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Davis Global ADR SMA Portfolio
Overview
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: 22 years with Davis Advisors
Performance as of 3/31/21
| Average Annual Total Returns as of March 31, 2021 Global Equity SMA Composite |
1Q21* | YTD* | 1 Year |
3 Years |
5 Years |
Since Inception (10/1/14) |
|---|---|---|---|---|---|---|
| gross | 10.26% | 10.26% | 73.68% | 12.31% | 15.97% | 12.27% |
| net | 9.46% | 9.46% | 68.76% | 9.01% | 12.58% | 8.98% |
| MSCI ACWI Index | 4.57% | 4.57% | 54.60% | 12.07% | 13.21% | 9.72% |
* 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 3/31/21
Geographically Diverse Portfolio
| United States | 49.4% | |
| Asia | 30.6% | |
| Europe | 13.8% | |
| Africa | 4.7% | |
| North & Central America Ex U.S. | 1.5% |
Top Countries
| United States |
| China |
| Norway |
| Hong Kong |
| South Africa |
| Singapore |
| Denmark |
| Netherlands |
| Switzerland |
| Bermuda |
Sector Breakdown
| Portfolio | MSCI ACWI® | |
|---|---|---|
| Financials | 39.0% | 14.9% |
| Consumer Discretionary | 31.4% | 12.8% |
| Communication Services | 15.5% | 9.4% |
| Information Technology | 8.3% | 20.6% |
| Health Care | 4.1% | 11.4% |
| Industrials | 1.7% | 10.0% |
| Consumer Staples | 0.0% | 7.0% |
| Materials | 0.0% | 5.0% |
| Energy | 0.0% | 3.4% |
| Utilities | 0.0% | 2.9% |
| Real Estate | 0.0% | 2.6% |
Market Cap Breakdown
| Portfolio | MSCI ACWI® | |
|---|---|---|
| Less than $3 Billion | 5.4% | 0.0% |
| $3–10 Billion | 4.2% | 6.4% |
| Greater than $10 Billion | 90.4% | 93.6% |
Portfolio Characteristics
| Portfolio | MSCI ACWI® | |
|---|---|---|
| Number of Holdings | 28 | 2,978 |
| Median Market Cap ($bn) | 57.0 | 11.4 |
| Weighted Average Market Cap ($bn) | 272.5 | 291.0 |
Top 10 Holdings
| Capital One Financial | United States | Top 10 U.S. bank with $240+ bn of deposits |
| Alphabet | United States | Dominant global on-line search and advertising company |
| Wells Fargo | United States | One of the largest banks in the U.S. |
| New Oriental Education & Technology | China | Largest provider of private education services in China |
| JD.com | China | One of the largest e-commerce businesses in mainland China offering a range of goods such as consumer electronics and appliances |
| Alibaba Group Holding | China | The world’s largest and most valuable retailer, with operations in over 200 countries and a dominant position in the e-commerce market |
| DNB | Norway | Largest financial institution and oldest private bank in Norway |
| AIA Group | Hong Kong | 2nd largest life insurer in China with operations throughout Asia-Pacific offering financial services to a large, under-penetrated addressable market |
| Naspers | South Africa | Media conglomerate that holds interests in a range of e-commerce businesses around the world, including Tencent |
| Danske Bank | Denmark | Largest bank in Denmark serving more than 5 million retail customers |
Click here for quarter-end holdings
Literature
| Insights into the Portfolio | ||
|---|---|---|
| Davis Global ADR SMA: Selective. Attractive Growth. Undervalued. | Download Share | Our companies are rigorously researched, offer attractive growth and yet are significantly undervalued versus the benchmark – A powerful combination. |
| Fact Sheet | Download Share | Goals of the Portfolio, top holdings, characteristics and Portfolio attributes. |
| Quarterly Review Book: Davis Global ADR SMA | Download Share | A comprehensive quarterly update on the Portfolio, including commentary on investment strategy, performance and Portfolio statistics, and holdings. |
| Portfolio Commentaries | ||
| Davis Global ADR Portfolio Commentary - Spring Update 2021 | Download View Share | 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.
1As of December 31, 2020.
2Gross of fees. Past performance is not a guarantee of future results.
(8) Read here for objective/risk disclosures
(9) Read here for performance/rolling return disclosures
Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756