Davis All-Cap SMA Portfolio

    Overview

    Investment Strategy

    The goal of the Davis All-Cap SMA Portfolio is to create an opportunistic portfolio that can seek attractive businesses across all market caps, industries and sectors.

    Using our signature Davis Investment Discipline, the Portfolio has outperformed the S&P 1500® Index since Davis began managing the Portfolio (gross of fees)1  Click here to learn more about our historical record of attractive long-term returns.

    Why Invest in the Davis All-Cap SMA Portfolio

    Sixty Years of Experience

    The Davis family has compounded wealth for investors over six decades and three generations.

    Long-Term Investment Results

    The Davis All-Cap SMA Portfolio has outperformed the S&P 1500® Index by an average of 2.2% per year since Davis began managing the Portfolio. A hypothetical $100,000 investment in the Portfolio on January 1, 1999 compounded to $1,195,619 as of March 31, 2024 vs. only $722,402 for the S&P 1500® Index (Gross of fees. See below for net of fee returns).1

    Aligned with Shareholders

    With more than $2 billion invested side by side with fellow shareholders, we experience the same risks and reap the same rewards.2


    Selective Attractive Growth Undervalued

    All-Cap SMA invests in only a select group of well-researched companies

    All-Cap SMA portfolio companies have grown more than the index

    Davis All-Cap Value SMA portfolio companies are 38% less expensive than the index

    Holdings**

    5-Year EPS Growth**

    P/E (Forward)**

    1507
    31
    All-Cap
    SMA
    S&P1500
    15.9%
    14.8%
    All-Cap
    SMA
    S&P1500
    13.2x
    21.4x
    All-Cap
    SMA
    S&P1500

       “The companies of Davis All-Cap Value SMA Portfolio have grown more than the companies in the index, yet are 38% less expensive.”

    - Portfolio Manager Danton Goei

    Performance as of 3/31/24

    A hypothetical $100,000 investment in the Davis All-Cap Portfolio on January 1, 1999  compounded to $1,195,619 as of March 31, 2024 vs. only $722,402 for the S&P 1500® Index.

    Average Annual Total Returns
    as of March 31, 2024
    All-Cap Portfolio
    YTD* 1
    Year
    3
    Years
    5
    Years
    7
    Years
    10
    Years
    15
    Years
    Since
    Inception
    (1/1/99)
    gross 9.80% 37.86% 10.09% 15.97% 12.80% 11.57% 14.97% 10.33%
    with a 3% maximum wrap fee 9.00% 33.89% 6.85% 12.57% 9.49% 8.30% 11.60% 7.75%

    * YTD is not annualized.

    The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s account may be worth more or less than their original cost. Current performance may be higher or lower. Total return updates are available quarterly. Please ask your financial advisor to contact Davis Advisors.

    Portfolio Characteristics as of 3/31/24

    Portfolio Composition

    Davis All-Cap Portfolio S&P 1500®
    Index
    Forecast P/E Ratio 13.2 21.4
    P/B Ratio 2.9 4.5
    Weighted Average Market Cap ($bn) 279.0 694.4
    Beta (3 year) 0.9 1.0
    Standard Deviation (5 year) 20.5 19.8
    Number of Holdings 31 1,507
    Turnover 12.7 3.3

    Market Capitalization

    Small Cap 1.7%
    Mid Cap 7.0%
    Large Cap 91.3%

    Top Industries

    Health Care 27.5%
    Financials 25.4%
    Industrials 14.8%
    Information Technology 14.1%
    Communication Services 8.1%
    Materials 4.5%
    Consumer Discretionary 3.5%
    Consumer Staples 2.1%

    Top 10 Holdings

    Capital One Financial 7.0%
    Wells Fargo 7.0%
    Viatris 6.6%
    Meta Platforms 5.7%
    Quest Diagnostics 5.7%
    Cigna Group 5.3%
    Applied Materials 5.2%
    Owens Corning 4.9%
    Humana 4.4%
    Teck Resources 4.4%

    Click here for quarter-end holdings  

    Literature

    Insights into the Portfolio
    Fact Sheet Download

    Goals of the Portfolio, top holdings, characteristics and Portfolio attributes. 

    Quarterly Review Book: Davis All-Cap SMA Download

    A comprehensive quarterly update on the Portfolio, including commentary on investment strategy, performance and Portfolio statistics, and holdings.

    Davis All Cap SMA: Selective. Attractive Growth. Undervalued. Download

    Our companies are rigorously researched, offer attractive growth and yet are significantly undervalued versus the benchmark – A powerful combination.

    Portfolio Commentaries
    All-Cap Portfolio Commentary - Spring Update 2024 Download View

    A quarterly discussion of the market environment, Portfolio performance, major positions, and investment opportunities.

    This material may be shared with existing and potential clients to provide information concerning market conditions and the investment strategies and techniques used by Davis Advisors to manage its client accounts. Please refer to Davis Advisors Form ADV Part 2  for more information regarding investment strategies, risks, fees, and expenses. Clients should also review other relevant material, including a schedule of investments listing securities held in their account.


    The Davis All Cap Portfolio is represented by Davis Advisors’ Multi-Cap SMA Composite. See Performance disclosure for a description of the Composite.


    1Gross of fees. These figures would be lower if fees were included. Davis began managing the portfolio on 1/1/99. Past performance is not a guarantee of future results.

    2As of December 31, 2023.

    ** The Attractive Growth and Undervalued reference relates to underlying characteristics of the portfolio holdings. There is no guarantee that the Fund performance will be positive as equity markets are volatile and an investor may lose money. Past performance is not a guarantee of future returns. Performance may vary. Five-Year EPS Growth Rate is the average annualized earning per share growth for a company over the past five years. The values for the portfolio and index are the weighted average of the five-year EPS Growth Rates of the stocks in the portfolio or index. Forward Price/Earnings (Forward P/E) Ratio is a stock’s current price divided by the company’s forecasted earnings for the following 12 months. The values for the portfolio and index are the weighted average of the P/E ratios of the stocks in the portfolio or index.



    Davis Selected Advisers, L.P., 2949 East Elvira Road, Suite 101, Tucson, AZ 85756