Davis Funds

Theses · 7

• Wells Fargo & Company

  December 2025

  Wells Fargo & Company is a large traditional U.S. bank with improving growth after asset-cap removal, cost discipline, surplus-capital buybacks, and a reasonable valuation versus expected high-teens ROTCE.

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• Chubb Limited

  December 2025

  Chubb Limited is a diversified P&C insurer with superior underwriting culture, strong pricing tailwinds, low-20s ROTCE, and an attractive 10–11x earnings outlook.

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• Capital One Financial

  December 2025

  Capital One Financial is a diversified consumer finance and deposit-rich bank with attractive valuation and AI capabilities that can enhance profitability.

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• Capital One Financial Corp.

  December 2025

  Capital One Financial Corp. is a leading consumer financial services company with Discover synergy opportunities and an attractive sub-10x P/E supporting ~20% long-term returns on tangible capital.

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• ITOCHU

  June 2025

  ITOCHU is a leading Japanese trading and investment company with a disciplined approach to capital allocation, focusing on steady returns and long-term growth across various industries.

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• Sunstone Hotel Investors

  June 2025

  Sunstone is an undervalued hotel company with a strong balance sheet and potential for earnings acceleration, making it an attractive candidate for acquisition despite recent stock performance challenges.

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• Capital One

  December 2024

  Capital One is a leading financial services company with a strong track record of growth and prudent credit management, currently holding significant excess capital that positions it for accelerated earnings growth.

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Letter archive · 9

Funds · 6

• Davis Financial Fund2
• Davis New York Venture Fund2
• Davis Opportunity Fund2
• Davis Global Fund1
• Davis International Fund1
• Davis Real Estate Fund1