||||||||
Total Communication Services
|
1,933,012
|
|||||||||||
CONSUMER DISCRETIONARY – (28.32%)
|
||||||||||||
Consumer Durables & Apparel – (2.70%)
|
||||||||||||
Fila Holdings Corp. (South Korea)
|
196,500
|
5,020,767
|
||||||||||
Retailing – (25.62%)
|
||||||||||||
Alibaba Group Holding Ltd., ADR (China)*
|
113,880
|
11,056,609
|
||||||||||
Coupang, Inc., Class A (South Korea)*
|
111,240
|
1,431,659
|
||||||||||
JD.com, Inc., Class A, ADR (China)
|
242,210
|
14,934,669
|
||||||||||
Meituan, Class B (China)*
|
390,111
|
8,358,673
|
||||||||||
Naspers Ltd. - N (South Africa)
|
53,350
|
5,380,664
|
||||||||||
Prosus N.V., Class N (Netherlands)
|
134,032
|
6,464,184
|
||||||||||
47,626,458
|
||||||||||||
Total Consumer Discretionary
|
52,647,225
|
|||||||||||
CONSUMER STAPLES – (0.30%)
|
||||||||||||
Food & Staples Retailing – (0.30%)
|
||||||||||||
Missfresh Ltd., Class B, ADS (China)*
|
1,067,439
|
550,799
|
||||||||||
Total Consumer Staples
|
550,799
|
|||||||||||
FINANCIALS – (42.68%)
|
||||||||||||
Banks – (25.42%)
|
||||||||||||
Bank of N.T. Butterfield & Son Ltd. (Bermuda)
|
237,930
|
7,620,898
|
||||||||||
Danske Bank A/S (Denmark)
|
850,310
|
13,042,773
|
||||||||||
DBS Group Holdings Ltd. (Singapore)
|
647,810
|
15,716,271
|
||||||||||
DNB Bank ASA (Norway)
|
532,332
|
10,315,162
|
||||||||||
Metro Bank PLC (United Kingdom)*
|
507,090
|
562,979
|
||||||||||
47,258,083
|
||||||||||||
Diversified Financials – (4.90%)
|
||||||||||||
Capital Markets – (4.90%)
|
||||||||||||
Julius Baer Group Ltd. (Switzerland)
|
161,180
|
7,702,440
|
||||||||||
Noah Holdings Ltd., Class A, ADS (China)*
|
77,770
|
1,397,527
|
||||||||||
9,099,967
|
||||||||||||
Insurance – (12.36%)
|
||||||||||||
Life & Health Insurance – (12.36%)
|
||||||||||||
AIA Group Ltd. (Hong Kong)
|
1,194,900
|
11,738,408
|
||||||||||
Ping An Insurance (Group) Co. of China, Ltd. - H (China)
|
1,778,500
|
11,241,388
|
||||||||||
22,979,796
|
||||||||||||
Total Financials
|
79,337,846
|
|||||||||||
INDUSTRIALS – (5.46%)
|
||||||||||||
Capital Goods – (4.16%)
|
||||||||||||
Schneider Electric SE (France)
|
53,840
|
7,724,377
|
||||||||||
Commercial & Professional Services – (0.41%)
|
||||||||||||
China Index Holdings Ltd., Class A, ADR (China)*
|
809,184
|
768,725
|
||||||||||
Transportation – (0.89%)
|
||||||||||||
DiDi Global Inc., Class A, ADS (China)*
|
879,576
|
1,653,603
|
||||||||||
Total Industrials
|
10,146,705
|
DAVIS INTERNATIONAL FUND – (CONTINUED)
|
Schedule of Investments
|
April 30, 2022 (Unaudited)
|
Shares/Principal
|
Value
(Note 1) |
||||||||||||||
COMMON STOCK – (CONTINUED)
|
|||||||||||||||
INFORMATION TECHNOLOGY – (14.80%)
|
|||||||||||||||
Semiconductors & Semiconductor Equipment – (3.98%)
|
|||||||||||||||
Tokyo Electron Ltd. (Japan)
|
17,540
|
$
|
7,400,940
|
||||||||||||
Technology Hardware & Equipment – (10.82%)
|
|||||||||||||||
Hollysys Automation Technologies Ltd. (China)
|
479,366
|
7,382,236
|
|||||||||||||
Samsung Electronics Co., Ltd. (South Korea)
|
239,090
|
12,741,954
|
|||||||||||||
20,124,190
|
|||||||||||||||
Total Information Technology
|
27,525,130
|
||||||||||||||
MATERIALS – (2.24%)
|
|||||||||||||||
Teck Resources Ltd., Class B (Canada)
|
105,690
|
4,170,527
|
|||||||||||||
Total Materials
|
4,170,527
|
||||||||||||||
TOTAL COMMON STOCK – (Identified cost $195,450,655)
|
176,311,244
|
||||||||||||||
SHORT-TERM INVESTMENTS – (4.53%)
|
|||||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 0.29%, 05/02/22,
dated 04/29/22, repurchase value of $4,677,113 (collateralized by: U.S.
Government agency mortgages and obligation in a pooled cash account,
1.625%-8.00%, 11/20/22-04/15/57, total market value $4,770,540)
|
$
|
4,677,000
|
4,677,000
|
||||||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 0.30%, 05/02/22,
dated 04/29/22, repurchase value of $3,736,093 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-3.50%, 07/15/27-10/20/46, total market value
$3,810,720)
|
3,736,000
|
3,736,000
|
|||||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $8,413,000)
|
8,413,000
|
||||||||||||||
Total Investments – (99.37%) – (Identified cost $203,863,655)
|
184,724,244
|
||||||||||||||
Other Assets Less Liabilities – (0.63%)
|
1,180,277
|
||||||||||||||
Net Assets – (100.00%)
|
$
|
185,904,521
|
|||||||||||||
ADR: American Depositary Receipt
|
|||||||||||||||
ADS: American Depositary Share
|
|||||||||||||||
*
|
Non-income producing security.
|
||||||||||||||
See Notes to Financial Statements
|
DAVIS GLOBAL FUND
|
|
DAVIS INTERNATIONAL FUND
|
At April 30, 2022 (Unaudited)
|
Davis Global
Fund
|
Davis International
Fund
|
|||||||||
ASSETS:
|
||||||||||
Investments in securities at value* (see accompanying Schedules of
Investments)
|
$
|
925,982,094
|
$
|
184,724,244
|
||||||
Cash
|
307
|
317
|
||||||||
Cash - foreign currencies**
|
108,519
|
–
|
||||||||
Receivables:
|
||||||||||
Capital stock sold
|
925,532
|
98,543
|
||||||||
Dividends and interest
|
598,506
|
1,016,776
|
||||||||
Investment securities sold
|
266,150
|
599,466
|
||||||||
Prepaid expenses
|
21,012
|
6,724
|
||||||||
Due from Adviser
|
–
|
3,828
|
||||||||
Total assets
|
927,902,120
|
186,449,898
|
||||||||
LIABILITIES:
|
||||||||||
Payables:
|
||||||||||
Capital stock redeemed
|
1,943,286
|
284,658
|
||||||||
Accrued custodian fees
|
40,918
|
55,583
|
||||||||
Accrued distribution and service plan fees
|
106,932
|
10,388
|
||||||||
Accrued investment advisory fees
|
463,705
|
112,843
|
||||||||
Other accrued expenses
|
207,689
|
81,905
|
||||||||
Total liabilities
|
2,762,530
|
545,377
|
||||||||
NET ASSETS
|
$
|
925,139,590
|
$
|
185,904,521
|
||||||
NET ASSETS CONSIST OF:
|
||||||||||
Par value of shares of capital stock
|
$
|
2,163,065
|
$
|
965,143
|
||||||
Additional paid-in capital
|
901,495,341
|
258,689,909
|
||||||||
Distributable earnings (losses)
|
21,481,184
|
(73,750,531)
|
||||||||
Net Assets
|
$
|
925,139,590
|
$
|
185,904,521
|
||||||
*Including:
|
||||||||||
Cost of investments
|
$
|
912,786,924
|
$
|
203,863,655
|
||||||
**Cost of cash - foreign currencies
|
109,990
|
–
|
DAVIS GLOBAL FUND
|
Statements of Assets and Liabilities – (Continued)
|
DAVIS INTERNATIONAL FUND
|
At April 30, 2022 (Unaudited)
|
Davis Global
Fund
|
Davis International
Fund
|
|||||
CLASS A SHARES:
|
||||||
Net assets
|
$
|
171,642,562
|
$
|
22,037,516
|
||
Shares outstanding
|
7,995,273
|
2,259,224
|
||||
Net asset value and redemption price per share (Net assets ÷ Shares
outstanding)
|
$
|
21.47
|
$
|
9.75
|
||
Maximum offering price per share (100/95.25 of net asset value)†
|
$
|
22.54
|
$
|
10.24
|
||
CLASS C SHARES:
|
||||||
Net assets
|
$
|
70,935,944
|
$
|
5,381,751
|
||
Shares outstanding
|
3,618,994
|
595,349
|
||||
Net asset value, offering, and redemption price per share (Net assets ÷ Shares
outstanding)
|
$
|
19.60
|
$
|
9.04
|
||
CLASS Y SHARES:
|
||||||
Net assets
|
$
|
682,561,084
|
$
|
158,485,254
|
||
Shares outstanding
|
31,647,023
|
16,448,277
|
||||
Net asset value, offering, and redemption price per share (Net assets ÷ Shares
outstanding)
|
$
|
21.57
|
$
|
9.64
|
†On purchases of $100,000 or more, the offering price is reduced.
|
See Notes to Financial Statements
|
DAVIS GLOBAL FUND
|
|
DAVIS INTERNATIONAL FUND
|
For the six months ended April 30, 2022 (Unaudited)
|
Davis Global
Fund
|
Davis International
Fund
|
|||||||||
INVESTMENT INCOME:
|
||||||||||
Income:
|
||||||||||
Dividends*
|
$
|
7,453,727
|
$
|
2,959,577
|
||||||
Interest
|
12,176
|
2,519
|
||||||||
Net securities lending fees
|
54,502
|
39,712
|
||||||||
Total income
|
7,520,405
|
3,001,808
|
||||||||
Expenses:
|
||||||||||
Investment advisory fees (Note 3)
|
3,052,278
|
814,471
|
||||||||
Custodian fees
|
244,082
|
129,727
|
||||||||
Transfer agent fees:
|
||||||||||
Class A
|
89,746
|
26,854
|
||||||||
Class C
|
39,450
|
6,760
|
||||||||
Class Y
|
301,375
|
85,105
|
||||||||
Audit fees
|
15,863
|
13,336
|
||||||||
Legal fees
|
4,444
|
1,265
|
||||||||
Accounting fees (Note 3)
|
27,000
|
10,002
|
||||||||
Reports to shareholders
|
24,000
|
7,000
|
||||||||
Directors’ fees and expenses
|
32,672
|
11,485
|
||||||||
Registration and filing fees
|
32,499
|
29,000
|
||||||||
Miscellaneous
|
33,517
|
15,954
|
||||||||
Distribution and service plan fees (Note 3):
|
||||||||||
Class A
|
236,201
|
36,246
|
||||||||
Class C
|
438,831
|
35,353
|
||||||||
Total expenses
|
4,571,958
|
1,222,558
|
||||||||
Reimbursement of expenses by Adviser (Note 3):
|
||||||||||
Class A
|
–
|
(4,085)
|
||||||||
Class C
|
–
|
(3,121)
|
||||||||
Net expenses
|
4,571,958
|
1,215,352
|
||||||||
Net investment income
|
2,948,447
|
1,786,456
|
||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
|
||||||||||
Net realized gain (loss) from:
|
||||||||||
Investment transactions
|
27,565,043
|
(7,743,319)
|
||||||||
Foreign currency transactions
|
(87,801)
|
(88,884)
|
||||||||
Net realized gain (loss)
|
27,477,242
|
(7,832,203)
|
||||||||
Net change in unrealized appreciation (depreciation)
|
(278,562,883)
|
(62,225,374)
|
||||||||
Net realized and unrealized loss on investments and foreign currency
transactions
|
(251,085,641)
|
(70,057,577)
|
||||||||
Net decrease in net assets resulting from operations
|
$
|
(248,137,194)
|
$
|
(68,271,121)
|
||||||
*Net of foreign taxes withheld of
|
$
|
323,755
|
$
|
349,194
|
See Notes to Financial Statements
|
DAVIS GLOBAL FUND
|
|
DAVIS INTERNATIONAL FUND
|
For the six months ended April 30, 2022 (Unaudited)
|
Davis Global
Fund
|
Davis International
Fund
|
||||||||
OPERATIONS:
|
|||||||||
Net investment income
|
$
|
2,948,447
|
$
|
1,786,456
|
|||||
Net realized gain (loss) from investments and foreign currency transactions
|
27,477,242
|
(7,832,203)
|
|||||||
Net change in unrealized appreciation (depreciation) on investments and
foreign currency transactions
|
(278,562,883)
|
(62,225,374)
|
|||||||
Net decrease in net assets resulting from operations
|
(248,137,194)
|
(68,271,121)
|
|||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
|
|||||||||
Class A
|
(22,793,376)
|
(534,649)
|
|||||||
Class C
|
(9,831,053)
|
(32,683)
|
|||||||
Class Y
|
(91,980,191)
|
(4,874,300)
|
|||||||
CAPITAL SHARE TRANSACTIONS:
|
|||||||||
Net increase (decrease) in net assets resulting from capital share transactions
(Note 4):
|
|||||||||
Class A
|
7,832,230
|
(14,577,639)
|
|||||||
Class C
|
(1,025,601)
|
(1,316,466)
|
|||||||
Class Y
|
22,228,481
|
(85,943,395)
|
|||||||
Total decrease in net assets
|
(343,706,704)
|
(175,550,253)
|
|||||||
NET ASSETS:
|
|||||||||
Beginning of period
|
1,268,846,294
|
361,454,774
|
|||||||
End of period
|
$
|
925,139,590
|
$
|
185,904,521
|
See Notes to Financial Statements
|
DAVIS GLOBAL FUND
|
Statements of Changes in Net Assets
|
DAVIS INTERNATIONAL FUND
|
For the year ended October 31, 2021
|
Davis Global
Fund
|
Davis International
Fund
|
||||||||
OPERATIONS:
|
|||||||||
Net investment income
|
$
|
2,892,729
|
$
|
2,922,546
|
|||||
Net realized gain (loss) from investments and foreign currency transactions
|
131,115,799
|
(32,973,439)
|
|||||||
Net increase (decrease) in unrealized appreciation on investments and foreign
currency transactions
|
35,027,258
|
(20,648,878)
|
|||||||
Net increase (decrease) in net assets resulting from operations
|
169,035,786
|
(50,699,771)
|
|||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
|
|||||||||
Class A
|
(635,474)
|
–
|
|||||||
Class C
|
(346,051)
|
–
|
|||||||
Class Y
|
(3,119,200)
|
(258,272)
|
|||||||
CAPITAL SHARE TRANSACTIONS:
|
|||||||||
Net increase (decrease) in net assets resulting from capital share transactions
(Note 4):
|
|||||||||
Class A
|
958,579
|
12,939,879
|
|||||||
Class C
|
(16,903,810)
|
(243,456)
|
|||||||
Class Y
|
28,540,724
|
5,945,445
|
|||||||
Total increase (decrease) in net assets
|
177,530,554
|
(32,316,175)
|
|||||||
NET ASSETS:
|
|||||||||
Beginning of year
|
1,091,315,740
|
393,770,949
|
|||||||
End of year
|
$
|
1,268,846,294
|
$
|
361,454,774
|
See Notes to Financial Statements
|
DAVIS GLOBAL FUND
|
|
DAVIS INTERNATIONAL FUND
|
April 30, 2022 (Unaudited)
|
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
April 30, 2022 (Unaudited)
|
Level 1 –
|
quoted prices in active markets for identical securities
|
Level 2 –
|
other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)
|
Level 3 –
|
significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of
investments)
|
Investments in Securities at Value
|
|||||
Davis Global
|
Davis International
|
||||
Fund
|
Fund
|
||||
Valuation Inputs
|
|||||
Level 1 – Quoted Prices:
|
|||||
Common Stock:
|
|||||
Communication Services
|
$
|
135,849,433
|
$
|
1,933,012
|
|
Consumer Discretionary
|
109,558,448
|
27,422,937
|
|||
Consumer Staples
|
15,508,469
|
550,799
|
|||
Financials
|
143,310,417
|
9,018,425
|
|||
Health Care
|
68,551,360
|
–
|
|||
Industrials
|
12,139,624
|
2,422,328
|
|||
Information Technology
|
78,871,682
|
7,382,236
|
|||
Materials
|
14,743,834
|
4,170,527
|
|||
Total Level 1
|
578,533,267
|
52,900,264
|
|||
Level 2 – Other Significant Observable Inputs:
|
|||||
Common Stock:*
|
|||||
Consumer Discretionary
|
87,820,672
|
25,224,288
|
|||
Financials
|
225,453,333
|
70,319,421
|
|||
Industrials
|
–
|
7,724,377
|
|||
Information Technology
|
22,834,152
|
20,142,894
|
|||
Short-Term Investments
|
11,306,000
|
8,413,000
|
|||
Total Level 2
|
347,414,157
|
131,823,980
|
|||
Level 3 – Significant Unobservable Inputs:
|
|||||
Common Stock:
|
|||||
Communication Services
|
34,670
|
–
|
|||
Total Level 3
|
34,670
|
–
|
|||
Total Investments
|
$
|
925,982,094
|
$
|
184,724,244
|
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
April 30, 2022 (Unaudited)
|
Beginning
Balance at
November 1, 2021
|
Cost of
Purchases
|
Net Change in
Unrealized
Appreciation
(Depreciation)**
|
Net Realized
Gain (Loss)
|
Transfers
into
Level 3
|
Transfers
out of
Level 3***
|
Ending
Balance at
April 30, 2022
|
|||||||||||||||
Davis Global Fund
|
|||||||||||||||||||||
Investments in Securities:
|
|||||||||||||||||||||
Common Stock
|
$
|
36,158
|
$
|
–
|
$
|
(1,488)
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
34,670
|
|||||||
Preferred Stock
|
44,642,079
|
–
|
7,961,100
|
–
|
–
|
(52,603,179)
|
–
|
||||||||||||||
Total Level 3
|
$
|
44,678,237
|
$
|
–
|
$
|
7,959,612
|
$
|
–
|
$
|
–
|
$
|
(52,603,179)
|
$
|
34,670
|
|||||||
Davis International Fund
|
|||||||||||||||||||||
Investments in Securities:
|
|||||||||||||||||||||
Preferred Stock
|
$
|
8,721,618
|
$
|
–
|
$
|
1,555,341
|
$
|
–
|
$
|
–
|
$
|
(10,276,959)
|
$
|
–
|
|||||||
Total Level 3
|
$
|
8,721,618
|
$
|
–
|
$
|
1,555,341
|
$
|
–
|
$
|
–
|
$
|
(10,276,959)
|
$
|
–
|
Fair Value at
|
Valuation
|
Unobservable
|
Impact to
Valuation from an
|
||||||||
April 30, 2022
|
Technique
|
Input
|
Amount
|
Increase in Input
|
|||||||
Davis Global Fund
|
|||||||||||
Investments in Securities:
|
|||||||||||
Common Stock
|
$
|
34,670
|
Discounted Cash Flow
|
Annualized Yield
|
3.573%
|
Decrease
|
|||||
Total Level 3
|
$
|
34,670
|
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
April 30, 2022 (Unaudited)
|
Davis Global
|
Davis International
|
|||||
Fund
|
Fund
|
|||||
Cost
|
$
|
933,973,499
|
$
|
212,025,499
|
||
Unrealized appreciation
|
212,395,253
|
33,406,087
|
||||
Unrealized depreciation
|
(220,386,658)
|
(60,707,342)
|
||||
Net unrealized depreciation
|
$
|
(7,991,405)
|
$
|
(27,301,255)
|
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
April 30, 2022 (Unaudited)
|
Davis Global
Fund
|
Davis International
Fund
|
||||
Cost of purchases
|
$
|
125,186,673
|
$
|
10,094,908
|
|
Proceeds from sales
|
226,219,743
|
124,186,086
|
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
April 30, 2022 (Unaudited)
|
Davis Global
Fund
|
Davis International
Fund
|
|
n/a
|
44%
|
Six months ended April 30, 2022 (Unaudited)
|
|||||
Davis Global
Fund
|
Davis International
Fund
|
||||
Transfer agent fees paid to Adviser
|
$
|
34,538
|
$
|
11,090
|
|
Accounting fees paid to Adviser
|
27,000
|
10,002
|
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
April 30, 2022 (Unaudited)
|
Six months ended April 30, 2022 (Unaudited)
|
|||||
Davis Global
Fund
|
Davis International
Fund
|
||||
Distribution fees:
|
|||||
Class C
|
$
|
329,123
|
$
|
26,515
|
|
Service fees:
|
|||||
Class A
|
236,201
|
36,246
|
|||
Class C
|
109,708
|
8,838
|
Six months ended April 30, 2022 (Unaudited)
|
|||||
Davis Global
Fund
|
Davis International
Fund
|
||||
Class A commissions retained by Distributor
|
$
|
4,450
|
$
|
1,023
|
|
Class A commissions re-allowed to investment dealers
|
25,845
|
5,867
|
|||
Total commissions earned on sale of Class A
|
$
|
30,295
|
$
|
6,890
|
|
Class C commission advances by the Distributor
|
$
|
19,726
|
$
|
3,478
|
|
Class C CDSCs received by the Distributor
|
4,383
|
1,119
|
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
April 30, 2022 (Unaudited)
|
Six months ended April 30, 2022 (Unaudited)
|
|||||||||||
Sold
|
Reinvestment of
Distributions
|
Redeemed*
|
Net Increase
(Decrease)
|
||||||||
Davis Global Fund
|
|||||||||||
Shares: Class A
|
533,650
|
775,169
|
(1,024,783)
|
284,036
|
|||||||
Class C
|
97,024
|
402,551
|
(556,360)
|
(56,785)
|
|||||||
Class Y
|
2,980,598
|
3,174,114
|
(5,325,692)
|
829,020
|
|||||||
Value: Class A
|
$
|
14,119,639
|
$
|
20,224,162
|
$
|
(26,511,571)
|
$
|
7,832,230
|
|||
Class C
|
2,285,399
|
9,616,939
|
(12,927,939)
|
(1,025,601)
|
|||||||
Class Y
|
76,078,320
|
83,098,299
|
(136,948,138)
|
22,228,481
|
|||||||
Davis International Fund
|
|||||||||||
Shares: Class A
|
249,230
|
41,888
|
(1,566,126)
|
(1,275,008)
|
|||||||
Class C
|
37,534
|
2,922
|
(167,033)
|
(126,577)
|
|||||||
Class Y
|
1,853,288
|
405,635
|
(10,453,915)
|
(8,194,992)
|
|||||||
Value: Class A
|
$
|
2,966,505
|
$
|
503,908
|
$
|
(18,048,052)
|
$
|
(14,577,639)
|
|||
Class C
|
403,526
|
32,668
|
(1,752,660)
|
(1,316,466)
|
|||||||
Class Y
|
21,462,309
|
4,814,895
|
(112,220,599)
|
(85,943,395)
|
|||||||
Year ended October 31, 2021
|
|||||||||||
Sold
|
Reinvestment of
Distributions
|
Redeemed*
|
Net Increase
(Decrease)
|
||||||||
Davis Global Fund
|
|||||||||||
Shares: Class A
|
1,197,821
|
19,689
|
(1,207,308)
|
10,202
|
|||||||
Class C
|
362,688
|
12,438
|
(958,142)
|
(583,016)
|
|||||||
Class Y
|
5,733,393
|
94,306
|
(4,999,081)
|
828,618
|
|||||||
Value: Class A
|
$
|
38,536,367
|
$
|
580,422
|
$
|
(38,158,210)
|
$
|
958,579
|
|||
Class C
|
10,797,833
|
338,569
|
(28,040,212)
|
(16,903,810)
|
|||||||
Class Y
|
184,310,731
|
2,791,450
|
(158,561,457)
|
28,540,724
|
|||||||
Davis International Fund
|
|||||||||||
Shares: Class A
|
2,355,630
|
–
|
(1,602,227)
|
753,403
|
|||||||
Class C
|
229,649
|
–
|
(280,621)
|
(50,972)
|
|||||||
Class Y
|
8,354,309
|
17,200
|
(9,124,341)
|
(752,832)
|
|||||||
Value: Class A
|
$
|
35,615,061
|
$
|
–
|
$
|
(22,675,182)
|
$
|
12,939,879
|
|||
Class C
|
3,310,371
|
–
|
(3,553,827)
|
(243,456)
|
|||||||
Class Y
|
125,954,738
|
254,208
|
(120,263,501)
|
5,945,445
|
|||||||
DAVIS GLOBAL FUND
|
Notes to Financial Statements – (Continued)
|
DAVIS INTERNATIONAL FUND
|
April 30, 2022 (Unaudited)
|
Fund
|
Security
|
Initial
Acquisition
Date
|
Units
|
Cost per
Unit
|
Valuation per Unit as of
April 30, 2022
|
|||||||
Davis Global Fund
|
ASAC II L.P.
|
10/10/13
|
35,352
|
$
|
1.00
|
$
|
0.9807
|
DAVIS INTERNATIONAL FUND
|
The following financial information represents selected data for each share of capital stock outstanding throughout each period:
|
Income (Loss) from Investment Operations
|
||||
Net Asset Value,
Beginning of
Period
|
Net Investment
Income (Loss)a
|
Net Realized and
Unrealized Gains
(Losses)
|
Total from
Investment
Operations
|
|
Davis Global Fund Class A:
|
||||
Six months ended April 30, 2022e
|
$30.16
|
$0.05
|
$(5.76)
|
$(5.71)
|
Year ended October 31, 2021
|
$26.13
|
$0.04
|
$4.07
|
$4.11
|
Year ended October 31, 2020
|
$23.09
|
$(0.02)
|
$3.52
|
$3.50
|
Year ended October 31, 2019
|
$22.56
|
$0.05
|
$2.24
|
$2.29
|
Year ended October 31, 2018
|
$25.27
|
$0.09
|
$(2.80)
|
$(2.71)
|
Year ended October 31, 2017
|
$19.18
|
$(0.01)
|
$6.10
|
$6.09
|
Davis Global Fund Class C:
|
||||
Six months ended April 30, 2022e
|
$27.64
|
$(0.04)
|
$(5.27)
|
$(5.31)
|
Year ended October 31, 2021
|
$24.16
|
$(0.19)
|
$3.75
|
$3.56
|
Year ended October 31, 2020
|
$21.36
|
$(0.18)
|
$3.26
|
$3.08
|
Year ended October 31, 2019
|
$21.10
|
$(0.11)
|
$2.08
|
$1.97
|
Year ended October 31, 2018
|
$23.81
|
$(0.10)
|
$(2.61)
|
$(2.71)
|
Year ended October 31, 2017
|
$18.21
|
$(0.16)
|
$5.76
|
$5.60
|
Davis Global Fund Class Y:
|
||||
Six months ended April 30, 2022e
|
$30.33
|
$0.08
|
$(5.79)
|
$(5.71)
|
Year ended October 31, 2021
|
$26.25
|
$0.11
|
$4.07
|
$4.18
|
Year ended October 31, 2020
|
$23.19
|
$0.04
|
$3.55
|
$3.59
|
Year ended October 31, 2019
|
$22.67
|
$0.10
|
$2.25
|
$2.35
|
Year ended October 31, 2018
|
$25.35
|
$0.16
|
$(2.81)
|
$(2.65)
|
Year ended October 31, 2017
|
$19.20
|
$0.05
|
$6.10
|
$6.15
|
Davis International Fund Class A:
|
||||
Six months ended April 30, 2022e
|
$12.64
|
$0.05
|
$(2.78)
|
$(2.73)
|
Year ended October 31, 2021
|
$13.78
|
$0.06
|
$(1.20)
|
$(1.14)
|
Year ended October 31, 2020
|
$11.82
|
$(0.03)
|
$2.40
|
$2.37
|
Year ended October 31, 2019
|
$11.28
|
$0.05
|
$0.75
|
$0.80
|
Year ended October 31, 2018
|
$12.85
|
$0.08
|
$(1.63)
|
$(1.55)
|
Year ended October 31, 2017
|
$9.99
|
$0.02
|
$2.85
|
$2.87
|
Davis International Fund Class C:
|
||||
Six months ended April 30, 2022e
|
$11.65
|
$0.01
|
$(2.57)
|
$(2.56)
|
Year ended October 31, 2021
|
$12.80
|
$(0.05)
|
$(1.10)
|
$(1.15)
|
Year ended October 31, 2020
|
$10.99
|
$(0.13)
|
$2.24
|
$2.11
|
Year ended October 31, 2019
|
$10.52
|
$(0.03)
|
$0.69
|
$0.66
|
Year ended October 31, 2018
|
$12.08
|
$(0.02)
|
$(1.54)
|
$(1.56)
|
Year ended October 31, 2017
|
$9.48
|
$(0.09)
|
$2.70
|
$2.61
|
Financial Highlights
|
Dividends and Distributions
|
Ratios to Average Net Assets
|
|||||||||
Dividends
from Net
Investment
Income
|
Distributions
from
Realized
Gains
|
Return of
Capital
|
Total
Distributions
|
Net Asset
Value, End
of Period
|
Total Returnb
|
Net Assets,
End of Period
(in thousands)
|
Gross
Expense
Ratio
|
Net Expense
Ratioc
|
Net
Investment
Income (Loss)
Ratio
|
Portfolio
Turnoverd
|
$(0.26)
|
$(2.72)
|
$–
|
$(2.98)
|
$21.47
|
(20.69)%
|
$171,643
|
0.94%f
|
0.94%f
|
0.42%f
|
11%
|
$–
|
$(0.08)
|
$–
|
$(0.08)
|
$30.16
|
15.75%
|
$232,565
|
0.92%
|
0.92%
|
0.11%
|
35%
|
$(0.46)
|
$–
|
$–
|
$(0.46)
|
$26.13
|
15.38%
|
$201,247
|
0.92%
|
0.92%
|
(0.06)%
|
24%
|
$(0.05)
|
$(1.71)
|
$–
|
$(1.76)
|
$23.09
|
11.35%
|
$194,163
|
0.98%
|
0.98%
|
0.19%
|
15%
|
$–
|
$–
|
$–
|
$–
|
$22.56
|
(10.72)%
|
$192,199
|
0.96%
|
0.96%
|
0.35%
|
37%
|
$–
|
$–
|
$–
|
$–
|
$25.27
|
31.75%
|
$178,005
|
0.98%
|
0.98%
|
(0.04)%
|
16%
|
$(0.01)
|
$(2.72)
|
$–
|
$(2.73)
|
$19.60
|
(21.00)%
|
$70,936
|
1.71%f
|
1.71%f
|
(0.35)%f
|
11%
|
$–
|
$(0.08)-
|
$–
|
$(0.08)
|
$27.64
|
14.75%
|
$101,611
|
1.70%
|
1.70%
|
(0.67)%
|
35%
|
$(0.28)
|
$–-
|
$–
|
$(0.28)
|
$24.16
|
14.53%
|
$102,878
|
1.70%
|
1.70%
|
(0.84)%
|
24%
|
$–
|
$(1.71)
|
$–
|
$(1.71)
|
$21.36
|
10.51%
|
$120,247
|
1.72%
|
1.72%
|
(0.55)%
|
15%
|
$–
|
$–
|
$–
|
$–
|
$21.10
|
(11.38)%
|
$131,460
|
1.71%
|
1.71%
|
(0.40)%
|
37%
|
$–
|
$–
|
$–
|
$–
|
$23.81
|
30.75%
|
$130,942
|
1.73%
|
1.73%
|
(0.79)%
|
16%
|
$(0.33)
|
$(2.72)
|
$–
|
$(3.05)
|
$21.57
|
(20.60)%
|
$682,561
|
0.70%f
|
0.70%f
|
0.66%f
|
11%
|
$(0.02)
|
$(0.08)
|
$–
|
$(0.10)
|
$30.33
|
15.95%
|
$934,670
|
0.69%
|
0.69%
|
0.34%
|
35%
|
$(0.53)
|
$–
|
$–
|
$(0.53)
|
$26.25
|
15.70%
|
$787,191
|
0.69%
|
0.69%
|
0.17%
|
24%
|
$(0.12)
|
$(1.71)
|
$–
|
$(1.83)
|
$23.19
|
11.61%
|
$693,446
|
0.71%
|
0.71%
|
0.46%
|
15%
|
$(0.03)
|
$–
|
$–
|
$(0.03)
|
$22.67
|
(10.47)%
|
$721,325
|
0.70%
|
0.70%
|
0.61%
|
37%
|
$–
|
$–
|
$–
|
$–
|
$25.35
|
32.03%
|
$664,064
|
0.70%
|
0.70%
|
0.24%
|
16%
|
$(0.16)
|
$–
|
$–
|
$(0.16)
|
$9.75
|
(21.81)%
|
$22,038
|
1.07%f
|
1.05%f
|
0.98%f
|
4%
|
$–
|
$–
|
$–
|
$–
|
$12.64
|
(8.27)%
|
$44,687
|
1.00%
|
1.00%
|
0.40%
|
16%
|
$(0.37)
|
$(0.04)
|
$–g
|
$(0.41)
|
$13.78
|
20.62%
|
$38,308
|
0.98%
|
0.98%
|
(0.25)%
|
20%
|
$(0.07)
|
$(0.19)
|
$–
|
$(0.26)
|
$11.82
|
7.29%
|
$32,321
|
0.99%
|
0.99%
|
0.48%
|
14%
|
$(0.02)
|
$–
|
$–
|
$(0.02)
|
$11.28
|
(12.11)%
|
$31,448
|
1.04%
|
1.04%
|
0.63%
|
17%
|
$–g
|
$(0.01)
|
$–
|
$(0.01)
|
$12.85
|
28.84%
|
$15,767
|
1.05%
|
1.05%
|
0.17%
|
21%
|
$(0.05)
|
$–
|
$–
|
$(0.05)
|
$9.04
|
(22.07)%
|
$5,382
|
1.89%f
|
1.80%f
|
0.23%f
|
4%
|
$–
|
$–
|
$–
|
$–
|
$11.65
|
(8.98)%
|
$8,412
|
1.79%
|
1.79%
|
(0.39)%
|
16%
|
$(0.26)
|
$(0.04)
|
$–g
|
$(0.30)
|
$12.80
|
19.58%
|
$9,892
|
1.80%
|
1.80%
|
(1.07)%
|
20%
|
$–
|
$(0.19)
|
$–
|
$(0.19)
|
$10.99
|
6.44%
|
$10,215
|
1.81%
|
1.81%
|
(0.34)%
|
14%
|
$–
|
$–
|
$–
|
$–
|
$10.52
|
(12.91)%
|
$10,268
|
1.85%
|
1.85%
|
(0.18)%
|
17%
|
$–
|
$(0.01)
|
$–
|
$(0.01)
|
$12.08
|
27.60%
|
$2,380
|
2.11%
|
2.11%
|
(0.89)%
|
21%
|
DAVIS GLOBAL FUND
|
DAVIS INTERNATIONAL FUND
|
The following financial information represents selected data for each share of capital stock outstanding throughout each period:
|
Income (Loss) from Investment Operations
|
|||||
Net Asset Value,
Beginning of
Period
|
Net Investment
Income (Loss)a
|
Net Realized and
Unrealized Gains
(Losses)
|
Total from
Investment
Operations
|
||
Davis International Fund Class Y:
|
|||||
Six months ended April 30, 2022e
|
$12.51
|
$0.07
|
$(2.74)
|
$(2.67)
|
|
Year ended October 31, 2021
|
$13.61
|
$0.10
|
$(1.19)
|
$(1.09)
|
|
Year ended October 31, 2020
|
$11.68
|
$–g
|
$2.37
|
$2.37
|
|
Year ended October 31, 2019
|
$11.16
|
$0.09
|
$0.73
|
$0.82
|
|
Year ended October 31, 2018
|
$12.72
|
$0.12
|
$(1.63)
|
$(1.51)
|
|
Year ended October 31, 2017
|
$9.88
|
$0.05
|
$2.83
|
$2.88
|
|
a
|
Per share calculations were based on average shares outstanding for the period.
|
||||
b
|
Assumes hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the
reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one year.
|
||||
c
|
The ratios in this column reflect the impact, if any, of certain reimbursements.
|
Financial Highlights - (Continued)
|
Dividends and Distributions
|
Ratios to Average Net Assets
|
||||||||||
Dividends
from Net
Investment
Income
|
Distributions
from
Realized
Gains
|
Return of
Capital
|
Total
Distributions
|
Net Asset
Value, End
of Period
|
Total Returnb
|
Net Assets,
End of Period
(in thousands)
|
Gross
Expense
Ratio
|
Net Expense
Ratioc
|
Net
Investment
Income (Loss)
Ratio
|
Portfolio
Turnoverd
|
|
$(0.20)
|
$–
|
$–
|
$(0.20)
|
$9.64
|
(21.63)%
|
$158,485
|
0.76%f
|
0.76%f
|
1.27%f
|
4%
|
|
$(0.01)
|
$–
|
$–
|
$(0.01)
|
$12.51
|
(8.02)%
|
$308,356
|
0.72%
|
0.72%
|
0.68%
|
16%
|
|
$(0.40)
|
$(0.04)
|
$–g
|
$(0.44)
|
$13.61
|
20.90%
|
$345,572
|
0.70%
|
0.70%
|
0.03%
|
20%
|
|
$(0.11)
|
$(0.19)
|
$–
|
$(0.30)
|
$11.68
|
7.61%
|
$277,119
|
0.71%
|
0.71%
|
0.76%
|
14%
|
|
$(0.05)
|
$–
|
$–
|
$(0.05)
|
$11.16
|
(11.91)%
|
$266,546
|
0.72%
|
0.72%
|
0.95%
|
17%
|
|
$(0.03)
|
$(0.01)
|
$–
|
$(0.04)
|
$12.72
|
29.28%
|
$173,701
|
0.76%
|
0.76%
|
0.46%
|
21%
|
|
d
|
The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market value of portfolio securities owned during the period. Securities with a
maturity or expiration date at the time of acquisition of one year or less are excluded from the calculation.
|
||||||||||
e
|
Unaudited.
|
||||||||||
f
|
Annualized.
|
||||||||||
g
|
Less than $0.005 per share.
|
||||||||||
See Notes to Financial Statements
|
DAVIS GLOBAL FUND
|
|
DAVIS INTERNATIONAL FUND
|
1.
|
achieves satisfactory investment results over the long-term, after all costs;
|
2.
|
efficiently and effectively handles shareholder transactions, inquiries, requests and records, provides quality
accounting, legal and compliance services, and oversees third-party service providers; and
|
3.
|
fosters healthy investor behavior.
|
DAVIS GLOBAL FUND
|
Director Approval of Advisory Agreements (Unaudited) – (Continued)
|
DAVIS INTERNATIONAL FUND
|
DAVIS GLOBAL FUND
|
Director Approval of Advisory Agreements (Unaudited) – (Continued)
|
DAVIS INTERNATIONAL FUND
|
DAVIS GLOBAL FUND
|
|
DAVIS INTERNATIONAL FUND
|
DAVIS GLOBAL FUND
|
|
DAVIS INTERNATIONAL FUND
|
Name, Date of Birth,
Position(s) Held with
Funds, Length of Service
|
Principal Occupation(s) During Past Five Years
|
Number of
Portfolios
Overseen
|
Other Directorships
|
John S. Gates Jr.
(08/02/53)
Director since 2007
|
Executive Chairman, TradeLane Properties LLC
(industrial real estate company).
|
13
|
Chairman and Chief Executive Officer of PortaeCo
LLC (private investment company); Director, Miami
Corp. (diversified investment company).
|
Thomas S. Gayner
(12/16/61)
Director since 2004
Chairman since 2009
|
Co-Chief Executive Officer and Director, Markel Corp.
(diversified financial holding company).
|
13
|
Director, Graham Holdings Company (educational
and media company); Director, Cable ONE Inc. (cable
service provider).
|
Samuel H. Iapalucci
(07/19/52)
Director since 2006
|
Retired; Executive Vice President and Chief Financial
Officer, CH2M HILL Companies, Ltd. (engineering)
until 2008.
|
13
|
None
|
Robert P. Morgenthau
(03/22/57)
Director since 2002
|
Principal, Spears Abacus Advisors, LLC (investment
management firm) since 2011; Chairman, NorthRoad
Capital Management, LLC (investment management
firm) 2002-2011.
|
13
|
None
|
Lara N. Vaughan (04/20/69)
Director since 2021
|
Chief Executive Officer and Chief Financial Officer of
Parchman, Vaughan & Company, L.L.C. (investment
bank).
|
13
|
None
|
Marsha C. Williams
(03/28/51)
Director since 1999
|
Retired; Senior Vice President and Chief Financial
Officer, Orbitz Worldwide, Inc. (travel-service provider)
2007-2010.
|
13
|
Chairperson, Modine Manufacturing Company (heat
transfer technology); Director, Fifth Third Bancorp
(diversified financial services); Director, Crown
Holdings, Inc. (manufacturing company).
|
Andrew A. Davis
(06/25/63)
Director since 1997
|
President or Vice President of each Davis Fund, Selected
Fund, and Clipper Fund; President, Davis Selected
Advisers, L.P., and also serves as an executive officer of
certain companies affiliated with the Adviser.
|
16
|
Director, Selected Funds (consisting of two portfolios)
since 1998; Trustee, Clipper Funds Trust (consisting
of one portfolio) since 2014.
|
Christopher C. Davis
(07/13/65)
Director since 1997
|
President or Vice President of each Davis Fund, Selected
Fund, Clipper Fund, and Davis ETF; Chairman, Davis
Selected Advisers, L.P., and also serves as an executive
officer of certain companies affiliated with the Adviser,
including sole member of the Adviser’s general partner,
Davis Investments, LLC.
|
16
|
Director, Selected Funds (consisting of two portfolios)
since 1998; Trustee, Clipper Funds Trust (consisting
of one portfolio) since 2014; Lead Independent
Director, Graham Holdings Company (educational
and media company); Director, The Coca-Cola
Company (beverage company); Director, Berkshire
Hathaway Inc. (financial services).
|
DAVIS GLOBAL FUND
|
DAVIS INTERNATIONAL FUND
|
Investment Adviser
|
Davis Selected Advisers, L.P. (Doing business as “Davis Advisors”)
|
2949 East Elvira Road, Suite 101
|
Tucson, Arizona 85756
|
(800) 279-0279
|
Distributor
|
Davis Distributors, LLC
|
2949 East Elvira Road, Suite 101
|
Tucson, Arizona 85756
|
Transfer Agent
|
DST Asset Manager Solutions, Inc.
|
c/o The Davis Funds
|
P.O. Box 219197
|
Kansas City, Missouri 64121-9197
|
Overnight Address:
|
430 West 7th Street, Suite 219197
|
Kansas City, Missouri 64105-1407
|
Custodian
|
State Street Bank and Trust Co.
|
One Lincoln Street
|
Boston, Massachusetts 02111
|
Legal Counsel
|
Greenberg Traurig, LLP
|
1144 15th Street, Suite 3300
|
Denver, Colorado 80202
|
Independent Registered Public Accounting Firm
|
KPMG LLP
|
1225 17th Street, Suite 800
|
Denver, Colorado 80202
|
|
(a)
|
Not Applicable. The complete Schedule of Investments is included in Item 1 of this for N-CSR.
|
(b)
|
Not Applicable.
|
|
(a)
|
The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment
Company Act of 1940, as amended) are effective as of a date within 90 days of the filing date of this report.
|
(b)
|
There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls.
|
(a)(1)
|
Not Applicable
|
(a)(2)
|
Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached.
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached.
|
By
|
/s/ Kenneth C. Eich
|
|
Kenneth C. Eich
|
|
Principal Executive Officer
|
By
|
/s/ Kenneth C. Eich
|
|
Kenneth C. Eich
|
|
Principal Executive Officer
|
By
|
/s/ Douglas A. Haines
|
|
Douglas A. Haines
|
|
Principal Financial Officer and Principal Accounting Officer
|