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Address And Details

30 Dan Rd. , Canton, MA 02021-2809
Fund Manager Christopher Davis
Manager Tenure 15 Years 10 Months

Strategy And Objective

The Fund seeks long-term capital growth and capital preservation. Davis Selected Advisers, L.P. ( Davis Advisors or the Adviser ), the Fund s investment adviser, uses the Davis Investment Discipline to invest Clipper Fund s portfolio principally in common stocks (including indirect holdings of common stock through depositary receipts) issued by large companies with market capitalizations of at least $10 billion. The Fund is non-diversified and, therefore, is allowed to focus its investments in fewer companies than a fund that is required to diversify its portfolio. The Fund s portfolio generally contains between 15 and 35 companies, although the precise number of its investments will vary over time. Historically, the Fund has invested a significant portion of its assets in financial services companies and in foreign companies, and may also invest in mid- and small-capitalization companies. Davis Investment Discipline. Davis Advisors manages equity funds using the Davis Investment Discipline. Davis Advisors conducts extensive research to try to identify businesses that possess characteristics that Davis Advisors believes foster the creation of long-term value, such as proven management, a durable franchise and business model, and sustainable competitive advantages. Davis Advisors aims to invest in such businesses when they are trading at discounts to their intrinsic worth. Davis Advisors emphasizes individual stock selection and believes that the ability to evaluate management is critical. Davis Advisors routinely visits managers at their places of business in order to gain insight into the relative value of different businesses. Such research, however rigorous, involves predictions and forecasts that are inherently uncertain. After determining which companies Davis Advisors believes the Fund should own, Davis Advisors then turns its analysis to determining the intrinsic value of those companies equity securities. Davis Advisors seeks companies whose equity securities can be purchased at a discount from Davis Advisors estimate of the company s intrinsic value based upon fundamental analysis of cash flows, assets and liabilities, and other criteria that Davis Advisors deems to be material on a company-by-company basis. Davis Advisors goal is to invest in companies for the long term (ideally, five years or longer, although this goal may not be met). Davis Advisors considers selling a company s equity securities if the securities market price exceeds Davis Advisors estimates of intrinsic value, if the ratio of the risks and rewards of continuing to own the company s equity securities is no longer attractive, to raise cash to purchase a more attractive investment opportunity, to satisfy net redemptions or for other purposes.

Net Asset Value

as of 5:03 PM ET 11/26/2021

Performance

  • 1 Week
  • -2.09%
  • 1 Month
  • -3.04%
  • 3 Months
  • -2.00%
  • 1 Yr Return
  • +12.25%
  • 5 Yr Return
  • +31.06%

Equity Sector Breakdown

Finance 54.55%
Technology 19.91%
RetailTrade 11.86%
Services 3.35%
Health 1.92%
NonDurables 1.30%
IndustrialCyclical 0.75%
ConsumerDurables n/a
Energy n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Stocks 98.04%
ForeignStocks 10.58%
Cash 0.00%
Bonds 0.00%
Preferred 0.00%
Convertible 0.00%
Other 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 1.23 B

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -6.19 -5.88 -3.25
Beta 1.10 1.11 1.07
R Squared 0.88 0.87 0.86
Std Deviation 21.72 18.23 15.08
Sharpe Ratio 0.80 0.78 n/a

Purchase Information

as of 5:14 PM ET 11/24/2021
Minimum Initial $2500
Minimum Additional $25
Minimum Initial IRA $0

Performance

Timeframe Average Annual Current Performance Monthly As Of 10/31/2021 Average Annual Current Performance Quarterly As Of 09/30/2021 Avg Annual Current Performance Monthly As Of 10/31/2021 Avg Annual Current Performance Quarterly As Of 09/30/2021
1 Year
  • +38.60%
  • +34.04%
+38.60% +34.04%
3 Year
  • +15.65%
  • +10.51%
+15.65% +10.51%
10 Year
  • +13.41%
  • +13.85%
+13.41% +13.85%
Life Of Fund
  • +11.79%
  • +11.69%
+11.79% +11.69%

Top 10 Holdings

Symbol Company Name % Of Assets
COF CAPITAL ONE FINANCIAL CORP 8.90%
BRK.A BERKSHIRE HATHAWAY INC CL A 7.87%
WFC WELLS FARGO & CO 6.96%
AMZN AMAZON COM INC 6.30%
GOOG ALPHABET INC CLASS C 6.19%
FB META PLATFORMS INC 6.01%
GOOGL ALPHABET INC CLASS A 5.83%
BK BANK OF NEW YORK MELLON CORP 4.89%
USB US BANCORP 4.62%
MKL MARKEL CORP 4.43%

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