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
$ 441.4 M
ASSETS UNDER MGMT
63 bp
EXPENSES
Fund Basics
| Inception date | Jan 11, 2017 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Annually |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| CAPITAL ONE FINANCIAL CORP | 10.1 % |
| BERKSHIRE HATHAWAY INC-CL B | 5.7 % |
| US BANCORP | 5.3 % |
| MARKEL CORP | 5.2 % |
| JPMORGAN CHASE & CO | 4.9 % |
| FIFTH THIRD BANCORP | 4.9 % |
| WELLS FARGO & CO | 4.8 % |
| DANSKE BANK A/S | 4.7 % |
| PNC FINANCIAL SERVICES GROUP | 4.5 % |
| CHUBB LIMITED | 4.4 % |
Constituent Breakdown
| Number of holdings | 31 |
| Herfindahl-Hirschman Index | 438 |
| Wgt avg mkt cap (mns) | $191,283 |
| Large cap (>$10bn) | 92.4% |
| Mid cap ($2-10bn) | 4.2% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 95.9% |
| Emerging mkts. | 0.8% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 68.0 % |
 |
SWITZERLAND | 8.6 % |
 |
BERMUDA | 6.5 % |
 |
DENMARK | 4.7 % |
 |
NETHERLANDS | 3.8 % |
 |
SINGAPORE | 2.6 % |
 |
NORWAY | 1.8 % |
 |
CHINA | 0.8 % |
Historical Performance
Standardized Performance (as of 02/28/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -2.8% | 15.0% | 22.3% | 17.3% | 12.2% | -- | -- | 9.8% |
| Dividend Yield | 0.0% | 1.6% | 2.1% | 2.3% | 2.6% | -- | -- | 2.4% |
| Total Returns | -2.8% | 16.6% | 24.5% | 19.5% | 14.8% | -- | -- | 12.2% | Ann. Volatility | 18.0% | 19.5% | 17.8% | 18.0% | 19.4% | -- | -- | 22.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.84 | 69% |
| MSCI EAFE | 0.88 | 56% |
| MSCI Emg Mkts | 0.66 | 38% |
Liquidity Measures
| Avg. volume (000) | 46 |
| ADV traded (mns) | $2 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.26% |
Technical Indicators
| 30d moving avg. (EMA) | $47.64 |
| Relative strength (RSI) | 42 |
| MACD/Signal | -0.58/-0.33 |
| Bollinger Bands (Upper/Lower) | $50.08/$45.54 |
| Short interest (% of AUM) | 0.1% |
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 | 35.3% | -28 bp | -0.6% |
| XLF | The Financial Select Sector SPDR Fund | 30.0% | -55 bp | -2.0% |
| IYG | iShares US Financial Services ETF | 29.4% | -23 bp | -2.5% |
| LVDS | JPMorgan Fundamental Data Science Large Value ETF | 29.1% | -14 bp | -2.7% |
| VFH | Vanguard Financials ETF | 29.0% | -54 bp | -1.5% |
| FNCL | Fidelity MSCI Financials Index ETF | 28.8% | -55 bp | -1.5% |
| FTXO | First Trust Nasdaq Bank ETF | 28.8% | -3 bp | +0.2% |
| IYF | iShares U.S. Financials ETF | 28.4% | -23 bp | -1.9% |
| DUSA | Davis Select U.S. Equity ETF | 28.2% | -2 bp | -1.0% |
| USCF | Themes US Cash Flow Champions ETF | 24.2% | -34 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 (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| 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 3/10/2026
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
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
8.6%
ALTAR SCORE™
93rd
PERCENTILE
SPECULATIVE
ETFRC RATING
There are 1,189 funds in the US Equity category with an average
ALTAR Score™ of 5.6% and a standard deviation
of 2.1%. DFNL's ALTAR Score™ is approximately 1.5 standard
deviations above the category average. This places DFNL in the 93rd percentile
among funds in the category.
Sell-Side Consensus
$55.54
PRICE TARGET
+22.7%
UPSIDE