*T_!%RT.O1QAL),K(P]>,C]161J$1@O[F%NJ2,OY&EB:[
MKT8R?<=.'+-HZ3X=KG4+ILGB+&/J1_A7>UP?PZ?%]=QY^]&&Q]#_ /7KO*]#
M ?P(_/\ ,QJ_&SR+6(Q%J][&HPJS. /;)Q71?#N1A>W<0QL:,,?7(/'\S6!K
MS;M 5]K%/>Z[
MW/FOPD);G7]&^%ERLA70MK45YS\;=2O=-TGPXVG7EQ:M-KUG#(T$A0O&S'*DCJ#
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UCO%N)8=\1&YW& V3M "@X[U[#134G>[_JX^EEVL<%9Z
M!J4?QKU'7GML:3-HT5HD_F+S*)2Q7;G=T[XQ7>'I2T5/3E_K>_ZBMJWW_P K
M?H<+\&]!U+P[X/DLM9MOLUT;ZYF">8K_ "/(2IRI(Y!IGQ<\,ZKKVGZ/>^'/
ML[:QHM_'?V\-P=J3;<@H3VR#^G;K7>T4/IY6_ ?>_6_XGBWBS3?B%XWM]#EO
M] LM%MK#5+:Z>Q6]2YFFVO\ ,YD^5%55).!N8UU7C3P_J>I?$SP)JUE;>9I^
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M>.="\7-
DAVIS GLOBAL FUND
|
Schedule of Investments
|
July 31, 2021 (Unaudited)
|
Shares/Units
|
Value
|
|||||||||||
COMMON STOCK – (95.30%)
|
||||||||||||
COMMUNICATION SERVICES – (16.15%)
|
||||||||||||
Media & Entertainment – (16.15%)
|
||||||||||||
Alphabet Inc., Class C *
|
24,428
|
$
|
66,063,572
|
|||||||||
ASAC II L.P. *(a)(b)
|
35,352
|
36,137
|
||||||||||
Baidu, Inc., Class A, ADR (China)*
|
198,410
|
32,541,224
|
||||||||||
Facebook, Inc., Class A *
|
113,320
|
40,375,916
|
||||||||||
Fang Holdings Ltd., Class A, ADR (China)*
|
23,014
|
223,236
|
||||||||||
IAC/InterActiveCorp *
|
142,840
|
19,610,503
|
||||||||||
iQIYI, Inc., Class A, ADR (China)*
|
1,030,900
|
11,504,844
|
||||||||||
Kuaishou Technology, Class B (China)*
|
15,490
|
219,459
|
||||||||||
Liberty Media Corp., Liberty Formula One, Series A *
|
281,860
|
11,685,916
|
||||||||||
Liberty Media Corp., Liberty Formula One, Series C *
|
372,925
|
17,501,370
|
||||||||||
Vimeo, Inc. *
|
231,900
|
10,389,120
|
||||||||||
Total Communication Services
|
210,151,297
|
|||||||||||
CONSUMER DISCRETIONARY – (24.92%)
|
||||||||||||
Retailing – (24.92%)
|
||||||||||||
Alibaba Group Holding Ltd., ADR (China)*
|
321,920
|
62,835,565
|
||||||||||
Amazon.com, Inc. *
|
11,020
|
36,670,042
|
||||||||||
JD.com, Inc., Class A, ADR (China)*
|
949,365
|
67,290,991
|
||||||||||
Meituan, Class B (China)*
|
1,351,229
|
37,383,686
|
||||||||||
Naspers Ltd. - N (South Africa)
|
232,390
|
44,760,998
|
||||||||||
Prosus N.V., Class N (Netherlands)
|
428,310
|
38,029,976
|
||||||||||
Quotient Technology Inc. *
|
872,710
|
9,477,631
|
||||||||||
Vroom, Inc. *
|
747,530
|
27,688,511
|
||||||||||
Total Consumer Discretionary
|
324,137,400
|
|||||||||||
CONSUMER STAPLES – (2.38%)
|
||||||||||||
Food & Staples Retailing – (1.39%)
|
||||||||||||
Missfresh Ltd., Class B, ADS (China)*(a)
|
3,519,779
|
18,036,757
|
||||||||||
Food, Beverage & Tobacco – (0.99%)
|
||||||||||||
Darling Ingredients Inc. *
|
186,740
|
12,898,132
|
||||||||||
Total Consumer Staples
|
30,934,889
|
|||||||||||
FINANCIALS – (36.25%)
|
||||||||||||
Banks – (18.84%)
|
||||||||||||
Bank of N.T. Butterfield & Son Ltd. (Bermuda)
|
478,120
|
15,844,897
|
||||||||||
Danske Bank A/S (Denmark)
|
3,190,350
|
55,962,127
|
||||||||||
DBS Group Holdings Ltd. (Singapore)
|
3,158,594
|
70,890,323
|
||||||||||
Metro Bank PLC (United Kingdom)*
|
2,202,002
|
2,938,353
|
||||||||||
Wells Fargo & Co.
|
2,164,260
|
99,426,105
|
||||||||||
245,061,805
|
||||||||||||
Diversified Financials – (10.61%)
|
||||||||||||
Capital Markets – (2.86%)
|
||||||||||||
Julius Baer Group Ltd. (Switzerland)
|
451,500
|
29,875,708
|
||||||||||
Noah Holdings Ltd., Class A, ADS (China)*
|
190,210
|
7,342,106
|
||||||||||
37,217,814
|
||||||||||||
Consumer Finance – (5.40%)
|
||||||||||||
Capital One Financial Corp.
|
434,830
|
70,312,011
|
||||||||||
Diversified Financial Services – (2.35%)
|
||||||||||||
Berkshire Hathaway Inc., Class B *
|
109,930
|
30,592,420
|
||||||||||
138,122,245
|
DAVIS GLOBAL FUND – (CONTINUED)
|
Schedule of Investments
|
July 31, 2021 (Unaudited)
|
Shares
|
Value
|
||||||||||||
COMMON STOCK – (CONTINUED)
|
|||||||||||||
FINANCIALS – (CONTINUED)
|
|||||||||||||
Insurance – (6.80%)
|
|||||||||||||
Life & Health Insurance – (6.80%)
|
|||||||||||||
AIA Group Ltd. (Hong Kong)
|
4,382,180
|
$
|
52,499,432
|
||||||||||
Ping An Insurance (Group) Co. of China, Ltd. - H (China)
|
4,097,650
|
35,934,816
|
|||||||||||
88,434,248
|
|||||||||||||
Total Financials
|
471,618,298
|
||||||||||||
HEALTH CARE – (3.58%)
|
|||||||||||||
Health Care Equipment & Services – (0.88%)
|
|||||||||||||
Cigna Corp.
|
50,160
|
11,511,219
|
|||||||||||
Pharmaceuticals, Biotechnology & Life Sciences – (2.70%)
|
|||||||||||||
Viatris Inc.
|
2,494,260
|
35,094,238
|
|||||||||||
Total Health Care
|
46,605,457
|
||||||||||||
INDUSTRIALS – (1.80%)
|
|||||||||||||
Commercial & Professional Services – (0.03%)
|
|||||||||||||
China Index Holdings Ltd., Class A, ADR (China)*
|
249,769
|
422,110
|
|||||||||||
Transportation – (1.77%)
|
|||||||||||||
DiDi Global Inc., Class A, ADS (China)*
|
236,160
|
2,434,809
|
|||||||||||
DiDi Global Inc., Class A, ADS (China)* (a)
|
2,171,148
|
20,519,954
|
|||||||||||
22,954,763
|
|||||||||||||
Total Industrials
|
23,376,873
|
||||||||||||
INFORMATION TECHNOLOGY – (10.22%)
|
|||||||||||||
Semiconductors & Semiconductor Equipment – (4.72%)
|
|||||||||||||
Applied Materials, Inc.
|
271,020
|
37,923,829
|
|||||||||||
Intel Corp.
|
435,310
|
23,384,853
|
|||||||||||
61,308,682
|
|||||||||||||
Software & Services – (0.89%)
|
|||||||||||||
Clear Secure, Inc., Class A *
|
234,720
|
11,602,209
|
|||||||||||
Technology Hardware & Equipment – (4.61%)
|
|||||||||||||
Hollysys Automation Technologies Ltd. (China)
|
1,796,296
|
27,088,144
|
|||||||||||
Samsung Electronics Co., Ltd. (South Korea)
|
481,790
|
32,880,256
|
|||||||||||
59,968,400
|
|||||||||||||
Total Information Technology
|
132,879,291
|
||||||||||||
TOTAL COMMON STOCK – (Identified cost $933,235,835)
|
1,239,703,505
|
||||||||||||
PREFERRED STOCK – (3.43%)
|
|||||||||||||
INDUSTRIALS – (3.43%)
|
|||||||||||||
Transportation – (3.43%)
|
|||||||||||||
Grab Holdings Inc., Series F (Singapore)*(a)(b)
|
2,398,770
|
25,019,171
|
|||||||||||
Grab Holdings Inc., Series G (Singapore)*(a)(b)
|
1,881,391
|
19,622,908
|
|||||||||||
Total Industrials
|
44,642,079
|
||||||||||||
TOTAL PREFERRED STOCK – (Identified cost $21,986,292)
|
44,642,079
|
DAVIS GLOBAL FUND – (CONTINUED)
|
Schedule of Investments
|
July 31, 2021 (Unaudited)
|
Principal
|
Value
|
|||||||||||
SHORT-TERM INVESTMENTS – (1.68%)
|
||||||||||||
Nomura Securities International, Inc. Joint Repurchase Agreement,
0.045%, 08/02/21, dated 07/30/21, repurchase value of $9,501,036
(collateralized by: U.S. Government agency mortgages and obligation in
a pooled cash account, 0.00%-3.375%, 11/15/22-04/15/32, total market
value $9,691,020)
|
$
|
9,501,000
|
$
|
9,501,000
|
||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 0.05%, 08/02/21,
dated 07/30/21, repurchase value of $10,030,042 (collateralized by: U.S.
Government agency mortgages and obligations in a pooled cash
account, 0.00%-9.00%, 07/31/21-08/15/56, total market value
$10,230,600)
|
10,030,000
|
10,030,000
|
||||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 0.05%, 08/02/21,
dated 07/30/21, repurchase value of $2,375,010 (collateralized by: U.S.
Government agency mortgages in a pooled cash account, 2.00%-2.50%,
07/01/36-01/01/51, total market value $2,422,500)
|
2,375,000
|
2,375,000
|
||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $21,906,000)
|
21,906,000
|
|||||||||||
Total Investments – (100.41%) – (Identified cost $977,128,127)
|
1,306,251,584
|
|||||||||||
Liabilities Less Other Assets – (0.41%)
|
(5,350,720)
|
|||||||||||
Net Assets – (100.00%)
|
$
|
1,300,900,864
|
||||||||||
ADR: American Depositary Receipt
|
||||||||||||
ADS: American Depositary Share
|
||||||||||||
*
|
Non-income producing security.
|
|||||||||||
(a)
|
Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Board of Directors. The
aggregate value of restricted securities amounted to $83,234,927 or 6.40% of the Fund's net assets as of July 31, 2021.
|
|||||||||||
(b)
|
The value of this security was determined using significant unobservable inputs.
|
|||||||||||
Please refer to “Notes to Schedule of Investments” on page 6 for the Fund’s policy regarding valuation of investments.
|
||||||||||||
For information regarding the Fund’s other significant accounting policies, please refer to the Fund’s most recent Semi-Annual or Annual Shareholder Report.
|
DAVIS INTERNATIONAL FUND
|
Schedule of Investments
|
July 31, 2021 (Unaudited)
|
Shares
|
Value
|
|||||||||||
COMMON STOCK – (99.00%)
|
||||||||||||
COMMUNICATION SERVICES – (4.99%)
|
||||||||||||
Media & Entertainment – (4.99%)
|
||||||||||||
Baidu, Inc., Class A, ADR (China)*
|
63,185
|
$
|
10,362,972
|
|||||||||
Fang Holdings Ltd., Class A, ADR (China)*
|
14,160
|
137,352
|
||||||||||
iQIYI, Inc., Class A, ADR (China)*
|
839,890
|
9,373,172
|
||||||||||
Kuaishou Technology, Class B (China)*
|
5,840
|
82,740
|
||||||||||
Total Communication Services
|
19,956,236
|
|||||||||||
CONSUMER DISCRETIONARY – (31.43%)
|
||||||||||||
Consumer Durables & Apparel – (3.76%)
|
||||||||||||
Fila Holdings Corp. (South Korea)
|
331,450
|
15,041,678
|
||||||||||
Retailing – (27.67%)
|
||||||||||||
Alibaba Group Holding Ltd., ADR (China)*
|
148,090
|
28,905,687
|
||||||||||
JD.com, Inc., Class A, ADR (China)*
|
479,080
|
33,957,190
|
||||||||||
Meituan, Class B (China)*
|
335,611
|
9,285,159
|
||||||||||
Naspers Ltd. - N (South Africa)
|
101,420
|
19,534,664
|
||||||||||
Prosus N.V., Class N (Netherlands)
|
176,162
|
15,641,560
|
||||||||||
Trip.com Group Ltd., ADR (China)*
|
129,590
|
3,360,269
|
||||||||||
110,684,529
|
||||||||||||
Total Consumer Discretionary
|
125,726,207
|
|||||||||||
CONSUMER STAPLES – (1.40%)
|
||||||||||||
Food & Staples Retailing – (1.40%)
|
||||||||||||
Missfresh Ltd., Class B, ADS (China)*(a)
|
1,097,439
|
5,623,718
|
||||||||||
Total Consumer Staples
|
5,623,718
|
|||||||||||
FINANCIALS – (36.72%)
|
||||||||||||
Banks – (21.82%)
|
||||||||||||
Bank of N.T. Butterfield & Son Ltd. (Bermuda)
|
386,410
|
12,805,627
|
||||||||||
Danske Bank A/S (Denmark)
|
1,338,430
|
23,477,484
|
||||||||||
DBS Group Holdings Ltd. (Singapore)
|
1,275,880
|
28,635,382
|
||||||||||
DNB Bank ASA (Norway)
|
1,043,462
|
21,383,604
|
||||||||||
Metro Bank PLC (United Kingdom)*
|
712,490
|
950,747
|
||||||||||
87,252,844
|
||||||||||||
Diversified Financials – (5.88%)
|
||||||||||||
Capital Markets – (5.88%)
|
||||||||||||
Julius Baer Group Ltd. (Switzerland)
|
291,900
|
19,314,993
|
||||||||||
Noah Holdings Ltd., Class A, ADS (China)*
|
109,270
|
4,217,822
|
||||||||||
23,532,815
|
||||||||||||
Insurance – (9.02%)
|
||||||||||||
Life & Health Insurance – (9.02%)
|
||||||||||||
AIA Group Ltd. (Hong Kong)
|
1,782,300
|
21,352,326
|
||||||||||
Ping An Insurance (Group) Co. of China, Ltd. - H (China)
|
1,679,130
|
14,725,325
|
||||||||||
36,077,651
|
||||||||||||
Total Financials
|
146,863,310
|
|||||||||||
INDUSTRIALS – (11.87%)
|
||||||||||||
Capital Goods – (8.93%)
|
||||||||||||
Ferguson PLC (United Kingdom)
|
88,012
|
12,343,779
|
||||||||||
Schneider Electric SE (France)
|
139,350
|
23,357,436
|
||||||||||
35,701,215
|
||||||||||||
Commercial & Professional Services – (0.47%)
|
||||||||||||
China Index Holdings Ltd., Class A, ADR (China)*
|
1,116,608
|
1,887,068
|
DAVIS INTERNATIONAL FUND – (CONTINUED)
|
Schedule of Investments
|
July 31, 2021 (Unaudited)
|
Shares
|
Value
|
||||||||||||||
COMMON STOCK – (CONTINUED)
|
|||||||||||||||
INDUSTRIALS – (CONTINUED)
|
|||||||||||||||
Transportation – (2.47%)
|
|||||||||||||||
DiDi Global Inc., Class A, ADS (China)*
|
145,740
|
$
|
1,502,579
|
||||||||||||
DiDi Global Inc., Class A, ADS (China)* (a)
|
886,296
|
8,376,561
|
|||||||||||||
9,879,140
|
|||||||||||||||
Total Industrials
|
47,467,423
|
||||||||||||||
INFORMATION TECHNOLOGY – (12.59%)
|
|||||||||||||||
Semiconductors & Semiconductor Equipment – (4.23%)
|
|||||||||||||||
Tokyo Electron Ltd. (Japan)
|
41,300
|
16,910,770
|
|||||||||||||
Technology Hardware & Equipment – (8.36%)
|
|||||||||||||||
Hollysys Automation Technologies Ltd. (China)
|
693,546
|
10,458,674
|
|||||||||||||
Samsung Electronics Co., Ltd. (South Korea)
|
336,650
|
22,975,027
|
|||||||||||||
33,433,701
|
|||||||||||||||
Total Information Technology
|
50,344,471
|
||||||||||||||
TOTAL COMMON STOCK – (Identified cost $340,699,398)
|
395,981,365
|
||||||||||||||
PREFERRED STOCK – (2.18%)
|
|||||||||||||||
INDUSTRIALS – (2.18%)
|
|||||||||||||||
Transportation – (2.18%)
|
|||||||||||||||
Grab Holdings Inc., Series F (Singapore)*(a)(b)
|
549,889
|
5,735,342
|
|||||||||||||
Grab Holdings Inc., Series G (Singapore)*(a)(b)
|
286,316
|
2,986,276
|
|||||||||||||
Total Industrials
|
8,721,618
|
||||||||||||||
TOTAL PREFERRED STOCK – (Identified cost $4,236,680)
|
8,721,618
|
||||||||||||||
Total Investments – (101.18%) – (Identified cost $344,936,078)
|
404,702,983
|
||||||||||||||
Liabilities Less Other Assets – (1.18%)
|
(4,720,049)
|
||||||||||||||
Net Assets – (100.00%)
|
$
|
399,982,934
|
|||||||||||||
ADR: American Depositary Receipt
|
|||||||||||||||
ADS: American Depositary Share
|
|||||||||||||||
*
|
Non-income producing security.
|
||||||||||||||
(a)
|
Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Board of Directors. The
aggregate value of restricted securities amounted to $22,721,897 or 5.68% of the Fund's net assets as of July 31, 2021.
|
||||||||||||||
(b)
|
The value of this security was determined using significant unobservable inputs.
|
||||||||||||||
Please refer to “Notes to Schedule of Investments” on page 6 for the Fund’s policy regarding valuation of investments.
|
|||||||||||||||
For information regarding the Fund’s other significant accounting policies, please refer to the Fund’s most recent Semi-Annual or Annual Shareholder Report.
|
DAVIS GLOBAL FUND
|
Notes to Schedule of Investments
|
DAVIS INTERNATIONAL FUND
|
July 31, 2021 (Unaudited)
|
Level 1 –
|
quoted prices in active markets for identical securities
|
Level 2 –
|
other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)
|
Level 3 –
|
significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of
investments)
|
DAVIS GLOBAL FUND
|
Notes to Schedule of Investments – (Continued)
|
DAVIS INTERNATIONAL FUND
|
July 31, 2021 (Unaudited)
|
Investments in Securities at Value
|
|||||
Davis Global
|
Davis International
|
||||
Fund
|
Fund
|
||||
Valuation Inputs
|
|||||
Level 1 – Quoted Prices:
|
|||||
Common Stock:
|
|||||
Communication Services
|
$
|
210,115,160
|
$
|
19,956,236
|
|
Consumer Discretionary
|
324,137,400
|
125,726,207
|
|||
Consumer Staples
|
12,898,132
|
–
|
|||
Financials
|
471,618,298
|
146,863,310
|
|||
Health Care
|
46,605,457
|
–
|
|||
Industrials
|
2,856,919
|
39,090,862
|
|||
Information Technology
|
132,879,291
|
50,344,471
|
|||
Total Level 1
|
1,201,110,657
|
381,981,086
|
|||
Level 2 – Other Significant Observable Inputs:
|
|||||
Common Stock:
|
|||||
Consumer Staples
|
18,036,757
|
5,623,718
|
|||
Industrials
|
20,519,954
|
8,376,561
|
|||
Short-Term Investments
|
21,906,000
|
–
|
|||
Total Level 2
|
60,462,711
|
14,000,279
|
|||
Level 3 – Significant Unobservable Inputs:
|
|||||
Common Stock:
|
|||||
Communication Services
|
36,137
|
–
|
|||
Preferred Stock:
|
|||||
Industrials
|
44,642,079
|
8,721,618
|
|||
Total Level 3
|
44,678,216
|
8,721,618
|
|||
Total Investments
|
$
|
1,306,251,584
|
$
|
404,702,983
|
Beginning
Balance
November 1, 2020
|
Cost of
Purchases
|
Net Change in
Unrealized
Appreciation
(Depreciation)*
|
Net Realized
Gain (Loss)
|
Transfers
into
Level 3
|
Transfers
out of
Level 3**
|
Ending
Balance
July 31, 2021
|
|||||||||||||||
Davis Global Fund
|
|||||||||||||||||||||
Investments in Securities:
|
|||||||||||||||||||||
Common Stock
|
$
|
36,183
|
$
|
–
|
$
|
(46)
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
36,137
|
|||||||
Preferred Stock
|
97,166,481
|
–
|
26,615,279
|
–
|
–
|
(79,139,681)
|
44,642,079
|
||||||||||||||
Total Level 3
|
$
|
97,202,664
|
$
|
–
|
$
|
26,615,233
|
$
|
–
|
$
|
–
|
$
|
(79,139,681)
|
$
|
44,678,216
|
|||||||
Davis International Fund
|
|||||||||||||||||||||
Investments in Securities:
|
|||||||||||||||||||||
Preferred Stock
|
$
|
26,297,091
|
$
|
3,800,007
|
$
|
6,012,812
|
$
|
–
|
$
|
–
|
$
|
(27,388,292)
|
$
|
8,721,618
|
|||||||
Total Level 3
|
$
|
26,297,091
|
$
|
3,800,007
|
$
|
6,012,812
|
$
|
–
|
$
|
–
|
$
|
(27,388,292)
|
$
|
8,721,618
|
DAVIS GLOBAL FUND
|
Notes to Schedule of Investments – (Continued)
|
DAVIS INTERNATIONAL FUND
|
July 31, 2021 (Unaudited)
|
Fair Value at
|
Valuation
|
Unobservable
|
Impact to
Valuation from an
|
||||||||
July 31, 2021
|
Technique
|
Input(s)
|
Amount
|
Increase in Input
|
|||||||
Davis Global Fund
|
|||||||||||
Investments in Securities:
|
|||||||||||
Common Stock
|
$
|
36,137
|
Discounted Cash Flow
|
Annualized Yield
|
1.366%
|
Decrease
|
|||||
Preferred Stock
|
44,642,079
|
Market Approach
|
Transaction Price
Discount for Uncertainty
|
$13.03
20%
|
Increase
Decrease
|
||||||
Total Level 3
|
$
|
44,678,216
|
|||||||||
Davis International Fund
|
|||||||||||
Investments in Securities:
|
|||||||||||
Preferred Stock
|
$
|
8,721,618
|
Market Approach
|
Transaction Price
Discount for Uncertainty
|
$13.03
20%
|
Increase
Decrease
|
|||||
Total Level 3
|
$
|
8,721,618
|
Davis Global
|
Davis International
|
|||||
Fund
|
Fund
|
|||||
Cost
|
$
|
997,221,956
|
$
|
353,431,115
|
||
Unrealized appreciation
|
381,766,632
|
84,659,601
|
||||
Unrealized depreciation
|
(72,737,004)
|
(33,387,733)
|
||||
Net unrealized appreciation
|
$
|
309,029,628
|
$
|
51,271,868
|