DAVIS RESEARCH FUND
|
Schedule of Investments
|
October 31, 2022 (Unaudited)
|
Shares
|
Value
|
|||||||||||
COMMON STOCK – (96.37%)
|
||||||||||||
COMMUNICATION SERVICES – (5.65%)
|
||||||||||||
Media & Entertainment – (5.65%)
|
||||||||||||
Alphabet Inc., Class C *
|
5,250
|
$
|
496,965
|
|||||||||
IAC Inc. *
|
7,640
|
371,915
|
||||||||||
iQIYI, Inc., Class A, ADR (China)*
|
45,460
|
91,829
|
||||||||||
Liberty Media Corp., Liberty Formula One, Series A *
|
9,590
|
498,872
|
||||||||||
Liberty Media Corp., Liberty Formula One, Series C *
|
11,210
|
647,153
|
||||||||||
Meta Platforms, Inc., Class A *
|
3,955
|
368,448
|
||||||||||
Vimeo, Inc. *
|
7,257
|
27,577
|
||||||||||
Total Communication Services
|
2,502,759
|
|||||||||||
CONSUMER DISCRETIONARY – (13.91%)
|
||||||||||||
Consumer Durables & Apparel – (1.94%)
|
||||||||||||
Fila Holdings Corp. (South Korea)
|
18,780
|
431,118
|
||||||||||
Skechers U.S.A., Inc., Class A *
|
12,400
|
426,932
|
||||||||||
858,050
|
||||||||||||
Retailing – (11.97%)
|
||||||||||||
Alibaba Group Holding Ltd., ADR (China)*
|
4,860
|
308,999
|
||||||||||
Amazon.com, Inc. *
|
27,620
|
2,829,393
|
||||||||||
Delivery Hero SE (Germany)*
|
15,045
|
495,855
|
||||||||||
JD.com, Inc., Class A, ADR (China)
|
13,283
|
495,323
|
||||||||||
Meituan, Class B (China)*
|
19,500
|
310,026
|
||||||||||
Naspers Ltd. - N (South Africa)
|
1,334
|
137,992
|
||||||||||
Prosus N.V., Class N (Netherlands)
|
9,867
|
429,437
|
||||||||||
RH *
|
1,150
|
292,019
|
||||||||||
5,299,044
|
||||||||||||
Total Consumer Discretionary
|
6,157,094
|
|||||||||||
CONSUMER STAPLES – (0.86%)
|
||||||||||||
Food, Beverage & Tobacco – (0.86%)
|
||||||||||||
Darling Ingredients Inc. *
|
4,840
|
379,843
|
||||||||||
Total Consumer Staples
|
379,843
|
|||||||||||
FINANCIALS – (36.43%)
|
||||||||||||
Banks – (12.82%)
|
||||||||||||
Banks – (11.76%)
|
||||||||||||
Danske Bank A/S (Denmark)
|
51,660
|
833,768
|
||||||||||
DBS Group Holdings Ltd. (Singapore)
|
56,166
|
1,356,935
|
||||||||||
DNB Bank ASA (Norway)
|
19,370
|
342,827
|
||||||||||
U.S. Bancorp
|
23,335
|
990,571
|
||||||||||
Wells Fargo & Co.
|
36,585
|
1,682,544
|
||||||||||
5,206,645
|
||||||||||||
Thrifts & Mortgage Finance – (1.06%)
|
||||||||||||
Rocket Companies, Inc., Class A
|
68,020
|
469,338
|
||||||||||
5,675,983
|
||||||||||||
Diversified Financials – (17.57%)
|
||||||||||||
Capital Markets – (5.85%)
|
||||||||||||
Bank of New York Mellon Corp.
|
31,500
|
1,326,465
|
||||||||||
Julius Baer Group Ltd. (Switzerland)
|
26,400
|
1,264,700
|
||||||||||
2,591,165
|
||||||||||||
Consumer Finance – (2.79%)
|
||||||||||||
Capital One Financial Corp.
|
11,645
|
1,234,603
|
DAVIS RESEARCH FUND
|
Schedule of Investments - (Continued)
|
October 31, 2022 (Unaudited)
|
Shares
|
Value
|
|||||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||
FINANCIALS – (CONTINUED)
|
||||||||||||
Diversified Financial Services – (8.93%)
|
||||||||||||
Berkshire Hathaway Inc., Class A *
|
4
|
$
|
1,780,200
|
|||||||||
Berkshire Hathaway Inc., Class B *
|
7,365
|
2,173,338
|
||||||||||
3,953,538
|
||||||||||||
7,779,306
|
||||||||||||
Insurance – (6.04%)
|
||||||||||||
Life & Health Insurance – (2.56%)
|
||||||||||||
AIA Group Ltd. (Hong Kong)
|
86,750
|
657,009
|
||||||||||
Ping An Insurance (Group) Co. of China, Ltd. - H (China)
|
119,000
|
476,021
|
||||||||||
1,133,030
|
||||||||||||
Property & Casualty Insurance – (3.48%)
|
||||||||||||
Loews Corp.
|
11,345
|
646,892
|
||||||||||
Markel Corp. *
|
740
|
892,514
|
||||||||||
1,539,406
|
||||||||||||
2,672,436
|
||||||||||||
Total Financials
|
16,127,725
|
|||||||||||
HEALTH CARE – (6.51%)
|
||||||||||||
Health Care Equipment & Services – (5.48%)
|
||||||||||||
Cigna Corp.
|
2,628
|
849,002
|
||||||||||
CVS Health Corp.
|
1,761
|
166,767
|
||||||||||
Humana Inc.
|
500
|
279,040
|
||||||||||
Quest Diagnostics Inc.
|
3,990
|
573,163
|
||||||||||
UnitedHealth Group Inc.
|
1,010
|
560,701
|
||||||||||
2,428,673
|
||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences – (1.03%)
|
||||||||||||
Viatris Inc.
|
44,980
|
455,648
|
||||||||||
Total Health Care
|
2,884,321
|
|||||||||||
INDUSTRIALS – (8.94%)
|
||||||||||||
Capital Goods – (8.94%)
|
||||||||||||
Carrier Global Corp.
|
6,420
|
255,259
|
||||||||||
Eaton Corp. plc
|
7,953
|
1,193,507
|
||||||||||
Ferguson plc (United Kingdom)
|
4,520
|
492,954
|
||||||||||
Johnson Controls International plc
|
4,928
|
285,036
|
||||||||||
Owens Corning
|
4,390
|
375,828
|
||||||||||
Raytheon Technologies Corp.
|
1,787
|
169,443
|
||||||||||
Schneider Electric SE (France)
|
9,365
|
1,187,041
|
||||||||||
Total Industrials
|
3,959,068
|
|||||||||||
INFORMATION TECHNOLOGY – (22.31%)
|
||||||||||||
Semiconductors & Semiconductor Equipment – (10.26%)
|
||||||||||||
Applied Materials, Inc.
|
14,895
|
1,315,080
|
||||||||||
Intel Corp.
|
46,551
|
1,323,445
|
||||||||||
Lam Research Corp.
|
1,228
|
497,070
|
||||||||||
Texas Instruments Inc.
|
8,750
|
1,405,512
|
||||||||||
4,541,107
|
||||||||||||
Software & Services – (11.02%)
|
||||||||||||
Microsoft Corp.
|
8,673
|
2,013,263
|
||||||||||
Oracle Corp.
|
14,350
|
1,120,305
|
||||||||||
SAP SE, ADR (Germany)
|
18,190
|
1,747,331
|
||||||||||
4,880,899
|
DAVIS RESEARCH FUND
|
Schedule of Investments - (Continued)
|
October 31, 2022 (Unaudited)
|
Shares/Principal
|
Value
|
|||||||||||||
COMMON STOCK – (CONTINUED)
|
||||||||||||||
INFORMATION TECHNOLOGY – (CONTINUED)
|
||||||||||||||
Technology Hardware & Equipment – (1.03%)
|
||||||||||||||
Samsung Electronics Co., Ltd. (South Korea)
|
10,930
|
$
|
455,784
|
|||||||||||
Total Information Technology
|
9,877,790
|
|||||||||||||
MATERIALS – (1.76%)
|
||||||||||||||
Holcim Ltd. (Switzerland)
|
10,516
|
474,934
|
||||||||||||
Teck Resources Ltd., Class B (Canada)
|
9,940
|
302,574
|
||||||||||||
Total Materials
|
777,508
|
|||||||||||||
TOTAL COMMON STOCK – (Identified cost $30,996,221)
|
42,666,108
|
|||||||||||||
SHORT-TERM INVESTMENTS – (3.62%)
|
||||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 3.05%, 11/01/22,
dated 10/31/22, repurchase value of $875,074 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.70%-9.50%, 03/15/23-09/20/70, total market value $892,500)
|
$
|
875,000
|
875,000
|
|||||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 3.04%, 11/01/22,
dated 10/31/22, repurchase value of $728,061 (collateralized by: U.S.
Government agency mortgages in a pooled cash account, 3.50%-5.00%,
07/01/32-10/01/52, total market value $742,560)
|
728,000
|
728,000
|
||||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,603,000)
|
1,603,000
|
|||||||||||||
Total Investments – (99.99%) – (Identified cost $32,599,221)
|
44,269,108
|
|||||||||||||
Other Assets Less Liabilities – (0.01%)
|
5,518
|
|||||||||||||
Net Assets – (100.00%)
|
$
|
44,274,626
|
||||||||||||
ADR: American Depositary Receipt
|
||||||||||||||
*
|
Non-income producing security.
|
DAVIS RESEARCH FUND
|
Schedule of Investments - (Continued)
|
October 31, 2022 (Unaudited)
|
Level 1 –
|
quoted prices in active markets for identical securities
|
Level 2 –
|
other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)
|
Level 3 –
|
significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of
investments)
|
DAVIS RESEARCH FUND
|
Schedule of Investments - (Continued)
|
October 31, 2022 (Unaudited)
|
Investments in Securities at Value
|
|||||||||||
Valuation Inputs
|
|||||||||||
Level 2:
|
Level 3:
|
||||||||||
Other Significant
|
Significant
|
||||||||||
Level 1:
|
Observable
|
Unobservable
|
|||||||||
Quoted Prices
|
Inputs
|
Inputs
|
Total
|
||||||||
Common Stock:
|
|||||||||||
Communication Services
|
$
|
2,502,759
|
$
|
–
|
$
|
–
|
$
|
2,502,759
|
|||
Consumer Discretionary
|
6,157,094
|
–
|
–
|
6,157,094
|
|||||||
Consumer Staples
|
379,843
|
–
|
–
|
379,843
|
|||||||
Financials
|
16,127,725
|
–
|
–
|
16,127,725
|
|||||||
Health Care
|
2,884,321
|
–
|
–
|
2,884,321
|
|||||||
Industrials
|
3,959,068
|
–
|
–
|
3,959,068
|
|||||||
Information Technology
|
9,877,790
|
–
|
–
|
9,877,790
|
|||||||
Materials
|
777,508
|
–
|
–
|
777,508
|
|||||||
Short-Term Investments
|
–
|
1,603,000
|
–
|
1,603,000
|
|||||||
Total Investments
|
$
|
42,666,108
|
$
|
1,603,000
|
$
|
–
|
$
|
44,269,108
|
Cost
|
$
|
32,807,229
|
|
Unrealized appreciation
|
15,704,132
|
||
Unrealized depreciation
|
(4,242,253)
|
||
Net unrealized appreciation
|
$
|
11,461,879
|