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.

Selective, Attractive Growth, Undervalued The Attractive Growth and Undervalued reference in this piece relates to underlying characteristics of the portfolio holdings. There is no guarantee that Fund performance will be positive as equity markets are volatile and an investor may lose money. as of 09/30/22

Fund
Selective Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. 37
Attractive Growth EPS Growth (5 Year) 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. 13.8%
Undervalued P/E (Forward) 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. 8.5x

Returns

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -24.74% -28.27% -1.08% -1.05% 2.92%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -24.43% -28.03% -1.11% -1.09% 2.94%
MSCI ACWI 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. -21.14% -19.96% 4.84% 5.24% 7.47%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -24.74% -28.40% -1.33% -1.44% 2.57%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -14.64% -16.49% -0.74% -0.81% 2.24%

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. NAV and market price returns assume that all distributions were reinvested at NAV. 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.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -24.93% -25.35% -0.18% -0.53% 2.92%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -24.94% -25.51% -0.24% -0.62% 2.86%
MSCI ACWI 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. -25.63% -20.66% 3.74% 4.44% 6.49%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -24.93% -25.49% -0.43% -0.91% 2.57%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -14.76% -14.75% -0.05% -0.41% 2.24%

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. NAV and market price returns assume that all distributions were reinvested at NAV. 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.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -16.36% -20.45% 3.85% 2.56% 4.95%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -16.44% -20.70% 3.75% 2.47% 4.88%
MSCI ACWI 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. -17.75% -15.88% 8.03% 6.97% 8.50%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -16.36% -20.60% 3.59% 2.16% 4.59%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -9.69% -11.87% 3.01% 1.92% 3.82%

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. NAV and market price returns assume that all distributions were reinvested at NAV. 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.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -4.01% -4.01% 15.64% -- 9.50%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -4.02% -4.02% 15.63% -- 9.43%
MSCI ACWI 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. 18.54% 18.54% 20.36% -- 14.09%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -4.19% -4.19% 15.35% -- 9.07%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -2.15% -2.15% 12.31% -- 7.42%

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. NAV and market price returns assume that all distributions were reinvested at NAV. 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.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 23.29% 23.29% 7.88% -- 13.19%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 22.73% 22.73% 7.72% -- 13.11%
MSCI ACWI 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. 16.25% 16.25% 10.06% -- 13.00%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 23.22% 23.22% 7.25% -- 12.68%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 13.84% 13.84% 5.91% -- 10.29%

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. NAV and market price returns assume that all distributions were reinvested at NAV. 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.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 30.70% 30.70% -- -- 9.99%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 30.96% 30.96% -- -- 10.02%
MSCI ACWI 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. 26.60% 26.60% -- -- 11.94%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 30.04% 30.04% -- -- 9.35%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 18.70% 18.70% -- -- 7.64%

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. NAV and market price returns assume that all distributions were reinvested at NAV. 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.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -24.74% -28.27% -3.22% -5.14% 18.18%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -24.43% -28.03% -3.30% -5.35% 18.32%
MSCI ACWI 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. -21.14% -19.96% 15.25% 29.09% 51.92%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -24.74% -28.40% -3.94% -6.98% 15.89%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -14.64% -16.49% -2.20% -3.96% 13.74%

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. NAV and market price returns assume that all distributions were reinvested at NAV. 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.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -24.93% -25.35% -0.55% -2.60% 17.88%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -24.94% -25.51% -0.72% -3.08% 17.51%
MSCI ACWI 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. -25.63% -20.66% 11.67% 24.27% 43.27%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -24.93% -25.49% -1.29% -4.49% 15.59%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -14.76% -14.75% -0.16% -2.03% 13.52%

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. NAV and market price returns assume that all distributions were reinvested at NAV. 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.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -16.36% -20.45% 12.01% 13.46% 31.32%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -16.44% -20.70% 11.69% 12.98% 30.82%
MSCI ACWI 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. -17.75% -15.88% 26.09% 40.08% 58.44%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -16.36% -20.60% 11.17% 11.27% 28.78%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -9.69% -11.87% 9.30% 10.00% 23.57%

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. NAV and market price returns assume that all distributions were reinvested at NAV. 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.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -4.01% -4.01% 54.69% -- 57.01%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. -4.02% -4.02% 54.66% -- 56.56%
MSCI ACWI 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. 18.54% 18.54% 74.46% -- 92.63%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -4.19% -4.19% 53.53% -- 53.98%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. -2.15% -2.15% 41.70% -- 42.76%

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. NAV and market price returns assume that all distributions were reinvested at NAV. 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.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 23.29% 23.29% 25.54% -- 63.57%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 22.73% 22.73% 25.01% -- 63.12%
MSCI ACWI 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. 16.25% 16.25% 33.32% -- 62.51%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 23.22% 23.22% 23.39% -- 60.70%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 13.84% 13.84% 18.81% -- 47.58%

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. NAV and market price returns assume that all distributions were reinvested at NAV. 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.

  YTD 1 Yr 3 Yr 5 Yr Since Incept.
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 30.70% 30.70% -- -- 32.67%
Market Price Returns are generally calculated using closing price and account for distributions from the Fund. 30.96% 30.96% -- -- 32.77%
MSCI ACWI 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. 26.60% 26.60% -- -- 39.79%
After Tax Pre-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 30.04% 30.04% -- -- 30.41%
After Tax Post-Liquidation After-tax returns for ETFs are calculated using the tax liability implied by each ETF's declared distributions. However, the exact tax characteristics of many distributions are not known until after the close of the calendar year. For Davis Fundamental ETF Trust, conservative estimates are used based on fund history until final amounts become available. 18.70% 18.70% -- -- 24.43%

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. NAV and market price returns assume that all distributions were reinvested at NAV. 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 11/29/22

Regions as of 11/28/22

DWLD (%) MSCI ACWI (%)
United States 42.8% 61.1%
Developed Ex US 28.9% 28.6%
Emerging Markets 28.3% 10.2%

Top Sectors as of 11/28/22 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 (%)
Financials 43.7% 15.6%
Consumer Discretionary 19.9% 10.7%
Information Technology 12.9% 20.0%
Communication Services 11.7% 6.8%
Health Care 6.0% 13.1%
Materials 3.2% 4.9%
Industrials 1.4% 10.1%
Consumer Staples 1.3% 7.7%

Holdings as of 11/28/22

Name DWLD (%) MSCI ACWI (%) Country
Wells Fargo & Co. 6.82% 0.31% USA
Danske Bank 5.88% 0.02% Denmark
DBS Group Holdings 5.64% 0.08% Singapore
Ping An Insurance (Group) 5.21% 0.06% China
Julius Baer Group 5.08% 0.02% Switzerland
Berkshire Hathaway 4.75% 0.70% USA
Meta Platforms 4.63% 0.43% USA
Hollysys Automation Technologies 4.49% 0.00% China
Samsung Electronics 4.06% 0.43% Korea, (South)
JD.com 3.95% 0.00% China
Name Ticker DWLD (%) MSCI ACWI (%) Shares Market Value ($) Country CUSIP SEDOL
Wells Fargo & Co. WFC 6.82 0.31 327,566 15,389,051 USA 949746101 2649100
Danske Bank A/S DANSKE DC 5.88 0.02 756,297 13,269,751 Denmark 4588825
DBS Group Holdings Ltd. DBS SP 5.64 0.08 511,136 12,719,969 Singapore 6175203
Ping An Insurance (Group) 2318 HK 5.21 0.06 2,174,775 11,758,323 China B01FLR7
Julius Baer Group Ltd. BAER SE 5.08 0.02 203,769 11,475,525 Switzerland B4R2R50
Berkshire Hathaway Inc., Class B BRK B 4.75 0.70 34,214 10,718,220 USA 084670702 2073390
Meta Platforms, Inc., Class A META 4.63 0.43 96,142 10,458,327 USA 30303M102 B7TL820
Hollysys Automation Technologies Ltd. HOLI 4.49 0.00 613,671 10,143,982 China G45667105 B0JCH50
Samsung Electronics Co., Ltd. 005930 KS 4.06 0.37 205,163 9,160,373 Korea, (South) 6771720
JD.com, Inc., Class A, ADR JD 3.95 0.00 178,613 8,914,575 China 47215P106 BMM27D9
Alphabet Inc., Class C GOOG 3.79 0.95 88,972 8,563,555 USA 02079K107 BYY88Y7
Capital One Financial Corp. COF 3.72 0.07 84,262 8,390,810 USA 14040H105 2654461
AIA Group Ltd. 1299 HK 3.67 0.19 887,090 8,291,461 Hong Kong B4TX8S1
Prosus N.V., Class N PRX NA 3.67 0.09 133,109 8,291,379 Netherlands BJDS7L3
Viatris Inc. VTRS 3.35 0.02 683,381 7,558,194 USA 92556V106 BMWS3X9
Teck Resources Ltd., Class B TECK 3.14 0.03 214,964 7,089,513 Canada 878742204 2124533
Amazon.com, Inc. AMZN 3.00 1.50 72,155 6,778,962 USA 023135106 2000019
Cigna Corp. CI 2.63 0.18 18,585 5,938,093 USA 125523100 BHJ0775
Meituan, Class B 3690 HK 2.23 0.14 274,840 5,029,805 China BGJW376
Alibaba Group Holding Ltd., ADR BABA 2.22 0.00 66,086 5,014,606 China 01609W102 BP41ZD1
Applied Materials, Inc. AMAT 1.93 0.16 42,146 4,360,847 USA 038222105 2046552
Bank of N.T. Butterfield & Son Ltd. NTB 1.82 0.00 121,567 4,115,043 Bermuda G0772R208 BD8FF02
Intel Corp. INTC 1.61 0.20 126,146 3,623,544 USA 458140100 2463247
Owens Corning OC 1.39 0.01 35,404 3,126,881 USA 690742101 B1FW7Q2
Liberty Formula One, Series A FWONA 1.38 0.00 58,857 3,113,535 USA 531229870 BD72R64
Delivery Hero SE DHER GR 1.35 0.01 74,220 3,040,876 Germany BZCNB42
Darling Ingredients Inc. DAR 1.27 0.00 40,660 2,858,398 USA 237266101 2250289
Naspers Ltd. - N NPN SJ 1.14 0.05 17,948 2,579,365 South Africa 6622691
Fila Holdings Corp. 081660 KS 1.09 0.00 100,216 2,448,929 Korea, (South) B66CTX7
Coupang, Inc., Class A CPNG 1.08 0.00 128,540 2,430,691 Korea, (South) 22266T109 BNYHDF3
Liberty Formula One, Series C FWONK 0.95 0.02 36,495 2,150,285 USA 531229854 BD8QGD5
Clear Secure, Inc., Class A YOU 0.68 0.00 49,543 1,525,429 USA 18467V109 BLD30T1
IAC Inc. IAC 0.59 0.01 27,550 1,323,227 USA 44891N208 BNDYF48
Noah Holdings Ltd., Class A, ADS NOAH 0.55 0.00 90,461 1,237,506 China 65487X102 B5MDP39
iQIYI, Inc., Class A, ADR IQ 0.25 0.00 213,857 568,860 China 46267X108 BYWT1W1
Metro Bank PLC MTRO LN 0.23 0.00 448,169 511,912 UK BZ6STL6
Cash Component 0.76 0.00 0 0
Total   100.00 5.62          

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Historical 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 Market price generally reflects the official closing price of the Fund. to NAV



Calendar Year 2021 First Quarter 2022 Second Quarter 2022 Third Quarter 2022
Days traded at premium 154 10 16 9
Days traded at discount 98 52 46 55

Fund Details as of 11/28/22

Inception Date 1/11/17
Ticker DWLD
Objective Long-term growth of capital
Expense Ratio The Advisors has contractually agreed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses at 0.65% until March 1, 2022. After that date, there is no assurance that Davis Selected Advisers, L.P. will continue to waive fees and/or reimburse expenses. The agreement cannot be terminated prior to that date, without the consent of the Board of Trustees. 0.62%
Number of Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. 36
Number of Holdings in Benchmark Index 2,894
Investment Manager Davis Selected Advisers, L.P.
Total Net Assets ($M) 225.699
Exchange Cboe Global Markets, Inc.
CUSIP 23908L306
Custodian State Street Bank and Trust Company
Benchmark Index MSCI ACWI
Shares Outstanding 9,300,000
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. 20,455
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. 26,219
30 Day Median Bid-Ask Spread The Fund uses the national best bid and national best offer (NBBO), calculated every ten seconds during each trading day, in order to determine the median bid-ask spread. The median of the values calculated over the last 30 calendar days is expressed as a percentage and rounded to the nearest hundredth. 0.40%
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. -0.16
Active Share (as of 10/31/22) Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index. 93%

52 Week High/Low as of 11/28/22

NAV Market Price
52 Week High 31.09 31.16
52 Week Low 21.68 21.20