Clipper Fund is a no-load equity mutual fund advised by Davis Selected Advisers, L.P.
The goal of the Clipper Fund is to provide investors access to attractive investment opportunities among large cap, durable, well-managed businesses. We seek to purchase these businesses at value prices and hold them for the long term. This approach makes the Clipper Fund an ideal foundation for an investor’s portfolio.
Click here to learn more about the Davis Investment Discipline.
Why Invest in the Clipper Fund
Sixty Years of Experience
Davis has compounded wealth for investors over six decades and three generations.
Aligned with Shareholders
With more than $2 billion invested side by side with fellow shareholders, we experience the same risks and reap the same rewards.1
Lower Than Average Expense Ratio3
Clipper Fund, 0.75%; Lipper Category Average, 1.13%.
Lower Than Average Turnover Rate3
Clipper Fund, 8%; Lipper Category Average, 67%.
Performance as of 9/30/14
as of September 30, 2014
* Returns for periods less than one year are not annualized.
The performance presented represents past performance and is not a guarantee of future results. Total return assumes reinvestment of dividends and capital gain distributions. Investment return and principal value will vary so that, when redeemed, an investor’s shares may be worth more or less than their original cost. The total annual operating expense ratio as of the most recent prospectus was 0.75%. The total annual operating expense ratio may vary in future years. Current performance may be higher or lower than the performance quoted. For most recent month-end performance, click here or call 800.432.2504. The Fund received favorable class action settlements from companies which it no longer owns. These settlements had a material impact on the investment performance of the Fund in 2009. This was a one-time event that is unlikely to be repeated. Clipper Fund was managed from inception, February 29, 1984, until December 31, 2005 by another Adviser. Davis Selected Advisers, L.P. took over management of the Fund on January 1, 2006.
Portfolio Characteristics as of 9/30/14
|Clipper Fund||S&P 500® Index|
|Forecast P/E Ratio||17.9||16.6|
|Weighted Average Market Cap ($bn)||93.1||128.4|
|Beta (3 year)||0.9||1.0|
|Standard Deviation (5 year)||12.0||13.2|
|Number of Holdings||25||502|
Top 10 Holdings
|Berkshire Hathaway Inc., Class A||12.0%|
|Costco Wholesale Corp.||9.0%|
|Bank of New York Mellon Corp.||8.2%|
|American Express Co.||7.9%|
|Google Inc., Class A||5.7%|
|UnitedHealth Group Inc.||4.6%|
Turnover and Expenses
|Lipper Category Average|
Top 5 Industries
|Food & Staples Retailing||12.1%|
This material is authorized for use by existing shareholders. A current Clipper Fund prospectus must accompany or precede this material if it is distributed to prospective shareholders. You should carefully consider the Fund’s investment objective, risks, fees, and expenses before investing. Read the prospectus carefully before you invest or send money.
1As of June 30, 2014.
3See Expense ratio/Turnover link below.
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