Davis NY Venture A (NYVTX) NPORT-P Davis International Fund (Jan 2023 report)

DAVIS GLOBAL FUND	Schedule of Investments
	January 31, 2023 (Unaudited)

						Shares/Units		Value
COMMON STOCK – (99.61%)
	COMMUNICATION SERVICES – (12.53%)
		Media & Entertainment – (12.53%)
				Alphabet Inc., Class C  *			263,700	$	26,335,719
				ASAC II L.P.  *(a)(b)			35,352		34,401
				IAC Inc.  *			94,630		5,346,595
				iQIYI, Inc., Class A, ADR  (China)*			682,800		4,574,760
				Liberty Media Corp., Liberty Formula One, Series A  *			186,710		11,889,693
				Liberty Media Corp., Liberty Formula One, Series C  *			106,135		7,514,358
				Meta Platforms, Inc., Class A  *			318,550		47,454,393
					Total Communication Services				103,149,919
	CONSUMER DISCRETIONARY – (22.53%)
		Consumer Durables & Apparel – (1.03%)
				Fila Holdings Corp.  (South Korea)			267,490		8,448,660
		Retailing – (21.50%)
				Alibaba Group Holding Ltd.  (China)*			843,900		11,602,494
				Alibaba Group Holding Ltd., ADR  (China)*			91,500		10,083,300
				Amazon.com, Inc.  *			333,990		34,444,389
				Coupang, Inc., Class A  (South Korea)*			479,280		8,095,039
				Delivery Hero SE  (Germany)*			282,170		17,059,115
				JD.com, Inc., Class A  (China)			70,930		2,106,149
				JD.com, Inc., Class A, ADR  (China)			441,185		26,263,743
				Meituan, Class B  (China)*			894,829		20,004,687
				Naspers Ltd. - N  (South Africa)			62,111		12,008,469
				Prosus N.V., Class N  (Netherlands)			438,090		35,373,677
									177,041,062
					Total Consumer Discretionary				185,489,722
	CONSUMER STAPLES – (1.50%)
		Food, Beverage & Tobacco – (1.50%)
				Darling Ingredients Inc.  *			186,740		12,378,995
					Total Consumer Staples				12,378,995
	FINANCIALS – (41.51%)
		Banks – (18.84%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			316,670		10,120,773
				Danske Bank A/S  (Denmark)			2,528,800		52,683,923
				DBS Group Holdings Ltd.  (Singapore)			1,538,794		42,126,442
				Metro Bank PLC  (United Kingdom)*			1,521,092		2,598,983
				Wells Fargo & Co.			1,015,330		47,588,517
									155,118,638
		Diversified Financials – (12.08%)
			Capital Markets – (4.90%)
				Julius Baer Group Ltd.  (Switzerland)			592,040		37,976,000
				Noah Holdings Ltd., Class A, ADS  (China)*			126,000		2,385,180
									40,361,180
			Consumer Finance – (4.41%)
				Capital One Financial Corp.			304,850		36,277,150
			Diversified Financial Services – (2.77%)
				Berkshire Hathaway Inc., Class B  *			73,290		22,831,301
									99,469,631

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DAVIS GLOBAL FUND – (CONTINUED)	Schedule of Investments
	January 31, 2023 (Unaudited)

							Shares		Value
COMMON STOCK – (CONTINUED)
	FINANCIALS – (CONTINUED)
		Insurance – (10.59%)
			Life & Health Insurance – (10.59%)
				AIA Group Ltd.  (Hong Kong)				2,901,780	$	32,812,297
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)				7,006,500		54,424,402
										87,236,699
						Total Financials				341,824,968
	HEALTH CARE – (5.11%)
		Health Care Equipment & Services – (1.78%)
				Cigna Group				46,450		14,709,321
		Pharmaceuticals, Biotechnology & Life Sciences – (3.33%)
				Viatris Inc.				2,254,350		27,412,896
						Total Health Care				42,122,217
	INDUSTRIALS – (2.69%)
		Capital Goods – (1.58%)
				Owens Corning				134,690		13,017,788
		Transportation – (1.11%)
				DiDi Global Inc., Class A, ADS  (China)*				2,023,878		9,147,929
						Total Industrials				22,165,717
	INFORMATION TECHNOLOGY – (9.74%)
		Semiconductors & Semiconductor Equipment – (2.67%)
				Applied Materials, Inc.				121,760		13,575,023
				Intel Corp.				297,650		8,411,589
										21,986,612
		Software & Services – (0.65%)
				Clear Secure, Inc., Class A				171,260		5,375,851
		Technology Hardware & Equipment – (6.42%)
				Hollysys Automation Technologies Ltd.  (China)				1,205,741		22,475,012
				Samsung Electronics Co., Ltd.  (South Korea)				609,930		30,380,753
										52,855,765
						Total Information Technology				80,218,228
	MATERIALS – (4.00%)
				Teck Resources Ltd., Class B  (Canada)				760,340		32,922,722
						Total Materials				32,922,722
					TOTAL COMMON STOCK – (Identified cost $643,076,494)					820,272,488

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DAVIS GLOBAL FUND – (CONTINUED)	Schedule of Investments
	January 31, 2023 (Unaudited)

							Principal			Value
SHORT-TERM INVESTMENTS – (0.64%)
			StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 02/01/23, dated 01/31/23, repurchase value of $3,024,361 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.25%-9.50%, 02/15/23-09/20/70, total market value $3,084,480)					$	3,024,000	$	3,024,000
			Truist Securities, Inc. Joint Repurchase Agreement, 4.29%, 02/01/23, dated 01/31/23, repurchase value of $2,226,265 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 2.50%-4.05%, 08/28/25-02/01/53, total market value $2,270,520)						2,226,000		2,226,000
					TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,250,000)						5,250,000
				Total Investments – (100.25%) – (Identified cost $648,326,494)							825,522,488
				Other Assets Less Liabilities – (0.25%)							(2,073,783)
						Net Assets – (100.00%)				$	823,448,705
	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 $34,401 or 0.004% of the Fund's net assets as of January 31, 2023.
	(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.

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DAVIS INTERNATIONAL FUND	Schedule of Investments
	January 31, 2023 (Unaudited)

						Shares		Value
COMMON STOCK – (97.05%)
	COMMUNICATION SERVICES – (2.75%)
		Media & Entertainment – (2.75%)
				Baidu, Inc., Class A, ADR  (China)*			27,840	$	3,749,491
				iQIYI, Inc., Class A, ADR  (China)*			224,100		1,501,470
					Total Communication Services				5,250,961
	CONSUMER DISCRETIONARY – (28.23%)
		Consumer Durables & Apparel – (3.03%)
				Fila Holdings Corp.  (South Korea)			183,090		5,782,890
		Retailing – (25.20%)
				Alibaba Group Holding Ltd., ADR  (China)*			68,900		7,592,780
				Coupang, Inc., Class A  (South Korea)*			111,240		1,878,844
				JD.com, Inc., Class A, ADR  (China)			184,080		10,958,282
				Meituan, Class B  (China)*			363,511		8,126,607
				Naspers Ltd. - N  (South Africa)			49,720		9,612,807
				Prosus N.V., Class N  (Netherlands)			122,362		9,880,148
									48,049,468
					Total Consumer Discretionary				53,832,358
	FINANCIALS – (41.46%)
		Banks – (21.84%)
				Bank of N.T. Butterfield & Son Ltd.  (Bermuda)			221,690		7,085,212
				Danske Bank A/S  (Denmark)			783,270		16,318,308
				DBS Group Holdings Ltd.  (Singapore)			535,510		14,660,267
				DNB Bank ASA  (Norway)			148,762		2,781,785
				Metro Bank PLC  (United Kingdom)*			472,490		807,310
									41,652,882
		Diversified Financials – (6.27%)
			Capital Markets – (6.27%)
				Julius Baer Group Ltd.  (Switzerland)			165,200		10,596,641
				Noah Holdings Ltd., Class A, ADS  (China)*			72,460		1,371,668
									11,968,309
		Insurance – (13.35%)
			Life & Health Insurance – (13.35%)
				AIA Group Ltd.  (Hong Kong)			1,113,100		12,586,539
				Ping An Insurance (Group) Co. of China, Ltd. - H  (China)			1,657,000		12,871,082
									25,457,621
					Total Financials				79,078,812
	INDUSTRIALS – (7.87%)
		Capital Goods – (5.78%)
				Ferguson plc			27,140		3,863,108
				Schneider Electric SE  (France)			44,160		7,163,438
									11,026,546
		Transportation – (2.09%)
				DiDi Global Inc., Class A, ADS  (China)*			879,576		3,975,684
					Total Industrials				15,002,230
	INFORMATION TECHNOLOGY – (12.93%)
		Semiconductors & Semiconductor Equipment – (3.00%)
				Tokyo Electron Ltd.  (Japan)			16,370		5,721,710
		Technology Hardware & Equipment – (9.93%)
				Hollysys Automation Technologies Ltd.  (China)			405,246		7,553,785

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DAVIS INTERNATIONAL FUND – (CONTINUED)	Schedule of Investments
	January 31, 2023 (Unaudited)

									Shares/Principal			Value
COMMON STOCK – (CONTINUED)
	INFORMATION TECHNOLOGY – (CONTINUED)
		Technology Hardware & Equipment – (Continued)
				Samsung Electronics Co., Ltd.  (South Korea)							228,520	$	11,382,634
													18,936,419
								Total Information Technology					24,658,129
	MATERIALS – (3.81%)
				Teck Resources Ltd., Class B  (Canada)							167,710		7,261,843
								Total Materials					7,261,843
						TOTAL COMMON STOCK – (Identified cost $155,457,308)							185,084,333
SHORT-TERM INVESTMENTS – (2.90%)
				StoneX Financial Inc. Joint Repurchase Agreement, 4.30%, 02/01/23, dated 01/31/23, repurchase value of $3,184,380 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.25%-9.50%, 02/15/23-09/20/70, total market value $3,247,680)						$	3,184,000		3,184,000
				Truist Securities, Inc. Joint Repurchase Agreement, 4.29%, 02/01/23, dated 01/31/23, repurchase value of $2,343,279 (collateralized by: U.S. Government agency mortgages and obligation in a pooled cash account, 2.00%-4.50%, 08/28/25-02/01/53, total market value $2,389,860)							2,343,000		2,343,000
						TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,527,000)							5,527,000
					Total Investments – (99.95%) – (Identified cost $160,984,308)								190,611,333
					Other Assets Less Liabilities – (0.05%)								104,236
							Net Assets – (100.00%)					$	190,715,569
	ADR: American Depositary Receipt
	ADS: American Depositary Share
	*		Non-income producing security.

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.

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DAVIS GLOBAL FUND	Notes to Schedule of Investments
DAVIS INTERNATIONAL FUND	January 31, 2023 (Unaudited)

Security Valuation - The Funds’ Board of Directors has designated Davis Selected Advisers, L.P. (“Adviser”), the Funds’ investment adviser, as the valuation designee for the Funds. The Adviser has established a Pricing Committee to carry out the day-to-day valuation activities for the Funds. 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 the 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 Pricing Committee. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser’s portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Pricing Committee may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer’s industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security’s fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

Short-term investments purchased within 60 days to maturity are valued at amortized cost, which approximates market value.

On a quarterly basis, the Board of Directors receives reports of valuation actions taken by the Pricing Committee. On at least an annual basis, the Board of Directors receives an assessment of the adequacy and effectiveness of the Adviser’s process for determining the fair value of the Funds’ investments.

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.

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DAVIS GLOBAL FUND	Notes to Schedule of Investments – (Continued)
DAVIS INTERNATIONAL FUND	January 31, 2023 (Unaudited)

Security Valuation – (Continued)

Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of January 31, 2023 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	$	103,115,518	$	5,250,961
Consumer Discretionary		78,886,471		20,429,906
Consumer Staples		12,378,995		–
Financials		119,202,921		8,456,880
Health Care		42,122,217		–
Industrials		22,165,717		7,838,792
Information Technology		49,837,475		7,553,785
Materials		32,922,722		7,261,843
Total Level 1		460,632,036		56,792,167
Level 2 – Other Significant Observable Inputs:
Common Stock:*
Consumer Discretionary		106,603,251		33,402,452
Financials		222,622,047		70,621,932
Industrials		–		7,163,438
Information Technology		30,380,753		17,104,344
Short-Term Investments		5,250,000		5,527,000
Total Level 2		364,856,051		133,819,166
Level 3 – Significant Unobservable Inputs:
Common Stock:
Communication Services		34,401		–
Total Level 3		34,401		–
Total Investments	$	825,522,488	$	190,611,333

*Includes certain securities trading primarily outside the U.S. whose value the Fund 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, 2023. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at January 31, 2023 was $(244) for Davis Global Fund. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges.

	Beginning Balance at November 1, 2022		Cost of Purchases		Net Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at January 31, 2023
Davis Global Fund
Investments in Securities:
Common Stock	$	34,645	$	–	$	(244)	$	–	$	–	$	–	$	34,401
Total Level 3	$	34,645	$	–	$	(244)	$	–	$	–	$	–	$	34,401

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DAVIS GLOBAL FUND	Notes to Schedule of Investments – (Continued)
DAVIS INTERNATIONAL FUND	January 31, 2023 (Unaudited)

Security Valuation – (Continued)

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		Impact to Valuation from an
	January 31, 2023		Technique	Input	Amount	Increase in Input
Davis Global Fund
Investments in Securities:
Common Stock	$	34,401	Discounted Cash Flow	Annualized Yield	5.406%	Decrease
Total Level 3	$	34,401

The significant unobservable input listed in the above table is used in the fair value measurement of common stock, and if changed, would affect the fair value of the Fund’s investments. 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, 2023, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:

	Davis Global		Davis International
	Fund		Fund
Cost	$	659,066,617	$	166,477,011
Unrealized appreciation		213,714,819		41,062,028
Unrealized depreciation		(47,258,948)		(16,927,706)
Net unrealized appreciation	$	166,455,871	$	24,134,322

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