UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-02679
(Exact name of registrant as specified in charter)
2949 East Elvira Road, Suite 101
Tucson, AZ 85756
(Address of principal executive offices)
Lisa J. Cohen
Davis Selected Advisers, L.P.
2949 East Elvira Road, Suite 101
Tucson, AZ 85756
(Name and address of agent for service)
Registrant's telephone number, including area code:
520-806-7600
Date of fiscal year end:
December 31, 2025
Date of reporting period:
ITEM 1. REPORTS TO STOCKHOLDERS
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Opportunity Fund (Class A) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the S&P 1500 Index (“S&P 1500” or the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 9.50%, versus a 5.61% return for the S&P 1500. The Fund invests principally in common stocks (including American Depositary Receipts). The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets.
Market Overview
-
S&P 1500
-
Strongest performing sectors - Industrials (+11%), Communication Services (+11%), and Utilities (+9%)
-
Weakest performing sectors - Consumer Discretionary (-4%), Health Care (-2%), and Energy (flat)
-
Contributors to Performance
-
Health Care - outperformed the Index sector (+9% vs -2%)
-
CVS Health (+57%) - largest individual contributor
-
Quest Diagnostics (+20%), Cigna Group (+21%), and Solventum (+15%)
-
-
Financials - outperformed the Index sector (+13% vs +8%) and overweight (average weighting 19% vs 15%)
-
Capital One Financial (+20%) and Markel (+16%)
-
-
Information Technology - outperformed the Index sector (+21% vs +8%)
-
Oracle (+32%)
-
-
Consumer Discretionary - outperformed the Index sector (+4% vs -4%) and underweight (average weighting 9% vs 11%)
-
Prosus (+40%)
-
-
Individual holdings
-
Meta Platforms (+26%) and Johnson Controls (+35%)
-
Detractors from Performance
-
Significantly overweight in Health Care - (average weighting 28% vs 10%)
-
Viatris (-26%) - largest individual detractor
-
UnitedHealth Group (-38%) and Humana (-3%)
-
-
Industrials - underperformed the Index sector (+4% vs +11%)
-
Owens Corning (-19%)
-
-
Underweight in Information Technology (average weighting 10% vs 30%) and Communication Services (average weighting 6% vs 9%)
-
Alphabet (-7%) and Clear Secure (-4%)
-
Clear Secure - no longer a Fund holding
-
-
Individual holdings
-
Meituan (-18%), U.S. Bancorp (-3%), Delivery Hero (-4%), and Trip.com Group (-8%)
-
Trip.com Group - new purchase during the period
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
|
*
|
|
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in millions) | $ |
Top Sectors as of 06/30/25 Net Assets
| Health Care | |
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Opportunity Fund (Class C) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the S&P 1500 Index (“S&P 1500” or the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 9.09%, versus a 5.61% return for the S&P 1500. The Fund invests principally in common stocks (including American Depositary Receipts). The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets.
Market Overview
-
S&P 1500
-
Strongest performing sectors - Industrials (+11%), Communication Services (+11%), and Utilities (+9%)
-
Weakest performing sectors - Consumer Discretionary (-4%), Health Care (-2%), and Energy (flat)
-
Contributors to Performance
-
Health Care - outperformed the Index sector (+9% vs -2%)
-
CVS Health (+57%) - largest individual contributor
-
Quest Diagnostics (+20%), Cigna Group (+21%), and Solventum (+15%)
-
-
Financials - outperformed the Index sector (+13% vs +8%) and overweight (average weighting 19% vs 15%)
-
Capital One Financial (+20%) and Markel (+16%)
-
-
Information Technology - outperformed the Index sector (+21% vs +8%)
-
Oracle (+32%)
-
-
Consumer Discretionary - outperformed the Index sector (+4% vs -4%) and underweight (average weighting 9% vs 11%)
-
Prosus (+40%)
-
-
Individual holdings
-
Meta Platforms (+26%) and Johnson Controls (+35%)
-
Detractors from Performance
-
Significantly overweight in Health Care - (average weighting 28% vs 10%)
-
Viatris (-26%) - largest individual detractor
-
UnitedHealth Group (-38%) and Humana (-3%)
-
-
Industrials - underperformed the Index sector (+4% vs +11%)
-
Owens Corning (-19%)
-
-
Underweight in Information Technology (average weighting 10% vs 30%) and Communication Services (average weighting 6% vs 9%)
-
Alphabet (-7%) and Clear Secure (-4%)
-
Clear Secure - no longer a Fund holding
-
-
Individual holdings
-
Meituan (-18%), U.S. Bancorp (-3%), Delivery Hero (-4%), and Trip.com Group (-8%)
-
Trip.com Group - new purchase during the period
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
|
*
|
|
|
**
|
|
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in millions) | $ |
Top Sectors as of 06/30/25 Net Assets
| Health Care | |
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Opportunity Fund (Class Y) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the S&P 1500 Index (“S&P 1500” or the “Index”) for the period. The Fund’s Class Y shares delivered a total return of 9.65%, versus a 5.61% return for the S&P 1500. The Fund invests principally in common stocks (including American Depositary Receipts). The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets.
Market Overview
-
S&P 1500
-
Strongest performing sectors - Industrials (+11%), Communication Services (+11%), and Utilities (+9%)
-
Weakest performing sectors - Consumer Discretionary (-4%), Health Care (-2%), and Energy (flat)
-
Contributors to Performance
-
Health Care - outperformed the Index sector (+9% vs -2%)
-
CVS Health (+57%) - largest individual contributor
-
Quest Diagnostics (+20%), Cigna Group (+21%), and Solventum (+15%)
-
-
Financials - outperformed the Index sector (+13% vs +8%) and overweight (average weighting 19% vs 15%)
-
Capital One Financial (+20%) and Markel (+16%)
-
-
Information Technology - outperformed the Index sector (+21% vs +8%)
-
Oracle (+32%)
-
-
Consumer Discretionary - outperformed the Index sector (+4% vs -4%) and underweight (average weighting 9% vs 11%)
-
Prosus (+40%)
-
-
Individual holdings
-
Meta Platforms (+26%) and Johnson Controls (+35%)
-
Detractors from Performance
-
Significantly overweight in Health Care - (average weighting 28% vs 10%)
-
Viatris (-26%) - largest individual detractor
-
UnitedHealth Group (-38%) and Humana (-3%)
-
-
Industrials - underperformed the Index sector (+4% vs +11%)
-
Owens Corning (-19%)
-
-
Underweight in Information Technology (average weighting 10% vs 30%) and Communication Services (average weighting 6% vs 9%)
-
Alphabet (-7%) and Clear Secure (-4%)
-
Clear Secure - no longer a Fund holding
-
-
Individual holdings
-
Meituan (-18%), U.S. Bancorp (-3%), Delivery Hero (-4%), and Trip.com Group (-8%)
-
Trip.com Group - new purchase during the period
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in millions) | $ |
Top Sectors as of 06/30/25 Net Assets
| Health Care | |
| Financials | |
| Industrials | |
| Information Technology | |
| Consumer Discretionary |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Government Bond Fund (Class A) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund underperformed the Bloomberg U.S. Government 1-3 Year Bond Index (the “Bloomberg Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 2.52%, versus a 2.83% return for the Bloomberg Index.
The Fund’s investment strategy, under normal circumstances, is to invest exclusively in U.S. Government securities and repurchase agreements, collateralized by U.S. Government securities, with a weighted average maturity (“life”) of three years or less. The Fund maintained a weighted average life of 2.62 years during the period. The Fund remains almost exclusively invested in mortgage-backed securities (“MBS”).
The Fund’s investment strategy, under normal circumstances, is to invest exclusively in U.S. Government securities and repurchase agreements, collateralized by U.S. Government securities, with a weighted average maturity (“life”) of three years or less. The Fund maintained a weighted average life of 2.62 years during the period. The Fund remains almost exclusively invested in mortgage-backed securities (“MBS”).
Market Overview
-
Bloomberg Index consisted of approximately 255 holdings at the end of the period, all of which were Treasuries and Agencies
-
MBS performed in line with both Treasuries and Agencies during the period
Detractors from Performance
-
Relative performance hindered by 5% average position in repurchase agreements (cash)
-
SBA (Small Business Administration) loan position (average weighting of 14%) also detracted from relative performance
-
What is an SBA loan? - a type of financing backed by the Small Business Administration that helps small businesses purchase, build, or improve real estate
-
-
Impact from Fund expenses - Bloomberg Index does not charge expenses
Contributors to Performance
-
Performance benefited primarily due to large position (average weighting of 57%) in Collateralized Mortgage Obligations (“CMOs”)
-
What is a CMO? - a type of mortgage-backed security that contains a pool of mortgages bundled together and sold as an investment
-
-
MBS pass-through position (average weighting of 24%) also contributed to relative performance
-
What is MBS pass-through? - issuer collects monthly payments from a pool of mortgages and then passes on a proportionate share of the collected principal and interest to bondholders
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
| ( |
( |
||
| ( |
|||
|
*
|
|
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (Net advisory fee after waiver) | $ |
Portfolio Composition as of
06/30/25 Net Assets
06/30/25 Net Assets
| Collateralized Mortgage Obligations | |
| Fannie Mae Pools | |
| SBA Pools | |
| Freddie Mac Pools | |
| Ginnie Mae Pools |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Government Bond Fund (Class C) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund underperformed the Bloomberg U.S. Government 1-3 Year Bond Index (the “Bloomberg Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 2.13%, versus a 2.83% return for the Bloomberg Index.
The Fund’s investment strategy, under normal circumstances, is to invest exclusively in U.S. Government securities and repurchase agreements, collateralized by U.S. Government securities, with a weighted average maturity (“life”) of three years or less. The Fund maintained a weighted average life of 2.62 years during the period. The Fund remains almost exclusively invested in mortgage-backed securities (“MBS”).
The Fund’s investment strategy, under normal circumstances, is to invest exclusively in U.S. Government securities and repurchase agreements, collateralized by U.S. Government securities, with a weighted average maturity (“life”) of three years or less. The Fund maintained a weighted average life of 2.62 years during the period. The Fund remains almost exclusively invested in mortgage-backed securities (“MBS”).
Market Overview
-
Bloomberg Index consisted of approximately 255 holdings at the end of the period, all of which were Treasuries and Agencies
-
MBS performed in line with both Treasuries and Agencies during the period
Detractors from Performance
-
Relative performance hindered by 5% average position in repurchase agreements (cash)
-
SBA (Small Business Administration) loan position (average weighting of 14%) also detracted from relative performance
-
What is an SBA loan? - a type of financing backed by the Small Business Administration that helps small businesses purchase, build, or improve real estate
-
-
Impact from Fund expenses - Bloomberg Index does not charge expenses
Contributors to Performance
-
Performance benefited primarily due to large position (average weighting of 57%) in Collateralized Mortgage Obligations (“CMOs”)
-
What is a CMO? - a type of mortgage-backed security that contains a pool of mortgages bundled together and sold as an investment
-
-
MBS pass-through position (average weighting of 24%) also contributed to relative performance
-
What is MBS pass-through? - issuer collects monthly payments from a pool of mortgages and then passes on a proportionate share of the collected principal and interest to bondholders
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
| ( |
|||
| ( |
|||
| ( |
|||
|
*
|
|
|
**
|
|
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (Net advisory fee after waiver) | $ |
Portfolio Composition as of
06/30/25 Net Assets
06/30/25 Net Assets
| Collateralized Mortgage Obligations | |
| Fannie Mae Pools | |
| SBA Pools | |
| Freddie Mac Pools | |
| Ginnie Mae Pools |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Government Bond Fund (Class Y) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund underperformed the Bloomberg U.S. Government 1-3 Year Bond Index (the “Bloomberg Index”) for the period. The Fund’s Class Y shares delivered a total return of 2.63%, versus a 2.83% return for the Bloomberg Index.
The Fund’s investment strategy, under normal circumstances, is to invest exclusively in U.S. Government securities and repurchase agreements, collateralized by U.S. Government securities, with a weighted average maturity (“life”) of three years or less. The Fund maintained a weighted average life of 2.62 years during the period. The Fund remains almost exclusively invested in mortgage-backed securities (“MBS”).
The Fund’s investment strategy, under normal circumstances, is to invest exclusively in U.S. Government securities and repurchase agreements, collateralized by U.S. Government securities, with a weighted average maturity (“life”) of three years or less. The Fund maintained a weighted average life of 2.62 years during the period. The Fund remains almost exclusively invested in mortgage-backed securities (“MBS”).
Market Overview
-
Bloomberg Index consisted of approximately 255 holdings at the end of the period, all of which were Treasuries and Agencies
-
MBS performed in line with both Treasuries and Agencies during the period
Detractors from Performance
-
Relative performance hindered by 5% average position in repurchase agreements (cash)
-
SBA (Small Business Administration) loan position (average weighting of 14%) also detracted from relative performance
-
What is an SBA loan? - a type of financing backed by the Small Business Administration that helps small businesses purchase, build, or improve real estate
-
-
Impact from Fund expenses - Bloomberg Index does not charge expenses
Contributors to Performance
-
Performance benefited primarily due to large position (average weighting of 57%) in Collateralized Mortgage Obligations (“CMOs”)
-
What is a CMO? - a type of mortgage-backed security that contains a pool of mortgages bundled together and sold as an investment
-
-
MBS pass-through position (average weighting of 24%) also contributed to relative performance
-
What is MBS pass-through? - issuer collects monthly payments from a pool of mortgages and then passes on a proportionate share of the collected principal and interest to bondholders
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
| ( |
|||
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (Net advisory fee after waiver) | $ |
Portfolio Composition as of
06/30/25 Net Assets
06/30/25 Net Assets
| Collateralized Mortgage Obligations | |
| Fannie Mae Pools | |
| SBA Pools | |
| Freddie Mac Pools | |
| Ginnie Mae Pools |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Government Money Market Fund (Class A) |
$ |
| * |
|
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Total advisory fees paid for the period (in thousands) | $ |
| 7 day yield | 3.85% |
Portfolio Composition as of
06/30/25 Net Assets
06/30/25 Net Assets
| Repurchase Agreements | |
| Federal Home Loan Bank | |
| Federal Farm Credit Bank | |
| Fannie Mae |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Government Money Market Fund (Class C) |
$ |
| * |
|
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Total advisory fees paid for the period (in thousands) | $ |
| 7 day yield | 3.85% |
Portfolio Composition as of
06/30/25 Net Assets
06/30/25 Net Assets
| Repurchase Agreements | |
| Federal Home Loan Bank | |
| Federal Farm Credit Bank | |
| Fannie Mae |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Government Money Market Fund (Class Y) |
$ |
| * |
|
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Total advisory fees paid for the period (in thousands) | $ |
| 7 day yield | 3.85% |
Portfolio Composition as of
06/30/25 Net Assets
06/30/25 Net Assets
| Repurchase Agreements | |
| Federal Home Loan Bank | |
| Federal Farm Credit Bank | |
| Fannie Mae |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Financial Fund (Class A) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the S&P 500 Financials Index (the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 13.77%, versus a 9.23% return for the Index. The Fund also outperformed the 6.20% return of the S&P 500 Index. The Fund invests, under normal conditions, at least 80% of its net assets in common stocks (including American Depositary Receipts) issued by companies principally engaged in the financial services sector. The Fund continues to invest a significant portion of its assets in foreign companies.
Market Overview
-
S&P 500 Financials
-
Strongest performing industries - Banks (+15%), Consumer Finance (+13%), and Capital Markets (+10%)
-
Weakest performing industries - Financial Services (+5%) and Insurance (+6%)
-
Contributors to Performance
-
Financial Services - outperformed the Index industry (+15% vs +5%) and significantly underweight (average weighting 9% vs 33%)
-
Rocket Companies (+33%)
-
-
Significantly overweight in Banks - (average weighting 45% vs 25%)
-
JPMorgan Chase (+22%), Danske Bank (+53%), Wells Fargo (+15%), DNB Bank (+47%), and
DBS Group Holdings (+14%)
-
-
Consumer Finance - outperformed the Index industry (+17% vs +13%) and overweight (average weighting 15% vs 4%)
-
Capital One Financial (+20%) - largest individual contributor
-
-
Capital Markets - outperformed the Index industry (+17% vs +10%)
-
Bank of New York Mellon (+20%)
-
-
Insurance holding
-
Markel Group (+16%)
-
-
Non-financial holding
-
Prosus (+40%)
-
Detractors from Performance
-
Underweight in Capital Markets (average weighting 11% vs 23%)
-
Banks - underperformed the Index industry (+14% vs +15%)
-
U.S. Bancorp (-3%) and PNC Financial Services Group (-2%) - two largest individual detractors
-
Fifth Third Bancorp (-1%)
-
-
Individual Insurance holdings
-
Everest Group (-5%) and RenaissanceRe Holdings (-2%)
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
|
*
|
|
Key Fund Statistics
| Fund net assets as of 06/30/25 (in billions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in millions) | $ |
Top Industries as of 06/30/25 Net Assets
| Banks | |
| Consumer Finance | |
| Insurance | |
| Capital Markets | |
| Financial Services |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Financial Fund (Class C) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the S&P 500 Financials Index (the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 13.31%, versus a 9.23% return for the Index. The Fund also outperformed the 6.20% return of the S&P 500 Index. The Fund invests, under normal conditions, at least 80% of its net assets in common stocks (including American Depositary Receipts) issued by companies principally engaged in the financial services sector. The Fund continues to invest a significant portion of its assets in foreign companies.
Market Overview
-
S&P 500 Financials
-
Strongest performing industries - Banks (+15%), Consumer Finance (+13%), and Capital Markets (+10%)
-
Weakest performing industries - Financial Services (+5%) and Insurance (+6%)
-
Contributors to Performance
-
Financial Services - outperformed the Index industry (+15% vs +5%) and significantly underweight (average weighting 9% vs 33%)
-
Rocket Companies (+33%)
-
-
Significantly overweight in Banks - (average weighting 45% vs 25%)
-
JPMorgan Chase (+22%), Danske Bank (+53%), Wells Fargo (+15%), DNB Bank (+47%), and
DBS Group Holdings (+14%)
-
-
Consumer Finance - outperformed the Index industry (+17% vs +13%) and overweight (average weighting 15% vs 4%)
-
Capital One Financial (+20%) - largest individual contributor
-
-
Capital Markets - outperformed the Index industry (+17% vs +10%)
-
Bank of New York Mellon (+20%)
-
-
Insurance holding
-
Markel Group (+16%)
-
-
Non-financial holding
-
Prosus (+40%)
-
Detractors from Performance
-
Underweight in Capital Markets (average weighting 11% vs 23%)
-
Banks - underperformed the Index industry (+14% vs +15%)
-
U.S. Bancorp (-3%) and PNC Financial Services Group (-2%) - two largest individual detractors
-
Fifth Third Bancorp (-1%)
-
-
Individual Insurance holdings
-
Everest Group (-5%) and RenaissanceRe Holdings (-2%)
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
|
*
|
|
|
**
|
|
Key Fund Statistics
| Fund net assets as of 06/30/25 (in billions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in millions) | $ |
Top Industries as of 06/30/25 Net Assets
| Banks | |
| Consumer Finance | |
| Insurance | |
| Capital Markets | |
| Financial Services |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Financial Fund (Class Y) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the S&P 500 Financials Index (the “Index”) for the period. The Fund’s Class Y shares delivered a total return of 13.91%, versus a 9.23% return for the Index. The Fund also outperformed the 6.20% return of the S&P 500 Index. The Fund invests, under normal conditions, at least 80% of its net assets in common stocks (including American Depositary Receipts) issued by companies principally engaged in the financial services sector. The Fund continues to invest a significant portion of its assets in foreign companies.
Market Overview
-
S&P 500 Financials
-
Strongest performing industries - Banks (+15%), Consumer Finance (+13%), and Capital Markets (+10%)
-
Weakest performing industries - Financial Services (+5%) and Insurance (+6%)
-
Contributors to Performance
-
Financial Services - outperformed the Index industry (+15% vs +5%) and significantly underweight (average weighting 9% vs 33%)
-
Rocket Companies (+33%)
-
-
Significantly overweight in Banks - (average weighting 45% vs 25%)
-
JPMorgan Chase (+22%), Danske Bank (+53%), Wells Fargo (+15%), DNB Bank (+47%), and
DBS Group Holdings (+14%)
-
-
Consumer Finance - outperformed the Index industry (+17% vs +13%) and overweight (average weighting 15% vs 4%)
-
Capital One Financial (+20%) - largest individual contributor
-
-
Capital Markets - outperformed the Index industry (+17% vs +10%)
-
Bank of New York Mellon (+20%)
-
-
Insurance holding
-
Markel Group (+16%)
-
-
Non-financial holding
-
Prosus (+40%)
-
Detractors from Performance
-
Underweight in Capital Markets (average weighting 11% vs 23%)
-
Banks - underperformed the Index industry (+14% vs +15%)
-
U.S. Bancorp (-3%) and PNC Financial Services Group (-2%) - two largest individual detractors
-
Fifth Third Bancorp (-1%)
-
-
Individual Insurance holdings
-
Everest Group (-5%) and RenaissanceRe Holdings (-2%)
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
Key Fund Statistics
| Fund net assets as of 06/30/25 (in billions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in millions) | $ |
Top Industries as of 06/30/25 Net Assets
| Banks | |
| Consumer Finance | |
| Insurance | |
| Capital Markets | |
| Financial Services |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Balanced Fund (Class A) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of 9.73%, versus a 6.20% return for the S&P 500. The Fund invests its assets in a balanced portfolio of stocks and bonds. The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries. The Fund ended the period with 78% of net assets invested in stocks, 15% in bonds, and 7% in repurchase agreements and cash.
Market Overview
-
S&P 500
-
Strongest performing sectors - Industrials (+13%), Communication Services (+11%), and Utilities (+9%)
-
Weakest performing sectors - Consumer Discretionary (-4%), Health Care (-1%), and Energy (+1%)
-
Contributors to Performance
-
Health Care (Equities only) - outperformed the Index sector (+11% vs -1%)
-
CVS Health (+57%) - largest individual contributor
-
Quest Diagnostics (+20%) and Solventum (+15%)
-
-
Financials (Equities only) - outperformed the Index sector (+16% vs +9%) and significantly overweight (average weighting 43% vs 14%)
-
Capital One Financial (+20%), Danske Bank (+53%), Berkshire Hathaway (+7%), Bank of New York Mellon (+20%), and JPMorgan Chase (+22%)
-
-
Underweight in Consumer Discretionary (Equities only), the weakest performing sector of the Index - (average weighting 5% vs 11%)
-
Information Technology (Equities only) - outperformed the Index sector (+14% vs +8%)
-
Applied Materials (+13%)
-
-
Individual equity holding
-
Meta Platforms (+26%)
-
Detractors from Performance
-
Significantly overweight in Health Care (Equities only) - (average weighting 27% vs 10%)
-
Viatris (-26%) - largest individual detractor
-
Humana (-3%)
-
-
Industrials (Equities only) - underperformed the Index sector (flat vs +13%) and underweight (average weighting 6% vs 8%)
-
Owens Corning (-19%)
-
-
Underweight in Information Technology (Equities only) - (average weighting 10% vs 31%)
-
Individual equity holdings
-
Alphabet (-7%) and U.S. Bancorp (-3%)
-
-
In a stronger market, the Fund’s performance was hindered from its position in bonds and repurchase agreements (cash)
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
| ( |
|
*
|
|
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in thousands) | $ |
Asset Allocation as of 06/30/25 Net Assets
| Common Stock | |
| Mortgages | |
| Short-Term Investments | |
| Corporate Bonds | |
| Small Business Administration |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Balanced Fund (Class C) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of 9.28%, versus a 6.20% return for the S&P 500. The Fund invests its assets in a balanced portfolio of stocks and bonds. The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries. The Fund ended the period with 78% of net assets invested in stocks, 15% in bonds, and 7% in repurchase agreements and cash.
Market Overview
-
S&P 500
-
Strongest performing sectors - Industrials (+13%), Communication Services (+11%), and Utilities (+9%)
-
Weakest performing sectors - Consumer Discretionary (-4%), Health Care (-1%), and Energy (+1%)
-
Contributors to Performance
-
Health Care (Equities only) - outperformed the Index sector (+11% vs -1%)
-
CVS Health (+57%) - largest individual contributor
-
Quest Diagnostics (+20%) and Solventum (+15%)
-
-
Financials (Equities only) - outperformed the Index sector (+16% vs +9%) and significantly overweight (average weighting 43% vs 14%)
-
Capital One Financial (+20%), Danske Bank (+53%), Berkshire Hathaway (+7%), Bank of New York Mellon (+20%), and JPMorgan Chase (+22%)
-
-
Underweight in Consumer Discretionary (Equities only), the weakest performing sector of the Index - (average weighting 5% vs 11%)
-
Information Technology (Equities only) - outperformed the Index sector (+14% vs +8%)
-
Applied Materials (+13%)
-
-
Individual equity holding
-
Meta Platforms (+26%)
-
Detractors from Performance
-
Significantly overweight in Health Care (Equities only) - (average weighting 27% vs 10%)
-
Viatris (-26%) - largest individual detractor
-
Humana (-3%)
-
-
Industrials (Equities only) - underperformed the Index sector (flat vs +13%) and underweight (average weighting 6% vs 8%)
-
Owens Corning (-19%)
-
-
Underweight in Information Technology (Equities only) - (average weighting 10% vs 31%)
-
Individual equity holdings
-
Alphabet (-7%) and U.S. Bancorp (-3%)
-
-
In a stronger market, the Fund’s performance was hindered from its position in bonds and repurchase agreements (cash)
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
| ( |
|
*
|
|
|
**
|
|
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in thousands) | $ |
Asset Allocation as of 06/30/25 Net Assets
| Common Stock | |
| Mortgages | |
| Short-Term Investments | |
| Corporate Bonds | |
| Small Business Administration |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Balanced Fund (Class Y) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund outperformed the Standard & Poor’s 500 Index (“S&P 500” or the “Index”) for the period. The Fund’s Class Y shares delivered a total return of 9.89%, versus a 6.20% return for the S&P 500. The Fund invests its assets in a balanced portfolio of stocks and bonds. The Fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries. The Fund ended the period with 78% of net assets invested in stocks, 15% in bonds, and 7% in repurchase agreements and cash.
Market Overview
-
S&P 500
-
Strongest performing sectors - Industrials (+13%), Communication Services (+11%), and Utilities (+9%)
-
Weakest performing sectors - Consumer Discretionary (-4%), Health Care (-1%), and Energy (+1%)
-
Contributors to Performance
-
Health Care (Equities only) - outperformed the Index sector (+11% vs -1%)
-
CVS Health (+57%) - largest individual contributor
-
Quest Diagnostics (+20%) and Solventum (+15%)
-
-
Financials (Equities only) - outperformed the Index sector (+16% vs +9%) and significantly overweight (average weighting 43% vs 14%)
-
Capital One Financial (+20%), Danske Bank (+53%), Berkshire Hathaway (+7%), Bank of New York Mellon (+20%), and JPMorgan Chase (+22%)
-
-
Underweight in Consumer Discretionary (Equities only), the weakest performing sector of the Index - (average weighting 5% vs 11%)
-
Information Technology (Equities only) - outperformed the Index sector (+14% vs +8%)
-
Applied Materials (+13%)
-
-
Individual equity holding
-
Meta Platforms (+26%)
-
Detractors from Performance
-
Significantly overweight in Health Care (Equities only) - (average weighting 27% vs 10%)
-
Viatris (-26%) - largest individual detractor
-
Humana (-3%)
-
-
Industrials (Equities only) - underperformed the Index sector (flat vs +13%) and underweight (average weighting 6% vs 8%)
-
Owens Corning (-19%)
-
-
Underweight in Information Technology (Equities only) - (average weighting 10% vs 31%)
-
Individual equity holdings
-
Alphabet (-7%) and U.S. Bancorp (-3%)
-
-
In a stronger market, the Fund’s performance was hindered from its position in bonds and repurchase agreements (cash)
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
| ( |
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in thousands) | $ |
Asset Allocation as of 06/30/25 Net Assets
| Common Stock | |
| Mortgages | |
| Short-Term Investments | |
| Corporate Bonds | |
| Small Business Administration |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Real Estate Fund (Class A) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund underperformed the Wilshire U.S. Real Estate Securities Index (“Wilshire Index” or the “Index”) for the period. The Fund’s Class A shares delivered a total return on net asset value of -1.79%, versus a 1.74% return for the Wilshire Index. The Fund invests, under normal conditions, at least 80% of its net assets in securities issued by companies principally engaged in the real estate industry.
Market Overview
-
Wilshire Index
-
Strongest performing industries - Health Care REITs (+10%), Diversified REITs (+5%), and Specialized REITs (+4%)
-
Weakest performing industries - Hotel & Resort REITs (-14%), Office REITs (-6%), and Residential REITs (-2%)
-
Detractors from Performance
-
Health Care REITs - significantly underperformed the Index industry (-6% vs +10%)
-
Alexandria Real Estate Equities (-23%) - largest individual detractor
-
-
Overweight in Office REITs - (average weighting 16% vs 3%)
-
BXP (-7%), Douglas Emmett (-17%), and Hudson Pacific Properties (-10%)
-
-
Retail REITs - underperformed the Index industry (-4% vs -1%)
-
Federal Realty Investment Trust (-24%) and Brixmor Property Group (-4%)
-
Federal Realty Investment Trust - no longer a Fund holding
-
-
Underweight in Specialized REITs - (average weighting 23% vs 36%)
-
Equinix (-15%)
-
-
Individual holdings
-
Sunstone Hotel Investors (-25%), Rexford Industrial Realty (-6%), and AvalonBay Communities (-6%)
-
Contributors to Performance
-
Office REITs - outperformed the Index industry (+2% vs -6%)
-
Great Portland Estates (+38%) and Derwent London (+19%)
-
-
Underweight in Retail REITs - (average weighting 12% vs 14%)
-
NETSTREIT (+19%) - new purchase during the period
-
-
Individual Specialized REITs
-
American Tower (+22%) - largest individual contributor
-
VICI Properties (+15%) and Crown Castle (+16%)
-
-
Other individual holdings
-
Ventas (+9%), EastGroup Properties (+6%), Welltower (+7%), and Essex Property Trust (+2%)
-
Welltower - no longer a Fund holding
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
| ( |
|||
|
*
|
|
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in thousands) | $ |
Top Industries as of 06/30/25 Net Assets
| Specialized REITs | |
| Residential REITs | |
| Office REITs | |
| Industrial REITs | |
| Health Care REITs |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Real Estate Fund (Class C) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund underperformed the Wilshire U.S. Real Estate Securities Index (“Wilshire Index” or the “Index”) for the period. The Fund’s Class C shares delivered a total return on net asset value of -2.18%, versus a 1.74% return for the Wilshire Index. The Fund invests, under normal conditions, at least 80% of its net assets in securities issued by companies principally engaged in the real estate industry.
Market Overview
-
Wilshire Index
-
Strongest performing industries - Health Care REITs (+10%), Diversified REITs (+5%), and Specialized REITs (+4%)
-
Weakest performing industries - Hotel & Resort REITs (-14%), Office REITs (-6%), and Residential REITs (-2%)
-
Detractors from Performance
-
Health Care REITs - significantly underperformed the Index industry (-6% vs +10%)
-
Alexandria Real Estate Equities (-23%) - largest individual detractor
-
-
Overweight in Office REITs - (average weighting 16% vs 3%)
-
BXP (-7%), Douglas Emmett (-17%), and Hudson Pacific Properties (-10%)
-
-
Retail REITs - underperformed the Index industry (-4% vs -1%)
-
Federal Realty Investment Trust (-24%) and Brixmor Property Group (-4%)
-
Federal Realty Investment Trust - no longer a Fund holding
-
-
Underweight in Specialized REITs - (average weighting 23% vs 36%)
-
Equinix (-15%)
-
-
Individual holdings
-
Sunstone Hotel Investors (-25%), Rexford Industrial Realty (-6%), and AvalonBay Communities (-6%)
-
Contributors to Performance
-
Office REITs - outperformed the Index industry (+2% vs -6%)
-
Great Portland Estates (+38%) and Derwent London (+19%)
-
-
Underweight in Retail REITs - (average weighting 12% vs 14%)
-
NETSTREIT (+19%) - new purchase during the period
-
-
Individual Specialized REITs
-
American Tower (+22%) - largest individual contributor
-
VICI Properties (+15%) and Crown Castle (+16%)
-
-
Other individual holdings
-
Ventas (+9%), EastGroup Properties (+6%), Welltower (+7%), and Essex Property Trust (+2%)
-
Welltower - no longer a Fund holding
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
|
*
|
|
|
**
|
|
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in thousands) | $ |
Top Industries as of 06/30/25 Net Assets
| Specialized REITs | |
| Residential REITs | |
| Office REITs | |
| Industrial REITs | |
| Health Care REITs |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
SEMI-ANNUAL SHAREHOLDER REPORT | JUNE 30, 2025
What were the Fund expenses for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Davis Real Estate Fund (Class Y) |
$ |
| * |
|
Management’s Discussion of Fund Performance
Summary of Results
The Fund underperformed the Wilshire U.S. Real Estate Securities Index (“Wilshire Index” or the “Index”) for the period. The Fund’s Class Y shares delivered a total return of -1.66%, versus a 1.74% return for the Wilshire Index. The Fund invests, under normal conditions, at least 80% of its net assets in securities issued by companies principally engaged in the real estate industry.
Market Overview
-
Wilshire Index
-
Strongest performing industries - Health Care REITs (+10%), Diversified REITs (+5%), and Specialized REITs (+4%)
-
Weakest performing industries - Hotel & Resort REITs (-14%), Office REITs (-6%), and Residential REITs (-2%)
-
Detractors from Performance
-
Health Care REITs - significantly underperformed the Index industry (-6% vs +10%)
-
Alexandria Real Estate Equities (-23%) - largest individual detractor
-
-
Overweight in Office REITs - (average weighting 16% vs 3%)
-
BXP (-7%), Douglas Emmett (-17%), and Hudson Pacific Properties (-10%)
-
-
Retail REITs - underperformed the Index industry (-4% vs -1%)
-
Federal Realty Investment Trust (-24%) and Brixmor Property Group (-4%)
-
Federal Realty Investment Trust - no longer a Fund holding
-
-
Underweight in Specialized REITs - (average weighting 23% vs 36%)
-
Equinix (-15%)
-
-
Individual holdings
-
Sunstone Hotel Investors (-25%), Rexford Industrial Realty (-6%), and AvalonBay Communities (-6%)
-
Contributors to Performance
-
Office REITs - outperformed the Index industry (+2% vs -6%)
-
Great Portland Estates (+38%) and Derwent London (+19%)
-
-
Underweight in Retail REITs - (average weighting 12% vs 14%)
-
NETSTREIT (+19%) - new purchase during the period
-
-
Individual Specialized REITs
-
American Tower (+22%) - largest individual contributor
-
VICI Properties (+15%) and Crown Castle (+16%)
-
-
Other individual holdings
-
Ventas (+9%), EastGroup Properties (+6%), Welltower (+7%), and Essex Property Trust (+2%)
-
Welltower - no longer a Fund holding
-
Fund Performance
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/25 | 1 Year | 5 Years | 10 Years |
Key Fund Statistics
| Fund net assets as of 06/30/25 (in millions) | $ |
| Total number of portfolio holdings as of 06/30/25 | |
| Portfolio turnover rate for the period | |
| Total advisory fees paid for the period (in thousands) | $ |
Top Industries as of 06/30/25 Net Assets
| Specialized REITs | |
| Residential REITs | |
| Office REITs | |
| Industrial REITs | |
| Health Care REITs |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, and proxy voting information at davisfunds.com/resources/regulatory-documents or by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS SERIES, INC.
