Fund Description

The fund invests principally in common stocks, including indirect holdings through Depositary Receipts, of large companies with market capitalizations of at least $10 billion. It is non-diversified and may concentrate in fewer holdings than diversified funds, generally holding 15 to 35 companies. The adviser applies the Davis Investment Discipline, using extensive research to identify businesses believed to offer long-term value and buying when trading at discounts to estimated intrinsic worth based on fundamental analysis. Historically it has had significant exposure to financial services and foreign companies, and it may also invest in mid- and small-cap stocks.