Fund Description

The fund invests principally in common stocks, including through Depositary Receipts, of U.S. and foreign companies in developed or emerging markets, and may invest in large-, mid-, or small-cap issuers. It will invest significantly (at least 40% of total assets under normal market conditions and at least 30% if market conditions are not deemed favorable) in issuers organized or located outside the U.S., whose primary trading market is outside the U.S., or that do a substantial amount of business outside the U.S. (at least 50% of revenue from outside the U.S. or at least 50% of assets outside the U.S.). Under normal conditions it holds issuers from at least three countries. The adviser uses the Davis Investment Discipline, emphasizing extensive research, evaluating management, and determining intrinsic value based on fundamental analysis of cash flows, assets and liabilities, and other criteria deemed material, and may sell based on valuation, risk-reward, cash needs, redemptions, or other purposes.