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| Fund Literature |
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| Davis Advisors provides these resources to help inform investors on the Davis investment process, our portfolio managers, specific details on the Selected American Shares and our long term performance record. Several additional resources provide insight into the traits and practices we believe have contributed to our investing success over four decades in the markets. |
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| FUND FACTSHEETS | |
| Selected American Shares Quarterly Factsheet |
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This resource provides detail on the strategy of the fund, portfolio holdings and characteristics and several measures of historical performance. |
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| Important Facts on Selected American Shares |
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| Selected American Shares Quarterly Portfolio Composition |
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| PORTFOLIO COMMENTARIES | |
| Portfolio Manager Commentary - Annual Review 2009 |
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| An interview with Selected American Shares Managers Christopher C. Davis and Kenneth Charles Feinberg. | |
| Portfolio Review - Spring 2010 |
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| Davis Advisors provides a brief statement about portfolio performance, company positions, and the stock market environment over the most recent quarter. | |
| SELECTED FUNDS IN THE NEWS | |
| Article reprint: Fortune Magazine – “Gasp! Fund Manager Commits Selfless Act” |
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Fortune highlights an uncommon act of shareholder stewardship: Davis voluntarily reduces management fees. |
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| Article reprint: FA Magazine – “Perception & Reality” |
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Portfolio Manager Christopher Davis discusses the current environment from the perspective of a third-generation investor; how bear markets offer an opportunity to buy superior companies at attractive prices; and the four areas that Davis is currently targeting for long-term investment. |
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| Article reprint: Morningstar Advisor Magazine - “Chris Davis: Now is the Time to Move Forward” |
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A profile of Davis Advisors and Portfolio Manager Christopher Davis. Includes a brief overview of the investment discipline and culture of the firm, as well as Mr. Davis' perspective on the current market and investing rationally in volatile times. |
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| Selected Funds Receives Morningstar's Highest Stewardship Grade |
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Morningstar issues "Stewardship Grades", measuring an investment manager's commitment to shareholders interests. Of the 1000 funds graded, only 3 received both the highest overall grade of "A" and also received "A" grades in each individual component of the score. One of these funds is Selected American Shares. (see resource for disclosure) |
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| INSIGHTS FOR SUCCESSFUL INVESTING | |
| Selected American Shares: Consistency, Commitment, Results |
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Illustrates how the "slow and steady" Davis Investment Discipline does not have to outperform every benchmark in every year to end up outperforming the benchmarks over the long term. |
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| Selected American Shares Brochure |
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Details what distinguishes Davis Advisors and the fund, and why these attributes should be important to investors interested in pursuing long-term wealth. |
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| The Successful Investor |
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Insights into the types of investor behavior that we believe foster the creation of long term wealth. Covers such important themes as: expecting and dealing with uncertainty, setting realistic equity return expectations, focusing on the "knowable and important", why emotions can prompt investors to "Buy High / Sell Low", why patience can provide a real investment advantage and more. |
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| ANNUAL & SEMI-ANNUAL REPORTS | |
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| Fund Annual Report |
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| Fund Semi Annual Report |
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| N-Q Filing: Portfolio Holdings |
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| Statement of Additional Information |
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*Past performance is not a guarantee of future results. All equity investments involve risk. No investor is guaranteed a profit. |
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