Fund Description

The fund invests primarily in common stocks, including indirect holdings via Depositary Receipts, of large companies with market capitalizations of at least $10 billion. It often emphasizes financial services and foreign companies, while also considering mid- and small-cap stocks. Employing the Davis Investment Discipline, the fund focuses on identifying businesses that reflect long-term value characteristics such as proven management and sustainable competitive advantages. Extensive research is conducted to evaluate management effectiveness and intrinsic value, aiming to acquire stocks at a discount. The fund takes a long-term investment approach, ideally holding positions for five years or more, and may sell based on intrinsic value assessments or investment opportunities.