Selected American Shares

    Overview

    Fund Statistics (Class S)

    Davis Advisors Management Date 5/1/93
    Expense Ratio 0.98%
    Turnover Rate 11%
    Results from inception of management through 3/31/20:
    Fund 8.58%
    Average Fund in Category 8.22%

    Investment Strategy

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

    Why Invest in Selected American Shares

    Experience

    Our investment discipline has compounded wealth for investors over six decades and three generations.

    Long-Term Investment Results

    Selected American Shares outperformed the S&P 500® Index over the past two decades.1

    Aligned with Shareholders

    With more than $2 billion invested side by side with fellow shareholders, we experience the same risks and reap the same rewards.2

    Lower than Average Turnover Rate4

    Selected American Shares, 11%; Lipper category average, 51%

    Performance as of 3/31/20

    Average Annual Total Returns
    as of March 31, 2020    		 YTD* 1
    Year    		 3
    Years    		 5
    Years    		 10
    Years    		 15
    Years    		 20
    Years    		 25
    Years
    Selected American Shares Class S -25.90% -14.30% -0.77% 3.04% 6.86% 5.20% 4.29% 8.65%
    S&P 500® Index -19.60% -6.98% 5.10% 6.72% 10.52% 7.57% 4.78% 8.85%

    *YTD is not annualized
    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. 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. Returns and expenses for other classes of shares will vary. Current performance may be higher or lower than the performance quoted. For most recent month-end performance, click here or call 800.243.1575.

    A History of Consistent Long Term Outperformance

    Since no manager can outperform over all periods, our objective has been to increase the probability of outperformance the longer an investor stays with us. As shown below, the longer one has invested with us, the more likely they have earned above-average returns.6

    Percentage of Time Selected American Shares
    Outperformed the S&P 500® Index
    7/1/93 - 3/31/20

    Source: Thomson Financial, Lipper and Bloomberg. The "market" is represented by the S&P 500® Index. Past performance is not a guarantee of future results.

    Portfolio Characteristics as of 3/31/20

    Portfolio Composition

    Selected American Shares S&P 500®
    Index
    Forecast P/E Ratio 12.0 16.2
    P/B Ratio 2.4 3.6
    Weighted Average Market Cap ($bn) 257.7 276.2
    Beta (3 year) 1.2 1.0
    Standard Deviation (5 year, S Shares) 17.1 13.7
    Number of Holdings 46 505

    Turnover, Expenses

    Selected American Shares Lipper Category Average
    Turnover Rate3 11% 51%
    Expense Ratio3 (S Shares) 0.98% 0.91%

    Top 10 Holdings

    Alphabet 10.6%
    Amazon.com 7.3%
    Berkshire Hathaway 6.6%
    Applied Materials 5.7%
    United Technologies 5.1%
    Facebook 4.9%
    Wells Fargo 4.5%
    JPMorgan Chase 4.5%
    Capital One Financial 4.5%
    Didi Chuxing 4.1%

    Click here for Month-end Holdings
    Click here for Quarter-end Holdings
    Click here for N-PORT Schedule of Portfolio Holdings

    Top 10 Industries

    Diversified Financials 18.2%
    Media & Entertainment 16.3%
    Banks 13.7%
    Information Technology 13.6%
    Retailing 13.0%
    Capital Goods 7.2%
    Insurance 4.7%
    Transportation 4.1%
    Health Care 3.6%
    Consumer Services 2.7%

    Literature

    Fact Sheets
    Fund Fact Sheet Download

    Goals of the Fund, types of companies found in the Portfolio, top holdings, portfolio characteristics and historical performance.

    Portfolio Composition Download

    Quarterly update of portfolio characteristics.
    Insights Into the Fund
    Selected American Shares: Selective. Attractive Growth. Undervalued. Download

    Our companies are rigorously researched, offer attractive growth and yet are significantly undervalued versus the benchmark – A powerful combination.†
    Portfolio Manager Commentaries
    Portfolio Manager Special Update - March 2020 Download View

    The importance of mastering your emotions and envisioning the recovery after this crisis passes; factors driving our decisions to sell, hold or actually buy more of a company.
    Manager Commentary -
    Annual Review 2020         		Download View

    An interview with the Fund Managers.
    A Conversation with Chris Davis Download

    PM Chris Davis on strategies that can help every investor to become more successful.
    Insights About Davis Advisors
    Distinctive Attributes Download How our unique culture of rigorous research and stewardship have produced important shareholder benefits, including attractive long-term results, low expenses, low turnover and high alignment of interests.
    Davis Advisors: A Tradition of Success Download

    The evolution of our investment discipline over three generations of successful investors, examines what we look for in a company and profiles the investment professionals.

    This material is authorized for use by existing shareholders. A current Selected American Shares prospectus must accompany or precede this material if it is distributed to prospective shareholders. You should carefully consider the Fund’s investment objective, risks, fees, and expenses before investing. Read the prospectus carefully before you invest or send money.


    1Class S shares. Returns discussed are from 12/31/99-12/31/19. Past performance is not a guarantee of future results.

    2As of December 31, 2019.

    4See Expense ratio/Turnover link below.

    5The Average Large Cap Fund is represented by the equities in the Lipper Average Large Cap peer group. Past performance is not a guarantee of future results.

    6See "outperforming the market" link below.

    † The 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.


    (3) Read here for objective/risk disclosures

    (5) Read here for Expense ratio/Turnover disclosures

    (5a) Read here for "outperforming the market" disclosures

    (6) Read here for Index definition

    (7) Read here for additional disclosures

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