Fund Description

The fund's investment adviser uses the Davis Investment Discipline to invest at least 80% of net assets, plus any borrowing for investment purposes, in securities issued by American companies. It invests principally in common stocks, including indirect holdings through Depositary Receipts, of large companies with market capitalizations of at least $10 billion, and may also invest in mid- and small-capitalization companies. The adviser conducts extensive research focused on management, franchise durability, business model, and competitive advantages, seeking to buy at discounts to estimated intrinsic value based on fundamental analysis, and may sell based on valuation, changing risk/reward, cash needs, redemptions, or other purposes.