Davis Global ADR SMA Portfolio


    The Davis Global ADR SMA Portfolio

    Davis Global ADR SMA Portfolio is a portfolio of attractive businesses from around the world selected using the time-tested Davis Investment Discipline. As the largest investor in the strategy, we have a unique commitment to client stewardship.1

    Why Invest in the Davis Global ADR SMA Portfolio

    Equity-Focused Research Firm:

    Established in 1969, Davis is a leading specialist in equity investing. Our primary focus on equity research and unique investment discipline has built wealth for our clients over the long term.

    Portfolio of Best of Breed Businesses:

    The Portfolio invests in businesses in the U.S. and abroad, from both developed and developing markets. Utilizing rigorous independent research, we invest in durable, well-managed businesses with sustainable competitive advantages and attractive long-term growth prospects, selling at a discount to their true value.

    Flexible, Opportunistic Approach:

    We believe a bottom-up stock selection process and not mirroring the benchmark index are keys to long-term outperformance.

    We Are Among the Largest Investors:1

    We have a unique commitment to stewardship, generating attractive long-term results, managing risks and minimizing fees.

    Experienced Management:

    Danton Goei: 25 years with Davis Advisors

    Selective Attractive Growth Undervalued

    Global ADR SMA portfolio invests in only a select group of well-researched companies

    Global ADR SMA portfolio companies have grown more than the index

    Global ADR SMA portfolio companies are 47% less expensive than the index


    5-Year EPS Growth**

    P/E (Forward)**


       “The companies of Davis Global ADR SMA have grown more than the companies in the index, yet are 47% less expensive.”

    - Portfolio Manager Danton Goei

    Performance as of 3/31/24

    Average Annual Total Returns
    as of March 31, 2024
    Global Equity SMA Composite
    1Q24* YTD* 1
    gross 9.54% 9.54% 22.07% -0.60% 8.02% 8.04%
    net 8.75% 8.75% 18.51% -3.55% 4.84% 4.86%
    MSCI ACWI Index 8.20% 8.20% 23.22% 6.95% 10.90% 8.83%

    * 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

    Geographically Diverse Portfolio

    United States 51.7%
    Asia 21.3%
    Europe 18.1%
    Africa 5.3%
    North & Central America Ex U.S. 3.6%

    Top Countries

    United States
    South Africa
    Hong Kong

    Sector Breakdown

    Portfolio MSCI ACWI®
    Financials 38.3% 16.1%
    Consumer Discretionary 27.3% 10.9%
    Communication Services 12.0% 7.6%
    Health Care 9.9% 11.1%
    Materials 3.6% 4.2%
    Information Technology 3.2% 23.6%
    Real Estate 2.8% 2.2%
    Industrials 2.0% 10.8%
    Consumer Staples 0.9% 6.4%
    Energy 0.0% 4.6%
    Utilities 0.0% 2.5%

    Market Cap Breakdown

    Portfolio MSCI ACWI®
    Less than $3 Billion 1.4% 0.2%
    $3–10 Billion 4.8% 5.0%
    Greater than $10 Billion 93.8% 94.8%

    Portfolio Characteristics

    Portfolio MSCI ACWI®
    Number of Holdings 33 2,841
    Median Market Cap ($bn) 28.8 11.4
    Weighted Average Market Cap ($bn) 225.1 493.7

    Top 10 Holdings

    Danske Bank Denmark Largest bank in Denmark serving more than 5 million retail customers
    Meta Platforms United States The largest social media company in the world with more than 2 billion daily users. 
    Capital One Financial United States Top 10 U.S. bank with $240+ bn of deposits
    Meituan Platforms China A web-based shopping platform for locally sourced consumer products and retail services
    Naspers South Africa A media conglomerate that operates a leading pay television business in South and Sub-Saharan Africa and holds interests in a range of e-commerce businesses around the world
    Wells Fargo United States One of the largest banks in the U.S.
    Julius Baer Group Switzerland A premier private bank serving ultrahigh net worth clients
    Prosus Netherlands A global consumer internet company and spin-off of South African e-commerce group, Naspers
    DBS Group Holdings Singapore Largest bank in Singapore and among the largest in developed Asia
    MGM Resorts International United States A global hospitality and entertainment company operating destination resorts and casinos predominantly in Las Vegas

    Click here for quarter-end holdings  


    Insights into the Portfolio
    Fact Sheet Download

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

    Quarterly Review Book: Davis Global ADR SMA Download

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

    Davis Global ADR 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
    Davis Global ADR 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 Global Portfolio is represented by Davis Advisors’ Global SMA Composite. See Performance disclosure for a description of the Composite

    1As of December 31, 2023.

    2Gross of fees. Past performance is not a guarantee of future results.

    ** 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