Overview

Investment Strategy

The goal of the Davis All-Cap Equity strategy is to provide a unique, actively managed solution for investors seeking to access highly durable, well-managed businesses across the U.S. market cap spectrum.
 
Our Portfolio represents our highest conviction ideas in companies with long-term competitive advantages as well as strong and resilient earnings power. Based on our rigorous fundamental research, we seek to purchase companies at value prices and hold them for the long term.
 
Given our high conviction and benchmark agnostic approach, we believe the research-intensive Davis All-Cap Equity strategy merits consideration by institutional investors seeking truly active strategies.
 
Drawing upon over 50 years of experience in the business, our approach can make Davis All-Cap Equity a potential foundation for diversified equity portfolios. Davis Selected Advisers, L.P. was founded in 1969. Davis All-Cap Equity was incepted on 1/1/99.

Performance as of 9/30/24

Average Annual Returns

Portfolio 3Q24 1 Yr 3 Yr 5 Yr 10 Yr Incep
All-Cap Equity (Gross) 7.24% 31.44% 10.08% 15.20% 12.11% 10.41%
All-Cap Equity (Net) 7.14% 30.95% 9.66% 14.74% 11.61% 9.75%
S&P 1500 Index 6.04% 35.54% 11.45% 15.57% 13.10% 8.37%

The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends. Investment return and principal value will vary so that an investor may lose money. Current performance may be higher or lower. The investment strategies described herein are those of Davis Advisors. These materials are being provided for illustrative and informational purposes only. The information contained herein is obtained from multiple sources that are believed to be reliable. However, such information has not been verified, and may be different from the information included in documents and materials created by the sponsor firm in whose investment program a client participates. Some sponsor firms may require that these materials are preceded or accompanied by investment profiles or other documents or materials prepared by such sponsor firms, which will be provided upon a client’s request. For additional information, documents and/or materials, please speak to your Financial Advisor. For additional information, documents and/or materials, please speak to your Financial Advisor. Davis Advisors fee schedules are described in Part 2 of its Form ADV.

Portfolio Characteristics as of 9/30/24

Portfolio Composition

Item All-Cap Equity Portfolio S&P 1500 Index®
P/E (Forward) Forward Price/Earnings (Forward P/E) Ratio is a stock’s price at the date indicated divided by the company’s forecasted earnings for the following 12 months based on estimates provided by the Advisor’s data provider. These values for both the Portfolio and the Index are the weighted average of the stocks in the Portfolio or Index. The Forward P/E of the S&P 1500 Index is 23.2x. 14.0x 23.2x
5 Year Earnings Growth 14.7% 16.9%
P/B Ratio Price/Book (P/B) Ratio is the weighted average of the P/B ratios of the stocks in a portfolio. The P/B ratio of a stock is calculated by dividing the current price of the stock by the company’s per share book value. Stocks with negative book values are excluded for this calculation. 2.8 4.7
Beta 0.9% 1.0%
Number of Holdings 30 1507
Weighted Average Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. 289.9 870.6
Median Market Cap ($bn) Median Market Capitalization is the midpoint of market capitalization of the stocks in a portfolio. 64.3 6.2

Portfolio Holdings The information provided in this material should not be considered a recommendation to buy or sell any particular security. There is no assurance that any of the securities will remain in an account at the time this material is received or that securities sold have not been repurchased. It should not be assumed that any of the securities were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Top 10 Holdings: Quarterly (as of 9/30/24)

Holding Ticker All-Cap Equity S&P 1500 Index®
Quest Diagnostics DGX 6.9% < 0.1%
Capital One Financial COF 6.5% 0.1%
Viatris VTRS 6.3% < 0.1%
Meta Platforms META 6.1% 2.4%
Humana HUM 5.1% 0.1%
Teck Resources TECK 5.1%
Applied Materials AMAT 5.0% 0.3%
Cigna Group CI 4.8% 0.2%
Owens Corning OC 4.4% < 0.1%
U.S. Bancorp USB 4.0% 0.1%
Total 54.2% 3.3%

All Holdings: Quarterly (as of 9/30/24)

Holding Ticker All-Cap Equity S&P 1500 Index®
Quest Diagnostics In DGX 6.9% < 0.1%
Capital One Finl Corp COF 6.5% 0.1%
Viatris Inc VTRS 6.3% < 0.1%
Meta Platforms Inc META 6.1% 2.4%
Humana Inc HUM 5.1% 0.1%
Teck Resources Ltd TECK 5.1%
Applied Materials In AMAT 5.0% 0.3%
The Cigna Group CI 4.8% 0.2%
Owens Corning New OC 4.4% < 0.1%
US Bancorp Del USB 4.0% 0.1%
Markel Group Inc MKL 3.8%
Wells Fargo & Co New WFC 3.8% 0.4%
Berkshire Hathaway Inc BRK B 3.6% 1.6%
US($) N.A. 3.5%
Wesco Intl Inc WCC 3.3% < 0.1%
Amazon Com Inc AMZN 3.0% 3.3%
Solventum Corp SOLV 2.9% < 0.1%
Johnson Ctls Intl Plc JCI 2.5% 0.1%
Unitedhealth Group I UNH 2.3% 1.0%
Texas Instrs Inc TXN 1.9% 0.4%
Darling Ingredients Inc DAR 1.9% < 0.1%
Cvs Corp CVS 1.8% 0.2%
Agco Corp AGCO 1.7% < 0.1%
Alphabet Inc GOOGL 1.7% 1.8%
Sap Aktiengesellscha SAP 1.5%
Oracle Corp ORCL 1.4% 0.5%
Microsoft Corp MSFT 1.3% 6.0%
Intel Corp INTC 1.3% 0.2%
Tyson Foods Inc TSN 1.2% < 0.1%
Iac Inc IAC 0.8% < 0.1%
Clear Secure Inc YOU 0.6% < 0.1%

Sector Allocation The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and S&P Global (“S&P”). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

Sector All-Cap Equity S&P 1500 Index®
Health Care 31.2% 11.5%
Financials 22.5% 13.3%
Information Technology 13.5% 29.9%
Industrials 12.3% 9.5%
Communication Services 8.9% 8.3%
Materials 5.3% 2.6%
Consumer Staples 3.2% 5.7%
Consumer Discretionary 3.1% 10.5%
Energy 3.4%
Real Estate 2.8%
Utilities 2.5%

Market Cap Breakout The ranges reflected for large, mid, and small cap reflect the current ranges utilized by the S&P Composite 1500 Market Cap Guidelines, as may be amended from time to time. The current ranges are: large-capitalization, over $18 billion; mid-capitalization, between $6.7 billion and $18 billion; small-capitalization, under $6.7 billion.

All-Cap Equity
Market Percentage
Large 68.9%
Mid 27.7%
Small 3.4%
S&P 1500 Index® Index
Market Percentage
Large 89.8%
Mid 6.3%
Small 3.9%

Factsheet

Fact Sheets

Document Description Date
Portfolio Fact Sheet Goals of the Portfolio, types of companies in the Portfolio, top holdings, Portfolio characteristics, and historical performance. September 2024
Performance Update Quarterly update of portfolio performance. September 2024