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
29 Years Industry Experience
27 Years at Davis Advisors
View Bio

Resources

Document
Factsheet
Performance Update

Performance as of 6/30/25

Average Annual Returns

Portfolio 2Q25 1 Yr 3 Yr 5 Yr 10 Yr Incep
International Equity (Gross) 11.20% 31.55% 18.98% 8.18% 6.50% 7.20%
International Equity (Net) 11.14% 31.26% 18.71% 7.91% 6.19% 6.70%
MSCI ACWI ex US 12.03% 17.72% 13.98% 10.12% 6.12% 5.68%

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 6/30/25

Portfolio Composition

Item International Equity Portfolio MSCI ACWI ex US®
P/E (Forward) 10.5x 14.8x
5 Year Earnings Growth 20.9% 12.0%
P/B Ratio 2.6 3.1
Beta 1.3% 1.0%
Number of Holdings 28 1981
Weighted Average Market Cap ($bn) 57.8 117.5
Median Market Cap ($bn) 37.2 11.7

Portfolio Holdings

Top 10 Holdings: Quarterly (as of 6/30/25)

Holding Ticker International Equity MSCI ACWI ex US®
Danske Bank DANSKE DC 8.4% 0.1%
Prosus PRX 6.6% 0.2%
Naspers NPN SJ 6.2% 0.2%
Ping An Insurance Group 2318 HK 6.0% 0.2%
Meituan 3690 HK 5.7% 0.3%
Julius Baer Group BAER SE 5.2% 0.1%
Entain ENT LN 5.1% < 0.1%
AIA Group 1299 HK 5.0% 0.3%
Samsung Electronics 005930 KS 4.7% 0.7%
DiDi Global DIDIY 4.4%
Total 57.2% 2.0%

All Holdings: Quarterly (as of 6/30/25)

Holding Ticker International Equity MSCI ACWI ex US®
Danske Bank DANSKE DC 8.4% 0.1%
Prosus PRX 6.6% 0.2%
Naspers NPN SJ 6.2% 0.2%
Ping An Insurance Group 2318 HK 6.0% 0.2%
Meituan 3690 HK 5.7% 0.3%
Julius Baer Group BAER SE 5.2% 0.1%
Entain ENT LN 5.1% < 0.1%
AIA Group 1299 HK 5.0% 0.3%
Samsung Electronics 005930 KS 4.7% 0.7%
DiDi Global DIDIY 4.4%
Trip.com Group TCOM 4.3%
Full Truck Alliance YMM 3.7%
Tourmaline Oil TOU CN 3.7% 0.1%
ITOCHU 8001 JP 3.4% 0.2%
KE Holdings BEKE 3.1%
Sea SE 2.9% 0.2%
Teck Resources TECK 2.7% 0.1%
Tokyo Electron 8035 JP 2.6% 0.3%
NetEase NTES 2.1% 0.2%
Restaurant Brands International QSR 1.9% 0.1%
Metro Bank Holdings MTRO LN 1.8%
Bank of N.T. Butterfield & Son NTB 1.8%
Coupang CPNG 1.6%
Vale VALE 1.4%
Noah Holdings NOAH 1.4%
Delivery Hero DHER GR 1.3% < 0.1%
JD.com JD 0.8% 0.1%
Misto Holdings 081660 KS 0.6%
CASH N.A. 1.7%

Sector Allocation

Sector International Equity MSCI ACWI ex US®
Consumer Discretionary 34.7% 10.1%
Financials 30.1% 25.1%
Industrials 11.7% 14.8%
Information Technology 7.3% 13.3%
Communication Services 5.1% 6.4%
Materials 4.2% 6.2%
Energy 3.7% 4.6%
Real Estate 3.2% 1.7%
Health Care 8.0%
Consumer Staples 6.7%
Utilities 3.2%

Regional Allocation

Region International Equity MSCI ACWI ex US®
Asia 52.9% 42.0%
Europe 22.2% 42.4%
Africa 13.3% 1.0%
North & Central America Ex US 11.7% 8.6%
Australia/Oceania 4.5%
South America 1.5%

Country Allocation - Top 10

Country International Equity MSCI ACWI ex US®
China 32.1% 8.3%
Denmark 8.5% 1.4%
Canada 8.4% 8.1%
Korea, Republic of (South Korea) 7.0% 3.1%
United Kingdom 7.0% 9.2%
Netherlands 6.7% 3.0%
South Africa 6.3% 0.9%
Japan 6.0% 13.7%
Switzerland 5.3% 6.0%
Hong Kong 5.0% 1.3%
Top 10 Countries Total % of Portfolio 92.3% 55.0%

Developed vs Emerging Markets

Market International Equity MSCI ACWI ex US®
Developed Ex US 51.3% 71.7%
Emerging Markets 48.7% 28.2%

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