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A Tale of Two Markets

A closer look at the “safe-havens” some investors favor today reveals weak fundamentals and high valuations. Conversely, there are growing areas of the market underappreciated and undervalued by investors, creating significant opportunity.

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Disclaimers Performance Prospectuses and Forms

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Before investing in a fund, you should carefully consider the investment objectives, risks, charges, and expenses. 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 davisfunds.com, selectedfunds.com, clipperfund.com, or calling 800 279 0279. 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.

All investments carry some level of risk. Sectors or industries that have historically been considered less risky are still subject to risk, which may include the loss of an investor’s principal investment.

This is not a recommendation to buy, sell or hold any specific security. Past performance is not a guarantee of future results.

The Funds are 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 video. 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.

Shares of the 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