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Price is What You Pay, Value is What You Get

Investor attention is dominated by companies optimized for the moment, with high short term growth, momentum - and often big operating losses. At the same time, many truly great companies are being offered at prices not seen in years.

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Disclaimers Performance Prospectuses and Forms

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Before investing in the Selected Funds, you should carefully consider the investment objectives, risks, fees, and expenses of the Funds. The prospectus and summary prospectus contains this and other information about the Funds. You can obtain performance information and a current prospectus and summary prospectus by visiting or calling 800 243 1575. Please read the prospectus or summary prospectus carefully before investing or sending money. Investing involves risks including possible loss of principal.

This video includes candid statements and observations regarding investment strategies, individual securities, and economic and market conditions; however, there is no guarantee that these statements, opinions or forecasts will prove to be correct. These comments may also include the expression of opinions that are speculative in nature and should not be relied on as statements of fact.

Past performance is not a guarantee of future results. Equity markets are volatile and an investor may lose money.

Davis Advisors is committed to communicating with our investment partners as candidly as possible because we believe our investors benefit from understanding our investment philosophy and approach. Our views and opinions include “forward-looking statements” which may or may not be accurate over the long term. Forward-looking statements can be identified by words like “believe,” “expect,” “anticipate,” or similar expressions. You should not place undue reliance on forward-looking statements, which are current as of the date of this report. We disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise. While we believe we have a reasonable basis for our appraisals and we have confidence in our opinions, actual results may differ materially from those we anticipate.

Objective and Risks.Selected American Shares’ investment objective is capital growth and income. In the current market environment, we expect that income will be low. There can be no assurance that the Fund will achieve its objective. Some important risks of an investment in the Fund are: stock market risk, common stock risk, financial services risk, foreign country risk, headline risk, large-capitalization companies risk, manager risk, depositary receipts risk, emerging market risk, fees and expenses risk, foreign currency risk, and mid- and small-capitalization companies risk. See the prospectus for a complete description of the principal risks.

The information provided in this material should not be considered a recommendation to buy, sell or hold any particular security. As of September 30, 2020, the top ten holdings of Selected American Shares were: Alphabet Inc., 9.93%;, Inc., 6.53%; Berkshire Hathaway Inc., 6.29%; Applied Materials, Inc., 5.99%; Facebook Inc., 5.72%; Capital One Financial Corp., 5.39%; Wells Fargo & Co., 4.76%; JPMorgan Chase & Co., 3.91%; Carrier Global Corp., 3.65%; and Intel Corp., 3.53%.

Selected Funds has adopted a Portfolio Holdings Disclosure policy that governs the release of non-public portfolio holding information. This policy is described in the prospectus. Holding percentages are subject to change. Visit or call 800 243 1575 for the most current public portfolio holdings information.

The companies in Group 2 represent the five growth securities discussed in an independent, third-party article that was focused on the significant increase in market capitalization of these growth stocks. Group 1 represents current Selected American Shares holdings with a market value that was approximately equal to that of Group 2 as of 6/30/20.

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.

Davis Distributors, LLC
2949 East Elvira Road, Suite 101, Tucson, AZ 85756