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Selected American Shares

Key Points
  • Selectively invests in large cap, durable, well-managed companies
  • Seeks growing businesses at value prices to hold for the long term
  • Portfolio of companies with attractive earnings growth at a 36% discount to the market
Daily Price as of 9/5/25 (Class S)
Price $ Change / % Change
$39.44 $-0.05 / -0.13%
Price $ Change / % Change
Category Large Cap Value
Inception 5/1/93
Resources
Resource
Selected American Shares

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

Selected American Shares's portfolio companies are 36% less expensive than the index
Holdings The number of holdings in the Fund excluding cash positions. EPS Growth (5 Year) Five-year EPS Growth Rate (5-year EPS) is the average annualized earnings per share growth for a company over the past 5 years. The values shown are the weighted average of the 5-year EPS of the stocks in the Fund or Index. The 5-year EPS of the S&P 500 Index is 15.1%. Approximately 5.11% of the assets of the Fund are not accounted for in the calculation of 5-year EPS as relevant information on certain companies is not available to the Fund’s data provider. P/E (Forward) Forward Price/Earnings (Forward P/E) Ratio is a stock’s price at the date indicated divided by the company’s forecasted earnings for the following 12 months based on estimates provided by the Fund’s data provider. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index. The Forward P/E of the S&P 500 Index is 23.1x.
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 This is the date Davis Selected Advisers, L.P. took over management of this fund.
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 This is the date Davis Selected Advisers, L.P. took over management of this fund.
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

How Selected American Shares is Benefiting in this Transitioning Market
Video

How Selected American Shares is Benefiting in this Transitioning Market

Investment Themes We’re Focusing on Today
Video

Investment Themes We’re Focusing on Today

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 7/31/25)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
S Shares 10.67% 11.87% 18.44% 14.41% 10.54% 10.11%

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 7/31/25)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
D Shares 10.89% 12.26% 18.82% 14.78% 10.90% 8.87%

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) Forward Price/Earnings (Forward P/E) Ratio is a stock’s price at the date indicated divided by the company’s forecasted earnings for the following 12 months based on estimates provided by the Fund’s data provider. These values for both the Fund and the Index are the weighted average of the stocks in the portfolio or index. The Forward P/E of the S&P 500 Index is 23.1x. 14.8x 23.1x
5 Year Earnings Growth 19.3% 15.1%
P/B Ratio Price/Book (P/B) Ratio is the weighted average of the P/B ratios of the stocks in a portfolio. The P/B ratio of a stock is calculated by dividing the current price of the stock by the company’s per share book value. Stocks with negative book values are excluded for this calculation. 3.4 4.7
Active Share Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index. 84% N/A
Standard Deviation (5 year, S Shares) Standard Deviation is a measure of the average deviations of a return series from its mean; often used as a risk measure. A large standard deviation implies that there have been large swings or volatility in the manager’s return series. 18.1 16.3
Number of Holdings 42 503
Weighted Average Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. 419.1 1,088.8
Median Market Cap ($bn) Median Market Capitalization is the midpoint of market capitalization of the stocks in a portfolio. 43.9 36.2
Selected American Shares Large Cap Value Category Average
Turnover Rate Turnover Rate is a measure of the trading activity in a mutual fund’s investment portfolio that reflects how often securities are bought and sold. These amounts are as of the most recent prospectus. Over the last five years, the high and low turnover rate was 20% and 8%, respectively. 19% 50%
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Portfolio Holdings The information provided should not be considered a recommendation to buy, sell or hold any particular security. Davis 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.

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 7/31/25)

Holding Ticker Selected American Shares S&P 500 Index®
Capital One Financial COF 9.3% 0.3%
Meta Platforms META 9.0% 3.1%
Applied Materials AMAT 5.2% 0.3%
Berkshire Hathaway BRK A 5.0% 1.6%
MGM Resorts MGM 4.5% < 0.1%
U.S. Bancorp USB 4.4% 0.1%
Amazon.com AMZN 4.3% 4.1%
Alphabet GOOGL 4.0% 3.8%
Danske Bank DANSKE DC 3.6% —
CVS Health CVS 3.6% 0.2%
Total 52.9% 13.4%

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 7/31/25)

Holding Ticker Selected American Shares S&P 500 Index®
Capital One Financial COF 9.3% 0.3%
Meta Platforms META 9.0% 3.1%
Applied Materials AMAT 5.2% 0.3%
Berkshire Hathaway BRK A 5.0% —
MGM Resorts MGM 4.5% < 0.1%
U.S. Bancorp USB 4.4% 0.1%
Amazon.com AMZN 4.3% 4.1%
Alphabet GOOGL 4.0% 2.1%
Danske Bank DANSKE DC 3.6% —
CVS Health CVS 3.6% 0.2%
Viatris VTRS 3.2% < 0.1%
Wells Fargo WFC 3.1% 0.5%
Texas Instruments TXN 3.0% 0.3%
Samsung Electronics 005930 KS 2.9% —
Markel Group MKL 2.7% —
Tyson Foods TSN 2.4% < 0.1%
Tourmaline Oil TOU CN 2.1% —
Prosus PRX NA 2.0% —
Humana HUM 2.0% 0.1%
Solventum SOLV 1.7% < 0.1%
Teck Resources TECK 1.7% —
UnitedHealth Group UNH 1.6% 0.4%
Owens Corning OC 1.4% —
DiDi Global DIDIY 1.4% —
Chubb CB 1.4% 0.2%
Ping An Insurance Group 2318 HK 1.3% —
AIA Group 1299 HK 1.3% —
AGCO AGCO 1.2% —
Coterra Energy CTRA 1.2% < 0.1%
Restaurant Brands International QSR 1.1% —
Trip.com Group TCOM 1.1% —
Quest Diagnostics DGX 0.9% < 0.1%
Pinterest PINS 0.9% —
ConocoPhillips COP 0.9% 0.2%
Cigna Group CI 0.7% 0.1%
IAC IAC 0.6% —
Darling Ingredients DAR 0.4% —
Naspers NPN SJ 0.3% —
Coupang CPNG 0.3% —
Microsoft MSFT 0.2% 7.4%
Orascom Construction OC DU 0.2% —
ANGI ANGI 0.1% —
ASAC II ASAC LP 0.1% —
CASH — 1.9% —

"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 The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and S&P Global (“S&P”). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

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 The Adviser considers companies with market capitalizations over $10 billion to be large-capitalization companies, between $3 billion and $10 billion to be mid-capitalization companies, and under $3 billion to be small-capitalization companies.

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
Video

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

Market CommentaryPortfolio Strategy
The Return to Rationality
Video

The Return to Rationality

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

Market CommentaryPortfolio Strategy
Investor Implications of Rising Rates
Video

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

Market CommentaryPortfolio StrategySuccessful Investing
What to Own and Avoid in Today’s Market
Video

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

Market CommentaryPortfolio StrategySuccessful Investing
Investment Themes We’re Focusing on Today
Video

Investment Themes We’re Focusing on Today

Tech, Semis, Financials and other themes we expect to drive returns

Market CommentaryPortfolio StrategyFinancials

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

Open an Account

You can invest with Selected Funds in a number of ways:

  • Speak with your Financial Advisor
  • Open an account by mail by downloading the applications below

Document
Application for Individuals (Joint, Trust, Custodial)
Application for Businesses
Application for Individual Retirement Account (IRA)

Please download one of the following disclosure and custodial agreements:
Traditional IRA Disclosure Statement and Custodial Agreement
Roth IRA Disclosure and Custodial Agreement
Simple IRA Disclosure and Custodial Agreement

Application for Coverdell Education Savings Account

Please download the Coverdell Education Savings Account Disclosure and Custodial Agreement

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.

Read here for objective/risk disclosures

Read here for index definition

Read here for Lipper definition