Davis Global Fund
Davis International Fund
(portfolios of Davis New York Venture Fund, Inc.)
July 31, 2023
The Equity Specialists
DAVIS GLOBAL FUND
Schedule of Investments
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
Shares | Value | |
COMMON STOCK – (99.14%) | ||
COMMUNICATION SERVICES – (13.11%) | ||
Media & Entertainment – (13.11%) | ||
Alphabet Inc., Class C * | 141,610 | $18,849,707 |
ASAC II L.P. *(a)(b)(c) | 35,352 | 35,787 |
IAC Inc. * | 121,350 | 8,445,960 |
Liberty Media Corp., Liberty Formula One, Series A * | 171,400 | 11,017,592 |
Liberty Media Corp., Liberty Formula One, Series C * | 97,445 | 7,074,507 |
Meta Platforms, Inc., Class A * | 196,330 | 62,550,738 |
Total Communication Services | 107,974,291 | |
CONSUMER DISCRETIONARY – (23.03%) | ||
Consumer Discretionary Distribution & Retail – (15.42%) | ||
Amazon.com, Inc. * | 372,600 | 49,809,168 |
Coupang, Inc., Class A (South Korea) * | 458,730 | 8,325,949 |
JD.com, Inc., Class A (China) | 65,130 | 1,334,518 |
JD.com, Inc., Class A, ADR (China) | 591,605 | 24,439,203 |
Naspers Ltd. - N (South Africa) | 57,031 | 11,206,442 |
Prosus N.V., Class N (Netherlands) | 402,180 | 31,851,455 |
126,966,735 | ||
Consumer Durables & Apparel – (0.93%) | ||
Fila Holdings Corp. (South Korea) | 245,610 | 7,649,721 |
Consumer Services – (6.68%) | ||
Delivery Hero SE (Germany) * | 373,030 | 16,924,701 |
Meituan, Class B (China) * | 1,381,629 | 25,918,056 |
MGM Resorts International * | 239,420 | 12,155,353 |
54,998,110 | ||
Total Consumer Discretionary | 189,614,566 | |
CONSUMER STAPLES – (1.51%) | ||
Food, Beverage & Tobacco – (1.51%) | ||
Darling Ingredients Inc. * | 179,370 | 12,421,373 |
Total Consumer Staples | 12,421,373 | |
FINANCIALS – (39.87%) | ||
Banks – (18.23%) | ||
Bank of N.T. Butterfield & Son Ltd. (Bermuda) | 290,710 | 9,340,512 |
Danske Bank A/S (Denmark) | 2,494,590 | 59,204,828 |
DBS Group Holdings Ltd. (Singapore) | 1,412,594 | 36,394,413 |
Metro Bank Holdings PLC (United Kingdom) * | 1,396,402 | 2,118,229 |
Wells Fargo & Co. | 932,100 | 43,025,736 |
150,083,718 | ||
Financial Services – (12.71%) | ||
Capital Markets – (4.88%) | ||
Julius Baer Group Ltd. (Switzerland) | 543,500 | 38,391,835 |
Noah Holdings Ltd., Class A, ADS (China) | 115,670 | 1,760,498 |
40,152,333 | ||
Consumer Finance – (4.96%) | ||
Capital One Financial Corp. | 348,750 | 40,810,725 |
Financial Services – (2.87%) | ||
Berkshire Hathaway Inc., Class B * | 67,270 | 23,676,349 |
104,639,407 |
Shares | Value | |
COMMON STOCK – (CONTINUED) | ||
FINANCIALS – (CONTINUED) | ||
Insurance – (8.93%) | ||
Life & Health Insurance – (8.93%) | ||
AIA Group Ltd. (Hong Kong) | 2,322,780 | $23,052,375 |
Ping An Insurance (Group) Co. of China, Ltd. - H (China) | 7,006,500 | 50,534,771 |
73,587,146 | ||
Total Financials | 328,310,271 | |
HEALTH CARE – (4.41%) | ||
Health Care Equipment & Services – (1.53%) | ||
Cigna Group | 42,640 | 12,583,064 |
Pharmaceuticals, Biotechnology & Life Sciences – (2.88%) | ||
Viatris Inc. | 2,254,350 | 23,738,305 |
Total Health Care | 36,321,369 | |
INDUSTRIALS – (4.58%) | ||
Capital Goods – (2.28%) | ||
Owens Corning | 133,680 | 18,713,863 |
Transportation – (2.30%) | ||
DiDi Global Inc., Class A, ADS (China) * | 5,041,678 | 18,956,709 |
Total Industrials | 37,670,572 | |
INFORMATION TECHNOLOGY – (8.86%) | ||
Semiconductors & Semiconductor Equipment – (2.33%) | ||
Applied Materials, Inc. | 111,790 | 16,946,246 |
Intel Corp. | 61,860 | 2,212,732 |
19,158,978 | ||
Software & Services – (0.45%) | ||
Clear Secure, Inc., Class A | 157,210 | 3,727,449 |
Technology Hardware & Equipment – (6.08%) | ||
Hollysys Automation Technologies Ltd. (China) | 1,106,901 | 19,403,975 |
Samsung Electronics Co., Ltd. (South Korea) | 559,940 | 30,662,387 |
50,066,362 | ||
Total Information Technology | 72,952,789 | |
MATERIALS – (3.77%) | ||
Teck Resources Ltd., Class B (Canada) | 698,000 | 31,012,140 |
Total Materials | 31,012,140 | |
TOTAL COMMON STOCK – (Identified cost $592,788,190) | 816,277,371 |
Principal | Value | |
SHORT-TERM INVESTMENTS – (0.76%) | ||
Nomura Securities International, Inc. Joint Repurchase Agreement, 5.30%, 08/01/23 (d) | $3,146,000 | $3,146,000 |
StoneX Financial Inc. Joint Repurchase Agreement, 5.30%, 08/01/23 (e) | 3,131,000 | 3,131,000 |
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $6,277,000) | 6,277,000 | |
Total Investments – (99.90%) – (Identified cost $599,065,190) | 822,554,371 | |
Other Assets Less Liabilities – (0.10%) | 846,264 | |
Net Assets – (100.00%) | $823,400,635 |
ADR: | American Depositary Receipt |
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DAVIS GLOBAL FUND
Schedule of Investments - (Continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
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 Pricing Committee. The aggregate value of restricted securities amounted to $35,787 or 0.004% of the Fund's net assets as of July 31, 2023. |
(b) | The value of this security was determined using significant unobservable inputs. |
(c) | Limited partnership units. |
(d) | Dated 07/31/23, repurchase value of $3,146,463 (collateralized by: U.S. Government agency mortgage in a pooled cash account, 3.50%, 01/01/47, total market value $3,208,920) |
(e) | Dated 07/31/23, repurchase value of $3,131,461 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-10.00%, 08/25/23-04/20/73, total market value $3,193,620) |
Please refer to “Notes to Schedule of Investments” on page 4 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
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
Shares | Value | |
COMMON STOCK – (99.36%) | ||
COMMUNICATION SERVICES – (0.77%) | ||
Media & Entertainment – (0.77%) | ||
iQIYI, Inc., Class A, ADR (China) * | 211,580 | $1,341,417 |
Total Communication Services | 1,341,417 | |
CONSUMER DISCRETIONARY – (28.26%) | ||
Consumer Discretionary Distribution & Retail – (17.61%) | ||
Alibaba Group Holding Ltd., ADR (China) * | 31,710 | 3,239,494 |
Coupang, Inc., Class A (South Korea) * | 107,520 | 1,951,488 |
JD.com, Inc., Class A, ADR (China) | 173,790 | 7,179,265 |
Naspers Ltd. - N (South Africa) | 46,950 | 9,225,552 |
Prosus N.V., Class N (Netherlands) | 115,522 | 9,148,997 |
30,744,796 | ||
Consumer Durables & Apparel – (3.08%) | ||
Fila Holdings Corp. (South Korea) | 172,850 | 5,383,552 |
Consumer Services – (7.57%) | ||
Delivery Hero SE (Germany) * | 89,540 | 4,062,509 |
Meituan, Class B (China) * | 488,411 | 9,162,129 |
13,224,638 | ||
Total Consumer Discretionary | 49,352,986 | |
FINANCIALS – (41.72%) | ||
Banks – (22.39%) | ||
Bank of N.T. Butterfield & Son Ltd. (Bermuda) | 209,300 | 6,724,809 |
Danske Bank A/S (Denmark) | 664,420 | 15,768,873 |
DBS Group Holdings Ltd. (Singapore) | 505,610 | 13,026,658 |
DNB Bank ASA (Norway) | 140,432 | 2,897,305 |
Metro Bank Holdings PLC (United Kingdom) * | 446,090 | 676,682 |
39,094,327 | ||
Financial Services – (6.90%) | ||
Capital Markets – (6.90%) | ||
Julius Baer Group Ltd. (Switzerland) | 155,980 | 11,018,139 |
Noah Holdings Ltd., Class A, ADS (China) | 68,400 | 1,041,048 |
12,059,187 | ||
Insurance – (12.43%) | ||
Life & Health Insurance – (12.43%) | ||
AIA Group Ltd. (Hong Kong) | 1,050,900 | 10,429,633 |
Ping An Insurance (Group) Co. of China, Ltd. - H (China) | 1,564,500 | 11,284,043 |
21,713,676 | ||
Total Financials | 72,867,190 | |
INDUSTRIALS – (9.77%) | ||
Capital Goods – (6.65%) | ||
Ferguson plc | 25,920 | 4,189,191 |
Schneider Electric SE (France) | 41,690 | 7,427,617 |
11,616,808 | ||
Transportation – (3.12%) | ||
DiDi Global Inc., Class A, ADS (China) * | 1,450,206 | 5,452,774 |
Total Industrials | 17,069,582 |
�� | Shares | Value |
COMMON STOCK – (CONTINUED) | ||
INFORMATION TECHNOLOGY – (14.57%) | ||
Semiconductors & Semiconductor Equipment – (3.96%) | ||
Tokyo Electron Ltd. (Japan) | 46,310 | $6,915,657 |
Technology Hardware & Equipment – (10.61%) | ||
Hollysys Automation Technologies Ltd. (China) | 382,606 | 6,707,083 |
Samsung Electronics Co., Ltd. (South Korea) | 215,740 | 11,813,951 |
18,521,034 | ||
Total Information Technology | 25,436,691 | |
MATERIALS – (4.27%) | ||
Teck Resources Ltd., Class B (Canada) | 167,710 | 7,451,355 |
Total Materials | 7,451,355 | |
TOTAL COMMON STOCK – (Identified cost $143,230,608) | 173,519,221 |
Principal | Value | |
SHORT-TERM INVESTMENTS – (0.89%) | ||
Nomura Securities International, Inc. Joint Repurchase Agreement, 5.30%, 08/01/23 (a) | $777,000 | $777,000 |
StoneX Financial Inc. Joint Repurchase Agreement, 5.30%, 08/01/23 (b) | 773,000 | 773,000 |
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $1,550,000) | 1,550,000 | |
Total Investments – (100.25%) – (Identified cost $144,780,608) | 175,069,221 | |
Liabilities Less Other Assets – (0.25%) | (428,690 ) | |
Net Assets – (100.00%) | $174,640,531 |
ADR: | American Depositary Receipt |
ADS: | American Depositary Share |
* | Non-income producing security. |
(a) | Dated 07/31/23, repurchase value of $777,114 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%- 4.499%, 09/01/43-09/01/49, total market value $792,540). |
(b) | Dated 07/31/23, repurchase value of $773,114 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-10.00%, 08/25/23-04/20/73, total market value $788,460). |
Please refer to “Notes to Schedule of Investments” on page 4 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
DAVIS INTERNATIONAL FUND
DAVIS INTERNATIONAL FUND
Notes to Schedule of Investments
July 31, 2023 (Unaudited)
July 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
DAVIS INTERNATIONAL FUND
DAVIS INTERNATIONAL FUND
Notes to Schedule of Investments - (Continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
Security Valuation - (Continued)
Fair Value Measurements - (Continued)
Fair Value Measurements - (Continued)
The following is a summary of the inputs used as of July 31, 2023 in valuing each Fund's investments carried at value:
Investments in Securities at Value | ||
Davis Global Fund | Davis International Fund | |
Valuation Inputs | ||
Level 1 – Quoted Prices: | ||
Common Stock: | ||
Communication Services | $107,938,504 | $1,341,417 |
Consumer Discretionary | 189,614,566 | 49,352,986 |
Consumer Staples | 12,421,373 | – |
Financials | 328,310,271 | 72,867,190 |
Health Care | 36,321,369 | – |
Industrials | 37,670,572 | 17,069,582 |
Information Technology | 72,952,789 | 25,436,691 |
Materials | 31,012,140 | 7,451,355 |
Total Level 1 | 816,241,584 | 173,519,221 |
Level 2 – Other Significant Observable Inputs: | ||
Short-Term Investments | 6,277,000 | 1,550,000 |
Total Level 2 | 6,277,000 | 1,550,000 |
Level 3 – Significant Unobservable Inputs: | ||
Common Stock: | ||
Communication Services | 35,787 | – |
Total Level 3 | 35,787 | – |
Total Investments | $822,554,371 | $175,069,221 |
The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the nine months ended July 31, 2023. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at July 31, 2023 was $1,142 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 | Proceeds from Sales | Net Change in Unrealized Appreciation (Depreciation) | Net Realized Gain (Loss) | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance at July 31, 2023 | |
Davis Global Fund | ||||||||
Investments in Securities: | ||||||||
Common Stock | $34,645 | $– | $– | $1,142 | $– | $– | $– | $35,787 |
Total Level 3 | $34,645 | $– | $– | $1,142 | $– | $– | $– | $35,787 |
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DAVIS GLOBAL FUND
DAVIS INTERNATIONAL FUND
DAVIS INTERNATIONAL FUND
Notes to Schedule of Investments - (Continued)
July 31, 2023 (Unaudited)
July 31, 2023 (Unaudited)
Security Valuation - (Continued)
Fair Value Measurements - (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 July 31, 2023 | Valuation Technique | Unobservable Input | Amount | Impact to Valuation from an Increase in Input | |
Davis Global Fund | |||||
Investments in Securities: | |||||
Common Stock | $35,787 | Discounted Cash Flow | Annualized Yield | 5.528% | Decrease |
Total Level 3 | $35,787 |
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 July 31, 2023, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:
Davis Global Fund | Davis International Fund | |
Cost | $609,532,503 | $150,079,535 |
Unrealized appreciation | 252,839,976 | 39,726,838 |
Unrealized depreciation | (39,818,108 ) | (14,737,152 ) |
Net unrealized appreciation | $213,021,868 | $24,989,686 |
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