Davis New York Venture Fund Inc.
12/30/2025 | Press release | Distributed by Public on 12/30/2025 14:34
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-01701
DAVIS NEW YORK VENTURE FUND, INC.
(Exact name of registrant as specified in charter)
2949 East Elvira Road, Suite 101
Tucson, AZ 85756
(Address of principal executive offices)
Lisa J. Cohen
Davis Selected Advisers, L.P.
2949 East Elvira Road, Suite 101
Tucson, AZ 85756
(Name and address of agent for service)
Registrant's telephone number, including area code:
520-806-7600
Date of fiscal year end:
October 31, 2025
Date of reporting period:
October 31, 2025
ITEM 1. REPORTS TO STOCKHOLDERS
Davis Global Fund
Class A / DGFAX
ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025
This Annual shareholder report contains important information about the Davis Global Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "period"). You can find additional information about the Fund at davisfunds.com/resources/regulatory-documentsor by contacting Investor Services at 1-800-279-0279.
What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|
Davis Global Fund (Class A) |
$105 | 0.94% |
Management's Discussion of Fund Performance
Summary of Results
The Fund performed in line with the Morgan Stanley Capital International All Country World Index ("MSCI ACWI" or the "Index") for the period. The Fund's Class A shares delivered a total return on net asset value of 22.62%, versus a 22.64% return for the MSCI ACWI. The Fund invests principally in common stocks (including American Depositary Receipts) issued by both United States and foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium or small companies without regard to market capitalization.
Market Overview
-
MSCI ACWI
-
Strongest performing sectors - Information Technology (+39%), Communication Services (+36%), and
Financials (+25%) -
Weakest performing sectors - Health Care (+1%), Real Estate (+2%), and Consumer Staples (+4%)
-
Detractors from Performance
-
Consumer Discretionary - significantly underperformed the Index sector (+4% vs +22%)
-
Meituan (-44%), Delivery Hero (-30%), and MGM Resorts (-13%) - three largest individual detractors
-
PDD Holdings (-13%) - purchased and subsequently sold during the period
-
Delivery Hero - no longer a Fund holding
-
-
Significantly underweight in stronger performing Information Technology sector - (average weighting 7% vs 25%)
-
Clear Secure (-30%) - no longer a Fund holding
-
-
Overweight in weaker performing Health Care sector - (average weighting 12% vs 9%)
-
Solventum (-5%) and Viatris (-6%)
-
-
China holdings - significantly underperformed the Index China exposure (+6% vs +34%)
-
Individual holdings
-
Tyson Foods (-9%) and Teck Resources (-7%)
-
Pinterest (-8%) - new purchase during the period
-
Contributors to Performance
-
Information Technology - significantly outperformed the Index sector (+78% vs +39%)
-
Samsung Electronics (+80%) - largest individual contributor
-
AppLovin (+136%) - new purchase during the period
-
Applied Materials (+30%)
-
-
Financials - outperformed the Index sector (+32% vs +25%) and overweight (average weighting 26% vs 17%)
-
Danske Bank (+67%), Capital One Financial (+37%), and Ping An Insurance (+23%)
-
-
Health Care - outperformed the Index sector (+15% vs +1%)
-
CVS Health (+44%)
-
-
Communication Services - outperformed the Index sector (+41% vs +36%) and overweight (average weighting 12% vs 8%)
-
Alphabet (+64%)
-
-
Individual holdings
-
Prosus (+65%) and DiDi Global (+29%)
-
Fund Performance
The following graph compares the initial and subsequent account values of a $10,000 investment in the Fund and the MSCI ACWI over 10 fiscal years for an investment made on October 31, 2015.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 10/31/25 | 1 Year | 5 Years | 10 Years |
| Davis Global Fund (Class A) - Without sales charge | 22.62% | 10.85% | 10.40% |
| Davis Global Fund (Class A) - With sales charge* | 16.80% | 9.78% | 9.88% |
| MSCI ACWI | 22.64% | 14.60% | 11.30% |
|
*
|
Reflects 4.75% front-end sales charge.
|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com .
Key Fund Statistics
| Fund net assets as of 10/31/25 (in millions) | $938.5 |
| Total number of portfolio holdings as of 10/31/25 | 38 |
| Portfolio turnover rate for the period | 27% |
| Total advisory fees paid for the period (Net advisory fee after waiver) (in millions) | $4.6 |
Top Sectors as of 10/31/25 Net Assets
| Consumer Discretionary | 24.14% |
| Financials | 22.91% |
| Information Technology | 11.95% |
| Health Care | 10.53% |
| Industrials | 10.00% |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documentsor by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS NEW YORK VENTURE FUND, INC.
Davis Global Fund
Class C / DGFCX
ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025
This Annual shareholder report contains important information about the Davis Global Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "period"). You can find additional information about the Fund at davisfunds.com/resources/regulatory-documentsor by contacting Investor Services at 1-800-279-0279.
What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|
Davis Global Fund (Class C) |
$193 | 1.74% |
Management's Discussion of Fund Performance
Summary of Results
The Fund underperformed the Morgan Stanley Capital International All Country World Index ("MSCI ACWI" or the "Index") for the period. The Fund's Class C shares delivered a total return on net asset value of 21.66%, versus a 22.64% return for the MSCI ACWI. The Fund invests principally in common stocks (including American Depositary Receipts) issued by both United States and foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium or small companies without regard to market capitalization.
Market Overview
-
MSCI ACWI
-
Strongest performing sectors - Information Technology (+39%), Communication Services (+36%), and
Financials (+25%) -
Weakest performing sectors - Health Care (+1%), Real Estate (+2%), and Consumer Staples (+4%)
-
Detractors from Performance
-
Consumer Discretionary - significantly underperformed the Index sector (+4% vs +22%)
-
Meituan (-44%), Delivery Hero (-30%), and MGM Resorts (-13%) - three largest individual detractors
-
PDD Holdings (-13%) - purchased and subsequently sold during the period
-
Delivery Hero - no longer a Fund holding
-
-
Significantly underweight in stronger performing Information Technology sector - (average weighting 7% vs 25%)
-
Clear Secure (-30%) - no longer a Fund holding
-
-
Overweight in weaker performing Health Care sector - (average weighting 12% vs 9%)
-
Solventum (-5%) and Viatris (-6%)
-
-
China holdings - significantly underperformed the Index China exposure (+6% vs +34%)
-
Individual holdings
-
Tyson Foods (-9%) and Teck Resources (-7%)
-
Pinterest (-8%) - new purchase during the period
-
Contributors to Performance
-
Information Technology - significantly outperformed the Index sector (+78% vs +39%)
-
Samsung Electronics (+80%) - largest individual contributor
-
AppLovin (+136%) - new purchase during the period
-
Applied Materials (+30%)
-
-
Financials - outperformed the Index sector (+32% vs +25%) and overweight (average weighting 26% vs 17%)
-
Danske Bank (+67%), Capital One Financial (+37%), and Ping An Insurance (+23%)
-
-
Health Care - outperformed the Index sector (+15% vs +1%)
-
CVS Health (+44%)
-
-
Communication Services - outperformed the Index sector (+41% vs +36%) and overweight (average weighting 12% vs 8%)
-
Alphabet (+64%)
-
-
Individual holdings
-
Prosus (+65%) and DiDi Global (+29%)
-
Fund Performance
The following graph compares the initial and subsequent account values of a $10,000 investment in the Fund and the MSCI ACWI over 10 fiscal years for an investment made on October 31, 2015.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 10/31/25 | 1 Year | 5 Years | 10 Years |
| Davis Global Fund (Class C) - Without CDSC* | 21.66% | 9.96% | 9.73% |
| Davis Global Fund (Class C) - With CDSC*,** | 20.66% | 9.96% | 9.73% |
| MSCI ACWI | 22.64% | 14.60% | 11.30% |
|
*
|
Because Class C shares automatically convert to Class A shares after 8 years, the "10-Year" returns for Class C reflect Class A performance for the period after conversion.
|
|
**
|
Includes any applicable contingent deferred sales charge ("CDSC").
|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com .
Key Fund Statistics
| Fund net assets as of 10/31/25 (in millions) | $938.5 |
| Total number of portfolio holdings as of 10/31/25 | 38 |
| Portfolio turnover rate for the period | 27% |
| Total advisory fees paid for the period (Net advisory fee after waiver) (in millions) | $4.6 |
Top Sectors as of 10/31/25 Net Assets
| Consumer Discretionary | 24.14% |
| Financials | 22.91% |
| Information Technology | 11.95% |
| Health Care | 10.53% |
| Industrials | 10.00% |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documentsor by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS NEW YORK VENTURE FUND, INC.
Davis Global Fund
Class Y / DGFYX
ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025
This Annual shareholder report contains important information about the Davis Global Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "period"). You can find additional information about the Fund at davisfunds.com/resources/regulatory-documentsor by contacting Investor Services at 1-800-279-0279.
What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|
Davis Global Fund (Class Y) |
$78 | 0.70% |
Management's Discussion of Fund Performance
Summary of Results
The Fund outperformed the Morgan Stanley Capital International All Country World Index ("MSCI ACWI" or the "Index") for the period. The Fund's Class Y shares delivered a total return of 22.92%, versus a 22.64% return for the MSCI ACWI. The Fund invests principally in common stocks (including American Depositary Receipts) issued by both United States and foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium or small companies without regard to market capitalization.
Market Overview
-
MSCI ACWI
-
Strongest performing sectors - Information Technology (+39%), Communication Services (+36%), and
Financials (+25%) -
Weakest performing sectors - Health Care (+1%), Real Estate (+2%), and Consumer Staples (+4%)
-
Contributors to Performance
-
Information Technology - significantly outperformed the Index sector (+78% vs +39%)
-
Samsung Electronics (+80%) - largest individual contributor
-
AppLovin (+136%) - new purchase during the period
-
Applied Materials (+30%)
-
-
Financials - outperformed the Index sector (+32% vs +25%) and overweight (average weighting 26% vs 17%)
-
Danske Bank (+67%), Capital One Financial (+37%), and Ping An Insurance (+23%)
-
-
Health Care - outperformed the Index sector (+15% vs +1%)
-
CVS Health (+44%)
-
-
Communication Services - outperformed the Index sector (+41% vs +36%) and overweight (average weighting 12% vs 8%)
-
Alphabet (+64%)
-
-
Individual holdings
-
Prosus (+65%) and DiDi Global (+29%)
-
Detractors from Performance
-
Consumer Discretionary - significantly underperformed the Index sector (+4% vs +22%)
-
Meituan (-44%), Delivery Hero (-30%), and MGM Resorts (-13%) - three largest individual detractors
-
PDD Holdings (-13%) - purchased and subsequently sold during the period
-
Delivery Hero - no longer a Fund holding
-
-
Significantly underweight in stronger performing Information Technology sector - (average weighting 7% vs 25%)
-
Clear Secure (-30%) - no longer a Fund holding
-
-
Overweight in weaker performing Health Care sector - (average weighting 12% vs 9%)
-
Solventum (-5%) and Viatris (-6%)
-
-
China holdings - significantly underperformed the Index China exposure (+6% vs +34%)
-
Individual holdings
-
Tyson Foods (-9%) and Teck Resources (-7%)
-
Pinterest (-8%) - new purchase during the period
-
Fund Performance
The following graph compares the initial and subsequent account values of a $5,000,000 investment in the Fund and the MSCI ACWI over 10 fiscal years for an investment made on October 31, 2015.
GROWTH OF $5,000,000
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 10/31/25 | 1 Year | 5 Years | 10 Years |
| Davis Global Fund (Class Y) | 22.92% | 11.10% | 10.68% |
| MSCI ACWI | 22.64% | 14.60% | 11.30% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com .
Key Fund Statistics
| Fund net assets as of 10/31/25 (in millions) | $938.5 |
| Total number of portfolio holdings as of 10/31/25 | 38 |
| Portfolio turnover rate for the period | 27% |
| Total advisory fees paid for the period (Net advisory fee after waiver) (in millions) | $4.6 |
Top Sectors as of 10/31/25 Net Assets
| Consumer Discretionary | 24.14% |
| Financials | 22.91% |
| Information Technology | 11.95% |
| Health Care | 10.53% |
| Industrials | 10.00% |
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documentsor by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS NEW YORK VENTURE FUND, INC.
Davis International Fund
Class A / DILAX
ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025
This Annual shareholder report contains important information about the Davis International Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "period"). You can find additional information about the Fund at davisfunds.com/resources/regulatory-documentsor by contacting Investor Services at 1-800-279-0279.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|
Davis International Fund (Class A) |
$111 | 1.01% |
Management's Discussion of Fund Performance
Summary of Results
The Fund underperformed the Morgan Stanley Capital International All Country World Index ex USA ("MSCI ACWI ex USA" or the "Index") for the period. The Fund's Class A shares delivered a total return on net asset value of 20.67%, versus a 24.93% return for the MSCI ACWI ex USA. The Fund invests principally in common stocks (including American Depositary Receipts) issued by foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium or small companies without regard to market capitalization.
Market Overview
-
MSCI ACWI ex USA
-
Strongest performing sectors - Information Technology (+43%), Communication Services (+39%),
and Financials (+35%) -
Weakest performing sectors - Health Care (less than 1%), Consumer Staples (+9%), and Real Estate (+10%)
-
Detractors from Performance
-
Consumer Discretionary - underperformed the Index sector (+3% vs +16%) and overweight (average weighting 35% vs 11%)
-
Meituan (-44%) and Delivery Hero (-40%) - two largest individual detractors
-
JD.com (-16%), PDD Holdings (-13%), Misto Holdings (-1%), and Alibaba Group Holding (-8%)
-
PDD Holdings, Misto Holdings, and Alibaba Group Holding - no longer Fund holdings
-
-
Industrials - underperformed the Index sector (+21% vs +31%)
-
Schneider Electric (-2%) - no longer a Fund holding
-
-
China holdings - significantly underperformed the Index China exposure (-2% vs +34%)
-
Individual holdings
-
KE Holdings (-21%) and Teck Resources (-7%)
-
Contributors to Performance
-
Information Technology - outperformed the Index sector (+69% vs +43%)
-
Samsung Electronics (+80%) and Tokyo Electron (+48%)
-
-
No exposure to Health Care or Consumer Staples, the two weakest performing sectors of the Index, respectively
-
Overweight in stronger performing Financials sector - (average weighting 29% vs 25%)
-
Danske Bank (+67%) - largest individual contributor
-
Ping An Insurance (+23%) and AIA Group (+26%)
-
-
Individual holdings
-
Prosus (+65%), Naspers (+51%), DiDi Global (+29%), and Sea (+66%)
-
NetEase (+60%) - new purchase during the period
-
Fund Performance
The following graph compares the initial and subsequent account values of a $10,000 investment in the Fund and the MSCI ACWI ex USA over 10 fiscal years for an investment made on October 31, 2015.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 10/31/25 | 1 Year | 5 Years | 10 Years |
| Davis International Fund (Class A) - Without sales charge | 20.67% | 4.91% | 6.45% |
| Davis International Fund (Class A) - With sales charge* | 14.94% | 3.90% | 5.94% |
| MSCI ACWI ex USA | 24.93% | 11.18% | 7.66% |
|
*
|
Reflects 4.75% front-end sales charge.
|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com .
Key Fund Statistics
| Fund net assets as of 10/31/25 (in millions) | $199.7 |
| Total number of portfolio holdings as of 10/31/25 | 29 |
| Portfolio turnover rate for the period | 21% |
| Total advisory fees paid for the period (Net advisory fee after waiver) (in thousands) | $936.1 |
Top Sectors as of 10/31/25 Net Assets
| Consumer Discretionary | 32.83% |
| Financials | 26.36% |
| Industrials | 13.42% |
| Information Technology | 13.34% |
| Materials | 4.20% |
How has the Fund changed?
Effective November 5, 2025, Davis International Fund's investment objective is a fundamental policy and may not be changed without a vote of shareholders.
Effective November 7, 2025, Davis International Fund Class A acquired all of the net assets of Selected International Fund Class S.
Effective November 7, 2025, Davis International Fund Class A acquired all of the net assets of Selected International Fund Class S.
This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at davisfunds.com/resources/regulatory-documentsor upon request by contacting Investor Services at (1-800-279-0279 and [email protected]).
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documentsor by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS NEW YORK VENTURE FUND, INC.
Davis International Fund
Class C / DILCX
ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025
This Annual shareholder report contains important information about the Davis International Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "period"). You can find additional information about the Fund at davisfunds.com/resources/regulatory-documentsor by contacting Investor Services at 1-800-279-0279.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|
Davis International Fund (Class C) |
$197 | 1.79% |
Management's Discussion of Fund Performance
Summary of Results
The Fund underperformed the Morgan Stanley Capital International All Country World Index ex USA ("MSCI ACWI ex USA" or the "Index") for the period. The Fund's Class C shares delivered a total return on net asset value of 19.74%, versus a 24.93% return for the MSCI ACWI ex USA. The Fund invests principally in common stocks (including American Depositary Receipts) issued by foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium or small companies without regard to market capitalization.
Market Overview
-
MSCI ACWI ex USA
-
Strongest performing sectors - Information Technology (+43%), Communication Services (+39%),
and Financials (+35%) -
Weakest performing sectors - Health Care (less than 1%), Consumer Staples (+9%), and Real Estate (+10%)
-
Detractors from Performance
-
Consumer Discretionary - underperformed the Index sector (+3% vs +16%) and overweight (average weighting 35% vs 11%)
-
Meituan (-44%) and Delivery Hero (-40%) - two largest individual detractors
-
JD.com (-16%), PDD Holdings (-13%), Misto Holdings (-1%), and Alibaba Group Holding (-8%)
-
PDD Holdings, Misto Holdings, and Alibaba Group Holding - no longer Fund holdings
-
-
Industrials - underperformed the Index sector (+21% vs +31%)
-
Schneider Electric (-2%) - no longer a Fund holding
-
-
China holdings - significantly underperformed the Index China exposure (-2% vs +34%)
-
Individual holdings
-
KE Holdings (-21%) and Teck Resources (-7%)
-
Contributors to Performance
-
Information Technology - outperformed the Index sector (+69% vs +43%)
-
Samsung Electronics (+80%) and Tokyo Electron (+48%)
-
-
No exposure to Health Care or Consumer Staples, the two weakest performing sectors of the Index, respectively
-
Overweight in stronger performing Financials sector - (average weighting 29% vs 25%)
-
Danske Bank (+67%) - largest individual contributor
-
Ping An Insurance (+23%) and AIA Group (+26%)
-
-
Individual holdings
-
Prosus (+65%), Naspers (+51%), DiDi Global (+29%), and Sea (+66%)
-
NetEase (+60%) - new purchase during the period
-
Fund Performance
The following graph compares the initial and subsequent account values of a $10,000 investment in the Fund and the MSCI ACWI ex USA over 10 fiscal years for an investment made on October 31, 2015.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 10/31/25 | 1 Year | 5 Years | 10 Years |
| Davis International Fund (Class C) - Without CDSC* | 19.74% | 4.11% | 5.71% |
| Davis International Fund (Class C) - With CDSC*,** | 18.74% | 4.11% | 5.71% |
| MSCI ACWI ex USA | 24.93% | 11.18% | 7.66% |
|
*
|
Because Class C shares automatically convert to Class A shares after 8 years, the "10-Year" returns for Class C reflect Class A performance for the period after conversion.
|
|
**
|
Includes any applicable contingent deferred sales charge ("CDSC").
|
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com .
Key Fund Statistics
| Fund net assets as of 10/31/25 (in millions) | $199.7 |
| Total number of portfolio holdings as of 10/31/25 | 29 |
| Portfolio turnover rate for the period | 21% |
| Total advisory fees paid for the period (Net advisory fee after waiver) (in thousands) | $936.1 |
Top Sectors as of 10/31/25 Net Assets
| Consumer Discretionary | 32.83% |
| Financials | 26.36% |
| Industrials | 13.42% |
| Information Technology | 13.34% |
| Materials | 4.20% |
How has the Fund changed?
Effective November 5, 2025, Davis International Fund's investment objective is a fundamental policy and may not be changed without a vote of shareholders.
This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at davisfunds.com/resources/regulatory-documentsor upon request by contacting Investor Services at (1-800-279-0279 and [email protected]).
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documentsor by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS NEW YORK VENTURE FUND, INC.
Davis International Fund
Class Y / DILYX
ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025
This Annual shareholder report contains important information about the Davis International Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "period"). You can find additional information about the Fund at davisfunds.com/resources/regulatory-documentsor by contacting Investor Services at 1-800-279-0279.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|
Davis International Fund (Class Y) |
$78 | 0.71% |
Management's Discussion of Fund Performance
Summary of Results
The Fund underperformed the Morgan Stanley Capital International All Country World Index ex USA ("MSCI ACWI ex USA" or the "Index") for the period. The Fund's Class Y shares delivered a total return of 21.04%, versus a 24.93% return for the MSCI ACWI ex USA. The Fund invests principally in common stocks (including American Depositary Receipts) issued by foreign companies, including countries with developed or emerging markets. The Fund may invest in large, medium or small companies without regard to market capitalization.
Market Overview
-
MSCI ACWI ex USA
-
Strongest performing sectors - Information Technology (+43%), Communication Services (+39%),
and Financials (+35%) -
Weakest performing sectors - Health Care (less than 1%), Consumer Staples (+9%), and Real Estate (+10%)
-
Detractors from Performance
-
Consumer Discretionary - underperformed the Index sector (+3% vs +16%) and overweight (average weighting 35% vs 11%)
-
Meituan (-44%) and Delivery Hero (-40%) - two largest individual detractors
-
JD.com (-16%), PDD Holdings (-13%), Misto Holdings (-1%), and Alibaba Group Holding (-8%)
-
PDD Holdings, Misto Holdings, and Alibaba Group Holding - no longer Fund holdings
-
-
Industrials - underperformed the Index sector (+21% vs +31%)
-
Schneider Electric (-2%) - no longer a Fund holding
-
-
China holdings - significantly underperformed the Index China exposure (-2% vs +34%)
-
Individual holdings
-
KE Holdings (-21%) and Teck Resources (-7%)
-
Contributors to Performance
-
Information Technology - outperformed the Index sector (+69% vs +43%)
-
Samsung Electronics (+80%) and Tokyo Electron (+48%)
-
-
No exposure to Health Care or Consumer Staples, the two weakest performing sectors of the Index, respectively
-
Overweight in stronger performing Financials sector - (average weighting 29% vs 25%)
-
Danske Bank (+67%) - largest individual contributor
-
Ping An Insurance (+23%) and AIA Group (+26%)
-
-
Individual holdings
-
Prosus (+65%), Naspers (+51%), DiDi Global (+29%), and Sea (+66%)
-
NetEase (+60%) - new purchase during the period
-
Fund Performance
The following graph compares the initial and subsequent account values of a $5,000,000 investment in the Fund and the MSCI ACWI ex USA over 10 fiscal years for an investment made on October 31, 2015.
GROWTH OF $5,000,000
| AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED 10/31/25 | 1 Year | 5 Years | 10 Years |
| Davis International Fund (Class Y) | 21.04% | 5.20% | 6.74% |
| MSCI ACWI ex USA | 24.93% | 11.18% | 7.66% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. For most recent month-end performance information, please call Investor Services at 1-800-279-0279 or visit the Fund's website at www.davisfunds.com .
Key Fund Statistics
| Fund net assets as of 10/31/25 (in millions) | $199.7 |
| Total number of portfolio holdings as of 10/31/25 | 29 |
| Portfolio turnover rate for the period | 21% |
| Total advisory fees paid for the period (Net advisory fee after waiver) (in thousands) | $936.1 |
Top Sectors as of 10/31/25 Net Assets
| Consumer Discretionary | 32.83% |
| Financials | 26.36% |
| Industrials | 13.42% |
| Information Technology | 13.34% |
| Materials | 4.20% |
How has the Fund changed?
Effective November 5, 2025, Davis International Fund's investment objective is a fundamental policy and may not be changed without a vote of shareholders.
Effective November 7, 2025, Davis International Fund Class Y acquired all of the net assets of Selected International Fund Class D.
Effective November 7, 2025, Davis International Fund Class Y acquired all of the net assets of Selected International Fund Class D.
This is a summary of certain changes to the Fund since October 31, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at davisfunds.com/resources/regulatory-documentsor upon request by contacting Investor Services at (1-800-279-0279 and [email protected]).
Where can I find more information?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings, federal tax information, and proxy voting information at davisfunds.com/resources/regulatory-documentsor by scanning the QR code. You can also request this information by contacting Investor Services at 1-800-279-0279.
DAVIS NEW YORK VENTURE FUND, INC.
ITEM 2. CODE OF ETHICS
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.
No substantive amendments were approved or waivers granted to this code of ethics during the period covered by this report.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR. The Registrant undertakes to provide to any person without charge, upon request, a copy of the code of ethics. Such request can be made by calling 520-806-7600 or to the Secretary of the Registrant, 2949 East Elvira Road, Suite 101, Tucson, Arizona 85756.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Registrant's Board of Directors has determined that independent director Katherine MacWilliams qualifies as the "audit committee financial expert," as defined in Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a) Audit FeesThe aggregate Audit Fees billed by KPMP LLP ("KPMG") for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended October 31, 2025 and October 31, 2024 were $65,322 and $62,814, respectively.
(b)Audit-Related FeesThe aggregate Audit-Related Fees billed by KPMG for services rendered for assurance and related services that are reasonably related to the performance of the audit or review of the funds financial statements, but not reported as Audit Fees for fiscal years ended October 31, 2025 and October 31, 2024 were $0 and $0, respectively.
(c) Tax FeesThe aggregate Tax Fees billed by KPMG for professional services rendered for tax compliance, tax advice, and tax planning for the fiscal years ended October 31, 2025 and October 31, 2024 were $22,671 and $21,935, respectively.
Fees included in the Tax Fee category comprise all services performed by professional staff in the independent accountant's tax division except those services related to the audit. These services include preparation of tax returns, tax advice related to mergers, and a review of the fund income and capital gain distributions.
(d) All Other FeesThe aggregate Other Fees billed by KPMG for all other non-audit services rendered to the Funds for the fiscal years ended October 31, 2025 and October 31, 2024 were $0 and $0, respectively.
(e)(1) Audit Committee Pre-Approval Policies and Procedures.
The Funds' Audit Committee must pre-approve all audit and non-audit services provided by the independent accountant relating to the operations or financial reporting of the Funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Funds' Audit Committee has adopted a policy whereby audit and non-audit services performed by the Funds' independent accountant require pre-approval in advance at regularly scheduled Audit Committee meetings. If such a service is required between regularly scheduled Audit Committee meetings, pre-approval may be authorized by the Audit Committee Chairperson with ratification at the next scheduled audit committee meeting.
(e)(2) No services included in (b) - (d) of this Item 4 were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable.
(g) The Funds' independent accountant did not provide any services to the investment advisor or any affiliate for the fiscal years ended October 31, 2025 and October 31, 2024. The Funds have not paid any fees for non-audit services not previously disclosed in Item 4 (b) - (d).
(h) The Registrant's audit committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that are not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. No such services were rendered.
(i) Not Applicable.
(j) Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6. INVESTMENTS
(a) The complete Schedule of Investments is included in Item 7 of this Form N-CSR.
(b) Not Applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END INVESTMENT COMPANIES
Davis Global Fund
Davis International Fund
(portfolios of Davis New York Venture Fund, Inc.)
October 31, 2025
ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION (ITEMS 7-11 OF FORM N-CSR)
The Equity Specialists
DAVIS NEW YORK VENTURE FUND, INC. DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Table of Contents
|
ITEM 7. Financial Statements and Financial Highlights for Open-End Investment
Companies:
|
|
|
Schedule of Investments:
|
|
|
Davis Global Fund
|
2
|
|
Davis International Fund
|
4
|
|
Statements of Assets and Liabilities
|
5
|
|
Statements of Operations
|
6
|
|
Statements of Changes in Net Assets
|
7
|
|
Notes to Financial Statements
|
9
|
|
Financial Highlights
|
19
|
|
Report of Independent Registered Public Accounting Firm
|
21
|
|
Federal Income Tax Information
|
22
|
DAVIS GLOBAL FUND
Schedule of Investments October 31, 2025
|
|
Shares
|
Value
(Note 1)
|
|
COMMON STOCK - (98.98%)
|
||
|
COMMUNICATION SERVICES - (9.94%)
|
||
|
Media & Entertainment - (9.94%)
|
||
|
Alphabet Inc., Class C
|
96,792
|
$27,277,922
|
|
ASAC II L.P. *(a)(b)(c)
|
35,352
|
36,483
|
|
Meta Platforms, Inc., Class A
|
57,206
|
37,089,510
|
|
NetEase, Inc., ADR (China)
|
119,480
|
16,739,148
|
|
Pinterest, Inc., Class A *
|
365,500
|
12,098,050
|
|
Total Communication Services
|
93,241,113
|
|
|
CONSUMER DISCRETIONARY - (24.14%)
|
||
|
Automobiles & Components - (1.51%)
|
||
|
AUMOVIO SE (Germany) *
|
328,370
|
14,117,889
|
|
Consumer Discretionary Distribution & Retail - (8.83%)
|
||
|
Amazon.com, Inc. *
|
64,402
|
15,728,256
|
|
Prosus N.V., Class N (Netherlands)
|
847,187
|
58,522,253
|
|
Sea Limited, Class A, ADR (Singapore) *
|
55,410
|
8,657,813
|
|
|
82,908,322
|
|
|
Consumer Services - (13.80%)
|
||
|
Entain plc (United Kingdom)
|
1,742,814
|
18,142,269
|
|
Meituan, Class B (China) *
|
2,040,699
|
26,787,203
|
|
MGM Resorts International *
|
882,660
|
28,271,600
|
|
Restaurant Brands International Inc. (Canada)
|
133,500
|
8,769,615
|
|
Trip.com Group Ltd., ADR (China)
|
673,210
|
47,562,286
|
|
|
129,532,973
|
|
|
Total Consumer Discretionary
|
226,559,184
|
|
|
CONSUMER STAPLES - (2.58%)
|
||
|
Food, Beverage & Tobacco - (2.58%)
|
||
|
Tyson Foods, Inc., Class A
|
470,380
|
24,182,236
|
|
Total Consumer Staples
|
24,182,236
|
|
|
ENERGY - (5.88%)
|
||
|
Coterra Energy Inc.
|
1,333,140
|
31,542,093
|
|
Tourmaline Oil Corp. (Canada)
|
538,320
|
23,677,559
|
|
Total Energy
|
55,219,652
|
|
|
FINANCIALS - (22.91%)
|
||
|
Banks - (4.01%)
|
||
|
Danske Bank A/S (Denmark)
|
687,429
|
30,695,284
|
|
Metro Bank Holdings PLC (United Kingdom) *
|
4,529,290
|
6,961,648
|
|
|
37,656,932
|
|
|
Financial Services - (8.59%)
|
||
|
Capital Markets - (3.26%)
|
||
|
Julius Baer Group Ltd. (Switzerland)
|
453,864
|
30,567,790
|
|
Consumer Finance - (4.32%)
|
||
|
Capital One Financial Corp.
|
184,271
|
40,537,777
|
|
Financial Services - (1.01%)
|
||
|
Berkshire Hathaway Inc., Class B *
|
19,872
|
9,489,675
|
|
|
80,595,242
|
|
|
Insurance - (10.31%)
|
||
|
Life & Health Insurance - (6.65%)
|
||
|
AIA Group Ltd. (Hong Kong)
|
1,573,780
|
15,280,990
|
|
Ping An Insurance (Group) Co. of China, Ltd. -
H (China)
|
6,520,840
|
47,119,595
|
|
|
62,400,585
|
|
|
Property & Casualty Insurance - (3.66%)
|
||
|
Markel Group Inc. *
|
17,410
|
34,376,567
|
|
|
96,777,152
|
|
|
Total Financials
|
215,029,326
|
|
|
|
Shares
|
Value
(Note 1)
|
|
COMMON STOCK - (CONTINUED)
|
||
|
HEALTH CARE - (10.53%)
|
||
|
Health Care Equipment & Services - (6.91%)
|
||
|
CVS Health Corp.
|
397,800
|
$31,088,070
|
|
Solventum Corp. *
|
295,793
|
20,421,549
|
|
UnitedHealth Group Inc.
|
39,110
|
13,358,411
|
|
|
64,868,030
|
|
|
Pharmaceuticals, Biotechnology & Life Sciences - (3.62%)
|
||
|
Viatris Inc.
|
3,274,840
|
33,927,343
|
|
Total Health Care
|
98,795,373
|
|
|
INDUSTRIALS - (10.00%)
|
||
|
Capital Goods - (0.87%)
|
||
|
ITOCHU Corp. (Japan)
|
141,260
|
8,186,315
|
|
Transportation - (9.13%)
|
||
|
DiDi Global Inc., Class A, ADS (China) *
|
6,396,968
|
41,196,474
|
|
Full Truck Alliance Co. Ltd., Class A, ADR
(China)
|
3,419,910
|
44,458,830
|
|
|
85,655,304
|
|
|
Total Industrials
|
93,841,619
|
|
|
INFORMATION TECHNOLOGY - (11.95%)
|
||
|
Semiconductors & Semiconductor Equipment - (2.98%)
|
||
|
Applied Materials, Inc.
|
119,880
|
27,944,028
|
|
Software & Services - (3.43%)
|
||
|
AppLovin Corp., Class A *
|
50,530
|
32,204,285
|
|
Technology Hardware & Equipment - (5.54%)
|
||
|
Samsung Electronics Co., Ltd. (South Korea)
|
689,820
|
52,048,184
|
|
Total Information Technology
|
112,196,497
|
|
|
MATERIALS - (1.05%)
|
||
|
Teck Resources Ltd., Class B (Canada)
|
229,310
|
9,841,985
|
|
Total Materials
|
9,841,985
|
|
|
TOTAL COMMON STOCK -
(Identified cost $617,383,370)
|
928,906,985
|
|
|
|
Principal
|
Value
(Note 1)
|
|
SHORT-TERM INVESTMENTS - (0.97%)
|
||
|
Nomura Securities International, Inc. Joint
Repurchase Agreement, 4.15%, 11/03/25 (d)
|
$2,454,000
|
$2,454,000
|
|
StoneX Financial Inc. Joint Repurchase
Agreement, 4.18%, 11/03/25 (e)
|
6,666,000
|
6,666,000
|
|
TOTAL SHORT-TERM INVESTMENTS -
(Identified cost $9,120,000)
|
9,120,000
|
|
|
Total Investments - (99.95%) -
(Identified cost $626,503,370)
|
938,026,985
|
|
|
Other Assets Less Liabilities - (0.05%)
|
466,947
|
|
|
Net Assets - (100.00%)
|
$938,493,932
|
|
|
ADR:
|
American Depositary Receipt
|
|
ADS:
|
American Depositary Share
|
|
*
|
Non-income producing security.
|
|
(a)
|
Restricted Security - See Note 6 of the Notes to Financial Statements.
|
|
(b)
|
The value of this security was determined using significant unobservable
inputs. See Note 1 of the Notes to Financial Statements.
|
|
(c)
|
Limited partnership units.
|
2
DAVIS GLOBAL FUND
Schedule of Investments - (Continued) October 31, 2025
|
(d)
|
Dated 10/31/25, repurchase value of $2,454,849 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.50%-
6.50%, 11/01/50-04/01/55, total fair value $2,503,080).
|
|
(e)
|
Dated 10/31/25, repurchase value of $6,668,322 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-8.50%, 11/15/25-05/15/64, total fair value $6,799,320).
|
3
DAVIS INTERNATIONAL FUND
Schedule of Investments October 31, 2025
|
|
Shares
|
Value
(Note 1)
|
|
COMMON STOCK - (98.28%)
|
||
|
COMMUNICATION SERVICES - (1.96%)
|
||
|
Media & Entertainment - (1.96%)
|
||
|
NetEase, Inc., ADR (China)
|
27,940
|
$3,914,394
|
|
Total Communication Services
|
3,914,394
|
|
|
CONSUMER DISCRETIONARY - (32.83%)
|
||
|
Automobiles & Components - (2.54%)
|
||
|
AUMOVIO SE (Germany) *
|
118,010
|
5,073,704
|
|
Consumer Discretionary Distribution & Retail - (14.28%)
|
||
|
JD.com, Inc., Class A, ADR (China)
|
44,700
|
1,476,888
|
|
Naspers Ltd. - N (South Africa)
|
102,680
|
7,225,533
|
|
Prosus N.V., Class N (Netherlands)
|
212,560
|
14,683,287
|
|
Sea Limited, Class A, ADR (Singapore) *
|
32,940
|
5,146,875
|
|
|
28,532,583
|
|
|
Consumer Services - (16.01%)
|
||
|
Delivery Hero SE (Germany) *
|
87,070
|
2,207,947
|
|
Entain plc (United Kingdom)
|
735,543
|
7,656,823
|
|
Meituan, Class B (China) *
|
645,041
|
8,467,120
|
|
Restaurant Brands International Inc. (Canada)
|
65,030
|
4,271,821
|
|
Trip.com Group Ltd., ADR (China)
|
132,750
|
9,378,788
|
|
|
31,982,499
|
|
|
Total Consumer Discretionary
|
65,588,786
|
|
|
ENERGY - (3.47%)
|
||
|
Tourmaline Oil Corp. (Canada)
|
157,570
|
6,930,586
|
|
Total Energy
|
6,930,586
|
|
|
FINANCIALS - (26.36%)
|
||
|
Banks - (9.45%)
|
||
|
Bank of N.T. Butterfield & Son Ltd.
(Bermuda)
|
72,770
|
3,366,340
|
|
Danske Bank A/S (Denmark)
|
285,030
|
12,727,244
|
|
Metro Bank Holdings PLC (United Kingdom) *
|
1,809,132
|
2,780,688
|
|
|
18,874,272
|
|
|
Financial Services - (5.91%)
|
||
|
Capital Markets - (5.91%)
|
||
|
Julius Baer Group Ltd. (Switzerland)
|
139,590
|
9,401,402
|
|
Noah Holdings Ltd., Class A, ADS (China)
|
213,880
|
2,414,705
|
|
|
11,816,107
|
|
|
Insurance - (11.00%)
|
||
|
Life & Health Insurance - (11.00%)
|
||
|
AIA Group Ltd. (Hong Kong)
|
994,300
|
9,654,392
|
|
Ping An Insurance (Group) Co. of China, Ltd. -
H (China)
|
1,703,590
|
12,310,142
|
|
|
21,964,534
|
|
|
Total Financials
|
52,654,913
|
|
|
INDUSTRIALS - (13.42%)
|
||
|
Capital Goods - (3.37%)
|
||
|
ITOCHU Corp. (Japan)
|
116,100
|
6,728,240
|
|
Transportation - (10.05%)
|
||
|
DiDi Global Inc., Class A, ADS (China) *
|
1,614,246
|
10,395,745
|
|
Full Truck Alliance Co. Ltd., Class A, ADR
(China)
|
744,500
|
9,678,500
|
|
|
20,074,245
|
|
|
Total Industrials
|
26,802,485
|
|
|
|
Shares
|
Value
(Note 1)
|
|
COMMON STOCK - (CONTINUED)
|
||
|
INFORMATION TECHNOLOGY - (13.34%)
|
||
|
Semiconductors & Semiconductor Equipment - (6.20%)
|
||
|
Tokyo Electron Ltd. (Japan)
|
55,810
|
$12,378,079
|
|
Technology Hardware & Equipment - (7.14%)
|
||
|
Samsung Electronics Co., Ltd. (South Korea)
|
189,100
|
14,267,942
|
|
Total Information Technology
|
26,646,021
|
|
|
MATERIALS - (4.20%)
|
||
|
Teck Resources Ltd., Class B (Canada)
|
120,430
|
5,168,856
|
|
Vale S.A., ADR (Brazil)
|
266,390
|
3,220,655
|
|
Total Materials
|
8,389,511
|
|
|
REAL ESTATE - (2.70%)
|
||
|
Real Estate Management & Development - (2.70%)
|
||
|
KE Holdings Inc., Class A, ADR (China)
|
316,320
|
5,393,256
|
|
Total Real Estate
|
5,393,256
|
|
|
TOTAL COMMON STOCK -
(Identified cost $143,627,020)
|
196,319,952
|
|
|
|
Principal
|
Value
(Note 1)
|
|
SHORT-TERM INVESTMENTS - (1.28%)
|
||
|
Nomura Securities International, Inc. Joint
Repurchase Agreement, 4.15%, 11/03/25 (a)
|
$689,000
|
$689,000
|
|
StoneX Financial Inc. Joint Repurchase
Agreement, 4.18%, 11/03/25 (b)
|
1,870,000
|
1,870,000
|
|
TOTAL SHORT-TERM INVESTMENTS -
(Identified cost $2,559,000)
|
2,559,000
|
|
|
Total Investments - (99.56%) -
(Identified cost $146,186,020)
|
198,878,952
|
|
|
Other Assets Less Liabilities - (0.44%)
|
869,623
|
|
|
Net Assets - (100.00%)
|
$199,748,575
|
|
|
ADR:
|
American Depositary Receipt
|
|
ADS:
|
American Depositary Share
|
|
*
|
Non-income producing security.
|
|
(a)
|
Dated 10/31/25, repurchase value of $689,238 (collateralized
by: U.S. Government agency mortgages in a pooled cash account, 2.00%-
5.50%, 01/01/36-10/20/55, total fair value $702,780).
|
|
(b)
|
Dated 10/31/25, repurchase value of $1,870,651 (collateralized
by: U.S. Government agency mortgages and obligations in a pooled cash
account, 0.00%-8.50%, 11/15/25-05/15/64, total fair value $1,907,400).
|
See Notes to Financial Statements
4
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Statements of Assets and Liabilities At October 31, 2025
|
|
Davis Global
Fund
|
Davis International
Fund
|
|
|
||
|
ASSETS:
|
||
|
Investments in securities, at value* (see accompanying Schedule of
Investments)
|
$938,026,985
|
$198,878,952
|
|
Cash
|
615
|
572
|
|
Receivables:
|
||
|
Capital stock sold
|
423,324
|
124,537
|
|
Dividends and interest
|
3,114,497
|
995,753
|
|
Prepaid expenses
|
31,254
|
7,253
|
|
Due from Adviser
|
-
|
586
|
|
Total assets
|
941,596,675
|
200,007,653
|
|
|
||
|
LIABILITIES:
|
||
|
Payables:
|
||
|
Capital stock redeemed
|
1,327,579
|
29,065
|
|
Investment securities purchased
|
938,442
|
-
|
|
Accrued audit fees
|
26,591
|
22,403
|
|
Accrued custodian fees
|
183,052
|
59,087
|
|
Accrued distribution and service plan fees
|
68,981
|
7,068
|
|
Accrued investment advisory fees
|
444,418
|
94,004
|
|
Accrued registration and filing fees
|
14,700
|
21,415
|
|
Other accrued expenses
|
98,980
|
26,036
|
|
Total liabilities
|
3,102,743
|
259,078
|
|
|
||
|
NET ASSETS
|
$938,493,932
|
$199,748,575
|
|
|
||
|
NET ASSETS CONSIST OF:
|
||
|
Par value of shares of capital stock
|
$1,360,770
|
$606,292
|
|
|
||
|
Additional paid-in capital
|
562,428,378
|
184,961,447
|
|
|
||
|
Distributable earnings
|
374,704,784
|
14,180,836
|
|
Net Assets
|
$938,493,932
|
$199,748,575
|
|
|
||
|
*Including:
|
||
|
Cost of investments
|
$626,503,370
|
$146,186,020
|
|
|
||
|
CLASS A SHARES:
|
||
|
Net assets
|
$235,092,245
|
$22,584,493
|
|
Shares outstanding
|
6,831,495
|
1,356,402
|
|
Net asset value and redemption
price per share (Net assets ÷ Shares outstanding)
|
$34.41
|
$16.65
|
|
Maximum offering price per share (100/95.25 of net asset value)†
|
$36.13
|
$17.48
|
|
|
||
|
CLASS C SHARES:
|
||
|
Net assets
|
$27,954,558
|
$4,434,318
|
|
Shares outstanding
|
911,882
|
290,923
|
|
Net asset value, offering, and redemption price per share (Net assets ÷ Shares
outstanding)
|
$30.66
|
$15.24
|
|
|
||
|
CLASS Y SHARES:
|
||
|
Net assets
|
$675,447,129
|
$172,729,764
|
|
Shares outstanding
|
19,472,029
|
10,478,507
|
|
Net asset value, offering, and redemption price per share (Net assets ÷ Shares
outstanding)
|
$34.69
|
$16.48
|
|
†
|
On purchases of $100,000 or more, the offering price is reduced.
|
See Notes to Financial Statements
5
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Statements of Operations For the year ended October 31, 2025
|
|
Davis Global
Fund
|
Davis International
Fund
|
|
INVESTMENT INCOME:
|
||
|
Income:
|
||
|
Dividends*
|
$14,695,149
|
$4,288,660
|
|
Interest
|
328,983
|
72,675
|
|
Net securities lending income
|
5,740
|
784
|
|
Total income
|
15,029,872
|
4,362,119
|
|
|
||
|
Expenses:
|
||
|
Investment advisory fees (Note 3)
|
4,699,755
|
956,821
|
|
Custodian fees
|
421,547
|
128,199
|
|
Transfer agent fees:
|
||
|
Class A
|
178,976
|
34,672
|
|
Class C
|
35,797
|
8,729
|
|
Class Y
|
422,691
|
39,467
|
|
Audit fees
|
35,454
|
29,868
|
|
Legal fees
|
10,033
|
2,008
|
|
Accounting fees (Note 3)
|
42,000
|
8,336
|
|
Reports to shareholders
|
33,386
|
5,009
|
|
Tax service fees
|
13,405
|
10,704
|
|
Directors' fees and expenses
|
49,102
|
13,023
|
|
Registration and filing fees
|
51,028
|
40,450
|
|
ReFlow liquidity program fees (Note 7)
|
19,604
|
-
|
|
Miscellaneous
|
43,428
|
15,359
|
|
Distribution and service plan fees (Note 3):
|
||
|
Class A
|
482,719
|
34,372
|
|
Class C
|
312,660
|
42,947
|
|
Total expenses
|
6,851,585
|
1,369,964
|
|
Reimbursement/waiver of expenses by Adviser (Note 3):
|
||
|
Class A
|
(12,656
)
|
(6,257
)
|
|
Class C
|
(2,249
)
|
(4,832
)
|
|
Class Y
|
(38,398
)
|
(17,893
)
|
|
Net expenses
|
6,798,282
|
1,340,982
|
|
Net investment income
|
8,231,590
|
3,021,137
|
|
|
||
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
|
||
|
Net realized gain (loss) from:
|
||
|
Investment transactions
|
74,411,672
|
14,455,814
|
|
In-kind redemptions (Note 2, 7)
|
9,653,276
|
-
|
|
Foreign currency transactions
|
8,030
|
(20,503
)
|
|
Net realized gain
|
84,072,978
|
14,435,311
|
|
Net increase in unrealized appreciation
|
83,880,927
|
16,952,204
|
|
Net realized and unrealized gain on investments and foreign
currency transactions
|
167,953,905
|
31,387,515
|
|
Net increase in net assets resulting from operations
|
$176,185,495
|
$34,408,652
|
|
|
||
|
|
||
|
*Net of foreign taxes withheld of
|
$1,337,229
|
$468,113
|
See Notes to Financial Statements
6
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Statements of Changes in Net Assets For the year ended October 31, 2025
|
|
Davis Global
Fund
|
Davis International
Fund
|
|
|
||
|
OPERATIONS:
|
||
|
Net investment income
|
$8,231,590
|
$3,021,137
|
|
|
||
|
Net realized gain from investments, in-kind redemptions, and foreign
currency transactions
|
84,072,978
|
14,435,311
|
|
|
||
|
Net increase in unrealized appreciation on investments and foreign currency
transactions
|
83,880,927
|
16,952,204
|
|
Net increase in net assets resulting from operations
|
176,185,495
|
34,408,652
|
|
|
||
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
|
||
|
Class A
|
(22,980,625
)
|
(387,539
)
|
|
Class C
|
(4,209,807
)
|
(63,391
)
|
|
Class Y
|
(71,541,822
)
|
(3,449,047
)
|
|
|
||
|
CAPITAL SHARE TRANSACTIONS:
|
||
|
Net increase (decrease) in net assets resulting from capital share transactions
(Note 4, 7):
|
||
|
Class A
|
8,215,910
|
(196,645
)
|
|
Class C
|
(10,739,876
)
|
(970,062
)
|
|
Class Y
|
(8,821,771
)
|
(2,784,122
)
|
|
|
||
|
Total increase in net assets
|
66,107,504
|
26,557,846
|
|
|
||
|
NET ASSETS:
|
||
|
Beginning of year
|
872,386,428
|
173,190,729
|
|
End of year
|
$938,493,932
|
$199,748,575
|
See Notes to Financial Statements
7
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Statements of Changes in Net Assets For the year ended October 31, 2024
|
|
Davis Global
Fund
|
Davis International
Fund
|
|
|
||
|
OPERATIONS:
|
||
|
Net investment income
|
$10,740,987
|
$3,432,119
|
|
|
||
|
Net realized gain from investments and foreign currency transactions
|
125,097,558
|
21,223,028
|
|
|
||
|
Net increase in unrealized appreciation on investments and foreign currency
transactions
|
134,611,347
|
30,924,640
|
|
Net increase in net assets resulting from operations
|
270,449,892
|
55,579,787
|
|
|
||
|
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
|
||
|
Class A
|
(1,829,996
)
|
(279,134
)
|
|
Class C
|
(135,714
)
|
(37,408
)
|
|
Class Y
|
(7,034,456
)
|
(2,443,388
)
|
|
|
||
|
CAPITAL SHARE TRANSACTIONS:
|
||
|
Net decrease in net assets resulting from capital share transactions (Note 4):
|
||
|
Class A
|
(11,068,080
)
|
(3,565,412
)
|
|
Class C
|
(15,695,757
)
|
(1,134,206
)
|
|
Class Y
|
(51,770,377
)
|
(18,616,740
)
|
|
|
||
|
Total increase in net assets
|
182,915,512
|
29,503,499
|
|
|
||
|
NET ASSETS:
|
||
|
Beginning of year
|
689,470,916
|
143,687,230
|
|
End of year
|
$872,386,428
|
$173,190,729
|
See Notes to Financial Statements
8
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Notes to Financial Statements October 31, 2025
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Davis New York Venture Fund, Inc. (a Maryland corporation) ("Company"), is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Company operates as a series issuing shares including the following two funds (collectively "Funds"):
Davis Global Fundseeks to achieve long-term growth of capital. It invests principally in common stocks issued by both United States and foreign companies, including countries with developed or emerging markets. The Fund commenced operations on December 22, 2004, and until January 1, 2007, shares of the Fund were not available for public sale.
Davis International Fundseeks to achieve long-term growth of capital. It invests principally in common stocks issued by foreign companies, including countries with developed or emerging markets. The Fund commenced operations on December 29, 2006, and until January 1, 2010, shares of the Fund were not available for public sale.
Because of the risk inherent in any investment program, the Company cannot ensure that the investment objective of its Funds will be achieved.
Prior to being available for public sale, only the directors, officers, and employees of the Funds or their investment adviser and sub-adviser (and the investment adviser itself and affiliated companies) were eligible to purchase the Funds' shares.
The Funds follow the reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies.
The Company accounts separately for the assets, liabilities, and operations of each Fund. Each Fund offers Class A, Class C, and Class Y shares. Class A shares are sold with a front-end sales charge. Class C shares are sold at net asset value and may be subject to a contingent deferred sales charge upon redemption. Class C shares automatically convert to Class A shares after 8 years. Class Y shares are sold at net asset value and are not subject to any contingent deferred sales charge upon redemption. Class Y shares are only available to certain qualified investors. Income, expenses (other than those attributable to a specific class), and gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets represented by each class. Operating expenses are recorded on the accrual basis and those directly attributable to a specific class, such as distribution and transfer agent fees, are charged against the operations of that class. All classes have identical rights with respect to voting (exclusive of each class' distribution arrangement), liquidation, and distributions. Each Fund assessed a 2% short-term trading fee on the proceeds of Fund shares that were redeemed (either by selling or exchanging to another Davis Fund) within 30 days of their purchase. The fee, which was retained by each Fund, was accounted for as an addition to paid-in capital. Effective February 29, 2024, the short-term trading fee for each Fund was eliminated. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.
Security Valuation - The Funds' Board of Directors has designated Davis Selected Advisers, L.P. ("Davis Advisors" or "Adviser"), the Funds' investment adviser, as the valuation designee for the Funds. The Adviser has established a Pricing Committee to carry out the day-to-day valuation activities for the Funds. The Funds calculate the net asset value of their shares as of the close of the New York Stock Exchange ("Exchange"), normally 4:00 P.M. Eastern time, on each day the Exchange is open for business. Securities listed on the Exchange (and other national exchanges including NASDAQ) are valued at the last reported sales price on the day of valuation. Listed securities for which no sale was reported on that date are valued at the last quoted bid price. Securities traded on foreign exchanges are valued based upon the last sales price on the principal exchange on which the security is traded prior to the time when the Funds' assets are valued. Securities (including restricted securities) for which market quotations are not readily available or securities whose values have been materially affected by what the Adviser identifies as a significant event occurring before the Funds' assets are valued, but after the close of their respective exchanges, will be fair valued using a fair valuation methodology applicable to the security type or the significant event as previously approved by the Pricing Committee. The Pricing Committee considers all facts it deems relevant that are reasonably available, through either public information or information available to the Adviser's portfolio management team, when determining the fair value of a security. To assess the appropriateness of security valuations, the Pricing Committee may consider (i) comparing prior day prices and/or prices of comparable securities; (ii) comparing sale prices to the prior or current day prices and challenge those prices exceeding certain tolerance levels with the third-party pricing service or broker source; (iii) new rounds of financing; (iv) the performance of the market or the issuer's industry; (v) the liquidity of the security; (vi) the size of the holding in a fund; and/or (vii) any other appropriate information. The determination of a security's fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.
9
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Notes to Financial Statements - (Continued) October 31, 2025
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED) Security Valuation - (Continued)
Short-term investments purchased within 60 days to maturity and of sufficient credit quality are valued at amortized cost, which approximates fair value.
On a quarterly basis, the Board of Directors receives reports of valuation actions taken by the Pricing Committee. On at least an annual basis, the Board of Directors receives an assessment of the adequacy and effectiveness of the Adviser's process for determining the fair value of the Funds' investments.
Fair Value Measurements - Fair value is defined as the price that the Funds would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market for the investment. Various inputs are used to determine the fair value of the Funds' investments. These inputs are summarized in the three broad levels listed below.
Level 1 −
quoted prices in active markets for identical securities
Level 2 −
other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 −
significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Funds can obtain the fair value assigned to a security if they were to sell the security.
The following is a summary of the inputs used as of October 31, 2025 in valuing each Fund's investments carried at value:
|
|
Investments in Securities at Value
|
|
|
|
Davis Global
Fund
|
Davis International
Fund
|
|
Valuation Inputs
|
||
|
Level 1 - Quoted Prices:
|
||
|
Common Stock:
|
||
|
Communication Services
|
$93,204,630
|
$3,914,394
|
|
Consumer Discretionary
|
226,559,184
|
65,588,786
|
|
Consumer Staples
|
24,182,236
|
-
|
|
Energy
|
55,219,652
|
6,930,586
|
|
Financials
|
215,029,326
|
52,654,913
|
|
Health Care
|
98,795,373
|
-
|
|
Industrials
|
93,841,619
|
26,802,485
|
|
Information Technology
|
112,196,497
|
26,646,021
|
|
Materials
|
9,841,985
|
8,389,511
|
|
Real Estate
|
-
|
5,393,256
|
|
Total Level 1
|
928,870,502
|
196,319,952
|
|
Level 2 - Other Significant Observable Inputs:
|
||
|
Short-Term Investments
|
9,120,000
|
2,559,000
|
|
Total Level 2
|
9,120,000
|
2,559,000
|
|
Level 3 - Significant Unobservable Inputs:
|
||
|
Common Stock:
|
||
|
Communication Services
|
36,483
|
-
|
|
Total Level 3
|
36,483
|
-
|
|
Total Investments
|
$938,026,985
|
$198,878,952
|
The following table reconciles the valuation of assets in which significant unobservable inputs (Level 3) were used in determining fair value during the year ended October 31, 2025. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at October 31, 2025 was $2,980 for Davis Global Fund. The cost of purchases or proceeds from sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) are included in the related amounts on investments in the Statements of Operations.
10
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Notes to Financial Statements - (Continued) October 31, 2025
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED) Fair Value Measurements - (Continued)
|
|
Beginning
Balance at
November 1,
2024
|
Cost of
Purchases
|
Proceeds
from Sales
|
Net Change in
Unrealized
Appreciation
(Depreciation)
|
Net Realized
Gain (Loss)
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Ending
Balance at
October 31,
2025
|
|
Davis Global Fund
|
||||||||
|
Investments in
Securities:
|
||||||||
|
Common
Stock
|
$33,503
|
$-
|
$-
|
$2,980
|
$-
|
$-
|
$-
|
$36,483
|
|
Total Level 3
|
$33,503
|
$-
|
$-
|
$2,980
|
$-
|
$-
|
$-
|
$36,483
|
The following table is a summary of those assets in which significant unobservable inputs (Level 3) were used by the Adviser in determining fair value. Note that these amounts exclude any valuations provided by a pricing service or broker.
|
|
Fair Value at
October 31, 2025
|
Valuation
Technique
|
Unobservable
Input
|
Amount
|
Impact to
Valuation from
an Increase in Input
|
|
Davis Global Fund
|
|
|
|
|
|
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stock
|
$36,483
|
Income Approach /
Discounted Cash Flow
|
Annualized Yield
|
4.652%
|
Decrease
|
|
Total Level 3
|
$36,483
|
|
|
|
|
The significant unobservable input listed in the above table is used in the fair value measurement of common stock, and if changed, would affect the fair value of the Fund's investments. The "Impact to Valuation from an Increase in Input" represents the change in fair value measurement resulting from an increase in the corresponding input. A decrease in the input would have the opposite effect.
Repurchase Agreements - Repurchase agreements are transactions under which a Fund purchases a security from a dealer counterparty and agrees to resell the security to that counterparty on a specified future date at the same price, plus a specified interest rate. The Fund's repurchase agreements are secured by U.S. government or agency securities. It is the Fund's policy that its regular custodian or third party custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. In the event of default by the counterparty, the Fund has the contractual right to liquidate the collateral securities and to apply the proceeds in satisfaction of the obligation.
Currency Translation - The fair values of all assets and liabilities denominated in foreign currencies are recorded in the financial statements after translation to United States Dollar ("USD") on the date of valuation using exchange rates determined as of the close of trading on the Exchange. The cost basis of such assets and liabilities is determined based upon historical exchange rates. Income and expenses are translated at average exchange rates in effect as accrued or incurred.
Foreign Currency - The Funds may enter into forward purchases or sales of foreign currencies to hedge certain foreign currency denominated assets and liabilities against declines in fair value relative to USD. Forward currency contracts are marked-to-marketdaily and the change in fair value is recorded by the Funds as an unrealized gain or loss. When the forward currency contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the forward currency contract at the time it was opened and value at the time it was closed. Investments in forward currency contracts may expose the Funds to risks resulting from unanticipated movements in foreign currency exchange rates or failure of the counter-party to the agreement to perform in accordance with the terms of the contract. During the year ended October 31, 2025, there were no forward currency contracts entered into by the Funds.
11
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Notes to Financial Statements - (Continued) October 31, 2025
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED) Foreign Currency - (Continued)
Reported net realized foreign exchange gains or losses arise from the sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books, and the USD equivalent of the amounts actually received or paid. The Funds include foreign currency gains and losses realized on the sales of investments together with market gains and losses on such investments in the Statements of Operations. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities resulting from changes in the exchange rate and are included within net unrealized appreciation or depreciation in the Statements of Operations.
Federal Income Taxes - It is each Fund's policy to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies, and to distribute substantially all of its taxable income, including any net realized gains on investments not offset by loss carryovers, to shareholders. Therefore, no provision for federal income or excise tax is required. The Adviser analyzed the Funds' tax positions taken on federal and state income tax returns for all open tax years and concluded that as of October 31, 2025, no provision for income tax is required in the Funds' financial statements related to these tax positions. The Funds' federal and state (Arizona) income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state Department of Revenue. The earliest tax year that remains subject to examination by these jurisdictions is 2022.
Capital losses will be carried forward to future years if not offset by gains. At October 31, 2025, the Funds had available for federal income tax purposes unused capital loss carryforwards with no expiration as follows:
|
|
Capital Loss
Carryforwards
|
|
|
Davis International
Fund
|
|
Character
|
|
|
Short-term
|
$36,895,841
|
|
Long-term
|
-
|
|
Total
|
$36,895,841
|
|
|
|
|
Utilized during year ended October 31, 2025
|
$13,335,241
|
Additionally, based on the Funds' understanding of the tax rules and rates related to income, gains, and transactions for the foreign jurisdictions in which they invest, the Funds will provide for foreign taxes, and where appropriate, deferred foreign taxes.
At October 31, 2025, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows:
|
|
Davis Global
Fund
|
Davis International
Fund
|
|
Cost
|
$634,447,142
|
$150,371,491
|
|
|
||
|
Unrealized appreciation
|
323,542,689
|
51,419,439
|
|
Unrealized depreciation
|
(19,962,846
)
|
(2,911,978
)
|
|
Net unrealized appreciation
|
$303,579,843
|
$48,507,461
|
Federal Withholding Taxes - The Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Funds will record a receivable for such tax refunds based on several factors including an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices, and payment history. Any receivables recorded will be included under dividends and interest on the Statements of Assets and Liabilities. There is no guarantee that the Funds will receive refunds applied for in a timely manner or at all.
12
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Notes to Financial Statements - (Continued) October 31, 2025
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED) Federal Withholding Taxes - (Continued)
As a result of court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as foreign withholding tax refunds in the Statements of Operations. The Funds may incur fees paid to third party providers that assist in the recovery of the tax refunds. These fees are reflected on the Statements of Operations under tax service fees, if any.
Securities Transactions and Related Investment Income - Securities transactions are accounted for on the trade date (date the order to buy or sell is executed) with realized gain or loss on the sale of securities being determined based upon identified cost. Dividend income is recorded on the ex-dividend date. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned.
Dividends and Distributions to Shareholders - Dividends and distributions to shareholders are recorded on the ex-dividend date. Net investment income (loss), net realized gains (losses), and net unrealized appreciation (depreciation) on investments [collectively "Distributable earnings (losses)"] may differ for financial statement and tax purposes primarily due to permanent and temporary differences which may include wash sales, Directors' deferred compensation, foreign currency transactions, in-kind redemptions, equalization, corporate actions, partnership income, and passive foreign investment company shares. The character of dividends and distributions made during the fiscal year from net investment income and net realized securities gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which income or realized gain was recorded by the Funds. The Funds adjust certain components of capital to reflect permanent differences between financial statement amounts and net income and realized gains/losses determined in accordance with income tax rules. The Funds' net assets have not been affected by these reclassifications.
The tax character of distributions paid during the years ended October 31, 2025 and 2024 was as follows:
|
|
Ordinary Income
|
Long-Term
Capital Gain
|
Total
|
|
Davis Global Fund
|
|||
|
2025
|
$10,201,613
|
$88,530,641
|
$98,732,254
|
|
2024
|
9,000,166
|
-
|
9,000,166
|
|
Davis International Fund
|
|||
|
2025
|
3,899,977
|
-
|
3,899,977
|
|
2024
|
2,759,930
|
-
|
2,759,930
|
As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:
|
|
Davis Global
Fund
|
Davis
International
Fund
|
|
|
||
|
Undistributed ordinary income
|
$14,593,567
|
$2,547,991
|
|
|
||
|
Undistributed long-term capital gain
|
56,455,120
|
-
|
|
|
||
|
Accumulated net realized losses from investments
|
-
|
(36,895,841
)
|
|
|
||
|
Net unrealized appreciation on investments and foreign currency transactions
|
303,739,718
|
48,549,687
|
|
|
||
|
Other temporary differences
|
(83,621
)
|
(21,001
)
|
|
Total
|
$374,704,784
|
$14,180,836
|
Indemnification - Under the Funds' organizational documents, their officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, some of the Funds' contracts with their service providers contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined and the Funds have no historical basis for predicting the likelihood of any such claims.
Use of Estimates in Financial Statements - In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported
13
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Notes to Financial Statements - (Continued) October 31, 2025
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (CONTINUED) Use of Estimates in Financial Statements - (Continued)
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expenses during the reporting period. Actual results may differ from these estimates.
DirectorsFees and Expenses - The Funds set up a Rabbi Trust to provide for the deferred compensation plan for Independent Directors (including a Director Emeritus) that enables them to elect to defer receipt of all or a portion of annual fees they are entitled to receive. The value of an eligible Director's account is based upon years of service and fees paid to each Director during the years of service. The amount paid to the Director by the Trust under the plan will be determined based upon the performance of the funds in which the amounts are invested.
Operating Segments - The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Principal Executive Officer of the Funds acts as the CODM. Since their commencement, each Fund operates as a single segment. The CODM monitors the operating results of the Funds, as a whole, and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's portfolio managers as a team. The financial information, in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, which is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.
NOTE 2 - PURCHASES AND SALES OF SECURITIES
The cost of purchases and proceeds from sales of investment securities (excluding in-kind redemptions and short-term investments)during the year ended October 31, 2025 were as follows:
|
|
Davis Global
Fund
|
Davis
International
Fund
|
|
Cost of purchases
|
$232,782,460
|
$35,440,151
|
|
Proceeds from sales
|
330,872,019
|
41,637,370
|
The proceeds from in-kind redemptions of investment securities during the year ended October 31, 2025 was as follows:
|
|
Davis Global
Fund
|
|
Proceeds from in-kind redemptions
|
$11,009,576
|
Gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.
NOTE 3 - FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (INCLUDING AFFILIATES)
Davis Selected Advisers-NY, Inc. ("DSA-NY"), a wholly-owned subsidiary of the Adviser, acts as sub-adviser to the Funds. DSA-NY performs research and portfolio management services for the Funds under a Sub-Advisory Agreement with the Adviser. The Funds pay no fees directly to DSA-NY.
All officers of the Funds (including Interested Directors) hold positions as executive officers with the Adviser or its affiliates.
14
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Notes to Financial Statements - (Continued) October 31, 2025
NOTE 3 - FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (INCLUDING AFFILIATES) - (CONTINUED)
As of October 31, 2025, related shareholders held greater than 20% of outstanding shares of the following Funds:
|
|
Davis International
Fund
|
|
|
66%
|
Investment activities of this shareholder could have a material impact on the Fund.
Investment Advisory Fees - Advisory fees are paid monthly to the Adviser. The annual rate for each Fund is 0.55% of the average net assets.
Transfer Agent and Accounting Fees- SS&C Global Investor & Distribution Solutions, Inc. is the Funds' primary transfer agent. State Street Bank and Trust Company ("State Street Bank") is the Funds' primary accounting provider. Fees for accounting services are included in the custodian fees as State Street Bank also serves as the Funds' custodian. The Adviser is also paid for certain transfer agent and accounting services.
|
|
Year ended October 31, 2025
|
|
|
|
Davis Global
Fund
|
Davis
International
Fund
|
|
Transfer agent fees paid to Adviser
|
$42,810
|
$11,289
|
|
Accounting fees paid to Adviser
|
42,000
|
8,336
|
Reimbursement and Waivers of Expenses- Amounts due from Adviser will be generally paid in the month after finalization of the financial statements. The Adviser is contractually committed to waive fees and/or reimburse the Funds' expenses to the extent necessary to cap total annual fund operating expenses (Class A shares, 1.05%; Class C shares, 1.80%; and Class Y shares, 0.80%). The Adviser is obligated to continue the expense cap through March 1, 2026. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. Effective February 1, 2024, the Adviser voluntarily waived 0.025% of the average net assets (2.5 basis points) of Davis Global Fund Advisory fees and 0.05% of the average net assets (5 basis points) of Davis International Fund Advisory fees for a 12-month period and temporarily waived fees and/or reimbursed Davis International Fund's expenses to the extent necessary to cap total annual fund operating expenses (Class A shares, 1.00%; Class C shares 1.75%; and Class Y shares, 0.75%) until January 31, 2025. For purposes of these expense caps, operating expenses do not include foreign tax reclaim filing expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Funds. Reimbursement and waivers of expenses during the year ended October 31, 2025 were as follows:
|
|
Davis Global
Fund
|
Davis International
Fund
|
|
Class A
|
$12,656
|
$6,257
|
|
Class C
|
2,249
|
4,832
|
|
Class Y
|
38,398
|
17,893
|
Distribution and Service Plan Fees - The Funds have adopted separate Distribution Plans ("12b-1 Plans") for Class A and Class C shares. Under the 12b-1 Plans, the Funds reimburse Davis Distributors, LLC ("Distributor"), the Funds' Underwriter, for amounts paid to dealers as a service fee or commissions with respect to Class A shares sold by dealers, which remain outstanding during the period. The service fee is paid at an annual rate up to 0.25% of the average net assets maintained by the responsible dealers. Each of the Funds pays the Distributor a 12b-1 fee on Class C shares at an annual rate equal to the lesser of 1.25% of the average daily net asset value of Class C shares or the maximum amount provided by applicable rule or regulation of the Financial Industry Regulatory Authority, Inc., which currently is 1.00%. The Funds pay the 12b-1 fee on Class C shares in order: (i) to pay the Distributor distribution fees or commissions on Class C shares which have been sold and (ii) to enable the Distributor to pay service fees on Class C shares which have been sold.
15
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Notes to Financial Statements - (Continued) October 31, 2025
NOTE 3 - FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (INCLUDING AFFILIATES) - (CONTINUED) Distribution and Service Plan Fees - (Continued)
|
|
Year ended October 31, 2025
|
|
|
|
Davis Global
Fund
|
Davis International
Fund
|
|
Distribution fees:
|
||
|
Class C
|
$234,495
|
$32,210
|
|
|
||
|
Service fees:
|
||
|
Class A
|
482,719
|
34,372
|
|
Class C
|
78,165
|
10,737
|
Sales Charges - Front-end sales charges and contingent deferred sales charges ("CDSC") do not represent expenses of the Funds. They are deducted from the proceeds from sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable.
Class A shares of the Funds are sold at net asset value plus a sales charge and are redeemed at net asset value. On purchases of $1 million or more, the sales charge will not be applied; however a CDSC of 0.50% may be imposed upon redemption if those shares are redeemed within the first year of purchase.
Class C shares of the Funds are sold and redeemed at net asset value. A CDSC of 1.00% is imposed upon redemption of certain Class C shares within the first year of the original purchase.
The Distributor received commissions earned on sales of Class A shares of the Funds of which a portion was retained by the Distributor and the remaining was re-allowed to investment dealers. Commission advances by the Distributor on the sales of Class C shares of the Funds are re-allowed to qualified selling dealers.
|
|
Year ended October 31, 2025
|
|
|
|
Davis Global
Fund
|
Davis
International
Fund
|
|
Class A commissions retained by the Distributor
|
$6,551
|
$1,864
|
|
Class A commissions re-allowed to investment dealers
|
32,421
|
9,763
|
|
Total commissions earned on sales of Class A
|
$38,972
|
$11,627
|
|
|
||
|
Class C commission advances by the Distributor
|
$7,161
|
$3,058
|
|
|
||
|
Class C CDSCs received by the Distributor
|
38
|
23
|
16
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Notes to Financial Statements - (Continued) October 31, 2025
NOTE 4 - CAPITAL STOCK
At October 31, 2025, there were 3.5 billion shares of capital stock ($0.05 par value per share) authorized for Davis New York Venture Fund, Inc., of which 225 million shares are designated to Davis Global Fund and 225 million shares are designated to Davis International Fund. Transactions in capital stock were as follows:
|
|
|
Year ended October 31, 2025
|
|||
|
|
|
Sold
|
Reinvestment of
Distributions
|
Redeemed
|
Net Increase
(Decrease)
|
|
Davis Global Fund
|
|||||
|
Shares:
|
Class A
|
621,502
|
711,198
|
(1,016,291
)
|
316,409
|
|
|
Class C
|
54,048
|
163,385
|
(611,899
)
|
(394,466
)
|
|
|
Class Y*
|
2,387,043
|
1,946,295
|
(4,655,746
)
|
(322,408
)
|
|
Value:
|
Class A
|
$18,479,235
|
$20,198,023
|
$(30,461,348
)
|
$8,215,910
|
|
|
Class C
|
1,374,476
|
4,163,043
|
(16,277,395
)
|
(10,739,876
)
|
|
|
Class Y*
|
74,266,369
|
55,605,650
|
(138,693,790
)
|
(8,821,771
)
|
|
Davis International Fund
|
|||||
|
Shares:
|
Class A
|
207,811
|
25,416
|
(242,744
)
|
(9,517
)
|
|
|
Class C
|
23,423
|
5,011
|
(102,444
)
|
(74,010
)
|
|
|
Class Y
|
456,343
|
80,342
|
(760,887
)
|
(224,202
)
|
|
Value:
|
Class A
|
$2,936,194
|
$345,653
|
$(3,478,492
)
|
$(196,645
)
|
|
|
Class C
|
306,040
|
62,833
|
(1,338,935
)
|
(970,062
)
|
|
|
Class Y
|
6,558,078
|
1,078,999
|
(10,421,199
)
|
(2,784,122
)
|
|
*
|
Sold and redeemed amounts include activity in connection with the ReFlow liquidity program (See Note 7 of the Notes to Financial Statements).
|
|
|
|
Year ended October 31, 2024
|
|||
|
|
|
Sold
|
Reinvestment of
Distributions
|
Redeemed*
|
Net Decrease
|
|
Davis Global Fund
|
|||||
|
Shares:
|
Class A
|
492,246
|
67,003
|
(972,992
)
|
(413,743
)
|
|
|
Class C
|
21,414
|
6,190
|
(689,441
)
|
(661,837
)
|
|
|
Class Y
|
1,881,881
|
274,376
|
(4,073,595
)
|
(1,917,338
)
|
|
Value:
|
Class A
|
$13,143,009
|
$1,589,308
|
$(25,800,397
)
|
$(11,068,080
)
|
|
|
Class C
|
531,267
|
133,465
|
(16,360,489
)
|
(15,695,757
)
|
|
|
Class Y
|
51,174,431
|
6,541,116
|
(109,485,924
)
|
(51,770,377
)
|
|
Davis International Fund
|
|||||
|
Shares:
|
Class A
|
234,910
|
24,423
|
(570,980
)
|
(311,647
)
|
|
|
Class C
|
16,839
|
3,921
|
(126,399
)
|
(105,639
)
|
|
|
Class Y
|
221,967
|
239,121
|
(2,183,599
)
|
(1,722,511
)
|
|
Value:
|
Class A
|
$2,814,496
|
$252,533
|
$(6,632,441
)
|
$(3,565,412
)
|
|
|
Class C
|
182,169
|
37,408
|
(1,353,783
)
|
(1,134,206
)
|
|
|
Class Y
|
2,591,205
|
2,439,028
|
(23,646,973
)
|
(18,616,740
)
|
|
*
|
Davis Global Fund: net of redemption fees amounting to $59, $1, and $453, for Class A, Class C, and Class Y, respectively.
|
NOTE 5 - SECURITIES LOANED
The Funds have entered into a securities lending arrangement with State Street Bank. Under the terms of the agreement, the Funds receive fee income from lending transactions; in exchange for such fees, State Street Bank is authorized to loan securities on behalf of the Funds, against receipt of collateral at least equal to the value of the securities loaned. As of October 31, 2025, the Funds did not have any securities on loan. The Funds bear the risk of any deficiency in the amount of the collateral available for return to a borrower due to a loss in an approved investment.
NOTE 6 - RESTRICTED SECURITIES
Restricted securities are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. They are fair valued under methods approved by the Pricing Committee. The aggregate value of restricted securities in Davis Global Fund amounted to $36,483 or 0.004% of the Fund's net assets as of October 31, 2025. Information regarding restricted securities is as follows:
17
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Notes to Financial Statements - (Continued) October 31, 2025
NOTE 6 - RESTRICTED SECURITIES - (CONTINUED)
|
Fund
|
Security
|
Initial
Acquisition
Date
|
Units
|
Cost per
Unit
|
Valuation per
Unit as of
October 31, 2025
|
|
Davis Global Fund
|
ASAC II L.P.
|
10/10/13
|
35,352
|
$1.0000
|
$1.0320
|
NOTE 7 - REFLOW LIQUIDITY PROGRAM
Davis Global Fund may participate in the ReFlow Fund, LLC ("ReFlow") liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase Fund shares up to the value of the net shares redeemed by other shareholders that are expected to settle that business day. Following purchases of Fund shares, ReFlow then generally redeems those shares when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow (currently 8 days), or at other times at ReFlow's or the Adviser's discretion. While ReFlow holds Fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. In the event the Fund uses the ReFlow service, the Fund will pay a fee to ReFlow each time ReFlow purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.14%, although the Fund may submit a bid at a higher rate if it determines that doing so is in the best interest of Fund shareholders. ReFlow's purchases of Fund shares through the liquidity program are made on an investment-blind basis without regard to the Fund's objective, policies, or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of the Fund. ReFlow will periodically redeem its entire share position in the Fund and may request that such redemption be met in-kind in accordance with the Fund's policy on purchases and redemptions in-kind. The Board of Directors has approved the Fund's participation in the ReFlow program.
The Adviser believes that participation in the ReFlow liquidity program may assist in stabilizing the Fund's net assets, to the benefit of the Fund and its shareholders, although there is no guarantee that the program will do so. To the extent the Fund's net assets do not decline, the Adviser typically will also benefit.
ReFlow activity during the year ended October 31, 2025 was as follows:
|
|
Shares
Purchased
|
Value of Shares
Purchased
|
Shares
Redeemed
|
Value of Cash
and Securities
Sold
|
In-kind Gain of
Securities Sold
|
|
Davis Global Fund
|
401,035
|
$13,715,791
|
333,491
|
$11,382,873
|
$9,653,276
|
NOTE 8 - SUBSEQUENT EVENT
Fund Merger- On November 7, 2025, Davis International Fund acquired all of the net assets of Selected International Fund pursuant to an Agreement and Plan of Reorganization and Liquidation adopted by Davis New York Venture Fund, Inc., on behalf of its series, Davis International Fund, and Selected International Fund, Inc., on behalf of its series, Selected International Fund. The purpose of this transaction was to combine two funds managed by Davis Selected Advisers, L.P. with the same or substantially similar investment objectives, investment policies, strategies, risks, and restrictions. The reorganization was accomplished by a tax-free exchange of shares of Class S and Class D shares, respectively, of Selected International Fund, into Class A and Class Y shares, respectively, of Davis International Fund at the close of business on November 7, 2025.
18
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
The following financial information represents selected data for each share of capital stock outstanding throughout each period:
|
|
|
Income (Loss) from Investment Operations
|
||
|
|
Net Asset Value,
Beginning of
Period
|
Net Investment
Income (Loss)a
|
Net Realized and
Unrealized Gains
(Losses)
|
Total from
Investment
Operations
|
|
Davis Global Fund Class A:
|
|
|
|
|
|
Year ended October 31, 2025
|
$31.58
|
$0.25
|
$6.13
|
$6.38
|
|
Year ended October 31, 2024
|
$22.55
|
$0.33
|
$8.97
|
$9.30
|
|
Year ended October 31, 2023
|
$18.67
|
$0.25
|
$3.63
|
$3.88
|
|
Year ended October 31, 2022
|
$30.16
|
$0.17
|
$(8.68)
|
$(8.51)
|
|
Year ended October 31, 2021
|
$26.13
|
$0.04
|
$4.07
|
$4.11
|
|
Davis Global Fund Class C:
|
|
|
|
|
|
Year ended October 31, 2025
|
$28.48
|
$-e
|
$5.49
|
$5.49
|
|
Year ended October 31, 2024
|
$20.35
|
$0.09
|
$8.11
|
$8.20
|
|
Year ended October 31, 2023
|
$16.98
|
$0.06
|
$3.31
|
$3.37
|
|
Year ended October 31, 2022
|
$27.64
|
$(0.01)
|
$(7.92)
|
$(7.93)
|
|
Year ended October 31, 2021
|
$24.16
|
$(0.19)
|
$3.75
|
$3.56
|
|
Davis Global Fund Class Y:
|
|
|
|
|
|
Year ended October 31, 2025
|
$31.80
|
$0.32
|
$6.19
|
$6.51
|
|
Year ended October 31, 2024
|
$22.71
|
$0.40
|
$9.02
|
$9.42
|
|
Year ended October 31, 2023
|
$18.78
|
$0.30
|
$3.66
|
$3.96
|
|
Year ended October 31, 2022
|
$30.33
|
$0.23
|
$(8.73)
|
$(8.50)
|
|
Year ended October 31, 2021
|
$26.25
|
$0.11
|
$4.07
|
$4.18
|
|
Davis International Fund Class A:
|
|
|
|
|
|
Year ended October 31, 2025
|
$14.09
|
$0.22
|
$2.63
|
$2.85
|
|
Year ended October 31, 2024
|
$9.97
|
$0.24
|
$4.05
|
$4.29
|
|
Year ended October 31, 2023
|
$8.39
|
$0.15
|
$1.43
|
$1.58
|
|
Year ended October 31, 2022
|
$12.64
|
$0.12
|
$(4.21)
|
$(4.09)
|
|
Year ended October 31, 2021
|
$13.78
|
$0.06
|
$(1.20)
|
$(1.14)
|
|
Davis International Fund Class C:
|
|
|
|
|
|
Year ended October 31, 2025
|
$12.91
|
$0.10
|
$2.41
|
$2.51
|
|
Year ended October 31, 2024
|
$9.14
|
$0.14
|
$3.71
|
$3.85
|
|
Year ended October 31, 2023
|
$7.75
|
$0.07
|
$1.32
|
$1.39
|
|
Year ended October 31, 2022
|
$11.65
|
$0.04
|
$(3.89)
|
$(3.85)
|
|
Year ended October 31, 2021
|
$12.80
|
$(0.05)
|
$(1.10)
|
$(1.15)
|
|
Davis International Fund Class Y:
|
|
|
|
|
|
Year ended October 31, 2025
|
$13.94
|
$0.26
|
$2.60
|
$2.86
|
|
Year ended October 31, 2024
|
$9.87
|
$0.27
|
$4.00
|
$4.27
|
|
Year ended October 31, 2023
|
$8.30
|
$0.19
|
$1.40
|
$1.59
|
|
Year ended October 31, 2022
|
$12.51
|
$0.15
|
$(4.16)
|
$(4.01)
|
|
Year ended October 31, 2021
|
$13.61
|
$0.10
|
$(1.19)
|
$(1.09)
|
|
a
|
Per share calculations were based on average shares outstanding for the period.
|
|
b
|
Assumes hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in
additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are
not reflected in the total returns.
|
|
c
|
The ratios in this column reflect the impact, if any, of certain reimbursements and/or waivers from the Adviser.
|
19
Financial Highlights
|
Dividends and Distributions
|
|
|
|
Ratios to Average Net Assets
|
|
|||||
|
Dividends
from Net
Investment
Income
|
Distributions
from
Realized
Gains
|
Return of
Capital
|
Total
Distributions
|
Net Asset
Value, End
of Period
|
Total Returnb
|
Net Assets,
End of Period
(in thousands)
|
Gross
Expense
Ratio
|
Net Expense
Ratioc
|
Net
Investment
Income
(Loss) Ratio
|
Portfolio
Turnoverd
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(0.33)
|
$(3.22)
|
$-
|
$(3.55)
|
$34.41
|
22.62%
|
$235,092
|
0.95%
|
0.94%
|
0.82%
|
27%
|
|
$(0.27)
|
$-
|
$-
|
$(0.27)
|
$31.58
|
41.58%
|
$205,717
|
0.95%
|
0.93%
|
1.23%
|
34%
|
|
$-
|
$-
|
$-
|
$-
|
$22.55
|
20.78%
|
$156,274
|
0.95%
|
0.95%
|
1.07%
|
16%
|
|
$(0.26)
|
$(2.72)
|
$-
|
$(2.98)
|
$18.67
|
(31.04)%
|
$139,361
|
0.96%
|
0.96%
|
0.73%
|
19%
|
|
$-
|
$(0.08)
|
$-
|
$(0.08)
|
$30.16
|
15.75%
|
$232,565
|
0.92%
|
0.92%
|
0.11%
|
35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(0.09)
|
$(3.22)
|
$-
|
$(3.31)
|
$30.66
|
21.66%
|
$27,955
|
1.75%
|
1.74%
|
0.02%
|
27%
|
|
$(0.07)
|
$-
|
$-
|
$(0.07)
|
$28.48
|
40.41%
|
$37,208
|
1.76%
|
1.74%
|
0.42%
|
34%
|
|
$-
|
$-
|
$-
|
$-
|
$20.35
|
19.85%
|
$40,048
|
1.75%
|
1.75%
|
0.27%
|
16%
|
|
$(0.01)
|
$(2.72)
|
$-
|
$(2.73)
|
$16.98
|
(31.56)%
|
$50,203
|
1.74%
|
1.74%
|
(0.05)%
|
19%
|
|
$-
|
$(0.08)
|
$-
|
$(0.08)
|
$27.64
|
14.75%
|
$101,611
|
1.70%
|
1.70%
|
(0.67)%
|
35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(0.40)
|
$(3.22)
|
$-
|
$(3.62)
|
$34.69
|
22.92%
|
$675,447
|
0.70%
|
0.70%
|
1.06%
|
27%
|
|
$(0.33)
|
$-
|
$-
|
$(0.33)
|
$31.80
|
41.95%
|
$629,462
|
0.71%
|
0.69%
|
1.47%
|
34%
|
|
$(0.03)
|
$-
|
$-
|
$(0.03)
|
$22.71
|
21.08%
|
$493,149
|
0.71%
|
0.71%
|
1.31%
|
16%
|
|
$(0.33)
|
$(2.72)
|
$-
|
$(3.05)
|
$18.78
|
(30.87)%
|
$486,207
|
0.72%
|
0.72%
|
0.97%
|
19%
|
|
$(0.02)
|
$(0.08)
|
$-
|
$(0.10)
|
$30.33
|
15.95%
|
$934,670
|
0.69%
|
0.69%
|
0.34%
|
35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(0.29)
|
$-
|
$-
|
$(0.29)
|
$16.65
|
20.67%
|
$22,584
|
1.05%
|
1.01%
|
1.50%
|
21%
|
|
$(0.17)
|
$-
|
$-
|
$(0.17)
|
$14.09
|
43.62%
|
$19,245
|
1.17%
|
1.09%f
|
2.02%
|
23%
|
|
$-
|
$-
|
$-
|
$-
|
$9.97
|
18.83%
|
$16,730
|
1.09%
|
1.05%
|
1.43%
|
11%
|
|
$(0.16)
|
$-
|
$-
|
$(0.16)
|
$8.39
|
(32.72)%
|
$16,632
|
1.13%
|
1.05%
|
1.13%
|
5%
|
|
$-
|
$-
|
$-
|
$-
|
$12.64
|
(8.27)%
|
$44,687
|
1.00%
|
1.00%
|
0.40%
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(0.18)
|
$-
|
$-
|
$(0.18)
|
$15.24
|
19.74%
|
$4,434
|
1.90%
|
1.79%
|
0.72%
|
21%
|
|
$(0.08)
|
$-
|
$-
|
$(0.08)
|
$12.91
|
42.43%
|
$4,713
|
1.99%
|
1.84%f
|
1.27%
|
23%
|
|
$-
|
$-
|
$-
|
$-
|
$9.14
|
17.94%
|
$4,300
|
1.89%
|
1.80%
|
0.68%
|
11%
|
|
$(0.05)
|
$-
|
$-
|
$(0.05)
|
$7.75
|
(33.19)%
|
$3,966
|
1.94%
|
1.80%
|
0.38%
|
5%
|
|
$-
|
$-
|
$-
|
$-
|
$11.65
|
(8.98)%
|
$8,412
|
1.79%
|
1.79%
|
(0.39)%
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$(0.32)
|
$-
|
$-
|
$(0.32)
|
$16.48
|
21.04%
|
$172,730
|
0.72%
|
0.71%
|
1.80%
|
21%
|
|
$(0.20)
|
$-
|
$-
|
$(0.20)
|
$13.94
|
44.01%
|
$149,233
|
0.82%
|
0.78%f
|
2.33%
|
23%
|
|
$(0.02)
|
$-
|
$-
|
$(0.02)
|
$9.87
|
19.14%
|
$122,656
|
0.74%
|
0.74%
|
1.74%
|
11%
|
|
$(0.20)
|
$-
|
$-
|
$(0.20)
|
$8.30
|
(32.52)%
|
$119,058
|
0.80%
|
0.80%
|
1.38%
|
5%
|
|
$(0.01)
|
$-
|
$-
|
$(0.01)
|
$12.51
|
(8.02)%
|
$308,356
|
0.72%
|
0.72%
|
0.68%
|
16%
|
|
d
|
The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the fair value of portfolio securities owned during
the period. Securities with a maturity or expiration date at the time of acquisition of one year or less or securities delivered from in-
kind redemptions are excluded from the calculation.
|
|
e
|
Less than $0.005 per share.
|
|
f
|
Includes tax service fees paid to third party providers that assist in the recovery of foreign withholding tax refunds. Excluding the tax service fees, the net
expense ratios for the year ended October 31, 2024 would have been (Class A shares, 1.01%; Class C shares, 1.76%; Class Y shares, 0.75%).
|
See Notes to Financial Statements
20
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Report of Independent Registered Public Accounting Firm
The Shareholders and Board of Directors
Davis New York Venture Fund, Inc.:
Davis New York Venture Fund, Inc.:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Davis Global Fund and Davis International Fund (each a series of Davis New York Venture Fund, Inc.) (the "Funds"), including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the "financial statements") and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each Fund as of October 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2025, by correspondence with custodians, transfer agents and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Davis Funds investment companies since 1998.
Columbus, Ohio
December 18, 2025
December 18, 2025
21
DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND
Federal Income Tax Information (Unaudited)
In early 2026, shareholders will receive information regarding all dividends and distributions paid to them by the Funds during the calendar year 2025. Regulations of the U.S. Treasury Department require the Funds to report this information to the Internal Revenue Service.
The information and distributions reported herein may differ from the information reported as distributions taxable to certain shareholders for the calendar year 2025 with their 2025 Form 1099-DIV.
The information is presented to assist shareholders in reporting distributions received from the Funds to the Internal Revenue Service. Because of the complexity of the federal regulations that may affect your individual tax return and the many variations in state and local regulations, we recommend that you consult your tax adviser for specific guidance.
Each Fund designates the following amounts distributed during the fiscal year ended October 31, 2025, if any, as dividends eligible for the corporate dividends-received deduction, qualified dividend income, and long-term capital gain distributions.
|
|
Davis Global
Fund
|
Davis International
Fund
|
|
|
||
|
Income dividends*
|
$11,417,329
|
$4,339,683
|
|
Income qualifying for corporate
dividends-received deduction
|
$4,078,462
36%
|
$-
|
|
Qualified dividend income
|
$11,305,969
99%
|
$4,015,576
93%
|
|
*
|
Includes foreign tax credit pass-through, if applicable.
|
Davis Global Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments was treated as distributions of long-term capital gain. As a result, the Fund designated long-term capital gain distributions in the amount of $95,279,280.
Davis Global Fund and Davis International Fund have elected to give the benefit of foreign tax credits to their shareholders, if applicable. Accordingly, shareholders who must report their gross income dividends and distributions in a federal tax return will be entitled to a foreign tax credit, or an itemized deduction, in computing their U.S. income tax liability. It is generally more advantageous to claim a credit rather than to take a deduction.
Pursuant to Section 853 of the Internal Revenue Code, Davis Global Fund and Davis International Fund designate $1,215,716 and $439,706, respectively, as foreign taxes paid during the year ended October 31, 2025. During the year ended October 31, 2025, Davis Global Fund and Davis International Fund received foreign sourced income in the amounts of $11,596,614 and $4,756,773, respectively. The Funds did not derive any income from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.
22
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Not Applicable.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
A special meeting of shareholders was held on November 29, 2024. The number of votes necessary to conduct the meeting and approve the proposal was obtained. The results of the votes (in shares) of shareholders are listed below.
PROPOSAL
1. To elect members to the Board of Directors.
|
|
Davis Global
Fund
|
Davis International
Fund
|
|
|
||
|
Francisco
Borges
|
|
|
|
For
|
21,883,884
|
10,946,492
|
|
Withheld
|
540,810
|
54,084
|
|
Andrew
Davis
|
|
|
|
For
|
21,984,662
|
10,946,492
|
|
Withheld
|
440,031
|
54,084
|
|
Christopher
Davis
|
|
|
|
For
|
21,957,181
|
10,946,492
|
|
Withheld
|
467,513
|
54,084
|
|
John S.
Gates, Jr.
|
|
|
|
For
|
21,956,227
|
10,952,491
|
|
Withheld
|
468,467
|
48,086
|
|
Thomas S.
Gayner
|
|
|
|
For
|
13,772,535
|
9,765,428
|
|
Withheld
|
8,652,158
|
1,235,148
|
|
Samuel H.
Iapalucci
|
|
|
|
For
|
21,727,737
|
10,925,622
|
|
Withheld
|
696,956
|
74,955
|
|
Katherine
MacWilliams
|
|
|
|
For
|
21,999,518
|
10,952,491
|
|
Withheld
|
425,176
|
48,086
|
|
Richard
O'Brien
|
|
|
|
For
|
21,983,795
|
10,899,447
|
|
Withheld
|
440,899
|
101,129
|
|
Lara N.
Vaughan
|
|
|
|
For
|
21,974,002
|
10,952,491
|
|
Withheld
|
450,692
|
48,086
|
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-ENDMANAGEMENT INVESTMENT COMPANIES
Remuneration paid is included in the Statements of Operations on Item 7 of this Form N-CSR.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORYCONTRACT
Not Applicable.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not Applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not Applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not Applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no changes to the procedure by which shareholders may recommend nominees to the Registrant's Board of Directors.
ITEM 16. CONTROLS AND PROCEDURES
(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), that such controls and procedures are effective as of a date within 90 days of the filing date of this report.
(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not Applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
Not Applicable.
ITEM 19. EXHIBITS
(a)(1) The Registrant's pursuant to Item 2 of Form N-CSR is filed as an exhibit to this Form N-CSR.
(a)(2) Certifications pursuant to of the Sarbanes-Oxley Act of 2002 are attached.
(b) Certifications pursuant to of the Sarbanes-Oxley Act of 2002 are attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| DAVIS NEW YORK VENTURE FUND, INC. | |
|
|
|
| By |
/s/ Kenneth C. Eich Kenneth C. Eich Principal Executive Officer |
|
|
|
| Date: | December 18, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By |
/s/ Kenneth C. Eich Kenneth C. Eich Principal Executive Officer |
|
|
|
| Date: | December 18, 2025 |
| By |
/s/ Douglas A. Haines Douglas A. Haines Principal Financial Officer and Principal Accounting Officer |
|
|
|
| Date: | December 18, 2025 |
Davis New York Venture Fund Inc. published this content on December 30, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on December 30, 2025 at 20:35 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]