Fund Overview

  • Seeks high-conviction, best-of-breed businesses
  • Benchmark-agnostic. Seeks to outperform the index, not mirror it
  • Low expected turnover and a strategic, long term time horizon
  • Traditional benefits of ETFs: Low cost, tax efficient, intra-day liquidity and transparent  ETFs are subject to commission costs each time a buy or sell is executed. Depending on the amount of trading activity, the low costs of ETFs may be outweighed by commissions and related trading costs.

Returns

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 3.46% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 3.61% -- -- --
S&P 500 Financials Index The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. 0.33% -- -- --
After Tax Pre-Liquidation 3.46% -- -- --
After Tax Post-Liquidation 1.96% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 3.00% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 3.19% -- -- --
S&P 500 Financials Index The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. 1.18% -- -- --
After Tax Pre-Liquidation 3.00% -- -- --
After Tax Post-Liquidation 1.70% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 4.74% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 4.98% -- -- --
S&P 500 Financials Index The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. 4.07% -- -- --
After Tax Pre-Liquidation 4.74% -- -- --
After Tax Post-Liquidation 2.68% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -0.16% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 0.06% -- -- --
S&P 500 Financials Index The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. -1.08% -- -- --
After Tax Pre-Liquidation -0.16% -- -- --
After Tax Post-Liquidation -0.09% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. Periods less than one year are not annualized. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 3.46% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 3.61% -- -- --
S&P 500 Financials Index The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. 0.33% -- -- --
After Tax Pre-Liquidation 3.46% -- -- --
After Tax Post-Liquidation 1.96% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 3.00% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 3.19% -- -- --
S&P 500 Financials Index The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. 1.18% -- -- --
After Tax Pre-Liquidation 3.00% -- -- --
After Tax Post-Liquidation 1.70% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. 4.74% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 4.98% -- -- --
S&P 500 Financials Index The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. 4.07% -- -- --
After Tax Pre-Liquidation 4.74% -- -- --
After Tax Post-Liquidation 2.68% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

  Since Incept. 1 Yr 3 Yr 5 Yr
Total Return Represents changes to the NAV and accounts for distributions from the Fund. -0.16% -- -- --
Market Price Represents changes to the midpoint price and accounts for distributions from the Fund. The midpoint is the average of the bid-ask prices at 4:00 ET when NAV is determined. 0.06% -- -- --
S&P 500 Financials Index The S&P 500 Financials is a capitalization-weighted index that tracks the companies in the financial sector as a subset of the S&P 500® Index. Investments cannot be made directly in an index. -1.08% -- -- --
After Tax Pre-Liquidation -0.16% -- -- --
After Tax Post-Liquidation -0.09% -- -- --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Since 1/11/17 Inception. It is not possible to invest directly in an index.

Historical Prices as of 5/24/17

Prices

Top Industries as of 5/23/17 The Fund generally uses the Global Industry Classification Standard (“GICS”) to determine industry classification. GICS presents industry classification as a series of levels. Allocations shown are at the sector level. For purposes of measuring concentration, the Fund generally classifies companies at the “industry group” or “industry” level. See the Fund’s SAI for additional information. Industry classification weightings are subject to change.

Name DFNL (%) S&P 500 Financials Index (%)
Diversified Financials 42.8% 36.8%
Insurance 27.8% 19.4%
Banks 19.1% 43.8%
Information Technology 8.4% 0.00%
ETF Cash Component 1.9% 0.00%

Holdings as of 5/23/17

Name Ticker Weighting (%)
Markel Corp MKL 6.02%
American Express Co AXP 5.79%
Berkshire Hathaway Inc BRK.B 5.56%
Loews Corp L 5.25%
U.S. Bancorp USB 5.22%
Capital One Financial Corp COF 5.19%
Visa Inc V 5.01%
Chubb Ltd CB 4.95%
Everest Re Group Ltd RE 4.41%
JPMorgan Chase & Co JPM 4.29%
Name Ticker Weighting (%) Shares Market Value ($) CUSIP SEDOL
Markel Corp MKL 6.02 3,122 3,017,990.63 570535104 2566436
American Express Co AXP 5.79 37,611 2,903,540.02 025816109 2026082
Berkshire Hathaway Inc BRK.B 5.56 16,860 2,789,981.88 084670702 2073390
Loews Corp L 5.25 56,296 2,633,519.77 540424108 2523022
U.S. Bancorp USB 5.22 50,388 2,618,143.13 902973304 2736035
Capital One Financial Corp COF 5.19 32,423 2,604,859.80 14040H105 2654461
Visa Inc V 5.01 26,803 2,515,726.95 92826C839 B2PZN04
Chubb Ltd CB 4.95 17,677 2,485,494.35 H1467J104 B3BQMF6
Everest Re Group Ltd RE 4.41 8,982 2,212,085.30 G3223R108 2556868
JPMorgan Chase & Co JPM 4.29 25,074 2,150,324.63 46625H100 2190385
Bank of New York Mellon Corp BK 4.25 45,296 2,130,273.80 064058100 B1Z77F6
Wells Fargo & Co WFC 4.21 39,580 2,113,177.05 949746101 2649100
Goldman Sachs Group Inc GS 3.91 8,934 1,962,334.92 38141G104 2407966
State Street Corp STT 3.36 20,703 1,687,473.33 857477103 2842040
Alphabet Inc GOOG 3.36 1,777 1,686,297.94 02079K107 BYY88Y7
PNC Financial Services Group Inc PNC 3.10 12,825 1,553,758.20 693475105 2692665
Charles Schwab Corp SCHW 3.09 39,916 1,551,544.79 808513105 2779397
Marsh & McLennan Companies Inc MMC 3.03 20,366 1,522,185.93 571748102 2567741
Julius Baer Gruppe AG BAER 2.81 26,803 1,411,694.76 B4R2R50
Brookfield Asset Management Inc BAM 2.53 33,336 1,267,419.36 112585104 2092555
S&P Global Inc SPGI 2.45 8,886 1,228,085.28 78409V104 BYV2325
DBS Group Holdings Ltd D05 2.31 76,854 1,160,942.39 6175203
Alleghany Corp Y 2.21 1,921 1,108,624.72 017175100 2016801
Moody's Corp MCO 2.16 9,415 1,081,650.75 615369105 2252058
American International Group Inc AIG 1.99 16,043 997,415.44 026874784 2027342
KKR & Co LP KKR 1.70 45,536 851,527.54 48248M102 B432K33
Cash Component CASH 1.85 - -
Total   100.00        

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Fund Details as of 5/23/17

Inception Date 1/11/17
Ticker DFNL
Objective Long-term growth of capital
Expense Ratio (gross/net) Davis Selected Advisers, L.P. has contractually agreed to waive fees and/or reimburse the Funds’ expenses to the extent necessary to cap total annual fund operating expenses as shown until March 1, 2018. After that date, there is no assurance that the Adviser will continue to cap expenses. The expense cap cannot be terminated prior to that date, without the consent of the Board of Trustees. 0.66%/0.65%
Number of Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. 26
Investment Manager Davis Selected Advisers, L.P.
Total Net Assets($M) 50.172
Asset Class Equity
Exchange NASDAQ
CUSIP 23908L 108
IOV / Intraday Ticker DFNLIV
Custodian State Street Bank and Trust Company
Performance Benchmark S&P 500 Financials Index
Shares Outstanding 2,401,700
Dividend Frequency Annually
Options Available N
Daily Volume The number of shares traded during a given period of time. It is simply the amount of shares that trade hands from sellers to buyers as a measure of activity. If a buyer of a stock purchases 100 shares from a seller, then the volume for that period increased by 100 shares based on that transaction. Volume shown is the volume that traded on the primary exchange as of the date indicated. 12,049
30 Day Avg. Volume Average Daily Volume (ADV) on primary exchange may differ from ADV reported by other sources, which may publish an aggregated ADV from all exchanges on which the ETF trades. 19,128
Premium/Discount The amount the Fund is trading above or below the reported NAV expressed as a percentage of the NAV. When the Fund's market price is greater than the Fund's NAV, it is said to be trading at a “Premium” and the percentage is expressed as a positive number. When the Fund's market price is less than the Fund's NAV, it is said to be trading at a “Discount” and the percentage is expressed as a negative number. 0.17

Portfolio Statistics as of 3/31/17

Number of Holdings The number of holdings in the Fund excluding cash positions and derivatives such as futures and currency forwards. 25
Forward P/E Forward price to earnings (forward P/E) is a measure of the price-to-earnings (P/E) ratio using forecasted earnings for the P/E calculation. 15.7
P/B Price/Book (P/B) Ratio is the weighted average of the P/B ratios of the stocks in a portfolio. The P/B ratio of a stock is calculated by dividing the current price of the stock by the company's per share book value. 1.9
Weighted Avg. Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. 110.3
Historical 5 Year EPS Growth This figure represents the annualized rate of net-income-per-share growth over the trailing five-year period for the stocks held by the Fund. 8.1

52 Week High/Low as of 5/23/17

NAV Market Price
52 Week High 21.48 22.15
52 Week Low 19.81 19.83