Davis Funds 2013 Update: The Two Investor Camps

Chris Davis' Davis Funds 2013 Portfolio Managers Update

The chart below summarizes results through December 31, 2013 for Davis New York Venture Fund. As the Fund’s managers, my colleagues and I at Davis Advisors have two objectives: to earn a satisfactory absolute investment return and to generate relative results in excess of the S&P 500 (INDEXSP:.INX). In our view, the data in the chart below presents a mixed picture. Over virtually all periods, the Fund’s absolute returns have been satisfactory. In particular, a one year return of 35% and five year compounded annual return of . . .

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