DFNL
Davis Select Financial ETF
The Davis Select Financial ETF is an actively managed portfolio of global financial sector stocks. The fund seeks long-term growth of capital.
US
EQUITY
Active
MANAGEMENT STYLE
235.3 M
ASSETS UNDER MGMT
63 bp
EXPENSES
Fund Basics
| Fund sponsor | Davis |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Jan 11, 2017 |
| Assets (mns) | $235 |
| Expense ratio | 63 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| CAPITAL ONE FINANCIAL CORP | 9.4 % |
| BERKSHIRE HATHAWAY INC-CL B | 7.5 % |
| JPMORGAN CHASE & CO | 6.8 % |
| MARKEL CORP | 5.9 % |
| FIFTH THIRD BANCORP | 5.9 % |
| WELLS FARGO & CO | 5.7 % |
| CHUBB LIMITED | 5.7 % |
| BANK OF NEW YORK MELLON CORP | 5.6 % |
| US BANCORP | 5.3 % |
| PNC FINANCIAL SERVICES GROUP | 5.1 % |
Constituent Breakdown
| Number of holdings | 27 |
| Herfindahl-Hirschman Index | 539 |
| Wgt avg mkt cap (mns) | $217,502 |
| Large cap (>$10bn) | 98.4% |
| Mid cap ($2-10bn) | 0.0% |
| Small cap (<$2bn) | 1.6% |
| Developed mkts. | 99.3% |
| Emerging mkts. | 0.7% |
Country Exposure
 |
UNITED STATES | 78.2 % |
 |
SWITZERLAND | 9.9 % |
 |
SINGAPORE | 4.4 % |
 |
DENMARK | 4.3 % |
 |
BERMUDA | 3.0 % |
 |
NORWAY | 1.9 % |
 |
NETHERLANDS | 1.1 % |
 |
CHINA | 0.6 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 28.7% | 39.3% | 18.7% | 12.0% | 11.6% | -- | 11.0% | Volatility | 14.6% | 14.9% | 17.2% | 19.8% | 27.1% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.91 | 58% |
| MSCI EAFE | 0.92 | 58% |
| MSCI Emg Mkts | 0.65 | 29% |
Liquidity Measures
| Avg. volume (000) | 15 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.34% |
| ADV of underlying (mns) | $10,367 |
Technical Indicators
| Recent close | $38.90 |
| 30d moving avg. | $40.46 |
| Annualized volatility | 21.0% |
| Relative strength (RSI) | 58 |
| Short interest (ETF) | 0.1% |
| Short interest (underlying) | 1.3% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. DFNL |
Expenses vs. DFNL |
ALTAR Score™ vs. DFNL |
|---|---|---|---|---|
| KBWB | Invesco KBW Bank ETF | 41.3% | -28 bp | +1.1% |
| DUSA | Davis Select U.S. Equity ETF | 36.8% | -2 bp | +0.7% |
| XLF | Financial Select Sector SPDR Fund | 32.5% | -54 bp | -1.3% |
| IYG | iShares US Financial Services ETF | 32.0% | -23 bp | -1.6% |
| IYF | iShares U.S. Financials ETF | 31.5% | -23 bp | -1.1% |
| FNCL | Fidelity MSCI Financials Index ETF | 31.2% | -55 bp | -0.9% |
| VFH | Vanguard Financials ETF | 30.9% | -53 bp | -0.9% |
| FTXO | First Trust Nasdaq Bank ETF | 29.6% | -3 bp | +1.7% |
| SPVU | Invesco S&P 500 Enhanced Value ETF | 27.2% | -50 bp | +2.8% |
| IXG | iShares Global Financials ETF | 26.6% | -21 bp | -0.3% |
Risk and Returns: DFNL vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/20/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
DFNL
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
ALTAR Score™
DFNL
6.8%
Cat. Avg
5.6%
ALTAR Score™ Calculation
Category Overview
There are 977 funds in the US Equity category, with an average ALTAR Score™
of 5.6% and a standard deviation of
2.6%. DFNL's ALTAR Score™ is approximately
0.4 standard deviations
above
the category average. This places DFNL in the 67th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
DFNLSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active US Equity ETFs |
| # of ETFs | 308 |
| Avg. Expense Ratio | 67.1 bp |
| Std. Deviation | 37 bp |
| DFNL (63 bp) Percentile rank | 47 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| DFNL | 63.0 | 33.5 | 96.5 |
| Peer Avg. | 66.5 | 47.6 | 114.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .