Davis International's hefty Chinese equity exposure, a longtime favorite of manager Danton Goei, coupled with poor performance in consumer names have resulted in lagging relative performance during the global equity market selloff that began near 2022's start. For the year to date through March 25, the mutual fund's Y share class slid 8.9%, a bottom-quintile result within the foreign large-blend Morningstar Category and 2.7 percentage points worse than the MSCI All-Country World ex USA Index's 6.2% decline. This tough start to the year follows an abysmal 2021 for the aggressive, 30-stock strategy, when its 21.8% loss was the category's worst and trailed the benchmark's 8.2% rise. This performance profile, while disappointing, was mostly in line with what investors should expect from the strategy, given its contrarian nature and willingness to bet big on emerging companies. The strategy's various share classes retain their Morningstar Analyst Ratings of Bronze or Neutral, depending on fees.
Will DINT outperform in future?
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The Process Pillar is our assessment of how sensible, clearly defined, and repeatable DINT’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the DINT management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of DINT’s parent organization’s priorities and whether they’re in line with investors’ interests.