Highlights

  • DAVA traded at AUD 30.75 on 24 July 2026, down just 0.22% — showing relative resilience compared with the broader market.
  • The fund has a fund size of approximately AUD 1.43 billion and is classified in the Equity Australia Large Value category.
  • DAVA is managed by Dimensional Fund Advisors with a management fee of 0.34% and benchmarks against the S&P/ASX 300 TR.
  • The fund holds 158 companies with an intense value tilt, including Westpac (9.04%), NAB (8.61%) and ANZ (8.06%) as the three largest positions.
  • Financial Services (42.19%), Basic Materials (27.60%) and Energy (15.20%) dominate the sector allocation, reflecting the value characteristics of those sectors.

Dimensional Australian Value Trust — Active ETF (ASX:DAVA) traded at AUD $30.75, down 0.22%, during the trading session on 24 July 2026. The fund is classified in the Equity Australia Large Value category and has a fund size of approximately AUD $1.43 billion. The fund benchmarks against the S&P/ASX 300 TR and carries a management fee of 0.34%.

Although the fund's unit price recorded a movement during the session, daily ETF unit price movements reflect changes in the value of the underlying portfolio and broader market conditions rather than any change in the fund's investment strategy or management approach. ETF investors generally assess fund performance over longer time horizons consistent with the fund's investment objective.

Fund Overview

The Dimensional Australian Value Trust — Active ETF (ASX:DAVA) is an actively managed exchange-traded fund that seeks to provide long-term capital growth by gaining exposure to a diversified portfolio of value companies listed in Australia. Managed by Dimensional Fund Advisors, the fund applies a systematic value-factor approach — targeting companies that are less expensive relative to their fundamental characteristics than the broader market.

The fund is classified in the Equity Australia Large Value category, which is characterised by low stock valuations (low price ratios and high dividend yields) and relatively lower growth rates. DAVA was admitted to the ASX on 19 August 2024 and has grown to a fund size of approximately AUD 1.43 billion, reflecting strong investor appetite for value-factor strategies structured as active ETFs.

DAVA holds 158 companies and carries a management fee of 0.34% per annum. The fund's portfolio is 100% invested in Australian-listed securities and has a turnover ratio of 19.48%, reflecting Dimensional's disciplined but systematic approach to rebalancing the portfolio as valuations change across the market.

Portfolio Composition

The fund's sector allocation reflects a strong value tilt, with Financial Services (42.19%), Basic Materials (27.60%) and Energy (15.20%) collectively representing approximately 85% of the portfolio. These sectors have typically exhibited lower valuations and higher dividend yields relative to growth sectors, which explains their dominance in a value-oriented portfolio. Technology (0.21%) and Communication Services (1.48%) are minimal allocations.

The top 10 holdings account for 59.72% of the 158-company portfolio. The three largest positions are Westpac Banking Corporation (9.04%), National Australia Bank (8.61%) and ANZ Group Holdings (8.06%). Other significant holdings include Woodside Energy (6.61%), Rio Tinto (6.52%), Macquarie Group (5.10%), QBE Insurance (4.56%), BHP Group (4.17%), Fortescue (3.56%) and Santos (3.43%).

The portfolio is entirely invested in Australian-listed securities (100%), reflecting the fund's domestic value focus. The concentration in banks, miners and energy companies reflects the prevailing value characteristics of these sectors in the Australian large-cap market.

What Investors Watch

For value-factor ETFs such as DAVA, investors typically assess whether the value premium — the historical tendency for cheaper stocks to outperform more expensive ones over time — is being captured effectively across different market conditions. Value strategies often outperform during periods of rising interest rates, economic recovery and commodity strength, but can lag growth-oriented markets. Investors also monitor the fund's dividend yield, given the income characteristics of many value companies, and how portfolio turnover affects the overall cost of owning the fund.

Broader market conditions — including interest rate expectations, commodity prices, currency movements and changes in investor risk appetite — also influence ETF unit prices and the performance of their underlying portfolios, sometimes independently of individual company or security performance.

Understanding Unit Price Movements

Daily fluctuations in ETF unit prices are a normal feature of financial markets and reflect movements in the value of the underlying portfolio securities. Unit prices are not fixed and will vary with market conditions.

A single day's price movement in an ETF does not necessarily indicate a change in the quality or direction of the fund's investment strategy. Market movements can reflect broad changes in investor expectations, sector sentiment, institutional portfolio adjustments and macroeconomic developments.

Investors in ETFs generally consider performance over periods consistent with the fund's stated investment objective — which is typically measured over a full market cycle — rather than focusing on individual daily unit price movements.

Category Context

The Dimensional Australian Value Trust — Active ETF is classified in the Equity Australia Large Value category by Morningstar.

Equity Australia Large Value funds invest primarily in large Australian companies that are less expensive and/or may be growing more slowly than other large-cap companies. Value is generally characterised by low stock valuations (low price ratios and high dividend yields) and low growth rates (low growth rates for earnings, sales, book value, and cash flow).

Within this category, funds are evaluated against peers on a range of criteria including risk-adjusted returns over multiple time periods, portfolio construction and the effectiveness of the investment approach in delivering the stated objective.

Final Takeaway

The Dimensional Australian Value Trust Active ETF eased marginally during the session on 24 July 2026, demonstrating relative resilience compared with some other equity categories. The fund's strong concentration in Financial Services, Basic Materials and Energy — sectors with value characteristics — means its performance will continue to reflect the interplay between value factor returns, dividend income and the performance of those specific sectors in the Australian market.

While daily unit price movements in ETFs attract attention, they are a natural part of how exchange-traded products function rather than signals of any change in the fund's investment approach. Investors assessing the Dimensional Australian Value Trust — Active ETF typically focus on the fund's long-term strategy, portfolio composition, management fee and investment objective when evaluating its suitability for their portfolio.