Overview

Investment Strategy

The goal of the Davis International Equity strategy is to provide a unique, actively managed solution for investors seeking to access highly durable, well-managed businesses that exist outside of the U.S. 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 International 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 International Equity a potential foundation for diversified equity portfolios.

Portfolio Manager

Danton G. Goei
30 Years Industry Experience
28 Years at Davis Advisors
View Bio

Resources

Document
Factsheet
Performance Update

Performance as of 9/30/26

Average Annual Returns

Portfolio 3Q26 1 Yr 3 Yr 5 Yr 10 Yr Incep
International Equity (Gross) -1.34% 2.07% 20.29% 9.39% 7.76% 7.29%
International Equity (Net) -1.40% 1.73% 19.97% 9.10% 7.48% 6.80%
MSCI ACWI ex US 0.48% 20.00% 20.52% 9.55% 9.24% 6.56%

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 9/30/26

Portfolio Composition

Item International Equity Portfolio MSCI ACWI ex US®
P/E (Forward) 10.6x 14.3x
5 Year Earnings Growth 21.9% 24.6%
P/B Ratio 2.5 3.1
Beta 0.9% 1.0%
Number of Holdings 29 1899
Weighted Average Market Cap ($bn) 97.2 252.5
Median Market Cap ($bn) 31.8 14.2

Portfolio Holdings

Top 10 Holdings: Quarterly (as of 9/30/26)

Holding Ticker International Equity MSCI ACWI ex US®
Julius Baer Group BAER SE 6.4% 0.1%
Sea SE 5.7% 0.1%
Trip.com Group TCOM 5.6% —
JBS JBS 5.4% < 0.1%
ITOCHU 8001 JP 5.0% 0.2%
AIA Group 1299 HK 4.9% 0.3%
Full Truck Alliance YMM 4.8% < 0.1%
SAP SAP GR 4.6% 0.6%
Prosus PRX 4.4% 0.1%
DiDi Global DIDIY 4.1% —
Total 51.0% 1.4%

All Holdings: Quarterly (as of 9/30/26)

Holding Ticker International Equity MSCI ACWI ex US®
Julius Baer Group BAER SE 6.4% 0.1%
Sea SE 5.7% 0.1%
Trip.com Group TCOM 5.6% —
JBS JBS 5.4% < 0.1%
ITOCHU 8001 JP 5.0% 0.2%
AIA Group 1299 HK 4.9% 0.3%
Full Truck Alliance YMM 4.8% < 0.1%
SAP SAP GR 4.6% 0.6%
Prosus PRX 4.4% 0.1%
DiDi Global DIDIY 4.1% —
Contemporary Amperex Technology 300750 C2 4.1% < 0.1%
SANY Heavy Industry 6031 HK 3.8% —
Samsung Electronics 005930 KS 3.6% 2.5%
Danske Bank DANSKE DC 3.1% 0.1%
Meituan 3690 HK 3.0% 0.1%
KE Holdings BEKE 2.9% —
Teck Resources TECK 2.6% 0.1%
AUMOVIO AMV0 GR 2.6% —
Vale VALE 2.4% —
Silergy 6415 TT 2.4% —
NetEase NTES 2.3% 0.1%
Naspers NPN SJ 2.3% —
Entain ENT LN 2.2% —
Restaurant Brands International QSR 1.9% 0.1%
Ping An Insurance Group 2318 HK 1.7% 0.1%
Bank of N.T. Butterfield & Son NTB 1.7% —
Tokyo Electron 8035 JP 1.5% 0.5%
JD.com JD 0.7% 0.1%
Noah Holdings NOAH 0.2% —
CASH N.A. 4.3% —

Sector Allocation

Sector International Equity MSCI ACWI ex US®
Consumer Discretionary 29.5% 7.4%
Industrials 22.8% 13.9%
Financials 18.8% 25.1%
Information Technology 12.6% 21.9%
Consumer Staples 5.7% 4.9%
Materials 5.2% 6.7%
Real Estate 3.0% 1.2%
Communication Services 2.4% 4.3%
Health Care — 6.8%
Energy — 4.8%
Utilities — 3.0%

Regional Allocation

Region International Equity MSCI ACWI ex US®
Asia 58.8% 46.7%
Europe 24.3% 38.1%
South America 8.1% 1.7%
North & Central America Ex US 6.4% 8.6%
Africa 2.4% 1.0%
Australia/Oceania — 3.9%

Country Allocation - Top 10

Country International Equity MSCI ACWI ex US®
China 34.7% 6.6%
Brazil 8.1% 1.4%
Germany 7.5% 5.1%
Japan 6.8% 14.6%
Switzerland 6.7% 5.3%
Singapore 6.0% 1.1%
Hong Kong 5.1% 1.1%
Canada 4.6% 8.1%
Netherlands 4.6% 3.5%
Korea, Republic of (South Korea) 3.8% 7.2%
Top 10 Countries Total % of Portfolio 87.9% 54.0%

Developed vs Emerging Markets

Market International Equity MSCI ACWI ex US®
Emerging Markets 50.7% 32.6%
Developed Ex US 49.3% 67.3%

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 2026
Performance Update Quarterly update of portfolio performance. September 2026