DAVIS NEW YORK VENTURE FUND
Schedule of Investments
October 31, 2024 (Unaudited)
Shares | Value | |
COMMON STOCK – (99.07%) | ||
COMMUNICATION SERVICES – (13.00%) | ||
Media & Entertainment – (13.00%) | ||
Alphabet Inc., Class A | 1,139,340 | $194,952,467 |
ASAC II L.P. *(a)(b)(c) | 4,156,451 | 3,939,069 |
IAC Inc. * | 1,157,750 | 55,514,113 |
Liberty TripAdvisor Holdings, Inc., Series A * | 134,636 | 55,415 |
Meta Platforms, Inc., Class A | 1,069,367 | 606,951,322 |
Total Communication Services | 861,412,386 | |
CONSUMER DISCRETIONARY – (12.01%) | ||
Consumer Discretionary Distribution & Retail – (7.26%) | ||
Amazon.com, Inc. * | 1,524,290 | 284,127,656 |
Coupang, Inc., Class A (South Korea) * | 2,659,587 | 68,590,749 |
Naspers Ltd. - N (South Africa) | 62,809 | 14,844,746 |
Prosus N.V., Class N (Netherlands) | 2,698,256 | 113,783,712 |
481,346,863 | ||
Consumer Services – (4.75%) | ||
MGM Resorts International * | 7,108,640 | 262,095,557 |
Trip.com Group Ltd., ADR (China) * | 815,400 | 52,511,760 |
314,607,317 | ||
Total Consumer Discretionary | 795,954,180 | |
CONSUMER STAPLES – (1.60%) | ||
Food, Beverage & Tobacco – (1.60%) | ||
Darling Ingredients Inc. * | 1,015,039 | 39,698,175 |
Tyson Foods, Inc., Class A | 1,132,396 | 66,347,082 |
Total Consumer Staples | 106,045,257 | |
ENERGY – (3.17%) | ||
ConocoPhillips | 598,160 | 65,522,446 |
Tourmaline Oil Corp. (Canada) | 3,129,030 | 144,254,272 |
Total Energy | 209,776,718 | |
FINANCIALS – (38.43%) | ||
Banks – (13.73%) | ||
Danske Bank A/S (Denmark) | 7,208,267 | 213,141,529 |
DBS Group Holdings Ltd. (Singapore) | 3,252,874 | 94,316,413 |
JPMorgan Chase & Co. | 269,294 | 59,761,724 |
U.S. Bancorp | 5,101,780 | 246,466,992 |
Wells Fargo & Co. | 4,563,452 | 296,259,304 |
909,945,962 | ||
Financial Services – (18.25%) | ||
Capital Markets – (2.72%) | ||
Bank of New York Mellon Corp. | 1,123,464 | 84,664,247 |
Julius Baer Group Ltd. (Switzerland) | 1,562,940 | 95,294,898 |
179,959,145 | ||
Consumer Finance – (7.58%) | ||
Capital One Financial Corp. | 3,087,503 | 502,614,613 |
Financial Services – (7.95%) | ||
Berkshire Hathaway Inc., Class A * | 778 | 526,674,491 |
1,209,248,249 | ||
Insurance – (6.45%) | ||
Life & Health Insurance – (3.30%) | ||
AIA Group Ltd. (Hong Kong) | 9,068,390 | 71,570,623 |
Ping An Insurance (Group) Co. of China, Ltd. - H (China) | 23,747,300 | 147,133,039 |
218,703,662 | ||
Shares | Value | |
COMMON STOCK – (CONTINUED) | ||
FINANCIALS – (CONTINUED) | ||
Insurance – (Continued) | ||
Property & Casualty Insurance – (3.15%) | ||
Chubb Ltd. | 389,920 | $110,129,005 |
Markel Group Inc. * | 64,022 | 98,722,564 |
208,851,569 | ||
427,555,231 | ||
Total Financials | 2,546,749,442 | |
HEALTH CARE – (13.09%) | ||
Health Care Equipment & Services – (9.53%) | ||
Cigna Group | 434,059 | 136,646,114 |
CVS Health Corp. | 1,159,200 | 65,448,432 |
Humana Inc. | 821,870 | 211,902,742 |
Quest Diagnostics Inc. | 662,930 | 102,641,452 |
Solventum Corp. * | 1,586,440 | 115,143,815 |
631,782,555 | ||
Pharmaceuticals, Biotechnology & Life Sciences – (3.56%) | ||
Viatris Inc. | 20,344,401 | 235,995,052 |
Total Health Care | 867,777,607 | |
INDUSTRIALS – (4.60%) | ||
Capital Goods – (2.79%) | ||
AGCO Corp. | 679,516 | 67,842,877 |
Orascom Construction PLC (United Arab Emirates) | 1,446,001 | 8,797,213 |
Owens Corning | 614,831 | 108,695,973 |
185,336,063 | ||
Transportation – (1.81%) | ||
DiDi Global Inc., Class A, ADS (China) * | 24,056,988 | 119,803,800 |
Total Industrials | 305,139,863 | |
INFORMATION TECHNOLOGY – (10.11%) | ||
Semiconductors & Semiconductor Equipment – (8.67%) | ||
Applied Materials, Inc. | 1,505,540 | 273,375,953 |
Intel Corp. | 4,072,080 | 87,631,162 |
Texas Instruments Inc. | 1,049,880 | 213,293,621 |
574,300,736 | ||
Technology Hardware & Equipment – (1.44%) | ||
Samsung Electronics Co., Ltd. (South Korea) | 2,249,290 | 95,507,070 |
Total Information Technology | 669,807,806 | |
MATERIALS – (3.06%) | ||
OCI N.V. (Netherlands) | 1,873,824 | 22,813,973 |
Teck Resources Ltd., Class B (Canada) | 3,867,642 | 179,806,677 |
Total Materials | 202,620,650 | |
TOTAL COMMON STOCK – (Identified cost $3,991,470,624) | 6,565,283,909 | |
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DAVIS NEW YORK VENTURE FUND
Schedule of Investments - (Continued)
October 31, 2024 (Unaudited)
Principal | Value | |
SHORT-TERM INVESTMENTS – (0.55%) | ||
Nomura Securities International, Inc. Joint Repurchase Agreement, 4.85%, 11/01/24 (d) | $15,906,000 | $15,906,000 |
StoneX Financial Inc. Joint Repurchase Agreement, 4.85%, 11/01/24 (e) | 20,810,000 | 20,810,000 |
TOTAL SHORT-TERM INVESTMENTS – (Identified cost $36,716,000) | 36,716,000 | |
Total Investments – (99.62%) – (Identified cost $4,028,186,624) | 6,601,999,909 | |
Other Assets Less Liabilities – (0.38%) | 25,019,912 | |
Net Assets – (100.00%) | $6,627,019,821 | |
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 Pricing Committee. The aggregate value of restricted securities amounted to $3,939,069 or 0.06% of the Fund's net assets as of October 31, 2024. |
(b) | The value of this security was determined using significant unobservable inputs. |
(c) | Limited partnership units. |
(d) | Dated 10/31/24, repurchase value of $15,908,143 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%- 6.00%, 11/01/33-10/20/54, total fair value $16,224,120). |
(e) | Dated 10/31/24, repurchase value of $20,812,804 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 0.00%-10.00%, 11/15/24-08/20/74, total fair value $21,226,200). |
Please refer to “Notes to Schedule of Investments” on page 3 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 Financial Statements.
2
DAVIS NEW YORK VENTURE FUND
Notes to Schedule of Investments
October 31, 2024 (Unaudited)
Security Valuation - The Fund’s Board of Directors has designated Davis Selected Advisers, L.P. (“Adviser”), the Fund's investment adviser, as the valuation designee for the Fund. The Adviser has established a Pricing Committee to carry out the day-to-day valuation activities for the Fund. The Fund calculates the net asset value of its 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 Fund’s 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 Fund’s 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 and of sufficient credit quality are valued at amortized cost, which approximates fair 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 Fund’s investments.
Fair Value Measurements - Fair value is defined as the price that the Fund 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 Fund’s 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 Fund can obtain the fair value assigned to a security if it were to sell the security.
3
DAVIS NEW YORK VENTURE FUND
Notes to Schedule of Investments - (Continued)
October 31, 2024 (Unaudited)
Security Valuation - (Continued)Fair Value Measurements - (Continued)
The following is a summary of the inputs used as of October 31, 2024 in valuing the Fund's investments carried at value:
Investments in Securities at Value | ||||
Valuation Inputs | ||||
Level 1: Quoted Prices | Level 2: Other Significant Observable Inputs* | Level 3: Significant Unobservable Inputs | Total | |
Common Stock: | ||||
Communication Services | $857,473,317 | $– | $3,939,069 | $861,412,386 |
Consumer Discretionary | 667,325,722 | 128,628,458 | – | 795,954,180 |
Consumer Staples | 106,045,257 | – | – | 106,045,257 |
Energy | 209,776,718 | – | – | 209,776,718 |
Financials | 1,925,292,940 | 621,456,502 | – | 2,546,749,442 |
Health Care | 867,777,607 | – | – | 867,777,607 |
Industrials | 296,342,650 | 8,797,213 | – | 305,139,863 |
Information Technology | 574,300,736 | 95,507,070 | – | 669,807,806 |
Materials | 179,806,677 | 22,813,973 | – | 202,620,650 |
Short-Term Investments | – | 36,716,000 | – | 36,716,000 |
Total Investments | $5,684,141,624 | $913,919,216 | $3,939,069 | $6,601,999,909 |
* | 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 October 31, 2024. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at October 31, 2024 was $137,579. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges.
Beginning Balance at August 1, 2024 | 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 October 31, 2024 | |
Investments in Securities: | ||||||||
Common Stock | $3,801,490 | $– | $– | $137,579 | $– | $– | $– | $3,939,069 |
Total Level 3 | $3,801,490 | $– | $– | $137,579 | $– | $– | $– | $3,939,069 |
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DAVIS NEW YORK VENTURE FUND
Notes to Schedule of Investments - (Continued)
October 31, 2024 (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 October 31, 2024 | Valuation Technique | Unobservable Input | Amount | Impact to Valuation from an Increase in Input | |
Investments in Securities: | |||||
Common Stock | $3,939,069 | Income Approach / Discounted Cash Flow | Annualized Yield | 4.740% | Decrease |
Total Level 3 | $3,939,069 |
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 October 31, 2024, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:
Cost | $4,054,245,344 |
Unrealized appreciation | 3,060,600,076 |
Unrealized depreciation | (512,845,511 ) |
Net unrealized appreciation | $2,547,754,565 |
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