The Fund Grade · free · no account needed
What grade does DFNL get?
Morningstar rates funds on what they returned. We grade them on where their money sits today: how much of the book overlaps with the converged buys of the top specialist stock pickers.
Fundprints Fund Grade · as of 2026-10-01
Davis Select Financial ETF
#490 of 500 graded active funds · blend · large segment peer group
The point · specialist footprint
DFNL puts less of its book behind proven specialists than 76% of graded funds.
Bottom 20%
● Bottom 40%
Middle
Top 40%
Top 20%
That has mattered: over the past 2.7 years, funds with this little specialist backing trailed top-rung funds by about 3.8% per quarter and beat the S&P in only 22% of fund-quarters. If it also charges an active fee, the higher-graded alternatives deserve a look.
10,000+ funds tracked · the graded specialists among them drive every read
You pay 0.61% a year for a F.
3 funds in the same segment carry an A. Members see the names and what they charge. See the alternatives →
The grade scores this fund's specialist share, the slice that overlaps what the top 1% of proven funds are building. We ignore index ballast and names outside our edge on purpose: that slice is small, and it's what decides the outcome.
DFNL vs the Honor Roll · share card ↗Conviction exposure
7.6%
of the book in specialist-converged names
Late-stage weight
18.7%
of the book in Crowded or Fading names
Active share
97.2%
how far it strays from the index
The best grades have beaten the worst by about +5% a year since we began grading. The gap held in 9 out of 10 months. Measured on filings as they were published, no hindsight.
Inside the book: top names by stage · as of 2026-10-20
We email you the day it crosses 50% crowded, and where you stand every month.
Graded monthly from point-in-time filings. A description of where the money sits, not a recommendation. Evidence, not advice.
The read · what to do with it
DFNL ranks 490 out of 500 graded funds, an F grade, with only 7.6% specialist ownership and a 0.61% fee that is hard to justify at this level. Five positions totaling over 14% of the fund, including Fifth Third and Rocket Companies, are in Fading or Crowded stages where specialists are actively leaving. WFC and MKL show some early specialist interest, but that bright spot is buried under significant late-stage weight.
→ Watch the combined Fading weight in FITB and RKT closely, as specialist exits there often signal further price weakness ahead.
→ Compare DFNL's 0.61% fee against the three higher-graded funds in this segment, all of which carry a stronger specialist backing.
Support leaving these positions
Same family, higher grade
Read from today's disclosed book. Evidence, not advice.