Identifying Great Companies
Now Offered at a Discount

Dominant, growing businesses are currently available at prices not seen in years – Exceptional opportunities for investors who think long term

NEW 2021 PM ANNUAL REVIEWS

Our Portfolio Managers on the markets and how we are positioning portfolios now to pursue the
opportunities being created.

  • Davis NY Venture Fund Portfolio Manager Commentary

    “…We have built a portfolio that includes growth companies at value prices and value companies with long-term growth. As a result, the portfolio is positioned with less risk and more relative upside than we have seen since the late 1990s.”

    - PM Chris Davis, Selected American Shares Annual Review 2021

Featured Video

A Tale of Two Markets The distortions and anomalies of the current market environment – extraordinarily narrow leadership, massive performance disparities between growth and value – and the risks and opportunities being created

Opportunities in Today’s Market Companies and sectors that we believe represent the greatest opportunities today, ranging from high growth digital economy leaders to great, durable and growing companies being offered at prices not seen in years.

Current Insights

  • Selected American Shares
    PM Annual Review 2021

    "A one-year gap of more than 30% between growth and value is one of the widest on record and creates opportunity for investors who recognize the important difference between price and value… While prices can fluctuate with emotions, value is created by earnings."
    - Portfolio Manager Chris Davis

Unique Attributes

  • Fifty Years of Experience

    Our investment discipline has been utilized to build wealth by purchasing durable, well-managed businesses at value prices and holding them for the long term.

    Aligned with Shareholders

    With more than $2 billion invested in funds and other accounts following the same investment strategy*, we experience the same risks and reap the same rewards.

    Long-Term Investment Results

    We have a history of delivering strong, consistent investment results through full market cycles. Click here to learn more about our long term results.

Fund Snapshots

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* As of December 31, 2020.

1The Attractive Growth and Undervalued reference in this piece relates to underlying characteristics of the portfolio holdings. There is no guarantee that Fund performance will be positive as equity markets are volatile and an investor may lose money.

This material must be accompanied or preceded by a current Selected Funds prospectus. Carefully consider the Fund’s investment objectives, risks, fees, and expenses before investing or sending money. Read the prospectus carefully before you invest or send money. The prospectus contains this and other information and can be obtained by clicking here or calling 800.243.1575. Davis Distributors, LLC, is the distributor of the Selected Funds.

Shares of the Selected Funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested.