# DIRECTOR AND DELEGATE COMPENSATION
Director(s) of the Fund may receive an annual fixed directorship fee. The Director(s) do not receive any performance- based/variable remuneration therefore avoiding a potential conflict of interest. FundRock has delegated certain investment management functions to Davis Selected Advisers, L.P. (the “Delegate”). The Delegate’s professional staff receives a fixed salary. There is no variable remuneration related to the Fund therefore avoiding a potential conflict of interest.
The amount of remuneration received by the Investment Adviser for the financial year ending 31 December 2022 was: Fixed: USD 5,637,903
Variable: USD 0
Number of beneficiaries: 132
COMMON STOCK – (96.26%) COMMUNICATION SERVICES – (13.62%)
Media & Entertainment – (13.62%)
Shares
Market Value (Note 2)
COMMON STOCK – (CONTINUED) HEALTH CARE – (5.87%)
Health Care Equipment & Services – (3.07%)
Shares
Market Value (Note 2)
Alphabet Inc., Class A* – (2.49%)	73,720	$  9,784,118
IAC Inc.* – (1.04%)	58,348	4,061,021
Liberty TripAdvisor Holdings, Inc., Series A*
– (0.00%)	11,606	8,832
Meta Platforms, Inc., Class A* – (10.09%)	124,440	39,646,584
Total Communication Services	53,500,555
CONSUMER DISCRETIONARY – (10.90%)
Consumer Discretionary Distribution & Retail – (9.78%)
Amazon.com, Inc.* – (6.23%)	183,130	24,480,818
Coupang, Inc., Class A (South Korea)* –
(0.79%)	171,114	3,105,719
| JD.com, Inc., Class A, ADR (China) – (0.75%) | 71,440 | 2,951,186 |
| --- | --- | --- |
| Naspers Ltd. - N (South Africa) – (0.54%) | 10,699 | 2,099,391 |
| Prosus N.V., Class N (Netherlands) – (1.47%) | 72,981 | 5,778,823 |
|  |  |   38,415,937 |

Consumer Services – (1.12%)
MGM Resorts International* – (1.12%)	86,370	4,385,005
Total Consumer Discretionary	42,800,942
CONSUMER STAPLES – (1.01%)
Food, Beverage & Tobacco – (1.01%)
Darling Ingredients Inc.* – (1.01%)	57,240	3,963,870
Total Consumer Staples	3,963,870
FINANCIALS – (47.52%)
| Danske Bank A/S (Denmark) – (2.42%) | 401,680 | 9,531,008 |  |
| --- | --- | --- | --- |
| DBS Group Holdings Ltd. (Singapore) – (2.95%) | 448,540 | 11,582,287 | TOTAL TRANSFERABLE SECURITIES ADMITTED TO OFFICIAL EXCHANGE LISTING |
| JPMorgan Chase & Co. – (3.45%) | 85,748 | 13,544,754 | OR DEALT IN ON ANOTHER REGULATED |
| U.S. Bancorp – (3.35%) | 331,800 | 13,165,824 | MARKET – |
| Wells Fargo & Co. – (7.29%) | 620,217 | 28,629,217 | (Average identified cost $239,236,336)	378 |

Banks – (19.46%)
Cigna Group – (2.28%)	30,400	$  8,971,040
Quest Diagnostics Inc. – (0.79%)	23,020	3,112,534
  12,083,574
Pharmaceuticals, Biotechnology & Life Sciences – (2.80%)
Viatris Inc. – (2.80%)	1,043,190	10,984,791
Total Health Care	23,068,365
INDUSTRIALS – (2.34%)
Capital Goods – (2.34%)
Owens Corning – (2.34%)	65,720	9,200,143
Total Industrials	9,200,143
INFORMATION TECHNOLOGY – (11.51%)
Semiconductors & Semiconductor Equipment – (10.46%)
Applied Materials, Inc. – (4.91%)	127,320	19,300,439
| Intel Corp. – (2.18%) | 238,930 | 8,546,526 |
| --- | --- | --- |
| Texas Instruments Inc. – (3.37%) | 73,450 | 13,221,000 |
|  |  |   41,067,965 |
| Technology Hardware & Equipment – (1.05%) Samsung Electronics Co., Ltd. (South Korea) – (1.05%) | 74,830 | 4,144,108 |
| Total Information Technology |  | 45,212,073 |

| Bank of New York Mellon Corp. – (3.27%) | 283,430 | 12,856,385 | SHORT-TERM INVESTMENTS – (3.92%) |  |
| --- | --- | --- | --- | --- |
| Julius Baer Group Ltd. (Switzerland) – (1.80%) | 99,750 | 7,044,540 | Anglesea Funding PLC/ Anglesea Funding LLC, Commercial Paper, 5.3308%, |  |
|  |  |   19,900,925 | 01/08/23 – (3.92%)	$15,411,000 | 15,408,718 |
| Consumer Finance – (7.35%) American Express Co. – (0.64%) | 14,887 | 2,514,116 | TOTAL SHORT-TERM INVESTMENTS – |  |
| Capital One Financial Corp. – (6.71%) | 225,030 | 26,333,011 | (Average identified cost $15,411,000) | 15,408,718 |

Financial Services – (21.14%) Capital Markets – (5.07%)
| MATERIALS – (3.49%) OCI N.V. (Netherlands) – (1.07%) | 147,160 | 4,186,684 |
| --- | --- | --- |
| Teck Resources Ltd., Class B (Canada) – (2.42%) | 214,190 | 9,516,462 |
| Total Materials |  | 13,703,146 |

  76,453,090
Principal
,088,075
Market Value (Note 2)
| Total Investments – (100.18%) – |  |
| --- | --- |
| (Average identified cost $254,647,336) | 393,496,793 |
| Liabilities Less Other Assets – (-0.18%) | 	(695,491) |
| Net Assets – (100.00%) | $392,801,302 |

  28,847,127
Financial Services – (8.72%)
Berkshire Hathaway Inc., Class A* – (8.72%)	64	34,265,600
  83,013,652
Insurance – (6.92%)
Life & Health Insurance – (3.89%)
AIA Group Ltd. (Hong Kong) – (1.60%)	632,490	6,254,687
Ping An Insurance (Group) Co. of China, Ltd.
- H (China) – (2.29%)	1,279,500	9,001,491
  15,256,178
ADR: American Depositary Receipt
* Non-income producing security.
| Chubb Ltd. – (1.88%) | 36,060 | 7,371,025 |
| --- | --- | --- |
| Loews Corp. – (0.50%) | 31,427 | 1,968,901 |
| Markel Group Inc.* – (0.65%) | 1,777 | 2,576,135 |
|  |  |   11,916,061 |
|  |  |   27,172,239 |
| Total Financials |  | 186,638,981 |

Property & Casualty Insurance – (3.03%)
COMMUNICATION SERVICES – (13.58%)
Media & Entertainment – (13.58%)
Shares
Market Value (Note 2)
HEALTH CARE – (4.39%)
Health Care Equipment & Services – (1.60%)
Shares
Market Value (Note 2)
Alphabet Inc., Class C* – (2.42%)	4,130	$  549,744	Cigna Group – (1.60%)	1,230	$  362,973
| IAC Inc.* – (1.06%) | 3,440 | 239,424 |  | Pharmaceuticals, Biotechnology & | Life Sciences – (2.79%) |  |
| --- | --- | --- | --- | --- | --- | --- |
| Liberty Media Corp., Liberty Formula One, |  |  |  | Viatris Inc. – (2.79%) | 60,050 | 632,326 |
| Series A* – (1.38%) | 4,880 | 313,687 |  | Total Health Care |  | 995,299 |

Liberty Media Corp., Liberty Formula One,
Series C* – (0.89%)	2,769	201,029
Meta Platforms, Inc., Class A* – (7.83%)	5,580	1,777,788
Total Communication Services	3,081,672
CONSUMER DISCRETIONARY – (23.09%)
| Amazon.com, Inc.* – (5.81%) | 9,860 | 1,318,085 |
| --- | --- | --- |
| Coupang, Inc., Class A (South Korea)* – (0.87%) | 10,880 | 197,472 |
| JD.com, Inc., Class A (China) – (0.13%) | 1,420 | 28,613 |

Consumer Discretionary Distribution & Retail – (15.59%)
INDUSTRIALS – (2.24%)
Capital Goods – (2.24%)
Owens Corning – (2.24%)	3,640	509,564
Total Industrials	509,564
INFORMATION TECHNOLOGY – (8.88%)
Semiconductors & Semiconductor Equipment – (2.41%)
Applied Materials, Inc. – (2.12%)	3,180	482,056
Intel Corp. – (0.29%)	1,820	65,102
	547,158
| JD.com, Inc., Class A, ADR (China) – (3.03%) | 16,650 | 687,811 |  | Clear Secure, Inc., Class A – (0.48%) | 4,600 | 109,066 |
| --- | --- | --- | --- | --- | --- | --- |
| Naspers Ltd. - N (South Africa) – (1.62%) | 1,876 | 368,114 |  | Technology Hardware & Equipment – (5.99%) |  |  |
| Prosus N.V., Class N (Netherlands) – (4.13%) | 11,852 | 938,472 |  | Hollysys Automation Technologies Ltd. |  |  |
|  |  |   3,538,567 |  | (China) – (2.43%) | 31,508 | 552,335 |
| Consumer Durables & Apparel – (1.05%) Fila Holdings Corp. (South Korea) – (1.05%) | 7,680 | 238,682 |  | Samsung Electronics Co., Ltd. (South Korea) – (3.56%) | 14,570 | 806,891 |
| Consumer Services – (6.45%) Delivery Hero SE (Germany)* – (1.98%) | 9,900 | 449,090 |  | Total Information Technology |   1,359,226 2,015,450 |
| Meituan, Class B (China)* – (3.00%) | 36,960 | 681,218 |  |  |  |
| MGM Resorts International* – (1.47%) | 6,570 | 333,559 |  | MATERIALS – (3.87%) |  |

Software & Services – (0.48%)
  1,463,867
Total Consumer Discretionary	5,241,116
CONSUMER STAPLES – (1.55%)
Food, Beverage & Tobacco – (1.55%)
Darling Ingredients Inc.* – (1.55%)	5,075	351,444
Total Consumer Staples	351,444
FINANCIALS – (39.98%)
Banks – (18.30%)
Bank of N.T. Butterfield & Son Ltd.
Teck Resources Ltd., Class B (Canada) –
(3.87%)	19,761	877,981
Total Materials	877,981
TOTAL TRANSFERABLE SECURITIES ADMITTED TO OFFICIAL EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET –
(Average identified cost $17,571,002)	22,145,123
Market Value
| (Bermuda) – (1.17%) | 8,277 | 265,940 |
| --- | --- | --- |
| Danske Bank A/S (Denmark) – (6.60%) | 63,150 | 1,498,415 |
| DBS Group Holdings Ltd. (Singapore) – (4.74%) | 41,618 | 1,074,668 |
| Metro Bank Holdings PLC (United Kingdom)* – (0.34%) | 51,276 | 77,779 |
| Wells Fargo & Co. – (5.45%) | 26,770 | 1,235,703 |
|  |  |   4,152,505 |

Principal	(Note 2)
| SHORT-TERM INVESTMENTS – (2.43%) |  |
| --- | --- |
| State Street Bank and Trust Co., Eurodollar Time Deposit, 1.52%, 01/08/23 – (2.43%) | $552,000 | 552,000 |
| TOTAL SHORT-TERM INVESTMENTS – (Average identified cost $552,000) |  | 552,000 |
| Total Investments – (100.01%) – |  |  |

| Financial Services – (12.89%) Capital Markets – (4.63%) |  |
| --- | --- |
| Julius Baer Group Ltd. (Switzerland) – |  |  |
| (4.36%) | 14,000 | 988,707 |

Noah Holdings Ltd., Class A, ADS (China) –
(0.27%)	4,048	61,611
  1,050,318
Consumer Finance – (4.94%)
Capital One Financial Corp. – (4.94%)	9,580	1,121,052
Financial Services – (3.32%)
Berkshire Hathaway Inc., Class B* – (3.32%)	2,140	753,194
  2,924,564
(Average identified cost $18,123,002)	22,697,123
Liabilities Less Other Assets – (-0.01%)		(2,194)
Net Assets – (100.00%)	$22,694,929
ADR: American Depositary Receipt ADS: American Depositary Share
* Non-income producing security.
Insurance – (8.79%)
| AIA Group Ltd. (Hong Kong) – (2.92%) | 66,980 | 662,365 |
| --- | --- | --- |
| Ping An Insurance (Group) Co. of China, Ltd. - H (China) – (5.87%) | 189,500 | 1,333,163 |
|  |  |   1,995,528 |
| Total Financials |  | 9,072,597 |

Life & Health Insurance – (8.79%)
| ASSETS: Investments in securities at cost | $	254,647,336 | $	18,123,002 | $	272,770,338 |
| --- | --- | --- | --- |
| Unrealized appreciation on investments | 138,849,457 | 4,574,121 | 143,423,578 |
| Investments in securities at market value (Note 2) | 393,496,793 | 22,697,123 | 416,193,916 |
| Cash Receivables: Dividends and interest | 2,944 268,488 | 640 16,658 | 3,584 285,146 |
| Investment securities sold | 145,533 | 55,893 | 201,426 |
| Prepaid expenses | 3,392 | 318 | 3,710 |
| Due from Investment Adviser (Note 3) | – | 9,675 | 9,675 |
| Total assets | 393,917,150 | 22,780,307 | 416,697,457 |
| LIABILITIES: Payables: |  |  |  |
| Capital stock redeemed | 68,565 |  | 556 |  | 69,121 |
| Investment securities purchased | 323,254 |  | 24,905 |  | 348,159 |
| Accrued expenses | 724,029 |  | 59,917 |  | 783,946 |
| Total liabilities | 1,115,848 |  | 85,378 |  | 1,201,226 |
| NET ASSETS | $	392,801,302 |  | $	22,694,929 |  | $	415,496,231 |
| CLASS A SHARES Net assets | $	391,190,332 |  | $	21,283,405 |  | $	412,473,737 |
| Shares outstanding | 5,347,942 |  | 444,687 |  | 5,792,629 |
| Net asset value and redemption price per share (Net |  |  |  |  |  |
| assets/Shares outstanding) | $	73.15 |  | $	47.86 |  |  |
| Maximum offering price per share (100/94.25 of net asset value) | $	77.61 |  | $	50.78 |  |  |
| CLASS I SHARES Net assets | $	1,610,970 |  | $	1,411,524 |  | $	3,022,494 |
| Shares outstanding | 19,784 |  | 25,920 |  | 45,704 |
| Net asset value, offering, and redemption price per share (Net |  |  |  |  |  |
| assets/Shares outstanding) | $	81.43 |  | $	54.46 |  |  |

| INVESTMENT INCOME (LOSS): |  |
| --- | --- |
| Income: |
| Dividends, net (Note 2) | $	5,907,627 | $ | 357,625 | $	6,265,252 |
| Interest (Note 2) | 443,818 |  | 7,180 | 450,998 |
| Total income | 6,351,445 |  | 364,805 | 6,716,250 |
| Expenses: |  |  |  |  |
| Investment Adviser fees (Note 3) | 5,153,785 |  | 285,967 | 5,439,752 |
| Management company fees (Note 3) | 129,700 |  | 7,414 | 137,114 |
| Depositary fees | 116,410 |  | 9,985 | 126,395 |
| Transfer agent fees: |  |  |  |  |
| Class A | 224,765 |  | 33,563 | 258,328 |
| Class I | 2,808 |  | 2,711 | 5,519 |
| Audit fees | 32,200 |  | 13,800 | 46,000 |
| Legal fees | 17,000 |  | 800 | 17,800 |
| Accounting fees | 211,806 |  | 17,828 | 229,634 |
| Director fees (Note 3) | 4,729 |  | 271 | 5,000 |
| Other charges & taxes | 289,509 |  | 39,906 | 329,415 |
| Transaction fees (Note 2) | 24,696 |  | 5,164 | 29,860 |
| Total expenses | 6,207,408 |  | 417,409 | 6,624,817 |
| Reimbursement of expenses by Investment Adviser (Note 3) | – |  | (16,910) | (16,910) |
| Net expenses | 6,207,408 |  | 400,499 | 6,607,907 |
| Net investment income (loss) | 144,037 |  | (35,694) | 108,343 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON |  |  |  |  |
| INVESTMENTS: |  |  |  |  |
| Net realized gain (loss) from investments and foreign currency |  |  |  |  |
| transactions (Note 2) | 15,674,663 |  | (97,790) | 15,576,873 |
| Net increase in unrealized appreciation on investments and |  |  |  |  |
| foreign currency transactions | 50,822,158 |  | 4,121,616 | 54,943,774 |
| Net realized and unrealized gain on investments and |  |  |  |  |
| foreign currency transactions | 66,496,821 | 4,023,826 | 70,520,647 |
| Net increase in net assets resulting from operations | $	66,640,858 | $	3,988,132 | $	70,628,990 |

| OPERATIONS: Net investment income (loss) | $	144,037 | $	(35,694) | $	108,343 |
| --- | --- | --- | --- |
| Net realized gain (loss) from investments and foreign currency |  |  |  |
| transactions (Note 2) Net increase in unrealized appreciation on investments and | 15,674,663 | (97,790) | 15,576,873 |
| foreign currency transactions during the year | 50,822,158 | 4,121,616 | 54,943,774 |
| Net increase in net assets resulting from operations | 66,640,858 | 3,988,132 | 70,628,990 |
| CAPITAL SHARE TRANSACTIONS (NOTE 4): Class A | (18,519,141) | (692,851) | (19,211,992) |
| Class I | (37,751) | – | (37,751) |
| Total increase in net assets | 48,083,966 | 3,295,281 | 51,379,247 |
| NET ASSETS: Beginning of year | 344,717,336 | 19,399,648 | 364,116,984 |
| End of year | $	392,801,302 | $	22,694,929 | $	415,496,231 |

Davis Funds SICAV (the “Fund”) is a collective investment undertaking under the form of an umbrella fund, organized as a “société d’investissement à capital variable” (“SICAV”) under the laws of the Grand Duchy of Luxembourg, and qualifies as an “Undertaking for Collective Investment in Transferable Securities” (“UCITS”) under Part I of the Luxembourg law dated 17 December 2010 as amended, relating to undertakings for collective investment in transferable securities (the “2010 Law”). The Fund is registered under number B 49 537 at the Registre de Commerce et des Sociétés of Luxembourg, where its Articles of Incorporation are available for inspection (as well as at the Fund’s registered office at 49, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg).
The Fund was incorporated in Luxembourg on 19 December 1994 for an unlimited period. The initial capital was $45,000, represented by 4,500 shares. At the time of incorporation, Davis Selected Advisers, L.P. (“Davis Advisors”) purchased 4,499 shares. The Fund issues different classes of shares. The subscription proceeds of each class are invested in a specific pool of assets (“sub-fund”), which is invested in accordance with the specific investment policy applicable to such sub-fund. The Fund currently has two such sub-funds, Davis Value Fund and Davis Global Fund, which commenced operations on 10 April 1995. On 5 September 2000 each sub-fund commenced the offering of Class A shares, which are sold with a front-end sales charge. On 1 June 2012 each sub-fund commenced the offering of Class I shares, which are sold at net asset value and are not subject to a contingent deferred sales charge. Class I shares are only available to institutional 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 directly attributable to a specific class are charged against the operations of that class.

Translation (ENFR, 2023-07-31):
# RÉMUNÉRATION DES ADMINISTRATEURS ET DES DÉLÉGUÉS
Les administrateurs du Fonds peuvent recevoir une commission annuelle fixe liée à leur poste de direction. Les administrateurs ne reçoivent pas de rémunération basée sur la performance/variable afin d’éviter tout conflit d’intérêt. FundRock a délégué certaines fonctions de gestion des investissements à Davis Selected Advisers, L.P. (le « Délégué »). Le personnel du Délégué reçoit un salaire fixe. Aucune rémunération variable liée au Fonds n’existe, de manière à éviter tout conflit d’intérêt.
Montant de la rémunération reçue par le conseiller en investissement pour l’exercice clos au 31 décembre 2022 : Fixe : 5 637 903 USD
Variable : 0 USD
Nombre de bénéficiaires : 132
|  | Actions | Valeur marché (Note 2) |  |  | Actions | Valeur marché (Note 2) |
| --- | --- | --- | --- | --- | --- | --- |
| ACTIONS ORDINAIRES – (96,26%) |  |  |  | ACTIONS ORDINAIRES – (SUITE) |  |  |
| SERVICES DE COMMUNICATION – (13,62%) |  |  |  | SOINS DE SANTÉ – (5,87%) |  |  |
| Médias et divertissements – (13,62%) |  |  | Équipements et services de soins de santé – (3,07%) |  |
| Alphabet Inc., Catégorie A* – (2,49%) | 73 720 | $9 784 118 |  | Cigna Group – (2,28%) | 30 400 | $8 971 040 |
| IAC Inc. * – (1,04%) | 58 348 | 4 061 021 |  | Quest Diagnostics Inc. – (0,79%) | 23 020 | 3 112 534 |
| Liberty TripAdvisor Holdings Inc., Série A* – (0,00%) |  |  |  |  |  | 12 083 574 |
| 11 606 | 8 832 |  |  |
| Meta Platforms, Inc., Catégorie A* – (10,09%) | 124 440 | 39 646 584 | Pharmacie, biotechnologie et sciences de la vie – (2,80%) |  |
| Total Services de communication |  | 53 500 555 |  | Viatris Inc. – (2,80%) | 1 043 190 | 10 984 791 |
|  |  |  |  | TOTAL SOINS DE SANTÉ |  | 23 068 365 |
| PRODUITS DE CONSOMMATION NON ESSENTIELS – (10,90%) |  |  | SOCIÉTÉS INDUSTRIELLES – (2,34%) |  |  |
| Produits de consommation non essentiels - Distribution et vente au détail – (9,78%) |  |  | Biens d’équipement – (2,34%) |  |  |
| Amazon.com, Inc.* – (6,23%) | 183 130 | 24 480 818 |  | Owens Corning – (2,34%) | 65 720 | 9 200 143 |
| Coupang, Inc., Catégorie A (Corée du Sud)* – (0,79%) |  |  |  | TOTAL SOCIÉTÉS INDUSTRIELLES |  | 9 200 143 |
| 171 114 | 3 105 719 |  |  |
| JD.com,Inc., Catégorie A, ADR (Chine) – (0,75%) |  |  | TECHNOLOGIE DE L’INFORMATION – (11,51%) |  |
| 71 440 | 2 951 186 |  |  |
| Naspers Ltd. - N (Afrique du Sud) – (0,54%) | 10 699 | 2 099 391 | Semi-conducteurs et matériel semi-conducteur – (10,46%) |  |
| Prosus N.V., Catégorie N (Pays-Bas) – (1,47%) | 72 981 | 5 778 823 |  | Applied Materials, Inc. – (4,91%) | 127 320 | 19 300 439 |
|  |  | 	38 415 937  |  | Intel Corp. – (2,18%) | 238 930 | 8 546 526 |
| Services aux consommateurs – (1,12%) |  |  |  | Texas Instruments Inc. – (3,37%) | 73 450 | 13 221 000 |
| MGM Resorts International* – (1,12%) | 86 370 | 4 385 005 |  |  | 	41 067 965  |
| Total Produits de consommation non ESSENTIELS |  | 42 800 942 | Matériel et équipements technologiques – (1,05%) |
| BIENS DE CONSOMMATION DE BASE – (1,01%) |  |  |  | Samsung Electronics Co., Ltd. (Corée du Sud) – (1,05%) | 74 830 | 4 144 108 |
| Nourriture, boissons et tabac – (1,01%) |  |  | TOTAL TECHNOLOGIE DE L’INFORMATION | 45 212 073 |
| Darling Ingredients Inc. * – (1,01%) | 57 240 | 3 963 870 |  | MATÉRIAUX – (3,49%) |  |  |
| Total Biens de consommation de base |  | 3 963 870 |  | OCI N.V. (Pays-Bas) – (1,07%) | 147 160 | 4 186 684 |
|  |  |  |  | Teck Resources Ltd., Catégorie B (Canada) – (2,42%) | 214 190 | 9 516 462 |
| SOCIÉTÉS FINANCIÈRES – (47,52%) |  |  |  | TOTAL MATÉRIAUX |  | 13 703 146 |
| Banques – (19,46%) |  |  |  | TOTAL TITRES ADMIS À LA COTE OFFICIELLE D’UNE BOURSE OU NÉGOCIÉS SUR UN AUTRE MARCHÉ RÉGLEMENTÉ – |  |  |
| Danske Bank A/S (Danemark) – (2,42%) | 401 680 | 9 531 008 |
| DBS Group Holdings Ltd. (Singapour) – (2,95%) | 448 540 | 11 582 287 |
| JPMorgan Chase & Co. – (3,45%) | 85 748 | 13 544 754 |  | (Coût déterminé moyen 239 236 336 $) |  | 378 088 075 |
| U.S. Bancorp – (3,35%) | 331 800 | 13 165 824 |  |  | Principal | Valeur marché (Note 2) |
| Wells Fargo & Co. – (7,29%) | 620 217 | 28 629 217 |  | PLACEMENTS À COURT TERME – (3,92%) |  |
|  |  | 	76 453 090  |  | Anglesea Funding PLC/ Anglesea Funding LLC, Billet de trésorerie, 5,3308%, 01/08/2023 – (3,92%) |  |  |
| Services financiers – (21,14%) |  |  |  |  |
| Marchés de capitaux – (5,07%) |  |  | 15 411 000 $ | 15 408 718 |
| Bank of New York Mellon Corp. – (3,27%) | 283 430 | 12 856 385 |  |  |
| Julius Baer Group Ltd. (Suisse) – (1,80%) | 99 750 | 7 044 540 | TOTAL PLACEMENTS À COURT TERME |  |
|  |  | 	19 900 925  |  | (Coût déterminé moyen 15 411 000 $) |  | 15 408 718 |
| Finance des consommateurs – (7,35%) |  |  |  | Total investissements – (100,18%) – |  |  |
| American Express Co. – (0,64%) | 14 887 | 2 514 116 |  | (Coût déterminé moyen 254 647 336 $) |  | 393 496 793 |
| Capital One Financial Corp. – (6,71%) | 225 030 | 26 333 011 |  | Passifs moins autres actifs – (-0,18%) | 	(695 491)  |
|  |  | 	28 847 127  |  | Actifs nets – (100,00%) | $392 801 302 |
| Services financiers – (8,72%) |  |  |  |  |  |
| Berkshire Hathaway Inc., Catégorie A * – (8,72%) |  |  |  | ADR : American Depositary Receipt |  |
| 64 | 34 265 600 |  |
|  |  | 	83 013 652  |  |
| Assurances – (6,92%) |  |  |  | * Titre ne générant pas de revenu. |  |
| Assurances de personnes – (3,89%) |  |  |  |
| AIA Group Ltd. (Hong Kong) – (1,60%) | 632 490 | 6 254 687 |  |
| Ping An Insurance (Group) Co. de China Ltd. - H (Chine) – (2,29%) | 1 279 500 | 9 001 491 |  |
|  |  | 	15 256 178  |  |
| Assurances IARD – (3,03%) |  |  |  |
| Chubb Ltd. – (1,88%) | 36 060 | 7 371 025 |  |
| Loews Corp. – (0,50%) | 31 427 | 1 968 901 |  |
| Markel Group Inc.* – (0,65%) | 1 777 | 2 576 135 |  |
|  |  | 	11 916 061  |  |
|  |  | 	27 172 239  |  |
| Total Sociétés financières |  | 186 638 981 |  |

| ACTIONS ORDINAIRES – (97,58%) SERVICES DE COMMUNICATION – (13,58%) | Actions | Valeur marché (Note 2) |  | ACTIONS ORDINAIRES – (SUITE) SOINS DE SANTÉ – (4,39%) | Actions | Valeur marché (Note 2) |
| --- | --- | --- | --- | --- | --- | --- |
| Médias et divertissements – (13,58%) |  |  |  | Équipements et services de soins de santé – | (1,60%) |  |
| Alphabet Inc., Catégorie A* – (2,42%) | 4 130 | $549 744 |  | Cigna Group – (1,60%) | 1 230 | $362 973 |
| IAC Inc. * – (1,06%) | 3 440 | 239 424 |  | Pharmacie, biotechnologie et sciences de la | vie – (2,79%) |  |
| Liberty Media Corp., Liberty Formula One, |  |  |  |  |  |  |
| Série A* – (1,38%) | 4 880 | 313 687 |  | Viatris Inc. – (2,79%) | 60 050 | 632 326 |
| Liberty Media Corp., Liberty Formula One, Série C* – (0,89%) | 2 769 | 201 029 |  | TOTAL SOINS DE SANTÉ |  | 995 299 |
| Meta Platforms, Inc., Catégorie A* – (7,83%) | 5 580 | 1 777 788 |  |  |  |  |
| TOTAL SERVICES DE COMMUNICATION |  | 3 081 672 |  | SOCIÉTÉS INDUSTRIELLES – (2,24%) |  |  |
|  |  |  |  | Biens d’équipement – (2,24%) |  |  |
| PRODUITS DE CONSOMMATION NON ESSENTIELS – (23,09%) | Owens Corning – (2,24%) | 3 640 | 509 564 |
| Produits de consommation non essentiels - Distribution et vente au détail – | TOTAL SOCIÉTÉS INDUSTRIELLES |  | 509 564 |
| (15,59%) |  |  |  |
| Amazon.com, Inc.* – (5,81%) | 9 860 | 1 318 085 |  |  |  |
| Coupang, Inc., Catégorie A (Corée du Sud)* – (0,87%) | 10 880 | 197 472 |  | TECHNOLOGIE DE L’INFORMATION – (8,88%) |  |
| JD.com, Inc., Catégorie A (Chine) – (0,13%) | 1 420 | 28 613 |  | Semi-conducteurs et matériel semi-conducteur – (2,41%) |  |
| JD.com,Inc., Catégorie A, ADR (Chine) – |  |  |  |  |  |
| (3,03%) | 16 650 | 687 811 |  | Applied Materials, Inc. – (2,12%)	3 180 | 482 056 |
| Naspers Ltd. - N (Afrique du Sud) – (1,62%) | 1 876 | 368 114 |  | Intel Corp. – (0,29%)	1 820 | 65 102 |
| Prosus N.V., Catégorie N (Pays-Bas) – (4,13%) | 11 852 | 938 472 |  |  | 	547 158  |
|  |  | 	3 538 567  |  | Logiciel et services – (0,48%) |  |
| Biens de consommation durables et habillement – | (1,05%) |  |  | Clear Secure, Inc., Catégorie A – (0,48%)	4 600 | 109 066 |
| Fila Holdings Corp. (Corée du Sud) – (1,05%) | 7 680 | 238 682 |  | Matériel et équipements technologiques – (5,99%) |  |
|  |  |  |  | Hollysys Automation Technologies Ltd. |  |
| Services aux consommateurs – (6,45%) |  |  |  | (Chine) – (2,43%)	31 508 | 552 335 |
|  |  |  |  | Samsung Electronics Co., Ltd. (Corée du |  |
| Delivery Hero SE (Allemagne)* – (1,98%) | 9 900 | 449 090 |  | Sud) – (3,56%)	14 570 | 806 891 |
| Meituan, Catégorie B (Chine)* – (3,00%) | 36 960 | 681 218 |  |  | 	1 359 226  |
| MGM Resorts International* – (1,47%) | 6 570 | 333 559 |  | TOTAL TECHNOLOGIE DE L’INFORMATION | 2 015 450 |
|  | 	1 463 867  |  |  |
| TOTAL PRODUITS DE CONSOMMATION NON |  |  |  |
| ESSENTIELS | 5 241 116 | MATÉRIAUX – (3,87%) |  |
|  |  | Teck Resources Ltd., Catégorie B (Canada) |  |
| BIENS DE CONSOMMATION DE BASE – (1,55%) |  | – (3,87%)	19 761 | 877 981 |
| Nourriture, boissons et tabac – (1,55%) |  | TOTAL MATÉRIAUX | 877 981 |
| Darling Ingredients Inc. * – (1,55%)	5 075 | 351 444 |  |  |
| TOTAL BIENS DE CONSOMMATION DE BASE | 351 444 | TOTAL TITRES ADMIS À LA COTE |  |
|  |  | OFFICIELLE D’UNE BOURSE OU |  |
| SOCIÉTÉS FINANCIÈRES – (39,98%) Banques – (18,30%) Bank of N.T. Butterfield & Son Ltd. |  | NÉGOCIÉS SUR UN AUTRE MARCHÉ RÉGLEMENTÉ – (Coût déterminé moyen 17 571 002 $) | 22 145 123 |
| (Bermudes) – (1,17%)	8 277 | 265 940 |  |  |
| Danske Bank A/S (Danemark) – (6,60%)	63 150 | 1 498 415 | Principal | Valeur marché (Note 2) |
| DBS Group Holdings Ltd. (Singapour) – |  |  |  |
| (4,74%)	41 618 | 1 074 668 | PLACEMENTS À COURT TERME – (2,43%) |  |
|  |  | State Street Bank and Trust Co., Dépôt à |  |
| Metro Bank Holdings PLC (Royaume-Uni)* – |  | terme en eurodollars, 1,52%, 01/08/23 – |  |
| (0,34%)	51 276 | 77 779 | (2,43%)	$552 000 | 552 000 |
| Wells Fargo & Co. – (5,45%)	26 770 | 1 235 703 | TOTAL PLACEMENTS À COURT TERME |  |
|  | 	4 152 505  | (Coût déterminé moyen 552 000 $) | 552 000 |
| Services financiers – (12,89%) Marchés de capitaux – (4,63%) |  | Total investissements – (100,01%) – (Coût déterminé moyen 18 123 002 $) | 22 697 123 |
| Julius Baer Group Ltd. (Suisse) – (4,36%)	14 000 | 988 707 | Passifs moins autres actifs – (-0,01%) | 	(2 194)  |
| Noah Holdings Ltd., Catégorie A, ADS (Chine) |  | Actifs nets – (100,00%) |  |
| – (0,27%)	4 048 | 61 611 |  | 	$22 694 929  |
|  | 	1 050 318  |  |  |
| Finance des consommateurs – (4,94%) Capital One Financial Corp. – (4,94%)	9 580 | 1 121 052 | ADR : American Depositary Receipt ADS : American Depositary Share |  |
| Services financiers – (3,32%) |  | * Titre ne générant pas de revenu. |  |
| Berkshire Hathaway Inc., Catégorie B * – |  |  |  |
| (3,32%)	2 140 | 753 194 |  |  |
|  | 	2 924 564  |  |  |
| Assurances – (8,79%) |  |  |  |
| Assurances de personnes – (8,79%) AIA Group Ltd. (Hong Kong) – (2,92%)	66 980 | 662 365 |  |  |
| Ping An Insurance (Group) Co. de China Ltd. - |  |  |  |
| H (Chine) – (5,87%)	189 500 | 1 333 163 |  |  |
| TOTAL SOCIÉTÉS FINANCIÈRES | 	1 995 528  9 072 597 |  |

| ACTIFS : Placements en titres au coût d’investissement | $	254 647 336 | $	18 123 002 | $	272 770 338 |
| --- | --- | --- | --- |
| Plus-value non réalisée sur les investissements | 138 849 457 | 4 574 121 | 143 423 578 |
| Investissements en titres, à la valeur marchande (Note 2) | 393 496 793 | 22 697 123 | 416 193 916 |
| Espèces Créances : Dividendes et intérêts | 2 944 268 488 | 640 16 658 | 3 584 285 146 |
| Ventes de titres | 145 533 | 55 893 | 201 426 |
| Charges payées d’avance | 3 392 | 318 | 3 710 |
| Montants à recevoir du Conseiller en investissement (Note 3) | – | 9 675 | 9 675 |
| Total actifs | 393 917 150 | 22 780 307 | 416 697 457 |
| PASSIF : Comptes créditeurs : |  |  |  |
| Rachat d’actions de capital | 68 565 | 556 | 69 121 |
| Achats de titres | 323 254 | 24 905 | 348 159 |
| Frais engagés | 724 029 | 59 917 | 783 946 |
| Total passifs | 1 115 848 | 85 378 | 1 201 226 |
| ACTIFS NETS | $	392 801 302 | $	22 694 929 | $	415 496 231 |
| ACTIONS DE CATÉGORIE A Actifs nets | $	391 190 332 | $	21 283 405 | $	412 473 737 |
| Actions en circulation | 5 347 942 | 444 687 | 5 792 629 |
| Valeur nette d’inventaire et prix de rachat par action (Actifs nets/Actions en circulation) | $	73,15 | $	47,86 |  |
| Cours vendeur maximum par action (100/94,25 de la valeur nette d’inventaire) | $	77,61 | $	50,78 |  |
| ACTIONS DE CATÉGORIE I Actifs nets | $	1 610 970 | $	1 411 524 | $	3 022 494 |
| Actions en circulation | 19 784 | 25 920 | 45 704 |
| Valeur nette d’inventaire, cours vendeur et prix de rachat par action (Actifs nets/Actions en circulation) | $	81,43 | $	54,46 |  |

| REVENU (PERTE) SUR INVESTISSEMENTS : |  |  |  |
| --- | --- | --- | --- |
| Revenu : |  |  |  |  |
| Dividendes nets (Note 2) | $	5 907 627 | $ | 357 625 | $	6 265 252 |
| Intérêts (Note 2) | 443 818 |  | 7 180 | 450 998 |
| Revenu total | 6 351 445 |  | 364 805 | 6 716 250 |
| Frais : |  |  |  |  |
| Honoraires du conseiller en placements (Note 3) | 5 153 785 |  | 285 967 | 5 439 752 |
| Frais de la société de gestion (Note 3) | 129 700 |  | 7 414 | 137 114 |
| Frais du dépositaire | 116 410 |  | 9 985 | 126 395 |
| Frais de l’agent des transferts : |  |  |  |  |
| Catégorie A | 224 765 |  | 33 563 | 258 328 |
| Catégorie I | 2 808 |  | 2 711 | 5 519 |
| Frais d’audit | 32 200 |  | 13 800 | 46 000 |
| Frais juridiques | 17 000 |  | 800 | 17 800 |
| Frais de comptabilité | 211 806 |  | 17 828 | 229 634 |
| Rémunération de l’administrateur (Note 3) | 4 729 |  | 271 | 5 000 |
| Autres charges et impôts | 289 509 |  | 39 906 | 329 415 |
| Frais de transaction (Note 2) | 24 696 |  | 5 164 | 29 860 |
| Total frais | 6 207 408 |  | 417 409 | 6 624 817 |
| Remboursement des frais par le conseiller en placements (Note 3) | – |  | (16 910) | (16 910) |
| Frais nets | 6 207 408 |  | 400 499 | 6 607 907 |
| Revenu net sur investissements (perte) | 144 037 |  | (35 694) | 108 343 |
| BÉNÉFICE NET RÉALISÉ ET NON RÉALISÉ (PERTE) SUR INVESTISSEMENTS |  |  |  |  |
| Revenu net réalisé (perte) sur investissements et sur opérations de change (Note 2) | 15 674 663 |  | (97 790) | 15 576 873 |
| Augmentation nette de la plus-value non réalisée sur investissements et opérations de change | 50 822 158 |  | 4 121 616 | 54 943 774 |
| Bénéfice net réalisé et non réalisé sur investissements et sur opérations de change | 66 496 821 |  | 4 023 826 | 70 520 647 |
| Augmentation nette des actifs nets résultant des opérations | $	66 640 858 | $	3 988 132 | $	70 628 990 |

| OPÉRATIONS : Revenu net sur investissements (perte) | $	144 037 | $	(35 694) | $	108 343 |
| --- | --- | --- | --- |
| Revenu net réalisé (perte) sur investissements et sur opérations de change (Note 2) | 15 674 663 | (97 790) | 15 576 873 |
| Augmentation nette de la plus-value non réalisée sur investissements et opérations de change durant l'année | 50 822 158 | 4 121 616 | 54 943 774 |
| Augmentation nette des actifs nets résultant des opérations | 66 640 858 | 3 988 132 | 70 628 990 |
| ÉVOLUTION DU CAPITAL (NOTE 4) : Catégorie A | (18 519 141) | (692 851) | (19 211 992) |
| Catégorie I | (37 751) | – | (37 751) |
| Augmentation totale des actifs nets | 48 083 966 | 3 295 281 | 51 379 247 |
| ACTIFS NETS : Début de l'exercice | 344 717 336 | 19 399 648 | 364 116 984 |
| Fin de l'exercice | $	392 801 302 | $	22 694 929 | $	415 496 231 |

Davis Funds SICAV (le « Fonds ») est un organisme de placement collectif doté d'une structure de fonds à compartiments, constitué en « société d'investissement à capital variable » (« SICAV ») selon les lois du Grand-Duché de Luxembourg, et relève de la réglementation sur les « Organismes de placement collectif en valeurs mobilières » (« OPCVM ») aux termes de la Partie I de la loi du Luxembourg adoptée le 17 décembre 2010 (la « Loi de 2010 »), réglementant les organismes de placement collectif en valeurs mobilières. Le Fonds est enregistré sous le numéro B 49 537 auprès du Registre de Commerce et des Sociétés du Luxembourg, où ses statuts sont disponibles pour inspection (ainsi qu’au siège social du Fonds, au 49 Avenue J.F. Kennedy, L-1855, Luxembourg, Grand-Duché de Luxembourg).
Le Fonds a été constitué en société à Luxembourg le 19 décembre 1994 pour une durée illimitée. Le capital initial était de 45 000 $, représenté par 4 500 actions. Au moment de la constitution, Davis Selected Advisers, L.P. (« Davis Advisors ») a acheté 4 499 actions. Le Fonds émet différentes catégories d’actions. Le produit des souscriptions de chaque catégorie est investi dans un ensemble spécifique d’actifs (« compartiment ») en fonction de la politique d’investissement spécifique applicable audit compartiment. Le Fonds comporte actuellement deux compartiments de ce type, le Davis Value Fund et le Davis Global Fund, qui sont entrés en activité le 10 avril 1995. Le 5 septembre 2000, chaque compartiment a débuté la souscription d'actions de Catégorie A, vendues avec une commission de vente initiale. Le 1er juin 2012, chaque compartiment a commencé à offrir des actions de Catégorie I, vendues à la valeur nette d’inventaire et non assorties de droits de rachat. Les actions de Catégorie I ne peuvent être vendues qu’à certains investisseurs institutionnels. Les revenus, dépenses (autres que ceux attribuables à une catégorie spécifique), et les bénéfices et pertes sont alloués quotidiennement à chaque catégorie d’actions suivant la proportion relative des actifs nets représentés par chaque catégorie. Les frais d’exploitation directement attribuables à une catégorie spécifique sont imputés aux transactions de cette catégorie.