European Shorting
Number of Stocks: 199
Number of New Stocks: 13
Total Value: $40,305 Mil
Q/Q Turnover: 3%
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Q: Please provide your perspective on the market.
The chart below summarizes results through December 31, 2012 for the Davis New York Venture Fund compared with the S&P 500® Index against which my co-manager Ken Charles Feinberg, our colleagues and I judge ourselves. Relative results over all recent periods have fallen short of our goal of matching or exceeding this Index after fees and expenses. Furthermore, although we outpaced the market for the five years from 2002–2007, results in the most recent five years have dragged down our 10 year performance so that we now trail the market by about 0.5% per year.1
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Investing Guru Chris Davis, of Davis Selected Advisers, has eliminated more than 625,000 shares of information storage and management solutions company, Iron Mountain Inc. (IRM). This reduction slashed 4 percent off Davis’ stake on Dec. 7, according to GuruFocus Real Time Picks. The latest transaction brought Davis’ holding down to 14.6 million shares, which constitutes 7.7 percent of his outstanding shares, according to a 13D SEC filing. 
Portfolio manager, Chris Davis of Davis Selected Advisers reported to decreasing his shares of information management company, Iron Mountain (IRM), on Nov. 16 according to GuruFocus Real Time Picks.
The chart below summarizes results through June 30, 2012 for the Davis New York Venture Fund compared with the S&P 500® Index against which my co-manager Ken Charles Feinberg, our colleagues and I judge ourselves. Although results over the very long term have been satisfactory, results in more recent periods have fallen short of our goal.1
The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. The total annual operating expense ratio for Class A shares as of the most recent prospectus was 0.89%. The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Current performance may be higher or lower than the performance quoted. For most recent month-end performance, click here or call 800-279-0279. Continue Reading »
Chris Davis is portfolio manager of Davis Advisers, a firm founded 40 years ago which has $100 billion in assets and whose Davis New York Venture Fund boasts an 11.8% return rate since inception. In July, he sold out of his position in credit ratings agency Moody’s (MCO) and reduced his position in Dun & Bradstreet (DNB). Davis picks stocks of durable businesses that sell at value prices and holds them for the long term. Because he intends to keep investments for the long run, he only includes stocks in his portfolio that he believes have the financial strength to withstand the vagaries of the market as well as grow earnings consistently. Davis Funds just reported their first quarter portfolio. The firm is led by Chris Davis. During a recent interview, Chris Davis said that he believes that the next 10 years should be better than the last 10 years. He argues that at the start of the year 2000, the price of the stock market as measured by the S&P 500® Index was almost $1,500 per share. This $1,500 price gave investors ownership interests in companies that produced about $50 of earnings per share and about $38 of free cash flow per share as well as paying about $17 in dividends per share. Therefore, a buyer was accepting an earnings yield of 3%, a free cash flow yield of 3% and a dividend yield of 1%.
An Interview with Portfolio Managers Christopher C. Davis and Kenneth Charles Feinberg
Chris Davis and his partners run Davis Funds. They just reported their Q2 portfolio. These are the details of buys and sells. On this week’s , it features an exclusive television interview with third generation value investor Christopher Davis. This former Morningstar “Money Manager of the Year” discusses how family tradition helps him find long term financial values.
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