Navigating Headwinds with Active Management

The ever-expanding margins and valuations of the past decade are unlikely to be sustained

Tagged: Market Commentary Portfolio Strategy

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Before investing in the Clipper Fund, you should carefully consider the investment objectives, risks, charges, and expenses of the Fund. The prospectus and summary prospectus contains this and other information about the Funds. You can obtain performance information and a current prospectus and summary prospectus by visiting clipperfund.com or calling 800.432.2504. Please read the prospectus or summary prospectus carefully before investing or sending money. Investing involves risks including possible loss of principal.

Shares of the Clipper Fund are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including possible loss of the principal amount invested.

Davis Distributors, LLC, 2949 East Elvira Road, Suite 101, Tucson, AZ 85756