davis global fund davis international fund (portfolios of ...naspers (up 25%) and alphabet (up 17%)...

Davis Global FundDavis International Fund(portfolios of Davis New York Venture Fund, Inc.)

October 31, 2019

ANNUAL REPORT

Beginning on January 1, 2021, as permitted by regulations adopted by the SEC, paper copies of the Funds' shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Please contact your financial intermediary to elect to receive shareholder reports and other Fund communications electronically.

You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of Fund shareholder reports and for details regarding whether your election to receive reports in paper will apply to all funds held with financial intermediary.

DAVIS NEW YORK VENTURE FUND, INC. Table of Contents DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND

Shareholder Letter ..................................................................................................................................... 2

Management’s Discussion of Fund Performance: Davis Global Fund ............................................................................................................................. 3 Davis International Fund .................................................................................................................... 5

Fund Overview: Davis Global Fund ............................................................................................................................. 7 Davis International Fund .................................................................................................................... 9

Expense Example ...................................................................................................................................... 11

Schedule of Investments: Davis Global Fund ............................................................................................................................. 13 Davis International Fund .................................................................................................................... 16

Statements of Assets and Liabilities .......................................................................................................... 19

Statements of Operations ........................................................................................................................... 21

Statements of Changes in Net Assets ........................................................................................................ 22

Notes to Financial Statements ................................................................................................................... 24

Financial Highlights .................................................................................................................................. 35

Report of Independent Registered Public Accounting Firm ...................................................................... 37

Federal Income Tax Information ............................................................................................................... 38

Privacy Notice and Householding ............................................................................................................. 39

Directors and Officers ............................................................................................................................... 40

This Annual Report is authorized for use by existing shareholders. Prospective shareholders must receive a current Davis Global Fund and Davis International Fund prospectus, which contains more information about investment strategies, risks, charges, and expenses. Please read the prospectus carefully before investing or sending money. Shares of Davis Global Fund and Davis International Fund are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested.

Portfolio Proxy Voting Policies and Procedures The Funds have adopted Portfolio Proxy Voting Policies and Procedures under which the Funds vote proxies relating to securities held by the Funds. A description of the Funds’ Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Funds toll-free at 1-800-279-0279, (ii) on the Funds’ website at www.davisfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Funds are required to file Form N-PX, with their complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Funds’ Form N-PX filing is available (i) without charge, upon request, by calling the Funds toll-free at 1-800-279-0279, (ii) on the Funds’ website at www.davisfunds.com, and (iii) on the SEC’s website at www.sec.gov. Quarterly Schedule of Investments The Funds file their complete schedules of investments with the SEC on Form N-CSR (as of the end of the second and fourth quarters) and on Form N-PORT-EX (available for filings after March 31, 2019, formerly Form N-Q) (as of the end of the first and third quarters). The Funds’ Forms N-CSR (Annual and Semi-Annual Reports) and N-PORT-EX are available on the Funds’ website at www.davisfunds.com, and on the SEC’s website at www.sec.gov. A list of the Funds’ quarter-end holdings is also available at www.davisfunds.com on or about the 15th day following each quarter end and remains available on the website until the list is updated for the subsequent quarter.

DAVIS GLOBAL FUND Shareholder Letter DAVIS INTERNATIONAL FUND Dear Fellow Shareholder, As stewards of our customers’ savings, the management team and Directors of Davis Global Fund and Davis International Fund recognize the importance of candid, thorough, and regular communication with our shareholders. In our Annual and Semi-Annual Reports we include all of the required quantitative information such as audited financial statements, detailed footnotes, performance reports, fund holdings, and performance attribution. Also included is a list of positions opened and closed. In addition, we produce a Manager Commentary for each Fund. In this commentary, we give a more qualitative perspective on fund performance, discuss our thoughts on individual holdings, and share our investment outlook. You may obtain a copy of the current Manager Commentary either on the Funds’ website at www.davisfunds.com or by calling 1-800-279-0279. We thank you for your continued trust. We will do our best to earn it in the years ahead. Sincerely,

Christopher C. Davis President December 2, 2019

2

DAVIS GLOBAL FUND Management’s Discussion of Fund Performance Performance Overview

Davis Global Fund underperformed the Morgan Stanley Capital International All Country World Index (the “Index”) for the twelve-month period ended October 31, 2019 (the “period”). The Fund’s Class A shares delivered a total return on net asset value of 11.35%, versus a 12.59% return for the Index. The sectors1 within the Index that reported the strongest performance were Real Estate (up 23%), Utilities (up 22%), and Information Technology (up 22%). The sectors within the Index that reported the weakest performance were Energy (down 5%), which was the only sector within the Index that reported negative performance for the period, Materials (up 8%), and Health Care (up 11%).

Detractors from Performance

The Fund’s holdings in the weakest performing sector within the Index, Energy, were the most substantial detractor2 from absolute performance and were a significant relative detractor owing to weaker stock selection (down 48%, versus down 5% for the Index). All three of the Fund’s Energy holdings were among the top detractors for the period: Encana3 (down 61%), which was the top detractor for the period, Apache (down 41%), and Seven Generations Energy (down 48%).

The Fund’s Financial holdings were the top relative detractor compared to the Index (down less than 1%, versus up 11%) and also weighed on absolute performance. Negative performers included Metro Bank (down 76%), which was a new purchase, Yiren Digital (down 58%), and Danske Bank (down 21%).

The Fund’s Information Technology securities had a positive return of 10%, compared with 22% for the Index. In addition to its lower return being a hindrance to performance, the Fund was significantly underweight in the Information Technology sector compared to the Index (average weighting of 6%, compared with 15% for the Index). Hollysys Automation, which is a leading provider of automation and control technologies and application in China, was down 26% during the period.

The Fund maintained a large position in the Consumer Discretionary sector during the period. A number of individual securities from this sector negatively affected performance including Tarena International (down 91%), Adient (down 30%), and Quotient Technology (down 33%).

Contributors to Performance

The Consumer Discretionary sector holdings were the most significant contributor to the Fund’s performance on both an absolute basis and relative to that of the Index. The Fund’s strong performance compared to the Index was primarily due to solid stock selection (up 24%, compared with up 15%) and significant overweight position (37% average weighting, versus 11%). A number of Consumer Discretionary holdings boosted Fund performance, including New Oriental Education & Technology Group (up 109%), which was the top contributor for the period, Alibaba (up 24%), JD.com (up 32%), and Meituan Dianping (up 102%). Meituan Dianping is a Chinese e-commerce platform that the Fund invested in before its shares were first publicly offered. The Fund continues to hold a limited number of investments in unlisted securities with the expectation that they also will become registered and offered publicly. New Oriental Education & Technology Group (11.16% of net assets) and Alibaba (6.12% of net assets) were the two largest positions, respectively, at the end of the period.

The Communication Services sector was beneficial to both absolute and relative performance. The Fund’s Communication Services holdings outperformed those of the Index (up 20%, versus up 13%). Naspers (up 25%) and Alphabet (up 17%) generated strong returns. Naspers moved to the Consumer Discretionary sector during the period and returned 28% prior to its move. Alphabet was among the largest holdings at the end of the period.

Industrials were another contributor to Fund performance (up 25%, versus up 15% for the Index). Two of the top contributors, Ferguson (up 30%) and InterGlobe Aviation (up 71%), boosted performance.

Sul America (up 85%) and Applied Materials (up 68%) were also top contributors.

The Fund’s foreign securities outperformed its domestic securities (up 14%, versus up 9%). A large part of this positive performance was on account of the Fund’s Chinese holdings. The Fund’s Chinese holdings represented the Fund’s largest foreign position (34% average weight during the period).

Davis Global Fund’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Davis Global Fund’s principal risks are: common stock risk, depositary receipts risk, emerging market risk, exposure to industry or sector risk, fees and expenses risk, foreign country risk, foreign currency risk, headline risk, large-capitalization companies risk, manager risk, mid- and small-capitalization companies risk, and stock market risk. See the prospectus for a full description of each risk.

Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended October 31, 2019, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, October 31, 2019, unless otherwise noted.

1 The companies included in the Morgan Stanley Capital International All Country World Index are divided into eleven sectors. One or more industry groups make up a sector. For purposes of measuring concentration, the Fund generally classifies companies at the industry group or industry level. See the SAI for additional information regarding the Fund’s concentration policy.

2 A company’s or sector’s contribution to or detraction from the Fund’s performance is a product both of its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.

3 This Management Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund’s holdings of each company discussed.

3

DAVIS GLOBAL FUND – (CONTINUED) Management’s Discussion of Fund Performance

COMPARISON OF A $10,000 INVESTMENT IN DAVIS GLOBAL FUND CLASS A VERSUS THE MORGAN STANLEY CAPITAL INTERNATIONAL ALL COUNTRY WORLD INDEX (MSCI ACWI®)

OVER 10 YEARS FOR AN INVESTMENT MADE ON OCTOBER 31, 2009

AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2019

FUND & BENCHMARK INDEX 1-YEAR 5-YEAR 10-YEAR SINCE

INCEPTION INCEPTION

DATE

GROSS

EXPENSE

RATIO

NET

EXPENSE

RATIO Class A - without sales charge 11.35% 7.09% 9.55% 7.54% 12/22/04 0.98% 0.98% Class A - with sales charge 6.06% 6.06% 9.02% 7.19% 12/22/04 0.98% 0.98% Class C** 9.51% 6.27% 8.60% 6.83% 12/22/04 1.72% 1.72% Class Y 11.61% 7.36% 9.82% 4.47% 07/25/07 0.71% 0.71% MSCI ACWI®*** 12.59% 7.08% 8.81% 6.59%

The Fund’s performance benefited from IPO purchases in 2013 and 2014. After purchase, the IPOs rapidly increased in value. Davis Advisors purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs were unusual occurrences.

The MSCI ACWI® is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in the Index.

The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Fund performance changes over time and current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratios may vary in future years. For most recent month-end performance information, please call Davis Funds Investor Services at 1-800-279-0279 or visit the Fund’s website at www.davisfunds.com.

Average Annual Total Return for periods ended September 30, 2019

CLASS A SHARES 1-YEAR 5-YEAR 10-YEAR With sales charge* (8.37)% 6.11% 8.68%

*Reflects 4.75% front-end sales charge.

**Includes any applicable contingent deferred sales charge. Because Class C shares automatically convert to Class A shares after 10 years, the “Since Inception” return for Class C reflects Class A performance for the period after conversion.

***Inception return is from December 22, 2004.

MSCI ACWI®$23,266

DGF-A*$23,717

$0

$5,000

$10,000

$15,000

$20,000

$25,000

10/31/09 10/31/10 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 10/31/18 10/31/19

MSCI ACWI®

DGF-A*

4

DAVIS INTERNATIONAL FUND Management’s Discussion of Fund Performance

Performance Overview

Davis International Fund underperformed the Morgan Stanley Capital International All Country World Index ex USA (the “Index”) for the twelve-month period ended October 31, 2019 (the “period”). The Fund’s Class A shares delivered a total return on net asset value of 7.29%, versus an 11.27% return for the Index. The sectors1 within the Index that reported the strongest performance were Information Technology (up 22%), Utilities (up 20%), and Real Estate (up 18%). The sectors within the Index that reported the weakest performance were Energy (down less than 1%), which was the only sector within the Index that reported negative performance for the period, Materials (up 6%), and Financials (up 9%).

Detractors from Performance

The Fund’s holdings in the weakest performing sector within the Index, Energy, were the most substantial detractor2 from both absolute and relative performance owing to weaker stock selection (down 55%, versus down less than 1%). The Fund’s two Energy holdings, Seven Generations Energy3 (down 48%) and Encana (down 61%), were the top two detractors during the period, respectively.

The Fund’s sole Information Technology holding, Hollysys Automation, was down 26%, while the Index’s Information Technology holdings were up 22%. The Fund’s low weighting compared to the Index (4% average weight, compared to 8%) in this top performing sector hindered relative performance.

The Fund’s Financial holdings were a key detractor primarily due to stock selection (down less than 1%, versus up 9%). Negative performers included Metro Bank (down 76%), which was a new purchase, Yiren Digital (down 58%), Danske Bank (down 21%), and Bank of N.T. Butterfield (down 14%).

Tarena International (down 91%) and Prosus N.V. (down 15%), both from the Consumer Discretionary sector, were among the top detractors. Prosus N.V., a spin-off that was acquired through the Fund’s ownership of Naspers during the period, invests in and operates consumer internet companies around the globe.

Baidu (down 46%), a multinational company focusing on internet related services including a Chinese search engine and mapping service, was another leading detractor.

The Fund maintained a 4% average weighting in repurchase agreements during the period. In the strong market, this was a hindrance to performance.

Contributors to Performance

The Consumer Discretionary sector holdings were the most significant contributor to the Fund’s performance on both an absolute basis and relative to those of the Index due primarily to strong stock selection (up 25%, compared with up 16%) and significant overweight position (36% average weighting, versus 11%). A number of Consumer Discretionary holdings boosted Fund performance, including New Oriental Education & Technology Group (up 109%), which was the top contributor for the period, JD.com (up 32%), Alibaba (up 24%), and Meituan Dianping (up 102%). New Oriental Education & Technology Group (11.09% of net assets), JD.com (7.44% of net assets), and Alibaba (6.83% of net assets) were the three largest positions, respectively, at the end of the period.

Likewise, Industrials helped Fund performance. The Fund’s Industrials holdings generated a return of 28%, while the Index’s returned 14%. The Fund’s overweight position (21% average weighting, versus 12% for the Index), which included InterGlobe Aviation (up 71%), Schneider Electric (up 32%), and Ferguson (up 30%), was helpful to performance.

The Fund benefited from its low average weighting in a weak performing sector, Materials, when compared to the Index (1% average weight, compared with 8%).

Naspers (up 25%), which moved to the Consumer Discretionary sector from Communication Services during the period, was also a top contributor. Other helpful securities were Sul America (up 85%) and DBS Group Holdings (up 18%).

The Fund’s largest geographic position was in Chinese securities (average weight of 41% of net assets). The Fund’s Chinese securities were up 13% during the period.

Davis International Fund’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Davis International Fund’s principal risks are: common stock risk, depositary receipts risk, emerging market risk, exposure to industry or sector risk, fees and expenses risk, fees and expenses risk, foreign country risk, foreign currency risk, headline risk, large-capitalization companies risk, manager risk, mid- and small-capitalization companies risk, and stock market risk. See the prospectus for a full description of each risk.

Past performance does not guarantee future results, Fund prices fluctuate, and the value of an investment may be worth more or less than the purchase price. Data provided in this performance overview is for the twelve-month period ended October 31, 2019, unless otherwise noted. Return figures for underlying Fund positions reflect the return of the security from the beginning of the period or the date of first purchase if subsequent thereto through the end of the period or the date the position is completely liquidated. The actual contribution to the Fund will vary based on a number of factors (e.g., trading activity, weighting). Portfolio holding information is as of the end of the twelve-month period, October 31, 2019, unless otherwise noted. 1 The companies included in the Morgan Stanley Capital International All Country World Index ex USA are divided into eleven sectors. One or more

industry groups make up a sector. For purposes of measuring concentration, the Fund generally classifies companies at the industry group or industry level. See the SAI for additional information regarding the Fund’s concentration policy.

2 A company’s or sector’s contribution to or detraction from the Fund’s performance is a product both of its appreciation or depreciation and its weighting within the Fund. For example, a 5% holding that rises 20% has twice as much impact as a 1% holding that rises 50%.

3 This Management Discussion of Fund Performance discusses a number of individual companies. The information provided in this report does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase, sell, or hold any particular security. The Schedule of Investments lists the Fund’s holdings of each company discussed.

5

DAVIS INTERNATIONAL FUND – (CONTINUED) Management’s Discussion of Fund Performance

COMPARISON OF A $10,000 INVESTMENT IN DAVIS INTERNATIONAL FUND CLASS A VERSUS THE MORGAN STANLEY CAPITAL INTERNATIONAL ALL COUNTRY WORLD INDEX EX USA (MSCI ACWI®

EX USA) OVER 10 YEARS FOR AN INVESTMENT MADE ON OCTOBER 31, 2009

AVERAGE ANNUAL TOTAL RETURN FOR PERIODS ENDED OCTOBER 31, 2019

FUND & BENCHMARK INDEX 1-YEAR 5-YEAR 10-YEAR SINCE

INCEPTION INCEPTION

DATE GROSS EXPENSE

RATIO NET EXPENSE

RATIO Class A - without sales charge 7.29% 3.57% 5.34% 2.45% 12/29/06 0.99% 0.99% Class A - with sales charge 2.19% 2.57% 4.82% 2.07% 12/29/06 0.99% 0.99% Class C** 5.44% 2.57% 4.07% 1.47% 12/29/06 1.81% 1.81% Class Y 7.61% 3.89% N/A 4.79% 12/31/09 0.71% 0.71% MSCI ACWI® ex USA*** 11.27% 3.82% 4.94% 2.58%

The Fund’s performance benefited from IPO purchases in 2014. After purchase, the IPOs rapidly increased in value. Davis Advisors purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs were unusual occurrences.

The MSCI ACWI® ex USA is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The Index includes reinvestment of dividends, net of foreign withholding taxes. Investments cannot be made directly in the Index.

The performance data quoted in this report represents past performance, assumes that all distributions were reinvested, and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Fund performance changes over time and current performance may be higher or lower than performance data quoted. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The operating expense ratios may vary in future years. For most recent month-end performance information, please call Davis Funds Investor Services at 1-800-279-0279 or visit the Fund’s website at www.davisfunds.com.

Average Annual Total Return for periods ended September 30, 2019

CLASS A SHARES 1-YEAR 5-YEAR 10-YEAR With sales charge* (10.43)% 2.34% 4.58%

*Reflects 4.75% front-end sales charge.

**Includes any applicable contingent deferred sales charge. Because Class C shares automatically convert to Class A shares after 10 years, the “Since Inception” return for Class C reflects Class A performance for the period after conversion.

***Inception return is from December 29, 2006.

MSCI ACWI® ex USA$16,205

DIF-A*$16,023

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10/31/09 10/31/10 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 10/31/18 10/31/19

MSCI ACWI® ex USA

DIF-A*

6

DAVIS GLOBAL FUND Fund Overview October 31, 2019

Portfolio Composition Industry Weightings (% of Fund’s 10/31/19 Net Assets) (% of 10/31/19 Stock Holdings)

MSCI Fund ACWI® Common Stock (Foreign) 56.68% Retailing 25.66% 5.08% Common Stock (U.S.) 33.57% Banks 13.51% 8.93% Preferred Stock (Foreign) 9.10% Consumer Services 11.34% 1.72% Short-Term Investments 0.62% Media & Entertainment 8.88% 5.79% Other Assets & Liabilities 0.03% Capital Goods 8.73% 7.12% 100.00% Diversified Financials 7.91% 3.98% Information Technology 7.21% 16.54% Transportation 6.78% 2.13% Insurance 4.65% 3.84% Energy 3.68% 5.30% Automobiles & Components 1.57% 1.95% Commercial & Professional Services 0.08% 1.22% Other – 15.47% Health Care – 11.57% Materials – 4.70% Food, Beverage & Tobacco – 4.66% 100.00% 100.00%

Country Diversification Top 10 Long-Term Holdings

(% of 10/31/19 Stock Holdings) (% of Fund’s 10/31/19 Net Assets)

United States 33.80% New Oriental Education & Technology Group, Inc., ADR 11.16% China 33.54% Alibaba Group Holding Ltd., ADR 6.12% Singapore 5.66% Alphabet Inc. * 5.86% United Kingdom 5.04% Wells Fargo & Co. 5.01% South Africa 3.35% Ferguson PLC 4.43% Canada 3.15% Missfresh Ltd., Series E, Pfd. 4.27% Hong Kong 2.64% Amazon.com, Inc. 3.88% Brazil 2.01% Capital One Financial Corp. 3.53% India 1.92% JD.com, Inc., Class A, ADR 3.44% Netherlands 1.63% Applied Materials, Inc. 3.36% France 1.62% Denmark 1.61% Bermuda 1.60% Norway 1.37% Switzerland 1.06% 100.00%

*Alphabet Inc. holding includes Class A and Class C.

7

DAVIS GLOBAL FUND – (CONTINUED) Fund Overview October 31, 2019 New Positions Added (11/01/18-10/31/19) (Highlighted positions are those greater than 1.00% of the Fund’s 10/31/19 net assets)

Security Industry

Date of 1st Purchase

% of Fund’s 10/31/19

Net Assets AIA Group Ltd. Life & Health Insurance 06/19/19 2.63% Futu Holdings Ltd., Class A, ADR Capital Markets 03/08/19 – Intel Corp. Semiconductors & Semiconductor Equipment 05/23/19 1.28% Metro Bank PLC Banks 04/23/19 0.58% Positions Closed (11/01/18-10/31/19) (Gains and losses greater than $1,000,000 are highlighted)

Security Industry Date of

Final Sale Realized

Gain (Loss) Aetna Inc. Health Care Equipment & Services 11/02/18 $ 7,450,662 CAR Inc. Transportation 02/11/19 (330,153) Futu Holdings Ltd., Class A, ADR Capital Markets 09/13/19 (9,977) General Electric Co. Capital Goods 02/25/19 (3,448,188) Hunter Douglas N.V. Consumer Durables & Apparel 12/12/18 65,489 iQIYI, Inc., Class A, ADR Media & Entertainment 06/18/19 482,372 LafargeHolcim Ltd. Materials 07/03/19 (1,981,090) MultiChoice Group Ltd. Media & Entertainment 09/16/19 731,840

8

DAVIS INTERNATIONAL FUND Fund Overview October 31, 2019

Portfolio Composition Industry Weightings (% of Fund’s 10/31/19 Net Assets) (% of 10/31/19 Stock Holdings)

MSCI ACWI®

Fund EX USA Common Stock (Foreign) 90.52% Retailing 28.76% 3.43% Preferred Stock (Foreign) 7.50% Capital Goods 15.46% 7.85% Short-Term Investments 1.66% Banks 14.56% 13.13% Other Assets & Liabilities 0.32% Consumer Services 11.47% 1.47% 100.00% Transportation 7.76% 2.71% Insurance 5.40% 5.32% Diversified Financials 5.03% 3.10% Energy 4.59% 6.61% Information Technology 3.12% 9.01% Media & Entertainment 2.28% 2.75% Commercial & Professional Services 1.17% 1.53% Consumer Durables & Apparel 0.40% 3.13% Other – 18.28% Health Care – 8.69% Materials – 7.27% Food, Beverage & Tobacco – 5.72% 100.00% 100.00%

Country Diversification Top 10 Long-Term Holdings

(% of 10/31/19 Stock Holdings) (% of Fund’s 10/31/19 Net Assets) China 43.00% New Oriental Education & Technology Group, Inc., ADR 11.09% France 8.88% JD.com, Inc., Class A, ADR 7.44% Singapore 6.52% Alibaba Group Holding Ltd., ADR 6.83% United Kingdom 6.02% Schneider Electric SE 5.88% South Africa 4.89% Ferguson PLC 5.32% Canada 4.59% DBS Group Holdings Ltd. 4.94% Norway 3.92% Naspers Ltd. - N 4.80% Brazil 3.67% Missfresh Ltd., Series E, Pfd. 4.20% India 3.54% DNB ASA 3.84% Switzerland 3.45% InterGlobe Aviation Ltd. 3.47% Netherlands 2.78% Bermuda 2.64% Hong Kong 2.58% Denmark 2.37% Germany 1.15% 100.00%

9

DAVIS INTERNATIONAL FUND – (CONTINUED) Fund Overview October 31, 2019 New Positions Added (11/01/18-10/31/19) (Highlighted positions are those greater than 2.50% of the Fund’s 10/31/19 net assets)

Security Industry

Date of 1st Purchase

% of Fund’s 10/31/19

Net Assets AIA Group Ltd. Life & Health Insurance 06/19/19 2.53% Futu Holdings Ltd., Class A, ADR Capital Markets 03/08/19 – Metro Bank PLC Banks 04/23/19 0.59% Positions Closed (11/01/18-10/31/19) (Gains and losses greater than $1,000,000 are highlighted)

Security Industry Date of

Final Sale Realized

Gain (Loss) CAR Inc. Transportation 02/11/19 $ (216,020) Futu Holdings Ltd., Class A, ADR Capital Markets 09/13/19 (1,828) LafargeHolcim Ltd. Materials 07/03/19 (1,304,017) MultiChoice Group Ltd. Media & Entertainment 09/16/19 212,914 Novartis AG, ADR Pharmaceuticals, Biotechnology & Life Sciences 11/08/18 921,062 Roche Holding AG - Genusschein Pharmaceuticals, Biotechnology & Life Sciences 11/08/18 255,085 Shire PLC, ADR Pharmaceuticals, Biotechnology & Life Sciences 11/15/18 1,833,583 ZTO Express (Cayman) Inc., Class A, ADR Transportation 06/17/19 382,910

10

DAVIS GLOBAL FUND Expense Example DAVIS INTERNATIONAL FUND As a shareholder of each Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchases, contingent deferred sales charges on redemptions, and redemption fees, if any; and (2) ongoing costs, including advisory and administrative fees, distribution and/or service (12b-1) fees, and other Fund expenses. The Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for each class is for the six-month period ended October 31, 2019. Actual Expenses The information represented in the row entitled “Actual” provides information about actual account values and actual expenses. You may use the information in this row, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. An annual maintenance fee of $15, charged on retirement plan accounts per Social Security Number, is not included in the Expense Example. This fee will be waived for accounts sharing the same Social Security Number if the accounts total at least $50,000 at Davis Funds. If this fee was included, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower, by this amount. Hypothetical Example for Comparison Purposes The information represented in the row entitled “Hypothetical” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. An annual maintenance fee of $15, charged on retirement plan accounts per Social Security Number, is not included in the Expense Example. This fee will be waived for accounts sharing the same Social Security Number if the accounts total at least $50,000 at Davis Funds. If this fee was included, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower, by this amount. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads) or redemption fees. Therefore, the information in the row entitled “Hypothetical” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

11

DAVIS GLOBAL FUND Expense Example – (Continued) DAVIS INTERNATIONAL FUND

Beginning

Account Value Ending

Account Value Expenses Paid During Period*

(05/01/19) (10/31/19) (05/01/19-10/31/19) Davis Global Fund

Class A (annualized expense ratio 1.02%**) Actual $1,000.00 $976.73 $5.08 Hypothetical $1,000.00 $1,020.06 $5.19

Class C (annualized expense ratio 1.72%**) Actual $1,000.00 $973.12 $8.55 Hypothetical $1,000.00 $1,016.53 $8.74

Class Y (annualized expense ratio 0.71%**) Actual $1,000.00 $978.07 $3.54 Hypothetical $1,000.00 $1,021.63 $3.62

Davis International Fund

Class A (annualized expense ratio 1.01%**) Actual $1,000.00 $943.34 $4.95 Hypothetical $1,000.00 $1,020.11 $5.14

Class C (annualized expense ratio 1.82%**) Actual $1,000.00 $940.12 $8.90 Hypothetical $1,000.00 $ 1,016.03 $9.25

Class Y (annualized expense ratio 0.72%**) Actual $1,000.00 $944.98 $3.53 Hypothetical $1,000.00 $1,021.58 $3.67

Hypothetical assumes 5% annual return before expenses.

*Expenses are equal to each Class’s annualized operating expense ratio, multiplied by the average account value over theperiod, multiplied by 184/365 (to reflect the one-half year period).

**The expense ratios reflect the impact, if any, of certain reimbursements from the Adviser.

12

DAVIS GLOBAL FUND Schedule of Investments October 31, 2019

Shares/Units Value

(Note 1) COMMON STOCK – (90.25%) COMMUNICATION SERVICES – (8.82%) Media & Entertainment – (8.82%) Alphabet Inc., Class A * 2,613 $ 3,289,244 Alphabet Inc., Class C * 44,223 55,725,845 ASAC II L.P. *(a)(b) 35,352 36,632 Facebook, Inc., Class A * 153,240 29,368,446 Fang Holdings Ltd., Class A, ADR (China)* 233,841 470,020 TOTAL COMMUNICATION SERVICES 88,890,187

CONSUMER DISCRETIONARY – (34.04%) Automobiles & Components – (1.56%) Adient plc * 743,550 15,755,824 Consumer Services – (11.26%) New Oriental Education & Technology Group, Inc., ADR (China)* 921,430 112,469,746 Tarena International, Inc., Class A, ADR (China)* 1,358,699 1,054,486 113,524,232 Retailing – (21.22%) Alibaba Group Holding Ltd., ADR (China)* 348,920 61,643,697 Amazon.com, Inc. * 22,000 39,086,520 JD.com, Inc., Class A, ADR (China)* 1,113,815 34,695,337 Meituan Dianping, Class B (China)* 1,753,529 20,956,998 Naspers Ltd. - N (South Africa) 236,150 33,532,347 Prosus N.V., Class N (Netherlands)* 236,150 16,284,663 Quotient Technology Inc. * 886,820 7,635,520 213,835,082 TOTAL CONSUMER DISCRETIONARY 343,115,138

ENERGY – (3.65%) Apache Corp. 245,880 5,325,761 Encana Corp. (Canada) 3,398,160 13,354,769 Seven Generations Energy Ltd., Class A (Canada)* 3,242,160 18,166,533 TOTAL ENERGY 36,847,063

FINANCIALS – (25.90%) Banks – (13.42%) Bank of N.T. Butterfield & Son Ltd. (Bermuda) 485,850 16,008,757 Danske Bank A/S (Denmark) 1,131,680 16,147,067 DBS Group Holdings Ltd. (Singapore) 1,723,230 32,933,206 DNB ASA (Norway) 757,320 13,760,995 Metro Bank PLC (United Kingdom)* 2,237,602 5,878,114 Wells Fargo & Co. 978,590 50,524,602 135,252,741 Diversified Financials – (7.86%) Capital Markets – (1.63%) Julius Baer Group Ltd. (Switzerland) 240,230 10,597,881 Noah Holdings Ltd., ADS (China)* 193,280 5,854,451 16,452,332 Consumer Finance – (3.98%) Capital One Financial Corp. 381,670 35,590,728 Yiren Digital Ltd., ADR (China)* 693,837 4,489,125 40,079,853

13

DAVIS GLOBAL FUND – (CONTINUED) Schedule of Investments October 31, 2019

Shares/Units Value

(Note 1) COMMON STOCK – (CONTINUED) FINANCIALS – (CONTINUED) Diversified Financials – (Continued) Diversified Financial Services – (2.25%) Berkshire Hathaway Inc., Class B * 106,840 $ 22,712,048 79,244,233 Insurance – (4.62%) Life & Health Insurance – (2.63%) AIA Group Ltd. (Hong Kong) 2,643,580 26,466,331 Multi-line Insurance – (1.99%) Sul America S.A. (Brazil) 1,669,142 20,097,960 46,564,291 TOTAL FINANCIALS 261,061,265

INDUSTRIALS – (10.67%) Capital Goods – (8.68%) Ferguson PLC (United Kingdom) 523,094 44,626,072 Schneider Electric SE (France) 174,640 16,217,045 United Technologies Corp. 185,260 26,599,631 87,442,748 Commercial & Professional Services – (0.08%) China Index Holdings Ltd., ADR (China)* 253,809 832,493 Transportation – (1.91%) InterGlobe Aviation Ltd. (India) 936,565 19,226,792 TOTAL INDUSTRIALS 107,502,033

INFORMATION TECHNOLOGY – (7.17%) Semiconductors & Semiconductor Equipment – (4.64%) Applied Materials, Inc. 624,280 33,873,433 Intel Corp. 228,050 12,891,666 46,765,099 Technology Hardware & Equipment – (2.53%) Hollysys Automation Technologies Ltd. (China) 1,805,173 25,470,991 TOTAL INFORMATION TECHNOLOGY 72,236,090

TOTAL COMMON STOCK – (Identified cost $787,352,273) 909,651,776

PREFERRED STOCK – (9.10%) CONSUMER DISCRETIONARY – (4.27%) Retailing – (4.27%) Missfresh Ltd., Series E (China)*(a)(b) 10,559,338 43,069,428 TOTAL CONSUMER DISCRETIONARY 43,069,428

INDUSTRIALS – (4.83%) Transportation – (4.83%) Didi Chuxing Joint Co., Series A (China)*(a)(b) 479,462 21,978,538 Didi Chuxing Joint Co., Series B (China)*(a)(b) 63,325 2,902,818 Grab Holdings Inc., Series F (Singapore)*(a)(b) 2,398,770 13,313,173 Grab Holdings Inc., Series G (Singapore)*(a)(b) 1,881,391 10,441,720 TOTAL INDUSTRIALS 48,636,249

TOTAL PREFERRED STOCK – (Identified cost $84,245,749) 91,705,677

14

DAVIS GLOBAL FUND – (CONTINUED) Schedule of Investments October 31, 2019

Principal Value

(Note 1) SHORT-TERM INVESTMENTS – (0.62%)

INTL FCStone Financial Inc. Joint Repurchase Agreement, 1.79%, 11/01/19, dated 10/31/19, repurchase value of $2,744,136 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 1.50%-6.00%, 12/28/20-11/01/49, total market value $2,798,880) $ 2,744,000 $ 2,744,000

Nomura Securities International, Inc. Joint Repurchase Agreement, 1.74%, 11/01/19, dated 10/31/19, repurchase value of $722,035 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.50%-5.00%, 10/01/48-09/01/49, total market value $736,440) 722,000 722,000

SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 1.79%, 11/01/19, dated 10/31/19, repurchase value of $2,744,136 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 2.50%-5.00%, 10/01/34-10/01/49, total market value $2,798,880) 2,744,000 2,744,000

TOTAL SHORT-TERM INVESTMENTS – (Identified cost $6,210,000) 6,210,000

Total Investments – (99.97%) – (Identified cost $877,808,022) 1,007,567,453 Other Assets Less Liabilities – (0.03%) 287,168 Net Assets – (100.00%) $ 1,007,854,621

ADR: American Depositary Receipt

ADS: American Depositary Share

* Non-income producing security.

(a) Restricted Security – See Note 7 of the Notes to Financial Statements

(b)

The value of this security was determined using significant unobservable inputs. See Note 1 of the Notes toFinancial Statements.

See Notes to Financial Statements

15

DAVIS INTERNATIONAL FUND Schedule of Investments October 31, 2019

Shares Value

(Note 1) COMMON STOCK – (90.52%) COMMUNICATION SERVICES – (2.24%) Media & Entertainment – (2.24%) 58.com Inc., Class A, ADR (China)* 3,180 $ 167,936 Baidu, Inc., Class A, ADR (China)* 20,645 2,102,693 Fang Holdings Ltd., Class A, ADR (China)* 141,608 284,632 iQIYI, Inc., Class A, ADR (China)* 263,290 4,589,145 TOTAL COMMUNICATION SERVICES 7,144,406

CONSUMER DISCRETIONARY – (35.62%) Consumer Durables & Apparel – (0.39%) Hunter Douglas N.V. (Netherlands) 19,653 1,258,150 Consumer Services – (11.24%) New Oriental Education & Technology Group, Inc., ADR (China)* 290,390 35,445,004 Tarena International, Inc., Class A, ADR (China)* 613,510 476,145 35,921,149 Retailing – (23.99%) Alibaba Group Holding Ltd., ADR (China)* 123,620 21,839,945 JD.com, Inc., Class A, ADR (China)* 763,610 23,786,452 Meituan Dianping, Class B (China)* 335,611 4,010,997 Naspers Ltd. - N (South Africa) 107,960 15,329,884 Prosus N.V., Class N (Netherlands)* 107,960 7,444,811 Trip.com Group Ltd., ADR (China)* 129,590 4,275,174 76,687,263 TOTAL CONSUMER DISCRETIONARY 113,866,562

ENERGY – (4.50%) Encana Corp. (Canada) 1,123,800 4,416,534 Seven Generations Energy Ltd., Class A (Canada)* 1,780,300 9,975,411 TOTAL ENERGY 14,391,945

FINANCIALS – (24.49%) Banks – (14.27%) Bank of N.T. Butterfield & Son Ltd. (Bermuda) 250,740 8,261,883 Danske Bank A/S (Denmark) 519,420 7,411,203 DBS Group Holdings Ltd. (Singapore) 825,760 15,781,366 DNB ASA (Norway) 675,642 12,276,853 Metro Bank PLC (United Kingdom)* 712,490 1,871,690 45,602,995 Diversified Financials – (4.93%) Capital Markets – (4.41%) Julius Baer Group Ltd. (Switzerland) 244,600 10,790,666 Noah Holdings Ltd., ADS (China)* 109,270 3,309,788 14,100,454 Consumer Finance – (0.52%) Yiren Digital Ltd., ADR (China)* 258,470 1,672,301 15,772,755

16

DAVIS INTERNATIONAL FUND – (CONTINUED) Schedule of Investments October 31, 2019

Shares/Units Value

(Note 1) COMMON STOCK – (CONTINUED) FINANCIALS – (CONTINUED) Insurance – (5.29%) Life & Health Insurance – (2.53%) AIA Group Ltd. (Hong Kong) 808,300 $ 8,092,335 Multi-line Insurance – (2.76%) Sul America S.A. (Brazil) 732,919 8,824,999 16,917,334 TOTAL FINANCIALS 78,293,084

INDUSTRIALS – (20.61%) Capital Goods – (15.15%) Brenntag AG (Germany) 71,901 3,608,602 Ferguson PLC (United Kingdom) 199,202 16,994,274 Safran S.A. (France) 56,990 9,016,118 Schneider Electric SE (France) 202,560 18,809,692 48,428,686 Commercial & Professional Services – (1.15%) China Index Holdings Ltd., ADR (China)* 1,116,608 3,662,474 Transportation – (4.31%) Azul S.A., ADR (Brazil)* 68,900 2,685,722 InterGlobe Aviation Ltd. (India) 540,477 11,095,480 13,781,202 TOTAL INDUSTRIALS 65,872,362

INFORMATION TECHNOLOGY – (3.06%) Technology Hardware & Equipment – (3.06%) Hollysys Automation Technologies Ltd. (China) 693,546 9,785,934 TOTAL INFORMATION TECHNOLOGY 9,785,934

TOTAL COMMON STOCK – (Identified cost $300,058,049) 289,354,293

PREFERRED STOCK – (7.50%) CONSUMER DISCRETIONARY – (4.20%) Retailing – (4.20%) Missfresh Ltd., Series E (China)*(a)(b) 3,292,318 13,428,707 TOTAL CONSUMER DISCRETIONARY 13,428,707

INDUSTRIALS – (3.30%) Transportation – (3.30%) Didi Chuxing Joint Co., Series A (China)*(a)(b) 128,505 5,890,669 Grab Holdings Inc., Series F (Singapore)*(a)(b) 549,889 3,051,884 Grab Holdings Inc., Series G (Singapore)*(a)(b) 286,316 1,589,054 TOTAL INDUSTRIALS 10,531,607

TOTAL PREFERRED STOCK – (Identified cost $22,028,595) 23,960,314

17

DAVIS INTERNATIONAL FUND – (CONTINUED) Schedule of Investments October 31, 2019

Principal Value

(Note 1) SHORT-TERM INVESTMENTS – (1.66%)

INTL FCStone Financial Inc. Joint Repurchase Agreement, 1.79%, 11/01/19, dated 10/31/19, repurchase value of $2,352,117 (collateralized by: U.S. Government agency mortgages and obligations in a pooled cash account, 1.50%-6.00%, 12/28/20-11/01/49, total market value $2,399,040) $ 2,352,000 $ 2,352,000

Nomura Securities International, Inc. Joint Repurchase Agreement, 1.74%, 11/01/19, dated 10/31/19, repurchase value of $620,030 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-5.00%, 06/01/46-08/01/49, total market value $632,400) 620,000 620,000

SunTrust Robinson Humphrey, Inc. Joint Repurchase Agreement, 1.79%, 11/01/19, dated 10/31/19, repurchase value of $2,352,117 (collateralized by: U.S. Government agency mortgages in a pooled cash account, 3.00%-4.00%, 01/01/44-10/01/49, total market value $2,399,040) 2,352,000 2,352,000

TOTAL SHORT-TERM INVESTMENTS – (Identified cost $5,324,000) 5,324,000

Total Investments – (99.68%) – (Identified cost $327,410,644) 318,638,607 Other Assets Less Liabilities – (0.32%) 1,016,420 Net Assets – (100.00%) $ 319,655,027

ADR: American Depositary Receipt

ADS: American Depositary Share

* Non-income producing security.

(a) Restricted Security – See Note 7 of the Notes to Financial Statements.

(b)

The value of this security was determined using significant unobservable inputs. See Note 1 of the Notes toFinancial Statements.


18

DAVIS GLOBAL FUND Statements of Assets and Liabilities DAVIS INTERNATIONAL FUND At October 31, 2019

Davis Global

Fund Davis International

Fund

ASSETS: Investments in securities at value* (see accompanying Schedules of Investments) $ 1,007,567,453 $ 318,638,607 Cash 14 878 Receivables: Capital stock sold 2,102,846 1,185,295 Dividends and interest 1,441,455 636,670 Prepaid expenses 34,192 10,858 Total assets 1,011,145,960 320,472,308

LIABILITIES: Payables: Capital stock redeemed 1,980,176 281,983 Deferred foreign taxes 364,373 216,956 Accrued distribution and service plan fees 141,702 14,900 Accrued investment advisory fees 479,528 152,207 Accrued registration and filing fees 43,309 44,787 Other accrued expenses 282,251 106,448 Total liabilities 3,291,339 817,281

NET ASSETS $ 1,007,854,621 $ 319,655,027

NET ASSETS CONSIST OF: Par value of shares of capital stock $ 2,196,989 $ 1,369,659 Additional paid-in capital 891,472,418 324,123,952 Distributable earnings (losses)** 114,185,214 (5,838,584) Net Assets $ 1,007,854,621 $ 319,655,027

*Including: Cost of investments $ 877,808,022 $ 327,410,644 **Net of deferred foreign taxes of 364,373 216,956

19

DAVIS GLOBAL FUND Statements of Assets and Liabilities – (Continued) DAVIS INTERNATIONAL FUND At October 31, 2019

Davis Global


Fund

CLASS A SHARES: Net assets $ 194,162,518 $ 32,320,597 Shares outstanding 8,410,164 2,733,917 Net asset value and redemption price per share (Net assets ÷ Shares outstanding) $ 23.09 $ 11.82 Maximum offering price per share (100/95.25 of net asset value)† $ 24.24 $ 12.41

CLASS C SHARES: Net assets $ 120,246,521 $ 10,215,174 Shares outstanding 5,629,569 929,650 Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding) $ 21.36 $ 10.99

CLASS Y SHARES: Net assets $ 693,445,582 $ 277,119,256 Shares outstanding 29,900,049 23,729,613 Net asset value, offering, and redemption price per share (Net assets ÷ Shares outstanding) $ 23.19 $ 11.68

†On purchases of $100,000 or more, the offering price is reduced. See Notes to Financial Statements

20

DAVIS GLOBAL FUND Statements of Operations DAVIS INTERNATIONAL FUND For the year ended October 31, 2019

Davis Global Fund


INVESTMENT INCOME: Income: Dividends* $ 11,780,177 $ 4,329,469 Interest 286,300 314,328 Total income 12,066,477 4,643,797 Expenses: Investment advisory fees (Note 3) 5,651,773 1,740,457 Custodian fees 332,248 142,342 Transfer agent fees: Class A 254,415 41,662 Class C 117,581 17,502 Class Y 606,950 154,632 Audit fees 29,375 24,675 Legal fees 6,156 1,897 Accounting fees (Note 3) 40,000 11,000 Reports to shareholders 80,000 19,000 Directors’ fees and expenses 47,535 16,747 Registration and filing fees 114,804 79,000 Miscellaneous 95,954 34,400 Distribution and service plan fees (Note 3): Class A 454,640 68,732 Class C 1,247,786 110,951 Total expenses 9,079,217 2,462,997 Net investment income 2,987,260 2,180,800 REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) from: Investment transactions** (16,717,044) 1,108,496 Foreign currency transactions 35,111 10,872 Net realized gain (loss) (16,681,933) 1,119,368 Net change in unrealized appreciation (depreciation)*** 120,757,222 19,759,001

Net realized and unrealized gain on investments and foreign currency transactions 104,075,289 20,878,369

Net increase in net assets resulting from operations $ 107,062,549 $ 23,059,169 *Net of foreign taxes withheld of $ 582,506 $ 403,938

**Net of foreign taxes of 144,396 –

***Net of deferred foreign taxes of 364,373 216,956 See Notes to Financial Statements

21

DAVIS GLOBAL FUND Statements of Changes in Net Assets DAVIS INTERNATIONAL FUND For the year ended October 31, 2019

Davis Global


Fund OPERATIONS: Net investment income $ 2,987,260 $ 2,180,800

Net realized gain (loss) from investments and foreign currency transactions (16,681,933) 1,119,368

Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions 120,757,222 19,759,001 Net increase in net assets resulting from operations 107,062,549 23,059,169

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Class A (14,938,021) (740,378) Class C (10,300,326) (194,250) Class Y (54,271,813) (6,366,975) CAPITAL SHARE TRANSACTIONS: Net decrease in net assets resulting from capital share transactions (Note 4): Class A (4,308,746) (663,615) Class C (12,984,748) (509,250) Class Y (47,387,931) (3,192,577)

Total increase (decrease) in net assets (37,129,036) 11,392,124

NET ASSETS: Beginning of year 1,044,983,657 308,262,903 End of year $ 1,007,854,621 $ 319,655,027


22

DAVIS GLOBAL FUND Statements of Changes in Net Assets DAVIS INTERNATIONAL FUND For the year ended October 31, 2018

Davis Global


Fund OPERATIONS: Net investment income $ 5,041,859 $ 2,563,477

Net realized gain from investments and foreign currency transactions 86,281,819 7,343,168

Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions (232,689,617) (62,984,172) Net decrease in net assets resulting from operations (141,365,939) (53,077,527)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: Class A – (21,062) Class Y (800,711) (729,277) CAPITAL SHARE TRANSACTIONS: Net increase in net assets resulting from capital share transactions (Note 4): Class A 39,829,026 21,144,952 Class C 18,291,760 9,872,880 Class Y 156,018,450 139,225,573

Total increase in net assets 71,972,586 116,415,539

NET ASSETS: Beginning of year 973,011,071 191,847,364 End of year $ 1,044,983,657 $ 308,262,903


23

DAVIS GLOBAL FUND Notes to Financial Statements DAVIS INTERNATIONAL FUND October 31, 2019 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 of common stock including the following two funds (collectively “Funds”):

Davis Global Fund seeks 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 Fund seeks 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. Effective July 1, 2018, Class C shares automatically convert to Class A shares after 10 years. Any existing Class C shares held longer than 10 years as of July 1, 2018 were converted in July 2018. 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 assesses a 2% fee on the proceeds of Fund shares that are redeemed (either by selling or exchanging to another Davis Fund) within 30 days of their purchase. The fee, which is retained by each Fund, is accounted for as an addition to paid-in capital. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. Security Valuation - 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 Davis Selected Advisers, L.P. (“Davis Advisors” or “Adviser”), the Funds’ investment 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 Funds’ Pricing Committee and Board of Directors. 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 Adviser 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

24

DAVIS GLOBAL FUND Notes to Financial Statements – (Continued) DAVIS INTERNATIONAL FUND October 31, 2019 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – (CONTINUED)

Security Valuation - (Continued)

security may be higher or lower than the security’s value would be if a reliable market quotation of the security was readily available. Fair value determinations are subject to review, approval, and ratification by the Funds’ Board of Directors at its next regularly scheduled meeting covering the period in which the fair valuation was determined. Fair valuation methods used by the Funds may include, but are not limited to, valuing securities initially at cost (excluding commissions) and subsequently adjusting the value due to: additional transactions by the issuer, changes in company specific fundamentals and changes in the value of similar securities. Values may be further adjusted for any discounts related to security-specific resale restrictions. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The Funds’ valuation procedures are reviewed and subject to approval by the Board of Directors. There have been no significant changes to the fair valuation procedures during the period. 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.

25


Fair Value Measurements - (Continued)

The following is a summary of the inputs used as of October 31, 2019 in valuing each Fund’s investments carried at value:

Investments in Securities at Value Davis Global Davis International Fund Fund Valuation Inputs Level 1 – Quoted Prices:

Common Stock: Communication Services $ 88,853,555 $ 7,144,406 Consumer Discretionary 343,115,138 113,866,562 Energy 36,847,063 14,391,945 Financials 261,061,265 78,293,084 Industrials 107,502,033 65,872,362 Information Technology 72,236,090 9,785,934

Total Level 1 909,615,144 289,354,293 Level 2 – Other Significant Observable Inputs:

Short-term securities 6,210,000 5,324,000 Total Level 2 6,210,000 5,324,000 Level 3 – Significant Unobservable Inputs:

Common Stock: Communication Services 36,632 –

Preferred Stock: Consumer Discretionary 43,069,428 13,428,707 Industrials 48,636,249 10,531,607

Total Level 3 91,742,309 23,960,314 Total Investments $ 1,007,567,453 $ 318,638,607

26


Fair Value Measurements - (Continued)

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, 2019. The net change in unrealized appreciation (depreciation) during the period on Level 3 securities still held at October 31, 2019 was $(5,149,380) and $(1,273,894) for Davis Global Fund and Davis International Fund, respectively. There were no transfers of investments into or out of Level 3 of the fair value hierarchy during the period. 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.

Beginning Balance

November 1, 2018 Cost of

Purchases

Net Change in Unrealized

Appreciation (Depreciation)

Net Realized Gain (Loss)

Proceeds from Sales

Ending Balance

October 31, 2019

Davis Global Fund

Investments in Securities: Common Stock $ 34,518 $ – $ 2,114 $ – $ – $ 36,632 Preferred Stock 96,857,171 – (5,151,494) 2,079,390 (2,079,390) 91,705,677

Total Level 3 $ 96,891,689 $ – $ (5,149,380) $ 2,079,390 $ (2,079,390) $ 91,742,309


Investments in Securities: Preferred Stock $ 25,234,208 $ – $ (1,273,894) $ 391,300 $ (391,300) $ 23,960,314

Total Level 3 $ 25,234,208 $ – $ (1,273,894) $ 391,300 $ (391,300) $ 23,960,314

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 Valuation Unobservable

Amount or Impact to

Valuation from October 31, 2019 Technique Input(s) Range an Increase in Input

Davis Global Fund

Investments in Securities: Common Stock $ 36,632 Discounted Cash Flow Annualized Yield 2.792% Decrease

Preferred Stock 24,881,356 Market Approach Adjusted

Transaction Price $45.84 Increase

Preferred Stock

23,754,893 Market Approach Adjusted

Transaction Price

$5.55 Increase

Preferred Stock 43,069,428 Market Approach Volume-Weighted Transaction Price

$3.4822-$4.2843 Increase

Total Level 3 $ 91,742,309


Investments in Securities:

Preferred Stock $ 5,890,669 Market Approach Adjusted

Transaction Price $45.84 Increase

Preferred Stock

4,640,938 Market Approach Adjusted

Transaction Price

$5.55

Increase

Preferred Stock

13,428,707 Market Approach Volume-Weighted

Transaction Price

$3.4822-$4.2843

Increase

Total Level 3 $ 23,960,314

The significant unobservable inputs listed in the above table are used in the fair value measurement of equity securities, and if changed, would affect the fair value of the Funds’ investments. The transaction price inputs are attributable to private securities and include assumptions made from private transactions. 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.

27


Master Repurchase Agreements - The Funds, along with other affiliated funds, may transfer uninvested cash balances into one or more master repurchase agreement accounts. These balances are invested in one or more repurchase agreements, secured by U.S. Government securities. A custodian bank holds securities pledged as collateral for repurchase agreements until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; however, in the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. Currency Translation - The market values of all assets and liabilities denominated in foreign currencies are recorded in the financial statements after translation to the U.S. Dollar based upon the mean between the bid and offered quotations of the currencies against U.S. Dollars on the date of valuation. 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 market value relative to the U.S. Dollar. Forward currency contracts are marked-to-market daily and the change in market 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. There were no forward contracts entered into by the Funds. 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 U.S. Dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate. 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. Federal Income Taxes - It is each Fund’s policy 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, 2019, 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 2016. Capital losses will be carried forward to future years if not offset by gains. At October 31, 2019, Davis Global Fund had available for federal income tax purposes unused short-term capital loss carryforwards in the amount of $15,948,886. 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.

28


Federal Income Taxes - (Continued)

At October 31, 2019, the aggregate cost of investments and unrealized appreciation (depreciation) for federal income tax purposes were as follows: Davis Global Davis International Fund Fund

Cost $ 898,301,344

$ 335,984,650

Unrealized appreciation 228,979,424 43,109,653 Unrealized depreciation (119,713,315) (60,455,696)

Net unrealized appreciation (depreciation) $ 109,266,109

$ (17,346,043)

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 differing treatments of wash sales, foreign currency transactions, corporate actions, partnership income, equalization accounting, 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.

29


Dividends and Distributions to Shareholders - (Continued) The tax character of distributions paid during the years ended October 31, 2019 and 2018 was as follows:

Ordinary Income

Long-Term Capital Gain

Return of Capital Total

Davis Global Fund 2019 $ 13,632,534 $ 65,877,626 $ – $ 79,510,160 2018 800,711 – – 800,711


2019 $ 3,701,234 $ 3,600,369 $ – $ 7,301,603 2018 750,339 – – 750,339

As of October 31, 2019, the components of distributable earnings (losses) on a tax basis were as follows:

Davis Global Fund


Undistributed ordinary income $ 21,255,789 $ 11,426,671

Undistributed long-term capital gain – 306,075

Accumulated net realized losses from investments (15,948,886) –

Net unrealized appreciation (depreciation) on investments and foreign currency transactions

108,901,317

(17,565,286)

Total $ 114,208,220 $ (5,832,540)

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 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. Directors Fees and Expenses - The Funds set up a Rabbi Trust to provide for the deferred compensation plan for Independent Directors 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 Davis Funds in which the amounts are invested.

30

DAVIS GLOBAL FUND Notes to Financial Statements – (Continued) DAVIS INTERNATIONAL FUND October 31, 2019 NOTE 2 - PURCHASES AND SALES OF SECURITIES

The cost of purchases and proceeds from sales of investment securities (excluding short-term securities) during the year ended October 31, 2019 were as follows: Davis Global


Fund

Cost of purchases $ 149,320,949 $ 43,794,306 Proceeds from sales 295,599,823 47,969,602

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. As of October 31, 2019, related shareholders with greater than 20% of outstanding shares were as follows:

Davis Global Fund


n/a 29%

Investment activities of this shareholder could have a material impact on the Fund. Investment Advisory Fees and Reimbursement of Expenses - Advisory fees are paid monthly to the Adviser. The annual rate for each Fund is 0.55% of the average net assets. 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, 1.15%; Class C shares, 1.90%; Class Y shares, 0.90%), until March 1, 2021. 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 Directors. The Adviser may not recoup any of the operating expenses it has reimbursed to the Funds. Transfer Agent and Accounting Fees - DST Asset Manager 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 such 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, 2019 Davis Global


Fund

Transfer agent fees paid to Adviser $ 58,721 $ 11,785 Accounting fees paid to Adviser 40,000 11,000

31

DAVIS GLOBAL FUND Notes to Financial Statements – (Continued) DAVIS INTERNATIONAL FUND October 31, 2019 NOTE 3 - FEES AND OTHER TRANSACTIONS WITH SERVICE PROVIDERS (INCLUDING AFFILIATES) – (CONTINUED)

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. Year ended October 31, 2019 Davis Global


Fund

Distribution fees: Class C $ 935,840 $ 83,213

Service fees: Class A 454,640 68,732 Class C 311,946 27,738

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 sale of Class C shares of the Funds are re-allowed to qualified selling dealers.

Year ended October 31, 2019 Davis Global


Fund

Class A commissions retained by Distributor $ 28,830 $ 10,744 Class A commissions re-allowed to investment dealers 155,740 59,963

Total commissions earned on sale of Class A $ 184,570 $ 70,707 Commission advances by the Distributor on the sale of:

Class C $ 133,217 $ 27,628

CDSCs received by the Distributor from: Class C 25,075 5,814

32

DAVIS GLOBAL FUND Notes to Financial Statements – (Continued) DAVIS INTERNATIONAL FUND October 31, 2019 NOTE 4 - CAPITAL STOCK

At October 31, 2019, 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 275 million shares are designated to Davis Global Fund and 250 million shares are designated to Davis International Fund. Transactions in capital stock were as follows:

Year ended October 31, 2019

Sold Reinvestment of

Distributions Redeemed* Net Decrease Davis Global Fund

Shares: Class A 2,070,213 683,411 (2,862,660) (109,036) Class C 1,129,130 535,213 (2,266,455) (602,112) Class Y 10,823,179 2,443,684 (15,189,617) (1,922,754)

Value: Class A $ 44,224,578 $ 13,722,904 $ (62,256,228) $ (4,308,746) Class C 22,303,688 10,008,484 (45,296,920) (12,984,748) Class Y 233,489,641 49,166,920 (330,044,492) (47,387,931)

Davis International Fund Shares: Class A 829,004 66,101 (948,641) (53,536)

Class C 442,676 18,867 (507,780) (46,237) Class Y 9,353,699 601,913 (10,102,020) (146,408)

Value: Class A $ 9,245,397 $ 702,653 $ (10,611,665) $ (663,615) Class C 4,598,706 187,727 (5,295,683) (509,250) Class Y 102,491,342 6,308,051 (111,991,970) (3,192,577)

* Davis Global Fund: net of redemption fees amounting to $4,766, $2,258, and $10,450, for Class A, Class C, and Class Y, respectively. Davis International Fund: net of redemption fees amounting to $5,181, $769, and $2,878, for Class A, Class C, and Class Y, respectively.

Year ended October 31, 2018

Sold Reinvestment of

Distributions Redeemed* Net Increase Davis Global Fund

Shares: Class A 3,362,171^ – (1,888,406) 1,473,765 Class C 2,458,059 – (1,726,701) ^ 731,358 Class Y 14,733,025 28,900 (9,134,441) 5,627,484

Value: Class A $ 89,028,910^ $ – $ (49,199,884) $ 39,829,026 Class C 60,831,530 – (42,539,770) ^ 18,291,760 Class Y 389,376,424 733,487 (234,091,461) 156,018,450

Davis International Fund Shares: Class A 1,994,662^ 1,442 (435,246) 1,560,858

Class C 931,039 – (152,083) ^ 778,956 Class Y 16,270,297 57,488 (6,104,204) 10,223,581

Value: Class A $ 26,646,757^ $ 18,427 $ (5,520,232) $ 21,144,952 Class C 11,710,805 – (1,837,925) ^ 9,872,880 Class Y 215,701,817 725,498 (77,201,742) 139,225,573

* Davis Global Fund: net of redemption fees amounting to $7,100, $554, and $18,725, for Class A, Class C, and Class Y, respectively. Davis International Fund: net of redemption fees amounting to $70, $154 and $5,816, for Class A, Class C, and Class Y, respectively. ^ Includes Class C to Class A conversions as disclosed in Note 1 of the Notes to Financial Statements.

NOTE 5 - BANK BORROWINGS

Each Fund may borrow up to 5% of its assets from a bank to purchase portfolio securities, or for temporary and emergency purposes. The purchase of securities with borrowed funds creates leverage in the Fund. Each Fund has entered into an agreement with State Street Bank, which enables it to participate with certain other funds managed by the Adviser in an unsecured line of credit, which permits borrowings of up to $50 million, collectively. Interest is charged based on its borrowings, at a rate equal to the higher of the Federal Funds Rate or the one month LIBOR Rate, plus 1.25%. The Funds had no borrowings during the year ended October 31, 2019. The aforementioned agreement with State Street Bank expired on November 4, 2019 and was not renewed.

33

DAVIS GLOBAL FUND Notes to Financial Statements – (Continued) DAVIS INTERNATIONAL FUND October 31, 2019 NOTE 6 - 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, 2019, 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 7 - 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 Board of Directors. The aggregate value of restricted securities in Davis Global Fund amounted to $91,742,309 or 9.10% of the Fund’s net assets as of October 31, 2019. The aggregate value of restricted securities in Davis International Fund amounted to $23,960,314 or 7.50% of the Fund’s net assets as of October 31, 2019. Information regarding restricted securities is as follows:

Fund Security

Initial Acquisition

Date

Units/ Shares

Cost per Unit/ Share

Valuation per Unit/ Share as of

October 31, 2019 Davis Global Fund ASAC II L.P. 10/10/13 35,352 $ 1.00 $ 1.0362 Davis Global Fund Didi Chuxing Joint Co., Series A, Pfd. 07/27/15 479,462 $ 28.7714 $ 45.84 Davis Global Fund Didi Chuxing Joint Co., Series B, Pfd. 05/16/17 63,325 $ 50.9321 $ 45.84 Davis Global Fund Grab Holdings Inc., Series F, Pfd. 08/24/16 2,398,770 $ 4.8191 $ 5.55 Davis Global Fund Grab Holdings Inc., Series G, Pfd. 08/02/17 1,881,391 $ 5.5419 $ 5.55 Davis Global Fund Missfresh Ltd., Series E, Pfd. 08/30/18 10,559,338 $ 4.2843 $ 4.0788 Davis International Fund Didi Chuxing Joint Co., Series A, Pfd. 07/27/15 128,505 $ 28.6887 $ 45.84 Davis International Fund Grab Holdings Inc., Series F, Pfd. 08/24/16 549,889 $ 4.8191 $ 5.55 Davis International Fund Grab Holdings Inc., Series G, Pfd. 08/02/17 286,316 $ 5.5419 $ 5.55 Davis International Fund Missfresh Ltd., Series E, Pfd. 08/30/18 3,292,318 $ 4.2843 $ 4.0788

34

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, 2019 $22.56 $0.05 $2.24 $2.29

Year ended October 31, 2018 $25.27 $0.09 $(2.80) $(2.71)

Year ended October 31, 2017 $19.18 $(0.01) $6.10 $6.09



Davis Global Fund Class C:


Year ended October 31, 2018 $23.81 $(0.10) $(2.61) $(2.71)




Davis Global Fund Class Y:






Davis International Fund Class A:






Davis International Fund Class C:




Year ended October 31, 2016 $9.89 $(0.09) $0.01 $(0.08)


Davis International Fund Class Y:






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 inadditional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales chargesare not reflected in the total returns.

c The ratios in this column reflect the impact, if any, of certain reimbursements from the Adviser.

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

$(0.05) $(1.71) $– $(1.76) $23.09 11.35% $194,163 0.98% 0.98% 0.19% 15%

$– $– $– $– $22.56 (10.72)% $192,199 0.96% 0.96% 0.35% 37%

$– $– $– $– $25.27 31.75%

$178,005 0.98%

0.98%

(0.04)%

16%

$– $(1.09) $– $(1.09) $19.18 6.46%

$101,504 0.97%

0.97%

(0.13)%

53%

$(0.02) $(0.14) $– $(0.16) $19.11 1.05%

$95,856 0.97%

0.97%

0.05%

35%

$– $(1.71) $– $(1.71) $21.36 10.51% $120,247 1.72% 1.72% (0.55)% 15%

$– $– $– $– $21.10 (11.38)% $131,460 1.71% 1.71% (0.40)% 37%

$– $– $– $– $23.81 30.75%

$130,942 1.73%

1.73%

(0.79)%

16%

$– $(1.09) $– $(1.09) $18.21 5.65%

$78,259 1.77%

1.77%

(0.93)%

53%

$– $(0.14) $– $(0.14) $18.33 0.20%

$63,663 1.80%

1.80%

(0.78)%

35%

$(0.12) $(1.71) $– $(1.83) $23.19 11.61% $693,446 0.71% 0.71% 0.46% 15%

$(0.03) $– $– $(0.03) $22.67 (10.47)% $721,325 0.70% 0.70% 0.61% 37%

$– $– $– $– $25.35 32.03%

$664,064 0.70%

0.70%

0.24%

16%

$(0.02) $(1.09) $– $(1.11) $19.20 6.78%

$304,754 0.72%

0.72%

0.12%

53%

$(0.07) $(0.14) $– $(0.21) $19.09 1.28%

$233,586 0.73%

0.73%

0.29%

35%

$(0.07) $(0.19) $– $(0.26) $11.82 7.29% $32,321 0.99% 0.99% 0.48% 14%

$(0.02) $– $– $(0.02) $11.28 (12.11)% $31,448 1.04% 1.04% 0.63% 17%

$–e $(0.01) $– $(0.01) $12.85 28.84%

$15,767 1.05%

1.05%

0.17%

21%

$(0.04) $(0.33) $– $(0.37) $9.99 0.35%

$8,526 1.04%

1.04%

0.10%

47%

$(0.04) $– $– $(0.04) $10.33 (2.25)%

$7,510 1.14%

1.14%

0.45%

23%

$– $(0.19) $– $(0.19) $10.99 6.44% $10,215 1.81% 1.81% (0.34)% 14%

$– $– $– $– $10.52 (12.91)% $10,268 1.85% 1.85% (0.18)% 17%

$– $(0.01) $– $(0.01) $12.08 27.60%

$2,380 2.11%

2.11%

(0.89)%

21%

$– $(0.33) $– $(0.33) $9.48 (0.79)%

$1,227 2.14%

2.14%

(1.00)%

47%

$– $– $– $– $9.89 (3.23)%

$1,556 2.18%

2.18%

(0.59)%

23%

$(0.11) $(0.19) $– $(0.30) $11.68 7.61% $277,119 0.71% 0.71% 0.76% 14%

$(0.05) $– $– $(0.05) $11.16 (11.91)% $266,546 0.72% 0.72% 0.95% 17%

$(0.03) $(0.01) $– $(0.04) $12.72 29.28%

$173,701 0.76%

0.76%

0.46%

21%

$(0.07) $(0.33) $– $(0.40) $9.88 0.60%

$91,734 0.78%

0.78%

0.36%

47%

$(0.08) $– $– $(0.08) $10.23 (1.84)%

$90,466 0.80%

0.80%

0.79%

23%

d The lesser of purchases or sales of portfolio securities for a period, divided by the monthly average of the market 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 are excluded from the calculation.

e Less than $0.005 per share.


35 36

DAVIS GLOBAL FUND Report of Independent Registered Public Accounting Firm DAVIS INTERNATIONAL FUND The Shareholders and Board of Directors 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, 2019, and 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 the Funds as of October 31, 2019, 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, 2019, by correspondence with the custodian and brokers or by other appropriate auditing procedures. 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. KPMG LLP We have served as the auditor of one or more Davis Funds investment companies since 1998. Denver, Colorado December 19, 2019

37

DAVIS GLOBAL FUND Federal Income Tax Information (Unaudited) DAVIS INTERNATIONAL FUND In early 2020 shareholders will receive information regarding all dividends and distributions paid to them by the Funds during the calendar year 2019. 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 2019 with their 2019 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. The Funds have elected to give the benefit of foreign tax credits to their shareholders. 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. Davis Global Fund

During the fiscal year 2019, $13,632,534 of dividends paid by the Fund constituted income dividends for federal income tax purposes. The Fund designates $4,137,681 or 30% as income qualifying for the corporate dividends-received deduction. For the fiscal year 2019, certain dividends paid by the Fund constitute qualified dividend income for federal income tax purposes. The Fund designates $12,713,909 or 93% as qualified dividend income. During the fiscal year 2019, the Fund designated long-term capital gain distributions in the amount of $65,877,626. Pursuant to Section 853 of the Internal Revenue Code, the Fund designates $438,806 as foreign taxes paid during the year ended October 31, 2019. Approximately 100% of the ordinary income distribution deemed to be paid during the fiscal year ended October 31, 2019 was derived from foreign sourced income of $27,004,873. The Fund 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. Davis International Fund

During the fiscal year 2019, $3,701,234 of dividends paid by the Fund constituted income dividends for federal income tax purposes, of which no amount qualified for the corporate dividends-received deduction. For the fiscal year 2019, certain dividends paid by the Fund constitute qualified dividend income for federal income tax purposes. The Fund designates $3,507,089 or 95% as qualified dividend income. During the fiscal year 2019, the Fund designated long-term capital gain distributions in the amount of $3,600,369. Pursuant to Section 853 of the Internal Revenue Code, the Fund designates $317,335 as foreign taxes paid during the year ended October 31, 2019. Approximately 100% of the ordinary income distribution deemed to be paid during the fiscal year ended October 31, 2019 was derived from foreign sourced income of $13,295,347. The Fund 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.

38

DAVIS GLOBAL FUND Privacy Notice and Householding DAVIS INTERNATIONAL FUND Privacy Notice

While you generally will be dealing with a broker-dealer or other financial adviser, we may collect information about you from your account application and other forms that you may deliver to us. We use this information to process your requests and transactions; for example, to provide you with additional information about our Funds, to open an account for you, or to process a transaction. In order to service your account and execute your transactions, we may provide your personal information to firms that assist us in servicing your account, such as our transfer agent. We may also provide your name and address to one of our agents for the purpose of mailing to you your account statement and other information about our products and services. We may also gather information through the use of “cookies” when you visit our website. These files help us to recognize repeat visitors and allow easy access to and use of the website. We require these outside firms and agents to protect the confidentiality of your information and to use the information only for the purpose for which the disclosure is made. We do not provide customer names and addresses to outside firms, organizations, or individuals except in furtherance of our business relationship with you or as otherwise allowed by law. We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your personal information. Householding To avoid sending duplicate copies of materials to households, the Funds will mail only one copy of each prospectus, Annual, and Semi-Annual Report to shareholders having the same last name and address on the Funds’ records. The consolidation of these mailings, called householding, benefits the Funds through reduced mailing expense. If you do not want the mailing of these documents to be combined with those to other members of your household, please contact the Davis Funds by phone at 1-800-279-0279. Individual copies of current prospectuses and reports will be sent to you within 30 days after the Funds receive your request to stop householding.

39

DAVIS GLOBAL FUND Directors and Officers DAVIS INTERNATIONAL FUND

For the purpose of their service as Directors to the Davis Funds, the business address for each of the Directors is 2949 E. Elvira Road, Suite 101, Tucson, AZ 85756. Subject to exceptions and exemptions, which may be granted by the Independent Directors, Directors must retire at the close of business on the last day of the calendar year in which the Director attains age seventy-eight (78).

Name, Date of Birth, Position(s) Held with Funds, Length of Service Principal Occupation(s) During Past Five Years

Number of Portfolios Overseen Other Directorships

Independent Directors

Marc P. Blum (09/09/42) Director since 1986

Chief Executive Officer, World Total Return Fund,LLLP; of Counsel to Gordon Feinblatt LLC (law firm).

13 Director, Rodney Trust Company (trust and assetmanagement company).

John S. Gates Jr. (08/02/53) Director since 2007

Chairman and Chief Executive Officer of PortaeCo LLC(private investment company).

13

Director, Miami Corp. (diversified investmentcompany).

Thomas S. Gayner (12/16/61) Director since 2004 Chairman since 2009

Co-Chief Executive Officer and Director, Markel Corp.(diversified financial holding company).

13 Director, Graham Holdings Company (educationaland media company); Director, Colfax Corp.(engineering and manufacturer of pumps and fluidhandling equipment); Director, Cable ONE Inc. (cable service provider).

Samuel H. Iapalucci (07/19/52) Director since 2006

Retired; Executive Vice President and Chief FinancialOfficer, CH2M HILL Companies, Ltd. (engineering)until 2008.

13 None

Robert P. Morgenthau (03/22/57) Director since 2002

Principal, Spears Abacus Advisors, LLC (investmentmanagement firm) since 2011; Chairman, NorthRoadCapital Management, LLC (investment managementfirm) 2002-2011.

13 None

Marsha C. Williams (03/28/51) Director since 1999

Retired; Senior Vice President and Chief FinancialOfficer, Orbitz Worldwide, Inc. (travel-service provider)2007-2010.

13 Lead Independent Director, Modine ManufacturingCompany (heat transfer technology); Director,McDermott International, Inc. (industrial construction and engineering); Lead Independent Director, Fifth Third Bancorp (diversified financial services).

Interested Directors*

Andrew A. Davis (06/25/63) Director since 1997

President or Vice President of each Davis Fund, Selected Fund, and Clipper Fund; President, Davis SelectedAdvisers, L.P., and also serves as an executive officer ofcertain companies affiliated with the Adviser.

16 Director, Selected Funds (consisting of two portfolios)since 1998; Trustee, Clipper Funds Trust (consisting of one portfolio) since 2014.

Christopher C. Davis (07/13/65) Director since 1997

President or Vice President of each Davis Fund, SelectedFund, Clipper Fund, and Davis Fundamental ETF;Chairman, Davis Selected Advisers, L.P., and also serves as an executive officer of certain companies affiliatedwith the Adviser, including sole member of the Adviser’sgeneral partner, Davis Investments, LLC.

16 Director, Selected Funds (consisting of two portfolios)since 1998; Trustee, Clipper Funds Trust (consisting of one portfolio) since 2014; Lead Independent Director, Graham Holdings Company (educationaland media company); Director, The Coca-Cola Company (beverage company).

* Andrew A. Davis and Christopher C. Davis own partnership units (directly, indirectly, or both) of the Adviser and are considered to be “interested persons” of the Funds as defined in the Investment Company Act of 1940. Andrew A. Davis and Christopher C. Davis are brothers.

Officers

Andrew A. Davis (born 06/25/63, Davis Funds officer since 1997). See description in the section on Interested Directors.

Christopher C. Davis (born 07/13/65, Davis Funds officer since 1997). See description in the section on Interested Directors.

Kenneth C. Eich (born 08/14/53, Davis Funds officer since 1997). Executive Vice President and Principal Executive Officer of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), and Clipper Funds Trust (consisting of one portfolio); Trustee/Chairman, Executive Vice President, and Principal Executive Officer of Davis Fundamental ETF Trust (consisting of four portfolios); Chief Operating Officer, Davis Selected Advisers, L.P., and also serves as an Executive Officer of certain companies affiliated with the Adviser.

Douglas A. Haines (born 03/04/71, Davis Funds officer since 2004). Vice President, Treasurer, Chief Financial Officer, Principal Financial Officer, and Principal Accounting Officer of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of four portfolios); Vice President and Director of Fund Accounting, Davis Selected Advisers, L.P.

Randi J. Roessler (born 06/26/81, Davis Funds officer since 2018). Vice President and Chief Compliance Officer of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of four portfolios); Vice President and Chief Compliance Officer, Davis Selected Advisers, L.P., and also serves as an Executive Officer of certain companies affiliated with the Adviser.

Ryan M. Charles (born 07/25/78, Davis Funds officer since 2014). Vice President and Secretary of the Davis Funds (consisting of 13 portfolios), Selected Funds (consisting of two portfolios), Clipper Funds Trust (consisting of one portfolio), and Davis Fundamental ETF Trust (consisting of four portfolios); Vice President, Chief Legal Officer, and Secretary, Davis Selected Advisers, L.P., and also serves as an Executive Officer of certain companies affiliated with the Adviser.

40

DAVIS GLOBAL FUND DAVIS INTERNATIONAL FUND Investment Adviser Davis Selected Advisers, L.P. (Doing business as “Davis Advisors”) 2949 East Elvira Road, Suite 101 Tucson, Arizona 85756 (800) 279-0279 Distributor Davis Distributors, LLC 2949 East Elvira Road, Suite 101 Tucson, Arizona 85756 Transfer Agent DST Asset Manager Solutions, Inc. c/o The Davis Funds P.O. Box 219197 Kansas City, Missouri 64121-9197 Overnight Address: 430 West 7th Street, Suite 219197 Kansas City, Missouri 64105-1407 Custodian State Street Bank and Trust Co. One Lincoln Street Boston, Massachusetts 02111 Legal Counsel Greenberg Traurig, LLP 1144 15th Street, Suite 3300 Denver, Colorado 80202 Independent Registered Public Accounting Firm KPMG LLP 1225 17th Street, Suite 800 Denver, Colorado 80202

For more information about Davis Global Fund and Davis International Fund, including management fee, charges, and expenses, see the current prospectus, which must precede or accompany this report. The Funds’ Statement of Additional Information contains additional information about the Funds’ Directors and is available without charge, upon request, by calling 1-800-279-0279 and on the Funds’ website at www.davisfunds.com. Quarterly Fact Sheets are available on the Funds’ website at www.davisfunds.com.

davis global fund davis international fund (portfolios of ...naspers (up 25%) and alphabet (up 17%)...

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