Davis New York Venture Fund

    Overview

    Investment Strategy

    The goal of the Davis New York Venture Fund is to provide investors access to attractive investment opportunities among large cap, durable, well-managed businesses. We seek to purchase these businesses at value prices and hold them for the long term. This approach makes the Davis New York Venture Fund an ideal foundation for an investor’s portfolio.

    Using our signature Davis Investment Discipline, the Fund has significantly outperformed the S&P 500® Index since its inception in 1969.1 Click here to learn more about our historical record of attractive long-term returns.

    Why Invest in the Davis New York Venture Fund

    Sixty Years of Experience

    The Davis family has compounded wealth for investors over six decades and three generations.

    Long-Term Investment Results

    The Davis New York Venture Fund has significantly outperformed the S&P 500® Index since its inception in 1969.1

    Aligned with Shareholders

    With more than $2 billion invested side by side with fellow shareholders, we experience the same risks and reap the same rewards.2

    Lower than Average Expense Ratio4

    Davis New York Venture Fund A, 0.86%; Lipper category average, 1.20%

    Lower than Average Turnover Rate4

    Davis New York Venture Fund, 23%; Lipper category average, 76%.

    Performance as of 6/30/16

    1) Compounding Wealth

    By consistently outperforming the S&P 500® Index over time, a hypothetical $10,000 investment in the Fund on February 17, 1969 compounded to $1,736,501 as of June 30, 2016 vs. only $864,478 for the S&P 500® Index and $879,158 for the average large cap fund.

    Total Returns
    as of June 30, 2016
    YTD* 1 Yr 3 Yr 5 Yr 10 Yr 15 Yr 20 Yr 25 Yr 30 Yr 35 Yr 40 Yr Since
    2/17/69
    DNYVF Class A shares
    without a sales charge
    -0.87% -1.12% 8.19% 8.92% 5.03% 5.39% 8.08% 10.19% 10.59% 12.07% 13.30% 11.50%
    with a maximum 4.75% sales charge -5.58% -5.82% 6.45% 7.87% 4.52% 5.04% 7.82% 9.97% 10.41% 11.92% 13.16% 11.39%
    S&P 500® Index 3.84% 3.99% 11.66% 12.10% 7.42% 5.75% 7.87% 9.40% 9.82% 11.13% 11.00% 9.87%

    *YTD is not annualized.

    The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 0.86%. The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Current performance may be higher or lower than the performance quoted. For most recent month-end performance, click here or call 800.279.0279.



    2) A History of Consistent Long Term Outperformance

    Since no manager can outperform over all periods, our objective has been to increase the probability of outperformance the longer an investor stays with us. As shown below, the longer one has invested with us, the more likely they have earned above-average returns.6

    Percentage of Time the Davis New York Venture Fund Has Outperformed the Market
    (2/17/69 - 6/30/16)

    Source: Thomson Financial, Lipper and Bloomberg. The "market" is represented by the S&P 500® Index. Past performance is not a guarantee of future results.

    Portfolio Characteristics as of 6/30/16

    Portfolio Composition

    New York
    Venture Fund
    S&P 500®
    Index
    Forecast P/E Ratio 16.4 17.3
    P/B Ratio 2.9 3.5
    Weighted Average Market Cap ($bn) 119.6 134.4
    Beta (3 year) 1.1 1.0
    Standard Deviation (5 year, A Shares) 13.7 12.1
    Number of Holdings 58 505

    Turnover and Expenses

    New York
    Venture Fund
    Lipper Category
    Average5
    Turnover Rate4 23% 76%
    Expense Ratio4 (A Shares) 0.86% 1.20%

    Top 10 Holdings

    Alphabet Inc. 7.0%
    Amazon.com, Inc. 6.7%
    Berkshire Hathaway Inc., Class A 5.1%
    JPMorgan Chase & Co. 4.9%
    Wells Fargo & Co. 4.8%
    Apache Corp. 4.2%
    United Technologies Corp. 4.0%
    American Express Co. 3.2%
    Bank of New York Mellon Corp. 3.2%
    Monsanto Co. 2.9%

    Click here for month-end holdings.
    Click here for quarter-end holdings.

    Top 10 Industries

    Information Technology 16.9%
    Diversified Financials 16.1%
    Energy 11.7%
    Retailing 11.6%
    Banks 11.3%
    Materials 8.9%
    Capital Goods 6.7%
    Health Care 5.5%
    Insurance 2.8%
    Automobiles & Components 2.0%

    Literature

    Fact Sheets
    Fund Fact Sheet Download

    Goals of the Fund, types of companies in the Portfolio, top holdings, Portfolio characteristics, and historical performance.

    Portfolio Composition Download

    Quarterly update of portfolio characteristics.

    Insights Into the Fund
    Compounding Wealth Since 1969 Download As equity specialists, Davis has consistently built shareholder wealth. The Davis NY Venture Fund has compounded to double the value of the S&P500 since inception.*
    A History of Long Term Outperformance Download Discusses the Fund’s growing success in beating the S&P500 as investor holding period increased (ultimately reaching 100%).
    A Conversation with Chris Davis Download

    PM Chris Davis on strategies that can help every investor to become more successful.

    Portfolio Manager Commentaries
    Value Investor Insight Magazine Download

    PMs Chris Davis and Danton Goei on the fundamental question:  “What kind of business do you want to own?”

    Manager Commentary - Fall Review 2016 Download View

    An interview with the Fund Managers.

    This material must be accompanied or preceded by a current Davis New York Venture Fund Prospectus. You should carefully consider the Fund’s investment objective, risks, charges, and expenses before investing. The prospectus contains this and other information and can be obtained by clicking here or calling 800.279.0279. Read the prospectus carefully before you invest or send money.


    1Class A shares, not including a sales charge. Past performance is not a guarantee of future results.

    2As of June 30, 2016.

    4See Expense ratio/Turnover link below.

    5The Average Large Cap Fund is represented by the equities in the Lipper Average Large Cap peer group. Lipper will not calculate returns with inceptions in the middle of the month. Inception date used is 2/28/69. Past performance is not a guarantee of future results.

    6See "outperforming the market" link below.

    * Class A shares without a sales charge. Past performance is not a guarantee of future results. Inception is 2/17/1969.


    Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756