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.
Fund Basics
| Fund sponsor | Davis |
| Category | US Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Jan 11, 2017 |
| Assets (mns) | $160 |
| Expense ratio | 62 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 | 8.3 % |
| BERKSHIRE HATHAWAY INC-CL B | 7.6 % |
| JULIUS BAER GRUPPE AG | 6.2 % |
| MARKEL CORP | 6.2 % |
| JPMORGAN CHASE & CO | 5.8 % |
| CHUBB LIMITED | 5.5 % |
| WELLS FARGO & CO | 5.3 % |
| BANK OF NEW YORK MELLON CORP | 4.9 % |
| DBS GROUP HOLDINGS LTD | 4.5 % |
| FIFTH THIRD BANCORP | 4.4 % |
Constituent Breakdown
| Number of holdings | 27 |
| Herfindahl-Hirschman Index | 475 |
| Wgt avg mkt cap (mns) | $125,057 |
| Large cap (>$10bn) | 88.7% |
| Mid cap ($2-10bn) | 0.0% |
| Small cap (<$2bn) | 2.3% |
| Developed mkts. | 98.7% |
| Emerging mkts. | 1.3% |
Country Exposure
 |
UNITED STATES | 69.7 % |
 |
SWITZERLAND | 11.7 % |
 |
SINGAPORE | 4.5 % |
 |
DENMARK | 4.1 % |
 |
BERMUDA | 3.4 % |
 |
NORWAY | 2.2 % |
 |
NETHERLANDS | 1.3 % |
 |
CHINA | 1.3 % |
Historical Performance
Standardized Annual Returns (as of 05/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| -6.5% | -9.9% | -7.2% | 13.3% | 3.8% | -- | 6.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.93 | 55% |
| MSCI EAFE | 0.99 | 63% |
| MSCI Emg Mkts | 0.67 | 29% |
Liquidity Measures
| Avg. volume (000) | 14 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.29% |
| ADV of underlying (mns) | $6,872 |
Technical Indicators
| Recent close | $26.41 |
| 30d moving avg. | $25.77 |
| Annualized volatility | 22.7% |
| Relative strength (RSI) | 47 |
| Short interest (ETF) | 0.0% |
| 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 |
|---|---|---|---|---|
| DUSA | Davis Select U.S. Equity ETF | 43.1% | -1 bp | +0.2% |
| KBWB | Invesco KBW Bank ETF | 40.5% | -27 bp | +3.2% |
| VFH | Vanguard Financials Index Fund | 33.8% | -52 bp | -0.5% |
| XLF | Financial Select Sector SPDR Fund | 32.3% | -52 bp | -1.9% |
| IYF | iShares U.S. Financials ETF | 31.7% | -23 bp | -1.3% |
| DWLD | Davis Select Worldwide ETF | 31.4% | 0 bp | -1.4% |
| FNCL | Fidelity MSCI Financials Index ETF | 30.8% | -54 bp | -0.5% |
| FTXO | First Trust Nasdaq Bank ETF | 28.0% | -2 bp | +2.7% |
| IYG | iShares US Financial Services ETF | 26.4% | -23 bp | -1.6% |
| IXG | iShares Global Financials ETF | 25.0% | -22 bp | -0.5% |
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
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2022 | 2023E | Fwd Est | 2024E | |
| 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 6/2/2023
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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 Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
DFNL
9.0%
Cat. Avg
6.2%
Fund Category: US Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 9.0% |
Recommendation
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
Category Overview
There are 899 funds in the US Equities category, with an average ALTAR Score™
of 6.2% and a standard deviation of
3.1%. DFNL's ALTAR Score™ is approximately
0.9 standard deviations
above
the category average. This places DFNL in the 82nd percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
DFNL
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| DFNL | 62.0 | 28.7 | 90.7 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .