Key highlights

  • DAVA holds 178 Australian-listed value companies, with its top 10 holdings making up 58.10%.
  • Financial Services is 42.07% of the fund and Energy is 15.10%, against 30.12% and 7.58% for its Large Value category.
  • The fund size is $1.57 billion, the management fee is 0.34% and its annual yield is shown as 6.60%.

Value strategies tilt a portfolio toward companies whose share prices are low relative to measures such as earnings or assets. The Dimensional Australian Value Trust Active ETF (ASX:DAVA) applies that approach to the Australian share market. It was admitted to the ASX on 19 August 2024, is classified by Morningstar as Equity Australia Large Value and uses the S&P/ASX 300 TR index as its benchmark.

This article explains the exposure that DAVA provides, drawing on its ASX fund page, and covers its sector and size breakdown, its largest holdings, its fee and its distributions. It does not include return data or advice.

What the fund is designed to do

The investment objective of the trust is to provide long-term capital growth by gaining exposure to a diversified portfolio of value companies listed in Australia. In Morningstar’s Equity Australia Large Value category, funds invest primarily in large Australian companies that are less expensive or may be growing more slowly than other large-cap companies, with value generally characterised by low price ratios, high dividend yields and low growth rates.

The fund holds 178 companies and has a turnover ratio of 19.48%. Its metrics show a beta of 0.76 and a standard deviation of 9.36, below the 1.00 beta of the market. The fund’s units outstanding were 49,760,101, and average daily volume was 8,476 units.

Sector allocation

The sector breakdown shows Financial Services (42.07%), Basic Materials (26.03%), and Energy (15.10%) as the three largest allocations. Relative to its Morningstar category average, the fund holds a higher share in Financial Services (42.07 vs 30.12%), and Energy (15.10 vs 7.58%). It holds a lower share than the category average in Healthcare (3.38 vs 7.06%), Consumer Cyclical (2.63 vs 7.73%), Consumer Defensive (1.90 vs 5.63%), and Communication Services (1.51 vs 3.75%). The remaining listed sectors are Industrials (4.98%), Healthcare (3.38%), Consumer Cyclical (2.63%), Utilities (1.96%), Consumer Defensive (1.90%), Communication Services (1.51%), and Technology (0.24%).

The value screen leads the portfolio toward banks, resource companies and energy producers, and away from growth-oriented technology and healthcare names.

Asset mix, company size and geography

The fund is fully invested in shares, at 100.00%. By company size, 92.48% is in companies above $1 billion, 6.63% in companies between $500 million and $1 billion and 0.90% below $500 million. The Large Value category averages are 89.92%, 9.54% and 0.54%.

Geographically, the fund is 100.00% in Australia, compared with 92.96% in Australia and 3.88% in the United States for its category.

Top holdings

The ten largest holdings make up 58.10% of the fund, and the remaining 41.89% is spread across 168 companies. They are Westpac Banking Corporation (ASX:WBC) at 9.09%, ANZ Group (ASX:ANZ) at 8.77%, National Australia Bank (ASX:NAB) at 8.57%, Woodside Energy Group (ASX:WDS) at 6.57%, Rio Tinto (ASX:RIO) at 6.18%, Macquarie Group (ASX:MQG) at 4.71%, QBE Insurance Group (ASX:QBE) at 4.15%, Santos (ASX:STO) at 3.53%, Northern Star Resources (ASX:NST) at 3.49% and Fortescue (ASX:FMG) at 3.01%.

Notably, the fund’s three largest positions are banks, and Commonwealth Bank of Australia is not among its ten largest holdings, which differs from most broad market ETFs.

Distributions

DAVA pays distributions quarterly. The most recent was an interim distribution of $0.505 per unit, with an ex-date of 1 October 2026, a record date of 2 October 2026 and a payment date of 19 October 2026. Earlier distributions were $0.972 in July 2026, $0.372 in April 2026, $0.229 in January 2026 and $0.498 in October 2025. The page lists an annual yield of 6.60%.

Fund snapshot and recent filings

On the ASX page, DAVA showed a last price of $31.61, up $0.08 or 0.28%, a bid-offer range of $31.55 to $32.00, a day range of $31.48 to $31.63 and a trading volume of 11,298 units. The fund size is $1.57 billion and the management fee is 0.34%. The ISIN is AU60DFA01016.

Recent announcements include the Monthly Units Issued and Redeemed and Notional Derivative Use notice on 7 October 2026, the distribution reinvestment plan issue price and the estimated tax component on 6 October, the final distribution announcement on 30 September and the estimated distributions announcement on 25 September 2026. The fund shares its filing pattern with the Dimensional Australian Core Equity Trust Active ETF (ASX:DACE), which lodged the same set of notices on the same dates.

DAVA’s exposure at a glance

DAVA provides value-oriented exposure to 178 Australian companies, with heavy weights in banks, energy and resources and 100% of the portfolio in Australia. It has a 0.34% management fee and pays quarterly distributions.