Davis Global Fund’s Q4 2021 Investor Letter

Davis Funds, an investment management firm, published its “Davis Global Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. After outperforming for the previous five-, 10- and 15-year periods, Davis Global Fund underperformed in 2021. As a result, the earnings of Davis Global Fund portfolio companies have grown at 23.2% compared to the index at 16.8%, yet are selling at a significant discount, 9.1x vs. 18.9x. For the year 2021, Davis Global Fund returned −5.09%, compared with an 18.54% return for the MSCI ACWI (All Country World Index), an underperformance of 23.63%. Entering the year, Davis Global Fund had generated solid outperformance relative to the MSCI ACWI (All Country World Index) over five-, 10- and 15-year periods. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.