Davis Funds
Davis Financial Fund
Financial Services
Dec 2024 → Dec 2025
Our archive holds 2 letters from this strategy, behind 4 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 2 years · follow all of Davis Funds for every strategy.
What it bought and sold
and redeployed that capital into property & casualty reinsurers (Everest Group and RenaissanceRe), select payments-related companies (Fiserv and Chime) and a family- controlled investment holding company, Exor.
given their strong market performance during the year, we have trimmed our exposure to banks (primarily BNY Mellon, DBS and Danske)
and redeployed that capital into property & casualty reinsurers (Everest Group and RenaissanceRe), select payments-related companies (Fiserv and Chime) and a family- controlled investment holding company, Exor.
- New positionChimeDec 2025
and redeployed that capital into property & casualty reinsurers (Everest Group and RenaissanceRe), select payments-related companies (Fiserv and Chime) and a family- controlled investment holding company, Exor.
and redeployed that capital into property & casualty reinsurers (Everest Group and RenaissanceRe), select payments-related companies (Fiserv and Chime) and a family- controlled investment holding company, Exor.
given their strong market performance during the year, we have trimmed our exposure to banks (primarily BNY Mellon, DBS and Danske)
given their strong market performance during the year, we have trimmed our exposure to banks (primarily BNY Mellon, DBS and Danske)
and redeployed that capital into property & casualty reinsurers (Everest Group and RenaissanceRe), select payments-related companies (Fiserv and Chime) and a family- controlled investment holding company, Exor.
Also held
Its investment theses
- Wells Fargo & CompanyDec 2025Wells 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.
- Chubb LimitedDec 2025Chubb Limited is a diversified P&C insurer with superior underwriting culture, strong pricing tailwinds, low-20s ROTCE, and an attractive 10–11x earnings outlook.
- Capital One Financial Corp.Dec 2025Capital 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.
- Capital OneDec 2024Capital 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.