Selected International Fund


    Investment Strategy

    The goal of the Selected International Fund is to provide investors access to attractive investment opportunities that exist outside of the United States, in both developed and developing markets. Selected International Fund was previously named Selected Special Shares.

    The Fund applies our signature Davis Investment Discipline – seeking durable, well-managed businesses at value prices and holding them for the long term – to create a Portfolio of companies based primarily outside the United States.

    Investors who recognize that some of the most compelling investment opportunities can be found beyond U.S. borders may want to consider Selected International Fund.  

    Why Invest in Companies Outside the U.S.

    Globalization of the world’s economy continues at a rapid pace:

    • Many successful companies are located outside the United States. (More than 37,000 companies are listed on exchanges outside the United States, compared with only 5,000 within the United States.)
    • About half of the world’s market capitalization is outside the United States.
    • Approximately 95% of the world’s population lives beyond U.S. borders and 74% of global GDP is generated outside the United States.
    • Investing solely in domestic stock funds may mean missing the tremendous growth opportunities and diversification potential that international companies provide.

    Why Invest in Selected International Fund


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

    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.1

    Selective Attractive Growth Undervalued

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

    SIF portfolio companies have grown faster than the Index

    SIF portfolio companies are 53% less expensive than the index


    5-Year EPS Growth**

    P/E (Forward)**

    ex US
    ex US
    ex US

       “The companies of Selected International Shares have grown more than the companies in the index, yet are 53% 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 Danton Goei

    Performance as of 6/30/23

    Average Annual Total Returns
    as of June 30, 2023
    YTD* 1
    Since Incep.
    Selected International Fund
    Class S**
    2.88% 9.16% -2.78% -2.71% 3.54% 3.57% 2.83% 5.51%

    * 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 Fund is subject to a 2% short term redemption fee for shares held for fewer than 30 days. The total annual operating expense ratio for Class S shares as of the most recent prospectus was 1.70%. (The Adviser is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses of Class S shares at 1.05%. The expense cap expires May 1, 2024) 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.

    ** Davis Selected Advisers, LP assumed the portfolio management of Selected Funds in May, 1993.

    *** From the date that Davis Advisors first began managing the Fund (May 1, 1993) until May 1, 2011, Selected International Fund was named Selected Special Shares and invested primarily in domestic equity securities. In the future the Fund is expected to invest primarily in foreign equity securities and the past performance of the Fund is unlikely to be relevant to future performance. 

    Portfolio Characteristics as of 6/30/23

    Geographical Diversification

    Asia 58.4 %
    Europe 27.9 %
    North & Central America 8.8 %
    Africa 4.9%

    Top 10 Countries

    Korea, Republic of (South Korea)
    Hong Kong
    South Africa

    Top 10 Holdings

    Danske Bank Denmark Largest bank in Denmark that is well-capitalized yet is trading below book value due to what we believe are temporary headwinds  12.2%
    DBS Group Holdings Singapore Largest bank in Singapore and among the largest in developed Asia 7.5%
    AIA Group Hong Kong 2nd largest life insurer in China with operations throughout Asia-Pacific offering financial services to a large, under-penetrated addressable market  6.8%
    Samsung Electronics South Korea Among the world’s largest semiconductor companies - a global market leader in wireless handsets, TVs, flat panel displays and memory components. 6.5%
    Julius Baer Group Switzerland A premier private bank serving ultrahigh net worth clients 5.7%
    Ping An Insurance China A leader in retail financial services and the largest insurer in Asia 5.4%
    Bank of N.T. Butterfield & Son Bermuda Local leader in Bermuda in community lending as well as trust services for reinsurers globally 4.9%
    Naspers South Africa A media conglomerate that operates a leading pay television business in South and Sub-Saharan Africa and holds interests in a range of e-commerce businesses around the world 4.9%
    Hollysys Automation Technologies China Leading industrial automation company in China 4.6%
    Meituan China A web-based shopping platform for locally sourced consumer products and retail services in China 4.5%

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

    Top 5 Industries

    Banks 28.1%
    Information Technology 15.5%
    Consumer Discretionary Distribution & Retail 14.8%
    Insurance 12.2%
    Consumer Services 7.6%

    Portfolio Composition

    International Fund MSCI ACWI®
    - ex USA
    Number of Holdings 24 2,306
    Median Market Cap ($bn) 28.4 8.1
    Weighted Average Market Cap ($bn) 65.6 87.2
    Forecast P/E Ratio 6.3 13.5


    Fact Sheets
    Fact Sheet Download Applying the Davis Investment Discipline to companies outside the United States; Portfolio characteristics, top holdings, and performance.
    Portfolio Composition Download

    Quarterly update of portfolio characteristics.

    Insights Into the Fund
    Selected International Fund: 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 - Semi-Annual Review 2023 Download View

    Portfolio Manager Danton Goei discusses the Portfolio, performance and how he applies the Davis Investment Discipline to uncover opportunities outside the United States.

    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 International Fund 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.

    1As of June 30, 2023

    ** 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.

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