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Selected International Fund

Key Points
  • Selectively invests in attractive businesses primarily from outside the U.S., in both developed and developing markets
  • Portfolio of companies with attractive earnings growth at a 27% discount to the Index
  • Some of the most compelling investment opportunities can be found beyond U.S. borders
Daily Price as of 9/26/25 (Class S)
Price $ Change / % Change
$14.94 $0.04 / 0.27%
Price $ Change / % Change
Category Intl Large Cap Value
Inception 5/1/93
Resources
Resource
Selected International Fund

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

Selected International Fund's portfolio companies are 27% less expensive than the index
Holdings EPS Growth (5 Year) P/E (Forward)
1,981
27
21.5%
12.0%
10.8x
14.8x
Fund
MSCI ACWI ex US
The companies of Selected International Fund have grown more than the companies in the index, yet are 27% less expensive.

Fund Details as of 6/30/25

Detail Value
Long-Term Growth of Capital
Total Net Assets ($M) 58.1
Benchmark MSCI ACWI ex US
Lipper Category Intl Large Cap Value

S Shares

Detail Value
Ticker (S) SLSSX
Inception Date (S) 5/1/93
CUSIP (S) 816272108
Fund Number (S) 204
Net Expense Ratio (S) 1.05%
Gross Expense Ratio (S) 1.70%

D Shares

Detail Value
Ticker (D) SLSDX
Inception Date (D) 5/3/04
CUSIP (D) 816272207
Fund Number (D) 1022
Net Expense Ratio (D) 0.80%
Gross Expense Ratio (D) 0.97%

Fund Manager

Danton G. Goei
29 Years Industry Experience
27 Years at Davis Funds
View Bio

Resources

Document
PM Commentary
Factsheet

Performance as of 6/30/25

Growth of $10,000 (Class S Shares)

Selected International Fund
MSCI ACWI ex US

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 16.70% 31.08% 15.56% 5.38% 4.32% 6.30%

The average annual total returns for Selected International Fund’s Class S shares for periods ending June 30, 2025 are: 1 year, 31.08%; 5 years, 5.38%; and 10 years, 4.32%. 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, 2026.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Periods less than one year are not annualized. 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 8/31/25)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
S Shares 20.95% 29.06% 17.31% 3.88% 5.92% 6.38%

The average annual total returns for Selected International Fund’s Class S shares for periods ending June 30, 2025 are: 1 year, 31.08%; 5 years, 5.38%; and 10 years, 4.32%. 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, 2026.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Periods less than one year are not annualized. 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 6/30/25)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
D Shares 16.77% 31.38% 15.85% 5.64% 4.63% 4.42%

The average annual total returns for Selected International Fund’s Class S shares for periods ending June 30, 2025 are: 1 year, 31.08%; 5 years, 5.38%; and 10 years, 4.32%. 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, 2026.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Periods less than one year are not annualized. 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 8/31/25)

Share Class YTD* 1 Yr 3 Yr 5 Yr 10 Yr Since Incep
D Shares 21.08% 29.23% 17.58% 4.14% 6.23% 4.56%

The average annual total returns for Selected International Fund’s Class S shares for periods ending June 30, 2025 are: 1 year, 31.08%; 5 years, 5.38%; and 10 years, 4.32%. 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, 2026.] The total annual operating expense ratio may vary in future years. Returns and expenses for other classes of shares will vary. Periods less than one year are not annualized. 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 6/30/25

Portfolio Composition

Item Selected International Fund MSCI ACWI ex US®
P/E (Forward) 10.8x 14.8x
5 Year Earnings Growth 21.5% 12.0%
P/B Ratio 2.6 3.1
Active Share 99% N/A
Standard Deviation (5 year, S Shares) 21.6 15.2
Number of Holdings 27 1981
Weighted Average Market Cap ($bn) 57.6 117.5
Median Market Cap ($bn) 40.4 11.7
Selected International Fund Intl Large Cap Value Category Average
Turnover Rate 30% 41%
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Portfolio Holdings

Top 10 Holdings: Quarterly (as of 6/30/25)

Holding Ticker Selected International Fund MSCI ACWI ex US®
Danske Bank DANSKE DC 10.3% 0.1%
Naspers NPN SJ 6.7% 0.2%
Ping An Insurance Group 2318 HK 6.0% 0.1%
Prosus PRX NA 5.8% 0.2%
Meituan 3690 HK 5.2% 0.3%
Entain ENT LN 5.0% < 0.1%
Julius Baer Group BAER SE 4.9% 0.1%
AIA Group 1299 HK 4.9% 0.3%
Samsung Electronics 005930 KS 4.8% 0.8%
DiDi Global DIDIY 4.7% —
Total 58.2% 2.1%

Top 10 Holdings: Monthly (as of 8/31/25)

Holding Ticker Selected International Fund MSCI ACWI ex US®
Danske Bank DANSKE DC 9.1% 0.1%
Ping An Insurance Group 2318 HK 6.6% 0.2%
Prosus PRX NA 6.2% 0.3%
DiDi Global DIDIY 5.5% —
Trip.com Group TCOM 5.4% 0.2%
Samsung Electronics 005930 KS 5.3% 0.9%
Naspers NPN SJ 5.1% 0.2%
Julius Baer Group BAER SE 5.0% 0.1%
Full Truck Alliance YMM 5.0% —
AIA Group 1299 HK 4.9% 0.3%
Total 58.1% 2.1%

All Holdings: Quarterly (as of 6/30/25)

Holding Ticker Selected International Fund MSCI ACWI ex US®
Danske Bank DANSKE DC 10.3% 0.1%
Naspers NPN SJ 6.7% 0.2%
Ping An Insurance Group 2318 HK 6.0% 0.1%
Prosus PRX NA 5.8% 0.2%
Meituan 3690 HK 5.2% 0.3%
Entain ENT LN 5.0% < 0.1%
Julius Baer Group BAER SE 4.9% 0.1%
AIA Group 1299 HK 4.9% 0.3%
Samsung Electronics 005930 KS 4.8% 0.7%
DiDi Global DIDIY 4.7% —
Trip.com Group TCOM 4.4% —
ITOCHU 8001 JP 3.7% 0.2%
Tourmaline Oil TOU CN 3.6% 0.1%
Full Truck Alliance YMM 3.6% —
KE Holdings BEKE 3.4% —
Sea SE 3.0% 0.2%
Teck Resources TECK 2.7% 0.1%
Tokyo Electron 8035 JP 2.6% 0.3%
NetEase NTES 2.1% —
Restaurant Brands International QSR 1.9% 0.1%
Metro Bank Holdings MTRO LN 1.8% —
Noah Holdings NOAH 1.6% —
Delivery Hero DHER GR 1.5% < 0.1%
Vale VALE 1.4% —
Coupang CPNG 1.2% —
JD.com JD 1.1% —
Misto Holdings 081660 KS 0.8% —
CASH — 1.6% —

All Holdings: Monthly (as of 8/31/25)

Holding Ticker Selected International Fund MSCI ACWI ex US®
Danske Bank DANSKE DC 9.1% 0.1%
Ping An Insurance Group 2318 HK 6.6% 0.2%
Prosus PRX NA 6.2% 0.3%
DiDi Global DIDIY 5.5% —
Trip.com Group TCOM 5.4% —
Samsung Electronics 005930 KS 5.3% 0.8%
Naspers NPN SJ 5.1% 0.2%
Julius Baer Group BAER SE 5.0% 0.1%
Full Truck Alliance YMM 5.0% —
AIA Group 1299 HK 4.9% 0.3%
Entain ENT LN 4.7% < 0.1%
Meituan 3690 HK 4.2% 0.2%
Tokyo Electron 8035 JP 4.1% 0.2%
ITOCHU 8001 JP 3.9% 0.2%
Sea SE 3.4% 0.2%
KE Holdings BEKE 3.3% —
Tourmaline Oil TOU CN 3.2% 0.1%
Teck Resources TECK 2.2% 0.1%
NetEase NTES 2.0% —
Restaurant Brands International QSR 1.9% 0.1%
Noah Holdings NOAH 1.6% —
Metro Bank Holdings MTRO LN 1.5% —
Vale VALE 1.5% —
Delivery Hero DHER GR 1.5% < 0.1%
JD.com JD 1.0% —
CASH — 2.0% —

"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

Sector Selected International Fund MSCI ACWI ex US®
Consumer Discretionary 34.1% 10.1%
Financials 29.8% 25.1%
Industrials 12.2% 14.8%
Information Technology 7.5% 13.3%
Communication Services 5.1% 6.4%
Materials 4.2% 6.2%
Energy 3.7% 4.6%
Real Estate 3.4% 1.7%
Health Care — 8.0%
Consumer Staples — 6.7%
Utilities — 3.2%

Regional Allocation

Region Selected International Fund MSCI ACWI ex US®
Asia 53.7% 42.0%
Europe 29.7% 42.4%
North & Central America Ex US 8.3% 8.6%
Africa 6.9% 1.0%
South America 1.5% 1.5%
Australia/Oceania — 4.5%

Country Allocation - Top 10

Country Selected International Fund MSCI ACWI ex US®
China 32.4% 8.3%
Denmark 10.5% 1.4%
Canada 8.3% 8.1%
United Kingdom 6.9% 9.2%
Korea, Republic of (South Korea) 6.9% 3.1%
South Africa 6.9% 0.9%
Japan 6.4% 13.7%
Netherlands 5.9% 3.0%
Switzerland 5.0% 6.0%
Hong Kong 4.9% 1.3%
Top 10 Countries Total % of Portfolio 94.1% 55.0%

Developed vs Emerging Markets

Market Selected International Fund MSCI ACWI ex US®
Developed Ex US 52.4% 71.7%
Emerging Markets 47.6% 28.2%

Market Cap Breakout

Selected International Fund
Market Percentage
Large 84.4%
Mid 11.4%
Small 4.2%
MSCI ACWI ex US® Index
Market Percentage
Large 91.3%
Mid 8.4%
Small 0.3%

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

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Volatility is the Price of Admission for Long-Term Returns
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Successful Investing
Tuning out the Tweets
Video

Tuning out the Tweets

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Successful Investing

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

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

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 Foreign Tax Credit Short-term Capital Gain Long-term Capital Gain Reinvestment Price
Class S 12/12/24 12/13/24 12/16/24 87.55% .38044 - .04244 - .31 12.35
Class D 12/12/24 12/13/24 12/16/24 87.55% .41170 - .0429 - .31 12.42

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