0001193125-13-089396.txt : 20130304 0001193125-13-089396.hdr.sgml : 20130304 20130304143511 ACCESSION NUMBER: 0001193125-13-089396 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130304 DATE AS OF CHANGE: 20130304 EFFECTIVENESS DATE: 20130304 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DAVIS NEW YORK VENTURE FUND INC CENTRAL INDEX KEY: 0000071701 IRS NUMBER: 132601967 STATE OF INCORPORATION: MD FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-29858 FILM NUMBER: 13661119 BUSINESS ADDRESS: STREET 1: 2949 E. ELVIRA ROAD STREET 2: SUITE 101 CITY: TUCSON STATE: AZ ZIP: 85756 BUSINESS PHONE: (520)806-7600 MAIL ADDRESS: STREET 1: 2949 E. ELVIRA ROAD STREET 2: SUITE 101 CITY: TUCSON STATE: AZ ZIP: 85756 FORMER COMPANY: FORMER CONFORMED NAME: NEW YORK VENTURE FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DAVIS NEW YORK VENTURE FUND INC CENTRAL INDEX KEY: 0000071701 IRS NUMBER: 132601967 STATE OF INCORPORATION: MD FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-01701 FILM NUMBER: 13661120 BUSINESS ADDRESS: STREET 1: 2949 E. ELVIRA ROAD STREET 2: SUITE 101 CITY: TUCSON STATE: AZ ZIP: 85756 BUSINESS PHONE: (520)806-7600 MAIL ADDRESS: STREET 1: 2949 E. ELVIRA ROAD STREET 2: SUITE 101 CITY: TUCSON STATE: AZ ZIP: 85756 FORMER COMPANY: FORMER CONFORMED NAME: NEW YORK VENTURE FUND INC DATE OF NAME CHANGE: 19920703 0000071701 S000003441 Davis Global Fund C000009524 Class A DGFAX C000009525 Class B DGFBX C000009526 Class C DGFCX C000039882 Class Y DGFYX 0000071701 S000014591 Davis International Fund C000039879 Class A DILAX C000039880 Class B DILBX C000039881 Class C DILCX C000082064 Class Y DILYX 485BPOS 1 d444118d485bpos.htm 485BPOS 485BPOS

 

 

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

REGISTRATION NO. 2-29858

POST-EFFECTIVE AMENDMENT NO. 106

and

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

REGISTRATION NO. 811-1701

POST-EFFECTIVE AMENDMENT NO. 81

 

 

DAVIS NEW YORK VENTURE FUND, INC.

 

 

2949 East Elvira Road, Suite 101

Tucson, Arizona 85756

(1-520-434-3771)

 

 

 

Agents For Service:   

Thomas D. Tays, Esq.

Davis Selected Advisers, L.P.

2949 East Elvira Road, Suite 101

Tucson, AZ 85756

(520) 434-3771

             -or-
  

Arthur Don

Greenberg Traurig LLP

77 West Wacker Drive

Suite 3100

Chicago, IL 60601

(312) 456-8438

 

 

It is proposed that this filing will become effective:

 

x Immediately upon filing pursuant to paragraph (b)
¨ On _____ pursuant to paragraph (b)
¨ 60 days after filing pursuant to paragraph (a)
¨ On _____ , pursuant to paragraph (a) of Rule 485
¨ 75 days after filing pursuant to paragraph (a)(2) of Rule 485
¨ On_____ , pursuant to paragraph (a)(2) of Rule 485

Title of Securities being Registered Common Stock of:

DAVIS GLOBAL FUND

DAVIS RESEARCH FUND

Class A, B, C, and Y shares

 

 

 

EXPLANATORY NOTE

This Post-Effective Amendment No. 106 to the Registration Statement meets the requirement to file XBRL statements on EDGAR

DAVIS NEW YORK VENTURE FUND, INC.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and/or the Investment Company Act of 1940, the Registrant has caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Tucson and State of Arizona on the 1st day of March 2013.

The Registrant hereby certifies that this Post Effective Amendment meets all the requirements for effectiveness under paragraph (b) of Rule 485 of the Securities Act of 1933.

 

DAVIS NEW YORK VENTURE FUND, INC.
                *By:   /s/ Thomas Tays
  Thomas Tays
  Attorney-in-Fact

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated.

 

Signature

   

Title

  

Date

Kenneth Eich*

Kenneth Eich

    Principal Executive Officer   March 1, 2013

Douglas Haines*

Douglas Haines

    Principal Financial Officer and Principal Accounting Officer   March 1, 2013

 

                *By:   /s/ Thomas Tays
  Thomas Tays
  Attorney-in-Fact

*Thomas Tays signs this document on behalf of the Registrant and each of the foregoing officers pursuant to the powers of attorney filed as Exhibit 23 (q)(1) of Registrant’s registration statement 2-29858.

 

/s/ Thomas Tays
Thomas Tays
Attorney-in-Fact

DAVIS NEW YORK VENTURE FUND, INC.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed on March 1, 2013, by the following persons in the capacities indicated.

 

Signature

        

Title

Marc P. Blum*

Marc P. Blum

      Director

Andrew A. Davis*

Andrew A. Davis

      Director

Christopher C. Davis*

Christopher C. Davis

      Director

John Gates*

John Gates

      Director

Thomas. S. Gayner*

Thomas S. Gayner

      Director

Samuel H. Iapalucci*

Samuel H. Iapalucci

      Director

Robert P. Morgenthau*

Robert P. Morgenthau

      Director

Marsha Williams*

Marsha Williams

      Director

 

* Thomas Tays signs this document on behalf of each of the foregoing persons pursuant to the powers of attorney filed as Exhibit 23(q)(1) of Registrant’s registration statement 2-29858.

 

/s/ Thomas Tays
Thomas Tays
Attorney-in-Fact

EXHIBIT LIST

XBRL Files for Davis Global Fund and Davis International Fund

EX-101.INS 2 dgif-20130301.xml XBRL INSTANCE DOCUMENT 0000071701 2013-03-01 2013-03-01 0000071701 dgif:S000003441Member 2013-03-01 2013-03-01 0000071701 dgif:S000003441Member dgif:C000009524Member 2013-03-01 2013-03-01 0000071701 dgif:S000003441Member dgif:C000009525Member 2013-03-01 2013-03-01 0000071701 dgif:S000003441Member dgif:C000009526Member 2013-03-01 2013-03-01 0000071701 dgif:S000003441Member dgif:C000039882Member 2013-03-01 2013-03-01 0000071701 dgif:S000003441Member dgif:C000009524Member rr:AfterTaxesOnDistributionsMember 2013-03-01 2013-03-01 0000071701 dgif:S000003441Member dgif:C000009524Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-03-01 2013-03-01 0000071701 dgif:S000003441Member dgif:MsciAcwiIndexMember 2013-03-01 2013-03-01 0000071701 dgif:S000014591Member 2013-03-01 2013-03-01 0000071701 dgif:S000014591Member dgif:C000039879Member 2013-03-01 2013-03-01 0000071701 dgif:S000014591Member dgif:C000039880Member 2013-03-01 2013-03-01 0000071701 dgif:S000014591Member dgif:C000039881Member 2013-03-01 2013-03-01 0000071701 dgif:S000014591Member dgif:C000082064Member 2013-03-01 2013-03-01 0000071701 dgif:S000014591Member dgif:C000039879Member rr:AfterTaxesOnDistributionsMember 2013-03-01 2013-03-01 0000071701 dgif:S000014591Member dgif:C000039879Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-03-01 2013-03-01 0000071701 dgif:S000014591Member dgif:MsciAcwiExUsaIndexMember 2013-03-01 2013-03-01 iso4217:USD xbrli:pure 0000071701 DAVIS NEW YORK VENTURE FUND INC. 485BPOS false 2013-03-01 2013-03-01 2013-03-01 2011-12-31 <b> <big> Fund Summary: Davis Global Fund </big> </b> <b> <big> Fund Summary: Davis International Fund </big> </b> <b>Investment Objective</b> Davis Global Fund's investment objective is long-term growth of capital. <b>Investment Objective</b> Davis International Fund's investment objective is long-term growth of capital. <b>Fees and Expenses of Davis Global Fund</b> These tables describe the fees and expenses that you may pay if you buy and hold shares of Davis Global Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds. More information about these and other discounts is available from your financial professional and in the "How to Choose a Share Class, Class A Shares" section of the Fund's statutory prospectus on page 34 and in the "Selecting the Appropriate Class of Shares" section of the Fund's statement of additional information on page 52. <b>Fees and Expenses of Davis International Fund</b> These tables describe the fees and expenses that you may pay if you buy and hold shares of Davis International Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds. More information about these and other discounts is available from your financial professional and in the "How to Choose a Share Class, Class A Shares" section of the Fund's statutory prospectus on page 34 and in the "Selecting the Appropriate Class of Shares" section of the Fund's statement of additional information on page 52. <p><b>Shareholder Fees </b> </p><i> (fees paid directly from your investment)</i> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact dgif_S000003441Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ <p><b>Shareholder Fees </b> </p><i> (fees paid directly from your investment)</i> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact dgif_S000014591Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds. 100000 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds. 100000 0.0475 0.0000 0.0000 0.0000 0.0475 0.0000 0.0000 0.0000 0.0050 0.0400 0.0100 0.0000 0.0050 0.0400 0.0100 0.0000 -0.0200 -0.0200 -0.0200 -0.0200 -0.0200 -0.0200 -0.0200 -0.0200 <b><p>Annual Fund Operating Expenses </p></b> <i> (expenses that you pay each year as a percentage of the value of your investment) </i> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact dgif_S000003441Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ <b><p>Annual Fund Operating Expenses </p></b> <i> (expenses that you pay each year as a percentage of the value of your investment) </i> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact dgif_S000014591Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 0.0055 0.0055 0.0055 0.0055 0.0055 0.0055 0.0055 0.0055 0.0015 0.0100 0.0100 0.0000 0.0020 0.0100 0.0100 0.0000 0.0035 0.0086 0.0044 0.0020 0.0062 0.0285 0.0233 0.0035 0.0105 0.0241 0.0199 0.0075 0.0137 0.0440 0.0388 0.0090 0.0000 -0.0011 0.0000 0.0000 -0.0007 -0.0210 -0.0158 0.0000 0.0105 0.0230 0.0199 0.0075 0.0130 0.0230 0.0230 0.0090 <b>Example</b> <p> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p> This Example assumes that you invest $10,000 in Davis Global Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This Example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: </p> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact dgif_S000003441Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact dgif_S000003441Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ <b>Example</b> <p> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p> This Example assumes that you invest $10,000 in Davis International Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This Example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: </p> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact dgif_S000014591Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact dgif_S000014591Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 577 793 1027 1697 608 888 1189 2043 644 1051 1485 2247 841 1632 2433 3598 302 624 1073 2317 490 1184 1995 4104 77 240 417 930 92 287 498 1108 577 793 1027 1697 608 888 1189 2043 244 751 1285 2247 441 1332 2233 3598 202 624 1073 2317 390 1184 1995 4104 77 240 417 930 92 287 498 1108 <b>Portfolio Turnover</b> Davis Global Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio. 0.4300 <b>Portfolio Turnover</b> Davis International Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 8% of the average value of its portfolio. 0.0800 <b>Principal Investment Strategies</b> <p> Davis Selected Advisers, L.P. ("Davis Advisors" or the "Adviser"), the Fund's investment adviser, uses the Davis Investment Discipline to invest Davis Global Fund's portfolio principally in common stocks (including indirect holdings of common stock through depositary receipts) issued by both United States and foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium, or small companies without regard to market capitalization. The Fund will invest significantly (at least 40% of total assets under normal market conditions and at least 30% of total assets if market conditions are not deemed favorable) in issuers: (i) organized or located outside of the U.S.; (ii) whose primary trading market is located outside the U.S.; or (iii) doing a substantial amount of business outside the U.S., which the Fund considers to be a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. Under normal market conditions the Fund will invest in issuers representing at least three different countries. </p> <p> <i>Davis Investment Discipline. </i> Davis Advisors manages equity funds using the Davis Investment Discipline. Davis Advisors conducts extensive research to try to identify businesses that possess characteristics that Davis Advisors believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth. Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical. Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain. After determining which companies Davis Advisors believes the Fund should own, Davis Advisors then turns its analysis to determining the intrinsic value of those companies' equity securities. Davis Advisors seeks equity securities which can be purchased at attractive valuations relative to their intrinsic value. Davis Advisors' goal is to invest in companies for the long term (In fiscal year 2012 the portfolio turnover ratio indicted that the Fund held companies for an average of 2.3 years). Davis Advisors considers selling a company's equity securities if the securities' market price exceeds Davis Advisors' estimates of intrinsic value, or if the ratio of the risks and rewards of continuing to own the company's equity securities is no longer attractive. </p> <b>Principal Investment Strategies</b> <p> Davis Selected Advisers, L.P. ("Davis Advisors" or the "Adviser"), the Fund's investment adviser, uses the Davis Investment Discipline to invest Davis International Fund's portfolio principally in common stocks (including indirect holdings of common stock through depositary receipts) issued by foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium, or small companies without regard to market capitalization. The Fund will invest significantly (at least 40% of total assets under normal market conditions and at least 30% of total assets if market conditions are not deemed favorable) in issuers: (i) organized or located outside of the U.S.; (ii) whose primary trading market is located outside the U.S.; or (iii) doing a substantial amount of business outside the U.S., which the Fund considers to be a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. Under normal market conditions the Fund will invest in issuers representing at least three different countries. </p> <p> <i> Davis Investment Discipline. </i> Davis Advisors manages equity funds using the Davis Investment Discipline. Davis Advisors conducts extensive research to try to identify businesses that possess characteristics that Davis Advisors believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth. Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical. Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain. After determining which companies Davis Advisors believes the Fund should own, Davis Advisors then turns its analysis to determining the intrinsic value of those companies' equity securities. Davis Advisors seeks equity securities which can be purchased at attractive valuations relative to their intrinsic value. Davis Advisors' goal is to invest in companies for the long term (In fiscal year 2012 the portfolio turnover ratio indicted that the Fund held companies for an average of 12.5 years). Davis Advisors considers selling a company's equity securities if the securities' market price exceeds Davis Advisors' estimates of intrinsic value, or if the ratio of the risks and rewards of continuing to own the company's equity securities is no longer attractive. </p> <b>Principal Risks of Investing in Davis Global Fund </b> <p> <i> You may lose money by investing in Davis Global Fund. </i> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The principal risks of investing in the Fund are: </p> <ul> <li> <b> Stock Market risk. </b> Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines. </li> <li> <b> Manager risk. </b> Poor security selection or focus on securities in a particular sector, category, or group of companies may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. </li> <li> <b> Common Stock risk. </b> Common stock represents an ownership position in a company. An adverse event may have a negative impact on a company and could result in a decline in the price of its common stock. Common stock is generally subordinate to an issuer's other securities, including preferred, convertible, and debt securities. </li> <li> <b> Foreign Country risk. </b> Foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States. </li> <li> <b> Emerging Market risk. </b> The Fund invests in emerging or developing markets. Securities of issuers in emerging and developing markets may offer special investment opportunities, but present risks not found in more mature markets. </li> <li> <b> Foreign Currency risk. </b> Securities issued by foreign companies in foreign markets are frequently denominated in foreign currencies. The change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency. </li> <li> <b> Depositary Receipts risk. </b> Depositary receipts, including American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depositary bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk as well as the political and economic risks of the underlying issuer's country. Depositary receipts may trade at a discount (or premium) to the underlying security and may be less liquid than the underlying securities listed on an exchange. </li> <li> <b> Large-Capitalization Companies risk. </b> Companies with $10 billion or more in market capitalization are considered by the Adviser to be large-capitalization companies. Large-capitalization companies generally experience slower rates of growth in earnings per share than do mid-and small-capitalization companies. </li> <li> <b> Mid- and Small-Capitalization Companies risk. </b> Companies with less than $10 billion in market capitalization are considered by the Adviser to be mid- or small-capitalization companies. Mid- and small-capitalization companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies. </li> <li> <b> Headline risk. </b> The Fund may invest in a company when the company becomes the center of controversy after receiving adverse media attention concerning its operations, long-term prospects, or management or for other reasons. While Davis Advisors researches companies subject to such contingencies, it cannot be correct every time, and the company's stock may never recover or may become worthless. </li> <li> <b> Fees and Expenses risk. </b> The Fund may not earn enough through income and capital appreciation to offset the operating expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return which a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low return environment, or a bear market, increases the risk that a shareholder may lose money. </li> </ul> Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. <b>Principal Risks of Investing in Davis International Fund </b> <p> <i> You may lose money by investing in Davis International Fund. </i> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The principal risks of investing in the Fund are: </p> <ul> <li> <b> Stock Market risk. </b> Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines. </li> <li> <b> Manager risk. </b> Poor security selection or focus on securities in a particular sector, category, or group of companies may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. </li> <li> <b> Common Stock risk. </b> Common stock represents an ownership position in a company. An adverse event may have a negative impact on a company and could result in a decline in the price of its common stock. Common stock is generally subordinate to an issuer's other securities, including preferred, convertible, and debt securities. </li> <li> <b> Foreign Country risk. </b> Foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States. </li> <li> <b> Emerging Market risk. </b> The Fund invests in emerging or developing markets. Securities of issuers in emerging and developing markets may offer special investment opportunities, but present risks not found in more mature markets. </li> <li> <b> Foreign Currency risk. </b> Securities issued by foreign companies in foreign markets are frequently denominated in foreign currencies. The change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency. </li> <li> <b> Depositary Receipts risk. </b> Depositary receipts, including American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depositary bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk as well as the political and economic risks of the underlying issuer's country. Depositary receipts may trade at a discount (or premium) to the underlying security and may be less liquid than the underlying securities listed on an exchange. </li> <li> <b> Large-Capitalization Companies risk. </b> Companies with $10 billion or more in market capitalization are considered by the Adviser to be large-capitalization companies. Large-capitalization companies generally experience slower rates of growth in earnings per share than do mid- and small-capitalization companies. </li> <li> <b> Mid- and Small-Capitalization Companies risk. </b> Companies with less than $10 billion in market capitalization are considered by the Adviser to be mid- or small-capitalization companies. Mid- and small-capitalizationcompanies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies. </li> <li> <b> Headline risk. </b> The Fund may invest in a company when the company becomes the center of controversy after receiving adverse media attention concerning its operations, long-term prospects, or management or for other reasons. While Davis Advisors researches companies subject to such contingencies, it cannot be correct every time, and the company's stock may never recover or may become worthless. </li> <li> <b> Fees and Expenses risk. </b> The Fund may not earn enough through income and capital appreciation to offset the operating expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return which a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low return environment, or a bear market, increases the risk that a shareholder may lose money. </li> </ul> Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund does not concentrate in any particular industry. Your investment is not guaranteed and you may lose money. Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. The Fund does not concentrate in any particular industry. Your investment is not guaranteed and you may lose money. Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person. <b>Performance Results</b> <p> The bar chart below provides some indication of the risks of investing in Davis Global Fund by showing how the Fund's investment results have varied from year to year. The following table shows how the Fund's average annual total returns for the periods indicated compare with those of the MSCI ACWI (All Country World Index), a broad-based securities market index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund's results can be obtained by visiting www.davisfunds.com or by calling 1-800-279-0279. </p> <p> After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement accounts. </p> <p> During the period from inception (December 22, 2004) through December 29, 2006, only the directors, officers and employees of Davis Global Fund or its investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) were eligible to purchase Fund shares. </p> <b>Calendar Year Total Returns for Class A Shares</b> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact dgif_S000003441Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ The bar chart below provides some indication of the risks of investing in Davis Global Fund by showing how the Fund's investment results have varied from year to year. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <b>Performance Results</b> <p> The bar chart below provides some indication of the risks of investing in Davis International Fund by showing how the Fund's investment results have varied from year to year. The following table shows how the Fund's average annual total returns for the periods indicated compare with those of the MSCI ACWI (All Country World Index) ex USA, a broad-based securities market index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund's results can be obtained by visiting www.davisfunds.com or by calling 1-800-279-0279. </p> <p> After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement accounts. </p> <p> During the period from inception (December 29, 2006) through December 30, 2009, only the directors, officers and employees of Davis International Fund or its investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) were eligible to purchase Fund shares. </p> <b>Calendar Year Total Returns for Class A Shares</b> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact dgif_S000014591Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ The bar chart below provides some indication of the risks of investing in Davis International Fund by showing how the Fund's investment results have varied from year to year. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Highest quarter 2009-06-30 0.3248 Lowest quarter 2008-12-31 -0.2295 <p> Highest/Lowest quarterly results during this time period were: </p> <p> <b> Highest quarter </b> 32.48% for the quarter ended June 30, 2009 </p> <p> <b> Lowest quarter </b> (22.95)% for the quarter ended December 31, 2008 </p> Highest quarter 2009-06-30 0.2952 Lowest quarter 2011-09-30 -0.2495 <p> Highest/Lowest quarterly results during this time period were: </p> <p> <b> Highest quarter </b> 29.52% for the quarter ended June 30, 2009 </p> <p> <b> Lowest quarter </b> (24.95)% for the quarter ended September 30, 2011 </p> <b>Davis Global Fund Average Annual Total Returns for the periods ended December 31, 2012</b> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact dgif_S000003441Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. after-tax returns shown are not relevant to investors who hold their fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement accounts. Results do not include a sales charge. If a sales charge were included, results would be lower. 1-800-279-0279 www.davisfunds.com <b>Davis International Fund Average Annual Total Returns for the periods ended December 31, 2012</b> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact dgif_S000014591Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. after-tax returns shown are not relevant to investors who hold their fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement accounts. Results do not include a sales charge. If a sales charge were included, results would be lower. 1-800-279-0279 www.davisfunds.com 0.1349 0.2976 0.1714 -0.4992 0.4521 0.1513 -0.1351 0.1537 0.2268 -0.4861 0.3832 0.1487 -0.2042 0.1733 0.0992 -0.0447 0.0436 2004-12-22 0.1175 -0.0620 -0.0190 2006-12-29 0.0979 -0.0449 0.0428 0.1166 -0.0623 -0.0195 0.0679 -0.0365 0.0387 0.0803 -0.0505 -0.0149 0.0991 -0.0501 0.0401 2004-12-22 0.1228 -0.0696 -0.0241 2006-12-29 0.1329 -0.0446 0.0396 2004-12-22 0.1530 -0.0661 -0.0243 2006-12-29 0.1574 -0.0329 -0.0307 2007-02-25 0.1785 0.0204 2009-12-31 0.1613 -0.0116 0.0456 0.1683 -0.0289 0.0012 ~ http://xbrl.sec.gov/rr/role/RiskReturnDetail column period compact * row primary compact * ~ (With Maximum Sales Charges) (With Maximum Sales Charges) <i> The Adviser is contractually committed to waive fees and/or reimburse the Fund's expenses to the extent necessary to cap total annual fund operating expenses (Class A shares, 1.30%; Class B shares, 2.30%; Class C shares, 2.30%; Class Y shares, 1.05%) until March 1, 2014. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to March 1, 2014, without the consent of the board of directors. </i> EX-101.SCH 3 dgif-20130301.xsd XBRL TAXONOMY EXTENSION SCHEMA EX-101.DEF 4 dgif-20130301_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 5 dgif-20130301_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Share Class [Axis] Performance Measure [Axis] Prospectus [Table] All Classes Average Annual Return, Column Name Series [Axis] All Series All Prospectus Prospectus [Axis] Creation Date Effective Date Period End Date Trading Symbol 1 YEAR Expense Example, No Redemption, 1 YEAR 3 YEARS Expense Example, No Redemption, 3 YEARS 5 YEARS Expense Example, No Redemption, 5 YEARS 10 YEARS Expense Example, No Redemption, 10 YEARS 1 YEAR 1 YEAR 3 YEARS 3 YEARS 5 YEARS 5 YEARS 10 YEARS 10 YEARS CIK Registrant Name Document Type Amendment Am.Description Prospectus Date Davis Global Fund Davis Global Fund - Class A Davis Global Fund - Class B Davis Global Fund - Class C Davis Global Fund - Class Y Davis International Fund Davis International Fund - Class A Davis International Fund - Class B Davis International Fund - Class C Davis International Fund - Class Y Risk/Return: Risk/Return INVESTMENT OBJECTIVE: INVESTMENT OBJECTIVE Secondary objectives Fees and expenses of the fund: Fees and expenses of the fund, narrative Shareholder fees, caption Shareholder fees, table Maximum sales charge (load) imposed on purchases (as a percentage of offering price) Maximum Cumulative Sales Charge / Other Maximum Sales Charge Imposed on Purchases (as a percentage of offering price) Maximum deferred sales charge (load) (as a percentage of the offering price) Maximum deferred sales charge (load) imposed on redemptions (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares. Only applies to Class A shares if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.) Maximum sales charge (load) imposed on reinvested dividends Redemption fee (as a percentage of total redemption proceeds on shares redeemed or exchanged within 30 days) Redemption Fee (as a percentage of total redemption proceeds.) Exchange Fee (as a percentage of net assets) Exchange Fee Maximum Account Fee (as a percentage of net assets) Maximum annual account fee Other Fees (as a percentage of net assets) Annual fund operating expenses, heading Annual fund operating expenses, table Management Fees Distribution and/or Service (12b-1) Fees Distribution or similar (non 12b-1) Fees (as a percentage of net assets) Other Expenses, Component 1 (as a percentage of net assets) Other Expenses, Component 2 (as a percentage of net assets) Other Expenses, Component 3 (as a percentage of net assets) Other Expenses Acquired Fund Fees and Expenses (as a percentage of net assets) Total Annual Operating Expenses Less Fee Waiver or Expense Reimbursement Net Expenses Portfolio turnover, heading Portfolio turnover, narrative Portfolio Turnover Rate Expense Footnotes Deferred Charges, Narrative Range of Exchange Fees, Narrative Expense Breakpoint Discounts Expense Breakpoint, Minimum Investment Required Expense Exchange Traded Fund Commissions Expenses Represent Both Master and Feeder Expenses Explanation of Nonrecurring Account Fee Other Expenses, New Fund, Based on Estimates Acquired Fund Fees and Expenses, Based on Estimates Expenses Other Expenses Had Extraordinary Expenses Been Included Expenses Restated to Reflect Current Expenses Not Correlated to Ratio Due to Acquired Fund Fees Example, heading Expense Example, with Redemption, heading Expense Example, Narrative Expense Example, with Redemption, Caption Expense Example, with Redemption, table Expense Example, Column Name Expense Example, No Redemption, Narrative Expense Example, No Redemption, Caption Expense Example, No Redemption, table Expense Example, No Redemption, Column Name Expense Example Footnotes Expense Example Closing Strategy, Heading Strategy, Narrative Portfolio Concentration Risk, Heading Risk, Narrative Risk Footnotes Risk Closing May Lose Money Nondiversified Money Market Fund Not Insured Depository Institution Risk Caption Risk Column Name Risk Bar Chart and Performance Table, Heading Performance, Narrative Performance, Information Illustrates Variability of Returns Performance, One Year or Less Performance, Additional Market Index Performance, Availability by Phone Performance, Availability at Web Site Address Performance, Past Does Not Indicate Future Bar Chart, Heading Bar Chart, Narrative Bar Chart, Does Not Reflect Sales Loads Bar Chart Annual Return, Caption Annual Return, Inception Date 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bar Chart, Footnotes Bar Chart, Closing Bar Chart, Reason Selected Class Different from Immediately Preceding Period Bar Chart, Returns for Class Not Offered in Prospectus Year to Date Return, Label Year to Date Return, Date Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return Date Lowest Quarterly Return Performance Table: Performance Table Narrative Average Annual Return Caption Performance Table Past 1 Year Past 5 Years Past 10 Years Lifetime Inception Date return before taxes return after taxes on distributions return after taxes on distributions and sale of fund shares Market Index Performance MSCI ACWI (All Country World Index) - reflects no deduction for fees, expenses or taxes MSCI ACWI (All Country World Index) ex USA - reflects no deduction for fees, expenses or taxes Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period Performance Table Footnotes Performance Table Closing Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred One Class of After-Tax Shown Performance Table Explains why after Tax Higher Money Market, Seven Day Yield Caption Money Market, Seven Day Yield Column Name 7-Day Yield Phone 7-Day Yield 7-Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column Name 30-Day Yield Phone 30-Day Yield 30-DayTax Equivalent Yield Risk/Return Detail Table Text Block EX-101.PRE 6 dgif-20130301_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 7 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Period End Date dei_DocumentPeriodEndDate Dec. 31, 2011
Registrant Name dei_EntityRegistrantName DAVIS NEW YORK VENTURE FUND INC.
CIK dei_EntityCentralIndexKey 0000071701
Amendment dei_AmendmentFlag false
Creation Date dei_DocumentCreationDate Mar. 01, 2013
Effective Date dei_DocumentEffectiveDate Mar. 01, 2013
Prospectus Date rr_ProspectusDate Mar. 01, 2013
Davis Global Fund
  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading Fund Summary: Davis Global Fund
INVESTMENT OBJECTIVE: rr_ObjectiveHeading Investment Objective
INVESTMENT OBJECTIVE rr_ObjectivePrimaryTextBlock Davis Global Fund's investment objective is long-term growth of capital.
Fees and expenses of the fund: rr_ExpenseHeading Fees and Expenses of Davis Global Fund
Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock These tables describe the fees and expenses that you may pay if you buy and hold shares of Davis Global Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds. More information about these and other discounts is available from your financial professional and in the "How to Choose a Share Class, Class A Shares" section of the Fund's statutory prospectus on page 34 and in the "Selecting the Appropriate Class of Shares" section of the Fund's statement of additional information on page 52.
Shareholder fees, caption rr_ShareholderFeesCaption

Shareholder Fees

(fees paid directly from your investment)
Annual fund operating expenses, heading rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)
Portfolio turnover, heading rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock Davis Global Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.
Portfolio Turnover Rate rr_PortfolioTurnoverRate 43.00%
Expense Breakpoint Discounts rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds.
Expense Breakpoint, Minimum Investment Required rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 100,000
Example, heading rr_ExpenseExampleHeading Example
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This Example assumes that you invest $10,000 in Davis Global Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This Example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy, Heading rr_StrategyHeading Principal Investment Strategies
Strategy, Narrative rr_StrategyNarrativeTextBlock

Davis Selected Advisers, L.P. ("Davis Advisors" or the "Adviser"), the Fund's investment adviser, uses the Davis Investment Discipline to invest Davis Global Fund's portfolio principally in common stocks (including indirect holdings of common stock through depositary receipts) issued by both United States and foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium, or small companies without regard to market capitalization. The Fund will invest significantly (at least 40% of total assets under normal market conditions and at least 30% of total assets if market conditions are not deemed favorable) in issuers: (i) organized or located outside of the U.S.; (ii) whose primary trading market is located outside the U.S.; or (iii) doing a substantial amount of business outside the U.S., which the Fund considers to be a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. Under normal market conditions the Fund will invest in issuers representing at least three different countries.

Davis Investment Discipline. Davis Advisors manages equity funds using the Davis Investment Discipline. Davis Advisors conducts extensive research to try to identify businesses that possess characteristics that Davis Advisors believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth. Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical. Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain. After determining which companies Davis Advisors believes the Fund should own, Davis Advisors then turns its analysis to determining the intrinsic value of those companies' equity securities. Davis Advisors seeks equity securities which can be purchased at attractive valuations relative to their intrinsic value. Davis Advisors' goal is to invest in companies for the long term (In fiscal year 2012 the portfolio turnover ratio indicted that the Fund held companies for an average of 2.3 years). Davis Advisors considers selling a company's equity securities if the securities' market price exceeds Davis Advisors' estimates of intrinsic value, or if the ratio of the risks and rewards of continuing to own the company's equity securities is no longer attractive.

Portfolio Concentration rr_StrategyPortfolioConcentration The Fund does not concentrate in any particular industry.
Risk, Heading rr_RiskHeading Principal Risks of Investing in Davis Global Fund
Risk, Narrative rr_RiskNarrativeTextBlock

You may lose money by investing in Davis Global Fund. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The principal risks of investing in the Fund are:

  • Stock Market risk. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines.
  • Manager risk. Poor security selection or focus on securities in a particular sector, category, or group of companies may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.
  • Common Stock risk. Common stock represents an ownership position in a company. An adverse event may have a negative impact on a company and could result in a decline in the price of its common stock. Common stock is generally subordinate to an issuer's other securities, including preferred, convertible, and debt securities.
  • Foreign Country risk. Foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States.
  • Emerging Market risk. The Fund invests in emerging or developing markets. Securities of issuers in emerging and developing markets may offer special investment opportunities, but present risks not found in more mature markets.
  • Foreign Currency risk. Securities issued by foreign companies in foreign markets are frequently denominated in foreign currencies. The change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency.
  • Depositary Receipts risk. Depositary receipts, including American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depositary bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk as well as the political and economic risks of the underlying issuer's country. Depositary receipts may trade at a discount (or premium) to the underlying security and may be less liquid than the underlying securities listed on an exchange.
  • Large-Capitalization Companies risk. Companies with $10 billion or more in market capitalization are considered by the Adviser to be large-capitalization companies. Large-capitalization companies generally experience slower rates of growth in earnings per share than do mid-and small-capitalization companies.
  • Mid- and Small-Capitalization Companies risk. Companies with less than $10 billion in market capitalization are considered by the Adviser to be mid- or small-capitalization companies. Mid- and small-capitalization companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies.
  • Headline risk. The Fund may invest in a company when the company becomes the center of controversy after receiving adverse media attention concerning its operations, long-term prospects, or management or for other reasons. While Davis Advisors researches companies subject to such contingencies, it cannot be correct every time, and the company's stock may never recover or may become worthless.
  • Fees and Expenses risk. The Fund may not earn enough through income and capital appreciation to offset the operating expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return which a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low return environment, or a bear market, increases the risk that a shareholder may lose money.
Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.
May Lose Money rr_RiskLoseMoney Your investment is not guaranteed and you may lose money.
Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading Performance Results
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart below provides some indication of the risks of investing in Davis Global Fund by showing how the Fund's investment results have varied from year to year.
Performance, Availability by Phone rr_PerformanceAvailabilityPhone 1-800-279-0279
Performance, Availability at Web Site Address rr_PerformanceAvailabilityWebSiteAddress www.davisfunds.com
Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart, Heading rr_BarChartHeading Calendar Year Total Returns for Class A Shares
Bar Chart, Narrative rr_BarChartNarrativeTextBlock

The bar chart below provides some indication of the risks of investing in Davis Global Fund by showing how the Fund's investment results have varied from year to year. The following table shows how the Fund's average annual total returns for the periods indicated compare with those of the MSCI ACWI (All Country World Index), a broad-based securities market index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund's results can be obtained by visiting www.davisfunds.com or by calling 1-800-279-0279.

After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement accounts.

During the period from inception (December 22, 2004) through December 29, 2006, only the directors, officers and employees of Davis Global Fund or its investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) were eligible to purchase Fund shares.

Bar Chart, Does Not Reflect Sales Loads rr_BarChartDoesNotReflectSalesLoads Results do not include a sales charge. If a sales charge were included, results would be lower.
Performance Table: rr_PerformanceTableHeading Davis Global Fund Average Annual Total Returns for the periods ended December 31, 2012
Performance Table Does Reflect Sales Loads rr_PerformanceTableDoesReflectSalesLoads (With Maximum Sales Charges)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred after-tax returns shown are not relevant to investors who hold their fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement accounts.
Davis Global Fund | MSCI ACWI (All Country World Index) - reflects no deduction for fees, expenses or taxes
  
Risk/Return: rr_RiskReturnAbstract  
Past 1 Year rr_AverageAnnualReturnYear01 16.13%
Past 5 Years rr_AverageAnnualReturnYear05 (1.16%)
Lifetime rr_AverageAnnualReturnSinceInception 4.56%
Davis Global Fund | Davis Global Fund - Class A
  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice 4.75%
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares. Only applies to Class A shares if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.) rr_MaximumDeferredSalesChargeOverOther 0.50%
Redemption fee (as a percentage of total redemption proceeds on shares redeemed or exchanged within 30 days) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.15%
Other Expenses rr_OtherExpensesOverAssets 0.35%
Total Annual Operating Expenses rr_ExpensesOverAssets 1.05%
Less Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets none [1]
Net Expenses rr_NetExpensesOverAssets 1.05%
1 YEAR rr_ExpenseExampleYear01 577
3 YEARS rr_ExpenseExampleYear03 793
5 YEARS rr_ExpenseExampleYear05 1,027
10 YEARS rr_ExpenseExampleYear10 1,697
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 577
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 793
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 1,027
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 1,697
2005 rr_AnnualReturn2005 13.49%
2006 rr_AnnualReturn2006 29.76%
2007 rr_AnnualReturn2007 17.14%
2008 rr_AnnualReturn2008 (49.92%)
2009 rr_AnnualReturn2009 45.21%
2010 rr_AnnualReturn2010 15.13%
2011 rr_AnnualReturn2011 (13.51%)
2012 rr_AnnualReturn2012 15.37%
Bar Chart, Closing rr_BarChartClosingTextBlock

Highest/Lowest quarterly results during this time period were:

Highest quarter 32.48% for the quarter ended June 30, 2009

Lowest quarter (22.95)% for the quarter ended December 31, 2008

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarter
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 32.48%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarter
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (22.95%)
Past 1 Year rr_AverageAnnualReturnYear01 9.92%
Past 5 Years rr_AverageAnnualReturnYear05 (4.47%)
Lifetime rr_AverageAnnualReturnSinceInception 4.36%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 22, 2004
Davis Global Fund | Davis Global Fund - Class A | return after taxes on distributions
  
Risk/Return: rr_RiskReturnAbstract  
Past 1 Year rr_AverageAnnualReturnYear01 9.79%
Past 5 Years rr_AverageAnnualReturnYear05 (4.49%)
Lifetime rr_AverageAnnualReturnSinceInception 4.28%
Davis Global Fund | Davis Global Fund - Class A | return after taxes on distributions and sale of fund shares
  
Risk/Return: rr_RiskReturnAbstract  
Past 1 Year rr_AverageAnnualReturnYear01 6.79%
Past 5 Years rr_AverageAnnualReturnYear05 (3.65%)
Lifetime rr_AverageAnnualReturnSinceInception 3.87%
Davis Global Fund | Davis Global Fund - Class B
  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares. Only applies to Class A shares if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.) rr_MaximumDeferredSalesChargeOverOther 4.00%
Redemption fee (as a percentage of total redemption proceeds on shares redeemed or exchanged within 30 days) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.86%
Total Annual Operating Expenses rr_ExpensesOverAssets 2.41%
Less Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.11%) [1]
Net Expenses rr_NetExpensesOverAssets 2.30%
1 YEAR rr_ExpenseExampleYear01 644
3 YEARS rr_ExpenseExampleYear03 1,051
5 YEARS rr_ExpenseExampleYear05 1,485
10 YEARS rr_ExpenseExampleYear10 2,247
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 244
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 751
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 1,285
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 2,247
Past 1 Year rr_AverageAnnualReturnYear01 9.91%
Past 5 Years rr_AverageAnnualReturnYear05 (5.01%)
Lifetime rr_AverageAnnualReturnSinceInception 4.01%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 22, 2004
Davis Global Fund | Davis Global Fund - Class C
  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares. Only applies to Class A shares if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption fee (as a percentage of total redemption proceeds on shares redeemed or exchanged within 30 days) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.44%
Total Annual Operating Expenses rr_ExpensesOverAssets 1.99%
Less Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets none [1]
Net Expenses rr_NetExpensesOverAssets 1.99%
1 YEAR rr_ExpenseExampleYear01 302
3 YEARS rr_ExpenseExampleYear03 624
5 YEARS rr_ExpenseExampleYear05 1,073
10 YEARS rr_ExpenseExampleYear10 2,317
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 202
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 624
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 1,073
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 2,317
Past 1 Year rr_AverageAnnualReturnYear01 13.29%
Past 5 Years rr_AverageAnnualReturnYear05 (4.46%)
Lifetime rr_AverageAnnualReturnSinceInception 3.96%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 22, 2004
Davis Global Fund | Davis Global Fund - Class Y
  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares. Only applies to Class A shares if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.) rr_MaximumDeferredSalesChargeOverOther none
Redemption fee (as a percentage of total redemption proceeds on shares redeemed or exchanged within 30 days) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.20%
Total Annual Operating Expenses rr_ExpensesOverAssets 0.75%
Less Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets none [1]
Net Expenses rr_NetExpensesOverAssets 0.75%
1 YEAR rr_ExpenseExampleYear01 77
3 YEARS rr_ExpenseExampleYear03 240
5 YEARS rr_ExpenseExampleYear05 417
10 YEARS rr_ExpenseExampleYear10 930
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 77
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 240
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 417
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 930
Past 1 Year rr_AverageAnnualReturnYear01 15.74%
Past 5 Years rr_AverageAnnualReturnYear05 (3.29%)
Lifetime rr_AverageAnnualReturnSinceInception (3.07%)
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 25, 2007
Davis International Fund
  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading Fund Summary: Davis International Fund
INVESTMENT OBJECTIVE: rr_ObjectiveHeading Investment Objective
INVESTMENT OBJECTIVE rr_ObjectivePrimaryTextBlock Davis International Fund's investment objective is long-term growth of capital.
Fees and expenses of the fund: rr_ExpenseHeading Fees and Expenses of Davis International Fund
Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock These tables describe the fees and expenses that you may pay if you buy and hold shares of Davis International Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds. More information about these and other discounts is available from your financial professional and in the "How to Choose a Share Class, Class A Shares" section of the Fund's statutory prospectus on page 34 and in the "Selecting the Appropriate Class of Shares" section of the Fund's statement of additional information on page 52.
Shareholder fees, caption rr_ShareholderFeesCaption

Shareholder Fees

(fees paid directly from your investment)
Annual fund operating expenses, heading rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)
Portfolio turnover, heading rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock Davis International Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 8% of the average value of its portfolio.
Portfolio Turnover Rate rr_PortfolioTurnoverRate 8.00%
Expense Breakpoint Discounts rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds.
Expense Breakpoint, Minimum Investment Required rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 100,000
Example, heading rr_ExpenseExampleHeading Example
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This Example assumes that you invest $10,000 in Davis International Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This Example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy, Heading rr_StrategyHeading Principal Investment Strategies
Strategy, Narrative rr_StrategyNarrativeTextBlock

Davis Selected Advisers, L.P. ("Davis Advisors" or the "Adviser"), the Fund's investment adviser, uses the Davis Investment Discipline to invest Davis International Fund's portfolio principally in common stocks (including indirect holdings of common stock through depositary receipts) issued by foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium, or small companies without regard to market capitalization. The Fund will invest significantly (at least 40% of total assets under normal market conditions and at least 30% of total assets if market conditions are not deemed favorable) in issuers: (i) organized or located outside of the U.S.; (ii) whose primary trading market is located outside the U.S.; or (iii) doing a substantial amount of business outside the U.S., which the Fund considers to be a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. Under normal market conditions the Fund will invest in issuers representing at least three different countries.

Davis Investment Discipline. Davis Advisors manages equity funds using the Davis Investment Discipline. Davis Advisors conducts extensive research to try to identify businesses that possess characteristics that Davis Advisors believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth. Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical. Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain. After determining which companies Davis Advisors believes the Fund should own, Davis Advisors then turns its analysis to determining the intrinsic value of those companies' equity securities. Davis Advisors seeks equity securities which can be purchased at attractive valuations relative to their intrinsic value. Davis Advisors' goal is to invest in companies for the long term (In fiscal year 2012 the portfolio turnover ratio indicted that the Fund held companies for an average of 12.5 years). Davis Advisors considers selling a company's equity securities if the securities' market price exceeds Davis Advisors' estimates of intrinsic value, or if the ratio of the risks and rewards of continuing to own the company's equity securities is no longer attractive.

Portfolio Concentration rr_StrategyPortfolioConcentration The Fund does not concentrate in any particular industry.
Risk, Heading rr_RiskHeading Principal Risks of Investing in Davis International Fund
Risk, Narrative rr_RiskNarrativeTextBlock

You may lose money by investing in Davis International Fund. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The principal risks of investing in the Fund are:

  • Stock Market risk. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines.
  • Manager risk. Poor security selection or focus on securities in a particular sector, category, or group of companies may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.
  • Common Stock risk. Common stock represents an ownership position in a company. An adverse event may have a negative impact on a company and could result in a decline in the price of its common stock. Common stock is generally subordinate to an issuer's other securities, including preferred, convertible, and debt securities.
  • Foreign Country risk. Foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States.
  • Emerging Market risk. The Fund invests in emerging or developing markets. Securities of issuers in emerging and developing markets may offer special investment opportunities, but present risks not found in more mature markets.
  • Foreign Currency risk. Securities issued by foreign companies in foreign markets are frequently denominated in foreign currencies. The change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency.
  • Depositary Receipts risk. Depositary receipts, including American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depositary bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk as well as the political and economic risks of the underlying issuer's country. Depositary receipts may trade at a discount (or premium) to the underlying security and may be less liquid than the underlying securities listed on an exchange.
  • Large-Capitalization Companies risk. Companies with $10 billion or more in market capitalization are considered by the Adviser to be large-capitalization companies. Large-capitalization companies generally experience slower rates of growth in earnings per share than do mid- and small-capitalization companies.
  • Mid- and Small-Capitalization Companies risk. Companies with less than $10 billion in market capitalization are considered by the Adviser to be mid- or small-capitalization companies. Mid- and small-capitalizationcompanies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies.
  • Headline risk. The Fund may invest in a company when the company becomes the center of controversy after receiving adverse media attention concerning its operations, long-term prospects, or management or for other reasons. While Davis Advisors researches companies subject to such contingencies, it cannot be correct every time, and the company's stock may never recover or may become worthless.
  • Fees and Expenses risk. The Fund may not earn enough through income and capital appreciation to offset the operating expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return which a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low return environment, or a bear market, increases the risk that a shareholder may lose money.
Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.
May Lose Money rr_RiskLoseMoney Your investment is not guaranteed and you may lose money.
Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading Performance Results
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart below provides some indication of the risks of investing in Davis International Fund by showing how the Fund's investment results have varied from year to year.
Performance, Availability by Phone rr_PerformanceAvailabilityPhone 1-800-279-0279
Performance, Availability at Web Site Address rr_PerformanceAvailabilityWebSiteAddress www.davisfunds.com
Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart, Heading rr_BarChartHeading Calendar Year Total Returns for Class A Shares
Bar Chart, Narrative rr_BarChartNarrativeTextBlock

The bar chart below provides some indication of the risks of investing in Davis International Fund by showing how the Fund's investment results have varied from year to year. The following table shows how the Fund's average annual total returns for the periods indicated compare with those of the MSCI ACWI (All Country World Index) ex USA, a broad-based securities market index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund's results can be obtained by visiting www.davisfunds.com or by calling 1-800-279-0279.

After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement accounts.

During the period from inception (December 29, 2006) through December 30, 2009, only the directors, officers and employees of Davis International Fund or its investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) were eligible to purchase Fund shares.

Bar Chart, Does Not Reflect Sales Loads rr_BarChartDoesNotReflectSalesLoads Results do not include a sales charge. If a sales charge were included, results would be lower.
Performance Table: rr_PerformanceTableHeading Davis International Fund Average Annual Total Returns for the periods ended December 31, 2012
Performance Table Does Reflect Sales Loads rr_PerformanceTableDoesReflectSalesLoads (With Maximum Sales Charges)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred after-tax returns shown are not relevant to investors who hold their fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement accounts.
Davis International Fund | MSCI ACWI (All Country World Index) ex USA - reflects no deduction for fees, expenses or taxes
  
Risk/Return: rr_RiskReturnAbstract  
Past 1 Year rr_AverageAnnualReturnYear01 16.83%
Past 5 Years rr_AverageAnnualReturnYear05 (2.89%)
Lifetime rr_AverageAnnualReturnSinceInception 0.12%
Davis International Fund | Davis International Fund - Class A
  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice 4.75%
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares. Only applies to Class A shares if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.) rr_MaximumDeferredSalesChargeOverOther 0.50%
Redemption fee (as a percentage of total redemption proceeds on shares redeemed or exchanged within 30 days) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.20%
Other Expenses rr_OtherExpensesOverAssets 0.62%
Total Annual Operating Expenses rr_ExpensesOverAssets 1.37%
Less Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.07%) [1]
Net Expenses rr_NetExpensesOverAssets 1.30%
1 YEAR rr_ExpenseExampleYear01 608
3 YEARS rr_ExpenseExampleYear03 888
5 YEARS rr_ExpenseExampleYear05 1,189
10 YEARS rr_ExpenseExampleYear10 2,043
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 608
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 888
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 1,189
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 2,043
2007 rr_AnnualReturn2007 22.68%
2008 rr_AnnualReturn2008 (48.61%)
2009 rr_AnnualReturn2009 38.32%
2010 rr_AnnualReturn2010 14.87%
2011 rr_AnnualReturn2011 (20.42%)
2012 rr_AnnualReturn2012 17.33%
Bar Chart, Closing rr_BarChartClosingTextBlock

Highest/Lowest quarterly results during this time period were:

Highest quarter 29.52% for the quarter ended June 30, 2009

Lowest quarter (24.95)% for the quarter ended September 30, 2011

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarter
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 29.52%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarter
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (24.95%)
Past 1 Year rr_AverageAnnualReturnYear01 11.75%
Past 5 Years rr_AverageAnnualReturnYear05 (6.20%)
Lifetime rr_AverageAnnualReturnSinceInception (1.90%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 29, 2006
Davis International Fund | Davis International Fund - Class A | return after taxes on distributions
  
Risk/Return: rr_RiskReturnAbstract  
Past 1 Year rr_AverageAnnualReturnYear01 11.66%
Past 5 Years rr_AverageAnnualReturnYear05 (6.23%)
Lifetime rr_AverageAnnualReturnSinceInception (1.95%)
Davis International Fund | Davis International Fund - Class A | return after taxes on distributions and sale of fund shares
  
Risk/Return: rr_RiskReturnAbstract  
Past 1 Year rr_AverageAnnualReturnYear01 8.03%
Past 5 Years rr_AverageAnnualReturnYear05 (5.05%)
Lifetime rr_AverageAnnualReturnSinceInception (1.49%)
Davis International Fund | Davis International Fund - Class B
  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares. Only applies to Class A shares if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.) rr_MaximumDeferredSalesChargeOverOther 4.00%
Redemption fee (as a percentage of total redemption proceeds on shares redeemed or exchanged within 30 days) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 2.85%
Total Annual Operating Expenses rr_ExpensesOverAssets 4.40%
Less Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (2.10%) [1]
Net Expenses rr_NetExpensesOverAssets 2.30%
1 YEAR rr_ExpenseExampleYear01 841
3 YEARS rr_ExpenseExampleYear03 1,632
5 YEARS rr_ExpenseExampleYear05 2,433
10 YEARS rr_ExpenseExampleYear10 3,598
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 441
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 1,332
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 2,233
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 3,598
Past 1 Year rr_AverageAnnualReturnYear01 12.28%
Past 5 Years rr_AverageAnnualReturnYear05 (6.96%)
Lifetime rr_AverageAnnualReturnSinceInception (2.41%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 29, 2006
Davis International Fund | Davis International Fund - Class C
  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares. Only applies to Class A shares if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption fee (as a percentage of total redemption proceeds on shares redeemed or exchanged within 30 days) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 2.33%
Total Annual Operating Expenses rr_ExpensesOverAssets 3.88%
Less Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.58%) [1]
Net Expenses rr_NetExpensesOverAssets 2.30%
1 YEAR rr_ExpenseExampleYear01 490
3 YEARS rr_ExpenseExampleYear03 1,184
5 YEARS rr_ExpenseExampleYear05 1,995
10 YEARS rr_ExpenseExampleYear10 4,104
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 390
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 1,184
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 1,995
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 4,104
Past 1 Year rr_AverageAnnualReturnYear01 15.30%
Past 5 Years rr_AverageAnnualReturnYear05 (6.61%)
Lifetime rr_AverageAnnualReturnSinceInception (2.43%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 29, 2006
Davis International Fund | Davis International Fund - Class Y
  
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares. Only applies to Class A shares if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.) rr_MaximumDeferredSalesChargeOverOther none
Redemption fee (as a percentage of total redemption proceeds on shares redeemed or exchanged within 30 days) rr_RedemptionFeeOverRedemption (2.00%)
Management Fees rr_ManagementFeesOverAssets 0.55%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.35%
Total Annual Operating Expenses rr_ExpensesOverAssets 0.90%
Less Fee Waiver or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets none [1]
Net Expenses rr_NetExpensesOverAssets 0.90%
1 YEAR rr_ExpenseExampleYear01 92
3 YEARS rr_ExpenseExampleYear03 287
5 YEARS rr_ExpenseExampleYear05 498
10 YEARS rr_ExpenseExampleYear10 1,108
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 92
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 287
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 498
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 1,108
Past 1 Year rr_AverageAnnualReturnYear01 17.85%
Lifetime rr_AverageAnnualReturnSinceInception 2.04%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2009
[1] <i> The Adviser is contractually committed to waive fees and/or reimburse the Fund's expenses to the extent necessary to cap total annual fund operating expenses (Class A shares, 1.30%; Class B shares, 2.30%; Class C shares, 2.30%; Class Y shares, 1.05%) until March 1, 2014. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to March 1, 2014, without the consent of the board of directors. </i>
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Davis Global Fund
Fund Summary: Davis Global Fund
Investment Objective
Davis Global Fund's investment objective is long-term growth of capital.
Fees and Expenses of Davis Global Fund
These tables describe the fees and expenses that you may pay if you buy and hold shares of Davis Global Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds. More information about these and other discounts is available from your financial professional and in the "How to Choose a Share Class, Class A Shares" section of the Fund's statutory prospectus on page 34 and in the "Selecting the Appropriate Class of Shares" section of the Fund's statement of additional information on page 52.

Shareholder Fees

(fees paid directly from your investment)
Shareholder Fees Davis Global Fund
Davis Global Fund - Class A
Davis Global Fund - Class B
Davis Global Fund - Class C
Davis Global Fund - Class Y
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 4.75% none none none
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares. Only applies to Class A shares if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.) 0.50% 4.00% 1.00% none
Redemption fee (as a percentage of total redemption proceeds on shares redeemed or exchanged within 30 days) (2.00%) (2.00%) (2.00%) (2.00%)

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Davis Global Fund
Davis Global Fund - Class A
Davis Global Fund - Class B
Davis Global Fund - Class C
Davis Global Fund - Class Y
Management Fees 0.55% 0.55% 0.55% 0.55%
Distribution and/or Service (12b-1) Fees 0.15% 1.00% 1.00% none
Other Expenses 0.35% 0.86% 0.44% 0.20%
Total Annual Operating Expenses 1.05% 2.41% 1.99% 0.75%
Less Fee Waiver or Expense Reimbursement [1] none (0.11%) none none
Net Expenses 1.05% 2.30% 1.99% 0.75%
[1] <i> The Adviser is contractually committed to waive fees and/or reimburse the Fund's expenses to the extent necessary to cap total annual fund operating expenses (Class A shares, 1.30%; Class B shares, 2.30%; Class C shares, 2.30%; Class Y shares, 1.05%) until March 1, 2014. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to March 1, 2014, without the consent of the board of directors. </i>
Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This Example assumes that you invest $10,000 in Davis Global Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This Example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example Davis Global Fund (USD $)
1 YEAR
3 YEARS
5 YEARS
10 YEARS
Davis Global Fund - Class A
 577 793 1,027 1,697
Davis Global Fund - Class B
 644 1,051 1,485 2,247
Davis Global Fund - Class C
 302 624 1,073 2,317
Davis Global Fund - Class Y
 77 240 417 930
Expense Example, No Redemption Davis Global Fund (USD $)
Expense Example, No Redemption, 1 YEAR
Expense Example, No Redemption, 3 YEARS
Expense Example, No Redemption, 5 YEARS
Expense Example, No Redemption, 10 YEARS
Davis Global Fund - Class A
 577 793 1,027 1,697
Davis Global Fund - Class B
 244 751 1,285 2,247
Davis Global Fund - Class C
 202 624 1,073 2,317
Davis Global Fund - Class Y
 77 240 417 930
Portfolio Turnover
Davis Global Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.
Principal Investment Strategies

Davis Selected Advisers, L.P. ("Davis Advisors" or the "Adviser"), the Fund's investment adviser, uses the Davis Investment Discipline to invest Davis Global Fund's portfolio principally in common stocks (including indirect holdings of common stock through depositary receipts) issued by both United States and foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium, or small companies without regard to market capitalization. The Fund will invest significantly (at least 40% of total assets under normal market conditions and at least 30% of total assets if market conditions are not deemed favorable) in issuers: (i) organized or located outside of the U.S.; (ii) whose primary trading market is located outside the U.S.; or (iii) doing a substantial amount of business outside the U.S., which the Fund considers to be a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. Under normal market conditions the Fund will invest in issuers representing at least three different countries.

Davis Investment Discipline. Davis Advisors manages equity funds using the Davis Investment Discipline. Davis Advisors conducts extensive research to try to identify businesses that possess characteristics that Davis Advisors believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth. Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical. Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain. After determining which companies Davis Advisors believes the Fund should own, Davis Advisors then turns its analysis to determining the intrinsic value of those companies' equity securities. Davis Advisors seeks equity securities which can be purchased at attractive valuations relative to their intrinsic value. Davis Advisors' goal is to invest in companies for the long term (In fiscal year 2012 the portfolio turnover ratio indicted that the Fund held companies for an average of 2.3 years). Davis Advisors considers selling a company's equity securities if the securities' market price exceeds Davis Advisors' estimates of intrinsic value, or if the ratio of the risks and rewards of continuing to own the company's equity securities is no longer attractive.

Principal Risks of Investing in Davis Global Fund

You may lose money by investing in Davis Global Fund. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The principal risks of investing in the Fund are:

  • Stock Market risk. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines.
  • Manager risk. Poor security selection or focus on securities in a particular sector, category, or group of companies may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.
  • Common Stock risk. Common stock represents an ownership position in a company. An adverse event may have a negative impact on a company and could result in a decline in the price of its common stock. Common stock is generally subordinate to an issuer's other securities, including preferred, convertible, and debt securities.
  • Foreign Country risk. Foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States.
  • Emerging Market risk. The Fund invests in emerging or developing markets. Securities of issuers in emerging and developing markets may offer special investment opportunities, but present risks not found in more mature markets.
  • Foreign Currency risk. Securities issued by foreign companies in foreign markets are frequently denominated in foreign currencies. The change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency.
  • Depositary Receipts risk. Depositary receipts, including American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depositary bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk as well as the political and economic risks of the underlying issuer's country. Depositary receipts may trade at a discount (or premium) to the underlying security and may be less liquid than the underlying securities listed on an exchange.
  • Large-Capitalization Companies risk. Companies with $10 billion or more in market capitalization are considered by the Adviser to be large-capitalization companies. Large-capitalization companies generally experience slower rates of growth in earnings per share than do mid-and small-capitalization companies.
  • Mid- and Small-Capitalization Companies risk. Companies with less than $10 billion in market capitalization are considered by the Adviser to be mid- or small-capitalization companies. Mid- and small-capitalization companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies.
  • Headline risk. The Fund may invest in a company when the company becomes the center of controversy after receiving adverse media attention concerning its operations, long-term prospects, or management or for other reasons. While Davis Advisors researches companies subject to such contingencies, it cannot be correct every time, and the company's stock may never recover or may become worthless.
  • Fees and Expenses risk. The Fund may not earn enough through income and capital appreciation to offset the operating expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return which a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low return environment, or a bear market, increases the risk that a shareholder may lose money.
Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.
Performance Results

The bar chart below provides some indication of the risks of investing in Davis Global Fund by showing how the Fund's investment results have varied from year to year. The following table shows how the Fund's average annual total returns for the periods indicated compare with those of the MSCI ACWI (All Country World Index), a broad-based securities market index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund's results can be obtained by visiting www.davisfunds.com or by calling 1-800-279-0279.

After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement accounts.

During the period from inception (December 22, 2004) through December 29, 2006, only the directors, officers and employees of Davis Global Fund or its investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) were eligible to purchase Fund shares.

Calendar Year Total Returns for Class A Shares
Bar Chart
Davis Global Fund Average Annual Total Returns for the periods ended December 31, 2012
Average Annual Total Returns Davis Global Fund
Past 1 Year
Past 5 Years
Lifetime
Inception Date
MSCI ACWI (All Country World Index) - reflects no deduction for fees, expenses or taxes
 16.13% (1.16%) 4.56%  
Davis Global Fund - Class A
 9.92% (4.47%) 4.36% Dec. 22, 2004
Davis Global Fund - Class A return after taxes on distributions
 9.79% (4.49%) 4.28%  
Davis Global Fund - Class A return after taxes on distributions and sale of fund shares
 6.79% (3.65%) 3.87%  
Davis Global Fund - Class B
 9.91% (5.01%) 4.01% Dec. 22, 2004
Davis Global Fund - Class C
 13.29% (4.46%) 3.96% Dec. 22, 2004
Davis Global Fund - Class Y
 15.74% (3.29%) (3.07%) Feb. 25, 2007
Davis Global Fund | Davis Global Fund - Class A

Highest/Lowest quarterly results during this time period were:

Highest quarter 32.48% for the quarter ended June 30, 2009

Lowest quarter (22.95)% for the quarter ended December 31, 2008

Davis International Fund
Fund Summary: Davis International Fund
Investment Objective
Davis International Fund's investment objective is long-term growth of capital.
Fees and Expenses of Davis International Fund
These tables describe the fees and expenses that you may pay if you buy and hold shares of Davis International Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Davis Funds. More information about these and other discounts is available from your financial professional and in the "How to Choose a Share Class, Class A Shares" section of the Fund's statutory prospectus on page 34 and in the "Selecting the Appropriate Class of Shares" section of the Fund's statement of additional information on page 52.

Shareholder Fees

(fees paid directly from your investment)
Shareholder Fees Davis International Fund
Davis International Fund - Class A
Davis International Fund - Class B
Davis International Fund - Class C
Davis International Fund - Class Y
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 4.75% none none none
Maximum deferred sales charge (load) imposed on redemptions (as a percentage of the lesser of the net asset value of the shares redeemed or the total cost of such shares. Only applies to Class A shares if you buy shares valued at $1 million or more without a sales charge and sell the shares within one year of purchase.) 0.50% 4.00% 1.00% none
Redemption fee (as a percentage of total redemption proceeds on shares redeemed or exchanged within 30 days) (2.00%) (2.00%) (2.00%) (2.00%)

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Davis International Fund
Davis International Fund - Class A
Davis International Fund - Class B
Davis International Fund - Class C
Davis International Fund - Class Y
Management Fees 0.55% 0.55% 0.55% 0.55%
Distribution and/or Service (12b-1) Fees 0.20% 1.00% 1.00% none
Other Expenses 0.62% 2.85% 2.33% 0.35%
Total Annual Operating Expenses 1.37% 4.40% 3.88% 0.90%
Less Fee Waiver or Expense Reimbursement [1] (0.07%) (2.10%) (1.58%) none
Net Expenses 1.30% 2.30% 2.30% 0.90%
[1] <i> The Adviser is contractually committed to waive fees and/or reimburse the Fund's expenses to the extent necessary to cap total annual fund operating expenses (Class A shares, 1.30%; Class B shares, 2.30%; Class C shares, 2.30%; Class Y shares, 1.05%) until March 1, 2014. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to March 1, 2014, without the consent of the board of directors. </i>
Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

This Example assumes that you invest $10,000 in Davis International Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This Example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example Davis International Fund (USD $)
1 YEAR
3 YEARS
5 YEARS
10 YEARS
Davis International Fund - Class A
 608 888 1,189 2,043
Davis International Fund - Class B
 841 1,632 2,433 3,598
Davis International Fund - Class C
 490 1,184 1,995 4,104
Davis International Fund - Class Y
 92 287 498 1,108
Expense Example, No Redemption Davis International Fund (USD $)
Expense Example, No Redemption, 1 YEAR
Expense Example, No Redemption, 3 YEARS
Expense Example, No Redemption, 5 YEARS
Expense Example, No Redemption, 10 YEARS
Davis International Fund - Class A
 608 888 1,189 2,043
Davis International Fund - Class B
 441 1,332 2,233 3,598
Davis International Fund - Class C
 390 1,184 1,995 4,104
Davis International Fund - Class Y
 92 287 498 1,108
Portfolio Turnover
Davis International Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 8% of the average value of its portfolio.
Principal Investment Strategies

Davis Selected Advisers, L.P. ("Davis Advisors" or the "Adviser"), the Fund's investment adviser, uses the Davis Investment Discipline to invest Davis International Fund's portfolio principally in common stocks (including indirect holdings of common stock through depositary receipts) issued by foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium, or small companies without regard to market capitalization. The Fund will invest significantly (at least 40% of total assets under normal market conditions and at least 30% of total assets if market conditions are not deemed favorable) in issuers: (i) organized or located outside of the U.S.; (ii) whose primary trading market is located outside the U.S.; or (iii) doing a substantial amount of business outside the U.S., which the Fund considers to be a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. Under normal market conditions the Fund will invest in issuers representing at least three different countries.

Davis Investment Discipline. Davis Advisors manages equity funds using the Davis Investment Discipline. Davis Advisors conducts extensive research to try to identify businesses that possess characteristics that Davis Advisors believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth. Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical. Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain. After determining which companies Davis Advisors believes the Fund should own, Davis Advisors then turns its analysis to determining the intrinsic value of those companies' equity securities. Davis Advisors seeks equity securities which can be purchased at attractive valuations relative to their intrinsic value. Davis Advisors' goal is to invest in companies for the long term (In fiscal year 2012 the portfolio turnover ratio indicted that the Fund held companies for an average of 12.5 years). Davis Advisors considers selling a company's equity securities if the securities' market price exceeds Davis Advisors' estimates of intrinsic value, or if the ratio of the risks and rewards of continuing to own the company's equity securities is no longer attractive.

Principal Risks of Investing in Davis International Fund

You may lose money by investing in Davis International Fund. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The principal risks of investing in the Fund are:

  • Stock Market risk. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices, including the possibility of sharp declines.
  • Manager risk. Poor security selection or focus on securities in a particular sector, category, or group of companies may cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.
  • Common Stock risk. Common stock represents an ownership position in a company. An adverse event may have a negative impact on a company and could result in a decline in the price of its common stock. Common stock is generally subordinate to an issuer's other securities, including preferred, convertible, and debt securities.
  • Foreign Country risk. Foreign companies may be subject to greater risk as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States.
  • Emerging Market risk. The Fund invests in emerging or developing markets. Securities of issuers in emerging and developing markets may offer special investment opportunities, but present risks not found in more mature markets.
  • Foreign Currency risk. Securities issued by foreign companies in foreign markets are frequently denominated in foreign currencies. The change in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of securities denominated in that foreign currency.
  • Depositary Receipts risk. Depositary receipts, including American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depositary bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include foreign exchange risk as well as the political and economic risks of the underlying issuer's country. Depositary receipts may trade at a discount (or premium) to the underlying security and may be less liquid than the underlying securities listed on an exchange.
  • Large-Capitalization Companies risk. Companies with $10 billion or more in market capitalization are considered by the Adviser to be large-capitalization companies. Large-capitalization companies generally experience slower rates of growth in earnings per share than do mid- and small-capitalization companies.
  • Mid- and Small-Capitalization Companies risk. Companies with less than $10 billion in market capitalization are considered by the Adviser to be mid- or small-capitalization companies. Mid- and small-capitalizationcompanies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies.
  • Headline risk. The Fund may invest in a company when the company becomes the center of controversy after receiving adverse media attention concerning its operations, long-term prospects, or management or for other reasons. While Davis Advisors researches companies subject to such contingencies, it cannot be correct every time, and the company's stock may never recover or may become worthless.
  • Fees and Expenses risk. The Fund may not earn enough through income and capital appreciation to offset the operating expenses of the Fund. All mutual funds incur operating fees and expenses. Fees and expenses reduce the return which a shareholder may earn by investing in a fund, even when a fund has favorable performance. A low return environment, or a bear market, increases the risk that a shareholder may lose money.
Your investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, entity or person.
Performance Results

The bar chart below provides some indication of the risks of investing in Davis International Fund by showing how the Fund's investment results have varied from year to year. The following table shows how the Fund's average annual total returns for the periods indicated compare with those of the MSCI ACWI (All Country World Index) ex USA, a broad-based securities market index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund's results can be obtained by visiting www.davisfunds.com or by calling 1-800-279-0279.

After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement accounts.

During the period from inception (December 29, 2006) through December 30, 2009, only the directors, officers and employees of Davis International Fund or its investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) were eligible to purchase Fund shares.

Calendar Year Total Returns for Class A Shares
Bar Chart
Davis International Fund Average Annual Total Returns for the periods ended December 31, 2012
Average Annual Total Returns Davis International Fund
Past 1 Year
Past 5 Years
Lifetime
Inception Date
MSCI ACWI (All Country World Index) ex USA - reflects no deduction for fees, expenses or taxes
 16.83% (2.89%) 0.12%  
Davis International Fund - Class A
 11.75% (6.20%) (1.90%) Dec. 29, 2006
Davis International Fund - Class A return after taxes on distributions
 11.66% (6.23%) (1.95%)  
Davis International Fund - Class A return after taxes on distributions and sale of fund shares
 8.03% (5.05%) (1.49%)  
Davis International Fund - Class B
 12.28% (6.96%) (2.41%) Dec. 29, 2006
Davis International Fund - Class C
 15.30% (6.61%) (2.43%) Dec. 29, 2006
Davis International Fund - Class Y
 17.85%   2.04% Dec. 31, 2009
Davis International Fund | Davis International Fund - Class A

Highest/Lowest quarterly results during this time period were:

Highest quarter 29.52% for the quarter ended June 30, 2009

Lowest quarter (24.95)% for the quarter ended September 30, 2011