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. 102
and
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940
REGISTRATION NO. 811-1701
POST-EFFECTIVE AMENDMENT NO. 77
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 NEW YORK VENTURE FUND Class A, B, C, Y and R shares
DAVIS RESEARCH FUND Class A shares
EXPLANATORY NOTE
This Post-Effective Amendment No. 102 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 28th day of November 2012.
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 | November 28, 2012 | ||
Douglas Haines* Douglas Haines |
Principal Financial Officer and Principal Accounting Officer |
November 28, 2012 |
*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 Registrants 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 November 28, 2012, 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 Registrants registration statement 2-29858. |
/s/ Thomas Tays |
Thomas Tays |
Attorney-in-Fact |
EXHIBIT LIST
XBRL Files for Davis New York Venture Fund and Davis Research Fund
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Document Type | dei_DocumentType | 485BPOS |
Period End Date | dei_DocumentPeriodEndDate | Dec. 31, 2010 |
Registrant Name | dei_EntityRegistrantName | DAVIS NEW YORK VENTURE FUND INC. |
CIK | dei_EntityCentralIndexKey | 0000071701 |
Amendment | dei_AmendmentFlag | false |
Creation Date | dei_DocumentCreationDate | Nov. 28, 2012 |
Effective Date | dei_DocumentEffectiveDate | Nov. 28, 2012 |
Prospectus Date | rr_ProspectusDate | Nov. 28, 2012 |
Davis New York Venture Fund
|
||
Risk/Return: | rr_RiskReturnAbstract | |
Risk/Return | rr_RiskReturnHeading | Fund Summary: Davis New York Venture Fund |
Investment Objective: | rr_ObjectiveHeading | Investment Objective |
Investment Objective | rr_ObjectivePrimaryTextBlock | Davis New York Venture Fund's investment objective is long-term growth of capital. |
Fees and expenses of the fund: | rr_ExpenseHeading | Fees and Expenses of Davis New York Venture 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 New York Venture 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 25 and in the "Selecting the Appropriate Class of Shares" section of the Fund's statement of additional information on page 49. |
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 New York Venture 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 11% of the average value of its portfolio. |
Portfolio Turnover Rate | rr_PortfolioTurnoverRate | 11.00% |
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 New York Venture 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. Class B shares' expenses for the 10 year period include three years of Class A shares' expenses since Class B shares automatically convert to Class A shares after seven years. 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 the majority of the Fund's assets in equity securities (typically common stocks, but may also include preferred stocks, American Depository Receipts, Global Depository Receipts, convertible bonds, and other forms of equity securities) issued by large companies with market capitalizations of at least $10 billion. Historically, the Fund has invested a significant portion of its assets in financial services companies. The Fund may also invest in foreign companies. 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. 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 may not concentrate its investments in the securities of issuers primarily engaged in any particular industry. |
Risk, Heading | rr_RiskHeading | Principal Risks of Investing in Davis New York Venture Fund |
Risk, Narrative | rr_RiskNarrativeTextBlock |
You may lose money by investing in Davis New York Venture 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:
|
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 New York Venture 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 (Results do not include a sales charge; if a sales charge were included, results would be lower.) |
Bar Chart, Narrative | rr_BarChartNarrativeTextBlock |
The bar chart below provides some indication of the risks of investing in Davis New York Venture 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 S&P 500(R) 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. |
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 New York Venture Fund Average Annual Total Returns |
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. |
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | for the periods ended December 31, 2010 (with maximum sales charge) |
Davis New York Venture Fund | S&P500® Index - reflects no deduction for fees, expenses or taxes
|
||
Risk/Return: | rr_RiskReturnAbstract | |
Past 1 Year | rr_AverageAnnualReturnYear01 | 2.11% |
Past 5 Years | rr_AverageAnnualReturnYear05 | (0.25%) |
Past 10 Years | rr_AverageAnnualReturnYear10 | 2.92% |
Davis New York Venture Fund | Class A shares
|
||
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.) | rr_RedemptionFeeOverRedemption | none |
Management Fees | rr_ManagementFeesOverAssets | 0.50% |
Distribution and/or service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.24% |
Other Expenses | rr_OtherExpensesOverAssets | 0.16% |
Total Annual Operating Expenses | rr_ExpensesOverAssets | 0.90% |
With Redemption, 1 Year | rr_ExpenseExampleYear01 | 562 |
With Redemption, 3 Years | rr_ExpenseExampleYear03 | 748 |
With Redemption, 5 Years | rr_ExpenseExampleYear05 | 950 |
With Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,530 |
No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 562 |
No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 748 |
No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 950 |
No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 1,530 |
2002 | rr_AnnualReturn2002 | (17.16%) |
2003 | rr_AnnualReturn2003 | 32.34% |
2004 | rr_AnnualReturn2004 | 12.37% |
2005 | rr_AnnualReturn2005 | 10.68% |
2006 | rr_AnnualReturn2006 | 15.12% |
2007 | rr_AnnualReturn2007 | 4.97% |
2008 | rr_AnnualReturn2008 | (40.03%) |
2009 | rr_AnnualReturn2009 | 32.06% |
2010 | rr_AnnualReturn2010 | 12.11% |
2011 | rr_AnnualReturn2011 | (4.78%) |
Bar Chart, Closing | rr_BarChartClosingTextBlock |
Highest/Lowest quarterly results during this time period were: Highest 21.05% for the quarter ended June 30, 2009 Lowest (24.52%) for the quarter ended December 31, 2008 Total return for the nine months ended September 30, 2012 (not annualized) was 11.35%. |
Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Sep. 30, 2012 |
Year to Date Return | rr_BarChartYearToDateReturn | 11.35% |
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Highest quarter |
Highest Quarterly Return Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 |
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 21.05% |
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Lowest quarter |
Lowest Quarterly Return Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 |
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (24.52%) |
Past 1 Year | rr_AverageAnnualReturnYear01 | (9.30%) |
Past 5 Years | rr_AverageAnnualReturnYear05 | (3.30%) |
Past 10 Years | rr_AverageAnnualReturnYear10 | 2.87% |
Davis New York Venture Fund | Class A shares | return after taxes on distributions
|
||
Risk/Return: | rr_RiskReturnAbstract | |
Past 1 Year | rr_AverageAnnualReturnYear01 | (9.38%) |
Past 5 Years | rr_AverageAnnualReturnYear05 | (3.45%) |
Past 10 Years | rr_AverageAnnualReturnYear10 | 2.72% |
Davis New York Venture Fund | Class A shares | return after taxes on distributions and sale of fund shares
|
||
Risk/Return: | rr_RiskReturnAbstract | |
Past 1 Year | rr_AverageAnnualReturnYear01 | (5.94%) |
Past 5 Years | rr_AverageAnnualReturnYear05 | (2.79%) |
Past 10 Years | rr_AverageAnnualReturnYear10 | 2.46% |
Davis New York Venture Fund | Class B shares
|
||
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.) | rr_RedemptionFeeOverRedemption | none |
Management Fees | rr_ManagementFeesOverAssets | 0.50% |
Distribution and/or service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% |
Other Expenses | rr_OtherExpensesOverAssets | 0.32% |
Total Annual Operating Expenses | rr_ExpensesOverAssets | 1.82% |
With Redemption, 1 Year | rr_ExpenseExampleYear01 | 585 |
With Redemption, 3 Years | rr_ExpenseExampleYear03 | 873 |
With Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,185 |
With Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,782 |
No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 185 |
No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 573 |
No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 985 |
No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 1,782 |
Past 1 Year | rr_AverageAnnualReturnYear01 | (9.44%) |
Past 5 Years | rr_AverageAnnualReturnYear05 | (3.59%) |
Past 10 Years | rr_AverageAnnualReturnYear10 | 2.80% |
Davis New York Venture Fund | Class C shares
|
||
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.) | rr_RedemptionFeeOverRedemption | none |
Management Fees | rr_ManagementFeesOverAssets | 0.50% |
Distribution and/or service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% |
Other Expenses | rr_OtherExpensesOverAssets | 0.18% |
Total Annual Operating Expenses | rr_ExpensesOverAssets | 1.68% |
With Redemption, 1 Year | rr_ExpenseExampleYear01 | 271 |
With Redemption, 3 Years | rr_ExpenseExampleYear03 | 530 |
With Redemption, 5 Years | rr_ExpenseExampleYear05 | 913 |
With Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,987 |
No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 171 |
No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 530 |
No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 913 |
No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 1,987 |
Past 1 Year | rr_AverageAnnualReturnYear01 | (6.46%) |
Past 5 Years | rr_AverageAnnualReturnYear05 | (3.12%) |
Past 10 Years | rr_AverageAnnualReturnYear10 | 2.57% |
Davis New York Venture Fund | Class Y shares
|
||
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.) | rr_RedemptionFeeOverRedemption | none |
Management Fees | rr_ManagementFeesOverAssets | 0.50% |
Distribution and/or service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none |
Other Expenses | rr_OtherExpensesOverAssets | 0.14% |
Total Annual Operating Expenses | rr_ExpensesOverAssets | 0.64% |
With Redemption, 1 Year | rr_ExpenseExampleYear01 | 65 |
With Redemption, 3 Years | rr_ExpenseExampleYear03 | 205 |
With Redemption, 5 Years | rr_ExpenseExampleYear05 | 357 |
With Redemption, 10 Years | rr_ExpenseExampleYear10 | 798 |
No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 65 |
No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 205 |
No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 357 |
No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 798 |
Past 1 Year | rr_AverageAnnualReturnYear01 | (4.55%) |
Past 5 Years | rr_AverageAnnualReturnYear05 | (2.10%) |
Past 10 Years | rr_AverageAnnualReturnYear10 | 3.67% |
Davis New York Venture Fund | Class R shares
|
||
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.) | rr_RedemptionFeeOverRedemption | none |
Management Fees | rr_ManagementFeesOverAssets | 0.50% |
Distribution and/or service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.50% |
Other Expenses | rr_OtherExpensesOverAssets | 0.20% |
Total Annual Operating Expenses | rr_ExpensesOverAssets | 1.20% |
With Redemption, 1 Year | rr_ExpenseExampleYear01 | 122 |
With Redemption, 3 Years | rr_ExpenseExampleYear03 | 381 |
With Redemption, 5 Years | rr_ExpenseExampleYear05 | 660 |
With Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,455 |
No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 122 |
No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 381 |
No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 660 |
No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 1,455 |
Past 1 Year | rr_AverageAnnualReturnYear01 | (5.07%) |
Past 5 Years | rr_AverageAnnualReturnYear05 | (2.69%) |
Lifetime | rr_AverageAnnualReturnSinceInception | 4.39% |
Inception Date | rr_AverageAnnualReturnInceptionDate | Aug. 20, 2003 |
Davis Research Fund
|
||
Risk/Return: | rr_RiskReturnAbstract | |
Risk/Return | rr_RiskReturnHeading | Fund Summary: Davis Research Fund |
Investment Objective: | rr_ObjectiveHeading | Investment Objective |
Investment Objective | rr_ObjectivePrimaryTextBlock | Davis Research Fund's investment objective is long-term growth of capital. |
Fees and expenses of the fund: | rr_ExpenseHeading | Fees and Expenses of Davis Research 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 Research 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 28 and in the "Selecting the Appropriate Class of Shares" section of the Fund's statement of additional information on page 45. |
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 Research 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 30% of the average value of its portfolio. |
Portfolio Turnover Rate | rr_PortfolioTurnoverRate | 30.00% |
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 Research 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 the majority of the Fund's assets in equity securities (typically common stocks, but may also include preferred stocks, American Depository Receipts, Global Depository Receipts, convertible bonds, and other forms of equity securities) issued by medium and large capitalization companies. The Fund considers companies with market capitalizations of at least $10 billion to be large-capitalization companies and companies with market capitalizations between $3 billion and $10 billion to be medium-capitalization companies. The Fund has the flexibility to invest in foreign securities. 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. 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. |
Risk, Heading | rr_RiskHeading | Principal Risks of Investing in Davis Research Fund |
Risk, Narrative | rr_RiskNarrativeTextBlock |
You may lose money by investing in Davis Research 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:
|
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 Research 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 (Results do not include a sales charge; if a sales charge were included, results would be lower.) |
Bar Chart, Narrative | rr_BarChartNarrativeTextBlock |
The bar chart below provides some indication of the risks of investing in Davis Research 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 S&P 500(R) 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 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. |
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 Research Fund Average Annual Total Returns |
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. |
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | for the periods ended December 31, 2010 (with maximum sales charge) |
Davis Research Fund | S&P500® Index - reflects no deduction for fees, expenses or taxes
|
||
Risk/Return: | rr_RiskReturnAbstract | |
Past 1 Year | rr_AverageAnnualReturnYear01 | 2.11% |
Past 5 Years | rr_AverageAnnualReturnYear05 | (0.25%) |
Past 10 Years | rr_AverageAnnualReturnYear10 | 2.92% |
Davis Research Fund | Class A shares
|
||
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.) | rr_RedemptionFeeOverRedemption | none |
Management Fees | rr_ManagementFeesOverAssets | 0.55% |
Distribution and/or service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none |
Other Expenses | rr_OtherExpensesOverAssets | 0.23% |
Total Annual Operating Expenses | rr_ExpensesOverAssets | 0.78% |
With Redemption, 1 Year | rr_ExpenseExampleYear01 | 551 |
With Redemption, 3 Years | rr_ExpenseExampleYear03 | 712 |
With Redemption, 5 Years | rr_ExpenseExampleYear05 | 888 |
With Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,395 |
No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 551 |
No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 712 |
No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 888 |
No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 1,395 |
2002 | rr_AnnualReturn2002 | (14.37%) |
2003 | rr_AnnualReturn2003 | 29.52% |
2004 | rr_AnnualReturn2004 | 16.65% |
2005 | rr_AnnualReturn2005 | 11.64% |
2006 | rr_AnnualReturn2006 | 14.33% |
2007 | rr_AnnualReturn2007 | 4.18% |
2008 | rr_AnnualReturn2008 | (42.61%) |
2009 | rr_AnnualReturn2009 | 38.18% |
2010 | rr_AnnualReturn2010 | 11.09% |
2011 | rr_AnnualReturn2011 | (2.52%) |
Bar Chart, Closing | rr_BarChartClosingTextBlock |
Highest/Lowest quarterly results during this time period were: Highest 16.62% for the quarter ended June 30, 2009 Lowest (24.57%) for the quarter ended December 31, 2008 Total return for the nine months ended September 30, 2012 (not annualized) was 11.81%. |
Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Sep. 30, 2012 |
Year to Date Return | rr_BarChartYearToDateReturn | 11.81% |
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Highest quarter |
Highest Quarterly Return Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 |
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 16.62% |
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Lowest quarter |
Lowest Quarterly Return Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 |
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (24.57%) |
Past 1 Year | rr_AverageAnnualReturnYear01 | (7.12%) |
Past 5 Years | rr_AverageAnnualReturnYear05 | (3.15%) |
Past 10 Years | rr_AverageAnnualReturnYear10 | 3.47% |
Davis Research Fund | Class A shares | return after taxes on distributions
|
||
Risk/Return: | rr_RiskReturnAbstract | |
Past 1 Year | rr_AverageAnnualReturnYear01 | (7.24%) |
Past 5 Years | rr_AverageAnnualReturnYear05 | (3.45%) |
Past 10 Years | rr_AverageAnnualReturnYear10 | 3.02% |
Davis Research Fund | Class A shares | return after taxes on distributions and sale of fund shares
|
||
Risk/Return: | rr_RiskReturnAbstract | |
Past 1 Year | rr_AverageAnnualReturnYear01 | (4.47%) |
Past 5 Years | rr_AverageAnnualReturnYear05 | (2.64%) |
Past 10 Years | rr_AverageAnnualReturnYear10 | 2.97% |