Selected American Shares

    Overview

    Fund Statistics (Class S)

    Davis Advisors Management Date 5/1/93
    Expense Ratio 0.98%
    Turnover Rate 8%
    Results from inception of management through 12/31/22:
    Fund 9.02%
    Average Fund in Category 9.05%

    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

    The Fund out-performed the Index in 69% of all 20 year periods since Davis Advisors began management.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, 8%; Lipper category average, 43%


    Selective Attractive Growth Undervalued

    SAS invests in only a select group of well-researched companies

    SAS portfolio companies have offered attractive growth

    SAS portfolio companies are 42% less expensive than the index

    Holdings**

    5-Year EPS Growth**

    P/E (Forward)**
    503
    38
    SAS
    S&P500
    15.1%
    10.2%
    SAS
    S&P500
    10.3x
    17.8x
    SAS
    S&P500

       “The companies of Selected American Shares have grown faster than the companies in the index, yet are 42% less expensive.

    In fact, this gap between price and value is among the widest we have ever seen.

    We believe this sets the stage for attractive returns in the years ahead.”

    - Portfolio Manager Chris Davis

    Performance as of 12/31/22

    Average Annual Total Returns
    as of December 31, 2022    		 YTD* 1
    Year    		 3
    Years    		 5
    Years    		 10
    Years    		 15
    Years    		 20
    Years    		 25
    Years
    Selected American Shares Class S -20.27% -20.27% 1.56% 3.39% 8.95% 5.65% 7.73% 6.65%
    S&P 500® Index -18.11% -18.11% 7.65% 9.42% 12.56% 8.80% 9.79% 7.63%

    *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.1

    Percentage of Time Selected American Shares
    Outperformed the S&P 500® Index
    7/1/93 - 12/31/22

    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 12/31/22

    Portfolio Composition

    Selected American Shares S&P 500®
    Index
    Forecast P/E Ratio 10.3 17.8
    P/B Ratio 2.3 4.0
    Weighted Average Market Cap ($bn) 199.5 393.6
    Beta (3 year) 1.0 1.0
    Standard Deviation (5 year, S Shares) 21.2 18.7
    Number of Holdings 38 503

    Turnover, Expenses

    Selected American Shares Lipper Category Average
    Turnover Rate3 8% 43%
    Expense Ratio3 (S Shares) 0.98% 0.88%

    Top 10 Holdings

    Berkshire Hathaway 9.0%
    Wells Fargo 8.3%
    Capital One Financial 6.1%
    Applied Materials 5.9%
    Alphabet 5.9%
    Meta Platforms 5.4%
    JPMorgan Chase 4.2%
    Amazon.com 4.2%
    Bank of New York Mellon 4.2%
    Texas Instruments 4.0%

    Click here for Month-end Holdings
    Click here for Quarter-end Holdings


    Top 10 Industries

    Banks 22.4%
    Diversified Financials 20.1%
    Information Technology 13.8%
    Media & Entertainment 11.9%
    Health Care 9.0%
    Retailing 8.2%
    Insurance 7.2%
    Materials 2.6%
    Capital Goods 1.6%
    Food, Beverage & Tobacco 1.2%

    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
    Manager Commentary - Annual Review 2023 Download View

    An interview with the Fund Managers.
    Insights About Davis Advisors
    The Davis Research Methodology Download

    Davis Advisors unique approach to building long-term wealth through investing in equities, including: what we look for in a company, how we arrive at an appropriate purchase price and the factors that may prompt us to sell a position.

    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 12/31/99-12/31/22. Past performance is not a guarantee of future results. See "outperforming the market" link below.

    2As of December 31, 2022

    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.

    ** The Attractive Growth and Undervalued reference relates to underlying characteristics of the portfolio holdings. There is no guarantee that the Fund performance will be positive as equity markets are volatile and an investor may lose money. Past performance is not a guarantee of future returns. Performance may vary.  Five-Year EPS Growth Rate is the average annualized earning per share growth for a company over the past five years. The values for the portfolio and index are the weighted average of the five-year EPS Growth Rates of the stocks in the portfolio or index. Forward Price/Earnings (Forward P/E) Ratio is a stock’s current price divided by the company’s forecasted earnings for the following 12 months. The values for the portfolio and index are the weighted average of the P/E ratios of the stocks in the portfolio or index.


    (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