Davis Global Fund 2025 Annual Review

Summary

• Davis Global Fund posted a strong return of +22.70% in 2024, substantially outperforming its MSCI ACWI (All Country World Index) 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.

Martin Barraud

The average annual total returns for Davis Global Fund's Class A shares for periods ending December 31, 2024, including a maximum 4.75% sales charge, are: 1 year, 16.87%; 5 years, 5.96%; and 10 years, 7.71%. The performance presented represents past performance and is not a guarantee of future results. Total