]4M UZ_U/Q#KVGW>A7>GVNG2(EO>3'Y+P
M,"2R<#ICL3U['BC_ (<9T-%%% @HHHH ***X;Q[KNI:5XP\#V5A<>5:ZE?20
MW2;%;S$$9(&2"1SZ8HZI=Q]&SN:**\QU?XB>(O\ A-=9\/\ ACP2=;.E"$SS
M_P!JQVW^L3E'6P)-JYZ=16!X-U37=5L9I?$OAW^P+E9-L<'VZ.Z
MWK@?-N0 #G(Q[5OTVK""BBBD 445POQ(=8GB\8^'M?O/MFI^'Y3&M\JA&FB="T;$
M#@, .W_UZR_#-K\0?A[IB^'-+\-V?B;2H)'%E>KJ*6C11LA-FEJ=Y17D6C^.?''B:^\1:=X:T;1EFTO4IK7[??O(EML5
ML*NU
>P%
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M6:1XVTK0?'6G:,L6L^8+&ZTJ20K&R#.R02'P]_:-P\WVS5-2N&N;R[9-ID.?E4#)PJK@ 9_G714FKQMY!?WK
MH^?_ G_ ,FF:I_UYWW_ *-DKTVS_P"2.P_]@(?^B*[.BG4]]27?_@_YCO[Z
MGV;?WM/]#P>?2;_4_P!G;P?
JL_ZZ!S.Z?8Y>P\(F+3I=/U/7=6U?
M3WA$"V]XML@C QAE:&&-MPP,')]>O-5;?P1F]U,ZKJMQJ]G?6K6I6]4>="A(
M^1)$V@+W/R[B0I+' KLJ*=];B2LK(Y-O ]M<6&J6^IZKJFHR:A:FQ:YN&B$D
M4)S\J;(U4
DAVIS GLOBAL FUND
|
Schedule of Investments
|
January 31, 2023 (Unaudited)
|
Shares/Units
|
Value
|
|||||||||||
COMMON STOCK – (99.61%)
|
||||||||||||
COMMUNICATION SERVICES – (12.53%)
|
||||||||||||
Media & Entertainment – (12.53%)
|
||||||||||||
Alphabet Inc., Class C *
|
263,700
|
$
|
26,335,719
|
|||||||||
ASAC II L.P. *(a)(b)
|
35,352
|
34,401
|
||||||||||
IAC Inc. *
|
94,630
|
5,346,595
|
||||||||||
iQIYI, Inc., Class A, ADR (China)*
|
682,800
|
4,574,760
|
||||||||||
Liberty Media Corp., Liberty Formula One, Series A *
|
186,710
|
11,889,693
|
||||||||||
Liberty Media Corp., Liberty Formula One, Series C *
|
106,135
|
7,514,358
|
||||||||||
Meta Platforms, Inc., Class A *
|
318,550
|
47,454,393
|
||||||||||
Total Communication Services
|
103,149,919
|
|||||||||||
CONSUMER DISCRETIONARY – (22.53%)
|
||||||||||||
Consumer Durables & Apparel – (1.03%)
|
||||||||||||
Fila Holdings Corp. (South Korea)
|
267,490
|
8,448,660
|
||||||||||
Retailing – (21.50%)
|
||||||||||||
Alibaba Group Holding Ltd. (China)*
|
843,900
|
11,602,494
|
||||||||||
Alibaba Group Holding Ltd., ADR (China)*
|
91,500
|
10,083,300
|
||||||||||
Amazon.com, Inc. *
|
333,990
|
34,444,389
|
||||||||||
Coupang, Inc., Class A (South Korea)*
|
479,280
|
8,095,039
|
||||||||||
Delivery Hero SE (Germany)*
|
282,170
|
17,059,115
|
||||||||||
JD.com, Inc., Class A (China)
|
70,930
|
2,106,149
|
||||||||||
JD.com, Inc., Class A, ADR (China)
|
441,185
|
26,263,743
|
||||||||||
Meituan, Class B (China)*
|
894,829
|
20,004,687
|
||||||||||
Naspers Ltd. - N (South Africa)
|
62,111
|
12,008,469
|
||||||||||
Prosus N.V., Class N (Netherlands)
|
438,090
|
35,373,677
|
||||||||||
177,041,062
|
||||||||||||
Total Consumer Discretionary
|
185,489,722
|
|||||||||||
CONSUMER STAPLES – (1.50%)
|
||||||||||||
Food, Beverage & Tobacco – (1.50%)
|
||||||||||||
Darling Ingredients Inc. *
|
186,740
|
12,378,995
|
||||||||||
Total Consumer Staples
|
12,378,995
|
|||||||||||
FINANCIALS – (41.51%)
|
||||||||||||
Banks – (18.84%)
|
||||||||||||
Bank of N.T. Butterfield & Son Ltd. (Bermuda)
|
316,670
|
10,120,773
|
||||||||||
Danske Bank A/S (Denmark)
|
2,528,800
|
52,683,923
|
||||||||||
DBS Group Holdings Ltd. (Singapore)
|
1,538,794
|
42,126,442
|
||||||||||
Metro Bank PLC (United Kingdom)*
|
1,521,092
|
2,598,983
|
||||||||||
Wells Fargo & Co.
|
1,015,330
|
47,588,517
|
||||||||||
155,118,638
|
||||||||||||
Diversified Financials – (12.08%)
|
||||||||||||
Capital Markets – (4.90%)
|
||||||||||||
Julius Baer Group Ltd. (Switzerland)
|
592,040
|
37,976,000
|
||||||||||
Noah Holdings Ltd., Class A, ADS (China)*
|
126,000
|
2,385,180
|
||||||||||
40,361,180
|
||||||||||||
Consumer Finance – (4.41%)
|
||||||||||||
Capital One Financial Corp.
|
304,850
|
36,277,150
|
||||||||||
Diversified Financial Services – (2.77%)
|
||||||||||||
Berkshire Hathaway Inc., Class B *
|
73,290
|
22,831,301
|
||||||||||
99,469,631
|
DAVIS GLOBAL FUND – (CONTINUED)
|
Schedule of Investments
|
January 31, 2023 (Unaudited)
|
Shares
|
Value
|
||||||||||||
COMMON STOCK – (CONTINUED)
|
|||||||||||||
FINANCIALS – (CONTINUED)
|
|||||||||||||
Insurance – (10.59%)
|
|||||||||||||
Life & Health Insurance – (10.59%)
|
|||||||||||||
AIA Group Ltd. (Hong Kong)
|
2,901,780
|
$
|
32,812,297
|
||||||||||
Ping An Insurance (Group) Co. of China, Ltd. - H (China)
|
7,006,500
|
54,424,402
|
|||||||||||
87,236,699
|
|||||||||||||
Total Financials
|
341,824,968
|
||||||||||||
HEALTH CARE – (5.11%)
|
|||||||||||||
Health Care Equipment & Services – (1.78%)
|
|||||||||||||
Cigna Group
|
46,450
|
14,709,321
|
|||||||||||
Pharmaceuticals, Biotechnology & Life Sciences – (3.33%)
|
|||||||||||||
Viatris Inc.
|
2,254,350
|
27,412,896
|
|||||||||||
Total Health Care
|
42,122,217
|
||||||||||||
INDUSTRIALS – (2.69%)
|
|||||||||||||
Capital Goods – (1.58%)
|
|||||||||||||
Owens Corning
|
134,690
|
13,017,788
|
|||||||||||
Transportation – (1.11%)
|
|||||||||||||
DiDi Global Inc., Class A, ADS (China)*
|
2,023,878
|
9,147,929
|
|||||||||||
Total Industrials
|
22,165,717
|
||||||||||||
INFORMATION TECHNOLOGY – (9.74%)
|
|||||||||||||
Semiconductors & Semiconductor Equipment – (2.67%)
|
|||||||||||||
Applied Materials, Inc.
|
121,760
|
13,575,023
|
|||||||||||
Intel Corp.
|
297,650
|
8,411,589
|
|||||||||||
21,986,612
|
|||||||||||||
Software & Services – (0.65%)
|
|||||||||||||
Clear Secure, Inc., Class A
|
171,260
|
5,375,851
|
|||||||||||
Technology Hardware & Equipment – (6.42%)
|
|||||||||||||
Hollysys Automation Technologies Ltd. (China)
|
1,205,741
|
22,475,012
|
|||||||||||
Samsung Electronics Co., Ltd. (South Korea)
|
609,930
|
30,380,753
|
|||||||||||
52,855,765
|
|||||||||||||
Total Information Technology
|
80,218,228
|
||||||||||||
MATERIALS – (4.00%)
|
|||||||||||||
Teck Resources Ltd., Class B (Canada)
|
760,340
|
32,922,722
|
|||||||||||
Total Materials
|
32,922,722
|
||||||||||||
TOTAL COMMON STOCK – (Identified cost $643,076,494)
|
820,272,488
|
DAVIS GLOBAL FUND – (CONTINUED)
|
Schedule of Investments
|
January 31, 2023 (Unaudited)
|
Principal
|
Value
|
|||||||||||
SHORT-TERM INVESTMENTS – (0.64%)
|
||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 02/01/23,
dated 01/31/23, repurchase value of $3,024,361 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.25%-9.50%, 02/15/23-09/20/70, total market value
$3,084,480)
|
$
|
3,024,000
|
$
|
3,024,000
|
||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 4.29%, 02/01/23,
dated 01/31/23, repurchase value of $2,226,265 (collateralized by: U.S.
Government agency mortgages and obligation in a pooled cash account,
2.50%-4.05%, 08/28/25-02/01/53, total market value $2,270,520)
|
2,226,000
|
2,226,000
|
||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,250,000)
|
5,250,000
|
|||||||||||
Total Investments – (100.25%) – (Identified cost $648,326,494)
|
825,522,488
|
|||||||||||
Other Assets Less Liabilities – (0.25%)
|
(2,073,783)
|
|||||||||||
Net Assets – (100.00%)
|
$
|
823,448,705
|
||||||||||
ADR: American Depositary Receipt
|
||||||||||||
ADS: American Depositary Share
|
||||||||||||
*
|
Non-income producing security.
|
|||||||||||
(a)
|
Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Board of Directors. The
aggregate value of restricted securities amounted to $34,401 or 0.004% of the Fund's net assets as of January 31, 2023.
|
|||||||||||
(b)
|
The value of this security was determined using significant unobservable inputs.
|
DAVIS INTERNATIONAL FUND
|
Schedule of Investments
|
January 31, 2023 (Unaudited)
|
Shares
|
Value
|
|||||||||||
COMMON STOCK – (97.05%)
|
||||||||||||
COMMUNICATION SERVICES – (2.75%)
|
||||||||||||
Media & Entertainment – (2.75%)
|
||||||||||||
Baidu, Inc., Class A, ADR (China)*
|
27,840
|
$
|
3,749,491
|
|||||||||
iQIYI, Inc., Class A, ADR (China)*
|
224,100
|
1,501,470
|
||||||||||
Total Communication Services
|
5,250,961
|
|||||||||||
CONSUMER DISCRETIONARY – (28.23%)
|
||||||||||||
Consumer Durables & Apparel – (3.03%)
|
||||||||||||
Fila Holdings Corp. (South Korea)
|
183,090
|
5,782,890
|
||||||||||
Retailing – (25.20%)
|
||||||||||||
Alibaba Group Holding Ltd., ADR (China)*
|
68,900
|
7,592,780
|
||||||||||
Coupang, Inc., Class A (South Korea)*
|
111,240
|
1,878,844
|
||||||||||
JD.com, Inc., Class A, ADR (China)
|
184,080
|
10,958,282
|
||||||||||
Meituan, Class B (China)*
|
363,511
|
8,126,607
|
||||||||||
Naspers Ltd. - N (South Africa)
|
49,720
|
9,612,807
|
||||||||||
Prosus N.V., Class N (Netherlands)
|
122,362
|
9,880,148
|
||||||||||
48,049,468
|
||||||||||||
Total Consumer Discretionary
|
53,832,358
|
|||||||||||
FINANCIALS – (41.46%)
|
||||||||||||
Banks – (21.84%)
|
||||||||||||
Bank of N.T. Butterfield & Son Ltd. (Bermuda)
|
221,690
|
7,085,212
|
||||||||||
Danske Bank A/S (Denmark)
|
783,270
|
16,318,308
|
||||||||||
DBS Group Holdings Ltd. (Singapore)
|
535,510
|
14,660,267
|
||||||||||
DNB Bank ASA (Norway)
|
148,762
|
2,781,785
|
||||||||||
Metro Bank PLC (United Kingdom)*
|
472,490
|
807,310
|
||||||||||
41,652,882
|
||||||||||||
Diversified Financials – (6.27%)
|
||||||||||||
Capital Markets – (6.27%)
|
||||||||||||
Julius Baer Group Ltd. (Switzerland)
|
165,200
|
10,596,641
|
||||||||||
Noah Holdings Ltd., Class A, ADS (China)*
|
72,460
|
1,371,668
|
||||||||||
11,968,309
|
||||||||||||
Insurance – (13.35%)
|
||||||||||||
Life & Health Insurance – (13.35%)
|
||||||||||||
AIA Group Ltd. (Hong Kong)
|
1,113,100
|
12,586,539
|
||||||||||
Ping An Insurance (Group) Co. of China, Ltd. - H (China)
|
1,657,000
|
12,871,082
|
||||||||||
25,457,621
|
||||||||||||
Total Financials
|
79,078,812
|
|||||||||||
INDUSTRIALS – (7.87%)
|
||||||||||||
Capital Goods – (5.78%)
|
||||||||||||
Ferguson plc
|
27,140
|
3,863,108
|
||||||||||
Schneider Electric SE (France)
|
44,160
|
7,163,438
|
||||||||||
11,026,546
|
||||||||||||
Transportation – (2.09%)
|
||||||||||||
DiDi Global Inc., Class A, ADS (China)*
|
879,576
|
3,975,684
|
||||||||||
Total Industrials
|
15,002,230
|
|||||||||||
INFORMATION TECHNOLOGY – (12.93%)
|
||||||||||||
Semiconductors & Semiconductor Equipment – (3.00%)
|
||||||||||||
Tokyo Electron Ltd. (Japan)
|
16,370
|
5,721,710
|
||||||||||
Technology Hardware & Equipment – (9.93%)
|
||||||||||||
Hollysys Automation Technologies Ltd. (China)
|
405,246
|
7,553,785
|
DAVIS INTERNATIONAL FUND – (CONTINUED)
|
Schedule of Investments
|
January 31, 2023 (Unaudited)
|
Shares/Principal
|
Value
|
||||||||||||||
COMMON STOCK – (CONTINUED)
|
|||||||||||||||
INFORMATION TECHNOLOGY – (CONTINUED)
|
|||||||||||||||
Technology Hardware & Equipment – (Continued)
|
|||||||||||||||
Samsung Electronics Co., Ltd. (South Korea)
|
228,520
|
$
|
11,382,634
|
||||||||||||
18,936,419
|
|||||||||||||||
Total Information Technology
|
24,658,129
|
||||||||||||||
MATERIALS – (3.81%)
|
|||||||||||||||
Teck Resources Ltd., Class B (Canada)
|
167,710
|
7,261,843
|
|||||||||||||
Total Materials
|
7,261,843
|
||||||||||||||
TOTAL COMMON STOCK – (Identified cost $155,457,308)
|
185,084,333
|
||||||||||||||
SHORT-TERM INVESTMENTS – (2.90%)
|
|||||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 02/01/23,
dated 01/31/23, repurchase value of $3,184,380 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.25%-9.50%, 02/15/23-09/20/70, total market value
$3,247,680)
|
$
|
3,184,000
|
3,184,000
|
||||||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 4.29%, 02/01/23,
dated 01/31/23, repurchase value of $2,343,279 (collateralized by: U.S.
Government agency mortgages and obligation in a pooled cash account,
2.00%-4.50%, 08/28/25-02/01/53, total market value $2,389,860)
|
2,343,000
|
2,343,000
|
|||||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,527,000)
|
5,527,000
|
||||||||||||||
Total Investments – (99.95%) – (Identified cost $160,984,308)
|
190,611,333
|
||||||||||||||
Other Assets Less Liabilities – (0.05%)
|
104,236
|
||||||||||||||
Net Assets – (100.00%)
|
$
|
190,715,569
|
|||||||||||||
ADR: American Depositary Receipt
|
|||||||||||||||
ADS: American Depositary Share
|
|||||||||||||||
*
|
Non-income producing security.
|
DAVIS GLOBAL FUND
|
Notes to Schedule of Investments
|
DAVIS INTERNATIONAL FUND
|
January 31, 2023 (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 GLOBAL FUND
|
Notes to Schedule of Investments – (Continued)
|
DAVIS INTERNATIONAL FUND
|
January 31, 2023 (Unaudited)
|
Investments in Securities at Value
|
|||||
Davis Global
|
Davis International
|
||||
Fund
|
Fund
|
||||
Valuation Inputs
|
|||||
Level 1 – Quoted Prices:
|
|||||
Common Stock:
|
|||||
Communication Services
|
$
|
103,115,518
|
$
|
5,250,961
|
|
Consumer Discretionary
|
78,886,471
|
20,429,906
|
|||
Consumer Staples
|
12,378,995
|
–
|
|||
Financials
|
119,202,921
|
8,456,880
|
|||
Health Care
|
42,122,217
|
–
|
|||
Industrials
|
22,165,717
|
7,838,792
|
|||
Information Technology
|
49,837,475
|
7,553,785
|
|||
Materials
|
32,922,722
|
7,261,843
|
|||
Total Level 1
|
460,632,036
|
56,792,167
|
|||
Level 2 – Other Significant Observable Inputs:
|
|||||
Common Stock:*
|
|||||
Consumer Discretionary
|
106,603,251
|
33,402,452
|
|||
Financials
|
222,622,047
|
70,621,932
|
|||
Industrials
|
–
|
7,163,438
|
|||
Information Technology
|
30,380,753
|
17,104,344
|
|||
Short-Term Investments
|
5,250,000
|
5,527,000
|
|||
Total Level 2
|
364,856,051
|
133,819,166
|
|||
Level 3 – Significant Unobservable Inputs:
|
|||||
Common Stock:
|
|||||
Communication Services
|
34,401
|
–
|
|||
Total Level 3
|
34,401
|
–
|
|||
Total Investments
|
$
|
825,522,488
|
$
|
190,611,333
|
Beginning
Balance at
November 1, 2022
|
Cost of
Purchases
|
Net Change in
Unrealized
Appreciation
(Depreciation)
|
Net Realized
Gain (Loss)
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Ending
Balance at
January 31,
2023
|
|||||||||||||||
Davis Global Fund
|
|||||||||||||||||||||
Investments in Securities:
|
|||||||||||||||||||||
Common Stock
|
$
|
34,645
|
$
|
–
|
$
|
(244)
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
34,401
|
|||||||
Total Level 3
|
$
|
34,645
|
$
|
–
|
$
|
(244)
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
34,401
|
DAVIS GLOBAL FUND
|
Notes to Schedule of Investments – (Continued)
|
DAVIS INTERNATIONAL FUND
|
January 31, 2023 (Unaudited)
|
Fair Value at
|
Valuation
|
Unobservable
|
Impact to
Valuation from an
|
||||||||
January 31, 2023
|
Technique
|
Input
|
Amount
|
Increase in Input
|
|||||||
Davis Global Fund
|
|||||||||||
Investments in Securities:
|
|||||||||||
Common Stock
|
$
|
34,401
|
Discounted Cash Flow
|
Annualized Yield
|
5.406%
|
Decrease
|
|||||
Total Level 3
|
$
|
34,401
|
Davis Global
|
Davis International
|
|||||
Fund
|
Fund
|
|||||
Cost
|
$
|
659,066,617
|
$
|
166,477,011
|
||
Unrealized appreciation
|
213,714,819
|
41,062,028
|
||||
Unrealized depreciation
|
(47,258,948)
|
(16,927,706)
|
||||
Net unrealized appreciation
|
$
|
166,455,871
|
$
|
24,134,322
|