DRFAX Fees and Costs — Davis Research Fund, Class A
Data updated: 2026-10-06
The net expense ratio is 0.68%: a 0.55% management fee plus 0.13% other expenses. This share class carries a maximum front-end sales load of 4.75%. In fiscal 2026 the fund paid $24K in broker commissions, 0.0302% of average net assets, and portfolio turnover was 15%.
DRFAX Fees and Expenses
Annual operating expenses and sales charges of DRFAX. Prospectus, as of July 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.13% |
| Gross expense ratio | 0.68% |
| Fee waiver | — |
| Net expense ratio | 0.68% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
DRFAX Costs Over Time
On $10,000 invested in DRFAX, assuming 5% a year before costs, total costs come to $1,032 over 5 years, cutting the return by 1.76% 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 |
| Sales charges | $475 | $475 | $475 |
| Fund expenses (net expense ratio 0.68%) | $68 | $213 | $370 |
| Trading costs (broker commissions) | $3 | $9 | $16 |
| Lost growth on money paid in costs | $24 | $86 | $170 |
| Total costs | $570 | $783 | $1,032 |
| Value after costs | $9,930 | $10,793 | $11,731 |
| Impact on return, per year | 5.70% | 2.42% | 1.76% |
DRFAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0302%
- Total broker commissions: $24K
- Bought from dealers (principal trades, not a cost): $990.8M
- Portfolio turnover (prospectus): 15%
DRFAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| China Renaissance Securities (US) Inc. | $1K | 22.96% |
| J.P. Morgan Securities LLC | $1K | 21.26% |
| Dowling & Partners Securities, LLC | $767 | 13.56% |
| CLSA Americas, LLC | $605 | 10.69% |
| BTIG, LLC | $554 | 9.79% |
| BMO Capital Markets Corp. | $324 | 5.73% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $261 | 4.61% |
| UBS Securities LLC | $223 | 3.94% |
| Goldman, Sachs & Co. LLC | $212 | 3.75% |
| Citigroup Global Markets, Inc. | $210 | 3.71% |
DRFAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| StoneX Financial Inc. | $326.7M | 51.57% |
| Nomura Securities International, Inc. | $306.8M | 48.43% |
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.