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Davis Global Equity

Key Points
  • Fundamentals-based, bottom-up research
  • High conviction ideas from a universe of global investment opportunities
  • Benchmark agnostic
  • Significant co-investment in strategy
Portfolio Details
Price $ Change / % Change
Category Global
Inception 1/1/05
Resources
Resource
Global Equity

Overview

Investment Strategy

The goal of the Davis Global Equity strategy is to provide a unique, actively managed solution for investors seeking to access highly durable, well-managed businesses in the U.S. and abroad in both developed and developing markets.
 
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, benchmark agnostic approach, we believe the research-intensive Davis Global 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 Global Equity a potential foundation for diversified equity portfolios. Davis Selected Advisers, L.P. was founded in 1969. Davis Global Equity was incepted on 1/1/05.

Portfolio Manager

Danton G. Goei
29 Years Industry Experience
27 Years at Davis Advisors
View Bio

Resources

Document
Factsheet
Performance Update

Performance as of 3/31/25

Average Annual Returns
Portfolio 1Q25 1 Yr 3 Yr 5 Yr 10 Yr Incep
Global Equity (Gross) 4.16% 18.58% 12.49% 14.85% 9.20% 8.78%
Global Equity (Net) 4.07% 18.17% 12.09% 14.42% 8.75% 8.21%
MSCI ACWI -1.32% 7.15% 6.91% 15.17% 8.83% 7.48%

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 3/31/25

Portfolio Composition

Item Global Equity Portfolio MSCI ACWI®
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 MSCI ACWI is 18.3x. 12.0x 18.3x
5 Year Earnings Growth 23.0% 14.4%
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. 2.9 3.8
Beta 1.0% 1.0%
Number of Holdings 42 2558
Weighted Average Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. 188.3 567.0
Median Market Cap ($bn) Median Market Capitalization is the midpoint of market capitalization of the stocks in a portfolio. 26.0 13.4

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 3/31/25)

Holding Ticker Global Equity MSCI ACWI®
Meituan 3690 HK 5.4% 0.1%
Trip.com Group TCOM 5.2% —
Capital One Financial COF 5.2% 0.1%
Prosus PRX 5.1% 0.1%
Ping An Insurance Group 2318 HK 5.1% 0.1%
Meta Platforms META 5.1% 1.7%
Julius Baer Group BAER SE 4.1% < 0.1%
Markel Group MKL 4.0% < 0.1%
Samsung Electronics 005930 KS 4.0% 0.3%
Danske Bank DANSKE DC 3.8% < 0.1%
Total 47.1% 2.3%

All Holdings: Quarterly (as of 3/31/25)

Holding Ticker Global Equity MSCI ACWI®
Meituan 3690 HK 5.4% 0.1%
Trip.com Group TCOM 5.2% —
Capital One Financial COF 5.2% 0.1%
Prosus PRX 5.1% 0.1%
Ping An Insurance Group 2318 HK 5.1% 0.1%
Meta Platforms META 5.1% 1.7%
Julius Baer Group BAER SE 4.1% < 0.1%
Markel Group MKL 4.0% < 0.1%
Samsung Electronics 005930 KS 4.0% 0.3%
Danske Bank DANSKE DC 3.8% < 0.1%
DiDi Global DIDIY 3.8% —
CVS Health CVS 3.4% 0.1%
MGM Resorts MGM 3.2% < 0.1%
Tourmaline Oil TOU CN 3.2% < 0.1%
Solventum SOLV 2.8% < 0.1%
Berkshire Hathaway BRK B 2.8% 0.9%
Viatris VTRS 2.6% < 0.1%
Full Truck Alliance YMM 2.5% —
Humana HUM 2.3% < 0.1%
Alphabet GOOGL 2.2% 2.2%
NetEase NTES 1.9% 0.1%
Amazon.com AMZN 1.8% 2.4%
Teck Resources TECK 1.6% < 0.1%
AIA Group 1299 HK 1.6% 0.1%
Entain ENT LN 1.6% < 0.1%
Naspers NPN SJ 1.4% 0.1%
Sea SE 1.3% 0.1%
Cigna Group CI 1.3% 0.1%
Tyson Foods TSN 1.2% < 0.1%
Delivery Hero DHER GR 1.1% < 0.1%
Restaurant Brands International QSR 1.1% < 0.1%
#N/A #N/A 1.1% —
Quest Diagnostics DGX 1.1% < 0.1%
Applied Materials AMAT 0.9% 0.2%
Coupang CPNG 0.9% —
AGCO AGCO 0.8% —
IAC IAC 0.7% —
Metro Bank Holdings MTRO LN 0.7% —
Clear Secure YOU 0.4% —
Fila Holdings 081660 KS 0.2% —
Noah Holdings NOAH 0.1% —
Cash N.A. 1.5% —

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 Global Equity MSCI ACWI®
Financials 27.9% 18.1%
Consumer Discretionary 27.5% 10.6%
Health Care 13.6% 10.3%
Communication Services 11.3% 8.2%
Industrials 7.2% 10.6%
Information Technology 6.4% 23.4%
Energy 3.2% 4.2%
Materials 1.6% 3.6%
Consumer Staples 1.2% 6.3%
Utilities — 2.7%
Real Estate — 2.1%

Regional Allocation

Region Global Equity MSCI ACWI®
United States 43.5% 64.5%
Asia 32.5% 14.9%
Europe 11.5% 15.2%
Africa 6.6% 0.3%
North & Central America Ex US 6.0% 3.0%
Australia/Oceania — 1.5%
South America — 0.6%

Country Allocation - Top 10

Country Global Equity MSCI ACWI®
United States 43.5% 64.5%
China 24.4% 3.2%
Canada 6.0% 2.8%
Netherlands 5.2% 1.0%
Korea, Republic of (South Korea) 5.2% 0.9%
Switzerland 4.2% 2.2%
Denmark 3.9% 0.5%
United Kingdom 2.3% 3.4%
Hong Kong 1.6% 0.4%
South Africa 1.5% 0.3%
Top 10 Countries Total % of Portfolio 97.8% 79.2%

Developed vs Emerging Markets

Market Global Equity MSCI ACWI®
United States 43.5% 64.5%
Emerging Markets 31.0% 9.9%
Developed Ex US 25.5% 25.5%

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. March 2025
Performance Update Quarterly update of portfolio performance. March 2025