Disclaimer

This material may be shared with existing and potential clients to provide information concerning market conditions and the investment strategies and techniques used by Davis Advisors to manage its client accounts. Please refer to Davis Advisors’ Form ADV Part 2 for more information regarding investment strategies, risks, fees, and expenses. Clients should also review other relevant material, including a schedule of investments listing securities held in their account.

Davis Advisors is committed to communicating with our investment partners as candidly as possible because we believe our investors benefit from understanding our investment philosophy and approach. Our views and opinions include “forward-looking statements” which may or may not be accurate over the long term. Forward-looking statements can be identified by words like “believe,” “expect,” “anticipate,” or similar expressions. You should not place undue reliance on forward-looking statements, which are current as of the date of this report. We disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise. While we believe we have a reasonable basis for our appraisals and we have confidence in our opinions, actual results may differ materially from those we anticipate.

The graphs and charts in this report are used to illustrate specific points. No graph, chart, formula or other device can, by itself, guide an investor as to what securities should be bought or sold or when to buy or sell them. Although the facts in this report have been obtained from and are based on sources we believe to be reliable, we do not guarantee their accuracy, and such information is subject to change without notice.

The S&P 500® Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is adjusted for dividends, weighted towards stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investments cannot be made directly in an index.

Systematic Investing Works. “Systematic Investment” Total Return is represented by quarterly systematic investments of $10,000 in the S&P Index from December 2008 through December 2022. Systematic investing does not assure a profit nor protect against losses in declining markets. Systematic investing involves continuous investment regardless of fluctuating prices. You should consider your financial ability to continue purchases through periods of high or low price levels. Investments cannot be made directly in an index. Past performance is not a guarantee of future results.

Benjamin Graham is not associated in any way with Davis Selected Advisers, Davis Advisors or their affiliates.

Davis Advisors 2949 East Elvira Road, Suite 101, Tucson, AZ 85756 800-717-3477, davisadvisors.com