|
DAVIS RESEARCH FUND
|
Schedule of Investments
|
|
April 30, 2023 (Unaudited)
|
|
Shares
|
Value
|
|||||||||||
|
COMMON STOCK – (95.78%)
|
||||||||||||
|
COMMUNICATION SERVICES – (7.49%)
|
||||||||||||
|
Media & Entertainment – (7.49%)
|
||||||||||||
|
Alphabet Inc., Class C *
|
3,680
|
$
|
398,250
|
|||||||||
|
IAC Inc. *
|
7,640
|
395,523
|
||||||||||
|
iQIYI, Inc., Class A, ADR (China)*
|
34,940
|
213,134
|
||||||||||
|
Liberty Media Corp., Liberty Formula One, Series A *
|
9,590
|
621,240
|
||||||||||
|
Liberty Media Corp., Liberty Formula One, Series C *
|
11,210
|
809,250
|
||||||||||
|
Meta Platforms, Inc., Class A *
|
6,015
|
1,445,525
|
||||||||||
|
Vimeo, Inc. *
|
7,257
|
23,875
|
||||||||||
|
Total Communication Services
|
3,906,797
|
|||||||||||
|
CONSUMER DISCRETIONARY – (14.36%)
|
||||||||||||
|
Consumer Discretionary Distribution & Retail – (10.17%)
|
||||||||||||
|
Alibaba Group Holding Ltd., ADR (China)*
|
1,900
|
160,911
|
||||||||||
|
Amazon.com, Inc. *
|
30,870
|
3,255,242
|
||||||||||
|
JD.com, Inc., Class A, ADR (China)
|
9,563
|
341,590
|
||||||||||
|
Naspers Ltd. - N (South Africa)
|
1,334
|
237,827
|
||||||||||
|
Prosus N.V., Class N (Netherlands)
|
9,867
|
737,913
|
||||||||||
|
RH *
|
2,240
|
571,491
|
||||||||||
|
5,304,974
|
||||||||||||
|
Consumer Durables & Apparel – (2.41%)
|
||||||||||||
|
Fila Holdings Corp. (South Korea)
|
21,840
|
598,054
|
||||||||||
|
Skechers USA, Inc., Class A *
|
12,400
|
659,556
|
||||||||||
|
1,257,610
|
||||||||||||
|
Consumer Services – (1.78%)
|
||||||||||||
|
Delivery Hero SE (Germany)*
|
15,045
|
598,966
|
||||||||||
|
Meituan, Class B (China)*
|
19,500
|
330,397
|
||||||||||
|
929,363
|
||||||||||||
|
Total Consumer Discretionary
|
7,491,947
|
|||||||||||
|
CONSUMER STAPLES – (0.55%)
|
||||||||||||
|
Food, Beverage & Tobacco – (0.55%)
|
||||||||||||
|
Darling Ingredients Inc. *
|
4,840
|
288,319
|
||||||||||
|
Total Consumer Staples
|
288,319
|
|||||||||||
|
FINANCIALS – (34.38%)
|
||||||||||||
|
Banks – (9.63%)
|
||||||||||||
|
Danske Bank A/S (Denmark)*
|
66,130
|
1,393,574
|
||||||||||
|
DBS Group Holdings Ltd. (Singapore)
|
46,066
|
1,133,050
|
||||||||||
|
DNB Bank ASA (Norway)
|
14,030
|
246,449
|
||||||||||
|
U.S. Bancorp
|
23,335
|
799,924
|
||||||||||
|
Wells Fargo & Co.
|
36,585
|
1,454,254
|
||||||||||
|
5,027,251
|
||||||||||||
|
Financial Services – (18.00%)
|
||||||||||||
|
Capital Markets – (6.18%)
|
||||||||||||
|
Bank of New York Mellon Corp.
|
31,500
|
1,341,585
|
||||||||||
|
Julius Baer Group Ltd. (Switzerland)
|
26,400
|
1,881,980
|
||||||||||
|
3,223,565
|
||||||||||||
|
Consumer Finance – (2.17%)
|
||||||||||||
|
Capital One Financial Corp.
|
11,645
|
1,133,058
|
||||||||||
1
|
DAVIS RESEARCH FUND
|
Schedule of Investments - (Continued)
|
|
April 30, 2023 (Unaudited)
|
|
Shares
|
Value
|
|||||||||||
|
COMMON STOCK – (CONTINUED)
|
||||||||||||
|
FINANCIALS – (CONTINUED)
|
||||||||||||
|
Financial Services – (Continued)
|
||||||||||||
|
Financial Services – (9.65%)
|
||||||||||||
|
Berkshire Hathaway Inc., Class A *
|
4
|
$
|
2,011,520
|
|||||||||
|
Berkshire Hathaway Inc., Class B *
|
7,365
|
2,419,771
|
||||||||||
|
Rocket Companies, Inc., Class A *
|
68,020
|
606,058
|
||||||||||
|
5,037,349
|
||||||||||||
|
9,393,972
|
||||||||||||
|
Insurance – (6.75%)
|
||||||||||||
|
Life & Health Insurance – (3.56%)
|
||||||||||||
|
AIA Group Ltd. (Hong Kong)
|
77,550
|
839,257
|
||||||||||
|
Ping An Insurance (Group) Co. of China, Ltd. - H (China)
|
140,500
|
1,014,867
|
||||||||||
|
1,854,124
|
||||||||||||
|
Property & Casualty Insurance – (3.19%)
|
||||||||||||
|
Loews Corp.
|
11,345
|
653,132
|
||||||||||
|
Markel Corp. *
|
740
|
1,012,712
|
||||||||||
|
1,665,844
|
||||||||||||
|
3,519,968
|
||||||||||||
|
Total Financials
|
17,941,191
|
|||||||||||
|
HEALTH CARE – (4.44%)
|
||||||||||||
|
Health Care Equipment & Services – (3.63%)
|
||||||||||||
|
Cigna Group
|
1,778
|
450,349
|
||||||||||
|
CVS Health Corp.
|
1,761
|
129,099
|
||||||||||
|
Humana Inc.
|
500
|
265,245
|
||||||||||
|
Quest Diagnostics Inc.
|
3,990
|
553,852
|
||||||||||
|
UnitedHealth Group Inc.
|
1,010
|
497,011
|
||||||||||
|
1,895,556
|
||||||||||||
|
Pharmaceuticals, Biotechnology & Life Sciences – (0.81%)
|
||||||||||||
|
Viatris Inc.
|
44,980
|
419,664
|
||||||||||
|
Total Health Care
|
2,315,220
|
|||||||||||
|
INDUSTRIALS – (8.87%)
|
||||||||||||
|
Capital Goods – (8.87%)
|
||||||||||||
|
Carrier Global Corp.
|
6,420
|
268,484
|
||||||||||
|
Eaton Corp. plc
|
7,953
|
1,329,105
|
||||||||||
|
Ferguson plc
|
4,520
|
635,933
|
||||||||||
|
Johnson Controls International plc
|
4,928
|
294,892
|
||||||||||
|
Owens Corning
|
4,390
|
468,896
|
||||||||||
|
Schneider Electric SE (France)
|
9,365
|
1,628,592
|
||||||||||
|
Total Industrials
|
4,625,902
|
|||||||||||
|
INFORMATION TECHNOLOGY – (23.48%)
|
||||||||||||
|
Semiconductors & Semiconductor Equipment – (10.40%)
|
||||||||||||
|
Applied Materials, Inc.
|
14,895
|
1,683,582
|
||||||||||
|
Intel Corp.
|
52,761
|
1,638,757
|
||||||||||
|
Lam Research Corp.
|
1,228
|
643,570
|
||||||||||
|
Texas Instruments Inc.
|
8,750
|
1,463,000
|
||||||||||
|
5,428,909
|
||||||||||||
|
Software & Services – (12.05%)
|
||||||||||||
|
Microsoft Corp.
|
8,673
|
2,664,866
|
||||||||||
|
Oracle Corp.
|
12,270
|
1,162,215
|
||||||||||
|
SAP SE, ADR (Germany)
|
18,190
|
2,460,561
|
||||||||||
|
6,287,642
|
||||||||||||
2
|
DAVIS RESEARCH FUND
|
Schedule of Investments - (Continued)
|
|
April 30, 2023 (Unaudited)
|
|
Shares/Principal
|
Value
|
|||||||||||||
|
COMMON STOCK – (CONTINUED)
|
||||||||||||||
|
INFORMATION TECHNOLOGY – (CONTINUED)
|
||||||||||||||
|
Technology Hardware & Equipment – (1.03%)
|
||||||||||||||
|
Samsung Electronics Co., Ltd. (South Korea)
|
10,930
|
$
|
534,903
|
|||||||||||
|
Total Information Technology
|
12,251,454
|
|||||||||||||
|
MATERIALS – (2.21%)
|
||||||||||||||
|
Holcim Ltd. (Switzerland)
|
10,516
|
692,008
|
||||||||||||
|
Teck Resources Ltd., Class B (Canada)
|
9,940
|
463,204
|
||||||||||||
|
Total Materials
|
1,155,212
|
|||||||||||||
|
TOTAL COMMON STOCK – (Identified cost $30,828,767)
|
49,976,042
|
|||||||||||||
|
SHORT-TERM INVESTMENTS – (4.16%)
|
||||||||||||||
|
Nomura Securities International, Inc. Joint Repurchase Agreement,
4.80%, 05/01/23, dated 04/28/23, repurchase value of $598,239
(collateralized by: U.S. Government agency mortgages and obligation in
a pooled cash account, 0.00%-6.00%, 02/01/38-03/20/53, total market
value $609,960)
|
$
|
598,000
|
598,000
|
|||||||||||
|
StoneX Financial Inc. Joint Repurchase Agreement, 4.80%, 05/01/23,
dated 04/28/23, repurchase value of $1,572,629 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-10.00%, 04/30/23-05/01/53, total market value
$1,603,440)
|
1,572,000
|
1,572,000
|
||||||||||||
|
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $2,170,000)
|
2,170,000
|
|||||||||||||
|
Total Investments – (99.94%) – (Identified cost $32,998,767)
|
52,146,042
|
|||||||||||||
|
Other Assets Less Liabilities – (0.06%)
|
31,391
|
|||||||||||||
|
Net Assets – (100.00%)
|
$
|
52,177,433
|
||||||||||||
|
ADR: American Depositary Receipt
|
||||||||||||||
|
*
|
Non-income producing security.
|
|||||||||||||
3
|
DAVIS RESEARCH FUND
|
Schedule of Investments - (Continued)
|
|
April 30, 2023 (Unaudited)
|
Security Valuation - The
Fund’s Board of Directors has designated Davis Selected Advisers, L.P. (“Adviser”), the Fund’s investment adviser, as the valuation designee for the Fund. The Adviser has established a Pricing Committee to carry out the day-to-day valuation
activities for the Fund. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (“Exchange”), normally 4:00 P.M. Eastern
time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale
was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Fund’s
assets are valued. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what the Adviser identifies as a significant event occurring
before the Fund’s assets are valued, but after the close of their respective exchanges will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Pricing
Committee. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser’s portfolio management team, when determining the fair value of a
security. To assess the appropriateness of security valuations, the Pricing Committee may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and
challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer’s industry; (v) the liquidity of the security;
(vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security’s fair value price often involves the consideration of a number of subjective factors and is therefore subject to the
unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.
Short-term investments purchased within 60 days to maturity are valued at amortized cost, which approximates market value.
On a quarterly basis, the Board of Directors receives reports of valuation actions taken by the Pricing Committee. On at least an annual basis, the
Board of Directors receives an assessment of the adequacy and effectiveness of the Adviser’s process for determining the fair value of the Fund’s investments.
Fair Value Measurements -
Fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market for the investment. Various inputs are used to determine the fair value of the
Fund’s investments. These inputs are summarized in the three broad levels listed below.
|
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)
|
The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities
nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.
4
|
DAVIS RESEARCH FUND
|
Schedule of Investments - (Continued)
|
|
April 30, 2023 (Unaudited)
|
Security Valuation – (Continued)
Fair Value Measurements - (Continued)
The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s investments carried at value:
|
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
|
$
|
3,906,797
|
$
|
–
|
$
|
–
|
$
|
3,906,797
|
|||
|
Consumer Discretionary
|
7,491,947
|
–
|
–
|
7,491,947
|
|||||||
|
Consumer Staples
|
288,319
|
–
|
–
|
288,319
|
|||||||
|
Financials
|
17,941,191
|
–
|
–
|
17,941,191
|
|||||||
|
Health Care
|
2,315,220
|
–
|
–
|
2,315,220
|
|||||||
|
Industrials
|
4,625,902
|
–
|
–
|
4,625,902
|
|||||||
|
Information Technology
|
12,251,454
|
–
|
–
|
12,251,454
|
|||||||
|
Materials
|
1,155,212
|
–
|
–
|
1,155,212
|
|||||||
|
Short-Term Investments
|
–
|
2,170,000
|
–
|
2,170,000
|
|||||||
|
Total Investments
|
$
|
49,976,042
|
$
|
2,170,000
|
$
|
–
|
$
|
52,146,042
|
|||
Federal Income Taxes
At April 30, 2023, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:
|
Cost
|
$
|
33,206,775
|
|
|
Unrealized appreciation
|
20,626,284
|
||
|
Unrealized depreciation
|
(1,687,017)
|
||
|
Net unrealized appreciation
|
$
|
18,939,267
|
For information regarding the Fund’s other significant accounting policies, please refer to the Fund’s most recent Semi-Annual or Annual Shareholder
Report.
5