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Chris Davis Continues Growth-Value Tradition.(SERIES: MUTUAL FUND QUARTERLY)(IBD SPECIAL REPORT)(FUND MANAGER Q & A)
Byline: KEN HOOVER
Christopher Davis, 38, is the third generation in his family to run money. His grandfather, Shelby Collom Davis, started in the late 1940s and eventually grew a $100,000 investment into an $800 million fortune during his life. The money went to charity, so Davis' dad, Shelby, had to start over again. He opened Davis New York Venture Fund in 1969.
Since its inception, the now-$23 billion fund returned an annualized 13.5% through Dec. 31, 2003, more than 2 percentage points better than the S&P 500. The youngest Davis joined his father's firm, Davis Advisors, in 1989 as an analyst. In 1994 he took over the fund, which he co-manages with Ken Feinberg.
Christopher Davis has stayed true to the value investing principles established by his grandfather. That means he's looking for what his grandfather called "growth companies in disguise."
It entails microscopic dissection of balance sheets, earnings reports and regulatory filings. Davis is looking for companies that have a high return on capital, won't become obsolete and are run by outstanding managers.
Then he tries to buy them when they are cheap and out of favor. He holds them a long time. The turnover rate is only 15%.
We caught up with Davis on Wednesday.
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