DREYX Fees and Costs — Davis Real Estate Fund, Class Y
Data updated: 2026-08-27
The net expense ratio is 0.74%: a 0.55% management fee plus 0.19% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $34K in broker commissions, 0.0240% of average net assets, and portfolio turnover was 17%.
DREYX Fees and Expenses
Annual operating expenses and sales charges of DREYX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.19% |
| Gross expense ratio | 0.74% |
| Fee waiver | — |
| Net expense ratio | 0.74% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| 30-day yield | 2.32% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
DREYX Costs Over Time
On $10,000 invested in DREYX, assuming 5% a year before costs, total costs come to $480 over 5 years, cutting the return by 0.80% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.74%) | $78 | $243 | $423 |
| Trading costs (broker commissions) | $3 | $8 | $14 |
| Lost growth on money paid in costs | $0 | $12 | $44 |
| Total costs | $80 | $263 | $480 |
| Value after costs | $10,420 | $11,313 | $12,283 |
| Impact on return, per year | 0.80% | 0.80% | 0.80% |
DREYX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0240%
- Total broker commissions: $34K
- Bought from dealers (principal trades, not a cost): $308.0M
- Portfolio turnover (prospectus): 17%
- Securities lending: none during the year
DREYX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Evercore Group LLC (ISI Group) | $18K | 52.52% |
| Citigroup Global Markets, Inc. | $8K | 24.32% |
| Raymond James & Associates, Inc. | $5K | 14.58% |
| J.P. Morgan Securities LLC | $2K | 5.97% |
| Piper Sandler & Co. | $843 | 2.50% |
| JonesTrading Institutional Services LLC | $36 | 0.11% |
DREYX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| StoneX Financial Inc. | $194.5M | 63.15% |
| Nomura Securities International, Inc. | $113.0M | 36.68% |
| Brean Capital, LLC | $526K | 0.17% |
Davis Real Estate Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DREYX | Class Y | 0.74% | none |
| RPFRX | Class A | 1.00% | 4.75% |
| DRECX | Class C | 1.75% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.