Davis Select International ETF

Davis Select International ETF (DINT) is an actively managed ETF from Davis Advisors. It held 32 positions as of July 31, 2026, mostly stocks of foreign companies in developed and emerging markets, each picked by its managers. It is much more concentrated than broad international funds: its 10 largest holdings made up about half the fund. Its 0.66% expense ratio is well above broad funds such as SCHF, at 0.06%.

• Over the year to Oct 27, 2026, DINT returned -1.7%, 3rd of 6 among similar funds.
• Its 5-year annualized return was +7.4%.
• In the 2020 COVID crash it fell 32.7% and regained its old high 3.7 months after the low.
• Its worst full calendar year was 2021 (-14.9%); its best was 2025 (+32.7%).
• The deepest fall in its price history was 45.1% (Feb 16, 2021 to Oct 24, 2022), recovered by Oct 2, 2024.

As of Jul 31, 2026, the fund held 32 securities; the ten largest made up 49.62% of assets.

• Over the three months to Jul 31, 2026, investors withdrew a net $2.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.49%, -2.96%, +5.23%.

DINT does not track an index. Its adviser, Davis Selected Advisers, uses what it calls the Davis Investment Discipline. The managers research companies one at a time and visit their executives. They look for proven management, a durable business and lasting advantages over competitors. They then aim to buy only when a stock trades below their estimate of its "intrinsic value." That is their view of what the business is really worth, based on its cash flows, assets and debts. Company size doesn't matter.

Under normal conditions, at least 40% of assets must be in companies based, listed or doing most of their business outside the US. The fund must also hold companies from at least three countries. It may own depositary receipts, such as ADRs. These are certificates traded in the US that stand for shares of a foreign company. The managers aim to hold each company for five years or longer. They consider selling when a price rises above their value estimate, the risk-reward balance worsens or a better opportunity appears. Portfolio turnover was 18%.

Position sizes reflect the managers' judgment, not a formula. As of July 31, 2026, the four largest holdings were JBS, Full Truck Alliance, Sea and Trip.com, each close to 6%. About 7% of assets sat in repurchase agreements, which are short-term loans backed by collateral and work much like cash. The fund held no derivatives.

• DINT charges 0.66% a year, versus an average of 0.41% for the similar funds below (4th of 6, cheapest first).
• Of that, 0.55% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $67 in the first year and $822 over 10 years (assuming a 5% annual return).

With 32 holdings, about half its assets in its top 10 and a past drop of 45.1%, it fits better as a small add-on than as the main stock holding.

DINT could add foreign stocks that look very different from a broad international index fund. It has also swung hard. In the 2020 COVID crash it fell 32.7% between February 19 and March 23, 2020, then recovered by July 15. In the 2022 bear market it lost 28.2% and did not recover until July 31, 2023. Its deepest drop, 45.1% from February 2021 to October 2022, was not fully made up until October 2, 2024. The fund launched in 2018, so it has no 2008 record. Anyone forced to sell during those stretches would have locked in steep losses. Income is modest: the trailing 12-month yield was 1.76% as of October 27, 2026, paid once a year. In the SEC's standard example, costs on $10,000 come to $67 in year one and $822 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).