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.

Performance as of 9/30/25

Average Annual Returns

Portfolio 3Q25 1 Yr 3 Yr 5 Yr 10 Yr Incep
All-Cap Equity (Gross) 6.69% 14.64% 23.22% 16.29% 13.82% 10.57%
All-Cap Equity (Net) 6.59% 14.22% 22.75% 15.83% 13.33% 9.92%
S&P 1500 8.01% 16.60% 24.09% 16.22% 14.89% 8.67%

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 9/30/25

Portfolio Composition

Item All-Cap Equity Portfolio S&P 1500®
P/E (Forward) 14.6x 24.5x
5 Year Earnings Growth 24.8% 16.4%
P/B Ratio 3.4 4.8
Beta 1.1% 1.0%
Number of Holdings 31 1506
Weighted Average Market Cap ($bn) 352.4 1,187.6
Median Market Cap ($bn) 75.2 6.5

Portfolio Holdings

Top 10 Holdings: Quarterly (as of 9/30/25)

Holding Ticker All-Cap Equity S&P 1500®
Capital One Financial COF 7.0% 0.2%
Quest Diagnostics DGX 7.0% < 0.1%
Meta Platforms META 6.8% 2.6%
Markel Group MKL 6.0%
Viatris VTRS 5.0% < 0.1%
Wesco International WCC 4.7% < 0.1%
Applied Materials AMAT 4.5% 0.3%
CVS Health CVS 4.3% 0.2%
U.S. Bancorp USB 4.2% 0.1%
Teck Resources TECK 4.1%
Total 53.6% 3.4%

All Holdings: Quarterly (as of 9/30/25)

Holding Ticker All-Cap Equity S&P 1500®
Capital One Financial COF 7.0% 0.2%
Quest Diagnostics DGX 7.0% < 0.1%
Meta Platforms META 6.8% 2.6%
Markel Group MKL 6.0%
Viatris VTRS 5.0% < 0.1%
Wesco International WCC 4.7% < 0.1%
Applied Materials AMAT 4.5% 0.3%
CVS Health CVS 4.3% 0.2%
U.S. Bancorp USB 4.2% 0.1%
Teck Resources TECK 4.1%
Solventum SOLV 4.0% < 0.1%
MGM Resorts MGM 3.7% < 0.1%
Coterra Energy CTRA 3.5% < 0.1%
Cigna Group CI 3.2% 0.1%
AppLovin APP 3.2% 0.3%
Owens Corning OC 3.0% < 0.1%
Tyson Foods TSN 2.9% < 0.1%
Alphabet GOOGL 2.4% 4.1%
AGCO AGCO 2.0% < 0.1%
Texas Instruments TXN 1.6% 0.3%
Darling Ingredients DAR 1.5% < 0.1%
UnitedHealth Group UNH 1.5% 0.5%
Berkshire Hathaway BRK B 1.3% 1.5%
Microsoft MSFT 1.3% 6.3%
Oracle ORCL 1.2% 0.8%
Pinterest PINS 1.2%
Amazon.com AMZN 1.1% 3.5%
NVIDIA NVDA 1.1% 7.4%
Johnson Controls International JCI 1.1% 0.1%
SAP SAP 0.7%
IAC IAC 0.2%
CASH N.A. 4.7%

Sector Allocation

Sector All-Cap Equity S&P 1500®
Health Care 26.2% 8.9%
Financials 19.4% 13.9%
Information Technology 14.3% 33.2%
Industrials 11.3% 9.3%
Communication Services 11.1% 9.5%
Consumer Discretionary 5.0% 10.7%
Consumer Staples 4.6% 4.9%
Materials 4.3% 2.0%
Energy 3.7% 3.0%
Utilities 2.4%
Real Estate 2.3%

Market Cap Breakout

All-Cap Equity
Market Percentage
Large 55.1%
Mid 41.0%
Small 3.9%
S&P 1500® Index
Market Percentage
Large 89.3%
Mid 6.6%
Small 4.1%

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 2025
Performance Update Quarterly update of portfolio performance. September 2025