Davis Selected Advisers LP

• A percentage of assets under your management

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

See the firm's brochure (dated March 19, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$30,120,188,911 as of October 2026, filing dated March 19, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Portfolio management for individuals and/or small businesses
• Portfolio management for investment companies (and business development companies)
• Portfolio management for pooled investment vehicles (other than investment companies)
• Portfolio management for businesses (other than small businesses) or institutional clients

Also doing business as

DAVIS ADVISORS

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

1988 (38 years)

Employees

Total: 121. Performing investment advisory functions: 10.

Wrap fee program participation

Yes.

Other offices (Schedule D, Section 1.F)

1 other office, as of the April 2026 filing

New York, NY

States registered or notice-filed

53 states or jurisdictions

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SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

1 Reports 1 disclosure item on Form ADV Item 11. View on IAPD.

Questions answered yes on this filing

Civil court matters Item 11.H

• 11.H(2) Is the firm or an advisory affiliate now the subject of a civil proceeding that could result in a yes answer to any part of 11.H(1)?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $26,115,589,527 in the October 2021 data and $30,120,188,911 in the October 2026 data, up 15%.

Total employees: 139 in October 2021 and 121 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. April 2026
   • Employees performing advisory functions went from 12 to 10.
   • Regulatory assets under management went from $25,316,698,977 to $30,120,188,911 (+19%).

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.