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DAVIS VARIABLE ACCOUNT FUND INC
2026-06-30
Davis Financial Portfolio
QDFPAX
This Semi-Annual shareholder report contains important information about the Davis Financial Portfolio (the “Fund”) for the period of January 1, 2026 to June 30, 2026 (the “period”).
Semi-Annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(8, 62, 28); font-family: 'times new roman'; font-size: 9pt; text-align: justify;">davisfunds.com/resources/regulatory-documents</span> or by contacting Investor Services at 1-800-279-0279.
davisfunds.com/resources/regulatory-documents
1-800-279-0279
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund expenses for the last six months?</div>
<div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt;"><i>(Based on a hypothetical $10,000 investment)</i></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; color: rgb(8, 62, 28); padding: 6pt 3pt 3pt 3pt;">Fund</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of $10,000 investment</td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td>
</tr>
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; text-align: left; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Davis Financial Portfolio<br/></td>
<td style="break-inside: avoid-page; text-align: right; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>37</td>
<td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.75<span>%</span><span>*</span></td>
</tr>
</table>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;">
<td style="break-inside: avoid-page; font-family: 'Times New Roman'; font-style: italic; color: rgb(0, 0, 0); text-align: left; font-size: 6pt; vertical-align: top; width: 1%; padding: 0 4pt 0 0;">*</td>
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding: 0;">
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; text-align: justify; vertical-align: bottom; font-size: 8pt;">Annualized.</div>
</td>
</tr>
</table>
37
0.0075
<div style="margin-bottom: 14pt;">
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt;">Summary of Results</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 10pt; text-align: justify;">The Fund outperformed the S&P 500 Financials Index (the “Index”) for the period. The Fund delivered a total return of 0.06%, versus a -1.18% return for the Index. The Fund underperformed the 10.21% 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.</div>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Market Overview</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">S&P 500 Financials</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Strongest performing industries - Banks (+5%) and Insurance (+2%)</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Weakest performing industries - Consumer Finance (-11%), Financial Services (-5%), and Capital Markets (-3%)</div>
</li>
</ul>
</li>
</ul>
</div>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Contributors to Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Banks - outperformed the Index industry (+9% vs +5%) and overweight (average weighting 43% vs 28%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Fifth Third Bancorp (+22%), PNC Financial Services Group (+20%), and U.S. Bancorp (+15%) - three largest individual contributors</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">DBS Group Holdings (+19%), Danske Bank (+17%), and Bank of N.T. Butterfield (+22%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Capital Markets - outperformed the Index industry (+14% vs -3%) and underweight (average weighting 7% vs 26%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Julius Baer Group (+15%) and Bank of New York Mellon (+26%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Underweight in Financial Services (average weighting 14% vs 28%)</div>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Insurance - outperformed the Index industry (+3% vs +2%) and overweight (average weighting 19% vs 13%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Chubb (+10%) and RenaissanceRe Holdings (+13%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-inside: avoid;">
<div style="font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Detractors from Performance</div>
</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Consumer Finance - underperformed the Index industry (-15% vs -11%) and overweight (average weighting 13% vs 4%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Capital One Financial (-17%) - largest individual detractor</div>
</li>
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">American Express (-8%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Financial Services - underperformed the Index industry (-11% vs -5%)</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Chime Financial (-19%), Fiserv (-27%), Rocket Companies (-19%), and Exor (-9%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Non-financial holding</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Prosus (-30%)</div>
</li>
</ul>
</li>
<li style="padding-left: 13.5pt; margin-left: 30pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; text-align: justify;">
<div style="margin-top: 0px; margin-bottom: 0px;">Individual holdings</div>
<ul style="break-inside: avoid; padding: 0; margin: 0;">
<li style="padding-left: 13.5pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: circle; text-align: justify; margin-left: 52pt;">
<div style="margin-top: 0px; margin-bottom: 0px;">Wells Fargo (-10%), Markel Group (-9%), and Ping An Insurance (-20%)</div>
</li>
</ul>
</li>
</ul>
<div style="break-before: always; margin-top: 0px; margin-bottom: 0px;"> </div>
</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="break-after: avoid; border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-align: left; color: rgb(8, 62, 28); width: 60%; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 06/30/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">1 Year</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">5 Years</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">10 Years</td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>Davis Financial Portfolio</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.72<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.99<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.38<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>S&P 500 Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">22.32<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.40<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">15.50<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Times New Roman'; font-weight: normal; padding: 6pt 3pt 3pt 3pt;"><strong>S&P 500 Financials Index</strong></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">4.05<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">9.85<span>%</span></td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.39<span>%</span></td>
</tr>
</table>
Davis Financial Portfolio
0.1372
0.1299
0.1338
S&P 500 Index
0.2232
0.1340
0.1550
S&P 500 Financials Index
0.0405
0.0985
0.1339
The Fund's past performance is not a good predictor of how the Fund will perform in the future.
For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com .
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(8, 62, 28); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Key Fund Statistics</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Fund net assets as of 06/30/26 (in millions)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>58.3</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total number of portfolio holdings as of 06/30/26</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">31</td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Portfolio turnover rate for the period</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">3<span>%</span></td>
</tr>
<tr style="border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28); border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; width: 80%; font-weight: normal; font-family: 'Times New Roman'; padding: 6pt 0 3pt 10pt;">Total advisory fees paid for the period (in thousands)</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>161.9</td>
</tr>
</table>
58300000
31
0.03
161900
<div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'times new roman'; color: rgb(8, 62, 28); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(8, 62, 28); text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;"><b>Top Industries</b> <b> as of </b> <b>06/30/26</b> <b> Net Assets</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid;">
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Banks</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">43.68<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Insurance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">19.89<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Financial Services</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">13.35<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Consumer Finance</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">12.82<span>%</span></td>
</tr>
<tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(8, 62, 28);">
<td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 3pt 3pt 3pt;">Capital Markets</td>
<td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Times New Roman'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">7.18<span>%</span></td>
</tr>
</table>
0.4368
0.1989
0.1335
0.1282
0.0718
Annualized.