Fund Description

The fund uses the Davis Investment Discipline to invest at least 80% of net assets, plus any borrowings for investment purposes, in securities of companies principally engaged in the financial services sector. It invests principally in common stocks, including indirect holdings through Depositary Receipts, and may invest in large-, medium- or small-cap companies without regard to market capitalization, including issuers in foreign developed or emerging markets. Companies with their principal business activity in the following areas are considered financial services firms: banks, thrifts and mortgage, specialized finance, consumer finance, asset management & custody banks, investment banking & brokerage, diversified capital markets, financial exchanges & data, mortgage REITs and insurance. The adviser conducts extensive research to try to identify businesses with characteristics it believes foster long-term value, emphasizes evaluating management, seeks to buy at a discount to its estimate of intrinsic value, and has a goal of investing for the long term (ideally five years or longer, although this goal may not be met). It may sell for valuation, risk/reward, cash needs, net redemptions or other purposes.