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Listen NowPortfolio Manager Interview
A Conversation with Portfolio Managers Christopher Davis and Kenneth Feinberg.
Davis New York Venture Fund
Morningstar
Analyst Rating
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 outperformed the S&P 500® Index over every 10 year period since its inception in 1969 – the only Fund in the industry with this record.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 is the only Fund to have outperformed the S&P 500® Index over every 10 year period 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
Our Culture of Shareholder Stewardship
Morningstar has recognized Davis Advisors commitment to shareholders by awarding the Fund its highest overall Stewardship Grade of A, a level achieved by less than 12% of the funds Morningstar grades.3
Lower than Average Expense Ratio4
Davis New York Venture Fund A, 0.89%; Lipper category average, 1.21%
Lower than Average Turnover Rate4
Davis New York Venture Fund, 8%; Lipper category average, 66%
Performance as of 3/31/12
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 $1,172,540 as of March 31, 2012 vs. only $529,543 for the S&P 500® Index and $537,884 for the average large cap fund.
| Total Returns as of March 31, 2012 |
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 |
11.57% | 1.56% | 21.41% | -0.39% | 4.58% | 6.79% | 9.87% | 10.37% | 13.11% | 14.00% | 11.95% | 11.68% |
| with a maximum 4.75% sales charge | 6.27% | -3.26% | 19.45% | -1.35% | 4.07% | 6.44% | 9.60% | 10.15% | 12.93% | 13.85% | 11.81% | 11.56% |
| S&P 500® Index | 12.59% | 8.54% | 23.42% | 2.01% | 4.12% | 6.10% | 8.59% | 8.95% | 11.70% | 11.19% | 10.01% | 9.64% |
*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 0.89%. 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) Long-Term Consistency
The Davis New York Venture Fund is the only Fund to have outperformed the S&P 500® Index over every 10 year period since its inception in 1969.
10 Year Rolling Performance from February 17, 1969 - December 31, 2011
The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Rolling 10 year returns would be lower in some periods if a sales charge were included. See the endnotes for a description of this chart and a definition of the S&P 500® Index.
3) Patience is a
Virtue
The chart below shows the percentage of time since 1970 the Fund has outperformed the S&P 500® Index over various time periods. Patient investors who held the Fund 10 years or longer outperformed the market 100% of the time. It is the only Fund in the industry with this record of outperformance.
Percent of Time the Davis New York Venture Fund Has Outperformed the Market
(1/1/70 - 12/31/11)
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 3/31/12
Portfolio Composition
| New York Venture Fund |
S&P 500® Index |
|
|---|---|---|
| Forecast P/E Ratio | 13.9 | 13.4 |
| P/B Ratio | 3.0 | 3.1 |
| Weighted Average Market Cap ($bn) | 63.9 | 111.7 |
| Beta (3 year) | 1.1 | 1.0 |
| Standard Deviation (5 year, A Shares) | 20.5 | 19.1 |
| Number of Holdings | 91 | 500 |
Turnover and Expenses
| New York Venture Fund |
Lipper Category Average5 |
|
|---|---|---|
| Turnover Rate4 | 8% | 66% |
| Expense Ratio4 (A Shares) | 0.89% | 1.21% |
Morningstar
| Analyst Rating | Stewardship Grade |
|---|---|
|
|
A |
Top 10 Holdings
| Wells Fargo & Co. | 6.1% |
| American Express Co. | 5.8% |
| CVS Caremark Corp. | 5.7% |
| Bank of New York Mellon Corp. | 5.2% |
| Costco Wholesale Corp. | 3.8% |
| Google Inc. Class A | 3.3% |
| Bed Bath & Beyond Inc. | 3.2% |
| Occidental Petroleum Corp. | 3.2% |
| Berkshire Hathaway Inc., Class A | 2.7% |
| Loews Corp. | 2.7% |
Top 10 Industries
| Diversified Financials | 15.5% |
| Insurance | 11.7% |
| Energy | 11.5% |
| Food & Staples Retailing | 10.1% |
| Technology | 8.4% |
| Pharmaceutical & Health Care | 7.0% |
| Materials | 6.8% |
| Retail | 6.2% |
| Banks | 6.1% |
| Food, Beverage & Tobacco | 4.8% |
Literature
| Fact Sheets | ||
|---|---|---|
| Fund Fact Sheet | Download Share | Goals of the Fund, types of companies in the Portfolio, top holdings, Portfolio characteristics, and historical performance. |
| Important Facts | Download Share | Key Fund attributes, including historical long-term outperformance, below-average expenses and turnover, experienced managers, and recognition for shareholder stewardship. |
| Portfolio Composition | Download Share | Quarterly update of portfolio characteristics. |
| Insights Into the Fund | ||
| A History of Long Term Outperformance | Download Share | Demonstrates Davis New York Venture Fund’s long-term record of outperformance versus the S&P 500®, and the growing likelihood of benefiting from this outperformance as investor holding periods increase. |
| Davis New York Venture Fund – An Ideal Foundation | Download Share | Morningstar recognizes Davis New York Venture among only three funds to merit its highest Analyst Rating of “Gold” and its highest Stewardship Grade of A (all three funds are managed by Davis Advisors). Also, why we believe the Fund’s specific attributes make it an ideal foundation for a long-term investor’s portfolio. |
| The Benefits of a Disciplined Investment Approach | Download Share | Our patient, value-oriented discipline has enabled the Fund to compound wealth to more than double the amount of a comparable investment in the S&P 500® Index since our inception in 1969. Class A shares, without a sales charge. |
|
Brochure: Price Is What You Pay, Value Is What You Get |
Download Share | How the discounted prices of the companies in the Davis New York Venture Fund may benefit investors over the coming decade and why a focus on “Price vs. Value” has led to Davis’ long-term success for investors |
| Morningstar Analyst Report: Davis New York Venture Fund | Download Share | Complete Morningstar Analyst report detailing why Davis New York Venture merits its highest rating of “Gold”, which Morningstar believes “leads to funds that are more likely to outperform over the long term on a risk-adjusted basis”. |
| Rolling 10 Year Performance | Download Share | The Davis New York Venture Fund is the only Fund to have outperformed the S&P 500® Index over every 10 year period since its inception in 1969. Class A shares, without a sales charge. |
| Portfolio Manager Commentaries | ||
| Davis Investor Center | View Share | Video Series: Christopher C. Davis discusses why we are optimistic about equities in the decade ahead and how our Portfolio is positioned. |
| Manager Commentary - Annual Review 2012 | Download View Share | An interview with Davis New York Venture Fund managers Christopher C. Davis and Kenneth Charles Feinberg. |
|
Portfolio Review - Spring 2012 |
Download View Share | A quarterly discussion of the market environment, Fund performance, major positions, and investment opportunities. |
| Manager Commentary - Semi-annual Review 2011 (June 2011) | Download Share | Archived Portfolio Manager interview (referred to in the Annual Review 2012). |
| Manager Commentary - Semi-Annual Review 2010 (June 2010) | Download Share | Archived Portfolio Manager interview |
| Manager Commentary - Annual Review 2009 (December 2009) | Download Share | Archived Portfolio Manager interview |
| Manager Commentary - Semi-Annual Review 2009 (June 2009) | Download Share | Archived Portfolio Manager interview |
| Insights About Davis Advisors | ||
| Davis Receives Morningstar's Highest Stewardship Grade | Download Share | Morningstar recognizes Davis’ unique commitment to shareholder interests. |
| The Davis Investment Discipline | Download Share | The evolution of our investment discipline over three generations of successful investors, examines what we look for in a company and profiles the investment professionals at Davis Advisors. |
| 2011 Financial Report of the U.S. Government | Download Share | The 2011 update of the government report referred to in the Davis New York Venture Fund Manager Commentary, Annual Review 2009. |
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.
1No other mutual fund has beaten the S&P 500® Index over every rolling 10 year time period from 2/17/69 through 12/31/11. Class A shares, not including a sales charge. Past performance is not a guarantee of future results.
2As of December 31, 2011.
3As of March 31, 2012.
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.
6Returns calculated from 2/17/69 through 12/31/78.
(4) Read here for objective/risk disclosures
(5) Read here for rolling 10 year disclosure
(6) Read here for outperforming the market disclosure
(7) Read here for Morningstar disclosures
(8) Read here for Expense ratio/Turnover disclosures
(12) Read here for Index definition
(9) Read here for additional disclosures
Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756