Overview

Investment Strategy

The goal of the Fund is to provide investors access to attractive investment opportunities that exist primarily outside of the United States, in both developed and developing markets.

The Fund applies our signature Davis Investment Discipline to seek durable, well-managed businesses at value prices and holding them for the long term.

We believe investing solely in U.S. stock funds may mean missing the tremendous growth opportunities and diversification potential that international companies provide.

"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 International Fund invests in only a select group of well-researched companies

Selected International Fund'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 International Fund's portfolio companies are 56% 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. Approximately 11.59% 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.
2,311
23
11.7%
10.0%
6.1x
13.9x
Fund
MSCI ACWI ex US
The companies of Selected International Fund have grown more than the companies in the index, yet are 56% less expensive.

Fund Details as of 12/31/23

Detail Value
Long-Term Growth of Capital
Total Net Assets ($M) 46.7
Benchmark MSCI ACWI ex US
Lipper Category Intl Multi Cap Core

S Shares

Detail Value
Ticker (S) SLSSX
Inception Date (S) 5/1/93 This is the date Davis Selected Advisers, L.P. took over management of this fund.
CUSIP (S) 816272108
Fund Number (S) 204
Net Expense Ratio (S) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses (Class S Shares, 1.05%; and Class D Shares, 0.80%). The Adviser is obligated to continue the expense cap through May 1, 2024. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund. As of the most recent prospectus. 1.05%
Gross Expense Ratio (S) 1.70%

D Shares

Detail Value
Ticker (D) SLSDX
Inception Date (D) 5/3/04 This is the date Davis Selected Advisers, L.P. took over management of this fund.
CUSIP (D) 816272207
Fund Number (D) 1022
Net Expense Ratio (D) Davis Selected Advisers, L.P. is contractually committed to waive fees and/or reimburse the Fund’s expenses to the extent necessary to cap total annual fund operating expenses (Class S Shares, 1.05%; and Class D Shares, 0.80%). The Adviser is obligated to continue the expense cap through May 1, 2024. The expense cap cannot be modified prior to this date without the consent of the Board of Directors. After that date, there is no assurance that the Adviser will continue to cap expenses. The Adviser may not recoup any of the operating expenses it has reimbursed to the Fund. As of the most recent prospectus. 0.80%
Gross Expense Ratio (D) 1.00%

Fund Manager

Danton G. Goei
28 Years Industry Experience
25 Years at Davis Funds
View Bio

Resources

Document
PM Commentary
Factsheet

Performance as of 12/31/23

Growth of $10,000 (Class S Shares) On May 1, 2011, the Fund was renamed Selected International Fund and began investing primarily in foreign equity securities.

Selected International Fund
MSCI ACWI ex US

Average Annual Returns

S Shares: Quarterly (as of 12/31/23)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
S Shares 3.74% 3.74% -10.01% 2.27% 1.69% 5.45%

The average annual total returns for Selected International Fund’s Class S shares for periods ending December 31, 2023 are: 1 year, 3.74%; 5 years, 2.27%; and 10 years, 1.69%. 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 gross 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. The Fund’s performance benefited from IPO purchases in 2014. After purchase, the IPOs rapidly increased in value. Davis Advisors purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs was an unusual occurrence. 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. The Fund invests primarily in foreign equity securities and the past performance of the Fund is unlikely to be relevant to future performance.

S Shares: Monthly (as of 1/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
S Shares -6.23% -12.61% -12.48% -1.24% 1.47% 5.21%

The average annual total returns for Selected International Fund’s Class S shares for periods ending December 31, 2023 are: 1 year, 3.74%; 5 years, 2.27%; and 10 years, 1.69%. 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 gross 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. The Fund’s performance benefited from IPO purchases in 2014. After purchase, the IPOs rapidly increased in value. Davis Advisors purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs was an unusual occurrence. 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. The Fund invests primarily in foreign equity securities and the past performance of the Fund is unlikely to be relevant to future performance.

D Shares: Quarterly (as of 12/31/23)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
D Shares 4.00% 4.00% -9.76% 2.54% 2.04% 2.96%

The average annual total returns for Selected International Fund’s Class S shares for periods ending December 31, 2023 are: 1 year, 3.74%; 5 years, 2.27%; and 10 years, 1.69%. 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 gross 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. The Fund’s performance benefited from IPO purchases in 2014. After purchase, the IPOs rapidly increased in value. Davis Advisors purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs was an unusual occurrence. 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. The Fund invests primarily in foreign equity securities and the past performance of the Fund is unlikely to be relevant to future performance.

D Shares: Monthly (as of 1/31/24)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
D Shares -6.29% -12.39% -12.26% -1.00% 1.81% 2.61%

The average annual total returns for Selected International Fund’s Class S shares for periods ending December 31, 2023 are: 1 year, 3.74%; 5 years, 2.27%; and 10 years, 1.69%. 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 gross 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. The Fund’s performance benefited from IPO purchases in 2014. After purchase, the IPOs rapidly increased in value. Davis Advisors purchases shares intending to benefit from long-term growth of the underlying company; the rapid appreciation of the IPOs was an unusual occurrence. 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. The Fund invests primarily in foreign equity securities and the past performance of the Fund is unlikely to be relevant to future performance.

Portfolio Characteristics as of 12/31/23

Portfolio Composition

Item Selected International Fund MSCI ACWI ex US®
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. 6.1x 13.9x
5 Year Earnings Growth 11.7% 10.0%
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. 1.9 2.9
Active Share Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index. 98% 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. 22.8 17.8
Number of Holdings 23 2311
Weighted Average Market Cap ($bn) Weighted Average Market Capitalization is the portfolio-weighted mean capitalizations of all equity securities. 64.6 89.2
Median Market Cap ($bn) Median Market Capitalization is the midpoint of market capitalization of the stocks in a portfolio. 31.3 8.5
Selected International Fund Intl Multi Cap Core 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 31% and 5%, respectively. 5% 56%
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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 12/31/23)

Holding Ticker Selected International Fund MSCI ACWI ex US®
Danske Bank DANSKE DC 13.7% 0.1%
DBS Group Holdings DBS SP 8.3% 0.2%
Samsung Electronics 005930 KS 7.3% 1.3%
Hollysys Automation Technologies HOLI 7.0%
AIA Group 1299 HK 6.0% 0.4%
Tokyo Electron 8035 JP 5.7% 0.3%
Julius Baer Group BAER SE 5.1% 0.1%
Naspers NPN SJ 4.7% 0.1%
DiDi Global DIDIY 4.3%
Fila Holdings 081660 KS 4.1%
Top 10 Holdings Total % of Portfolio 66.1% 2.5%

Top 10 Holdings: Monthly (as of 1/31/24)

Holding Ticker Selected International Fund MSCI ACWI ex US®
Danske Bank DANSKE DC 14.7% 0.1%
DBS Group Holdings DBS SP 8.3% 0.2%
Samsung Electronics 005930 KS 7.0% 1.3%
AIA Group 1299 HK 5.7% 0.4%
Julius Baer Group BAER SE 5.4% 0.1%
Naspers NPN SJ 5.0% 0.1%
Fila Holdings 081660 KS 4.5%
Meituan 3690 HK 4.5% 0.2%
Tokyo Electron 8035 JP 4.4% 0.3%
Hollysys Automation Technologies HOLI 4.3%
Top 10 Holdings Total % of Portfolio 63.6% 2.7%

All Holdings: Quarterly (as of 12/31/23)

Holding Ticker Selected International Fund MSCI ACWI ex US®
Danske Bank DANSKE DC 13.7% 0.1%
DBS Group Holdings DBS SP 8.3% 0.2%
Samsung Electronics 005930 KS 7.3% 1.2%
Hollysys Automation Technologies HOLI 7.0%
AIA Group 1299 HK 6.0% 0.4%
Tokyo Electron 8035 JP 5.7% 0.3%
Julius Baer Group BAER SE 5.1% 0.1%
Naspers NPN SJ 4.7% 0.1%
DiDi Global DIDIY 4.3%
Fila Holdings 081660 KS 4.1%
Teck Resources TECK 3.9% 0.1%
Prosus PRX NA 3.9% 0.2%
Ping An Insurance Group 2318 HK 3.9% 0.1%
DNB Bank DNB NO 3.6% 0.1%
JD.com JD 3.1%
Meituan 3690 HK 3.1% 0.2%
KE Holdings BEKE 3.1% < 0.1%
Alibaba Group Holding BABA 2.1%
Delivery Hero DHER GR 2.0% < 0.1%
Baidu BIDU 1.1%
Noah Holdings NOAH 0.9%
Coupang CPNG 0.8%
Metro Bank Holdings MTRO LN 0.6%
Cash 1.9%

All Holdings: Monthly (as of 1/31/24)

Holding Ticker Selected International Fund MSCI ACWI ex US®
Danske Bank DANSKE DC 14.7% 0.1%
DBS Group Holdings DBS SP 8.3% 0.2%
Samsung Electronics 005930 KS 7.0% 1.2%
AIA Group 1299 HK 5.7% 0.4%
Julius Baer Group BAER SE 5.4% 0.1%
Naspers NPN SJ 5.0% 0.1%
Fila Holdings 081660 KS 4.5%
Meituan 3690 HK 4.5% 0.2%
Tokyo Electron 8035 JP 4.4% 0.3%
Hollysys Automation Technologies HOLI 4.3%
Prosus PRX NA 4.2% 0.2%
DiDi Global DIDIY 4.1%
Teck Resources TECK 4.0% 0.1%
Ping An Insurance Group 2318 HK 4.0% 0.1%
DNB Bank DNB NO 3.5% 0.1%
KE Holdings BEKE 3.0% < 0.1%
JD.com JD 2.6%
Alibaba Group Holding BABA 2.1%
Delivery Hero DHER GR 1.8% < 0.1%
ITOCHU 8001 JP 1.6% 0.2%
Baidu BIDU 1.0%
Tourmaline Oil TOU CN 1.0% 0.1%
Noah Holdings NOAH 0.8%
Coupang CPNG 0.8%
Metro Bank Holdings MTRO LN 0.6%
Cash 1.6%

"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 International Fund MSCI ACWI ex US®
Financials 42.7% 21.2%
Consumer Discretionary 24.3% 11.5%
Information Technology 20.4% 12.5%
Industrials 4.4% 13.5%
Materials 4.0% 8.0%
Real Estate 3.1% 2.1%
Communication Services 1.1% 5.2%
Health Care 9.3%
Consumer Staples 8.0%
Energy 5.6%
Utilities 3.2%

Regional Allocation

Region Selected International Fund MSCI ACWI ex US®
Asia 61.8% 41.0%
Europe 29.4% 42.7%
Africa 4.8% 0.9%
North & Central America Ex US 4.0% 8.5%
Australia/Oceania 5.0%
South America 1.9%

Country Allocation - Top 10

Country Selected International Fund MSCI ACWI ex US®
China 29.0% 7.5%
Denmark 13.9% 2.2%
Korea, Republic of (South Korea) 12.5% 3.6%
Singapore 8.4% 0.9%
Hong Kong 6.1% 1.4%
Japan 5.8% 14.4%
Switzerland 5.2% 6.4%
South Africa 4.8% 0.9%
Canada 4.0% 7.7%
Netherlands 4.0% 3.0%
Top 10 Countries Total % of Portfolio 93.7% 48.0%

Developed vs Emerging Markets

Market Selected International Fund MSCI ACWI ex US®
Developed Ex US 53.7% 73.1%
Emerging Markets 46.3% 26.9%

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 International Fund
Market Percentage
Large 85.2%
Mid 2.0%
Small 12.8%
MSCI ACWI ex US® Index
Market Percentage
Large 85.7%
Mid 13.5%
Small 0.8%

PM Commentary

Portfolio Manager Commentaries

Document Description
Manager Commentary - Semi-Annual Review 2023 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. December 2023

Video

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Insights

Fund Insights

Document Description
Selected International Fund: 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

2023 Distributions as of 01/08/24

This information on 2023 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. The majority 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 Foreign Tax Credit Short-term Capital Gain Long-term Capital Gain Reinvestment Price
Class S 12/7/23 12/8/23 12/11/23 95.52% 0.180678 - 0.022678 - - 9.76
Class D 12/7/23 12/8/23 12/11/23 95.52% 0.2076 - 0.0222 - - 9.81

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 2023 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 2023 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.