Fund Overview

  • Seeks high-conviction, best-of-breed businesses in the U.S. and abroad
  • Benchmark-agnostic. Seeks to outperform the index, not mirror it
  • Low expected turnover and a strategic, long term time horizon
  • Traditional benefits of ETFs: Low cost, tax efficient, intra-day liquidity and transparent  ETFs are subject to commission costs each time a buy or sell is executed. Depending on the amount of trading activity, the low costs of ETFs may be outweighed by commissions and related trading costs.

Returns

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 16.02% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 16.21% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 12.67% -- -- --
After Tax Pre-Liquidation 16.02% -- -- --
After Tax Post-Liquidation 9.07% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 10.23% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 10.37% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 9.61% -- -- --
After Tax Pre-Liquidation 10.23% -- -- --
After Tax Post-Liquidation 5.79% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 9.70% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 9.83% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 9.11% -- -- --
After Tax Pre-Liquidation 9.70% -- -- --
After Tax Post-Liquidation 5.49% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 6.58% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 6.78% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 6.75% -- -- --
After Tax Pre-Liquidation 6.58% -- -- --
After Tax Post-Liquidation 3.72% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 4.28% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 4.74% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 5.12% -- -- --
After Tax Pre-Liquidation 4.28% -- -- --
After Tax Post-Liquidation 2.42% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 1.63% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 1.89% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 3.85% -- -- --
After Tax Pre-Liquidation 1.63% -- -- --
After Tax Post-Liquidation 0.92% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -0.34% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. -0.07% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 1.01% -- -- --
After Tax Pre-Liquidation -0.34% -- -- --
After Tax Post-Liquidation -0.19% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 16.02% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 16.21% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 12.67% -- -- --
After Tax Pre-Liquidation 16.02% -- -- --
After Tax Post-Liquidation 9.07% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 10.23% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 10.37% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 9.61% -- -- --
After Tax Pre-Liquidation 10.23% -- -- --
After Tax Post-Liquidation 5.79% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 9.70% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 9.83% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 9.11% -- -- --
After Tax Pre-Liquidation 9.70% -- -- --
After Tax Post-Liquidation 5.49% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 6.58% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 6.78% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 6.75% -- -- --
After Tax Pre-Liquidation 6.58% -- -- --
After Tax Post-Liquidation 3.72% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 4.28% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 4.74% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 5.12% -- -- --
After Tax Pre-Liquidation 4.28% -- -- --
After Tax Post-Liquidation 2.42% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 1.63% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 1.89% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 3.85% -- -- --
After Tax Pre-Liquidation 1.63% -- -- --
After Tax Post-Liquidation 0.92% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -0.34% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. -0.07% -- -- --
MSCI ACWI Index The MSCI ACWI® (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets throughout the world. The Index includes reinvestment of dividends, net foreign withholding taxes. Investments cannot be made directly in an index. 1.01% -- -- --
After Tax Pre-Liquidation -0.34% -- -- --
After Tax Post-Liquidation -0.19% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

Historical Prices as of 8/22/17

Prices

Regions as of 8/21/17

DWLD (%) MSCI ACWI Index (%)
United States 52.5% 47.7%
Emerging Markets 36.7% 11.6%
Developed Markets (ex-US) 10.8% 40.6%

Top Sectors as of 8/21/17 The Fund generally uses the Global Industry Classification Standard (“GICS”) to determine industry classification. GICS presents industry classification as a series of levels. Allocations shown are at the sector level. For purposes of measuring concentration, the Fund generally classifies companies at the “industry group” or “industry” level. See the Fund’s SAI for additional information. Data is provided by an external service provider and, in limited instances, the classifications may vary from the classifications assigned by Davis Advisors. Industry classification weightings are subject to change.

DWLD (%) MSCI ACWI Index (%)
Consumer Discretionary 29.7% 11.4%
Information Technology 21.3% 18.7%
Financials 19.5% 17.5%
Industrials 10.1% 10.9%
Energy 9.9% 6.7%
Materials 5.6% 5.0%
Health Care 3.7% 10.2%
ETF Cash Component 0.3% 0.0%

Holdings as of 8/21/17

Name Ticker Weighting (%) Country
Alphabet Inc., Class C GOOG 6.41% USA
Naspers Ltd. - N NPN SJ 5.38% South Africa
Alibaba Group Holding Ltd., ADR BABA 4.74% China
Wells Fargo & Co. WFC 4.66% USA
Amazon.com, Inc. AMZN 4.60% USA
Berkshire Hathaway Inc., Class B BRK B 4.25% USA
JD.com Inc., Class A, ADR JD 4.15% China
Adient PLC ADNT 4.14% USA
JPMorgan Chase & Co. JPM 3.44% USA
Encana Corp. ECA 3.27% Canada
Name Ticker Weighting (%) Shares Market Value ($) Country CUSIP SEDOL
Alphabet Inc., Class C GOOG 6.41 4,133 3,747,226 USA 02079K107 BYY88Y7
Naspers Ltd. - N NPN SJ 5.38 14,290 3,145,308 South Africa 6622691
Alibaba Group Holding Ltd., ADR BABA 4.74 16,381 2,772,484 China 01609W102 BP41ZD1
Wells Fargo & Co. WFC 4.66 52,639 2,727,753 USA 949746101 2649100
Amazon.com, Inc. AMZN 4.60 2,825 2,693,044 USA 023135106 2000019
Berkshire Hathaway Inc., Class B BRK B 4.25 13,942 2,486,416 USA 084670702 2073390
JD.com Inc., Class A, ADR JD 4.15 58,801 2,426,129 China 47215P106 BMM27D9
Adient PLC ADNT 4.14 35,640 2,419,243 USA G0084W101 BD845X2
JPMorgan Chase & Co. JPM 3.44 22,210 2,012,892 USA 46625H100 2190385
Encana Corp. ECA 3.27 212,993 1,912,677 Canada 292505104 2793182
Apache Corp. APA 3.25 48,040 1,898,541 USA 037411105 2043962
TAL Education Group, Class A, ADR TAL 3.20 61,806 1,874,576 China 874080104 B4MGD82
New Oriental Edu & Tech ADR EDU 3.17 22,576 1,851,909 China 647581107 B1CN1G6
Sul America S.A. SULA11 BZ 3.04 317,137 1,780,723 Brazil B27WYK0
Hollysys Automation Technologies Ltd. HOLI 3.02 90,876 1,766,629 China G45667105 B0JCH50
United Technologies Corp. UTX 2.81 14,239 1,641,472 USA 913017109 2915500
Safran S.A. SAF FP 2.72 16,251 1,589,758 France B058TZ6
Aetna, Inc. AET 2.65 10,002 1,547,709 USA 00817Y108 2695921
Axalta Coating Systems Ltd. AXTA 2.52 50,533 1,476,069 USA G0750C108 BSFWCF5
Fang Holdings Ltd., Class A, ADR SFUN 2.38 413,340 1,392,956 China 30711Y102 BYQ7J61
Capital One Financial Corp. COF 2.34 16,787 1,366,798 USA 14040H105 2654461
LafargeHolcim Ltd. LHN FP 2.20 21,479 1,285,639 Switzerland BZ3DNX4
ZTO Express Cayman, Inc., Class A, ADR ZTO 2.16 90,817 1,262,356 China 98980A105 BYYDFN0
CarMax, Inc. KMX 2.13 19,443 1,247,074 USA 143130102 2983563
Facebook Inc, Class A FB 1.89 6,583 1,104,496 USA 30303M102 B7TL820
Noah Holdings Ltd., ADS NOAH 1.80 34,228 1,053,538 China 65487X102 B5MDP39
Angie's List Inc. ANGI 1.79 85,919 1,049,071 USA 034754101 B5B33P8
Paramount Resources Ltd., Class A POU CN 1.74 61,659 1,019,198 Canada B073FP1
Vipshop Holdings Ltd., Class A, ADR VIPS 1.68 105,913 981,814 China 92763W103 B3N0H17
Cabot Oil & Gas Corp. COG 1.64 39,152 959,224 USA 127097103 2162340
FedEx Corp. FDX 1.46 4,130 852,143 USA 31428X106 2142784
Delphi Automotive PLC DLPH 1.26 7,962 739,749 USA G27823106 B783TY6
Baidu, Inc., Class A, ADR BIDU 1.09 2,858 635,848 China 056752108 B0FXT17
Diplomat Pharmacy, Inc. DPLO 1.01 35,970 590,987 USA 25456K101 BRB38H9
CAR Inc. 699 HK 0.94 612,000 549,823 China BQQP9S1
Akzo Nobel N.V. AKZA NA 0.85 5,425 496,339 Netherlands 5458314
Cash Component 0.24
Total   100.00          

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Premium/Discount Shares are generally bought and sold on an exchange at market prices and the price paid may be more (a “premium”) or less than NAV (a “discount”). For this reason an investor may pay more or less than NAV when they buy shares, and they may receive more or less than NAV when they sell shares. The premium/discount information provided represents past performance and cannot be used to predict future results. of Market Price The price used to calculate market return is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange, on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. to NAV

Days at specific premium or discount ranges
Days at specific premium or discount ranges

Fund Details as of 8/21/17

Inception Date 1/11/17
Ticker DWLD
Objective Long-term growth of capital
Expense Ratio (gross/net) Davis Selected Advisers, L.P. has contractually agreed to waive fees and/or reimburse the Funds’ expenses to the extent necessary to cap total annual fund operating expenses as shown until March 1, 2018. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to that date, without the consent of the Board of Trustees. 0.68%/0.65%
Number of Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. 36
Investment Manager Davis Selected Advisers, L.P.
Total Net Assets ($M) 58.496
Asset Class Equity
Exchange NASDAQ
CUSIP 23908L 306
IOV / Intraday Ticker DWLDIV
Custodian State Street Bank and Trust Company
Performance Benchmark MSCI ACWI Index
Shares Outstanding 2,550,000
Dividend Frequency Annually
Options Available N
Daily Volume The number of shares traded during a given period of time. It is simply the amount of shares that trade hands from sellers to buyers as a measure of activity. If a buyer of a stock purchases 100 shares from a seller, then the volume for that period increased by 100 shares based on that transaction. Volume shown is the volume that traded on the primary exchange as of the date indicated. 22,220
30 Day Avg. Volume Average Daily Volume (ADV) on primary exchange may differ from ADV reported by other sources, which may publish an aggregated ADV from all exchanges on which the ETF trades. 14,266
Premium/Discount Shares are generally bought and sold on an exchange at market prices and the price paid may be more (a “premium”) or less than NAV (a “discount”). For this reason an investor may pay more or less than NAV when they buy shares, and they may receive more or less than NAV when they sell shares. The premium/discount information provided represents past performance and cannot be used to predict future results. 0.13

Portfolio Statistics as of 6/30/17

Number of Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. 36
Forward P/E Forward price to earnings (forward P/E) is a measure of the price-to-earnings (P/E) ratio using forecasted earnings for the P/E calculation. 15.1
P/B Price/Book (P/B) Ratio is the weighted average of the P/B ratios of the stocks in a portfolio. The P/B ratio of a stock is calculated by dividing the current price of the stock by the company's per share book value. 3.3
Weighted Avg. Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. 149.7
Historical 5 Year EPS Growth This figure represents the annualized rate of net-income-per-share growth over the trailing five-year period for the stocks held by the Fund. 23.2

52 Week High/Low as of 8/21/17

NAV Market Price
52 Week High 23.57 23.71
52 Week Low 20.01 20.00