Davis International Fund 2025 Annual Review

Summary

• Davis International Fund posted a return of +21.58% in 2024, substantially outperforming its MSCI ACWI (All Country World Index) ex-US benchmark.
• We believe China may be starting to emerge from its long economic slump following the government’s more aggressive stimulus measures in late 2024.
• As we position the portfolio for the emergence of AI, we find opportunity among established market leaders with proven business models that are either using AI to improve a large existing platform or are key semiconductor players helping to build out the AI ecosystem.
• While high market valuations remain a key investment risk, our portfolio has been built to emphasize durability and resilience.

Richard Drury

The average annual total returns for Davis International Fund's Class A shares for periods ending December 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 15.80%; 5 years, 0.62%; and 10 years, 3.51%. The performance presented represents past performance and is not a guarantee of future results. Total