Overview

Investment Strategy

The goal of the Davis All-Cap SMA is to create an opportunistic portfolio that can seek attractive businesses across all market caps, industries and sectors. This approach can make the Davis All-Cap SMA a potential foundation for an investor's diversified equity portfolio.

Using our signature Davis Investment Discipline, the Portfolio has outperformed the S&P 1500® Index since inception.

"By being highly selective and rejecting the vast majority of companies in the index, we’ve uncovered businesses with highly attractive earnings growth, yet selling at some of the lowest valuations we have ever seen. We believe this sets the stage for attractive returns in the years ahead.”

– Portfolio Manager Chris Davis

Selective Attractive Growth Undervalued

All-Cap SMA Portfolio invests in only a select group of well-researched companies

All-Cap SMA Portfolio's portfolio companies have grown more than the index

All-Cap SMA Portfolio's portfolio companies are 38% less expensive than the index

Holdings EPS Growth (5 Year) P/E (Forward)
1506
32
20.3%
15.1%
14.0x
22.5x
Portfolio
S&P 1500
The companies of Davis All-Cap SMA Portfolio have grown more than the companies in the index, yet are 38% less expensive.

Portfolio Details as of 6/30/25

Detail Value
Objective Long-Term Capital Appreciation
Category US All-Cap

A Shares

Detail Value
Inception Date 1/1/99
Benchmark S&P 1500

Performance as of 6/30/25

Growth of $100,000 (Net a 3% maximum wrap fee)

Key Takeaway A hypothetical $100,000 investment has compounded to $714,318 since inception (net a 3% maximum wrap fee).

All-Cap SMA Portfolio

Average Annual Returns

A Shares: Quarterly (as of 6/30/25)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
Gross 9.85% 13.68% 17.81% 16.96% 11.99% 10.31%
With a 3% maximum wrap fee 8.23% 10.35% 14.37% 13.54% 8.70% 7.70%
S&P 1500 5.61% 14.48% 19.00% 16.34% 13.22% 8.44%

The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends. Investment return and principal value will vary so that an investor may lose money. Current performance may be higher or lower. The investment strategies described herein are those of Davis Advisors. These materials are being provided for illustrative and informational purposes only. The information contained herein is obtained from multiple sources that are believed to be reliable. However, such information has not been verified, and may be different from the information included in documents and materials created by the sponsor firm in whose investment program a client participates. Some sponsor firms may require that these materials are preceded or accompanied by investment profiles or other documents or materials prepared by such sponsor firms, which will be provided upon a client’s request. For additional information, documents and/or materials, please speak to your Financial Advisor. For additional information, documents and/or materials, please speak to your Financial Advisor. Davis Advisors fee schedules are described in Part 2 of its Form ADV.

Portfolio Characteristics as of 6/30/25

Portfolio Composition

Item All-Cap SMA Portfolio S&P 1500®
P/E (Forward) 14.0x 22.5x
P/B Ratio 3.1 4.5
Beta (3 Year) 1.0% 1.0%
5 Year Earnings Growth 20.3% 15.1%
Standard Deviation (5 year) 17.2 16.4
Number of Holdings 32 1506
Weighted Average Market Cap ($bn) 324.6 1,008.1
Median Market Cap ($bn) 70.0 6.2
Active Share 88% N/A
Turnover Rate 25% N/A
Mastering the Mental Game of Investing

Mastering the Mental Game of Investing

A video series to help you develop the mindset of a successful investor.

Watch the Series

Portfolio Holdings

Top 10 Holdings: Quarterly (as of 6/30/25)

Holding Ticker All-Cap SMA Portfolio S&P 1500®
Meta Platforms META 7.0% 2.8%
Capital One Financial COF 7.0% 0.2%
Quest Diagnostics DGX 7.0% < 0.1%
Markel Group MKL 6.4%
CVS Health CVS 5.2% 0.2%
Viatris VTRS 4.9% < 0.1%
Applied Materials AMAT 4.5% 0.3%
Teck Resources TECK 4.3%
Solventum SOLV 4.2% < 0.1%
Wesco International WCC 4.2% < 0.1%
Total 54.7% 3.6%

All Holdings: Quarterly (as of 6/30/25)

Holding Ticker All-Cap SMA Portfolio S&P 1500®
Meta Platforms META 7.0% 2.8%
Capital One Financial COF 7.0% 0.2%
Quest Diagnostics DGX 7.0% < 0.1%
Markel Group MKL 6.4%
CVS Health CVS 5.2% 0.2%
Viatris VTRS 4.9% < 0.1%
Applied Materials AMAT 4.5% 0.3%
Teck Resources TECK 4.3%
Solventum SOLV 4.2% < 0.1%
Wesco International WCC 4.2% < 0.1%
U.S. Bancorp USB 4.0% 0.1%
MGM Resorts MGM 3.7% < 0.1%
Cigna Group CI 3.7% 0.2%
Humana HUM 3.0% 0.1%
Owens Corning OC 2.9% < 0.1%
Tyson Foods TSN 2.5% < 0.1%
AGCO AGCO 2.0% < 0.1%
Texas Instruments TXN 1.9% 0.3%
Berkshire Hathaway BRK B 1.9% 1.6%
Coterra Energy CTRA 1.8% < 0.1%
Darling Ingredients DAR 1.8% < 0.1%
Oracle ORCL 1.8% 0.6%
Alphabet GOOGL 1.7% 3.3%
Johnson Controls International JCI 1.6% 0.1%
AppLovin APP 1.6%
UnitedHealth Group UNH 1.4% 0.5%
Microsoft MSFT 1.3% 6.5%
NVIDIA NVDA 1.1% 6.8%
Amazon.com AMZN 1.0% 3.7%
SAP SAP 0.8%
IAC IAC 0.4%
ANGI ANGI 0.1%
CASH N/A 3.3%

Sector Allocation

Sector All-Cap SMA Portfolio S&P 1500®
Health Care 30.4% 9.3%
Financials 20.0% 14.4%
Information Technology 13.4% 31.5%
Industrials 11.1% 9.6%
Communication Services 9.5% 9.2%
Consumer Discretionary 4.9% 10.6%
Materials 4.5% 2.1%
Consumer Staples 4.5% 5.4%
Energy 1.9% 3.0%
Real Estate 2.4%
Utilities 2.4%

Market Cap Breakout

All-Cap SMA Portfolio
Market Percentage
Large 58.8%
Mid 38.8%
Small 2.4%
S&P 1500® Index
Market Percentage
Large 89.5%
Mid 6.3%
Small 4.2%

Commentary

Portfolio Commentary

Document Description Date
Portfolio Commentary - Summer Update 2025 A quarterly discussion of the market environment, Portfolio performance, major positions and investment opportunities. June 2025

Factsheet

Fact Sheets

Document Description Date
Fact Sheet Goals of the Portfolio, top holdings, characteristics and Portfolio attributes. June 2025

Literature

Document Description Date
Quarterly Review Book A comprehensive quarterly update on the Portfolio, including commentary on investment strategy, performance, Portfolio statistics and holdings. June 2025
Davis All-Cap SMA: Selective. Attractive Growth. Undervalued. Our companies are rigorously researched, offer attractive growth and yet are significantly undervalued versus the Index – A powerful combination. June 2025
Portfolio Holdings Quarterly report listing company positions, weightings in the Portfolio versus the Index June 2025