DAVIS GLOBAL FUND | Schedule of Investments |
January 31, 2021 (Unaudited) |
Shares/Units | Value | |||||||||||
COMMON STOCK – (91.10%) | ||||||||||||
COMMUNICATION SERVICES – (11.65%) | ||||||||||||
Media & Entertainment – (11.65%) | ||||||||||||
Alphabet Inc., Class A * | 1,128 | $ | 2,061,262 | |||||||||
Alphabet Inc., Class C * | 39,893 | 73,233,176 | ||||||||||
ASAC II L.P. *(a)(b) | 35,352 | 36,183 | ||||||||||
Facebook, Inc., Class A * | 130,280 | 33,655,232 | ||||||||||
Fang Holdings Ltd., Class A, ADR (China)* | 23,014 | 280,541 | ||||||||||
IAC/InterActiveCorp * | 172,610 | 36,239,469 | ||||||||||
Kuaishou Technology, Class B (China)* | 15,490 | 232,071 | ||||||||||
Liberty Media Corp., Liberty Formula One, Series A * | 16,470 | 597,038 | ||||||||||
Liberty Media Corp., Liberty Formula One, Series C * | 135,371 | 5,445,975 | ||||||||||
Total Communication Services | 151,780,947 | |||||||||||
CONSUMER DISCRETIONARY – (31.20%) | ||||||||||||
Consumer Services – (5.46%) | ||||||||||||
New Oriental Education & Technology Group, Inc., ADR (China)* | 424,980 | 71,184,150 | ||||||||||
Retailing – (25.74%) | ||||||||||||
Alibaba Group Holding Ltd., ADR (China)* | 294,830 | 74,836,699 | ||||||||||
Amazon.com, Inc. * | 11,020 | 35,332,324 | ||||||||||
JD.com, Inc., Class A, ADR (China)* | 785,155 | 69,635,397 | ||||||||||
Meituan, Class B (China)* | 1,450,589 | 66,885,754 | ||||||||||
Naspers Ltd. - N (South Africa) | 232,390 | 53,758,592 | ||||||||||
Prosus N.V., Class N (Netherlands) | 232,390 | 27,150,314 | ||||||||||
Quotient Technology Inc. * | 872,710 | 7,732,210 | ||||||||||
335,331,290 | ||||||||||||
Total Consumer Discretionary | 406,515,440 | |||||||||||
FINANCIALS – (32.11%) | ||||||||||||
Banks – (17.03%) | ||||||||||||
Bank of N.T. Butterfield & Son Ltd. (Bermuda) | 478,120 | 14,539,629 | ||||||||||
Danske Bank A/S (Denmark) | 2,670,750 | 45,466,520 | ||||||||||
DBS Group Holdings Ltd. (Singapore) | 1,942,486 | 36,629,943 | ||||||||||
DNB ASA (Norway) | 2,930,210 | 57,046,673 | ||||||||||
Metro Bank PLC (United Kingdom)* | 2,202,002 | 3,559,085 | ||||||||||
Wells Fargo & Co. | 2,164,260 | 64,668,089 | ||||||||||
221,909,939 | ||||||||||||
Diversified Financials – (11.02%) | ||||||||||||
Capital Markets – (2.79%) | ||||||||||||
Julius Baer Group Ltd. (Switzerland) | 451,500 | 27,318,134 | ||||||||||
Noah Holdings Ltd., Class A, ADS (China)* | 190,210 | 9,053,996 | ||||||||||
36,372,130 | ||||||||||||
Consumer Finance – (6.31%) | ||||||||||||
Capital One Financial Corp. | 776,130 | 80,919,314 | ||||||||||
Yiren Digital Ltd., ADR (China)* | 373,766 | 1,293,230 | ||||||||||
82,212,544 | ||||||||||||
Diversified Financial Services – (1.92%) | ||||||||||||
Berkshire Hathaway Inc., Class B * | 109,930 | 25,049,749 | ||||||||||
143,634,423 | ||||||||||||
Insurance – (4.06%) | ||||||||||||
Life & Health Insurance – (4.06%) | ||||||||||||
AIA Group Ltd. (Hong Kong) | 4,382,180 | 52,834,832 | ||||||||||
Total Financials | 418,379,194 |
1
DAVIS GLOBAL FUND – (CONTINUED) | Schedule of Investments |
January 31, 2021 (Unaudited) |
Shares | Value | |||||||||||
COMMON STOCK – (CONTINUED) | ||||||||||||
HEALTH CARE – (2.44%) | ||||||||||||
Health Care Equipment & Services – (0.54%) | ||||||||||||
Cigna Corp. | 32,780 | $ | 7,114,899 | |||||||||
Pharmaceuticals, Biotechnology & Life Sciences – (1.90%) | ||||||||||||
Viatris Inc. * | 1,455,510 | 24,729,115 | ||||||||||
Total Health Care | 31,844,014 | |||||||||||
INDUSTRIALS – (3.86%) | ||||||||||||
Capital Goods – (3.82%) | ||||||||||||
Carrier Global Corp. | 556,833 | 21,438,071 | ||||||||||
Ferguson PLC (United Kingdom) | 25,054 | 2,908,989 | ||||||||||
Raytheon Technologies Corp. | 380,716 | 25,405,179 | ||||||||||
49,752,239 | ||||||||||||
Commercial & Professional Services – (0.04%) | ||||||||||||
China Index Holdings Ltd., Class A, ADR (China)* | 249,769 | 519,519 | ||||||||||
Total Industrials | 50,271,758 | |||||||||||
INFORMATION TECHNOLOGY – (9.84%) | ||||||||||||
Semiconductors & Semiconductor Equipment – (7.92%) | ||||||||||||
Applied Materials, Inc. | 817,660 | 79,051,369 | ||||||||||
Intel Corp. | 435,310 | 24,164,058 | ||||||||||
103,215,427 | ||||||||||||
Technology Hardware & Equipment – (1.92%) | ||||||||||||
Hollysys Automation Technologies Ltd. (China) | 1,796,296 | 25,004,440 | ||||||||||
Total Information Technology | 128,219,867 | |||||||||||
TOTAL COMMON STOCK – (Identified cost $750,714,679) | 1,187,011,220 | |||||||||||
PREFERRED STOCK – (7.74%) | ||||||||||||
CONSUMER DISCRETIONARY – (4.27%) | ||||||||||||
Retailing – (4.27%) | ||||||||||||
Missfresh Ltd., Series E (China)*(a)(b) | 10,559,338 | 55,682,557 | ||||||||||
Total Consumer Discretionary | 55,682,557 | |||||||||||
INDUSTRIALS – (3.47%) | ||||||||||||
Transportation – (3.47%) | ||||||||||||
Didi Chuxing Joint Co., Series A*(a)(b) | 479,462 | 18,780,526 | ||||||||||
Didi Chuxing Joint Co., Series B*(a)(b) | 63,325 | 2,480,440 | ||||||||||
Grab Holdings Inc., Series F*(a)(b) | 2,398,770 | 13,433,112 | ||||||||||
Grab Holdings Inc., Series G*(a)(b) | 1,881,391 | 10,535,790 | ||||||||||
Total Industrials | 45,229,868 | |||||||||||
TOTAL PREFERRED STOCK – (Identified cost $84,245,749) | 100,912,425 |
2
DAVIS GLOBAL FUND – (CONTINUED) | Schedule of Investments |
January 31, 2021 (Unaudited) |
Principal | Value | |||||||||||
SHORT-TERM INVESTMENTS – (1.07%) | ||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 0.07%, 02/01/21, dated 01/29/21, repurchase value of $10,331,060 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 02/28/21-12/20/70, total market value $10,537,620) | $ | 10,331,000 | $ | 10,331,000 | ||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 0.07%, 02/01/21, dated 01/29/21, repurchase value of $3,582,021 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.50%-3.00%, 01/01/36-01/01/51, total market value $3,653,640) | 3,582,000 | 3,582,000 | ||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $13,913,000) | 13,913,000 | |||||||||||
Total Investments – (99.91%) – (Identified cost $848,873,428) | 1,301,836,645 | |||||||||||
Other Assets Less Liabilities – (0.09%) | 1,112,847 | |||||||||||
Net Assets – (100.00%) | $ | 1,302,949,492 | ||||||||||
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 $100,948,608 or 7.75% of the Fund's net assets as of January 31, 2021. | |||||||||||
(b) | The value of this security was determined using significant unobservable inputs. |
Please refer to “Notes to Schedule of Investments” on page 7 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.
3
DAVIS INTERNATIONAL FUND | Schedule of Investments |
January 31, 2021 (Unaudited) |
Shares | Value | |||||||||||
COMMON STOCK – (78.83%) | ||||||||||||
COMMUNICATION SERVICES – (2.20%) | ||||||||||||
Media & Entertainment – (2.20%) | ||||||||||||
Baidu, Inc., Class A, ADR (China)* | 20,645 | $ | 4,851,988 | |||||||||
Fang Holdings Ltd., Class A, ADR (China)* | 14,160 | 172,610 | ||||||||||
iQIYI, Inc., Class A, ADR (China)* | 263,290 | 5,752,886 | ||||||||||
Kuaishou Technology, Class B (China)* | 5,840 | 87,495 | ||||||||||
Total Communication Services | 10,864,979 | |||||||||||
CONSUMER DISCRETIONARY – (37.94%) | ||||||||||||
Consumer Durables & Apparel – (2.33%) | ||||||||||||
Fila Holdings Corp. (South Korea) | 302,340 | 11,532,875 | ||||||||||
Consumer Services – (9.40%) | ||||||||||||
New Oriental Education & Technology Group, Inc., ADR (China)* | 277,350 | 46,456,125 | ||||||||||
Retailing – (26.21%) | ||||||||||||
Alibaba Group Holding Ltd., ADR (China)* | 123,620 | 31,378,465 | ||||||||||
JD.com, Inc., Class A, ADR (China)* | 479,080 | 42,489,605 | ||||||||||
Meituan, Class B (China)* | 335,611 | 15,474,814 | ||||||||||
Naspers Ltd. - N (South Africa) | 101,420 | 23,461,407 | ||||||||||
Prosus N.V., Class N (Netherlands) | 107,960 | 12,613,055 | ||||||||||
Trip.com Group Ltd., ADR (China)* | 129,590 | 4,124,850 | ||||||||||
129,542,196 | ||||||||||||
Total Consumer Discretionary | 187,531,196 | |||||||||||
FINANCIALS – (25.46%) | ||||||||||||
Banks – (16.39%) | ||||||||||||
Bank of N.T. Butterfield & Son Ltd. (Bermuda) | 386,410 | 11,750,728 | ||||||||||
Danske Bank A/S (Denmark) | 1,276,260 | 21,726,894 | ||||||||||
DBS Group Holdings Ltd. (Singapore) | 1,193,680 | 22,509,521 | ||||||||||
DNB ASA (Norway) | 1,224,832 | 23,845,591 | ||||||||||
Metro Bank PLC (United Kingdom)* | 712,490 | 1,151,594 | ||||||||||
80,984,328 | ||||||||||||
Diversified Financials – (4.72%) | ||||||||||||
Capital Markets – (4.62%) | ||||||||||||
Julius Baer Group Ltd. (Switzerland) | 291,900 | 17,661,491 | ||||||||||
Noah Holdings Ltd., Class A, ADS (China)* | 109,270 | 5,201,252 | ||||||||||
22,862,743 | ||||||||||||
Consumer Finance – (0.10%) | ||||||||||||
Yiren Digital Ltd., ADR (China)* | 139,260 | 481,840 | ||||||||||
23,344,583 | ||||||||||||
Insurance – (4.35%) | ||||||||||||
Life & Health Insurance – (4.35%) | ||||||||||||
AIA Group Ltd. (Hong Kong) | 1,782,300 | 21,488,739 | ||||||||||
Total Financials | 125,817,650 | |||||||||||
INDUSTRIALS – (8.10%) | ||||||||||||
Capital Goods – (7.63%) | ||||||||||||
Ferguson PLC (United Kingdom) | 149,162 | 17,319,018 | ||||||||||
Schneider Electric SE (France) | 139,350 | 20,395,355 | ||||||||||
37,714,373 | ||||||||||||
Commercial & Professional Services – (0.47%) | ||||||||||||
China Index Holdings Ltd., Class A, ADR (China)* | 1,116,608 | 2,322,545 | ||||||||||
Total Industrials | 40,036,918 |
4
DAVIS INTERNATIONAL FUND – (CONTINUED) | Schedule of Investments |
January 31, 2021 (Unaudited) |
Shares | Value | ||||||||||
COMMON STOCK – (CONTINUED) | |||||||||||
INFORMATION TECHNOLOGY – (5.13%) | |||||||||||
Semiconductors & Semiconductor Equipment – (3.18%) | |||||||||||
Tokyo Electron Ltd. (Japan) | 41,300 | $ | 15,704,444 | ||||||||
Technology Hardware & Equipment – (1.95%) | |||||||||||
Hollysys Automation Technologies Ltd. (China) | 693,546 | 9,654,160 | |||||||||
Total Information Technology | 25,358,604 | ||||||||||
TOTAL COMMON STOCK – (Identified cost $276,646,233) | 389,609,347 | ||||||||||
PREFERRED STOCK – (5.48%) | |||||||||||
CONSUMER DISCRETIONARY – (3.51%) | |||||||||||
Retailing – (3.51%) | |||||||||||
Missfresh Ltd., Series E (China)*(a)(b) | 3,292,318 | 17,361,380 | |||||||||
Total Consumer Discretionary | 17,361,380 | ||||||||||
INDUSTRIALS – (1.97%) | |||||||||||
Transportation – (1.97%) | |||||||||||
Didi Chuxing Joint Co., Series A (China)* (a)(b) | 128,505 | 5,033,541 | |||||||||
Grab Holdings Inc., Series F (Singapore)* (a)(b) | 549,889 | 3,079,378 | |||||||||
Grab Holdings Inc., Series G (Singapore)* (a)(b) | 286,316 | 1,603,370 | |||||||||
Total Industrials | 9,716,289 | ||||||||||
TOTAL PREFERRED STOCK – (Identified cost $22,028,595) | 27,077,669 |
5
DAVIS INTERNATIONAL FUND – (CONTINUED) | Schedule of Investments |
January 31, 2021 (Unaudited) |
Principal | Value | |||||||||||
SHORT-TERM INVESTMENTS – (15.98%) | ||||||||||||
StoneX Financial Inc. Joint Repurchase Agreement, 0.07%, 02/01/21, dated 01/29/21, repurchase value of $58,654,342 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-8.50%, 02/28/21-12/20/70, total market value $59,827,080) | $ | 58,654,000 | $ | 58,654,000 | ||||||||
Truist Securities, Inc. Joint Repurchase Agreement, 0.07%, 02/01/21, dated 01/29/21, repurchase value of $20,333,119 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 1.50%-3.00%, 01/01/36-02/01/51, total market value $20,739,660) | 20,333,000 | 20,333,000 | ||||||||||
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $78,987,000) | 78,987,000 | |||||||||||
Total Investments – (100.29%) – (Identified cost $377,661,828) | 495,674,016 | |||||||||||
Liabilities Less Other Assets – (0.29%) | (1,454,481) | |||||||||||
Net Assets – (100.00%) | $ | 494,219,535 | ||||||||||
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 $27,077,669 or 5.48% of the Fund's net assets as of January 31, 2021. | |||||||||||
(b) | The value of this security was determined using significant unobservable inputs. |
Please refer to “Notes to Schedule of Investments” on page 7 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.
6
DAVIS GLOBAL FUND | Notes to Schedule of Investments |
DAVIS INTERNATIONAL FUND | January 31, 2021 (Unaudited) |
Security Valuation - The Funds calculate the net asset value of their shares as of the close of the New York Stock Exchange (“Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Funds’ assets are valued. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what Davis Selected Advisers, L.P. (“Adviser”), the Funds’ investment adviser, identifies as a significant event occurring before the Funds’ assets are valued, but after the close of their respective exchanges will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Funds’ Pricing Committee and Board of Directors. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser’s portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Adviser may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer’s industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security’s fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a
security may be higher or lower than the security’s value would be if a reliable market quotation of the security was readily available. Fair value determinations are subject to review, approval, and ratification by the Funds’ Board of Directors at its next regularly scheduled meeting covering the period in which the fair valuation was determined. Fair valuation methods used by the Funds may include, but are not limited to, valuing securities initially at cost (excluding commissions) and subsequently adjusting the value due to: additional transactions by the issuer, changes in company specific fundamentals and changes in the value of similar securities. Values may be further adjusted for any discounts related to security-specific resale restrictions.
Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value.
The Funds’ valuation procedures are reviewed and subject to approval by the Board of Directors. There have been no significant changes to the fair valuation procedures during the period.
Fair Value Measurements - Fair value is defined as the price that the Funds would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market for the investment. Various inputs are used to determine the fair value of the Funds’ investments. These inputs are summarized in the three broad levels listed below.
Level 1 – | quoted prices in active markets for identical securities |
Level 2 – | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
Level 3 – | significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Funds can obtain the fair value assigned to a security if they were to sell the security.
7
DAVIS GLOBAL FUND | Notes to Schedule of Investments – (Continued) |
DAVIS INTERNATIONAL FUND | January 31, 2021 (Unaudited) |
Fair Value Measurements - (Continued)
The following is a summary of the inputs used as of January 31, 2021 in valuing each Fund’s investments carried at value:
Investments in Securities at Value | |||||
Davis Global | Davis International | ||||
Fund | Fund | ||||
Valuation Inputs | |||||
Level 1 – Quoted Prices: | |||||
Common Stock: | |||||
Communication Services | $ | 151,512,693 | $ | 10,777,484 | |
Consumer Discretionary | 258,720,780 | 124,449,045 | |||
Financials | 186,470,011 | 12,232,568 | |||
Health Care | 31,844,014 | – | |||
Industrials | 47,362,769 | 2,322,545 | |||
Information Technology | 128,219,867 | 9,654,160 | |||
Total Level 1 | 804,130,134 | 159,435,802 | |||
Level 2 – Other Significant Observable Inputs: | |||||
Common Stock:* | |||||
Communication Services | 232,071 | 87,495 | |||
Consumer Discretionary | 147,794,660 | 63,082,151 | |||
Financials | 231,909,183 | 113,585,082 | |||
Industrials | 2,908,989 | 37,714,373 | |||
Information Technology | – | 15,704,444 | |||
Short-Term Investments | 13,913,000 | 78,987,000 | |||
Total Level 2 | 396,757,903 | 309,160,545 | |||
Level 3 – Significant Unobservable Inputs: | |||||
Common Stock: | |||||
Communication Services | 36,183 | – | |||
Preferred Stock: | |||||
Consumer Discretionary | 55,682,557 | 17,361,380 | |||
Industrials | 45,229,868 | 9,716,289 | |||
Total Level 3 | 100,948,608 | 27,077,669 | |||
Total Investments | $ | 1,301,836,645 | $ | 495,674,016 |
*Includes certain securities trading primarily outside the U.S. whose value the Funds adjusted as a result of significant market movements following the close of local trading.
The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the three months ended January 31, 2021. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at January 31, 2021 was $3,745,944 and $780,578 for Davis Global Fund and Davis International Fund, respectively. There were no transfers of investments into or out of Level 3 of the fair value hierarchy during the period. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges.
Beginning Balance November 1, 2020 | Cost of Purchases | Net Change in Unrealized Appreciation (Depreciation) | Net Realized Gain (Loss) | Proceeds from Sales | Ending Balance January 31, 2021 | |||||||||||||
Davis Global Fund | ||||||||||||||||||
Investments in Securities: | ||||||||||||||||||
Common Stock | $ | 36,183 | $ | – | $ | – | $ | – | $ | – | $ | 36,183 | ||||||
Preferred Stock | 97,166,481 | – | 3,745,944 | – | – | 100,912,425 | ||||||||||||
Total Level 3 | $ | 97,202,664 | $ | – | $ | 3,745,944 | $ | – | $ | – | $ | 100,948,608 | ||||||
Davis International Fund | ||||||||||||||||||
Investments in Securities: | ||||||||||||||||||
Preferred Stock | $ | 26,297,091 | $ | – | $ | 780,578 | $ | – | $ | – | $ | 27,077,669 | ||||||
Total Level 3 | $ | 26,297,091 | $ | – | $ | 780,578 | $ | – | $ | – | $ | 27,077,669 |
8
DAVIS GLOBAL FUND | Notes to Schedule of Investments – (Continued) |
DAVIS INTERNATIONAL FUND | January 31, 2021 (Unaudited) |
Fair Value Measurements - (Continued)
The following table is a summary of those assets in which significant unobservable inputs (Level 3) were used by the Adviser in determining fair value. Note that these amounts exclude any valuations provided by a pricing service or broker.
Fair Value at | Valuation | Unobservable | Amount | Impact to Valuation from | |||||||
January 31, 2021 | Technique | Input(s) | or Range | an Increase in Input | |||||||
Davis Global Fund | |||||||||||
Investments in Securities: | |||||||||||
Common Stock | $ | 36,183 | Discounted Cash Flow | Annualized Yield | 1.237% | Decrease | |||||
Preferred Stock | 21,260,966 | Market Approach | Volume-Weighted Transaction Price | $37.00 - $42.00 | Increase | ||||||
Preferred Stock | 23,968,902 | Market Approach | Volume-Weighted Transaction Price | $4.93 - $6.26 | Increase | ||||||
Preferred Stock | 55,682,557 | Market Approach | Transaction Price | $5.2733 | Increase | ||||||
Total Level 3 | $ | 100,948,608 | |||||||||
Davis International Fund | |||||||||||
Investments in Securities: | |||||||||||
Preferred Stock | $ | 5,033,541 | Market Approach | Volume-Weighted Transaction Price | $37.00 - $42.00 | Increase | |||||
Preferred Stock | 4,682,748 | Market Approach | Volume-Weighted Transaction Price | $4.93 - $6.26 | Increase | ||||||
Preferred Stock | 17,361,380 | Market Approach | Transaction Price | $5.2733 | Increase | ||||||
Total Level 3 | $ | 27,077,669 |
The significant unobservable inputs listed in the above table are used in the fair value measurement of equity securities, and if changed, would affect the fair value of the Funds’ investments. The transaction price inputs are attributable to private securities and include assumptions made from private transactions. The “Impact to Valuation from an Increase in Input” represents the change in fair value measurement resulting from an increase in the corresponding input. A decrease in the input would have the opposite effect.
Federal Income Taxes
At January 31, 2021, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:
Davis Global | Davis International | |||||
Fund | Fund | |||||
Cost | $ | 869,219,266 | $ | 386,155,923 | ||
Unrealized appreciation | 496,476,225 | 129,403,968 | ||||
Unrealized depreciation | (63,858,846) | (19,885,875) | ||||
Net unrealized appreciation | $ | 432,617,379 | $ | 109,518,093 |
9
DAVIS GLOBAL FUND | Notes to Schedule of Investments – (Continued) |
DAVIS INTERNATIONAL FUND | January 31, 2021 (Unaudited) |
Coronavirus (COVID-19) Pandemic
The rapid and global spread of a highly contagious novel coronavirus respiratory disease, COVID-19, has resulted in extreme volatility in the financial markets and severe losses; reduced liquidity of many instruments; significant disruptions to business operations (including business closures); disruptions to supply chains, consumer demand and employee availability; and widespread uncertainty regarding the duration and long-term effects of this pandemic. Some sectors of the economy and individual issuers have experienced particularly large losses. In addition, the COVID-19 pandemic may result in a sustained economic downturn or a global recession. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The COVID-19 pandemic could adversely affect the value and liquidity of a fund’s investments, impair a fund’s ability to satisfy redemption requests, and negatively impact fund performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a fund by its service providers.
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