Overview

Investment Strategy

The goal of Selected American Shares is to provide investors access to attractive investment opportunities among large cap, durable, well-managed businesses, primarily in the U.S.

Using our signature Davis Investment Discipline, we seek to purchase these businesses at value prices and hold them for the long term. This approach makes Selected American Shares an ideal foundation for an investor's portfolio.

"By being highly selective and rejecting the vast majority of companies in the index, we’ve uncovered businesses with highly attractive earnings growth, yet selling at some of the lowest valuations we have ever seen. We believe this sets the stage for attractive returns in the years ahead.”

– Portfolio Manager Chris Davis

Selective Attractive Growth Undervalued

Selected American Shares invests in only a select group of well-researched companies

Selected American Shares's portfolio companies have offered attractive growth

Selected American Shares's portfolio companies are 36% less expensive than the index

Holdings EPS Growth (5 Year) P/E (Forward)
503
42
19.3%
15.1%
14.8x
23.1x
Fund
S&P 500 Index
The companies of Selected American Shares have grown more than the companies in the index, yet are 36% less expensive.

Fund Details as of 6/30/25

Detail Value
Long-Term Capital Appreciation1
Total Net Assets ($M) 1,817.8
Benchmark S&P 500 Index
Lipper Category Large Cap Value

S Shares

Detail Value
Ticker (S) SLASX
Inception Date (S) 5/1/93
CUSIP (S) 816221105
Fund Number (S) 205
Net Expense Ratio (S) 0.98%
Gross Expense Ratio (S) 0.98%

D Shares

Detail Value
Ticker (D) SLADX
Inception Date (D) 5/3/04
CUSIP (D) 816221204
Fund Number (D) 1023
Net Expense Ratio (D) 0.66%
Gross Expense Ratio (D) 0.66%

Fund Managers

Chris C. Davis
37 Years Industry Experience
36 Years at Davis Funds
View Bio
Danton G. Goei
29 Years Industry Experience
27 Years at Davis Funds
View Bio

Resources

Document
PM Commentary
Factsheet

Featured PM Videos

Performance as of 6/30/25

Growth of $10,000 (Class S Shares since Inception)

Selected American Shares
S&P 500 Index

Average Annual Returns

S Shares: Quarterly (as of 6/30/25)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
S Shares 11.29% 14.33% 21.12% 15.48% 10.91% 10.16%

The average annual total returns for Selected American Shares’s Class S shares for periods ending June 30, 2025 are: 1 year, 14.33%; 5 years, 15.48%; and 10 years, 10.91%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit selectedfunds.com or call 800-243-1575. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class S Shares as of the most recent prospectus was 0.98%. The total annual operating expense ratio may vary in future years. Periods less than one year are not annualized. The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

S Shares: Monthly (as of 8/31/25)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
S Shares 15.83% 16.50% 21.63% 14.13% 11.64% 10.24%

The average annual total returns for Selected American Shares’s Class S shares for periods ending June 30, 2025 are: 1 year, 14.33%; 5 years, 15.48%; and 10 years, 10.91%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit selectedfunds.com or call 800-243-1575. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class S Shares as of the most recent prospectus was 0.98%. The total annual operating expense ratio may vary in future years. Periods less than one year are not annualized. The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

D Shares: Quarterly (as of 6/30/25)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
D Shares 11.47% 14.69% 21.52% 15.85% 11.27% 8.93%

The average annual total returns for Selected American Shares’s Class S shares for periods ending June 30, 2025 are: 1 year, 14.33%; 5 years, 15.48%; and 10 years, 10.91%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit selectedfunds.com or call 800-243-1575. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class S Shares as of the most recent prospectus was 0.98%. The total annual operating expense ratio may vary in future years. Periods less than one year are not annualized. The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

D Shares: Monthly (as of 8/31/25)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
D Shares 16.09% 16.88% 22.02% 14.50% 12.00% 9.06%

The average annual total returns for Selected American Shares’s Class S shares for periods ending June 30, 2025 are: 1 year, 14.33%; 5 years, 15.48%; and 10 years, 10.91%. The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. For most recent month-end performance, visit selectedfunds.com or call 800-243-1575. Current performance may be lower or higher than the performance quoted. The total annual operating expense ratio for Class S Shares as of the most recent prospectus was 0.98%. The total annual operating expense ratio may vary in future years. Periods less than one year are not annualized. The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary.

Portfolio Characteristics as of 6/30/25

Portfolio Composition

Item Selected American Shares S&P 500 Index®
P/E (Forward) 14.8x 23.1x
5 Year Earnings Growth 19.3% 15.1%
P/B Ratio 3.4 4.7
Active Share 84% N/A
Standard Deviation (5 year, S Shares) 18.1 16.3
Number of Holdings 42 503
Weighted Average Market Cap ($bn) 419.1 1,088.8
Median Market Cap ($bn) 43.9 36.2
Selected American Shares Large Cap Value Category Average
Turnover Rate 19% 50%
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Portfolio Holdings

Top 10 Holdings: Quarterly (as of 6/30/25)

Holding Ticker Selected American Shares S&P 500 Index®
Meta Platforms META 9.3% 3.1%
Capital One Financial COF 9.1% 0.3%
Applied Materials AMAT 5.2% 0.3%
Berkshire Hathaway BRK A 5.0% 1.7%
U.S. Bancorp USB 4.4% 0.1%
MGM Resorts MGM 4.1% < 0.1%
CVS Health CVS 4.0% 0.2%
Amazon.com AMZN 3.9% 4.0%
Danske Bank DANSKE DC 3.7%
Alphabet GOOGL 3.6% 3.5%
Total 52.1% 13.1%

Top 10 Holdings: Monthly (as of 8/31/25)

Holding Ticker Selected American Shares S&P 500 Index®
Capital One Financial COF 9.4% 0.3%
Meta Platforms META 7.5% 2.9%
Berkshire Hathaway BRK A 5.0% 1.7%
Applied Materials AMAT 4.9% 0.2%
MGM Resorts MGM 4.7% < 0.1%
U.S. Bancorp USB 4.6% 0.1%
Alphabet GOOGL 4.2% 4.1%
CVS Health CVS 4.1% 0.2%
Amazon.com AMZN 4.0% 4.0%
Viatris VTRS 3.7% < 0.1%
Total 52.1% 13.5%

All Holdings: Quarterly (as of 6/30/25)

Holding Ticker Selected American Shares S&P 500 Index®
Meta Platforms META 9.3% 3.1%
Capital One Financial COF 9.1% 0.3%
Applied Materials AMAT 5.2% 0.3%
Berkshire Hathaway BRK A 5.0%
U.S. Bancorp USB 4.4% 0.1%
MGM Resorts MGM 4.1% < 0.1%
CVS Health CVS 4.0% 0.2%
Amazon.com AMZN 3.9% 4.0%
Danske Bank DANSKE DC 3.7%
Alphabet GOOGL 3.6% 2.0%
Texas Instruments TXN 3.3% 0.4%
Viatris VTRS 3.2% < 0.1%
Wells Fargo WFC 3.1% 0.5%
Markel Group MKL 2.7%
Tyson Foods TSN 2.6% < 0.1%
Samsung Electronics 005930 KS 2.4%
Tourmaline Oil TOU CN 2.3%
Teck Resources TECK 2.0%
Prosus PRX NA 1.9%
UnitedHealth Group UNH 1.9% 0.5%
Humana HUM 1.9% 0.1%
Solventum SOLV 1.8% < 0.1%
Chubb CB 1.4% 0.2%
Microsoft MSFT 1.4% 7.0%
Owens Corning OC 1.4%
DiDi Global DIDIY 1.3%
Ping An Insurance Group 2318 HK 1.2%
AIA Group 1299 HK 1.2%
Coterra Energy CTRA 1.2% < 0.1%
Coupang CPNG 1.1%
Restaurant Brands International QSR 1.1%
Trip.com Group TCOM 1.0%
AGCO AGCO 1.0%
Quest Diagnostics DGX 1.0% < 0.1%
Cigna Group CI 0.9% 0.2%
ConocoPhillips COP 0.8% 0.2%
IAC IAC 0.6%
Darling Ingredients DAR 0.5%
Naspers NPN SJ 0.3%
ANGI ANGI 0.1%
Orascom Construction OC DU 0.1%
ASAC II ASAC LP 0.1%
CASH 1.2%

All Holdings: Monthly (as of 8/31/25)

Holding Ticker Selected American Shares S&P 500 Index®
Capital One Financial COF 9.4% 0.3%
Meta Platforms META 7.5% 2.9%
Berkshire Hathaway BRK A 5.0%
Applied Materials AMAT 4.9% 0.2%
MGM Resorts MGM 4.7% < 0.1%
U.S. Bancorp USB 4.6% 0.1%
Alphabet GOOGL 4.2% 2.3%
CVS Health CVS 4.1% 0.2%
Amazon.com AMZN 4.0% 4.0%
Viatris VTRS 3.7% < 0.1%
Danske Bank DANSKE DC 3.6%
Texas Instruments TXN 3.2% 0.3%
Wells Fargo WFC 3.0% 0.5%
Samsung Electronics 005930 KS 2.7%
Markel Group MKL 2.6%
Tyson Foods TSN 2.5% < 0.1%
Humana HUM 2.3% 0.1%
Prosus PRX NA 2.1%
Tourmaline Oil TOU CN 2.0%
UnitedHealth Group UNH 1.9% 0.5%
Solventum SOLV 1.7% < 0.1%
Teck Resources TECK 1.7%
DiDi Global DIDIY 1.5%
Pinterest PINS 1.5%
Owens Corning OC 1.5%
Ping An Insurance Group 2318 HK 1.4%
Chubb CB 1.3% 0.2%
Trip.com Group TCOM 1.3%
AIA Group 1299 HK 1.2%
Coterra Energy CTRA 1.1% < 0.1%
AGCO AGCO 1.0%
Restaurant Brands International QSR 1.0%
Quest Diagnostics DGX 1.0% < 0.1%
ConocoPhillips COP 0.9% 0.2%
Cigna Group CI 0.8% 0.2%
IAC IAC 0.5%
Darling Ingredients DAR 0.4%
Naspers NPN SJ 0.3%
Orascom Construction OC DU 0.2%
ANGI ANGI 0.1%
ASAC II ASAC LP 0.1%
CASH 1.7%

"We are highly selective. Few companies satisfy the characteristics of durability, competitive moats, growth and attractive prices we demand.

The result: Our portfolios look very different from the index."

Portfolio Manager Chris Davis

Sector Allocation

Sector Selected American Shares S&P 500 Index®
Financials 32.1% 14.0%
Health Care 14.8% 9.3%
Communication Services 13.7% 9.8%
Consumer Discretionary 13.7% 10.4%
Information Technology 12.5% 33.1%
Energy 4.3% 3.0%
Industrials 3.9% 8.6%
Consumer Staples 3.1% 5.5%
Materials 2.1% 1.9%
Utilities 2.4%
Real Estate 2.0%

Market Cap Breakout

Selected American Shares
Market Percentage
Large 92.1%
Mid 7.0%
Small 0.9%
S&P 500 Index® Index
Market Percentage
Large 99.6%
Mid 0.4%
Small 0.0%

PM Commentary

Portfolio Manager Commentaries

Document Description
Manager Commentary - Semi-Annual Review 2025 An interview with the Fund Managers.

Factsheet

Fact Sheets

Document Description Date
Fund Fact Sheet Goals of the Fund, types of companies in the Portfolio, top holdings, Portfolio characteristics, and historical performance. June 2025

Video

Video Insights

How Selected American Shares is Benefiting in this Transitioning Market

The end of the easy-money era, why fundamentals matter again and drivers of recent performance

The Return to Rationality

The bursting of the easy money bubble marks a huge transition for the markets

Investor Implications of Rising Rates

How the end of the free money era is ending the distortions of the past decade and returning rationality to the markets

What to Own and Avoid in Today’s Market

In our view, what types of companies should be avoided, and which stand to benefit from the end of the easy money era

Insights

Fund Insights

Document Description
Selected American Shares: Selective. Attractive Growth. Undervalued. Our companies are rigorously researched, offer attractive growth and yet are significantly undervalued versus the benchmark - A powerful combination.

Purchase Details

Account Minimums

Investment Class S Class D
Minimum Initial Investment $1,000 $10,000
Minimum Additional Investment $25 $25

Distributions

2025 Semi-Annual Distributions as of 06/25/25

This information on 2025 distributions is intended for existing shareholders.

As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.

Capital gains result from the appreciation of companies in the portfolio. The fund's long-term investment approach means that this appreciation may have occurred over an extended period of time. All of the gains are long term and generally subject to lower tax rates than short-term gains or dividend income. Thus, for longtime shareholders in search of yield, capital gains distributions tend to be more tax efficient than interest or dividend income.

Share Class Record Date Ex-Date Payable Date Ordinary Income Short-term Capital Gain Long-term Capital Gain Reinvestment Price
Class S 6/24/25 6/25/25 6/26/25 .163 - 3.50 37.30
Class D 6/24/25 6/25/25 6/26/25 .2251 - 3.50 37.44

This information on 2025 distributions is intended for existing shareholders. Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent in early 2026 for all tax reporting.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.

2024 Distributions as of 02/11/25

This information on 2024 distributions is intended for existing shareholders

As large shareholders ourselves, we are conscious of tax costs and make every effort to be tax efficient.

Capital gains result from appreciation in the portfolio. The funds' long-term investment approach means that this appreciation may have occurred over an extended period of time. All of the gains are long-term and generally subject to lower tax rates than short-term gains or dividend income.

Share Class Record Date Ex-Date Payable Date Qualified Dividend Percentage Ordinary Income Return of Capital Short-term Capital Gain Long-term Capital Gain Reinvestment Price
Class S 6/13/24 6/14/24 6/17/24 94.60% .15 - .075 2.50 40.39
12/12/24 12/13/24 12/16/24 94.60% .1992 - - 4.65 38.81
Class D 6/13/24 6/14/24 6/17/24 94.60% .217 - .075 2.50 40.51
12/12/24 12/13/24 12/16/24 94.60% .267 - - 4.65 38.94

Shareholders should not use this information for tax reporting purposes. Form 1099 will be sent at a later date for all tax reporting.

The table above includes the percentage of 2024 dividend and net short-term capital gain distributions, by fund, that are eligible for reduced tax rates as "qualified dividend income" (QDI). QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who do not receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2024 year-end account statement. Individual questions should be referred to your tax advisor.

Carefully consider the fund's investment objectives, strategies, risks, charges and expenses before investing or sending money. The prospectus contains this and other information and can be obtained by clicking here.


Before investing in the Selected Funds, you should carefully consider the investment objectives, risks, charges, 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 selectedfunds.com 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.