Performance Management - Davis Variable Account Fund
Dec. 31, 2025
The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The bar chart depicts the change in performance from year to year during the periods indicated, but does not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The following table shows how the Fund’s average annual total returns, for the periods indicated, compare with the S&P 500 Index, a broad-based securities market index. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s results can be obtained by visiting www.davisfunds.com or by calling 1-800-279-0279.
| | Returns | Period Ending |
| Highest Quarter | 19.02% | December 31, 2020 |
| Lowest Quarter | -25.71% | March 31, 2020 |
| Year-to-Date | 0.16% | March 31, 2026 |
| Average Annual Total Returns (For the periods ended December 31, 2025) | Past 1 Year | Past 5 Years | Past 10 Years |
| Davis Equity Portfolio | 27.24% | 13.39% | 12.52% |
| S&P 500 Index reflects no deduction for fees, expenses or taxes | 17.88% | 14.42% | 14.81% |
The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The bar chart depicts the change in performance from year to year during the periods indicated, but does not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The following table shows how the Fund’s average annual total returns, for the periods indicated, compare with the S&P 500 Index, a broad-based securities market index, and the S&P 500 Financials Index. The S&P 500 Financials Index is a measure of the performance of the companies in the financial sector as a subset of the S&P 500 Index. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s results can be obtained by visiting www.davisfunds.com or by calling 1-800-279-0279.
| | Returns | Period Ending |
| Highest Quarter | 26.76% | December 31, 2020 |
| Lowest Quarter | -34.45% | March 31, 2020 |
| Year-to-Date | -8.78% | March 31, 2026 |
| Average Annual Total Returns (For the periods ended December 31, 2025) | Past 1 Year | Past 5 Years | Past 10 Years |
| Davis Financial Portfolio | 29.12% | 18.13% | 12.92% |
| S&P 500 Index reflects no deduction for fees, expenses or taxes | 17.88% | 14.42% | 14.81% |
| S&P 500 Financials Index reflects no deduction for fees, expenses or taxes | 15.02% | 15.26% | 13.17% |
The bar chart below provides some indication of the risks of investing in the Fund by showing how the Fund’s investment results have varied from year to year. The bar chart depicts the change in performance from year to year during the periods indicated, but does not include charges or expenses attributable to any insurance product, which would lower the performance illustrated. The following table shows how the Fund’s average annual total returns, for the periods indicated, compare with the S&P 500 Index, a broad-based securities market index, and of the Wilshire U.S. Real Estate Securities Index. The Wilshire U.S. Real Estate Securities Index is a measure of the performance of publicly traded real estate securities. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s results can be obtained by visiting www.davisfunds.com or by calling 1-800-279-0279.
| | Returns | Period Ending |
| Highest Quarter | 16.90% | March 31, 2019 |
| Lowest Quarter | -25.75% | March 31, 2020 |
| Year-to-Date | -1.49% | March 31, 2026 |
| Average Annual Total Returns (For the periods ended December 31, 2025) | Past 1 Year | Past 5 Years | Past 10 Years |
| Davis Real Estate Portfolio | -5.71% | 2.61% | 4.04% |
| S&P 500 Index reflects no deduction for fees, expenses or taxes | 17.88% | 14.42% | 14.81% |
| Wilshire U.S. Real Estate Securities Index reflects no deduction for fees, expenses or taxes | 3.47% | 7.04% | 5.74% |
| Yield for Davis Real Estate Portfolio (For the period ended December 31, 2025) | |
| 30-Day SEC Yield | 2.45% |
You can obtain the Fund’s most recent 30-day SEC Yield by calling Investor Services toll-free at 1-800-279-0279, Monday through Friday, from 9 a.m. to 6 p.m. Eastern Time.